Recently I've came across a few profiles on LinkedIn with title as "Chief Engineer Emeritus".
What does Chief Engineer Emeritus means in an organization ?
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"Emeritus" is used when a person previously held a position and has served so well that they are given the honour of the title perpetually, even though they are no longer actually doing the work entailed. For example a professor who has been a renowned leader in their field might be awarded the title of "Professor Emeritus" after they retire. It might entitle them to keep an office and take part in department meetings, but usually doesn't come with any duties or pay.
Emeritus: Someone who held the named position previously. Most commonly used in academia, but this isn't an unreasonable use of the term. (Websearch or dictionary search on the word will tell you more.)
Note that on LinkedIn it probably means the person is no longer in that organization, not just no longer serving in that position.