The board of directors removes the obvious corruption argument.

And shareholders select the board of directors anyway, so if shareholders agree to new terms of values then CEOs can and will be fired.

I’m looking at Intel for example and how they mistreated Pat Gelsinger and fired him despite being a technical leader. And the new incoming CEO is Lip-Bu Tan, who is a non-technical finance bro who is worse. Why did the shareholders (and board of directors) prefer Lip-Bu Tan?