[zamadatix]

Consider this has to not only compete with itself but other ways of generating profit. Narrow mindedly: what if you invested the same dollar amount in middle management instead? More broadly: how much does $232 million in R&D generate?

Once you consider other portions of the business are actually capable of generating revenue as well the original question of "how much value can the CEO actually generate" still stands.

[tengbretson]

Thats the point of it all though isn't it? The value of the CEO is in knowing where to prioritize reinvestment. The CEO is the one responsible for making the decisions you are suggesting be made.