Nov15 BIG CEO 100 List
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Lars Rebien SørensenCOMPANYNovo Nordisk
INDUSTRYHealth careHQ COUNTRY DenmarkSTART YEAR2000
FOUNDER INSIDER
CHAIRMAN MBA
FINANCIAL ESGRANKING RANKING
�6 �15
The Ranking
John Chambers*
COMPANYCisco Systems
INDUSTRYInformation technologyHQ COUNTRY United States START YEAR1995
FOUNDER INSIDER
CHAIRMAN MBA
FINANCIAL ESGRANKING RANKING
���7 ��69
Pablo Isla
COMPANYInditex
INDUSTRYRetailHQ COUNTRY SpainSTART YEAR2005
FOUNDER INSIDER
CHAIRMAN MBA
FINANCIAL ESGRANKING RANKING
20 ��49
Elmar Degenhart
COMPANYContinental
INDUSTRYAutomobileHQ COUNTRY GermanySTART YEAR2009
FOUNDER INSIDER
CHAIRMAN MBA
FINANCIAL ESGRANKING RANKING
27 120
Martin Sorrell
COMPANYWPP
INDUSTRYConsumer servicesHQ COUNTRY United KingdomSTART YEAR1986
FOUNDER INSIDER
CHAIRMAN MBA
FINANCIAL ESGRANKING RANKING
15 �187
Leslie Wexner
COMPANYL Brands
INDUSTRYRetailHQ COUNTRY United StatesSTART YEAR1963
FOUNDER INSIDER
CHAIRMAN MBA
FINANCIAL ESGRANKING RANKING
14 275
Howard Schultz
COMPANYStarbucks
INDUSTRYConsumer goodsHQ COUNTRY United StatesSTART YEAR2008
FOUNDER INSIDER
CHAIRMAN MBA
FINANCIAL ESGRANKING RANKING
37 207
Mark Parker
COMPANYNike
INDUSTRYConsumer goodsHQ COUNTRY United StatesSTART YEAR2006
FOUNDER INSIDER
CHAIRMAN MBA
FINANCIAL ESGRANKING RANKING
46 ��265
Martin Gilbert
COMPANYAberdeen Asset Management
INDUSTRYFinancial servicesHQ COUNTRY United KingdomSTART YEAR1983
FOUNDER INSIDER
CHAIRMAN MBA
FINANCIAL ESGRANKING RANKING
79 146
Johan Thijs
COMPANYKBC
INDUSTRYFinancial servicesHQ COUNTRY BelgiumSTART YEAR2012
FOUNDER INSIDER
CHAIRMAN MBA
FINANCIAL ESGRANKING RANKING
84 ��134
Roberto Egydio SetubalCOMPANYItaú Unibanco
INDUSTRYFinancial servicesHQ COUNTRY BrazilSTART YEAR1994
FOUNDER INSIDER
CHAIRMAN MBA
FINANCIAL ESGRANKING RANKING
4 460
Florentino Pérez RodríguezCOMPANYACS
INDUSTRYIndustrialsHQ COUNTRY SpainSTART YEAR1993
FOUNDER INSIDER
CHAIRMAN MBA
FINANCIAL ESGRANKING RANKING
21 ��280
Jacques AschenbroichCOMPANYValeo
INDUSTRYAutomobileHQ COUNTRY FranceSTART YEAR2009
FOUNDER INSIDER
CHAIRMAN MBA
FINANCIAL ESGRANKING RANKING
78 �62
Laurence Douglas FinkCOMPANYBlackRock
INDUSTRYFinancial servicesHQ COUNTRY United StatesSTART YEAR1988
FOUNDER INSIDER
CHAIRMAN MBA
FINANCIAL ESGRANKING RANKING
5 483
Benoît Potier
COMPANYAir Liquide
INDUSTRYMaterialsHQ COUNTRY FranceSTART YEAR1997
FOUNDER INSIDER
CHAIRMAN MBA
FINANCIAL ESGRANKING RANKING
64 ��123
*STEPPED DOWN JULY 2015
52 Harvard Business Review November 2015
THE BIG IDEA THE BEST-PERFORMING CEOS IN THE WORLD
1315 Nov15 BIG CEO 100 List.indd 521315 Nov15 BIG CEO 100 List.indd 52 9/25/15 12:05 PM9/25/15 12:05 PM
6 7 9 108
20OVERALL RANK
16OVERALL RANK
18OVERALL RANK
19OVERALL RANK
17
3026 27 28 29
Carlos Brito
COMPANYAnheuser-Busch InBev
INDUSTRYConsumer goodsHQ COUNTRY BelgiumSTART YEAR2005
FOUNDER INSIDER
CHAIRMAN MBA
FINANCIAL ESGRANKING RANKING
