Is it a more useful one, especially in the context of modern America, where an enormous amount of workers are also capital owners through their 401(k)s?
It's kind of interesting that some of the people below are identifying "the CEO" as a capital owner, when in fact, all of his actions which are of relevance to the rest of the workers, are as a worker - as an employee of the enterprise he makes hiring/firing decisions, etc. He may well have acquired his position by virtue of holding a lot of stock and thereby influencing the board of directors, but this is not necessary, and there are a lot of big companies where it's not the case.
Marxists had to come up with "labor aristocracy" as a concept relatively quickly, for what it's worth. https://en.wikipedia.org/wiki/Labor_aristocracy