The more time I spent with our CEO though, it turned out that he wanted to decide everything feature-wise. When I proposed that we should maybe do some market research or user interviews instead, he boldly declared that he knows the market the best. So go figure. No wonder that the whole company is a shit-show and we're losing a ton of money each year. Also when new features are prioritized I dared to propose to other managers that maybe we should tie the priorities to our business plan. Again our genius CEO told us that the business plan numbers should not be taken very strictly.
The more I thought about this why would anyone give money to such a moron, I figured that he is basically a very effective sales person. He can easily convince you how great he is and his vision, but he lacks all kind of strategic or operational skills. And as someone commented here in HN before, he also has management myopia: "If I can't understand it, it must not be hard" he probably thinks.
There was even a case when we looked for a product manager. This is not exactly the CEO's fault, but even 8 months were not enough to find one, even though that we interviewed perfectly capable and matching candidates. But there was always at least one person in management who found some excuses to ditch the candidate. Now in hindsight I think these people were afraid that the current status quo of the feature factory would change, so they sabotaged the whole PM candidate screening.
So now everything in our company is as it is written in this post. Success theater (this might be the same BTW that is called vanity metrics by Eric Ries), no connection to metrics, no connection to user values, hand-offs, etc.