The CEO is a king of micro-management - involved in every single project decision, and not letting employees take responsibility. There was no CTO when I worked there, this role was done by the CEO as well, and in short, it doesn't work.
The legacy product is built on archaic technology that desperately needs updating, but without a strong technical lead to manage this process, coupled with many ego clashes between architects, developers and engineers, any forward progress was greatly hampered. The amount of time spent navigating the political infighting, finger pointing and general blame culture was exhausting. Many employees were overworked and unsupported, and not surprisingly, the employee turnover was high.