This isn't really true at all. CEOs give excuses in their earnings reports all the time ('economic headwinds', 'unfavorable regulatory climate', 'manufacturing

This isn't really true at all. CEOs give excuses in their earnings reports all the time ('economic headwinds', 'unfavorable regulatory climate', 'manufacturing complications'). Sometimes investors will punish the share price, but only rarely does the board consequently penalize the executives, and only in cases of really severe screwups.