38 �228
Lars Rasmussen
COMPANYColoplast
INDUSTRYHealth careHQ COUNTRY DenmarkSTART YEAR2008
FOUNDER INSIDER
CHAIRMAN MBA
FINANCIAL ESGRANKING RANKING
81 57
Kasper Rorsted
COMPANYHenkel
INDUSTRYConsumer goodsHQ COUNTRY GermanySTART YEAR2008
FOUNDER INSIDER
CHAIRMAN MBA
FINANCIAL ESGRANKING RANKING
101 ��18
Alexander Cutler
COMPANYEaton
INDUSTRYIndustrialsHQ COUNTRY United StatesSTART YEAR2000
FOUNDER INSIDER
CHAIRMAN MBA
FINANCIAL ESGRANKING RANKING
52 226
Martin Winterkorn*
COMPANYVolkswagen
INDUSTRYAutomobileHQ COUNTRY GermanySTART YEAR2007
FOUNDER INSIDER
CHAIRMAN MBA
FINANCIAL ESGRANKING RANKING
99 ����46
Stephen Luczo
COMPANYSeagate Technology
INDUSTRYInformation technologyHQ COUNTRY United StatesSTART YEAR2009
FOUNDER INSIDER
CHAIRMAN MBA
FINANCIAL ESGRANKING RANKING
41 99
Jon Fredrik Baksaas
COMPANYTelenor
INDUSTRYTelecommunicationHQ COUNTRY NorwaySTART YEAR2002
FOUNDER INSIDER
CHAIRMAN MBA
FINANCIAL ESGRANKING RANKING
34 ���� 147
George Scangos
COMPANYBiogen
INDUSTRYHealth careHQ COUNTRY United StatesSTART YEAR2010
FOUNDER INSIDER
CHAIRMAN MBA
FINANCIAL ESGRANKING RANKING
36 ������143
Michael Wolf
COMPANYSwedbank
INDUSTRYFinancial servicesHQ COUNTRY SwedenSTART YEAR2009
FOUNDER INSIDER
CHAIRMAN MBA
FINANCIAL ESGRANKING RANKING
26 ������195
Fujio Mitarai
COMPANYCanon
INDUSTRYInformation technologyHQ COUNTRY JapanSTART YEAR1995
FOUNDER INSIDER
CHAIRMAN MBA
FINANCIAL ESGRANKING RANKING
45 ����140
Norbert Reithofer
COMPANYBMW
INDUSTRYAutomobileHQ COUNTRY GermanySTART YEAR2006
FOUNDER INSIDER
CHAIRMAN MBA
FINANCIAL ESGRANKING RANKING
123 30
Martin Bouygues
COMPANYBouygues
INDUSTRYIndustrialsHQ COUNTRY FranceSTART YEAR1989
FOUNDER INSIDER
CHAIRMAN MBA
FINANCIAL ESGRANKING RANKING
62 255
Sergio Marchionne
COMPANYFiat Chrysler
INDUSTRYAutomobileHQ COUNTRY ItalySTART YEAR2004
FOUNDER INSIDER
CHAIRMAN MBA
FINANCIAL ESGRANKING RANKING
104 88
Simon Wolfson
COMPANYNext
INDUSTRYRetailHQ COUNTRY United KingdomSTART YEAR2001
FOUNDER INSIDER
CHAIRMAN MBA
FINANCIAL ESGRANKING RANKING
50 308
Jen-Hsun Huang
COMPANYNvidia
INDUSTRYInformation technologyHQ COUNTRY United StatesSTART YEAR1993
FOUNDER INSIDER
CHAIRMAN MBA
FINANCIAL ESGRANKING RANKING
76 216*STEPPED DOWN SEPTEMBER 2015 AMID VW’S EMISSIONS-CHEATINGSCANDAL
HBR.ORG
November 2015 Harvard Business Review 53
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3231
3938
45 46 47 48 49
This year, for the fi rst time, our ranking includes CEOs who started in their jobs before 1995. Because industry-adjusted company returns weren’t available for years prior to 1995, we omitted those CEOs in the past. This year we’ve calculated their performance as if they took offi ce on January 1, 1995. While that may be imprecise and probably understates the results of very-long-serving CEOs (many of whom put up spectacular numbers early in their tenures), we believe it’s fairer than excluding them altogether.
