The chair , also chairman , chairwoman , or chairperson , is the presiding officer of an organized group such as a board , committee , or deliberative assembly . The person holding the office, who is typically elected or appointed by members of the group or organisation, presides over meetings of the group, and is required to conduct the group's business in an orderly fashion.
66-492: Stephen M. Calk (born 1964/1965) is the founder, former Chairman and CEO of The Federal Savings Bank, a federally chartered National Bank headquartered in Chicago, Illinois . He was an economic advisor to Donald Trump during the 2016 United States presidential election campaign . Calk was convicted of conspiracy and bribery in July 2021 for providing loans to Paul Manafort ,
132-776: A quid pro quo arrangement in which Calk approved the loans in return for a position in the Trump administration as Secretary of the Army . Calk had been named to the Trump campaign's economic advisory panel in August 2016, at Manafort's suggestion, several months after they had begun discussing a possible loan for Manafort. During Manafort's August 2018 trial, prosecutors introduced as evidence emails from Calk showing that on August 4, 2016, he wrote Manafort that "I am happy and willing to serve," and that in November, just after Trump's election, he sent Manafort
198-462: A board of directors , or may have no executive powers, in which case they are mainly a spokesperson for the organization. The power given depends upon the type of organization, its structure, and the rules it has created for itself. If the chair exceeds their authority, engages in misconduct, or fails to perform their duties, they may face disciplinary procedures. Such procedures may include censure , suspension, or removal from office . The rules of
264-403: A chief executive or managing director , is the top-ranking corporate executive charged with the management of an organization , usually a company or a nonprofit organization . CEOs find roles in various organizations, including public and private corporations , nonprofit organizations , and even some government organizations (notably state-owned enterprises ). The governor and CEO of
330-462: A $ 6.5 million construction loan on a property on Union Street in New York City. The two loans, totalling about $ 16 million, were the largest and second-largest ever issued by the bank. The combined size of the loans at the time represented around 5 percent of the bank's asset base of $ 341 million, and represented about 22 percent of the bank's equity capital of $ 72 million. The bank has since written
396-485: A company's business decisions, including those in operations, marketing, business development , finance, human resources , etc. The use of the CEO title is not necessarily limited to describing the head of a company. For example, the CEO of a political party is often entrusted with fundraising, particularly for election campaigns. In some countries, there is a dual board system with two separate boards, one executive board for
462-424: A corporation or company typically reports to the board of directors and is charged with maximizing the value of the business, which may include maximizing the profitability , market share , revenue , or another financial metric. In the nonprofit and government sector, CEOs typically aim at achieving outcomes related to the organization's mission, usually provided by legislation . CEOs are also frequently assigned
528-402: A facade of charm and eloquence. Traits such as courage and risk-taking, generally considered desirable, are often found alongside these psychopathic tendencies. Tara Swart, a neuroscientist at MIT Sloan School of Management , has suggested that individuals with psychopathic traits thrive in chaotic environments and are aware that others do not. As a result, they may intentionally create chaos in
594-462: A formal delegation of authority regarding business administration . Typically, responsibilities include being an active decision-maker on business strategy and other key policy issues, as well as leader , manager, and executor roles. The communicator role can involve speaking to the press and to the public, as well as to the organization's management and employees; the decision-making role involves high-level decisions about policy and strategy. The CEO
660-547: A holding company, Calk and his brother John bought a small Kansas bank and renamed it the Federal Savings Bank, and by February 2012, the Federal Savings Bank was headquartered at the same address and in the same suite as Chicago Bancorp. In the spring of 2012, Calk struck a deal with Chicago mayor Rahm Emanuel. Calk promised that his Federal Savings Bank "will endeavor to hire as many qualified Chicago residents as possible" in exchange for receiving taxpayer-funded grants from
726-418: A jury unanimously found Calk guilty of financial institution bribery and conspiracy to commit financial institution bribery. In February 2022, Calk was sentenced to one year and one day in prison and ordered to pay more than $ 1 million in fines. Chairperson In some organizations, the chair is also known as president (or other title). In others, where a board appoints a president (or other title),
