COO is a role for which results have been decidedly mixed. Basically, it is to optimize all relevant business metrics - whether it be on-time departures or first time claims adjudication or batch yields. Usually the other charter is for cross enterprise improvements when there are several individual operating companies (e.g., FedEx Ground, FedEx Freight, FedEx International, etc). There in lies the problem -- the COO sometimes does not have the accountable resources to do the actual work as they reside within the operating companies themselves. So while a needed/understandable role, the power is in the business units which makes it hard to execute on the COO agenda, as it will have inevitable tension w/business unit priorities.
Hope that helps,
Aveek Guha, President,
www.mbadaycamp.com