Lee Iacocca was one of the most brilliant minds ever in business. But even he couldn't launch the Mustang without Henry Ford II's tacit approval. Later when he was the boss at Chrysler, it was Iacocca who spearheaded the K-car efforts and then the Caravans. It was that up-front, in your face leadership that brought Chrysler out of ruins in the early 80s. Steve Jobs was no different. He didn't just sit in his office and listen to his managers pitch ideas at him.
It's not a matter of trust in your subordinates, it's about being the leader of an organization. If a CEO goes by a report submitted by a mid-level manager, then it's that person's vision which guides the company.