Georgia Reduces Certainty of Tenure for College Professors - How will this affect quality of education and rankings?

Did GM or IBM ever have anything formal like tenure or was it just the informal culture to keep people on “for life?” As far as I know, while executives often got golden parachutes, everyone below them could get fired for basically any reason (except, more recently, for being in a protected class).

Eh, I grew up the child of two teachers and this argument that nobody was guaranteed a life time job (so why should teachers?) isn’t a product of the 21st century.