I thought shareholders elected CEOs. Isn’t that how Bruce Wayne lost his company?
Well, the board usually does. But your point is valid.
“I thought shareholders elected CEOs.”
Shareholders elect the board of directors, The board of directors hires the CEO.
Most individual stockholders vote for the slate of board directors proposed by the company. Therefore the real power is in the people responsible for nominating the directors. The CEO, and current members of the board of directors choose the slate running in consultation with the top shareholders. Look at the list of the top five institutional shareholders and you will see where the power lies. Vanguard, Blackrock , State Street, Fidelity.