^^^ that.A "Creative Director" is someone who direct "Creative's", that is, people who have a work that falls under the (a bit arbitrary) collection of "being creative", that is, art, writing, music or design. All those things people for a brief time thought had something to do with the right hemisphere of the brain. (A misconception which have been pretty throughly disproven by now).
And a "Director" is a top level manager.
That's pretty much all there is to the title.
To me, it seems the importance of "Directors" in general are a bit overvalued, specially in the american culture.
Most of the actual work (and ideas) come from the team as a whole, and all good managers know that...
In my personal experience, most companies don't have a creative director, and instead make do just fine with 'only' an art director, lead designer and a producer doing that work.
The companies I've worked at who did have a creative director, it was an executive-level role, where that person was a major shareholder, and thus had the power to bestow the title upon themselves...
I.E. The dream job of all the newbies here who want to be an "ideas guy" and critic, with all the power but no responsibility.