Hi Mara:
The best definition I would offer is an example from a large company's proxy statement. I chose General Electric Company. Here is a quotation from the proxy statement
General Electric Company’s 2006 Annual Meeting of Shareowners will be held at the Pennsylvania Convention Center, 1101 Arch Street, Philadelphia, Pennsylvania 19107-2299, on Wednesday, April 26, 2006 at 10:00 a.m., to address all matters that may properly come before the meeting. Following a report on GE’s business operations, shareowners will vote on:
| (a) | election of directors for the ensuing year;
.. (etc.) |
The Directors are voted into office. They serve on the "Board of Directors" often called the "Board" and the GE statement reports that they meet together monthly. There are Managing and Non-managing Directors.
The Managing Directors are involved in company operations. Non-Managing Directors meet without any management directors or employees present three times each year to discuss board policies, processes and practices. Sometimes they are called Independent Directors.
Thus, Directors represent the shareholders' interests in the company. They decide things such as filling the CEO position, executives' pay and compensation, corporate strategy, major company investments, mergers and acquisitions, etc.
Managing Directors are company employees involved in operations.
Non-Managing Directors are not company employees, but are paid to attend meetings of the board and vote on the issues raised.
CEO = Chief Executive Officer; usually the CEO is the president of the Board.
A General Manager is a position of major responsibility in a company, such as having executive control of a major division. A company has one CEO, but many General managers. General Managers are not necessarily Directors.