Doesn't the managing director run the shop? And the chairman set strategy, interact with the industry, regulators, governmental departments and so on? So they are largely separate roles? I guess the real question is, at what company size, do you need to two different people to do these roles? In the local shop you certainly don't need both. Having only worked for a one man company and one with 400000 employees, I'm not sure where the dividing line would be - but I'd guess at maybe 50 employees?
