This CEO is democratically elected – his staff can fire him once every year

Does anyone know or been part of any other company that has run like this (maybe instead of CEO, it's the VP of Product or some other position that is democratically elected)? Thought this was fascinating and prompts the question of why aren't companies more democratic in nature (note, this is for late-stage companies where business risk has been reduced, not your early-stage startup).

I wasn't in love with the one-year term limit and think it should be a lot longer (like 3-5 years). There is also the risk of losing a very long vision (think 10+ years) because of this process, but perhaps you can mitigate that by having candidates address it explicitly while "campaigning". I would even introduce elements such as having debates and town halls.

Interesting to think about regardless!

All CEOs are democratically elected. Shareholders vote on Board Members, and then Board Members vote on CEOs.