Yes thinking that good CEOs would be cheap in a free market shows you have essentially ZERO understanding of basic economics, just like the author who thinks there is a specific ratio that CEO pay is not allowed to be relative to the average employee, which is obviously weighed by the large number of lower level employees.
The fact that Tim Cook ONLY costs 1447 times what an average employee costs is a real bargain.
There are 10s of 1000s of average employees. There was effectively only one Steve Jobs until Tim Cook proved he could be Tim Cook, and as a shareholder I would not want you to try and nickle&dime the guy who has created so much value for shareholders.
Yes, the CEO is the chief value creator because ultimately he decides who remains at Apple, he sets the overall strategy and HE has to take full and final responsibility in front of shareholders for all results good or bad.
Mr Middle Manager or Mr Programmer is not going to be called in by the board to explain any problems with profits or growth. Mr Programmer is important but there are more people that can do his job as well as him, as there are people who have a proven track record running an Apple or similar.
Shareholders that buy Apple stock do so at least in part because Tim Cook is the CEO. Sure I first look at the business fundamentals and the valuation, but Tim Cook's proven track record is a major part.
Go watch Buffet interviews on YouTube to hear how highly he rates Tim Cook.
I've never heard Warren Argue that Tim is overpaid, and yet Warren is a very large shareholder.
It's easy for people with very little stake in Apple to have strong opinions about what the Apple CEO should be paid.
If shareholders buy Apple stock in part because Tim Cook is the CEO and not some new unproven person of dubious merit, how much is he worth paying? A lot