COO (Chief Operating Officer)
Job Description:
The Chief Operating Officer (COO) is a high-ranking executive responsible for the day-to-day administrative and operational functions of a business. The COO reports directly to the Chief Executive Officer (CEO) and is considered the CEO’s right hand. In some companies, the COO may also report to the Board of Directors.
Main Duties – What Do They Do:
- Oversee day-to-day operations of various departments like Production, HR, Sales, etc.
- Implement operational strategies and objectives set by the CEO or Board of Directors.
- Monitor performance metrics and set KPIs (Key Performance Indicators).
- Streamline operational processes to improve efficiency and reduce costs.
- Coordinate closely with other C-level executives on company-wide projects.
- Assume responsibility for the implementation of new systems or processes.
- Often act as a bridge between the CEO and middle management.
Education and Qualifications Needed:
- Bachelor’s degree in Business Administration, Finance, or related field; a Master’s degree like an MBA is often preferred.
- Specialized training or certification in project management, operations management, etc., may also be required or advantageous.
Experience Needed:
- 10+ years of corporate management experience, with a proven track record in a senior management role.
- Experience in the industry or sector in which the company operates is highly beneficial.
- Demonstrable competency in strategic planning and business development.
Place in the Organization:
- Second in command after the CEO.
- Works closely with other members of the C-suite.
- Reports to the CEO and, in some cases, the Board of Directors.
- Manages several department heads or division leaders.
Average Salary Expected:
- The salary for a COO can vary widely depending on the size and industry of the company, the experience of the individual, and the geographical location.
- As of my last update in September 2021, the average salary in the United States for a COO ranged from $150,000 to $500,000 per year, with additional bonuses and profit-sharing options.
Note: Salary and other details can vary significantly, and you should consult current data for the most accurate information.