considering the personal risk the three CEOs (and the handful of CFOs and partners at various legal and accounting firms) i know have taken, i'd say they're being fairly compensated.  these are people who saved for YEARS and invested huge amounts of their own money into their business to get them going (a good friend of our family started Blockbuster, Boston Market, and Waste Management) and deserve every penny of their salary.  around 90% of all start-up businesses fail, which is not an encouraging statistic when you're an entrepreneur, and gives me reason to believe that if someone is willing to take the enormous risk with their personal assets to start a business, they should be equally compensated if the business is a screaming success.  it isn't as though they just sit around and watch everyone do work- most of the time they're the hardest working people involved with the company.
sure, there are some who are grossly overpaid and don't "earn" any of their seven-figure salary, but there are many, many hard-working CEOs who are laughing all the way to the bank when you try to tell them they're overpaid.  think about it- if you invested your life savings into Blockbuster Video and it took off, wouldn't you want your millions?  i'll go ahead and answer that for you- "yes".