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Unity CEO John Riccitiello is GONE!
(www.youtube.com)
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Wasn't he hired before there even was a board in place? When they were still private?
A private company still has owners and their representatives, regardless of whether or not the company has a formal board. Things are just more formalized and documented in public companies.
In fact, CEOs tend to have more power in public companies than in private ones, since public companies have a higher share of passive shareholders and more divided shareholders.