Who is more powerful than CEO?

When it comes to the corporate hierarchy, one might assume that the CEO holds the ultimate power and authority. However, I'm intrigued to inquire: is there anyone who wields even more influence and might than the Chief Executive Officer? Could it be the board of directors, who ultimately oversee and guide the company's strategic direction? Or perhaps it's the shareholders, who ultimately own the business and have the power to elect and replace members of the board? Alternatively, could it be external factors such as market trends, regulatory bodies, or even public opinion that hold sway over even the most powerful CEO? The question begs to be asked: who, if anyone, truly holds the reins of power in today's business landscape?