"The need to improve visibility of the company in terms of the market can be solved without pushing Suresh off  the CEO position. In my opinion."

Spoken like a true engineer. If he would rather be the CEO of a $60 million company than the CTO of $6 billion company, that's his problem. 

Consider the possibility that a well connected CEO might better see the way to capitalization that would enable the CTO to have the resources for optimizing the technology and the developmental talents that must now engage in wearing too many hats, with too little cash to accelerate commercialization of the platform.