[mpbm]

Might be something in her personal life. There usually isn't much insight you can get into that domain, but keep it in mind.

Does "the board is stakeholders of our service" mean your "startup like thing" was sort of acquired? As in, are you owned/controlled by other companies that use your product/service? If so, then they might not care what the CEO's vision is. They might be thinking of y'all as just a subsidiary beholden to their bottom line, not your own. They might not even be particularly interested in seeing the value of their equity increase.

I believe there's no such thing as a team without a leader. If you lose your leader you don't have a team anymore. It isn't really possible for a committee to serve as a leader. So if you want to preserve your team you need to either get your existing leader back into the right head space or get a new leader (basically what jacquesm said). Maybe ask your team which they prefer. If consensus is to fix the current CEO then schedule an intervention. if consensus is to get a new CEO then ask them to step down or go to the board.

If y'all want to try to help your current CEO you might reach out to other CEOs who have had a hard time dealing with an overreaching board. Maybe she just needs to talk to someone who's been there before.

[mcansky]

I would second that last few lines : reach out to some other CEOs or C level you know, check with them what they think and if they would be open to have a chat or two with your CEO. Also if you have been there for a while then you possibly have a good chance to be able to reach the CEO and talk openly. Go for a walk, coffee with her and ask how things are going for her. Stay away from work topic possibly at first but do say that you are worried about her and a possible burnout. Offer to help and to put her in contact with some other CEOs you know. It's important to get communication going again before you can regroup and build something.

It could also speed up the dissolution process though. You might get fired on the spot also but if things go as you describe there is probably tough times ahead.

Walking out is the easiest (work wise) option, not easy either (personally wise). Keep in mind that, in a way, "it's just a job" so don't let it eat you either. It doesn't cost much to keep some lines open and stay in contact with different companies and leaders...

[codegrunt]

Our company is more like a public service with a board made of paying customers. (yes, before you ask, I know this is fucked up)

I like your ideas of an intervention, and reaching out to a CEO that has experienced this kind of situation.