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This depends on the company and stage it is in.

At HelloWallet, our CTO does indeed do some programming some of the time. Since we are still somewhat a bootstrapped startup, everyone that has the ability to help out does at some point. Is it the overwhelming amount of time? Well, no, but still...

In regard to architectural and developmental goals, that job is the responsibility of our Chief Architect...who also does a very substantial amount of programming as well.

TLDR; Titles are not always one-to-one with roles.

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