Does a Superstar CEO Hurt Company Value?

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Published in Institutional Investor August 5, 2009 by David E. Adler

Overconfident, filled with hubris, set in their ways—this describes the strategic behavior of most CEOs. But there is a special category of CEO, a subspecies if you will: superstar CEOs. These are the CEOs on talk shows and the covers of the business press holding forth on the issue of the day. The ones who appear at the World Economic Forum at Davos. The ones seemingly more worried about global carbon emissions rather than their company’s immediate future. Although it is clear they are concerned global citizens, what is less clear is if they are good for business: How does having a superstar as CEO affect company value?

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