The fundamental problem with this solution is a simple, numeric one: there are very few executives and a lot of low-wage workers, so large-sounding pay decreases for the former can only fund tiny pay increases for the latter.
Amazon has around 570000 employees, and 22 executives. One of those executives actually earns a lot more than 1 billion dollars. Nevertheless, with just 2 billion dollars you can give a decent pay raise to every single one of those employees. Some don't need it as much as others, but whatever.