[Rocket Man]

While not part of the corporate world myself, I've covered enough business and political stories to have a basic idea of the players:

The Board of Directors, led by the chairman, has the responsibility for overall policy. In a publicly-held company, the directors are chosen by the shareholders and the chair is generally chosen from among their ranks. In a municipal government, the equivalent roles would be the City Council and the Mayor.

Where the directors are elective, the Chief Executive Officer is the highest-ranking appointed officer in the company. The CEO is hired by the board and is responsible for creating the long-term strategy that will achieve the board's vision (and often, his advice helps shape that vision). He is the boss, the one with the power to bind and loose, so long as the board allows him to do so. In a municipal government, this would be the City Manager, the one who has the power to hire and fire all the various departmental heads.

The President, meanwhile, is hired by the CEO and is responsible for overseeing the day-to-day operations of the company so that it remains capable of achieving the CEO's long-term goals -- the nuts and bolts guy, if you will. The usual title these days is Chief Operating Officer. The equivalent in a city government could be an Assistant City Manager, or a Director of Administration, or any of the more important department heads.

In a number of companies (especially small to medium-sized ones), the roles of CEO/President may be held by one and the same person. The Chairman of the Board is usually less visible but can hold a lot of power behind the scenes.