I, on the whole, don't agree with this sort of thing; sounds like the CEO is a complete asshole. I certainly wouldn't work there and will certainly not use their service just based on this alone.
Having said that, the shareholders should be able to hire/fire anyone they please. Period. If they delegate that right to a board, and then to managers, so be it. The proper response to the use of commercial power to intimidate or harass or discriminate against employees (or customers) is to respond in kind: call them out on it, don't do business with them, don't do business with other businesses that choose to closely partner with them. So long as that's done with honesty and not making shit up, then more power to you.
Having said that, the shareholders should be able to hire/fire anyone they please. Period. If they delegate that right to a board, and then to managers, so be it. The proper response to the use of commercial power to intimidate or harass or discriminate against employees (or customers) is to respond in kind: call them out on it, don't do business with them, don't do business with other businesses that choose to closely partner with them. So long as that's done with honesty and not making shit up, then more power to you.