The best replacement for managing director is ceo.

The best alternatives to managing director are rated as following:
★★★★★  ceo
★★★★  executive director
★★★★  general manager
★★★  director
★★★  vice president
★★  principal
★★  president
★  chief executive officer
★  senior vice president
★  directing manager
★  chairman
★  senior director
★  managing partner
  ceo higher
  company director
  vp
  coo
  chief executive
  proprietor
  whole time director

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