This is exactly what I've heard for some very senior (L8-10+) folks at Google: if you think of a product development team like a company, the Product Manager (PM) is the CEO, Tech Lead (TL) is CTO. If you have a Program Manager (PgM), they may act as COO.

In fact, when startups are acquired, this is often exactly how their C-suite ends up: CEO -> PM, CTO -> TL, COO -> PgM.