CEO Compensation

Stories like this routinely gloss over that the vast majority of CEO compensation is largely tied to equity based performance. If the stock doesn't go up, you don't get paid. Most CEO's are in exactly the same boat as a newer less experienced employee who gets stock matching in his 401-k or stock options or restricted stock. The dollar levels are widely different based on experience, but I don't think anyone is really advocating equal pay for new hires versus someone with 40 years experience on the job. Or are they?