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On production, art directors are there to sweat the small stuff. A creative director is usually the keeper of a brand. make big decisions, especially when it comes time to steer the brand in a new direction. A good CD will be involved in creating a brief (which is then given to an art director & copywriter).
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.