"Git hosting" would be more appropriate. Unless that by frontend, you mean specifically web frontend, but that would be weird, because forges also provide the web backend part.
Sourceforge was the biggest FOSS host in the 2000s, before GitHub (mainly because there was not much centralization to begin with). That train is long gone. :) Sure, the name and website Sourceforge still exist. Myspace, Digg and Yahoo do too. They are basically web ghosts, only an echo of what they once were.
At the very least, it means the CEO doesn't understand the domain. It may be because he sees this part of the business as secondary and less important, or because it was developed so fast he didn't have time to grasp the concepts, probably he was not a driving force in that effort. I certainly hope the tech side is more aware. Without more proof of CEO implication, I certainly would not bet on that horse to survive in the distant future, though.