Develop strategic objectives and directionĬarrying the weight of the company on their shoulders, the CEO is responsible for devising new strategic plans and policies to bring their visions to reality. And then there are occasions when companies simply outgrow their CEO’s capabilities. Reasons for firing a CEO range from poor performance or loss of influence over the team to relationship issues with the board or improper conduct. The decision to fire a CEO is made by a vote of the company’s board, with little that can be done by a founder that doesn’t hold controlling shares of the company. 2017 was a particularly eventful year, with scandalous tales behind Uber and The Weinstein Company resulting in the very public dismissal of their respective co-founders and former CEOs – Travis Kalanick and Harvey Weinstein. Yes – and it happens more often than you’d think. Far removed from the day-to-day operations, their responsibilities include selecting and appointing a CEO, supporting and reviewing that CEO’s performance, and analysing and approving major policies and decisions. They are directly accountable to the shareholders and have the ultimate governing authority within the management structure. The CEO answers to the Board of Directors (BoD), a group of individuals who are elected by the company’s shareholders to look after their interests. The CEO is responsible for the overall success of the business, including the vision, mission, direction and overall strategy. Think Jeff Bezos to Amazon, Elon Musk to Tesla, and Michele Buck to Hershey’s.
‘CEO’ is an acronym for ‘chief executive officer’, which is the highest-ranking executive of any given company.
However, nothing could be further away from the truth. It’s easy to assume that the all-powerful CEO can do everything however and whenever they want. Sitting comfortably at the top of the corporate ladder, the Chief Executive Officer (CEO) is a senior management position that undoubtedly carries with it a certain air of authority and influence. Read on to discover 7 key responsibilities that this role entails. Behind every company sits the Chief Executive Officer (CEO), who occupies one of the most glamorised jobs in the business world.
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