The annual NFL tradition of firing the head coach as the season ends continues. This year, 10 top coaches got the axe, a staggering 31% of all NFL coaches. And they include football legends like John Harbaugh, after 18 seasons with the Baltimore Ravens, and Sean McDermott, who took the Buffalo Bills to the playoffs in eight out of nine seasons.
Firing the head coach—just like firing the CEO in the business world—is the easy answer, and it looks good in the media: decisive, forward-looking, taking action. But, most times, this act alone falls short of fixing the problems that contributed to an organization’s failures.
PART OF A SYSTEM
In reality, the CEO is part of a system, and it’s the system that matters. You can have a B player CEO with a great team and board and deliver significant performance and culture gains. Alternatively, you can have an A player CEO with a weak board and team and fail spectacularly. If you only focus on “fixing the CEO,” you’re not focused on the right problem and can’t get to the right solution.
Yet CEO turnover is at its highest level in more than a decade, according to a 2026 Spencer Stuart study reported in The Wall Street Journal. In fact, approximately one in nine CEOs were replaced in 1,500 large companies in 2025, including the CEOs of Disney, HP, Lululemon, PayPal and Procter & Gamble.
Disney illustrates the downside of this. Just ask Bob Chapek. Sure, he had a rough three years as CEO of Walt Disney Co. before the board summarily fired him and brought back his predecessor, Bob Iger. Disney stock, at $125 a share when Chapek took over in February 2020, had fallen almost 40% to $90 by the time he got the axe on November 20, 2022. Iger arguably is one of the best CEOs in decades, and he rebuilt the company with incredibly successful acquisitions (Pixar, Marvel Entertainment, Star Wars, the Muppets). But his two years back at the top were less than stellar: Disney shares are up 17% since he took over, while the S&P media and entertainment index rose 99% in the same period.
Obviously, Chapek alone wasn’t the problem, just as Iger alone wasn’t the solution. Rarely is the executive at the very top solely responsible for what went wrong. It owes to a multitude of weaknesses: illogical organization models, conflicting agendas, turf battles, reporting structures that don’t align with the company strategy, and communication lapses.
There is rarely an objective assessment done ensuring the board is aligned with a new CEO or a new market entry for what success looks like, and the structures and talent required to achieve that success. This is especially true in the unforgiving and bottom-line-obsessed world of private equity (PE). The biggest myth in PE (and pro football) is that if you get the CEO right, and you get the strategy right, you will get the numbers you want on the scoreboard.
Every CEO is encumbered by their surroundings. A PE board is possibly 50% of the CEO’s success or failure, and in my experience, a lack of alignment between how each part defines success is a root issue. Leaders of PE-funded businesses must also operate under very compressed timeframes that leave little room for exiling and replacing a CEO. By the time the CEO has been exiled, it can be even harder—or too late—to drive a successful outcome.
A TEAM APPROACH
This is why, again, even B player CEOs with strong teams and supportive boards find success, while A-rated commanders often falter with the wrong organization structure and fractured boards. The CEO is but one part of a whole system that must play well together, including the board, key team members, business partners, core customers, and suppliers.
Yet highly intelligent and competitive people often miss their biggest and most controllable opportunity to ensure their CEO is positioned for success. That is to better manage their own decision-making, accountability, and communication as board members and teammates and ensure the organization is designed for success.
Alice Mann is founder and CEO of Mann Partners.
