> However I imagine those that are upset about CEO pay will find this unconvincing. Is there any other way to interpret this?

Judging by your recent comments, you seem to have an axe to grind with people who are "upset about CEO pay" and I don't think it's possible to convince you to look any things from any other angle.

A CEO abruptly resigning is read by the market as a signal. Unless you think this person is ~$6.5B more valuable than any potential replacement, the full quantity of the loss cannot be ascribed to the value he provides as an employee.