Company Management - Senior Executives and Officers

Companies, both for and not for profit, exist to meet certain goals and objectives from meeting sales and profit numbers to feeding the hungry. The executives and management of these companies develop the strategies to meets this goals and formulate the policies that drive the company forward. Each state has different rules defining the number of officers and directors required, the types of officers required (president, secretary, and treasurer, for instance), and whether a single person can hold multiple offices.

The chief executive officer or president establishes the goals and the policies in concert with other executives and the board of directors. In general, this person retains overall accountability for everything that happens in the company. With the Sarbanes-Oxley legislation, this has become a greater responsibility.

The chief operating officer oversees the general operations of the company and usually provides the direction for day-to-day implementation of corporate policies.

The chief financial officer oversees the organization\'s financial goals and objectives, as well as developing budgets and financial policy. In general, he or she makes the decisions with regard to funds investment, insurance and other risk management needs, cash management, and capital management.

The chief information officer is a relatively new addition to the corporate officer team. This person oversees the technology that the company uses including the policies surrounding its use and security.

In a small company, the corporate secretary often holds one of the previous titles as well. The secretary provides a point of communication between the board of directors, senior management, and other corporate stakeholders.

This is true also with the corporate treasurer who is often the CFO in a small company. In general, the treasurer provides similar services in compliance, risk management and oversight of finance and accounting.

In a small company, having multiple officers allows a company to spread the management responsibilities, such as check and document signing, employee management, and interaction with outside entities such as attorneys and accountants.

If you are building a team to drive your company to the next level, add more officers to your senior team and trust them with their responsibilities. If you find that you are handling all corporate matters personally, you may not have the right people in place.

Ms. Worrall is the President of Worrall Consulting, LLC. Worrall Consulting is a finance and business strategy consultancy providing professional services to high growth, early stage companies. The company provides capital formation assistance, market research and business intelligence, and business planning strategy. More information about the company can be found at http://www.worrallconsulting.com . Additional financial and strategy advice can be found at http://www.cfoyourself.com .

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