Senior management
Encyclopedia
Senior management, executive management, or management team is generally a team of individuals at the highest level of organizational management who have the day-to-day responsibilities of managing a company or corporation, they hold specific executive powers conferred onto them with and by authority of the board of directors and/or the shareholders. There are most often higher levels of responsibility, such as a board of directors
and those who own the company (shareholders), but they focus on managing the senior or executive management instead of the day-to-day activities of the business. In Project Management
, senior management is responsible for authorizing the funding of projects.
They are sometimes referred to, within corporations, as executive management, top management, upper management, higher management, or simply seniors.
the day-to-day operations (and profitability
) of a company
. Positions that are commonly considered to be part of that team include the following:
Chief Executive Officer
(CEO) : – As the top manager, the CEO is typically responsible for the entire operations of the corporation and reports directly to the chairman and board of directors
. It is the CEO's responsibility to implement board decisions and initiatives and to maintain the smooth operation of the firm, with the assistance of senior management. Often, the CEO will also be designated as the company's president
and will be one of the inside directors on the board (if not the chairman).
Chief Operations Officer (COO) : –the COO looks after issues related to marketing
, sales
, production
and personnel. More hands-on than the CEO, the COO looks after day-to-day activities while providing feedback
to the CEO. The COO is often referred to as a senior vice president.
Chief Financial Officer
(CFO) : – Also reporting directly to the CEO, the CFO is responsible for analyzing and reviewing financial data, reporting financial performance, preparing budgets and monitoring expenditures and costs. The CFO is required to present this information to the board of directors at regular intervals and provide this information to shareholders and regulatory bodies such as the Securities and Exchange Commission (SEC). Also usually referred to as a senior vice president, the CFO routinely checks the corporation's financial health and integrity.
Board of directors
A board of directors is a body of elected or appointed members who jointly oversee the activities of a company or organization. Other names include board of governors, board of managers, board of regents, board of trustees, and board of visitors...
and those who own the company (shareholders), but they focus on managing the senior or executive management instead of the day-to-day activities of the business. In Project Management
Project management
Project management is the discipline of planning, organizing, securing, and managing resources to achieve specific goals. A project is a temporary endeavor with a defined beginning and end , undertaken to meet unique goals and objectives, typically to bring about beneficial change or added value...
, senior management is responsible for authorizing the funding of projects.
They are sometimes referred to, within corporations, as executive management, top management, upper management, higher management, or simply seniors.
Positions
A management team is directly responsible for managingManagement
Management in all business and organizational activities is the act of getting people together to accomplish desired goals and objectives using available resources efficiently and effectively...
the day-to-day operations (and profitability
Profit (accounting)
In accounting, profit can be considered to be the difference between the purchase price and the costs of bringing to market whatever it is that is accounted as an enterprise in terms of the component costs of delivered goods and/or services and any operating or other expenses.-Definition:There are...
) of a company
Company
A company is a form of business organization. It is an association or collection of individual real persons and/or other companies, who each provide some form of capital. This group has a common purpose or focus and an aim of gaining profits. This collection, group or association of persons can be...
. Positions that are commonly considered to be part of that team include the following:
Chief Executive Officer
Chief executive officer
A chief executive officer , managing director , Executive Director for non-profit organizations, or chief executive is the highest-ranking corporate officer or administrator in charge of total management of an organization...
(CEO) : – As the top manager, the CEO is typically responsible for the entire operations of the corporation and reports directly to the chairman and board of directors
Board of directors
A board of directors is a body of elected or appointed members who jointly oversee the activities of a company or organization. Other names include board of governors, board of managers, board of regents, board of trustees, and board of visitors...
. It is the CEO's responsibility to implement board decisions and initiatives and to maintain the smooth operation of the firm, with the assistance of senior management. Often, the CEO will also be designated as the company's president
President
A president is a leader of an organization, company, trade union, university, or country.Etymologically, a president is one who presides, who sits in leadership...
and will be one of the inside directors on the board (if not the chairman).
Chief Operations Officer (COO) : –the COO looks after issues related to marketing
Marketing
Marketing is the process used to determine what products or services may be of interest to customers, and the strategy to use in sales, communications and business development. It generates the strategy that underlies sales techniques, business communication, and business developments...
, sales
Sales
A sale is the act of selling a product or service in return for money or other compensation. It is an act of completion of a commercial activity....
, production
Manufacturing
Manufacturing is the use of machines, tools and labor to produce goods for use or sale. The term may refer to a range of human activity, from handicraft to high tech, but is most commonly applied to industrial production, in which raw materials are transformed into finished goods on a large scale...
and personnel. More hands-on than the CEO, the COO looks after day-to-day activities while providing feedback
Feedback
Feedback describes the situation when output from an event or phenomenon in the past will influence an occurrence or occurrences of the same Feedback describes the situation when output from (or information about the result of) an event or phenomenon in the past will influence an occurrence or...
to the CEO. The COO is often referred to as a senior vice president.
Chief Financial Officer
Chief financial officer
The chief financial officer or Chief financial and operating officer is a corporate officer primarily responsible for managing the financial risks of the corporation. This officer is also responsible for financial planning and record-keeping, as well as financial reporting to higher management...
(CFO) : – Also reporting directly to the CEO, the CFO is responsible for analyzing and reviewing financial data, reporting financial performance, preparing budgets and monitoring expenditures and costs. The CFO is required to present this information to the board of directors at regular intervals and provide this information to shareholders and regulatory bodies such as the Securities and Exchange Commission (SEC). Also usually referred to as a senior vice president, the CFO routinely checks the corporation's financial health and integrity.
See also
- Business schoolBusiness schoolA business school is a university-level institution that confers degrees in Business Administration. It teaches topics such as accounting, administration, economics, entrepreneurship, finance, information systems, marketing, organizational behavior, public relations, strategy, human resource...
- Corporate titleCorporate titlePublicly and privately held for-profit corporations confer corporate titles or business titles on company officials as a means of identifying their function in the organization...
s - Executive educationExecutive EducationExecutive Education refers to academic programs at leading graduate-level business schools worldwide for executives, business leaders and functional managers. These programs are non-credit and non-degree granting...
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