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Chief strategy officer

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A chief strategy officer (CSO), or chief strategist, is an executive responsible for assisting the chief executive officer (CEO) with developing, communicating, executing, and sustaining corporate strategic initiatives. Some companies give the title Chief Business Officer to its senior executives who are holding the top strategy role.

Today, many CEOs have less time to devote to executing strategy, while at the same time uncertain environments increase the need for professional strategy development.[1][2] As a result, Chairmen, Presidents, and CEOs in academic, nonprofit and corporate organizations are appointing CSOs.[3][4] In recent years, the CSO position increased in popularity, which is reflected by the high number of US companies (nearly 50% of S&P 500 firms) who created CSO positions in their top management teams.[5]

The CSO is a consultative role; part leader and part doer, with the responsibility of ensuring that execution of the strategy supports the strategy elements. This unique background takes a multitude of different operating experiences, and must include being both a creative thinker and influential collaborator.[6] CSOs are often executives who have worn many hats at a variety of companies or agencies before taking on the responsibilities and tasks that come with the job title.[7][8]

Typical CSO responsibilities include:[9]

  • Communicating and implementing a company's strategy internally and externally so that all employees, partners, suppliers, and contractors understand the company-wide strategic plan and how it carries out the company's overall goals.
  • Driving decision-making that creates medium- and long-term improvement.
  • Establishing and reviewing key strategic priorities and translating them into a comprehensive strategic plan.
  • Monitoring the execution of the strategic plan.
  • Facilitating and driving key strategic initiatives through inception phase.
  • Ensuring departmental/unit strategic planning projects reflect organizational strategic priorities.
  • Partnering with institutional leadership, special committees, and consultants to support execution of key initiatives.
  • Developing inclusive planning processes.
  • Translating strategies into actionable and quantitative plans.
  • Mobilizing and managing teams of individuals charged with executing strategies.
  • Acting as a resource across an organization to increase broad cohesion for strategic plans.

In terms of the CSO’s role, which varies significantly from organization to organization and evolves over time, the two basic roles strategy developer and strategy implementer are observable.[10] This dichotomy can be further divided into four CSO archetypes.[11]

  • Internal Consultant: focused almost exclusively on strategy formulation.
  • Specialist: have specialized skills that are not otherwise present within an organization.
  • Coach: work to provide information to strategy creators and facilitate communication between teams, team members and stakeholders.
  • Change Agents: facilitate and enable.

Chief Global Strategist

A Chief Global Strategist (CGS) is one of the highest-ranking corporate officers, administrators, corporate administrators, executives, or executive officers, in charge of the global strategy and the domestic and international expansion of a corporation, company, organization, or agency.

The position is relatively new in the private sector, and a reflection of the influence of globalization upon companies and other organizations that seek to expand their influence, whether as a matter of necessity to survive, or the exploration of an opportunity.

A prominent example of a CGS is Howard Schultz of Starbucks Corporation who was Chairman and CEO; however, in 2000 he left the position of CEO to become the Chief Global Strategist. Schultz returned to his previous role as CEO on January 18, 2008 (leaving in June of 2018 in order to pursue a 2020 presidential run.[12] </ref>"Starbucks Corporation Timeline". Starbucks.com. Retrieved 26 September 2016.</ref>

References

  1. ^ The Chief Strategy Officer, Harvard Business Review, Oct. 2007
  2. ^ The Chief Strategy Officer in the European Firm: Professionalising Strategy in Times of Uncertainty, The European Business Review, May-Jun. 2013
  3. ^ Rise of the Chief Strategy Officer, Outlook Journal, Jan. 2008
  4. ^ Charities Turn to Chief Strategy Officers To Help Plan Their Future, The Chronicle of Philanthropy, Oct. 2013
  5. ^ Menz, Markus (2013). "Chief strategy officers: Contingency analysis of their presence in top management teams". Strategic Management Journal. 35: 461–471. doi:10.1002/smj.2104.
  6. ^ The Role of the Chief Strategy Officer, Ephor Group
  7. ^ The Chief Strategy Officer, Harvard Business Review, Oct. 2007
  8. ^ Rise of the Chief Strategy Officer, Outlook Journal, Jan. 2008
  9. ^ Understanding the Role of the Chief Strategy Officer, BCG Perspectives, December 2013
  10. ^ The Strategist’s Change, Think Act, Nov. 2014
  11. ^ The Role of the Chief Strategy Officer, MIT Sloan Management Review, Fall 2012
  12. ^ https://www.nytimes.com/2018/06/04/business/dealbook/starbucks-howard-schultz.html
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