It can, but my point is rather around "CEO changes should be carefully thoughtout". In otherwords, sometimes it's better to keep the existing CEO even if the p

It can, but my point is rather around "CEO changes should be carefully thoughtout". In otherwords, sometimes it's better to keep the existing CEO even if the performance isn't spectacular because turfing them out makes the market think things are worse than the company is letting on. So if you do replace a CEO, it's usually accompanied by a deliberate change in strategy and very carefully planned out.