Chief business officer

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Chief business officer
SynonymsCBO

Chief business officer (CBO) is the position of the top operating executive of growing commercial companies or an academic/research institution (such as a university, college, institute, or teaching hospital). In the commercial space, CBO shows leadership in deal-making experience with a clear record of results and ultimate transactional responsibility. In higher education, the titles of vice president, associate dean, assistant dean, and director are also used for the role of the chief business officer. [1]

Contents

Commercial companies

In the biotechnology, information technology, and emerging innovation industries, the chief business officers assume full management responsibility for the company’s deal-making, provide leadership and execute a deal strategy that will allow the company to fulfill its scientific/technology mission and build shareholder value, and provides managerial guidance to the company’s product development staff as needed. Reporting directly to a board of directors or the CEO of the company, a CBO sometimes has a dual role as chief commercial officer and chief strategy officer. Often, this position is created to complement a CEO whose strengths and experience are concentrated mainly in product and technology.

A CBO is often given the responsibilities of conducting all business and corporate development activities, maintaining relationships and project management of all partnership agreements, ensuring marketing activities, including website-related, activities, and, more importantly, developing an exit strategy for the company to be acquired or go IPO.

Academics and research institutes

The titles of executive vice president and senior vice president are found most often in a university’s central administration office, and a hierarchical relationship does not necessarily exist between those positions and the chief business officer position of a university-affiliated institute or center, which is often at an equivalent level. Several large public school districts in the United States now employ chief business officers to oversee the business operations of the school district as well as the work of individual school business managers. Independent schools increasingly use the chief business officer [2] title to identify the school finance director or school business manager. The chief business officer position in education should not be confused with the unrelated chief commercial officer or chief business development officer positions in other industries. Additionally, the title chief business development officer title is often shortened to chief business officer in biotechnology, information technology, and startup companies.

A CBO is responsible for the administrative, financial, and operations management of the organization, often combining the roles of chief administrative officer (CAO), chief financial officer (CFO), and chief operating officer (COO). As a result, the executive holding the CBO position, by definition, will usually possess a broader range of experience and a more extensive skill set [3] than individuals serving in those C-level positions.

As one of the highest-ranking executives in an academic or research organization, the CBO may oversee strategic planning in addition to budgeting, financial management, contracts, human resources, procurement, compliance, real estate, facilities, information technology, and risk management. At many colleges and universities, sustainability and green building initiatives fall under the purview of the CBO, while other institutions include community and local government relations in the CBO's responsibilities [4] .

Qualifications

Many CBOs typically hold advanced academic degrees (MBA, PhD, etc.) or leading professional credentials and continue to participate in academic research or consulting projects in their areas of expertise. Job experience for the CBO role is generally gained on the job at the department, unit, or program level prior to advancing into a CBO role, although business officers at all levels are sometimes hired from private industry, government, or other non-profit organizations.

Educational requirements for the CBO position vary among different commercial companies and institutions [5] .

See also

Related Research Articles

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A chief executive officer (CEO) is the highest officer charged with the management of an organization – especially a company or nonprofit institution.

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<span class="mw-page-title-main">Gothenburg School of Business, Economics and Law</span> Business school of the University of Gothenburg, Sweden

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A chief operating officer (COO) is an executive in charge of the daily operations of an organization, i.e., personnel, resources, and logistics. COOs are usually second-in-command immediately after the CEO, and reports directly to them and acts on their behalf in their absence.

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A provost is a senior academic administrator. At many institutions of higher education, the provost is the chief academic officer, a role that may be combined with being deputy to the chief executive officer. They may also be the chief executive officer of a university, of a branch campus of a university, or of a college within a university.

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The chief risk officer (CRO), chief risk management officer (CRMO), or chief risk and compliance officer (CRCO) of a firm or corporation is the executive accountable for enabling the efficient and effective governance of significant risks, and related opportunities, to a business and its various segments. Risks are commonly categorized as strategic, reputational, operational, financial, or compliance-related. CROs are accountable to the Executive Committee and The Board for enabling the business to balance risk and reward. In more complex organizations, they are generally responsible for coordinating the organization's Enterprise Risk Management (ERM) approach. The CRO is responsible for assessing and mitigating significant competitive, regulatory, and technological threats to a firm's capital and earnings. The CRO roles and responsibilities vary depending on the size of the organization and industry. The CRO works to ensure that the firm is compliant with government regulations, such as Sarbanes–Oxley, and reviews factors that could negatively affect investments. Typically, the CRO is responsible for the firm's risk management operations, including managing, identifying, evaluating, reporting and overseeing the firm's risks externally and internally to the organization and works diligently with senior management such as chief executive officer and chief financial officer.