In an eff ort to understand how much this methodology penalizes long-term CEOs—and get a sense of how all the leaders we evaluated would do on a straight-up, unfi ltered ranking—we’ve calculated each CEO’s total shareholder return (including dividends reinvested) with no adjustments, from his or her start date until April 30, 2015. Sure enough, seven of the top 10 are CEOs who started before 1995. (See below.) When you think about it, that makes sense: To earn the right to be CEO for more than 20 years, your performance should be top-notch.
Ronnie Leten
COMPANYAtlas Copco
INDUSTRYIndustrialsHQ COUNTRY SwedenSTART YEAR2009
FOUNDER INSIDER
CHAIRMAN MBA
FINANCIAL ESGRANKING RANKING
126 19
Michael Ward
COMPANYCSX
INDUSTRYTransportationHQ COUNTRY United StatesSTART YEAR2003
FOUNDER INSIDER
CHAIRMAN MBA
FINANCIAL ESGRANKING RANKING
40 366
Maurice Lévy
COMPANYPublicis
INDUSTRYConsumer servicesHQ COUNTRY FranceSTART YEAR1987
FOUNDER INSIDER
CHAIRMAN MBA
FINANCIAL ESGRANKING RANKING
36 433
Huateng “Pony” Ma
COMPANYTencent
INDUSTRYInformation technologyHQ COUNTRY Hong KongSTART YEAR1998
FOUNDER INSIDER
CHAIRMAN MBA
FINANCIAL ESGRANKING RANKING
2 630
Blake NordstromCOMPANYNordstrom
INDUSTRYRetailHQ COUNTRY United StatesSTART YEAR2000
FOUNDER INSIDER
CHAIRMAN MBA
FINANCIAL ESGRANKING RANKING
61 ��328
Marc Benioff
COMPANYSalesforce.com
INDUSTRYInformation technologyHQ COUNTRY United StatesSTART YEAR2001
FOUNDER INSIDER
CHAIRMAN MBA
FINANCIAL ESGRANKING RANKING
13 ��593
Debra Cafaro
COMPANYVentas
INDUSTRYFinancial servicesHQ COUNTRY United StatesSTART YEAR1999
FOUNDER INSIDER
CHAIRMAN MBA
FINANCIAL ESGRANKING RANKING
31 522
Lars Renström
COMPANYAlfa Laval
INDUSTRYIndustrialsHQ COUNTRY SwedenSTART YEAR2004
FOUNDER INSIDER
CHAIRMAN MBA
FINANCIAL ESGRANKING RANKING
140 ��������87
Mark Bristow
COMPANYRandgold Resources
INDUSTRYMaterialsHQ COUNTRY United KingdomSTART YEAR1995
FOUNDER INSIDER
CHAIRMAN MBA
FINANCIAL ESGRANKING RANKING
146 �� �����67
TSR RANK
CEOCOMPANY
OVERALL RANK
START YEAR
TSR OVER TENURE
1 LESLIE WEXNERL BRANDS
11 1963 549,253%
2 WARREN BUFFETTBERKSHIRE HATHAWAY
101 1970 318,407
3 RODNEY SACKSMONSTER BEVERAGE
131 1990 89,645
4 MARTIN SORRELLWPP
5 1986 65,565
5 TAI-MING “TERRY” GOU HON HAI PRECISION INDUSTRY
33 1974 25,914
6 JEFFREY BEZOSAMAZON
87 1996 21,438
7 GREGORY GOODMANGOODMAN
113 1995 21,204
8 NEAL PATTERSONCERNER
79 1980 20,213
9 HUATENG “PONY” MA TENCENT
45 1998 20,166
10 W. GALEN WESTON GEORGE WESTON
89 1978 19,296
Who Had the Best Unadjusted Financial Performance?
