Kees-Jan --
"Send As" permission is a permission granted to a user or group on a specific user account. If I wanted to give UserA the ability to "Send As" UserB, an administrator would have to go to UserB's user object and add an ACE for UserA that grants the "Send As" permission. I cannot go to UserA's account and give UserA "Send As" permission for UserB.
Therefore, if you don't want someone to "Send As" the CEO, then don't give that user account the "Send As" permission on the CEO's mailbox/account.
If I did not completely address your scenario, please let me know, I may not have understood it correctly.
Here are some additional blogs about "Send As"
http://blogs.technet.com/exchange/archive/2005/01/07/348596.aspx
http://blogs.technet.com/exchange/archive/2006/01/13/417440.aspx
http://blogs.technet.com/exchange/archive/2006/04/28/426707.aspx