This sounds like micromanagement, even from a VP of engineering. The CTO should be setting long term vision and roadmaps, VP checking things are progressing & handling the majority of the business side (hire/fire, sexual harassment + behavioural issue), then directors down deciding how to do things.
> Sometime down the road legacy applications become expensive to manage,
> but rewrites almost always deliver zero value to the customer.
What a weird thing for a CTO to say. Even in my role, I can justify a rewrite by identifying the savings in support, maintenance, and infrastructure, and balance that against the time for the project & make a call that in 6/12/X months, we will have recovered the cost of the rewrite & be saving the company month money (which then can be used to develop more user-facing features, improve performance, etc.)