SECTION 10
#1733085379447792-448: A lead independent director to provide some element of an independent perspective. The role of the chair in a private equity-backed board differs from the role in non-profit or publicly listed organizations in several ways, including the pay, role and what makes an effective private-equity chair. Companies with both an executive chair and a CEO include Ford , HSBC , Alphabet Inc. , and HP . A vice- or deputy chair, subordinate to
858-480: A parliamentary chamber is sometimes called the speaker . Chair has been used to refer to a seat or office of authority since the middle of the 17th century; its earliest citation in the Oxford English Dictionary dates to 1658–1659, four years after the first citation for chairman . Feminist critiques have analysed Chairman as an example of sexist language, associating the male gender with
924-423: A quasi-title gained particular resonance when socialist states from 1917 onward shunned more traditional leadership labels and stressed the collective control of Soviets (councils or committees) by beginning to refer to executive figureheads as "Chairman of the X Committee". Lenin , for example, officially functioned as the head of Soviet Russian government not as prime minister or as president but as "Chairman of
990-563: A resume and a request to be nominated Secretary of the Army, adding that he would also be willing to serve as chief of the departments of Treasury, Commerce, Housing or Urban Development, and Defense, or as ambassador to the United Kingdom, France, Germany, Italy, Spain, Japan, Ireland, Australia, China, United Nations, the European Union, Portugal, the Vatican, Luxembourg, Austria, Switzerland,
1056-416: A single deputy chair. This type of deputy chair title on its own usually has only an advisory role and not an operational one (such as Ted Turner at Time Warner). An unrelated definition of vice- and deputy chairs describes an executive who is higher ranking or has more seniority than an executive vice-president (EVP). Chief executive officer A chief executive officer ( CEO ), also known as
1122-596: A source of criticism following a dramatic rise in pay relative to the average worker's wage . For example, the relative pay was 20-to-1 in 1965 in the US, but had risen to 376-to-1 by 2000. The relative pay differs around the world, and, in some smaller countries, is still around 20-to-1. Observers differ as to whether the rise is due to competition for talent or due to lack of control by compensation committees. In recent years, investors have demanded more say over executive pay. Lack of diversity amongst chief executives has also been
1188-499: A source of criticism. In 2018, 5% of Fortune 500 CEOs were women. In 2023 the number rose to 10.4% of for Women CEO's of Fortune 500 companies . The reasons for this are explained or justified in various ways, and may include biological sex differences, male and female differences in Big Five personality traits and temperament, sex differences in psychology and interests, maternity and career breaks, hypergamy , phallogocentrism ,
1254-672: Is also a graduate of the nine-year Presidents Program in Leadership at Harvard Business School . He served as chairman of the United States 10th Congressional District's Service Academy Selection Committee and as a certified leader in the Boy Scouts of America . He served as a trustee for the University of Illinois St. John's Catholic Newman Center and on the board of the USO of Illinois . From 2002, he
1320-451: Is equivalent to the position of président-directeur général in France. Executive chair is an office separate from that of CEO, where the titleholder wields influence over company operations, such as Larry Ellison of Oracle , Douglas Flint of HSBC and Steve Case of AOL Time Warner . In particular, the group chair of HSBC is considered the top position of that institution, outranking
1386-402: Is often used in lieu of chief executive officer. Business publicists since the days of Edward Bernays (1891–1995) and his client John D. Rockefeller (1839–1937) and even more successfully the corporate publicists for Henry Ford , promoted the concept of the " celebrity CEO". Business journalists have often adopted this approach, which assumes that the corporate achievements, especially in
SECTION 20
#17330853794471452-418: Is sometimes included as one such subordinate executive officer, but, as suggested by Anthony Johndrow, CEO of Reputation Economy Advisors, it can also be seen as "simply another way to add emphasis to the role of a modern-day CEO – where they are both the external face of, and the driving force behind, an organization culture". In the US, the term "chief executive officer" is used primarily in business, whereas
