The rise of chief administrative officers

Let's face it, chief financial officers do not have a lot of time on their hands. With ever changing financial and reporting standards (from IFRS to web-based reporting to Sarbanes-Oxley), they have shouldered a lot, on the financial, IT and administrative fronts. This is especially true in the financial service industry, where the credit crunch has come to dominate the financial agenda. More companies are responding by creating separate chief administrative officer roles. AIG, Citigroup and JPMorgan Chase are among the banks that have done so, notes Financial Week. These guys are emerging as key executives in areas of operations and IT. The key is to make sure the CFO and the CAO are on the same page. Many CFOs are promoted to CAO, and some hold both spots. Some think that the CAO is essentially the COO with a slightly broader mandate.

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