The question that never seems to get asked is: Why do these executives get these incredible salaries? Does anybody - apart from the tiny elite at the top - really think it is good value for money?
That's not really the question. Steve Jobs was demonstrably worth hundreds of billions of dollars to Apple's shareholders.
The real question is "why do these executives continue to get incredible salaries when they demonstrably do nothing for the company?"
The issue is that they're being paid as if they're founders when, in fact, they're simply running a ship that someone else built and set out to sea. It's not the same job and nowhere near as difficult. Jobs took a company that was nearly bankrupt and turned it into the world's most valuable company. Unless Cook seriously steps up his game he either needs to be paid $100K/year for the job he's doing or replaced. If he's not replaced soon, Apple will likely be irreparably harmed.
It's the traditional Apple cycle. If Jobs was still at the helm we'd be in the same place we are now. Apple was already in a downturn as competition designed cheaper products.