I guess not necessarily. Maybe given a lot of data, over a long period of time, you could see some of it reflected. But factors such as overall stock market performance, growth due to the market itself, like if mobile grew 500%, you'd expect all stock related to that market to grow also. You might also have artificially inflated bubbles, though you could argue a CEO that can inflate the stock might be good, if you're looking into a quick turnaround, in the long term, it could hurt the business more so.

Even with those out of the way, it undermines the contribution of other employees, like CTO, CFO, the VPs, etc. Unless the CEO was the one who contributed to their recruitment.