"I was just following orders"? In the very specific case of the CEO, considering their position of power and control, they are still responsible - civically and criminally.
Also, a good CEO knows how to manage the board and provide sensible strategic alternatives; even if the board liked this dumb move, it's the CEO's fault for not having leveraged the company's resources (business directors, other C-level executives, etc) to produce a better strategy. The board was certainly pushing for more profits, but the CEO is the one to say how the company will get these increased profits.