54 Harvard Business Review November 2015
THE BIG IDEA THE BEST-PERFORMING CEOS IN THE WORLD
1315 Nov15 BIG CEO 100 List.indd 541315 Nov15 BIG CEO 100 List.indd 54 9/25/15 12:05 PM9/25/15 12:05 PM
33 34 35 36 37
42 43 4440 41
50 51 52
Tai-Ming “Terry” Gou COMPANYHon Hai Precision Industry
INDUSTRYInformation technologyHQ COUNTRY TaiwanSTART YEAR1974
FOUNDER INSIDER
CHAIRMAN MBA
FINANCIAL ESGRANKING RANKING
8 499
Eric Wiseman
COMPANYVF
INDUSTRYConsumer goodsHQ COUNTRY United StatesSTART YEAR2008
FOUNDER INSIDER
CHAIRMAN MBA
FINANCIAL ESGRANKING RANKING
69 ��268
Tadashi Yanai
COMPANYFast Retailing
INDUSTRYRetailHQ COUNTRY JapanSTART YEAR1984
FOUNDER INSIDER
CHAIRMAN MBA
FINANCIAL ESGRANKING RANKING
9 509
James Taiclet Jr.
COMPANYAmerican Tower
INDUSTRYFinancial servicesHQ COUNTRY United StatesSTART YEAR2003
FOUNDER INSIDER
CHAIRMAN MBA
FINANCIAL ESGRANKING RANKING
28 435
Douglas Berthiaume*COMPANYWaters
INDUSTRYHealth careHQ COUNTRY United StatesSTART YEAR1994
FOUNDER INSIDER
CHAIRMAN MBA
FINANCIAL ESGRANKING RANKING
64 313
Carlos Ghosn
COMPANYRenault
INDUSTRYAutomobileHQ COUNTRY FranceSTART YEAR2009
FOUNDER INSIDER
CHAIRMAN MBA
FINANCIAL ESGRANKING RANKING
119 ����104
Herbert Hainer
COMPANYAdidas
INDUSTRYConsumer goodsHQ COUNTRY GermanySTART YEAR2001
FOUNDER INSIDER
CHAIRMAN MBA
FINANCIAL ESGRANKING RANKING
127 ����86
John Martin
COMPANYGilead Sciences
INDUSTRYHealth careHQ COUNTRY United StatesSTART YEAR1996
FOUNDER INSIDER
CHAIRMAN MBA
FINANCIAL ESGRANKING RANKING
3 600
John Mackey
COMPANYWhole Foods
INDUSTRYRetailHQ COUNTRY United StatesSTART YEAR1980
FOUNDER INSIDER
CHAIRMAN MBA
FINANCIAL ESGRANKING RANKING
44 ����447
Bernard Arnault**
COMPANYChristian Dior
INDUSTRYConsumer goodsHQ COUNTRY FranceSTART YEAR1985
FOUNDER INSIDER
CHAIRMAN MBA
FINANCIAL ESGRANKING RANKING
12 576
Íñigo Meirás
COMPANYFerrovial
INDUSTRYIndustrialsHQ COUNTRY SpainSTART YEAR2009
FOUNDER INSIDER
CHAIRMAN MBA
FINANCIAL ESGRANKING RANKING
158 35
Renato Alves Vale
COMPANYCCR
INDUSTRYTransportationHQ COUNTRY BrazilSTART YEAR1999
FOUNDER INSIDER
CHAIRMAN MBA
FINANCIAL ESGRANKING RANKING
65 407
The 100 CEOs represent 23 nationalitiesand companies located in 19 countries
Johan Molin
COMPANYAssa Abloy
INDUSTRYIndustrialsHQ COUNTRY SwedenSTART YEAR2005
FOUNDER INSIDER
CHAIRMAN MBA
FINANCIAL ESGRANKING RANKING
96 ����292*STEPPED DOWN SEPTEMBER 2015**ALSO CEO OF LVMH, IN WHICH DIOR HOLDS A MAJOR STAKE
HBR.ORG
November 2015 Harvard Business Review 55
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54 55 56 5753
66 6763 64 65
7473 75
head a fi rm based outside their native country
Glenn Chamandy
COMPANYGildan Activewear
INDUSTRYConsumer goodsHQ COUNTRY CanadaSTART YEAR2004
FOUNDER INSIDER
CHAIRMAN MBA
FINANCIAL ESGRANKING RANKING
155 158
Flemming Ornskov
COMPANYShire
INDUSTRYHealth careHQ COUNTRY United Kingdom START YEAR2013
FOUNDER INSIDER
