Corporate officer

From ArticleWorld

A Corporate Officer is a manager or high ranking official in a corporation, including such positions as CEO, CFO, COO, president or vice president.

Any high ranking official within a corporation is considered to be a corporate officer. The officers of a corporation are elected by the Board of Directors which, in turn, has been elected by the shareholders or members of a company. While the members of the Board of Directors can only act as a group and make decisions as a whole, the corporate officers have the power and, indeed, the responsibility to act as individuals. They comprise the management team and in some areas enforce Board decisions and in others make decisions themselves.

Officers must act for the benefit of the corporation and it is considered a position of trust. All decisions must be made for the good of the corporation and any self-serving may even be considered a crime. Positions include the Chief Executive Officer, the Chief Financial Officer, and president of the company or the vice-president, down to the treasurer.

Different corporations have different hierarchies within them depending on factors such as size and ownership, as well as whether it is profit motivated or non-profit. The motivations for becoming a corporate officer are just as varied and may be to protect one’s shares or simply for a good cause.