It could be that corporations, like some campuses, are not good at nourishing genius and tend to reward conventional, middle-brow strivers who do not challenge the status quo. If corporate executives really had a quarrel with the SAT, their companies would not recruit so assiduously at the top campuses filled with students who have the highest SAT scores. For the moment, at least, the SAT remains the best instrument for measuring preparation for college-level work, regardless of the size or academic prowess of a student's high school. Almost all colleges that use the SAT weigh test scores against high school grades and other indicia. Those who don't, don't.
Colleges properly seek the former.
Whatever path college admissions take, the SAT should not be discarded or discounted on the basis of an informal survey of corporate executives' opinions. Corporate executives naturally attribute the success of their kind to integrity, determination and leadership, rather than to less admired human qualities that often also attend corporate success. A great university cannot afford to give preferment to those headed for the corner office. The mission of great universities is to educate all students capable and desirous of higher learning, regardless of their chosen field.