CEOs don't do anything. They're ostensibly the head of a corporation and represent the company and whatever, but if that's true and a company suddenly "needs" to layoff thousands, the CEO (and CTO and every other C-level) should go first. They make millions and millions, they'll be fine without a job for awhile (until another braindead corporation scoops them up for no good reason). If the dude ostensibly in charge of the ship is causing the ship to sink, you don't throw the sailors overboard.
I've worked for big companies, and the CEO is the most useless position. "From the desk of" emails are entirely pointless and completely out of touch. Some old white dude who makes $30 million a year has no bearing on me; his perspective on life and work are completely warped. He owns a private jet and three houses, I have a mortgage and get airsick. But Americans love capitalist superheroes, so we have schmucks like Musk and Gates and Pichai.