Are you kidding? Whoever owns the controlling stake of an enterprise (sometimes it is even below 50%) appoints its top management, be it state, a private investor or an investment group. There is no such thing as private management unless the management themselves have the controlling stake...
Whether this management is up to the task is another matter
I`m not going to debate the corporate structures because i`m not that familiar with it.
However if it's a government appointed CEO and director board, then it might not be as efficient than a private one, because it will be subject to international politics influence and other political decisions. They might decide to embargo 1 country from exports, politically, wheareas this would be a poor decision from economic point of view.
Aramco, no? It has not just a government-appointed management, it is actually managed by the royal family of the KSA with all their whimsies and fancies like gold cars and pans