1518-427: Is tasked with implementing the goals, targets and strategic objectives as determined by the board of directors. As an executive officer of the company, the CEO reports the status of the business to the board of directors, motivates employees, and drives change within the organization. As a manager, the CEO presides over the organization's day-to-day operations. The CEO is the person who is ultimately accountable for
1584-476: Is to prevent a conflict of interest and too much power being concentrated in the hands of one person. In the United States, the board of directors (elected by the shareholders ) is often equivalent to the supervisory board, while the executive board may often be known as the executive committee (the division/subsidiary heads and C-level officers that report directly to the CEO). In the United States, and in business,
1650-459: The 2016 presidential election . In court filings Mueller alleged that Manafort had doctored financial statements from his lobbying firm, "overstating its income by millions of dollars," and had committed a "series of bank loans and bank loan conspiracies." In February 2018 the Wall Street Journal and other media outlets reported that Mueller's office was investigating whether there had been
1716-851: The Council of People's Commissars ". At the same time, the head of the state was first called "Chairman of the Central Executive Committee " (until 1938) and then "Chairman of the Presidium of the Presidium of the Supreme Soviet ". In Communist China, Mao Zedong was commonly called "Chairman Mao", as he was officially Chairman of the Chinese Communist Party and Chairman of the Central Military Commission . In addition to
1782-541: The Dictionary says that the use of "CEO" as an acronym for a chief executive officer originated in Australia , with the first attestation being in 1914. The first American usage cited is from 1972. The responsibilities of an organization's CEO are set by the organization's board of directors or other authority, depending on the organization's structure. They can be far-reaching or quite limited, and are typically enshrined in
1848-640: The United States Army and was honorably discharged as a private first class before he was early commissioned as an army officer . He is a graduate of the United States Army Aviation School and served in both active and reserve status as a combat helicopter pilot and commander for over 16 years. In 1998, Calk received a Master of Business Administration degree from the Kellogg School of Management at Northwestern University . Calk
1914-535: The CEO is also the president, is the vice president (VP). An organization may have more than one vice president, each tasked with a different area of responsibility (e.g., VP of finance, VP of human resources). Examples of subordinate executive officers who typically report to the CEO include the chief operating officer (COO), chief financial officer (CFO), chief strategy officer (CSO), chief marketing officer (CMO) and chief business officer (CBO). The public relations -focused position of chief reputation officer
1980-405: The Federal Savings Bank of Chicago were sued in 2012 and again in 2014 by CitiMortgage for alleged inaccuracies and misrepresentations in loans that Calk's enterprises had originated and later sold to CitiMortgage. In 2014, the Federal Savings Bank signed an agreement to cooperate with the New York City real estate firm Douglas Elliman, and in exchange, either Douglas Elliman or its parent company,
2046-595: The Netherlands, or Singapore. After Trump's election, Calk instructed Dennis Raico, a senior vice president for Calk's bank, to ask Manafort whether Calk might be named Secretary of the Treasury or Secretary of Housing and Urban Development, according to testimony at Manafort's trial by Raico, although Raico also testified that, embarrassed by the request, he never did ask. During the presidential transition, Manafort wrote in an email to his former deputy Rick Gates, then serving on
Stephen Calk - Misplaced Pages Continue
2112-490: The Trump administration. In May 2019, Calk was indicted in Manhattan's Federal District Court on one count of financial institution bribery, for having pushed the Federal Savings Bank to grant $ 16 million of loans to Manafort in hopes of winning a government position. The trial was delayed during the coronavirus pandemic, as prosecutors found it difficult to persuade witnesses to travel from Illinois to New York City. In July 2021,
2178-815: The Trump campaign's economic council. Calk was named to the Trump campaign's economic advisory panel in August 2016. In 2019, Calk resigned as chairman and CEO from the Federal Savings Bank of Chicago. Manafort first got in touch with Calk's Federal Savings Bank of Chicago in April 2016, according to testimony given by the bank's senior vice president Dennis Raico at Manafort's August 2018 trial for fraud and tax evasion. Manafort, Calk, and Raico discussed loans and politics over dinner in New York in May 2016. On July 28, Calk became directly involved in discussions about loans to Manafort and his son-in-law for investment properties, which Raico told
