I strongly disagree. A CEO is probably highly personally invested in the company, but that investment almost always has an unusual structure: it resembles a call option, not equity. If a CEO generates a large gain over the course of a few years, the CEO makes a lot of money. In contrast, if the CEO generates a large loss over the course of a few years, the CEO loses very little. This can give a CEO an incentive to make extremely risky decisions because the CEO doesn't personally suffer much more from a huge loss to the company than from a small loss to the company.
This problem exists for investment managers. In a hedge fund that charges a performance fee on investment gains, managers have a perverse incentive to take large risks. It gets more pronounced if the fund is already down for the year: if, say, the fund has taken a 40% loss, it can look very attractive to the manager to bet all of the remaining assets on a coin flip. Heads, they get their bonus. Tails, they now have a 90% loss, but they weren't getting their bonus either way and they lose nothing.
Edit: At least the coin flip is neutral on expectation. But the same issue exists for a bet with negative expected value: the manager gets some benefit if they get very lucky, so the manager has positive expected value even if the fund has very negative expected value from their decision.