I do agree that large scale layoffs should always include execs. Not even from a moral standpoint, but just from a logical one. Execs have the greatest ability to shape a company and are therefore most responsible when things go wrong. After all, how likely is an exec than runs a company into the ground likely to successfully manage a turnaround?

Of course, if a company’s execs control the company (have majority shares) then they can do whatever the hell they want - including firing everybody and running the company into the ground if they feel like it.