Is a managing director an employee?
Yes, almost always. However the term 'employee' generally means
someone who has an employment contract with the firm, and this
might not always be the case with a managing director - they might
have a consulting agreement although that is probably less common.
The term 'managing director' (which is used in many countries
including the UK) generally means the same as 'chief executive
officer' (a term that originated in the USA). As the title
suggests, the managing director is a member of the board of
directors, but may not be the chair of the board (in UK businesses
these roles are usually split). The managing director in most
businesses would be the most senior executive post: the person who
leads the company on a day to day basis and reports to the board of
directors. However note that in some professional services
businesses the job title of 'managing director' is sometimes given
to less senior people.