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
The Order of St Michael & St George is also famous because it's how the "Yes, Minister" joke works: CMG stands for "Call Me God". And KCMG for "Kindly Call Me God" / What does GCMG stand for? / "God Calls Me God".
She was not yet "forced" to give it up, although that is likely the end result. These honours are notionally bestowed by the Monarch (so these days, Charlie) under advice, so a committee will decide that yup, Paula clearly shouldn't have this honour, take it away, and Charlie will sign the appropriate paperwork. What she's done so far is write asking that it be taken away, which is almost nothing.
I take this opportunity to reinforce the association of her name with the scandal in future web searches.
She didn't say she would give back the associated money she got.
"Ordener hænger man paa Idioter,
Stjærner og Baand man kun Adelen gier,
men om de Mallinger, Suhmer og Rother,
man ej et Ord i Aviserne ser.
Dog, har man Hjærne,
kan man jo gjærne
undvære Orden og Stjærne."