We all agree, there is only so much a person can do.

The CIO is on the ball with his game plan. It is reasonable action plan to get things turned around.

I would suggest that after a review of the IT projects, assess which ones will give the best ROI for the company with the shortest time to complete and review with the CEO so the IT goals are in line with the CEO's objective. Then you can set with the CEO, timetable for projects to be started, say in 3 months, 6 months. Important projects today may not be important in the future because business dynamics has changed. You can also look at phased-in project approach where you can build/utilize the projects you complete today as the building block for the next turn around project. I always like the idea of turning around a company in phases where you can gauge the result and make corrections along the way.

Good Luck.