Solution
To be able to run a LabVIEW executable as a Windows Service, wrapper code is required. LabVIEW does not have built in tools to create the wrapper code needed. There are 3rd party tools available to automate the process of creating the wrapper. One tool is available on GitLab:
Christopher Stryker / LabVIEW Service Wrapper ยท GitLab
Please note: 3rd party tools and utilities are not supported by NI/Emerson. Contact the owner via the GitLab repository, Issues page.