There is a lot of misunderstanding out there about what a CEO's job is (among CEOs, even).
Done properly, a CEO is not "the boss," but simply the primary interface between investors (board of directors) and management (the people actually running the company). Often, a CEO will take on more of an investor or manager role depending on the size of the company and the quirks of the individuals involved. This can lead to trouble though. Knowing who to support and when in the perennial struggle between management and investors is the key to being a good CEO.
I think the idea of the individual CEO as successful benevolent dictator is a myth. You may know some famous CEOs who seem like supermen (i.e. Musk, Gates, Jobs), but there are always teams of people with more power and authority in their companies that provide vision, execution, discipline, financing... whatever is lacking.
The company from TFA is employee owned and focused on providing consulting services. In that situation, not having a CEO makes sense. All of the employees are manager/investors and have very similar goals for the company. They're not growth oriented or VC backed. Why have a CEO?