[hakfoo]

From that perspective, the big question is if their decisions statistically more profitable than cheaper alternatives.

There are some companies on a very predictable path. You could replace Eddie Lampert or Johnny Ive with a D20 mapped to management tactics and get pretty much the same outcomes at least on a short to mid term.

Plenty of competent companies have enough self-contained knowledge that you could make good decisions simply by surveying the on-the-ground employees, weighting them in some way, and generating policy that way. One would hope a widget factory with a combined 200,000 man-years of widget industry experience would know more about the widget business than a drop-in CEO that had to look up what a widget was on Wikipedia before he made his introduction speech.

I suspect the real justification for the wildly overpaid C-suite is that you need someone to be a scapegoat for Wall Street's whims.

A local and autonomous team that knows their market and is competent is not going to sack half of their own to finance a stock buyback, but a $30 million a year stuffed suit can impose it from above.