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would you inform him that it can't be done or shut up your mouth and not mention any thing to him ?
Time bound work are important, so one must start the job immediately, take some extra initiative and do the best to complete it. Thereafter keep the concern informed on the progress and now do not keep "MOUTH SHUT".
Do not wait until you are called to be asked about as time is the essence here.
From my perspective, first, I will put him in the situation. Then I will use my skills to set a strategy to finish the task at the time. If I find it necessary, I will use my leadership skills and cooperate with my team to divide the work into sub works and distribute it to the side to finish it at the time.
I would suggest starting the task with a planning and establishing milestones to show the magnitude of it.
In my profile it would not be possible to interact with the CEO of the company directly. But if my boss tells me to finish a job in1 hour may be he thinks it is urgent. I should try to do the job as fast as possible. Must remember if this happens half an hour before my shift ends I should try to stretch and finish the job on the same day. Should give an excuse only if my system, computer is going to be occupied by someone else and I would not have the resources to complete the job.
The right way is to inform him yet try to complete it. If it was me, I would tell him politely that it might take longer than that but I will still try to finish it in time. Your boss is not your enemy, he needs to know something he doesn't know or realize. It is your duty to do so, only then he might give any solution or alternative. If you are informed, you can make a better decision.
I will start working on it ASAP and try to meet the deadline.if a CEO asks you to do something it means that he believes in you. If it isn't completed in one hour he will understand and praise you for trying and possibly extend the deadline.
never give up.
Have to inform CEO, I will try and hopefully will be completed within 1 hour but please allow me some more space so that I can present it in line with your full satisfaction.