> If company goes bankrupt due to CEO's bad decisions, CEO will be able to live quite comfortably to the end of his life
if those bad decisions were in fact caused by the CEO there are plenty that can be (and is) done to punish them for poor performance. CEOs fired routinely.
ultimately you have to look at it from a different perspective.
a CEO job isn't an entitlement. much like a surgeon. someone would have to walk a long hard and at times perilous career path. relatively few make it to the top of the piramid.
which makes for a limited pool of quality CEOs. supply-demand. simple as that.
market won't shell out money for no good reason. market does its job as long as its free. and,
btw, the opposite is very much true as well, the only way to check/balance prices (including labor) is free market.