I don't think Activision has a say in the matter. The board of directors represent the share holders of the company (investors).
If they are changing out the chief executive you can be sure that the share holders are not happy with the financial results that the game has brought in.
Let's face it, we all love this game but we all know that it turned out to be a huge let down as well. We know it could be way better than what it is. That's what keeps people coming back and spending money.
It's always comes down to earnings. It is a business after all and bungie is a publicly traded company that has a legal obligation to its share holders to maximize profits.
Obviously, many of the rumors about Bungies financial problems lately may very well be true.
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