Actually I happen to believe that CEO's deserve very big salaries, it's a thankless job. In simple equity, if you are risking your reputation and livlihood to make your shareholdrs a billion dollar profit, you deserve a few million of it sticking to your fingers.
One mistake and you are out. One takeover and you are out. It is a highwire act and there is no safety net - and no its not like a pilots job. There are no navaids, no ATC, no radar, no aerodromes and no maps. You have to make your own as you go along. Furthermore you are often relying on information that is month's, if not years old.
Its a high risk occupation and today's "right" answer can be tomorrows "wrong" answer.
Look at what Sol Trujillo is doing right now with Telstra and you will see what I mean.