Vice President - in Business

In Business

In business, "vice president" refers to a rank in management. A trade union may also elect a vice president. Most companies that use this title generally have large numbers of people with the title of vice president with different categories (e.g. vice president for finance, or vice president in charge of hiring); their closest analogy within the US federal government structure is therefore not the Vice President as such, but a Cabinet Secretary. A vice president in business usually reports directly to the President or CEO of the company. When there are several vice presidents in a company they are sometimes ranked by naming the highest-ranking Senior Executive Vice President which is next to President, the second highest-ranking Executive Vice President, then Senior Vice President and the remainder of the management team just VP. The title of Assistant Vice President or Associate Vice President or Assistant President or Associate President is typically used in large organizations as a subordinate rank to Vice President.

In large brokerage firms and investment banks, there are usually several Vice Presidents in each local branch office, the title being more of a marketing approach for customers, than denoting an actual managerial position within the company.

A corporate vice president is rarely "second in line" to succeed the corporate president following death, dismissal, or resignation, though in the event of a sudden vacancy one or sometimes two of the vice presidents may act as president. New presidents are usually appointed by the board of directors.