If the CEO changes often the media will quickly portray that as the biggest problem - "The company that cannot find a CEO that will stick" and the shareholder value will be destroyed.
I completely agree that the whole thing is influenced heavily by how its going to "look" - perception.
But being in a Disney situation where your CEO (Iger) wanted out and choose a poor replacement for himself. (Note: Iger choose a poor replacement not the board, they're useless). And now Disney stock is at the same value in 2023 as they were in 2015.
If the Disney board actually had a plan on who a replacement CEO should be they wouldn't be in this problem.
I completely agree that the whole thing is influenced heavily by how its going to "look" - perception.