At the companies I've worked at, lower levels never make far-reaching decisions for the company.
That's what incompetent CEOs usually do; they get in the way of competent people doing a heck of a job.
Good CEOs know that they are figureheads and try to stay out of the crucial decision making, handing off responsibilities to people that actually know what they are doing.
Hasn't been the case for me. Even if they didn't come up with, say, a market strategy, they're important in executing it. They lead rather than getting the hell out of the way.
>Good CEOs know that they are figureheads and try to stay out of the crucial decision making, handing off responsibilities to people that actually know what they are doing.
A good CEO makes critical decisions. Handing off responsibilities if they know their limits is indeed part of being a good CEO.