2244-525: The UK, chief executive and chief executive officer are used in local government , where their position in law is described as the "head of paid service", and in business and in the charitable sector . As of 2013 , the use of the term director for senior charity staff is deprecated to avoid confusion with the legal duties and responsibilities associated with being a charity director or trustee, which are normally non-executive (unpaid) roles. The term managing director
2310-507: The Vector Group, invested $ 2 million in Calk's bank, according to a 2015 deposition by Howard Lorber, the Vector Group's CEO. The collaboration foundered, however, and was terminated in 2014. In the 2015 deposition, Lorber called Calk difficult to work with and called Calk's account of their collaboration "completely delusional." Lorber, a longtime friend and ally of Trump's, later served with Calk on
2376-431: The administrative or executive duties in organizations, the chair presides over meetings. Such duties at meetings include: While presiding, the chair should remain impartial and not interrupt a speaker if the speaker has the floor and is following the rules of the group. In committees or small boards, the chair votes along with the other members; in assemblies or larger boards, the chair should vote only when it can affect
2442-422: The arena of manufacturing, are produced by uniquely talented individuals, especially the "heroic CEO". In effect, journalists celebrate a CEO who takes distinctive strategic actions. The model is the celebrity in entertainment, sports, and politics – compare the " great man theory ". Guthey et al. argues that "...these individuals are not self-made, but rather are created by a process of widespread media exposure to
2508-520: The board, such as: Many companies in the US have an executive chair; this method of organization is sometimes called the American model. Having a non-executive chair is common in the UK and Canada; this is sometimes called the British model. Expert opinion is rather evenly divided over which is the preferable model. There is a growing push by public market investors for companies with an executive chair to have
2574-617: The case of a partnership , an executive officer is a managing partner, senior partner, or administrative partner. In the case of a limited liability company , an executive officer is any member, manager, or officer. Depending on the organization, a CEO may have several subordinate executives to help run the day-to-day administration of the company, each of whom has specific functional responsibilities referred to as senior executives, executive officers or corporate officers. Subordinate executives are given different titles in different organizations, but one common category of subordinate executive, if
2640-487: The chair oversaw the controls of the business through compliance and audit and the direction of the business. Non-executive chair is also a separate post from the CEO; unlike an executive chair, a non-executive chair does not interfere in day-to-day company matters. Across the world, many companies have separated the roles of chair and CEO, saying that this move improves corporate governance. The non-executive chair's duties are typically limited to matters directly related to
2706-413: The chair, is sometimes chosen to assist and to serve as chair in the latter's absence, or when a motion involving the chair is being discussed. In the absence of the chair and vice-chair, groups sometimes elect a chair pro tempore to fill the role for a single meeting. In some organizations that have both titles, deputy chair ranks higher than vice-chair, as there are often multiple vice-chairs but only
Stephen Calk - Misplaced Pages Continue
2772-405: The chief executive, and is responsible for leading the board and representing the company in meetings with government figures. Before the creation of the group management board in 2006, HSBC's chair essentially held the duties of a chief executive at an equivalent institution, while HSBC's chief executive served as the deputy. After the 2006 reorganization, the management cadre ran the business, while
2838-494: The city of $ 10,000 per employee, to be used for job training. Between 2012 and 2015, Calk's Federal Savings Bank received $ 3.6 million in taxpayer-funded grants. In a June 2012 press conference with Emanuel, Calk described the Federal Savings Bank as relocating to Chicago as a result of Emanuel's efforts. However, according to expert testimony in a subsequent trial, 197 of the Federal Savings Bank's new hires had previously worked at Calk's Chicago Bancorp, which only had 223 employees at
2904-422: The court was unusual. Subsequently, over a lunch, Calk and Manafort discussed another loan. On October 6, 2016, Manafort emailed Calk to say that he had been mistaken in saying at this lunch that he owed $ 2.5 million on a Bridgehampton, New York, property that he intended to use as collateral. In fact he owed $ 3 million. "I must have had a blackout," Manafort wrote in his email. On October 16, Manafort asked to change
