CEO Full Form: CEO refers to Chief Executive Officer. They are the most senior corporate officer or administrator in any organization, be it private or public, and look after overall management and administration, directly reporting to the chairman or board of directors.
In private organizations, the CEO performs his task to increase the revenue, share value, the brand value of the organization. In a government organization, the CEO intends to work towards social welfare, reducing poverty, generating employment, etc. It requires hard work, experience, and business networking to become a CEO.
The position of a CEO is referred to as MD (Managing Director) or ED (Executive director) in some companies.
This article contains the full form of a CEO, the job description for them, his/her qualities, responsibilities, authorities, a few examples of great CEOs, and educational qualifications for the position.
CEO of Skills & Competencies
Following are the common skills that a CEO should possess to excel in his role-
Interpersonal skills
CEOs need to form good relationships with stakeholders of the company, making a significant input to the strategic decisions and direction.
Analytical skills
CEOs must participate in creating measurable strategic goals that add to the organization’s success.
Management skills
The CEO is responsible for creating a culture of learning to help develop and grow the skills and abilities of employees.
Qualities of CEO
Effective leadership is the most important aspect of a company for its success. A CEO must possess these certain traits to become a great leader:
- Ability to learn from the past
- Strong and balanced communication skills with the owners as well as the managers.
- Listening skills- Top executives are distinguished by the consistency with which they listen to and actively seek out the ideas and opinions of others.
- Willingness to take calculated risks to make a business grow.
- Adapting according to changes in the internal and external environment.
- Thinking outside the box
Authorities of CEO
The CEO is appointed by the board of directors of a company to act on behalf of the company’s owners (shareholders) and handle the business on a day-to-day basis. They enjoy the full power to do anything they want internally (hire or fire employees, set pricing, change the company logo, approve product development, etc.) and externally (such as make investments in—or even acquire—other companies).
CEO Duties & Responsibilities
The job duties of a Chief Executive Officer (CEO) in an organization vary depending on the organization’s mission, product, goals, operational needs, size, and the number of employees o stay profitable. CEO works towards creating, communicating, and implementing the organization’s vision, mission, and overall direction. He is responsible for bringing angels by applying policies and motivating the employees.
- Act towards strategic planning, business development, and fiscal operations.
- Open to receiving advice and guidance, when appropriate, from a Board of Directors
- Measuring and evaluating the actual performance with the set benchmarks.
- Taking corrective actions while implementing potential acquisitions or the sale of the company under the circumstances to enhance shareholder value
- Representing the organization for civic and professional association responsibilities and activities at every level.
Examples of a few great CEO
Sundar Pichai – CEO of Google
Ginni Rometty – CEO of IBM
Doug McMillon– CEO of Walmart
Meg Whitman– CEO of HP
Satya Nadella – CEO of Microsoft
Education, Training, & Certification-
Education and training requirements vary from the industry. The minimum academics a candidate needs to qualify to get hired for the position of CEO is a bachelor’s degree and a considerable amount of work experience. Many companies prefer to hire internally rather than from an external source.
Experience: CEOs usually need extensive experience in management and experience in the industry to which the recruiting company belongs.
CEO remuneration –
The average remuneration of a global CEO salary is around $3.6 million (Rs 23.6 crore), while it is $1.5 million (Rs 9.76 crore) for Indian CEOs (as per FY18)
However, the total remuneration of a CEO depends on his experience and expertise.
Conclusion
CEO Full Form is Chief Executive Officer. They are the most senior corporate officer or administrator in any organization, be it private or public, and look after overall management and administration, directly reporting to the chairman or board of directors.
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