As others have mentioned and I agree as a company becomes bigger the job of a CTO goes from very technical (owning the project, making architectural decisions )

As others have mentioned and I agree as a company becomes bigger the job of a CTO goes from very technical (owning the project, making architectural decisions ) at startups to a really large company where the CTO has the large product(s) owner(s) reporting to them with their own cost and benefits analysis and from that justifying the capital expenses to the CEO.