The Chief Executive Officer (CEO) sometimes known as the "managing director" is the person that heads up a corporation organization or company. The CEO is considered to be the most important person in the organization because heshe determines company policies and goals and has the final say about the company's budget.
Chief executive officers have the authority to hire or fire members of management and they bear the ultimate responsibility for how well or poorly the company operates. They play a crucial role in determining the company's culture and in shaping a productive work environment.
CEOs work in both not-for-profit and for-profit entities. In most cases they are recruited by search companies but their actual hiring must be approved by a board of directors. However individuals can name themselves as CEOs in their own small businesses. Most CEOs have bachelor's or even master's degrees in management from colleges or universities and some even have doctoral degrees. However there are cases in which individuals without formal degrees in management have risen to the level of CEO after years of successful experience in management positions.
CEOs work extremely hard and must have excellent communication and interpersonal skills. Their job requires the ability to multitask and often to make quick decisions that will add to the value of the company.
Salaries for chief executive officers vary widely depending upon the company for which they work and their years of experience but in general CEOs are highly paid. Some chief executive officers make a yearly salary around $100000 but according to the website Buzzle.com CEOs can earn $1000000 per year or more.