I very much doubt the CEO is aware. It is much more likely that some person is doing this because that is what they have always done- they are coasting. Alternatively, it is some poor sap that is in over their head and just following some instructions the original jerk put together to keep things running.

The CEO will prob hand you off to some director who is going to be annoyed that they were made out to look foolish and that they now have a task that the CEO is going to want regular status updates on.