Typically, even members of a corporation's board of directors and managers own less than 5 percent of the common stock, though some may own far more than that. Individuals, banks, or retirement funds often own blocks of stock, but these holdings generally account for only a small fraction of the total. Usually, only a minority of board members are operating officers of the corporation. Some directors are nominated by the company to give prestige to the board, others to provide certain skills or to represent lending institutions. It is not unusual for one person to serve on several different corporate boards at the same time. Corporate boards place day-to-day management decisions in the hands of a chief executive officer (CEO), who may also be a board's chairman or president. The CEO supervises other executives, including a number of vice presidents who oversee various corporate functions, as well as the chief financial officer, the chief operating officer, and the chief information officer (CIO). The CIO came onto the corporate scene as high technology became a crucial part of U.S. 47