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Yes. The Chairman of the Board, with the Board's approval, can terminate the CEO. The Chairman of the Board is the Company or Corporation's highest ranking Executive and Officer.

This answer is incorrect. The CEO works for the Board as a whole, not the Chairman. In most publicly-held companies, the Compensation Committee of the Board (usually only "independent" directors) set compensation, goals and objectives for the CEO. Frequently the Chairman is NOT an executive officer of the corporation at all, except where the CEO and Chairman roles are combined in a single person. The Chair is typically the major communications link between management and the Board and ensures, on a more continual basis, that management is acting in a way to maximize shareholder value and remain focused on strategic objectives. Since the entire Board often meets only quarterly, the Chairman is often much closer to the substance of the business than other Board members, but he/she does not "manage" the company.

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Q: Does the chairman of the board outrank the CEO?
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