Large company executives usually benefit from having control over their office. It is nearly impossible to remove an incumbent president from office. For this reason, it matters that President Joe Biden declared on Sunday that he will not run for office again. In taking on Donald Trump on November 5, his replacement as the Democratic Party's nominee will do it without the power and risks that come with being the incumbent.
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It's surprising, in some respects, that Biden did not realize this earlier. For the past year and a half, his candidacy has been marred by the question of his age. Dozens of Democratic congressmen have demanded that he resign after his appalling performance in a debate against Trump late last month. Alongside Jaime Harrison, the chair of the party, and First Lady Jill Biden, Biden stood defiant. However, as news reports indicated, party leaders — including Senate Majority Leader Chuck Schumer, former President Barack Obama, and Speaker of the House Nancy Pelosi — spoke directly to the commander-in-chief about their concerns, and the pressure intensified.
It is a common and natural instinct to defend the person in charge. People tend to choose the option that would result in the smallest amount of change, according to research. A leader is usually the source of power and employment for advisors and confidants. Organizations can be prevented from doing the right thing by ego, fear, or even a pack mentality. Additionally, voters tend to give sitting presidents the benefit of the doubt: only 10 have failed to win reelection in American history.
When a seemingly indispensable leader experiences bad health, dangers emerge. Steve Jobs was the former CEO of Apple. During his cancer treatment, the iPhone maker chose to selectively disclose a portion of his health information. While he was receiving treatment, he disclosed that Jobs was taking a leave of absence but not the seriousness of his condition. Jobs passed away less than two months after formally resigning in August 2011. During the subsequent five years, the tech behemoth performed worse than its competitor, Alphabet, which was known as Google then.
Of course, the distinction between presidents and corporate leaders is that the former are elected democratically, while the latter are appointed by the board of directors. The American constitution restricts presidents to two terms because of the immense authority that comes with holding the White House. Biden's reluctance to withdraw his nomination illustrates how difficult it is to make a swift change of course. It will also undoubtedly be difficult to name a fresh nominee at this late date. The vice president, Kamala Harris, has the backing of the president and will likely run on the platform of the last four years if elected. Even so, she or another opponent will have to face Trump without the advantages of holding the office. Most likely, the party's shares have fallen.