This hypothetical is about what the CEO/company decides to do, not what the employee decides to do. A lot of liability "theater" is not there to prevent issues, it's to cover your ass.
So no, this question doesn't apply equally to the opposite side. An employee does not take responsibility for what the company does. A lot of people wonder why CEOs are paid so much; part of that is simply to take responsibility.
Ironically, a lot of people complain about useless CEOs, but if you asked them to take that responsibility for the pay, they wouldn't take it (note that that responsibility includes things like sweet talking shareholders and giving public statements on short notice on things that could nuke millions of dollars in value and create very real legal liability).