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Seniority is the state of being older or placed in a higher position of status relative to another individual, group, or organization. [1] For example, one employee may be senior to another either by role or rank (such as a CEO vice a manager), or by having more years served within the organization (such as one peer being accorded greater status over another due to amount of time in).
In finance, seniority refers to the order of repayment in the event of a sale or bankruptcy of the issuer. Seniority can refer to either debt or preferred stock. Senior debt must be repaid before subordinated (or junior) debt is repaid. [1] Each security, either debt or equity, that a company issues has a specific seniority or ranking.
Corporate titles or business titles are given to company and organization officials to show what job function, and seniority, a person has within an organisation. [1] The most senior roles, marked by signing authority, are often referred to as "C-level", "C-suite" or "CxO" positions because many of them start with the word "chief". [2]
Seniority is calculated by: Number of total terms served (subtracting one term from the number of non-consecutive terms) Number of consecutive terms served; Alphabetically by last name [1] An additional clause applies for representatives that have a prior tenure of less than two terms.
Pay grades [1] are used by the eight structurally organized uniformed services of the United States [2] (Army, Marine Corps, Navy, Air Force, Space Force, Coast Guard, Public Health Service Commissioned Corps, and NOAA Commissioned Officer Corps), as well as the Maritime Service, to determine wages and benefits based on the corresponding military rank of a member of the services.
The number of options granted is subject to the company's performance relative to very high-level metrics such as total shareholder return versus a select number of other listed companies. These can be very valuable incentives - in 2017, S&P 1500 named executives held $31.4 billion of in-the-money stock options.
Senior debt has greater seniority in the issuer's capital structure than subordinated debt. In the event the issuer goes bankrupt, senior debt theoretically must be repaid before other creditors receive any payment. [1] Senior debt is often secured by collateral on which the lender has put in place a first lien.
Universities and the professions often have their own rules of precedence applying locally, based (for example) on university or professional rank, each rank then being ordered within itself on the basis of seniority (i.e. date of attaining that rank). Within an institution, the officials of that institution are likely to rank much higher in ...