I couldn't agree more! When you get up to the top executive levels, the more solid laws of economics fly out the window for the misty black arts. Way up there, it's all about politics, reputation, favors, etc.. Corporations are frequently harmed by clueless MBA dweebs who haven't a clue what their company does, yet they are paid staggering sums for their trouble. Worse yet, they are almost universally so arrogant -- after all, they have an MBA -- that they refuse to learn anything either! It's baffling to me how boards of directors put up with such expensive managerial BS as these. Perhaps it's the "birds of a feather" syndrome. :-/
Corporations are frequently forced to re-learn the fact that management is overhead! They are an expense to the company, with no direct production benefit. Unless they significantly contribute toward making the direct producers of the company work better than they would without them, and thereby bringing some value to the party, they shouldn't be there at all.
In my opinion, many CEOs bring no value to their companies whatsoever. They are simply a big expense for the corporation to pay.
All employees are overhead. Salary envy won't cure the ills of society.