Not naming her CEO is just a more PC transition so Ned can save some face. She's running day to day ops, she laid out and is executing the current vision, she's the CEO for all intents and purposes.

When a CEO goes to "Be on the board" That just means they still have a lot of stock or stake in the company so, they're still there, but they basically got fired. Seen it 100 times working in startups. Everyone can feel free to forget Ned.