CHAIRMAN MBA
FINANCIAL ESGRANKING RANKING
114 ����330
Frederick Smith
COMPANYFedEx
INDUSTRYTransportationHQ COUNTRY United States START YEAR1971
FOUNDER INSIDER
CHAIRMAN MBA
FINANCIAL ESGRANKING RANKING
35 662
15%
Christopher Connor
COMPANYSherwin-Williams
INDUSTRYMaterialsHQ COUNTRY United StatesSTART YEAR1999
FOUNDER INSIDER
CHAIRMAN MBA
FINANCIAL ESGRANKING RANKING
19 610
Jean-Paul Agon
COMPANYL’Oréal
INDUSTRYConsumer goodsHQ COUNTRY FranceSTART YEAR2006
FOUNDER INSIDER
CHAIRMAN MBA
FINANCIAL ESGRANKING RANKING
165 29
Terry Lundgren
COMPANYMacy’s
INDUSTRYRetailHQ COUNTRY United StatesSTART YEAR2003
FOUNDER INSIDER
CHAIRMAN MBA
FINANCIAL ESGRANKING RANKING
74 402
Lamberto Andreotti*COMPANYBristol-Myers Squibb
INDUSTRYHealth careHQ COUNTRY United StatesSTART YEAR2010
FOUNDER INSIDER
CHAIRMAN MBA
FINANCIAL ESGRANKING RANKING
133 ����168
Fabrizio Freda
COMPANYEstée Lauder
INDUSTRYConsumer goodsHQ COUNTRY United StatesSTART YEAR2009
FOUNDER INSIDER
CHAIRMAN MBA
FINANCIAL ESGRANKING RANKING
80 ��360
John Hammergren
COMPANYMcKesson
INDUSTRYHealth careHQ COUNTRY United StatesSTART YEAR1999
FOUNDER INSIDER
CHAIRMAN MBA
FINANCIAL ESGRANKING RANKING
41 574
George Paz
COMPANYExpress Scripts
INDUSTRYHealth careHQ COUNTRY United StatesSTART YEAR2005
FOUNDER INSIDER
CHAIRMAN MBA
FINANCIAL ESGRANKING RANKING
25 642
Richard Cousins
COMPANYCompass
INDUSTRYConsumer goodsHQ COUNTRY United KingdomSTART YEAR2006
FOUNDER INSIDER
CHAIRMAN MBA
FINANCIAL ESGRANKING RANKING
60 507
Hugh Grant
COMPANYMonsanto
INDUSTRYMaterialsHQ COUNTRY United StatesSTART YEAR2003
FOUNDER INSIDER
CHAIRMAN MBA
FINANCIAL ESGRANKING RANKING
14 693
Michel Landel
COMPANYSodexo
INDUSTRYConsumer goodsHQ COUNTRY FranceSTART YEAR2005
FOUNDER INSIDER
CHAIRMAN MBA
FINANCIAL ESGRANKING RANKING
169 73
*STEPPED DOWN AUGUST 2015
56 Harvard Business Review November 2015
THE BIG IDEA THE BEST-PERFORMING CEOS IN THE WORLD
1315 Nov15 BIG CEO 100 List.indd 561315 Nov15 BIG CEO 100 List.indd 56 9/25/15 12:05 PM9/25/15 12:05 PM
76 77 78
68 69 7170 72
58 6059 61 62
were promoted to CEO from within their companies
86%Ajaypal Banga
COMPANYMasterCard
INDUSTRYInformation technologyHQ COUNTRY United States START YEAR2010
FOUNDER INSIDER
CHAIRMAN MBA
FINANCIAL ESGRANKING RANKING
54 ����589
Wing Kin“Alfred” Chan
COMPANYHong Kong and China Gas
INDUSTRYUtilitiesHQ COUNTRY Hong KongSTART YEAR1997
FOUNDER INSIDER
CHAIRMAN MBA
FINANCIAL ESGRANKING RANKING
108 ��374
Masayoshi Son
COMPANYSoftBank
INDUSTRYTelecommunicationHQ COUNTRY JapanSTART YEAR1981
FOUNDER INSIDER
CHAIRMAN MBA
FINANCIAL ESGRANKING RANKING
14 762
Peter Botten
COMPANYOil Search
INDUSTRYEnergyHQ COUNTRY AustraliaSTART YEAR1994
FOUNDER INSIDER
CHAIRMAN MBA
FINANCIAL ESGRANKING RANKING
154 159
Tidjane Thiam**
COMPANYPrudential
INDUSTRYFinancial servicesHQ COUNTRY United KingdomSTART YEAR2009
FOUNDER INSIDER
