Agreed. Another way to justify this behavior is that "pessimists don't get promoted" So you're either a growth CEO or a restructuring CEO. Wall Street has no interest in administrator CEOs.
CEOs are definitely something we should reconsider in this day and age. There's something about the kind of fiefdom that they command that I don't really know the term for it - immoral? Unnatural?
It's not just companies; almost no organisation is democratic. And this makes sense: how would I as a person leading a team making a bit of software understand all the information required to make top-level business decisions? That's more than a full time job.