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The following outline is provided as an overview of and topical guide to business management:

A chief human resources officer (CHRO) or chief people officer (CPO) is a corporate officer who oversees all aspects of human resource management and industrial relations policies, practices and operations for an organization. Similar job titles include: chief people officer, chief personnel officer, executive vice president of human resources and senior vice president of human resources. Roles and responsibilities of a typical CHRO can be categorized as follows: workforce strategist, organizational and performance conductor, HR service delivery owner, compliance and governance regulator, and coach and adviser to the senior leadership team and the board of directors. CHROs may also be involved in board member selection and orientation, executive compensation, and succession planning. In addition, functions such as communications, facilities, public relations and related areas may fall within the scope of the CHRO role. Increasingly, CHROs report directly to chief executive officers and are members of the most senior-level committees of a company.

The chief sustainability officer, sometimes known by other titles, is the corporate title of an executive position within a corporation that is in charge of the corporation's "environmental" programs. Several companies have created such environmental manager positions in the 21st century to formalize their commitment to the environment. The rise of the investor ESG movement and stakeholder capitalism, has increased the need for corporations to address sustainability and social issues across their value chain, and address growing needs of external stakeholders. Normally these responsibilities rest with the facility manager, who has provided cost effective resource and environmental control as part of the basic services necessary for the company to function. However, as sustainability initiatives have expanded beyond the facility — so has the importance of the position to what is now a C-level executive role. The position of CSO has not been standardized across industries and individual companies which leads it to take on differing roles depending on the organization. The position has also been challenged as symbolic, in that it does not actually have the effect of increasing sustainable practices.

A chief strategy officer (CSO) is an executive that usually reports to the CEO and has primary responsibility for strategy formulation and management, including developing the corporate vision and strategy, overseeing strategic planning, and leading strategic initiatives, including M&A, transformation, partnerships, and cost reduction. Some companies give the title of Chief Strategist or Chief Business Officer to its senior executives who are holding the top strategy role.

A chief information officer in higher education is the senior executive who is responsible for information and communications technology in the university, college or other higher education institution. The position may not necessarily be called a CIO in some institutions. The CIO title is often coupled with Vice President/Vice Chancellor of information technology, is primarily used at doctoral/research institutions, while the titles of Director or Dean are more common at the other five types of Carnegie Classification of Institutions of Higher Education; MA I, MA II, BA Liberal Arts, BA General, and AA. In addition, the CIO title used at different institutions may represent unique positions with differing roles and responsibilities. Ultimately, there is no one definition for a CIO; it has a variety of meanings, functions, areas of purview, reporting structures, and required qualifications. Some traditional executive and administrative positions in higher education, such as a chief financial officer position or chief academic officer/provost have been in existence for a long time and typically have a definite career path. In contrast, the position of CIO in higher education, which has only been around for about 35 years, has no single career path nor single model to explain what can be expected of CIOs in higher education, which makes it a challenge and an opportunity for those interested in preparing for such a role. Brian L. Hawkins (2004), former president of Educause concluded:

References

  1. "Chief Business Officers Speak Out", University Business Magazine, October 2008
  2. Brown, Mari, and Marc Levinson, eds. Welcome to the Jungle: A Business Officer's Guide to Independent School Finance & Operations. Denver: National Business Officers Association (NBOA), 2009. Print.
  3. Sanaghan, Goldstein, and Jurow. A Learning Agenda for Chief Business Officers. Washington: National Association of College and University Business Officers (NACUBO), 2001. Print.
  4. Ayers, "Thomas".; Goldstein, "Karen". (June 2015), "Becoming a Renaissance CBO", Inside Higher Education, retrieved 2016-07-05
  5. Kahlenberg, Rebecca R. (August 2006), "The Other Career in Education", Washington Post, retrieved 2013-10-14