CHAIRMAN MBA
FINANCIAL ESGRANKING RANKING
100 ����352
Daniel Amos
COMPANYAfl ac
INDUSTRYFinancial servicesHQ COUNTRY United StatesSTART YEAR1990
FOUNDER INSIDER
CHAIRMAN MBA
FINANCIAL ESGRANKING RANKING
22 ����668
Richard Fairbank
COMPANYCapital One
INDUSTRYFinancial servicesHQ COUNTRY United StatesSTART YEAR1994
FOUNDER INSIDER
CHAIRMAN MBA
FINANCIAL ESGRANKING RANKING
17 ����692
Jef Colruyt
COMPANYColruyt
INDUSTRYRetailHQ COUNTRY BelgiumSTART YEAR1994
FOUNDER INSIDER
CHAIRMAN MBA
FINANCIAL ESGRANKING RANKING
97 ���384
Robert Iger
COMPANYWalt Disney
INDUSTRYConsumer servicesHQ COUNTRY United StatesSTART YEAR2005
FOUNDER INSIDER
CHAIRMAN MBA
FINANCIAL ESGRANKING RANKING
41 563
Gilles Schnepp
COMPANYLegrand
INDUSTRYIndustrialsHQ COUNTRY FranceSTART YEAR2004
FOUNDER INSIDER
CHAIRMAN MBA
FINANCIAL ESGRANKING RANKING
166 45
David Thodey*
COMPANYTelstra
INDUSTRYTelecommunicationHQ COUNTRY AustraliaSTART YEAR2009
FOUNDER INSIDER
CHAIRMAN MBA
FINANCIAL ESGRANKING RANKING
116 ������263
Paolo Rocca
COMPANYTenaris
INDUSTRYEnergy HQ COUNTRY ArgentinaSTART YEAR2002
FOUNDER INSIDER
CHAIRMAN MBA
FINANCIAL ESGRANKING RANKING
56 504
Olivier Piou
COMPANYGemalto
INDUSTRYInformation technologyHQ COUNTRY NetherlandsSTART YEAR2004
FOUNDER INSIDER
CHAIRMAN MBA
FINANCIAL ESGRANKING RANKING
156 ����79
*STEPPED DOWN MAY 2015**STEPPED DOWN JUNE 2015
HBR.ORG
November 2015 Harvard Business Review 57
1315 Nov15 BIG CEO 100 List.indd 571315 Nov15 BIG CEO 100 List.indd 57 9/25/15 12:06 PM9/25/15 12:06 PM
90 9189
79 8180 82
8887
83*TIE
95 96 97
W. Galen Weston
COMPANYGeorge Weston
INDUSTRYRetailHQ COUNTRY CanadaSTART YEAR1978
FOUNDER INSIDER
CHAIRMAN MBA
FINANCIAL ESGRANKING RANKING
102 430
Mark Bertolini
COMPANYAetna
INDUSTRYHealth careHQ COUNTRY United StatesSTART YEAR2010
FOUNDER INSIDER
CHAIRMAN MBA
FINANCIAL ESGRANKING RANKING
110 ��401
Larry Merlo
COMPANYCVS Health
INDUSTRYRetail HQ COUNTRY United StatesSTART YEAR2011
FOUNDER INSIDER
CHAIRMAN MBA
FINANCIAL ESGRANKING RANKING
80 533
Charles Bunch*
COMPANYPPG Industries
INDUSTRYMaterials HQ COUNTRY United StatesSTART YEAR2005
FOUNDER INSIDER
CHAIRMAN MBA
FINANCIAL ESGRANKING RANKING
131 ���340
Philip Pascall
COMPANYFirst Quantum
INDUSTRYMaterials HQ COUNTRY CanadaSTART YEAR1996
FOUNDER INSIDER
CHAIRMAN MBA
FINANCIAL ESGRANKING RANKING
86 ��534
Richard Anderson
COMPANYDelta Air Lines
INDUSTRYTransportation HQ COUNTRY United StatesSTART YEAR2007
FOUNDER INSIDER
CHAIRMAN MBA
FINANCIAL ESGRANKING RANKING
120 ���398
Neal Patterson
COMPANYCerner
INDUSTRYHealth careHQ COUNTRY United States START YEAR1980
FOUNDER INSIDER
CHAIRMAN MBA
FINANCIAL ESGRANKING RANKING
32 691
Shigenobu NagamoriCOMPANYNidec
INDUSTRYIndustrials HQ COUNTRY JapanSTART YEAR1973
FOUNDER INSIDER
CHAIRMAN MBA
FINANCIAL ESGRANKING RANKING
26 ����718
Carol Meyrowitz
COMPANYTJX
INDUSTRYRetailHQ COUNTRY United StatesSTART YEAR2007
