Final answer:
CEOs most often lose their jobs through layoffs and firings rather than through wage cuts across the board.
Step-by-step explanation:
According to the Friedman Doctrine, CEOs most often lose their jobs through layoffs and firings rather than through wage cuts across the board. When a company is going through tough times, they are more likely to choose which workers should depart rather than reducing wages for everyone. The best workers, those with the best employment alternatives at other firms, are the most likely to leave, while the least attractive workers, with fewer employment alternatives, are more likely to stay.
It is worth mentioning that sometimes companies can persuade workers to take a pay cut for the short term and still retain most of the firm's workers. However, this is not common, and layoffs and firings are more typical.