No, this is backwards
CTO is not such an exceptional role that you can convince me that a company couldn't find a single person in America who would be qualified to take it
It's also a highly sought after role, so people would generally be willing to relocate for a role like that
H1Bs are designed to fill labour shortages, where your local labour market is saturated and you are struggling to find local talent or attract talent from further away, so you can import workers
Using a visa designed to fill labour shortages for an executive position like CTO is frankly an abuse of the system