If you're already invested in the company and it's treating you well in other areas (culture/pay/technology) then you have the choice to actively try to change the company.

It's likely that your CEO doesn't trust others to make the best decisions, which is not a great way to run a company. It's going to take a lot of time and a huge amount of effort to change this mindset by demonstrating your capabilities. I would progressively take more ownership of your own area of the business and start making some of the smaller decisions that you would usually require the OK for.

I've done this in a similar situation and it worked out for me. The owner still wasn't happy because he felt it could have been done better his way. But as I took more decisions into my own hands he began to see that it was alright to let go of control, because in the end it worked out. Good luck to you.