2970-450: The day-to-day business and one supervisory board for control purposes (selected by the shareholders). In these countries, the CEO presides over the executive board and the chairperson presides over the supervisory board, and these two roles will always be held by different people. This ensures a distinction between management by the executive board and governance by the supervisory board. This allows for clear lines of authority. The aim
3036-492: The executive officers are usually the top officers of a corporation, the chief executive officer (CEO) being the best-known type. The definition varies; for instance, the California Corporate Disclosure Act defines "executive officers" as the five most highly compensated officers not also sitting on the board of directors. In the case of a sole proprietorship , an executive officer is the sole proprietor. In
3102-613: The exercise of authority, this has led to the widespread use of the generic "Chairperson". In World Schools Style debating , as of 2009, chairperson or chair refers to the person who controls the debate; it recommends using Madame Chair or Mr. Chairman to address the chair. The FranklinCovey Style Guide for Business and Technical Communication and the American Psychological Association style guide advocate using chair or chairperson . The Oxford Dictionary of American Usage and Style (2000) suggested that
3168-562: The existence of old boy networks , tradition, and the lack of female role models in that regard. Some countries have passed laws mandating boardroom gender quotas. In 2023 Rockefeller Foundation awarded a grant to Korn Ferry to research strategies and then action a plan to help more women to become CEO's. There are contentious claims that a significant number of CEO's have psychopathic tendencies, often characterized by power-seeking behavior and dominance. These individuals can often conceal their ruthlessness and antisocial behavior behind
3234-762: The former chairman of the 2016 Donald Trump presidential campaign , in exchange for a possible high-ranking position in the Trump administration. He was sentenced to one year in prison in February 2022. Calk was born in Detroit, Michigan , and was raised in Florida , Illinois , and London . He attended the United States Military Academy Preparatory School , and is a 1988 graduate of the University of Illinois at Urbana–Champaign . In 1982, he enlisted in
3300-424: The gender-neutral forms were gaining ground; it advocated chair for both men and women. The Daily Telegraph 's style guide bans the use of chair and chairperson ; the newspaper's position, as of 2018, is that "chairman is correct English". The National Association of Parliamentarians adopted a resolution in 1975 discouraging the use of chairperson and rescinded it in 2017. The word chair can refer to
3366-426: The inauguration committee, that "we need to discuss Steve Calk for Secretary of Army." On November 30, 2016, Manafort sent an email to Jared Kushner recommending Calk be named Secretary of the Army, to which Kushner replied, "On it!" Shortly before Christmas 2016, Manafort added Calk and Calk's son to a list of people to be invited to Trump's inauguration. Calk did not become a finalist for any government positions in
SECTION 50
#17330853794473432-401: The loans off as a loss. At a 2018 bail hearing and in a superseding indictment filed against Trump's former campaign manager, Paul Manafort , the office of U.S. Special Counsel Robert Mueller alleged that Manafort had fraudulently applied for around $ 16 million in loans from "Lender D," reported by multiple sources at the time as the Federal Savings Bank of Chicago, before and shortly after
3498-417: The organization would provide details on who can perform these disciplinary procedures. Usually, whoever appointed or elected the chair has the power to discipline them. There are three common types of chair in public corporations. The chief executive officer (CEO) may also hold the title of chair, in which case the board frequently names an independent member of the board as a lead director. This position
3564-403: The place from which the holder of the office presides, whether on a chair, at a lectern, or elsewhere. During meetings, the person presiding is said to be "in the chair" and is also referred to as "the chair". Parliamentary procedure requires that members address the "chair" as "Mr. (or Madam) Chairman (or Chair or Chairperson)" rather than using a name – one of many customs intended to maintain
3630-409: The point that their actions, personalities, and even private lives function symbolically to represent significant dynamics and tensions prevalent in the contemporary business atmosphere". Journalism thereby exaggerates the importance of the CEO and tends to neglect harder-to-describe broader corporate factors. There is little attention to the intricately organized technical bureaucracy that actually does
3696-433: The presiding officer's impartiality and to ensure an objective and impersonal approach. In the British music hall tradition, the chairman was the master of ceremonies who announced the performances and was responsible for controlling any rowdy elements in the audience. The role was popularised on British TV in the 1960s and 1970s by Leonard Sachs , the chairman on the variety show The Good Old Days . "Chairman" as
