Yes they can, it just needs proper process and evidence and not "at will" dismissal.

What about when you have bad apples in the executive team and individual employees can't remove them from the bunch? Isn't it weird and incongruous that shareholders who don't work for the company can collectively vote on and influence the makeup of the company leadership, but employees who work there cannot collectively do that? Is it supposed to be all employees working for the good of the whole, or not?