UK Accounting Glossary
An acronym for the Chief Executive Officer, the person who is responsible and accountable for the functioning of a company as a whole. A CEO is also often referred to as the “president” or “director” of a company. A CEO usually reports directly to the company’s board of directors.
CEO or chief executive officer is a bureaucratic position that carries the ultimate management responsibility for an organization. Commonly, CEO is a rank that is associated with the head of the company. One of the primary duties of the CEO is to report to the board of directors, which is answerable to the owners of the company. In addition, CEO carries out the job of designating other managerial officers including that of a president. Depending on the extent of his or her functions, a CEO can also have the title of President/CEO or President and CEO. A CEO is not only a key management figure, but also the face of any business establishment. Therefore CEO’s career record and professional background often represent an important qualitative parameter of the overall value of the company.
The CEO was replaced during the takeover, even though he had been with the company for twenty years and was responsible for much of its growth
When the company’s business valuation showed a loss in value, the board of directors asked the CEO to explain why the company was no longer profitable.
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This glossary post was last updated: 4th February 2020.