Scott touched on that in an earlier comic. The PHB said that the best managers only hire people that are smarter than they are. Following that logic, the CEO must be the dumbest person in the company. The only alternative is that all of the managers must be incompetent!
Wow! Look at the teamwork amongst Dilbert, Wally and Alice! They are planning precisely how to tear apart PHBs management jargon-filled statements...
This is actually a useful trick for paying attention to presentations - listen to the presentor as if you are waiting to tear apart his statements!
The people who should be lowly paid assistants have taken over as VPs and get to decide on things about which they know absolutely nothing. In Scott Adam's cartoons, the wisest person is the janitor. There cannot be a better allegory depicting the US corporate world than this. In my company when the leaders fail to correctly solve a problem for months, some of us not only have to solve the problem but also have to make sure that we do not appear to outsmart them and hurt their egos. The age when leaders also used to be the smartest is long gone.