Most people from the USA are probably familiar with the term “knighthood” or “being knighted” from the UK which is referring to the same award process but higher ranking. The two titles above CBE apparently are what knighthood refers to, known as KBE/DBE (Knight/Dame Commander of the Order of British Empire) and GBE (Knight/Dame Grand Cross of the Order of the British Empire, the highest honor). So CBE is essentially the third highest honor that can be granted in this fashion.
Related to the story, it seems like the CEO in question was forced to give up the CBE title two days ago in relation to this scandal