A COO is an Employee too. Therefore he is a Donkey as well :)
But to go back to the parent post, what the COO said "If they weren't donkeys they'd be running their own business."
Maybe some COOs run small businesses they started where they call the all shots. But most big company COOs have a lot of obligations and have a different carrot and stick for the C-Suite. And a lot of them didn't start the business where they became the COO. So, yes, still Donkeys.
He did call managers "donkeys with sticks", though. Just because they manage, as long as their motivation is solely tied to compensation, they're still no better.
Because it is pretentious and stuck-up.
Any non-trivial endeavor requires humans working together as a group to achieve it. Reducing the humanity of the group you're working with to "donkeys" is horrifying, and the best executives are the ones who understand - and respect - their people.
I don't want to run my own business because I want to be able to drift along and switch off after work. If I did run my own business then it would be better than anybody with this attitude.
6 years ago, a COO once told me, "Employees are donkeys. You use a carrot and stick. If they weren't donkeys they'd be running their own business."
It seemed like such stuck up, pretentious 'advice' at the time that I ran far away from that social group. But parent comment made it click - people act like donkeys for a reason. And your comment made that click too, once the whole group acts like donkeys, they're treated like one.