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The phrase "formerly the CEO" is correct and usable in written English
It can be used to indicate a person's previous position or title before a change occurred. Example: "John Smith, formerly the CEO, has taken on a new role within the company."
Exact(52)
Bill Gossman, formerly the CEO of the online advertising service Audience Science, is taking over as CEO of Hi5.
One example is Mark McCombe, formerly the CEO of HSBC Hong Kong, who joined BlackRock as its chairman, Asia Pacific.
Gerald Jerry Grinsteinin, formerly the CEO of Western Airlines and then the chairman of Delta's board of directors, came out of retirement to manage the restructuring.
Mr. Barrett was formerly the CEO for Rinshed-Mason Co. in Detroit; former chairman and CEO of Inmont Corp. of New York City; and a former executive vice president of United Technologies of Hartford, CT.
In the fall of 2015, Hoffman began teaching a computer science class called Technology-Enabled Blitzscaling at Stanford University, his alma mater, with John Lilly (a partner at Greylock and formerly the CEO of Mozilla), Allen Blue (cofounder of LinkedIn), and Chris Yeh (cofounder of Allied Talent).
Furuichi was formerly the CEO of Verisign Japan.
Similar(8)
Michael Jaconi is the co-founder and chief executive of Button, and formerly served as the CEO of Rakuten Loyalty.
The arrested Wall Street tycoons are Benito Chinea and Joseph DeMeneses, formerly and respectively the CEO and managing partner of the now-defunct Direct Access Partners DAPPartners DAP
Bartz formerly served as the CEO of Autodesk and also sat on the board of Cisco with former Yahoo CEO Jerry Yang.
He formerly served as the CEO of the Capital One-UNO Charter Network in New Orleans and as the Dean of Urban Education at Davenport University in Grand Rapids, MI.
She is formerly the founder and CEO of Rubicon and has worked at Apple and Autodesk.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com