Final answer:
The Board of Directors is typically responsible for electing the company's Chief Executive Officer, acting in the interests of the shareholders.
Step-by-step explanation:
In practice, the Board of Directors is typically responsible for electing the Chief Executive Officer (CEO) of a company. While the Board does act in the interests of shareholders, it is also true that top executives often have a significant influence on the selection of board members. Despite this influence, the final decision on who occupies the CEO position rests with the Board, which represents the interests of the company's shareholders. Therefore, the answer to the question is true: the Board of Directors does elect the Chief Executive Officer.