3762-403: The result. At a meeting, the chair only has one vote (i.e. the chair cannot vote twice and cannot override the decision of the group unless the organization has specifically given the chair such authority). The powers of the chair vary widely across organizations. In some organizations they have the authority to hire staff and make financial decisions. In others they only make recommendations to
3828-727: The role of the main manager of the organization and the highest-ranking officer in the C-suite . The term "chief executive officer" is attested as early as 1782, when an ordinance of the Congress of the Confederation of the United States of America used the term to refer to governors and other leaders of the executive branches of each of the Thirteen Colonies . In draft additions to the Oxford English Dictionary published online in 2011,
3894-401: The start of 2012 and was formally dissolved in early 2013. The magazine American Banker described the Calk brothers as pulling off "a neat trick": "Their bank, among the most profitable in the country that year, collected $ 3.6 million in public subsidies in substantial part by rehiring employees who they had recently fired from a separate company that they also owned." Calk, Chicago Bancorp, and
3960-409: The term "executive director" is used primarily in the not-for-profit sector. These terms are generally mutually exclusive and refer to distinct legal duties and responsibilities. The CEO is the highest-ranking executive in a company, making corporate decisions, managing operations, allocating resources, and serving as the main point of communication between the board of directors and the company. In
4026-758: The terms of the loan, requesting a line of credit on the property instead of using it as collateral for a construction loan for a California property. In his application materials for the loan, Manafort provided a 2016 income statement for himself that his business partner Rick Gates later testified was false. James Brennan, another vice president at the bank, testified at Manafort's trial that Manafort failed to declare in his application materials that two of his New York properties were already mortgaged and that Manafort's statements about his income in 2015 were inconsistent. Brennan also testified that bank employees had noticed that Manafort seemed to have no income as of July 2016, though he claimed to be owed $ 2.4 million, and that he
SECTION 60
#17330853794474092-425: The two terms are used for distinct positions. The term chairman may be used in a neutral manner, not directly implying the gender of the holder. In meetings or conferences, to "chair" something (chairing) means to lead the event. Terms for the office and its holder include chair , chairperson , chairman , chairwoman , convenor , facilitator , moderator , president , and presiding officer . The chair of
4158-457: The work. Hubris sets in when the CEO internalizes the celebrity and becomes excessively self-confident in making complex decisions. There may be an emphasis on the sort of decisions that attract the celebrity journalists . Research published in 2009 by Ulrike Malmendier and Geoffrey Tate indicates that "firms with award-winning CEOs subsequently underperform, in terms both of stock and of operating performance". Executive compensation has been
4224-790: The workplace. This perspective is explored in the book Snakes in Suits , co-authored by Robert D. Hare . However, Scott Lilienfeld has argued that the attention given to psychopathy in the workplace by both the media and scholars has far exceeded the available scientific evidence. Emilia Bunea, writing in Psychology Today , has linked psychopathic traits in managers to workplace bullying , employee dissatisfaction, and turnover intentions. Despite this, Bunea cautions that excessive worry about supposed psychopathic managers could discourage individuals from pursuing careers in corporations and deter employees from addressing issues with difficult bosses. In
4290-703: Was a member of the Chicago chapter of the World Presidents Organization and Young Presidents Organization. Calk was a trainer and mentor of junior military officers and senior non-commissioned officers before taking command positions or returning to civilian life after service to their country. He serves as an ambassador for the Special Operations Warrior Foundation. Calk's banking career began in 1995 when he founded Chicago Bancorp. He and his brother John were co-owners. In 2011, through
4356-486: Was more than 90 days late on a $ 300,000 credit card bill. Concerns within the bank about the propriety of the loan were overruled by Calk, however, and on November 16, 2016, Manafort received from Calk's bank a $ 9.5 million cash-out refinance loan on a house in Bridgehampton, New York. "It closed because Mr. Calk wanted it to close," Brennan testified. On January 4, 2017, Manafort received an additional loan from Calk's bank,
#446553