You are assuming that positive value is generated when the CEO does things that are his job. Now, when a good CEO does his or her job, that is probably a good assumption. But a CEO who is willing to spend that much time on graphic design is not a good CEO. If he was that incompetent when it came to everything else, most likely the company was better off having him tied up on a project where he couldn't do that much damage.
Upvoted - I agree on the first part. As for his incompetence, the worst thing that a company can do is "promote" someone to a position where one "can't do much damage". It's damaging for morale of employees who are competent and hard working, but not properly rewarded for their work when compared to "non-damaging" ones.
