The Board of Directors have not been drumming out underperforming CEO’s, in fact, they have been subsidizing them with pay raises.
When Denardo left Home Depot after it had lost much of it’s value, he was handed a 20 million dollar door prize only to be hired by Chrysler Motors.
Contracts are negotiated IN ADVANCE. Why is that so hard to grasp ? People get those payouts because that’s what they were worth when they signed on. And the boards, which are controlled by shareholders, approve those kinds of things.
Shareholders control the boards. Plain and simple.