But legal action? I'm not a lawyer, but I'm pretty sure you can't sue a CEO just for spouting BS
I'm no lawyer either - but I actually think there are a couple of options. Firstly, in the age of continuous disclosure, the CEO breaks a lot of ASIC laws if they give misleading information to the public which could materially affect the share price. No action available to staff unless there is a class action from shareholders.
The interesting one is the Trade Practices Act - it could be argued that the CEO, in publicly uttering rubbish, is in breach of the act in the form of deceptive and misleading conduct. It's a reasonably easy case to win and you don't need to be a customer or anything - just an aggrieved party.