Why would you assume my question meant that there should be no CEO at all?
Because when someone trots out any eye-rolling reference to how many burgers, or airline seats, or theater tickets have to be sold to pay the chief executive a company's board of directors deliberately hired to do a specific job, it usually means that someone disapproves of the kind of money that changed hands to make that happen. That complaint is usually made in the context of a larger, rambling complaint about any or all of for-profit entities in the first place, or a company's liberty to hire who they want at whatever price they see fit to pay for executives, or the very existence of incorporated businesses, etc.
Complaining about how many widget sales are required to pay for a CEO or CTO or CFO has become shorthand for complaining that they exist at all, and how it would be better if the company was managed by somebody that's a peer of the entry-level employees, or maybe their immediate management. That fantasy and variations on it is pure nonsense.
The minute that someone cites the CEO's pay when complaining about the nature or price of a delivered retail product or service is the moment that you can be sure they don't know what's involved in keeping a gigantic company funded and running. That complaint needs its own equivalent of Godwin's law, because it's always apparent where the sentiment originates - and it's usually based on the premise that people who own companies (whether privately held or publicly traded and thus owned by investors) shouldn't be allowed to decide what they are willing to pay for the things they need to buy as they run their business. They pay vendors for products and supplies, they pay contractors to maintain facilities, they pay workers at every level to do a whole spectrum of things, and they seek out and hire officer-level people to deal with big-issue stuff. They choose those people from a limited range of choices, and stake enormous parts of the company's future on how those choices will turn out. And they throw money at the problem to open up more options and, with much of that pay being tied to performance, to make sure the executives have a vested interest in meeting the owners goals.
Dismissing what that costs as being too much misses the larger picture.
Why is an enterprise that is losing 440 million dollars every 3 months paying the top person 7 million dollars compensation? It appears to be unsustainable.
They pay that money to retain the services of someone that they judge will help make sure that those losses aren't ever bigger, and that they'll be reversed, at least in part due to that person's efforts - whether it's in overseeing M&A or more investment, or branding exercises, or housecleaning that can impact the long term viability of the business. It can take years to make that work. If the company's owners want to gamble the current $7m against a future they expect will turn around in the hundreds of millions, why isn't that their decision to make?