Financial Executives in U.S. Clubs

Abstract

Private clubs in the United States require not only the leadership of a strong general manager, but of an excellent chief financial officer. Traditionally club CFOs have been expected to be strong in technical skills. This study finds that the essential leadership qualities of private-club financial executives include strong communication skills, maintaining trust in their employees, developing a vision, and being consistent and firm in decision making. In this particular sample, slightly more than half the responding financial officers were women. While the respondents stressed the importance of strong leadership from a general manager, the financial officers also made clear the importance of their own leadership, particularly in human resources, for which many of them had responsibility (in addition to their financial duties).