In collaboration with the
Welcome to the 2010 CEO Awards. The "Most Respected CEOs" edition is a collaborative project between CEO Quarterly Magazine and the International Institute of Management.
CEOs had a difficult year in 2009. The financial and economic crises caused a great deal of damage to the confidence of investors, consumers and employees. CEOs had to make difficult decisions to deal with declining revenues and layoffs, while at the same time finding innovative ways to re-energize growth. Several industries were hit the hardest including financial, auto, housing, retail, media and advertising industries. In the U.S. alone, more than 100 banks closed and more than 100 media outlets went bankrupt or sold. Industry survivors were especially considered for their abilities to lead in difficult times. The CEOs real test is not how well they do during good economic times and bull markets, but also how they manage stakeholders’ interests and mitigate risks during an economic downturn.
What are the CEO Awards selection criteria?
According to Med Jones, the president of International Institute of Management, "At IIM we wanted to identify the most respected CEOs, not the most famous or most liked. The key criterion for inclusion was the respectability of the CEO by his stakeholders, namely the company's clients, employees and investors. Our team researched each CEO by asking the stakeholders what they thought of the CEO and his/her performance. While this was a subjective measure, we also looked at objective measures such as the CEO achievements relative to his/her peers in the industry. Since 2009 was an exceptionally difficult year, the CEO achievements were judged less by the latest financial performance and more by the long-term performance of the company under the CEO's leadership. Achievements can be growth in revenues and profits, turnaround, strategic expansion into new markets, increasing market share relative to competition, successful mergers or acquisitions, introducing new breakthrough products/services, pioneering new business models, and so on.
Unlike other CEO ranking lists, the CEO is not judged in absolute terms of the revenue or asset size of his company. The CEO of a smaller, but well-managed company that provides higher growth and better returns for investors is more likely to be considered for inclusion than the CEO of a much bigger company that has been losing money and stock value for several quarters. While the size of the company is an indicator of the company's position in its market and the CEO abilities, it was not the main criteria for inclusion. The track performance of the individual CEO is considered more important.
The company's performance is judged relative to its competition and industry conditions. For example, banks that overcame the financial crisis gain higher levels of respectability for surviving the industry collapse, so the relative performance expectation is different for each industry. CEOs who survived the financial crisis received higher respectability scores from their investors, clients and employees, even when their revenues or profits were down in 2009.
This year, we selected 18 CEOs from 17 publicly traded companies and 1 nonprofit organization. Four special CEO honors went to Carlos Ghosn, CEO of Nissan Motor Co., for the successful turnaround of a global giant, and for making a profit in 2009 during the worst global financial crisis to hit the auto industry; Steve Jobs, CEO of Apple Inc for transforming the way we use phones and making Apple one of the most valuable global brands and companies in the world; Muhammad Yunus, CEO of Garmeen Bank for pioneering a new model of successful multi-billion dollar social banking and leveraging capitalism principles that helped approximately 3 million families fighting poverty conditions; and David Blair, CEO of Catalyst Health Inc, the youngest CEO on the list (less than 40 years old), who manages a company of less than 1,000 employees and generates more than 3.2 billion in revenues.
The research of the “Most Respected CEOs” has taught us new and important lessons that challenged the many common misconceptions about the ideal CEO’s personal and professional profiles. To learn more you can visit Lessons from the Most Respected CEOs
It is worth noting that no list is all inclusive. There are many CEOs who are highly respected by their stakeholders that were not included in this year's list. The dominance of American CEOs on the list is not an indication of a better global respectability; it is the result of this year's focus on U.S. companies. Next year we plan to expand our listing to cover more CEOs from all over the world, and to give our readers the chance to learn from their experiences, successes and insights.
To nominate a CEO for the 2011 Awards, please visit CEO Awards Nomination
The 2010 Most Respected CEOs
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