To add to the content a bit: I haven’t liked it when I’ve seen Boards totally unwilling to replace the CEO, e.g., due to a promise of loyalty to never replace them, or feeling socially outranked by the CEO. A board that feels that way should, in my opinion, focus on gracefully replacing itself with new members who would not feel too socially-or-morally-outranked-by-the-CEO to replace the CEO; otherwise there is basically nothing holding the CEO accountable for currently held resources (only future reputation).
To add to the content a bit: I haven’t liked it when I’ve seen Boards totally unwilling to replace the CEO, e.g., due to a promise of loyalty to never replace them, or feeling socially outranked by the CEO. A board that feels that way should, in my opinion, focus on gracefully replacing itself with new members who would not feel too socially-or-morally-outranked-by-the-CEO to replace the CEO; otherwise there is basically nothing holding the CEO accountable for currently held resources (only future reputation).