My definition of "effectively" in this context is the above quote "with very few mistakes or bad behaviors." No one would claim any 49,000 person company is run under that definition, so I don't know why you mention it.
As for how it feels to the CEO I don't think you're right. The company I had experience with was run as a triumvirate with one slightly more powerful member. All three knew everything that was going on and had a hand in it, but two of them were experts in different areas and one was a generalist and overall vision-setter.
The CEO spent probably 80% of his time working on real projects with individuals and teams and 20% coordinating with his junior triumvirs.
He certainly was not was reduced to sitting in his office funneling orders through two people all day.
As for how it feels to the CEO I don't think you're right. The company I had experience with was run as a triumvirate with one slightly more powerful member. All three knew everything that was going on and had a hand in it, but two of them were experts in different areas and one was a generalist and overall vision-setter.
The CEO spent probably 80% of his time working on real projects with individuals and teams and 20% coordinating with his junior triumvirs.
He certainly was not was reduced to sitting in his office funneling orders through two people all day.