[Solvency]

Since when is the CTO expected to be to be a rockstar programmer? CTOs communicate technology matters to the board that they are beholden to. And they manage the technology teams within a small region towards the top of their departments pyramid.

These are different skills and responsibilities from being an elite rockstar developer.

[indymike]

CTO here. I spend little time with the board, and most of my time with customers and employees figuring out how to use tech to make life better (and make more money) for those customers and employees. I do a good job, the main interaction I have with the board is, "Good job, have more options and a raise... and the valuation of your shares has doubled." The other interaction: "Help us go raise some money." I do a bad job, and the interaction will be, "we need a new CTO".

Oh, and I still code. Because I like to code. A lot.

[Conscat]

It's not that uncommon for the CTO of a small startup to personally develop a huge portion of the technology.