So I work for a large bank in the United States. Me and my coworkers always joke that whenever something bad or inconvenient happens it’s the CEOs fault. Though it’s just a running joke it got me thinking, on a day to day basis what does a CEO actually do? I get the “Chief Executive Officer” nomenclature means they more than likely make executive decisions but what does that look like? Are they at their desk signing papers all day? Death by meeting?
Edit: Holy crap thanks for all the answers I feel like this sub always pulls through when I have a weird question. Thanks guys!
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What a CEO does can depend a lot on company size (10 or 10,000 employees) and structure (publicly traded or private). But it can generally be broken down into 3 big responsibilities: strategic-level planning, shareholder value protection/fundraising and public relations.
A CEO will generally be involved with or totally responsible for the direction a company goes…what markets they participate in, what they sell and how they sell it. The details of how to accomplish those decisions are informed by other C-suite people and implemented by lower-level managers. This is the strategic planning. A CEO will also be responsible for ensuring that these plans are financially possible and will bring profit to the shareholders. This can also involve raising money for the company through attracting investors. Lastly, the CEO will often be the face of the company. Did Steve Jobs come up with, design and manufacture the iPhone? Nope, but he was the one to introduce it to the world on stage.
In good corporate governance, the CEO isn’t an all-powerful dictator but instead serves at the pleasure of a Board of Directors who are chosen by (or are) shareholders. They act as a check on the CEO and can have the power to overrule, hire and fire the CEO. Often the CEO is a voting member of the board as well.
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