Chief business officer
- 3 min read
- 3 chapters
Related on Lably
Through Biotechnology, Information technology and Startup company
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, provide leadership and execute a deal strategy that will allow the company to fulfill its scientific/technology mission and build shareholder value, and provides managerial guidance to the company’s product development staff as needed. Reporting directly to a board of directors or the CEO of the company, a CBO sometimes has a dual role as chief commercial officer and chief strategy officer. Often, this position is created to complement a CEO whose strengths and experience are concentrated mainly in product and technology.
A CBO is often given the responsibilities of conducting all business and corporate development activities, maintaining relationships and project management of all partnership agreements, ensuring marketing activities, including website-related, activities, and, more importantly, developing an exit strategy for the company to be acquired or go IPO.
Sign in to keep reading
2 more chapters are free with a Lably account.
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 title chief business development officer title is often shortened to chief business officer in biotechnology, information technology, and startup companies.
A CBO 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 CBO position, by definition, will usually possess a broader range of experience and a more extensive skill set than individuals serving in those C-level positions.
As one of the highest-ranking executives in an academic or research organization, the CBO 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 CBO, while other institutions include community and local government relations in the CBO's responsibilities .
Qualifications
Many CBOs typically 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 CBO role is generally gained on the job at the department, unit, or program level prior to advancing into a CBO role, although business officers at all levels are sometimes hired from private industry, government, or other non-profit organizations.
Educational requirements for the CBO position vary among different commercial companies and institutions .