Of course. And to be clear I'm not quibbling about CEO pay being higher than the minimum wage.
The question that I've an issue with is how much larger. Back in the 1950s the answer seemed to be 20x the minimum wage or whereabouts. Nowadays it's more like 360x. [0]
CEOs were doing the same kind of job at the time.
And just think about it: it means the typical large company CEO earns in one day what his baseline employees earn in a whole year. That's just a recipe for a French or Russia style Revolution to erupt.
Plus, who actually needs $1M/year? I've earned fairly good money for years -- but still a fraction of that -- and I'd have no idea how to spend that much without investing up the wazoo. And in case you're thinking "I'd know how", sure, the answer is yes, everyone does -- for a few months. As a salary, $1M/year is ludicrous. And $10+M/year is sociopathic. No one is worth that much.
[0]: https://www.forbes.com/sites/dianahembree/2018/05/22/ceo-pay...