The Challenger Director: Ultra Marathons, Boardroom Decisions, and the Grit to Never Give Up

Recorded in New Zealand during the IoD Leadership Conference 2026 in Wellington, this episode brings Erika Eliasson-Norris's executive interviews to an international audience for the first time, as part of Grit in the Boardroom. In this director dialogue, Erika sits down with Ben Kepes, a professional director, technology analyst, entrepreneur, and investor, for a masterclass in leadership and C-suite insights on what it really means to challenge from within. A high school dropout turned electrician, Silicon Valley investor, firefighter, paramedic, and ultra marathon runner, Ben offers rare chair perspectives on strategic decision making, risk management, and business resilience. Together they explore boardroom decisions and leadership decisions under pressure: the tension between provocation and diplomacy, why high stakes strategy demands acting on incomplete information, and how strong corporate governance guards against the kind of corporate scandal seen in cases like the UK Post Office. Drawing on 20 years in Silicon Valley, over 50 startup investments, and 34 years building Cactus alongside his two sons, Ben shares governance lessons on board effectiveness, growth under pressure, and company culture change, arguing that not making a decision is the biggest risk of all. Expect management case studies and turnaround stories that move from the boardroom table to the ultra marathon trail. What you'll find in this episode: • Why board effectiveness depends on genuine cognitive diversity, not token disruption • How strong opinions loosely held shape better boardroom decisions • What being the son of Holocaust survivors teaches about obligation and legacy • Why not taking a risk is the biggest risk in strategic decision making • How ultra marathon endurance mirrors business resilience under pressure • Why company culture, not audit, is the real foundation of governance • How growth under pressure at Cactus mirrors leadership at the board level • Why compliance-for-its-own-sake is the conventional wisdom boards should challenge most Ben Kepes is a professional director, technology analyst, entrepreneur, and investor based in New Zealand. He left school early, trained as an electrician, and spent 20 years in Silicon Valley investing in over 50 startups. He founded Cactus 34 years ago and now runs it alongside his two sons. The son of Hungarian Holocaust survivors, Ben brings a personal lens to obligation and legacy, and has completed hundreds of ultra marathons. Known as a challenger director, he champions cognitive diversity and the conviction that the biggest risk a board can take is to make no decision at all. Grit in the Boardroom is a bi-weekly podcast where Erika Eliasson-Norris sits down with the best in business for executive interviews. She and her guests explore corporate governance beyond the sealed doors of the C-suite. As Governance Assessor for the Post Office Horizon IT Inquiry, the largest public inquiry in UK history, Erika Eliasson-Norris is helping shape accountability, governance reform, and corporate oversight across the UK. — Beyond Governance provides on-demand company secretarial support, governance advisory, and governance training to boards, Company Secretaries, and General Counsel. Beyond Governance help organisations strengthen governance, manage risk, and support critical projects without the need for permanent hires. Learn more here: https://beyondgovernance.com/