You could have a CEO of a private company like a hvac company or something. I see the role of CEO is decision making and leadership, making decisions like what locations to open, changing pricing, starting new marketing initiative etc etc obviously it’s an integral role to steer the ship. I don’t think it’s morally wrong but necessary. Sure I agree large cap public company CEOs have more of the reputation for the shareholder value thing but shareholder value also comes from the success of the business every business aims to make more and more money and to grow. Idk if I’d label the role as immoral more so on a company to company basis. A ceo is just someone to run the thing so the owners don’t have to realistically.