[dbdr]

> 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.

[jsjohnst]

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).

[dbdr]

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