I'm not suggesting he publicly admonish himself or take a "virtue signalling" pay cut or something. I'm suggesting the board fire him or other parts of leadership for cause, and hire people who make better decisions.
Presumably the board have considered that course of action and decided against it. It’s just possible that they have access to information that you don’t, and so have come to a different conclusion.
Totally plausible. The credulous awarding of PR points by tech workers on HN whenever a blog post describing severance > $0 is even more stupid without that information asymmetry in mind.