if you bet on an event with 50% chance of earning $1 or 0. your bet is worth $0.50

you need the bet to worth $0, and that is only possible by making CEOs financially liable, and that would never happen, nor is realistic, a CEO's decision could cost company billions.

so by this analogy the riskier the CEO's actions the outcome is greater for them.

if the bet pays off, they win big, if it doesn't the shareholders lose.