Please remember each individual is selfish, don't expect the CEO to lower his pay, that is NOT the board of directors want him to do. If he doesn't cut staff, he will be out of the post.
If he can manage the layoff, without too much problem from the staff, he will be the hero from the board of directors' view, and he will be the hero from stock holder's view.
How many times you see a company stock went up when the layoff arrounce? A lot. Everyone is selfish, don't blame the CEO, he is just doing his job to survive.
"....Only a few weeks ago, another Indian CEO, also an IIT Kanpur alumnus, was murdered in New Delhi. beaten by laid-off workers.
Siport, Sid Agarwal’s startup he founded 4 years ago, recently received an HD-radio-ready-certification for its single-chip HD radio receiver which is said to provide digital and analog FM performance for the mobile, tabletop and automotive aftermarket segments. The HD-radio uses digital radio signals over the same airwaves used by AM and FM airwaves. In a recent guest column, Agarwal talked of the opportunities in this growing segment and the need to hire good engineers. Ironically, a vengeful and a bad engineer did him in. ..."