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> A CEO will set the grand vision, long term goals, and direction for the company

I thought determining vision/goals/direction was the responsibility of the board. The Chief Executive Officer is supposed to execute the board's wishes.

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A board is often a consulting group. They're there to see the 30,000ft view of what's going on, areas that need focus, and suggest grand strategy/guidance. A board is usually comprised of executives from other companies. The CEO is usually the one selling the board on their vision and execution. The board acts like guard rails for that vision.

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