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An executive director reports to the board of trustees or directors. An executive director is also known as a company's chief executive officer. The executive director has the responsibility of overseeing the day-to-day operations of a corporation or company. There are policies and procedures that the executive director implements for the company, but the board of directors have to approve the policies.
Reports To Board Of Directors
Companies have chief financial officers, but those officers still report to the executive director. The executive director manages the financial and physical aspects of the company. For example, if the purchasing department buys more merchandise than can be sold, the executive director has the responsibility of creating a strategy with purchasing that moves the merchandise from the warehouse or business shelves.
An executive director works with marketing staff of a company to ensure the company is up to date on new products, information or services for the company. Because companies have competitors, it is the executive director's responsibility to help with differentiate the company’s products, software or services from the competition's. Executive directors often attend seminars, workshops and community outreach programs to stay current with marketing strategies.
An executive director is a decision maker for a company. Smaller companies may delegate the decision-making to the executive director, where a larger corporation turns to department managers and human resource managers to make decisions. However, an executive director has the responsibility of reporting the progression of the company to the investors, board of directors and stakeholders. Therefore, an executive director will have a hand in making business, financial and product decisions.
Mergers And Business Ventures
An executive director works with investors and other corporations on such business ventures as mergers. The business investor will research the merger or other companies to decide if any deal -- from mergers to outside investors -- is in the best interest of the company. An executive director keeps the best interest of the company, and not personal gain, in mind. An executive director can be fired or, in extreme cases, face criminal charges if decisions based on personal greed end up hurting the company.
An executive director recommends yearly budgets for the board of directors to review. If a budget is approved, and the company departments need more money than outlined in the approved budget, the executive director must go before the board to ask for more money, show why more money is needed and how it will return a future profit. Some executive directors work department heads to determine budgets.