Basically the CEO (who is sometimes also the president) is the top management employee of the company. The board of directors are selected by the owners/shareholders of the company. They are not employees of the company. The board of directors can hire and fire the CEO. And they act as advisers to the company/CEO.
See this page for a more complete description.
http://www.investopedia.com/ask/answers/04/062504.asp
27. November 2015
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