Executive VP – Full Form, Roles, and Responsibilities

What is the full form of Executive VP?

The full form of Executive VP is Executive Vice President.

What is an Executive VP?

An Executive VP is a corporate professional who mostly reports to the president of the company. The executive vice president guides other vice presidents in an organization. They also perform the duties of the president if they are away or not able to perform. The executive vice president can even make crucial decisions for a company as well as assign specific roles to other executives.

What are the Core Responsibilities of an Executive Vice President?

• They come up with strategies to help achieve long-term goals and propose them to the board of directors.
• They must attend crucial business meetings like board meetings, as they must know about all major changes or initiatives that the organization plans to implement currently, as well as in the future.
• Oversee and evaluate the company’s revenue and propose suggestions for increasing revenue.
• They are responsible for creating company budgets and financial reports
• They oversee how every department is doing and make sure they are following the company’s policies and procedures.
• Talk with the board members about what is influencing employee performance and business performance
• Oversee and evaluate company partnerships and relationships
• Come up with objectives for other vice presidents to take responsibility for and execute them.

What is the importance of an Executive VP?

An Executive Vice President is important in an organization, as they play a crucial role in executing the company’s strategies while making sure they are as per market trends and can also accelerate achieving business goals. They have the power to make key decisions about changes in policies, resource allocation, approval of projects, etc. They are the right hand of the CEO or president and often perform the duties of the president in their absence or in emergencies. They make sure that leaders across all teams communicate and collaborate with each other when necessary. They find out new business opportunities, head mergers or acquisitions, and put the company in a competitive position.