Wages are subject to the law of supply and demand, just like every other aspect of economic life. Since the CEO seems to be paying well above the going market rate, I doubt that this is sustainable for the long run. Yes, he's partially compensated for the imbalance by cutting his own pay, but it won't be enough. Also, the rapid growth of the company will also buy him some time, but that can't go on forever.
The article's author seems to know little about capitalist economics beyond the conventional wisdom, most of which is wrong or non-essential.
And if Rush Limbaugh did in fact call the CEO a socialist, then Rush Limbaugh doesn't understand what socialism is.
Having said all this, I would still like to see this company succeed, just like Henry Ford did many years ago with a similar tactic.