Governance & Restructuring

The Case for Lead Directors

The Case for Lead Directors examines why formal lead director roles are becoming essential to effective joint venture governance, showing how strong shareholder alignment and disciplined oversight are increasingly linked to improved JV performance and risk management.

Authored By

Geoff Walker

James Bamford

Joshua Kwicinski

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MARCH 2026 – Joint ventures are facing increasing pressure from geopolitical fragmentation, regulatory change, supply chain disruption, inflation, and rapid technology shifts. This article explains why formal Lead Director roles are becoming essential to effective joint venture governance. Drawing on Ankura’s benchmarking of more than 110 joint ventures, it shows how Lead Directors help maintain shareholder alignment, strengthen governance discipline, and support JV CEOs between board meetings. The article defines what distinguishes true Lead Directors from informal roles and outlines the responsibilities and characteristics required for success, illustrating how strong governance leadership can materially influence alignment, risk management, and operating performance across complex joint ventures.

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About the Authors

Geoff Walker

Geoff Walker is a Senior Managing Director at Ankura based in Washington, DC. He joined Ankura in 2020, following Ankura’s acquisition of Water Street Partners, which he co-founded in 2008. Water Street Partners has been independently ranked as the number one global advisor on joint ventures since 2017. Geoff has extensive experience structuring and restructuring joint ventures and advising clients on maximizing the value of their joint venture portfolios. Geoff serves a global client base primarily of companies in the natural resources sector, including oil and gas, metals and mining, chemicals, utilities, and alternative energy. He is a regular, featured speaker at industry and corporate events and has written extensively on joint ventures.

James Bamford

James Bamford is a Senior Advisor at Ankura based in Washington, DC. He joined Ankura with the firm’s 2020 acquisition of Water Street Partners, which he co-founded in 2008. Water Street Partners has been independently ranked as the number one global advisor on joint ventures since 2017. Prior to Water Street, he was global co-lead of the Joint Venture & Alliance Practice at McKinsey & Company.

Joshua Kwicinski

Joshua Kwicinski is a Managing Director based in Washington, DC. He has more than a decade of experience in advising on all aspects of the partnership lifecycle, including deal strategy, transaction structuring, ongoing governance, and restructuring/exit. He has advised senior executives and dealmakers at both a corporate and individual JV level across a range of industries, including oil and gas, metals and mining, aerospace and defense, financial services, biotechnology, and others.

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