The CEO of any company doesn't actually do any of the work. S/He directs and delegates.
What do you mean doesn't actually do any of the work? You mean the CEO doesn't clean toilets? The CEO doesn't operate the lathe machine? The CEO doesn't load the trucks?
This is how it works in business: If you are hired to run a drill press for $15.00 per hour, it means that your employer can sell your work for $30.00 an hour or more. As I stated repeatedly, your work is valued by how much your employer can get anybody else to do the job.
If a CEO is making 5 million a year, it means he/she is bringing in much more for the company. That's why they hired this very valued CEO in the first place. Now if you don't want to pay that CEO 5 million a year, your competitor will, and take business away from your company; maybe even put your company under.
To be able to do that, it takes an extensive education, lots of experience, a history of success as a CEO, political ties, business ties, customer and supplier ties depending on the type of business.