[edmundhuber]

I think it depends on what the CEO is really hiring you to do. Is it to turn this team around, so that it can take on projects in the future without stalling out? Is it to finish the project in as quickly as possible? I would recommend talking to the CEO first to figure out exactly what he's expecting from you, especially given that it's a hierarchy-oriented team/culture.

In my (and others', from reading other comments) experience, it is pretty unrealistic to swoop in and fix everything at once. You need to establish what you are being asked to do, and then make a reasonable step by step plan. Changing attitudes about software development is very difficult and you need to have a plan.