The Role of the Financial Manager MOD 1 Essay Example | Topics and Well Written Essays - 500 words

The Role of the Financial Manager MOD 1 - Essay Example Facebook is owned by Mark Zuckerberg. According to Read Write Web (nd), â€Å"Zuckerberg launched Facebook from his Harvard dormitory room on February 4, 2004.† This is where people are able to exchange pictures, contacts, music, send messages and be in contact and make friends with other people just by sending them requests and after accepting you can be able to access their profile which has their personal information. As the owner, Mark Zuckerberg never had CPA and/or CFA designations but according to the Wikipedia the Free Encyclopedia; He â€Å"studied psychology and computer science† The second example is Morningstar, Inc. This is owned by Joe Mansueto. According to United (2011), â€Å"Morningstar was subsequently founded in 1984 from his one-bedroom Chicago apartment In July 1999 Morningstar accepted an investment of US$91 million from SoftBank in return for a 20% stake in the company. The two companies had the previous year formed a joint venture in Japan. Morningstars initial public offering occurred on May 3, 2005, with 7,612,500 shares at $18.50 each. The manner in which Morningstar went public is notable. They elected to follow Googles footsteps and use the OpenIPO method rather than the traditional method. This allowed individual investors to bid on the price of the stock, and allowed all investors equal access. As of December 2008 Joe Mansueto owned approximately 57% of the outstanding shares in Morningstar.† Hence Joe Mansueto stopped being the Chief Finance Officer of the company in the Year 2008 When he become the Chief Executive officer after owning more than fifty percent of the shares. Joe Mansueto studied a degree in Business Administration hence he was an expert in running finances in his company. This has lead to tremendous growth of the company. Most of the CFO (Chief Finance Officer) are the individuals who founded their companies and after running them for some time and succeeding, they choose to hire someone to