Is the chairman an executive? What does management mean?

The board of directors is the highest management body actually responsible for the operation of the company, and the chairman is the head of the board of directors. Of course, the chairman is an executive and is responsible for the specific operation of the company.

The board of directors is composed of directors, one of whom is lucky enough to be elected as the chairman, and each director has the right to vote on major decisions of the company.

The manager is accountable to the board of directors. For a small company, the chairman is the manager. How much power a specific manager has depends on how much power the board of directors gives him.