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Executive roles must be 'restructured'
The role of financial executives should be strengthened to remove the burden of leadership from chief executives.
That is according to two professors of management at the City University of New York, Philip Tulmieri and Moshe Banai, who have suggested that increasing the authority and accountability of finance executives will improve the performance of businesses.
This redefinition of the financial director role could lead to greater demand for interim executives, as corporations seek director-level board members to occupy this position in the short-term as they realign their succession planning strategies.
Writing for the Wall Street Journal, the two management experts explained that the role of chief executive has become "too large, too complex and too demanding" for one individual.
They wrote on the newspaper's website: "A CEO-CFO partnership will provide the engine for this new-millennium corporation, and serve as a starting point for the new corporate model of ethical behaviour, sustainability and true stakeholder value."
Implementing a new corporate culture was also advocated by the consultant Stefan Stern in the Financial Times last week, who claimed that the current crisis has created an opportunity for executives to innovate a new way of doing business.
Categories: Board & CEO