You're saying "usually" about something that has definitely not been a norm in my career. It seems like there's really only two ways to interpret that arrangement: either the CTO is in fact the EVP/E (fair enough! lots of CTOs are other exec roles with a funny hat), or the CTO has a single top-level manager report, in which case what really happened is that the org hired a pro to run engineering and put the "CTO" out to pasture.