Why would it be unfortunate that masculine men are preferred in some roles to effeminate men? I don't see the moral issue of such a preference.
If masculine men are preferred, then that means everyone else isn't. It's an obvious avenue for discrimination against women and LGBT people.
I'm a very masculine gay man (I'm just stating that as a fact, I'm not better than anyone else for it). I do know many more effeminate gay men. Things really are more difficult in the workplace for them especially, not jut in my experience, but empirically. I'm glad I don't have that affect because it makes my life easier, but biases like this can creep in and will always be damaging.
That seems like a baseless assertion to me, what makes you so certain that masculinity or correlated factors have no effect on job performance for male CEOs?