I've seen the CTO report to the VP of Eng and I think it was exactly this. They were essentially the chief architect. VP of Eng handled talent and strategy. It

I've seen the CTO report to the VP of Eng and I think it was exactly this. They were essentially the chief architect. VP of Eng handled talent and strategy. It was essentially a transition for the CTO who just didn't like the people side of it but was a baller at the technical side of it so they went from reporting to CEO to VP. It seemed to work out very well. I imagine it only works if you have a CTO who's doesn't let the change in reporting structure bother them (i.e. someone who isn't egotistical or vain).