So, what can be done when an overpaid CEO gets fired:- According to Dave Crisp, writer and strategist, he believes that CEOs should be paid well because their job will be tough and often short lived due to difficult challenges and impatient board of directors. However, CEOs are the first to say, pay should be given for performance. Dave also suggested that, if the CEO are paid high but their performance is poor, at that time the company must give priority to succession planning and executive leadership development internally so that their will be a bench of great candidates if and when the CEO stumble. Even if a CEO is hired for bigger packages, there will be plenty left who would be happy to get a promotion with a reasonable pay increase.