Yes, but also the "executives are paid in stock" by certain people. If the stock price goes up, of course the executive equity will be worth more, but also if the executives make the certain people happy, the certain people can increase and otherwise adjust the amount of stock. So the stock price can be much about maximizing those very large shareholding certain people. That the price also changes the value of the exec equity is a thing, but the package is straightforwardly modulated as needed whether the price is high or low.