He's the majority shareholder, so if he sells his shares or dies, the new owner of his shares could theoretically sell off the company, fire all of its employee

He's the majority shareholder, so if he sells his shares or dies, the new owner of his shares could theoretically sell off the company, fire all of its employees, etc., without employee involvement. The new majority shareholder is an employee-owned trust, so the employees have direct control of the company, within the limits of the trust's charter.