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
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]
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, provides leadership and execute a deal strategy that will allow the company to fulfill its scientific/technology mission and build shareholder value, provides managerial guidance to the company’s product development staff as needed. Reporting directly to the Board of Directors and/or the CEO of the company, CBO sometimes has a dual role as a
chief commercial officer and
chief strategy officer.
The CBO is often given the responsibilities to conduct all business and corporate development activities, maintain relationship and project management of all partnership agreements, ensure marketing activities, including website related, activities, and more importantly, develop 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 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 chief business development officer title is often shortened to chief business officer in
biotechnology,
information technology, and
startup companies.
The Chief Business Officer 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 chief business officer position, by definition, will usually possess a broader range of experience and more extensive skill set
[Sanaghan, Goldstein, and Jurow. A Learning Agenda for
Chief Business Officers. Washington: National Association of College and University Business Officers (NACUBO), 2001. Print.] than an individual serving in those C-level positions.
As one of the highest ranking executives in an academic or research organization, the chief business officer 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 chief business officer while other institutions include community and local government relations in the CBO's responsibilities
.
Qualifications
Many Chief Business Officers 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 chief business officer role is generally gained, on the job, at the department, unit or program level prior to advancing into a chief business officer role although business officers at all levels are sometimes hired from private industry, government or other non-profit organizations.
Educational requirements for the chief business officer position vary by different commercial companies and institutions
.
Related associations
National Association of College and University Business Officers (NACUBO)Community College Business Officers (CCBO)Association of Business Administrators of Christian Colleges (ABACC)National Business Officers Association (NBOA)Association of School Business Officials International (ASBO)National Association of School Business Management (NASBM)
See also
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Chief administrative officer
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Chief financial officer
*
Chief operating officer
References
{{Corporate titles
Category:Chief executive officers
Category:Management occupations
Category:Positions of authority
Category:Corporate governance
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