What do Bill Gates, of Microsoft Corporation, Michael Dell, of Dell, Inc., and Warren Buffet of Berkshire Hathaway, Inc. all have in common…besides a lot of money? Well, they are all Chairmen of the Board of Directors of their respective corporations (as of the time of this writing).
The term "Chairman of the Board," or "Chairman" for short, refers to the highest position on the board of directors of a corporation, non-profit organization, agency, or other body. The Chairman is the leader of the board of directors and works to inspire, manage, and build the ideas, relationships, and policies that give direction to a corporation.
In this article, we’ll focus on the Chairman of the Board in a corporation, as opposed to an organization, agency, or other body. (But many of the principles that we’ll discuss in this article apply to chairmen in all types of structures.) We’ll also explore some of the main functions of the Chairman of the Board, how the Chairman of the Board leads a corporation’s Board of Directors, and some famous Chairmen of the Board.
Next, we’ll look at the general responsibilities of the Chairman of the Board.