"Der Vorstand hat Beziehungen."
Translation:The executive board has connections.
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Yes, you're right. 'Der Vorstand' can also mean 'the (male) chairman'. In that case, it's a synonym of 'der Vorsitzende'. It can also refer to any male member of the board. Note that this doesn't work for female members or chairs of the board. In that case you have to use 'die Vorsitzende' or 'das Vorstandsmitglied'.