Boards are often toothless though, just look at Tesla's.
Replace the C-suite. This is done frequently in M&A's and other corporate strategies in extremis. Fire the guys at the top and replace them with people with good track records.
You can rotate people in and out of the C-suite, but incentives and culture aren’t going to change. These people are largely figureheads that get paid a lot of money because they are Ivy Leaguers whose friends on company boards who set their salaries are all Ivy Leaguers, too.
It’s not like Boeing is going to get a new CEO and then suddenly middle management is going to start prioritizing safety, engineering rigor, and risk management over profit.
This conversation is so weird to me, I don't get what people are arguing: is the argument that it's better to replace middle management than top level management? That we shouldn't do anything? What?
Replace the C-suite. This is done frequently in M&A's and other corporate strategies in extremis. Fire the guys at the top and replace them with people with good track records.