Code 30% of time? You know nothing of coding. Can't be done.
Code 30% of time? You know nothing of coding. Can't be done.
There is also a risk in being in a position of power and being seen to assign yourself the most interesting work. I have seen this happen in one team, our manager was a good guy, but somehow he always used to get the sexy work like playing with new kit, and the team got the gruntwork. It led to resentment and undermined his authority (tho' because he was a good guy, as soon as he became aware he was doing this, he stopped).
I'd argue that your job is to teach others how they can best manage the unexpected. Then you should only be involved in the really exceptional circumstances, allowing you more time to tend to your (metaphorical) garden at work. If writing code is part of that, so be it. But the bulk of time, I'd argue, ought to be in mentoring others.
The best managers I've worked with don't run around like chickens with their heads cut off, constantly responding to fires.
Basically a manager's role includes being the interface between his team and the outside world, and the outside world is by its very nature chaotic.
The problem is more that, to get something done while working 30% of the time, the CTO has to cherry-pick the fun projects where things can be accomplished quickly without the time-consuming slogs. That can cause morale problems if the rest of the team is spending a lot of time on slogs. One might argue that that's a sign of a deeper problem, but few companies have figured out how not to generate drudge work when at significant scale.