I guess I’m more of an insider and here’s my perspective:
the disparity in pay since 1995 might also have a lot to do with new software being developed that slowly eliminated a lot of middle management positions.
CEO’s can destroy a company pretty quick with bad decisions, so you want someone that knows how to increase shareholder value and mitigate risk. In addition, at a public company, they have to be politician-like in their public demeanor. These are rare skill sets and are expensive. Elon Musk is a genius but look at how his one gaffe on a podcast destroyed value and almost landed him in jail.
PE owned companies are different. Base ceo pay is pretty low comparatively, but their equity compensation is massive. PE firms know what they’re doing and almost always come out on top (as always there are good ones and bad ones). That’s why I like their model; they get results quickly and know how to drive the behavior they seek in their executives. Plus execs don’t have to worry about the public side of the business and can focus and adding value.