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Nobody needs them. That's a ridiculous statement. Everyone is replaceable.

Have you never been in a committee meeting?

The "E" in CEO is to listen to a room full of noncommittal, hedging, sycophantic people and then chart a course based on their weak signals.

Arguably the CEO needs all of the talent of a dart thrower; but they're the one that takes the stand, or fall, of the decisions made.

I agree they're replaceable. I don't agree that they're not needed. :)

CEOs love taking full responsibility for their decisions, the extent of which is apparently uttering the words “full responsibility.”

the people with the highest compensation packages are by definition the least replaceable

That's not exactly true.

High compensation can be offset by the risk a position entails.

Example: CISOs are feeling a lot of pressure these days