You're only looking at one side of the equation. The CEO wanted to ensure that his employees were all making a living wage. He's so committed to that that he's taking the same wage. To spin that as a foundering business is rather disingenuous.

I wish more executives would take more modest wages. My employer would have a lot more runway if our execs were making the same as the rest of us. Hard to buy into "belt-tightening exercises" where we sack a dozen qualified and necessary employees whose salaries don't add up to a single executive salary...