AHA! The smoking gun!

From: Merriam-Webster Dictionary...

Main Entry: pres·i·dent
Pronunciation: 'pre-z&-d&nt, 'prez-d&nt, 'pre-z&-"dent in rapid speech 'pre-z&nt
Function: noun
Etymology: Middle English, from Middle French, from Latin praesident-, praesidens, from present participle of praesidEre
1 : an official chosen to preside over a meeting or assembly
2 : an appointed governor of a subordinate political unit
3 : the chief officer of an organization (as a corporation or institution) usually entrusted with the direction and administration of its policies
4 : the presiding officer of a governmental body
5 a : an elected official serving as both chief of state and chief political executive in a republic having a presidential government b : an elected official having the position of chief of state but usually only minimal political powers in a republic having a parliamentary government

Main Entry: pre·side
Pronunciation: pri-'zId
Function: intransitive verb
Inflected Form(s): pre·sid·ed; pre·sid·ing
Etymology: Latin praesidEre to guard, preside over, from prae- + sedEre to sit -- more at SIT
1 : to exercise guidance, direction, or control
2 a : to occupy the place of authority : act as president chairman, or moderator b : to occupy a position similar to that of a president or chairman
3 : to occupy a position of featured instrumental performer -- usually used with at <presided at the organ>
- pre·sid·er noun

There's absolutely no proof that the current president is "usually entrusted with the direction and administration of its policies."