The whole bonus system is counter-productive for performance by its very nature. Think about it: most bonuses are tied to short term performance and goals on a quarterly or yearly basis. So by their very design they encourage the CEO to make whatever changes possible to meet that target, no matter what it does to the company 2 years or 5 years or 10 years down the line, because chances are he/she won't be in charge at that time.
These studies have been done numerous times in different countries with similar results and people and companies should start to wake up to this: if you don't want the guy to come in, fire 30 % of the staff to cut the costs for a temporary boost in profit that then backfires in a year, then don't explicitly make these types of deals that guide them towards such solutions. Change the timescale: pay bonuses retroactively if the company is doing better after 5 years, or in decade. The guy doesn't need to commit himself to work there for that long; if he knows he'll get a sum of money in 5 years if the company is still doing great then, he will be encouraged to make his decisions on that timescale, and not just think about the next 4 months.