The Board is comprised of private citizens who possess a proven track record of sound judgment and business acumen in leading or governing large, complex public sector or private sector corporations or organizations and/or a wealth of top-level, global business or academic experience in the areas of executive management, corporate governance, audit and finance, human resources, economics, technology, or healthcare.

Members are appointed to the Board by the Secretary of Defense or Deputy Secretary of Defense for a term of 1 - 4 years serving as special government employees (SGE).  These Members volunteer their time to work on various subcommittees (task groups) on studies/issues requested by the Secretary or Deputy Secretary.

• William "Gus" Pagonis (2002-2006)
• Michael J. Bayer (2007-2011)
• John Goodman (2011-2014)
• Bobby L. Stein (2014-2015)
• Michael J. Bayer (2015-2017)
• Bill Simon (2018-2019)

• Barbara Barrett as Secretary of the Air Force
• Denis Bovin as President's Foreign Intelligence Advisory Board
• Stephen Friedman as Special Assistant to the President for Economic Policy, Council of Economic Advisors
• Bob Hale as Under Secretary of Defense, Comptroller
• Dennis Hightower as Deputy Secretary of Commerce
• Phil Merrill as Chairman of the Export-Import Bank
• Richard Spencer as Secretary of the Navy