Train future CEO’s in the finance department This is a case assignment on if future Chief Executive Officers should be trained in the finance department. The most important role in the management of an organization is the Chief Executive Officer because they are primarily responsible to carry out the strategic plans and policies as established by the board of directors. CEO’s are a leader, visionary (information bearer), decision maker, manager and a board developer.
That is a lot of responsibility on one’s shoulders and with that being said I do believe future CEO’s should be trained in the finance department.They should be trained in the finance department and groomed for CEO because they have a better insight of where the company is how to get it and its employees where they want to be. Companies that promote within always have higher employee, customer loyalty. Everything I have said is positive, but with all good comes bad.
The Chief Financial Officer is primarily responsible for managing the financial risk, financial planning, record keeping, as well as financial reporting to higher management. There is a few CEO’s that have no former qualifications but many of them especially in large companies have a MBA 3Train future CEO’s in the finance department or come from an accounting background. If you’re like me you are asking what does this mean.
This means that this person is the senior manager that is responsible for overseeing the financial activities of an entire company. This includes signing checks, monitoring cash flow, financial planning and mentoring the CEO. That is not only quite a multi-tasking position but also a lot of networking within the company. In the article The bottom line on CFO’s it explains why sixty five or more percent CEO’s hand pick their CFO’s to replace them.They did an article on how much of a percentile was the CFO’s involved in strategic planning and ninety seven percent were. Patrick S. Pittard, president and CEO of Heidrick & Struggles was interviewed about the results.
His stated opinion in the article was that the results supported the evolution they’ve noticed among CFOs in the last decade. This evolution was that they have seen CFOs take on more active roles as strategic partners, and the survey data quantified this. The Financial Executive interviewing Mr.Pittard asked, why do you think few CFO’s play a role in sales and marketing? He 4 Train future CEO’s in the finance department answered, because they develop long-term strategic planning and resolve business decisions. With that being said they are not only grooming their CFO’s to become CEO’s but so is the CFO. That means that the CFO is handling their job plus the weight of the CEO, cross train in progress.
In this case I explained why I believe they should train their future CEO in the finance department and used a supporting document.One who is capable of doing their job and learning another one at the same time is a powerful tool within. In my introduction I said with all good comes bad and with that being said I would like to state an article for example, for you to see the pro’s and con’s. This article is on coaching, internal coach and the pros and cons. The pros of internal coaching are they already know the company’s culture, environment and the clients are less likely to feel strapped for time and money when meeting with someone within their own company.The cons of internal coaching are that their coaching responsibilities are often on top of their regular full time job, and their knowledge is limited to that of their company. 5 References http://proquest. umi.
com/pqdweb? index=5;amp;did=525442;amp;SrchMode=1;amp;sid=2;amp;Fmt=6;amp;VInst=PROD;amp;VType=PQD;amp;RQT=309;amp;VName=PQD;amp;TS=11955 http://www. megaessays. com/viewpaper/23945. html97579;amp;clientId=29440;amp;cfc=1 http://www. managementhelp.
org/chf_exec/ed_rspon. htm http://www. allbusiness. com/human-resources/employee-development/708646-1.