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this post was submitted on 15 Sep 2023
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The CEOs don't need to be paid by other companies. All a competing company needs to do, is to convince some company's board members to hire a CEO with a track record that they know will tank the company... maybe through indirect lobbying, maybe by hinting they want to hire them because it's "such a valuable CEO"... and bam!
CEO ruins company, then bails on a golden parachute, and you only had to spend whatever it took to mislead the competing board.
(I've seen it done to tiny companies with as few as 20 workers, it's surprisingly easy to convince a board to hire someone who will destroy everything)
What's the point to do this ?
To destroy the competition.
How does one insulate a company from corrupted CEOs?
Technically that's what a board of directors is for. They are the ones who can axe a CEO and hire another.
Yet they're not capable of sussing out bad actors before hiring them, so how is a board a good system?
It's good on paper, so long as a critical number of them aren't bad actors. You kinda got the same problem with US politics at the moment. It works until it doesn't, like everything else.
It seems clearly nothing works.