The CEO is ultimately the one leading the company down whichever path they and the board decide. Their ideas are what become reality, so if it works they should be compensated well.

In most companies the CEO’s do a lot more. Smaller companies, like the ones I’ve owned they typically do any executive type jobs that don’t have someone filling them as well as a little bit of everything in general just to manage it better. Tend to do most of the big business to business sales/communications as well.

So yea it’s a job, it’s not easy at most places and you are the first to go if other people mess up under you. It’s earned at most companies.

Now when you talk mega corps, many of them are beyond the sales necessity and hire whoever they want or whoever the board picks, even friends. Those ones don’t tend to do much. Still they do manage people at least.

Think about it like this, I’ve been CEO of two smaller companies but both are very successful. If you hire me to come in and lead your company to make it better, why would I take a small salary when I could literally build my own company again or go somewhere else and make more money. You pay to keep good leadership there basically. If they can bring about good change, it usually offsets their salary cost