Except often they have golden parachutes and move on to another executive role. At the end of the day it’s the employees and consumers who suffer, not CEOs.
And usually, CEOs do exactly what the board wants. They make decisions that are piss poor against future-proofing things, but they raise stock prices quarter by quarter, so investors are happy to have made money off one CEO and then pull stock, reinvesting it once the next CEO comes around to repeat the cycle.