Long term plans do not work very well for sure. But they're not _meant_ to. Long term planning is meant to give people an idea of what's coming after.
This is important because what's coming after may change the implementation of what you're doing now. Some people in the team may say: "hey if we did 3 before 1, then we'd have 2 for free".
Estimating the time it will take to do things is also important cause you may think that you know what's coming after, but if you don't know how much time it may take (apply a 0.5-2 multiplier range), you may actually never have time to do it.
Keep making plans. Keep selling them to stakeholders, and keep telling them that it's just a rough plan and that details will be very different.
In any case, it'll cost you more pain to fight your CEO and tell them that you don't want to make a 1-year plan, than to actually making a 1-year plan...