Executives lead departments such as marketing, financing, legal, human resources, and administration, to name a few.
At some stage, every organization needs to build its executive team in order to take its operations to the next level. An organization with a strong executive team is usually productive, creative, empowered, well-managed, accountable, and carries a strong company culture. Here are five types of executives found at many thriving organizations across the world:
1. Chief Executive Officer (CEO)
Your CEO is the top-ranking executive at your company. They handle the most important decisions at your organization and skillfully delegate other tasks down the chain of command. However, CEOs in smaller companies are more involved in everyday operations. The right CEO can shape your company’s future, develop a good culture, and inspire the rest of the team.
While the founder of a company isn’t usually the CEO, this isn’t always the case. For example, Elon Musk is the founder and CEO of his companies.
Your president is the second-highest-ranking executive at your organization. They are usually more involved with the day-to-day operations than the CEO. As the second-in-command, they report directly to the CEO. Some organizations have the same person as president and CEO. For example, Masai Ujiri is the president and CEO of the Toronto Raptors. Meanwhile, Jeff Bezos is the president, CEO, and founder of Amazon.
3. Executive Director
Your company’s shareholders are represented by an elected group of officials known as the board of directors. If your organization is public, then it must have this panel. The board of directors hire senior executives, determine executive compensation, develop goals, and play a supportive role. Depending on the country, an executive director is defined as a board member with similar responsibilities and powers as that of a CEO.
4. Chief Financial Officer (CFO)
Your CFO oversees all financial actions at your organization and is one of your company’s most influential executives. They track monetary transactions and analyze where to invest funds. They also manage the capital structure of your firm. A good CFO understands budgeting, analysis, compliance, financial risk management, and more.
5. Legal Executive
Your company lawyer leads your legal department and plays a critical role in the health of your organization. They make sure that every decision your company makes is legally sound and helps with issues such as growth, purchases, contracts, invoices, taxes, copyright, real estate, bankruptcy, and more.
Remember, to build the best executive team — always use a recruitment firm created and run by specialists. For example, when hiring a legal executive, partner with a legal recruitment firm managed by lawyers that knows the legal industry inside out and can help you find the best talent for your organization.
These are five types of executives found in thriving organizations. Depending on your organization’s size, strengths, and nature, you may need to hire several different types of executives. For the best results, turn to a team of professional recruiters for help.