Managing director
 

 

The director of a company who generally ranks first in seniority under the chairperson or president and, being normally the chief executive, he will be the key figure in the running of the business with ultimate responsibility for all decisions that are made in the area of management. Any change in the control of the company arising from share dealings may well cost this director his job. In the smaller company the managing director is often also the chairperson.

Reference: The Penguin Business Dictionary , 3rd edt.