That's life. The higher you go, the more crap you have to eat so those who deal with executing can execute without distractions. If you don't want to eat crap, you have to stay at a lower level (team lead/distinguished engineer/r&d labs)
On the other hand, being that high should indeed get you ownership and control, if you don't have it question your relationship with the CEO/rest of the company. You should own and be responsible for all the technical stuff, that is the upside of eating all the crap you can eat.
On a related note, if you are a good coder, you can and should schedule some time to do pair programming with the team to stay on top of things and actually write some code. But only as long as you are more of a help than a hindrance.