Well the PR is about a Michael Knight assigned to the board of directors not the CEO. Lamont Ellis, the President of Univec , and CEO/President of TIME Organization,Inc is doing what he was assigned to do.

"A president of a publicly traded company is the top executive responsible for overseeing the day-to-day operations of the company, implementing the CEO's strategic vision, managing the executive team, and acting as a key liaison between the board of directors and the company's operations, often focusing on the company's public image and communication with shareholders; in some companies, the president role may be combined with the CEO role, but in others, the president is considered second in command to the CEO.
Key responsibilities of a company president may include:
Leading the executive team: Guiding and directing senior management across different departments.
Strategic planning: Contributing to the development of long-term company goals and strategies
Budget management: Establishing and overseeing the company's budget, analyzing financial reports
Communication with stakeholders: Interacting with shareholders, investors, and the board of directors, keeping them informed about company performance
Public image management: Representing the company to the public and media
Operational oversight: Monitoring and managing the company's day-to-day activities across different departments
Performance evaluation: Setting goals for executives and assessing their performance