Those corporations were successful because of talented, skilled and rich senior executives. Without them you wouldn't have a job.
And CEOs who make more than 5 million a year will do just fine. There are lots of ways for them to defer saleries and get stock options, golden parachutes, dividends, etc. that aren’t treated as regular income.
Of course a lot of CEOs are dufuses who run the companies into the ground and still get all of the above. I can’t help but believe there are many talented and skilled executives who could and would love to do those jobs for a lot less than 5 million.