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Am I right in believing that US vice presidents are officers of the company, and can sign contracts on the company's behalf? I was once told by a VP of Marketin
by denton-scratch 4y ago
Am I right in believing that US vice presidents are officers of the company, and can sign contracts on the company's behalf? I was once told by a VP of Marketing that because he was a veep and could sign contracts, he had a fiduciary duty to his employer, and was constrained in the kinds of thing he was allowed to say.
- bluGill 4y agoYes, a VP can legally make decisions on behalf of a company that normal people cannot. As such some industries will have more VPs than others. When you get a loan (ie for a normal house) a vice president is probably required to sign off on it. Thus banks have vice presidents at most/all branch locations. Their pay, responsibility, and influence is pretty small in the company, but they are a vice president because that title is legally required to make the routine decisions they make every day. The top salesmen in most companies also get a vice president title because customers fell important customers if a vice president is assigned to talk to them. Of course a vice president is allowed to make some decisions so they should (but may not) avoid promising things as it could be legally binding.
- dhosek 4y agoNot necessarily. In the financial world, VP is a title that they hand out like candy. I worked at Bank of America as a Senior Software Engineer but my title was VP. I almost turned down the job because I thought they’d made a mistake and were hiring me into a management role.