Being a CEO of a small company can be hard I agree, and their work can be appreciated.
However, for a large company everything can be easily delegated and they have a team of management under them. It seems like the CEO position is just a position of privilege or reputation or recognition for long service to the company. Yet they are highly paid and some companies even seek someone from outside who has no experience with their own company as their CEO.
We can argue it's because they have connections to big people but there are CEOs sourced from overseas with no local connections.
Does it really make a difference? Is their pay justified?