So you would say let’s just not pay CEOs of failing water companies much until those companies improve? It’s not like the “music is stopping” specifically now - all these companies are in bad situations with many problems going back years. This sounds like a recipe for, as soon as a company develops serious problems, running that company hard into the ground as they can’t find anyone competent to manage it.

If this were about executive pay in general then sure, let’s cap it compared to worker pay. But there is nothing special about the scenario of a company doing badly: if you specifically reduce executive pay for those companies, executives won’t work for them. Who knows, maybe worker committees will work this time.