From the WSJ:
CEO Pay vs. Performance
Executive compensation is increasingly geared toward results, but some CEOs still got big paydays even when their investors didn’t do so well.
Total pay includes equity grants, which will increase if the company does well, thus will correlate with stock performance.
The total pay can also be manipulated by CEO's targeting short term stock gains over long term growth, which is why more companies are looking at longer vests or clawbacks for equity compensation.