Do reddit users have too much power?

Does Ellen Pao's departure from reddit set a precedent that gives the reddit community too much power over the company?

 
No, it does not set a precedent that gives the reddit community too much power over the company. First, there is an implicit assumption in this question, that it was the reddit community alone who caused Ellen Pao's departure. That hasn't been established, and it is probably unknowable, other than through rumors. 

See Did Ellen Pao get fired from reddit? quoting Sam Altman saying that it was mutually agreed upon for her to depart.

According to Ellen Pao herself, she resigned. There was tremendous pressure for her to step down from the reddit userbase, including a petition that reached 200k+ signatures: Ellen K. Pao: Step down as CEO of Reddit Inc.

When I asked her directly if she was fired, Pao laughed and said, “Thanks for getting right to the point,” but again underscored that she resigned. Reddit board member and Y Combinator head Sam Altman answered more definitively about whether she was ousted: “No.”

While a revolting user base and two blow-ups in two months were the most visible indications that all was not well with Ellen Pao's tenure as reddit CEO, they aren't everything. For example, Fortune asked, Can Reddit save itself by going back to the future? 

One of the things that contributed to her decision to leave was that the board

“asked me to demonstrate higher user growth in the next six months than I believe I can deliver while maintaining reddit’s core principles.”

The reddit community SHOULD have some power over the company

That is because reddit, the company, gets much of its value from the uncompensated contributions of the community. No one is paid to contribute and moderate reddit content. Also, reddit's management system is divorced from the actual content of the website. For some additional observations about the power of the reddit community, see Reddit and Wikipedia Share the Same Disease. 

In Reddit’s case, the management also has a problem with the site’s contributors. Management wants to make money off the free work of the users and volunteer moderators, yet haven’t supplied the latter with the correct tools. But tools don’t just take the form of better buttons to delete trolls and manage comments — they should go deeper. As Gina Bianchini points out, As reddit learns some hard-earned lessons on community building, the key to the discussion is revenue-sharing with users.