Presumably, they are producing something with 10x the value.
The key word is right there: Presumably. Are they? As far as I can tell, most CEOs can be replaced by chipmunks for at least 6 months at a time, and absolutely nothing happens. What's more, I can think of quite a few high-profile cases where a chipmunk would have produced better results (hello, Carly). The only thing I know for sure is that the bigger the pyramid atop which the CEO sits, or the bigger the flow of money that runs across his (or, in much fewer cases, her) desk, the bigger the pay check. I see little correlation with actual productivity.
Does an Engineer who designs a bridge which is depended on to transport hundreds of thousands (or millions) of people over its lifetime safely deserve the same amount of money as someone who's job it is to answer tech support calls, and who can't even solve your problems because they are just reading from a script and don't actually have any skills?
Since you're so wonderfully loading the question, I'm going to rephrase it a little bit. Does a civil engineer deserve less money than a marketing director whose sole job is to pump out pretty graphics to tell others what to buy and his bosses what that money went to? Because civil engineers, especially those starting out, make diddly squat.
You could argue that being a CEO is easy, and it probably looks that way from the outside, but it's not something most people would do without proper compensation. You never really get any time off. Your every action is under public scrutiny.
You haven't met many CEOs, have you? Those that are CEOs or owners of small companies are indeed extremely busy. They also make shit money. Those that make the obscene salaries on the other hand have enough time for mistresses, hobbies and extra-curricular activities - far more so than any working drone underneath them.