Yes, it can. But you should specify:
O quadro de diretores or o quadro de executivos.
It also can mean,
The board (group) of some professionals such as o quadro de professores / policiais / trabalhadores da indústria and so on.
The board (group) of some workers at a specific department in public service or at an organization of any kind. O quadro de engenheiros / analistas / estagiários / vendedores and so on.