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> Someone in power doesn’t get to choose - the board of directors do

Since the board of directors can decide to replace the CEO, it's not the CEO who holds the (ultimate) power, it's the board of directors.

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Since the majority shareholder(s) can decide to replace the board of directors, it’s not the board of directors who holds the (ultimate) power, it’s the majority shareholder(s).

Indeed, and there we reached the end of the chain.

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