EILI5: What does it mean when one of the starring actors is also an 'executive producer' on a movie/tv show

I'm seeing this more and more, most recently with Ali Wong and Steven Yeung as stars on and executive producers of Netflix' Beef. Or I'll read that Jordan Peele is an executive producer on 'Hunters' and 'Lovecraft Country'.

But can anyone explain to me what the title means and what the talent specifically does for that title, beyond acting in the movie. Do they also do production work, like casting, etc? Do they co-finance the project? Do they co-write or split in the profits? It can't be just a vanity title or something right. Hope someone can enligten me.

submitted by /u/herrorecords
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source https://www.reddit.com/r/movies/comments/12v8o9e/eili5_what_does_it_mean_when_one_of_the_starring/