Chairman and Board of Directors used to deploy certain strategies to retain the CFO's such as increase the compensation, higher monetary and non-monetary rewards and promoting their CFO's to the key position of Chief Executive Officer (CEO). This provides an opportunity to CFO to move up with the ladder and become CEO.
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As per real life scenarios, there are mixed results of CFOs graduating to CEOs. There are plenty of examples of effective and competent CFOs who faces tough time when they become CEO such as Douglas Ivester of Coca-Cola Incorporation, ...