There are hundreds of thousands of individuals capable of doing these jobs making nowhere near as much - plenty of them would do it better.

The difference between 0.2 million and 2 million for a board of directors is literally a rounding error.

You have a social responsibility to take care of the people working below you, which as a CEO is everyone. If you fire them and give yourself a raise, perhaps it is not arrogance but it definitely is gross negligence. No amount of "this is simply the market value" corporate doublespeak is going to change the fact that doing so takes you further and further from being an actual human being. Perhaps this is okay with you, but I think it should be questioned and mocked.

CEOs of smaller companies typically don't command that level of compensation, and when they do, it's generally because the company performed well and their pay was heavily perforamnce-based.

What market value? Firefox's market share is down 85%. It's hard to believe there's not someone cheaper and more capable available. This sort of extravagant CEO pay might be excusable if the company is actually booming, but in this case, it really looks like it's just plain greed: loot the company while running it into the ground.