PROF. WIERSEMA: I believe the difference Prof. Hambrick notes between previous CEOs and today’s group reflects what has happened to the CEO in terms of publicity and visibility. The superstar status that today’s CEOs increasingly enjoy is very much a market phenomenon; the intense focus today on raising stock prices leads investors to identify the company with the CEO and makes the CEO’s relationship with the Street an increasingly important determinant of company valuation. I think this state of affairs has led to a different kind of CEO, who may be inclined to different types of behavior than we’ve encountered before. I would guess that the kinds of egregious CEO behavior we have seen lately suggests that this group has a share of sociopaths that exceeds the five-percent prevalence one might find in the society at large.

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