I disagree. The whole point of a business is to use assets to get the best possible returns for shareholders. The CEO is the guy in charge of those assets, and another name for that is capital allocation. It's the top job on the list, basically. It's not just one more thing he does...
But all these things are only important because. The CEO is the head of because; if that's not what he's actually head of, he's doing it wrong.