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That’s a loaded question, but just like anybody else with Chief in their title, they are responsible for setting the creative direction of the agency.
Having worked at Grey under Tor, Andreas, and John I can tell you that the CCO makes all the difference in terms of the general approach and direction of the agency.
I guess the CCO has a remit beyond directing the work to thinking about the kind of creative output the agency wants to be known for and championing helping push forward the best creative opportunities coming into the building.
It’s like the creative version of the difference between an MD and a CEO.
Depends on the shop. But in my agency, yes the CCO touches the work, heck even gives feedback and sometimes brainstorms with us. He leads pitches. He directs creatives. He manages the business.
Don’t forget hiring. A huge difference is their ability to recruit the ECDs and so on. That’s worth the money alone.