However, that does not mean that the COO, for instance, is much more suited for this kind of activities.
Analytical skills and community involvement are also qualities that determine the success of a CEO. Executive officers need strong analytical skills in today's fast changing marketplace. The needs of many groups have to be addressed everyday, while the interests of the organization must also be fostered. A CEO, cannot appear distant, single-minded or out of touch. The need to interface with all parties and to creatively analyze all information becomes more and more important. From this point-of-view, due to their analytical nature, CFO are well prepared for the job. As far as community involvement is concerned, my opinion is that it is the nature of the individual that decides the degree a company and its top representative are involved in social events of all types. I think that a CFO is no more or no less inclined to community involvement than a COO, for instance.
Since the number of CFOs promoted to the position of CEO has increased lately, there are some strategies that people have taken in order to have a broader experience, which might bring them closer to the top job. Lateral shifts that pay less or offer less in status but provide for chances to gain such experience are an option. Other CFOs have oriented themselves toward smaller organizations for advancement opportunities.
As far as education is concerned, it usually involves earning a master's degree in business administration, since one of the basic requirements for a CEO is the exposure to issues of economics, and operations as well as finance and law. Mentors are also very useful, since they can help CFOs understand office politics and can act as a sounding board for their ideas. CEOs, acting as mentors, may also create opportunities for CFOs to enhance their impact within the organization (also mentioned by Brewis, 1999). Such a mentor should be honest, straightforward, sensitive to the strengths and weaknesses of CFOs, constructively critical, well informed about the requirements and demands of the CEO position, as well as trustworthy.
Authors have expressed various ideas about how a CFO should be in order to become a CEO. Some argued that the ideal CEO communicates well, is adept at managing...
Company Strategy: Whole Foods On the surface, Whole Foods has a unique, almost counterintuitive philosophy. Rather than stressing value and volume in terms of food sales, it instead offers more expensive organic and specialty goods. However, its niche marketing strategy has proven to be extremely lucrative. Whole Foods is an interesting case study as a company in the manner in which it has simultaneously capitalized upon popular trends in food without
In contrast, within the firm, the entrepreneur directs production and coordinates without intervention of a price mechanism; but, if production is regulated by price movements, production could be carried on without any organization at all, well might we ask, why is there any organization?" (Coase, 1937, p. 387) In simpler words if markets are so efficient why do firms exist? Coase explains, "the operation of a market costs something
One other new thing brought to the attention of companies by the Sarbanes-Oxley Act is the fact that, under this law, every public company is supposed to prove strong internal systems designed to catch an employee intending to commit fraud or flag accounting errors before a company has the opportunity to make its profits official. An addendum to this rule is the obligation of a company knowing about problems with
That this case has emerged internally gives us an opportunity to ensure that situations like this do not arise out of our control, i.e. discovered by a customer. We have the opportunity to built our compliance and audit procedures from scratch, so that the level of oversight these departments have on the firm's operations is complete, and insulates the firm against further risk. An investigation should be conducted into
Company X has faith in its employees to utilize their own ethical judgment in conjunction with the rules and standards set forth by the company in order to assure that actions within the company are performed at an optimal level across the board. Implementation and Communication In order to assure that a code of ethics is implemented to the best of its ability into a company, gradual implementation must be used
Patients have a right to know if their doctor's decision to prescribe a certain medication has been influenced by free lunches or other perks, rather than that doctor's objective overview of prescribing information. In fact, the real ethical issue presented in the underlying case is not that the doctors are accepting gifts from the pharmaceutical companies. Drug companies did decide to some degree of self-limit in their gifts to physicians.
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