There is no reasonable amount by which he could cut his compensation that wouldn't result in whiners complaining that "well, that wasn't enough of a cut!”
If he's going to catch heat for it anyway, he might as well take what he's being offered.
They could set it to zero, which would be in-line with severity of laying off of 10+ year high performers or those who are pregnant or on medical leave. I'd like to see an automatic condition where layoffs trigger a requirement that the directors and officers compensation will be set to zero for the next three years. You're basically severely fucking with people's lives and this has very real consequences for those people and society in general who has to pick up the pieces.
They can definitely survive for a few years without salary too. 200M is be enough to last most people decades and more yet they get that much every year
If he's going to catch heat for it anyway, he might as well take what he's being offered.