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@cjd @lucy
Or maybe, just maybe, the CEOs are also large shareholders in their companies, thanks to modern compensation standards.

Boards keep voting to overpay CEOs because of Compensation Consulting firms, who they hire whenever they are looking for a new CEO. The CC firms tell them what the average compensation package is, and they - figuring that if you want above avg performance you need above avg pay - pay above avg. Thus the avg increases regardless of performance.