Lads have been staring at a computer screen too long and have no idea how the real world works.
Man is a political animal. People become CEO/president by seniority, respect, reputation. You get to that position by convincing enough of the right people to give you that position.
You don't think that's "rational"? Fine, go tell the president of some local society or your company and report back on your results.
In an ideal world that’s how it should work. Unfortunately these days it seems to be the dark triad personalities that rise up the ranks by playing power games.