Jonah Patel
A chief executive officer (CEO) is the highest-ranking executive in a company. They are responsible for making major corporate decisions, driving the workforce towards strategic goals, and acting as the main point of communication between the board of directors and corporate operations. A good example of a chief executive is Elon Musk, who was the CEO of Tesla. Musk stepped down as CEO of Tesla in November 2023, and was replaced by an interim chief executive, Emmett Shear.
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What You'll Learn
Elon Musk, CEO of Tesla
Elon Musk is a well-known businessman and entrepreneur who has served as the CEO of Tesla, SpaceX, Neuralink, and Twitter. Musk's leadership style and innovative approach to business have made him a prominent figure in the business world, and he is often regarded as a good example of a successful chief executive.
As the CEO of Tesla, Musk has played a crucial role in the company's success and growth since he joined its board of directors in 2004 and became its CEO in 2008. Tesla, originally Tesla Motors, was founded in 2003 by Martin Eberhard and Marc Tarpenning, but Musk led the Series A round of investment in 2004, becoming the majority shareholder. Following conflicts and the 2008 financial crisis, Musk took over as CEO and was designated as a co-founder of the company.
Musk's leadership at Tesla has been characterised by his active involvement in product design and engineering, overseeing all aspects of the company's electric vehicles, battery products, and solar energy offerings. He has led the company towards its mission of accelerating the world's transition to sustainable energy, with products like the Roadster, Model S, Model X, and Model 3. Under Musk's leadership, Tesla has achieved notable milestones, such as releasing the first SUV to earn 5-star safety ratings across all categories and sub-categories in NHTSA tests.
In addition to his role at Tesla, Musk's involvement with SpaceX, Neuralink, and The Boring Company further showcases his ability to drive innovation and strategic direction. At SpaceX, Musk oversees the development of rockets and spacecraft, pioneering reusable rockets and pursuing the goal of making humans a multi-planet species. With Neuralink, he is developing brain-machine interfaces, and with The Boring Company, he aims to revolutionise transportation systems.
Musk's impact as a CEO extends beyond his companies' achievements. He has become a celebrity CEO, with his actions and ideas attracting widespread media exposure and public interest. Musk's wealth and influence have made him a prominent figure, and his leadership style has been both celebrated and scrutinised. As a CEO, Musk embodies the qualities of a visionary, innovator, and disruptor, making him a notable example of a chief executive who has driven significant changes in multiple industries.
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Steve Jobs, founder and CEO of Apple
Steve Jobs, the late founder and CEO of Apple, is a well-known example of a successful chief executive officer. Jobs co-founded Apple in 1976 with his high-school friend, Steve Wozniak, in his parents' garage. He dropped out of college and, along with Wozniak, created the first model, the Apple I, which earned them $774,000 in revenue. In 1980, Apple Computer became a publicly traded company with a market value of $1.2 billion on the first day of trading.
However, in 1985, Jobs left Apple due to disagreements with other executives and started a new company, NeXT Inc. During this time, he also became the chief investor in Pixar Studios in 1986, with a $10 million investment, and is credited as an executive producer on the 1995 film "Toy Story".
In 1997, Apple bought NeXT for $429 million, and Jobs returned to his position as CEO of Apple. This marked a significant turnaround for the company, as Jobs introduced new products, such as the iMac, MacBook Air, and iPod, that revolutionised the technology industry. He also improved the work environment for employees, including enhancing the food in the cafeteria and banning pets on campus to improve focus.
Jobs is known for his unique approach to business, with a focus on simplifying, taking responsibility, putting products before profits, and pushing for perfection. He transformed multiple industries, including personal computing, animated movies, music, phones, tablet computing, retail stores, and digital publishing.
Steve Jobs' impact as a CEO extended beyond Apple. He became a global icon, with his story inspiring numerous cinematic and documentary films. His leadership style and business accomplishments have been analysed and celebrated, solidifying his place as one of America's great innovators.
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Hock E. Tan, CEO of Broadcom Inc
A chief executive officer (CEO) is the highest-ranking executive in a company, and their primary responsibilities include making major corporate decisions, driving the workforce and resources of a company toward strategic goals, and acting as the main point of communication between the board of directors and corporate operations.
Tan has been recognised for his leadership at Broadcom Inc. In 2023, his total compensation from the company was $161.8 million, a 167% increase from the previous year. This made him the third-highest-paid CEO in the US that year. Tan has also been a member of the board of directors of Meta since February 2024.
