Officers of a company have more formal responsibility and authority than rank-and-file employees and are responsible for the management and day-to-day operations of the company. In US companies, officers are elected by the board of directors, and usually consist of a president and/or a chief executive officer, one or more vice presidents, a secretary, and a treasurer or chief financial officer. In larger enterprises, there may be many officers each with varying duties and responsibilities. Officers typically have rights, powers and obligations that are detailed in the company’s bylaws, including the authority to bind the company by signing agreements. Officers owe fiduciary duties to the company by virtue of being an officer.