I would have no problem with a CEO making $1million a year so long as he/she does what he/she is meant to do. Run the company to the best they can and grow the company. Make viable decisions and actually know what they are doing.
Better still, have them climb through the ranks of the company before taking the top job. One name springs to mind, John Borghetti. But that's right, the outsiders in the board said he wasn't good enough to run QANTAS and wasn't the right "board material".