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Ok, but really... In general: Creative Directors steer the ship. Art Directors (usually paired with copywriters) are the deck hands. As an art director, you can think of me as the day-to-day worker. We get a specific brief, and then generate ideas based on it. We draw and comp up rough ads.
Well, there are specific differences between a CEO and a MD. When talking of the differences, a Managing Director is responsible for the day-to-day business of a company. On the other hand, a Chief Executive Officer has no responsibility for the day-to-day affairs of a firm.