On Monday July 1, 2024, the executive career advancement website IvyExec published an article I wrote, “COO Contract and Compensation Package — Terms and Negotiations.”
This article was designed for senior executives, who have been offered, are seeking or are now considering taking the role of Chief Operating Officer (COO). As COO, you are normally hired to oversee all areas of company operations, including production, marketing and sales, and research and development. My article also recognizes that a COO can also be hired for further specific missions including any of the following:
To fill a specific need in an operational area or line of business, e.g. to turnaround a failing operation,
To expand company operations into a new market,
To fill a gap in the CEO’s knowledge, expertise, skills, management style or experience, and thus complement the CEO,
To meet the company need for succession planning when the CEO is about to retire where the Board wants to hire a COO to prepare him or her to be the successor CEO,
Conversely, to hire the COO to mentor a first-time founder-CEO where the COO would likely be an industry veteran with wisdom and a business relationship network who can develop both the CEO and assist the scale up of the company to the next level or to achieve a liquidity event, or
To hire the COO to mentor an inexperienced family-member CEO to aid that family member to grow into the job and responsibilities expected of him or her.
My article discusses delineation of your duties, responsibilities, authority and reporting and including in those special circumstances listed above. My article also offers suggestions for your COO offer letter or employment contract to include key executive employment terms on which you rely to take the job.
My article next discusses what to seek in getting the right COO Executive Compensation Package, and concludes with a discussion of severance rights to enable you to protect the terms of your bargain reached with the company.
To see my full article, go to LINK: https://ivyexec.com/career-advice/2024/coo-contract-and-compensation-package-terms-and-negotiations
or my website, go to LINK: https://www.executiveemploymentattorney.com/coo-contract-and-compensation-package-terms-and-negotiations/
IvyExec hosts articles and webinars from experts in the career, leadership, and business spaces who wish to share their knowledge with our audience. In April 2021, I was invited to write for IvyExec since it seeks original content on the topics of career development, leadership, and business strategy as it applies to senior-level and C-Suite professionals. IvyExec blog posts and webinars are shared with its community of more than 2 million members on its website, in its newsletter, and on its social media channels. https://www.ivyexec.com/career-advice/write-for-us/IvyExec claims a “Community of 2.5M+ Leaders”. See also — https://www.ivyexec.com/
It is my hope this article will be helpful to senior executives who are seeking, considering or reviewing an offer to take a Chief Operating Officer position with your current company or a new company. If you or any colleague of yours has a need in this area, please do reach out to me at rob@attorneyadelson.com or call me @ 617–875–8665.
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