Most private shareholders want to ensure their company is a success while avoiding as much risk as possible. Private shareholders are typically more risk averse then that of public companies, financial decisions aside the figurehead of a company should act a little more professional.As CEO of a privately held company there's not much recourse unless they've got a board of directors, which from all I'm aware of they don't. I'm not aware of how someone in his position could even be fired - only pressured (i.e. bribed or releasing the company from holdings threatened [which only works if he thinks they're insolvent - if they're profitable it's actually better for him, obv]) to leave by the holding company.
Guessing you've not been involved in the corporate world much, eh? CEO is a nice insulated position to have especially in a privately held company vs. publicly traded - gives a ton of leeway to be stupid and get away with it.
If I had millions of dollars to invest, I wouldn't put it in the hands of someone who can't restrain himself from public ridicule. Its just bad image.