Technical Management: PhD vs MBA for CTO Position?

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To be part of management of technical company in a technical position
like a CTO? Is this possible with just PhD? Is this possible with MBA only ?Do you need a PhD and a MBA? Is it preferable?
 
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It depends. Both career paths will take you there, it just depends on how long, the paths you will have to walk to get there, etc.

For example, I did a search and found that the CTO of Lockheed Martin (the world's largest defense contractor) has a PhD. http://en.wikipedia.org/wiki/Dr._Ray_O_Johnson