Tan has contributed to society through his donations to various causes. He has donated money to his alma mater, MIT, endowing a mechanical engineering professorship and funding research to find effective treatments for autism. Together with his first wife, K. Lisa Yang, he has also donated to autism and disability charities. They donated $10 million to Cornell University to fund the K. Lisa Yang and Hock E. Tan Employment and Disability Institute. In addition, they donated $20 million to Harvard Medical School to create the Tan-Yang Center for Autism Research, a sister of the MIT center.
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The US President as Chief Executive
The President of the United States is the country's chief executive, and as such, has a wide range of responsibilities and duties. The role of the president as chief executive is comparable to that of a CEO in a company, who is responsible for making major corporate decisions, driving the workforce towards strategic goals, and acting as the main point of contact between the board of directors and corporate operations.
The US President, as the chief executive, is responsible for leading the country and using the available resources to carry out their agenda. This includes making decisions based on information gathered by various departments, such as marketing, accounting, and manufacturing. The president's agenda can be broad, with Democrats typically focusing on expanding social services, while Republicans tend to prioritize reducing government spending.
Public opinion plays a crucial role in determining whether a president's agenda will be passed. For example, President George W. Bush successfully appealed to the public for support for his $700 billion Wall Street bailout plan. On the other hand, President Woodrow Wilson's refusal to allow Congress to modify the League of Nations treaty after World War I resulted in the Senate refusing to ratify it.
The US President, as the chief executive, also has the power to nominate Supreme Court Justices when a position becomes vacant due to retirement or a justice passing away. The president's nominee must then be confirmed by a simple majority in the Senate. For instance, President Clinton nominated Ruth Bader Ginsburg, calling her "one of our nation's finest judges, progressive in outlook, wise in judgement, balanced and fair in her opinions."
Additionally, the US President is responsible for delivering the State of the Union address, typically given once a year, where they address various aspects of the nation, including the legislative agenda they intend to pursue. This provides an opportunity for the president to lay out their policy agenda for the coming year and reaffirm the strength of the country.
In summary, the US President as the chief executive has a crucial role in leading the country, making decisions, and setting the agenda. They are responsible for using the resources at their disposal to turn their vision into reality and navigating the complexities of public opinion and congressional approval to achieve their goals.
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Chief Operating Officer (COO)
A Chief Operating Officer (COO) is a senior executive who oversees the day-to-day operations of a company, including its administrative and operational functions. The role of a COO is often considered the second-in-command and typically reports directly to the Chief Executive Officer (CEO). COOs are in charge of internal operations and communications, ensuring efficient and effective processes and activities to provide goods and services to customers. They are responsible for controlling expenses, ensuring a return on investments, and driving operational excellence.
The role of a COO is dynamic and can vary depending on the company's size, industry, and operations. They may be involved in the creation of new products, sourcing of materials, and exploring new technologies. COOs are also responsible for making real-time decisions, optimising operations, and ensuring the seamless integration of company operations with its strategic vision. The role requires strong leadership, strategic planning, and operational efficiency.
To become a COO, individuals typically need a bachelor's or master's degree in business or a related field, as well as extensive work experience. They should develop leadership and management skills, build a strong network, and gain a comprehensive understanding of the business.
Examples of individuals who have held the position of COO include Ray Lane, who was the COO of Oracle, and Tom Anselmi, who was the COO of Maple Leaf Sports & Entertainment.
The role of COO is critical to the success of an organisation, and individuals in this position must be comfortable with making real-time decisions and leading diverse teams. They play a pivotal role in driving innovation and ensuring the company adapts to changing market conditions.
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Frequently asked questions
A good example of a chief executive is Elon Musk, the CEO of Tesla.
The chief executive officer (CEO) is the highest-ranking executive in a company. They are responsible for making major corporate decisions, driving the workforce towards strategic goals, and acting as the main point of communication between the board of directors and corporate operations.
The responsibilities of a chief executive vary depending on the industry and organization size. However, some common tasks include overseeing the strategic direction of the organization, implementing changes and proposed plans, and engaging in media obligations and public relations.
There is no specific school or program to become a CEO. Chief executives often learn on the job and gain experience in various business aspects, such as accounting, engineering, finance, and marketing, before taking on the role.
Some well-known examples of chief executives include Steve Jobs, the late founder and CEO of Apple, and Hock E. Tan, CEO of Broadcom Inc., who earned the highest compensation for CEOs in 2023 at $161,826,161.
