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Should a CTO write code?

A CTO is usually considered as a person with strong technology sense and knows how to build the best technology strategy of the company and conquer technical challenges facing the company. And a CTO is frequently conceived as a person who can write code well. There are a few arguments about what a CTO needs to do exactly. What do you think a qualified CTO needs to do? Does s/he need to write code? Does s/he need to be a tech guru?

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