A CEO does only three things. Sets the overall vision and strategy of the company and communicates it to all stakeholders. Recruits, hires, and retains the very best talent for the company. Makes sure there is always enough cash in the bank.
In a socially networked world, it is important for the CEO to fully engage in 2.0 environments to ensure that not only is the vision and strategy fully engaged in, but also that all stakeholders and potential talent are accessible.