HTML Giant has a great, funny piece explaining all those, occasionally confusing, editor titles you see on the masthead of your magazines. Very well done and a good laugh.
Editor – this guy (sorry, I imagine a dude) doesn’t read submissions; he might not even read the journal when it comes out. He just calls his friends on the phone to solicit their writing. He likes to say “I split my time between New York and [some other city].” This guy is famous and he rocks.
Executive Editor – this guy is old, and went to Princeton in the 50s. He doesn’t have an email account; doesn’t even know what twitter is. He just goes to the bank and transfers money and writes checks. He lives by a lake, but cannot swim.