It's a lot like how no ruler will ever abdicate and still remain ruler, so for millenia there was no way to remove a king short of death or coup. We got around that with the invention of the constitution and the definition of a nation-state in terms of that piece of paper, which states that the ruler is defined to have set terms and be subject to an election every so often, and if they don't you get undefined behavior.
It's pretty common for C-level executives, and CEO's in particular, to be pretty chummy with the board of directors. They're all in the same social circles.
Often the CEO of company A will be on the board of company B, and and the CEO of company B is on the board of company A, so there may even be a quid-pro-quo element.
While the CEO officially answers to the BoD, in reality there's a lot of "understandings" and "gentleman's agreements" going on. This is why under-performing CEOs seem to stick around so long.