Explore in this section the Executive VP vs C-Suite difference. What are their respective roles and responsibilities in a company? Do they have the same salary?
Executive VP vs C-Suite – The Difference
What is an Executive VP?
An Executive Vice President (VP) is the second-highest-ranking executive in a company. Executive VPs work closely with the CEO or President to make decisions that affect the whole company. They are usually in charge of some of the most important parts of the company.
For example, they may be in charge of marketing, finance, production, or research. They report directly to the CEO or President and are responsible for making sure that everything runs smoothly.
The name Executive VP can be shortened to EVP. An EVP is usually the head of a department in a company. For example, an EVP of marketing is in charge of the marketing department.
What is a C-Suite?
A C-Suite is the top management level in a large company. The term C-suite comes from the first letters of the first names of the five most important executives in a company. These are the CEO, the CFO, the COO, the CMO, and the CIO. The term Inside A Box is also used to describe this group.
The term Inside A Box refers to the fact that these executives are usually located near each other on one floor or area within a company. The CEO is usually at the top of the organization inside a box made up of the other four executives.
Executive VP vs C-Suite – Roles and Responsibilities
What are Executive VP Roles and Responsibilities?
An Executive VP may be in charge of the company’s marketing department. The EVP’s responsibilities will include choosing the marketing strategy and making sure that it works. As well as ensuring that the company is compliant with all legal requirements.
The EVP will work closely with other members of the C-Suite to ensure that everyone is working together towards the same goal. They act as a ‘bridge’ between different departments.
What are C-Suite Roles and Responsibilities?
The CEO is usually in charge of everything in a company. However, other executives can be given some responsibility for different areas of the company.
For example, the CFO (Chief Financial Officer) may be in charge of budgeting and cost control, the COO (Chief Operating Officer) may be in charge of production, the CMO (Chief Marketing Officer) may be in charge of marketing, and the CIO (Chief Information Officer) may be in charge of IT.
The CEO will delegate specific tasks to each of the other executives. Each executive will report directly to the CEO.
Executive VP vs C-Suite – Salary
How Much is the Salary for an Executive VP?
Salary information can vary greatly depending on the industry you are working in. For comparison purposes, the average salary for an EVP is $144,000 per year. This is compared to an average salary for a C-Suite executive of $339,720 per year.
How Much is the Salary for a C-Suite Executive?
The average salary for a C-Suite executive is $339,720. The lowest-paid members of the C-Suite are the CFO and the CMO on average salaries of $179,000 and $183,000 respectively. The highest-paid member of the C-Suite is the CEO on an average salary of $8,827,000.
Conclusion
In conclusion, Executive VP and C-Suite both refer to important members of a company’s senior management team. Although they have different responsibilities and titles; they often work closely together.
No Responses