While most companies have elements that are hard to see clearly [1], I would hope 95% of what the company is doing would be transparent to the CEO.
The CEO should easily be able to tell which divisions/projects are profitable, which are on track to hit their goals, how those goals combine into a coherent strategy, which areas are getting the most complaints and refunds, and so on.
[1] intangible concepts like 'innovation' and 'culture' for example
We accept best-effort from CTOs, but that leads to an industry that is a bit like a comet with a few success stories and a huge burning tail of leadership where they have limited to no ability to understand whether they are on track to achieve their goals and those goals don't come together into a coherent strategy. There is a strong argument that many of the success stories are only good relative to companies that failed even worse than they did and we all had to pick one of these bug-ridden software packages.
It is a lot like the era of the manufacturing industry before the statisticians moved in around WWII. We haven't managed a similar moment in software yet.
I'm a fan of Chesterton's Fence [1]. Put effort into understanding the organization and why it's architected the way it is before making changes.
Sometimes the plane is going to crash and the best you can do is a soft landing.