Years ago, having been stuck in the same job for 10 years, I asked for a transfer to a new team that the company just thought of starting. During the interview, the Head Manager told me sorry, you can't transfer to that team, the team does not exist yet. It does not even have a manager!

So there. A manager defines a team. You can have a manager without a team but you can't have a team without a manager. A CEO is the same thing in a different shade of blue.