Senior management, executive management, or a management team is generally a team of individuals at the highest level of management of an organization who have the day-to-day tasks of managing that organization - sometimes a company or a corporation. They hold specific executive powers delegated to them with and by authority of a board of directors and/or the shareholders. Generally, higher levels of responsibility exist, such as a board of directors and those who own the company (shareholders) - but they focus on managing the senior or executive management instead of on the day-to-day activities of the business. The executive management typically consists of the heads of a firm's product and/or geographic units and of functional executives such as the chief financial officer, the chief