FOUNDER INSIDER
CHAIRMAN MBA
FINANCIAL ESGRANKING RANKING
59 ���588
Wes Bush
COMPANYNorthrop Grumman
INDUSTRYIndustrialsHQ COUNTRY United StatesSTART YEAR2010
FOUNDER INSIDER
CHAIRMAN MBA
FINANCIAL ESGRANKING RANKING
145 244
On average, they became CEO at age 45 and have been in offi ce 16 years
Michael Dobson
COMPANYSchroders
INDUSTRYFinancial servicesHQ COUNTRY United KingdomSTART YEAR2001
FOUNDER INSIDER
CHAIRMAN MBA
FINANCIAL ESGRANKING RANKING
103 ���423
Jeff rey Bezos
COMPANYAmazon
INDUSTRYRetailHQ COUNTRY United StatesSTART YEAR1996
FOUNDER INSIDER
CHAIRMAN MBA
FINANCIAL ESGRANKING RANKING
1 828
André Desmarais
COMPANYPower Corporation of Canada
INDUSTRYFinancial servicesHQ COUNTRY CanadaSTART YEAR1996
FOUNDER INSIDER
CHAIRMAN MBA
FINANCIAL ESGRANKING RANKING
93 �� 445
*STEPPED DOWN SEPTEMBER 2015
58 Harvard Business Review November 2015
THE BIG IDEA THE BEST-PERFORMING CEOS IN THE WORLD
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9392 94
83 85 86*TIE
98 99 100
Steve Ells
COMPANYChipotle Mexican Grill
INDUSTRYConsumer goodsHQ COUNTRY United StatesSTART YEAR1993
FOUNDER INSIDER
CHAIRMAN MBA
FINANCIAL ESGRANKING RANKING
51 652
Thomas Ebeling
COMPANYProSiebenSat.1
INDUSTRYConsumer servicesHQ COUNTRY GermanySTART YEAR2009
FOUNDER INSIDER
CHAIRMAN MBA
FINANCIAL ESGRANKING RANKING
48 665
Ulf Schneider
COMPANYFresenius
INDUSTRYHealth careHQ COUNTRY GermanySTART YEAR2003
FOUNDER INSIDER
CHAIRMAN MBA
FINANCIAL ESGRANKING RANKING
24 764
Warren Buff ett is routinely lauded for producing astronomical returns during his 45 years as the CEO of Berkshire Hathaway. So why doesn’t he appear in our ranking? In fact, Buff ett barely missed the cutoff —coming in at #101, one spot short. Had the list been based solely on total shareholder return, Buff ett would have placed almost at the top. But two factors in HBR’s methodology pushed his ranking down.
The fi rst is the way we calculate fi nancial performance for CEOs who’ve been in the job for more than 20 years. We incorporate three fi nancial metrics; one is industry-adjusted returns, which we use to avoid unduly rewarding CEOs who happened to be in hot industries during their tenure. Industry-adjusted returns are unavailable prior to 1995, so we compute the fi nancial returns of CEOs who took offi ce earlier as if they began on January 1, 1995. (Until this year, CEOs who began before then were ineligible for the list.) Counting Berkshire’s returns only since 1995 ignores the value that Buff ett created during his fi rst 25 years at the company—but despite that, he still had the 23rd best overall fi nancial performance of the 907 CEOs we assessed.
The second factor is Berkshire’s environmental, social, and governance (ESG) performance. On this metric, Buff ett ranked #798 out of the 907 CEOs we looked at. Sustainalytics, the research fi rm that produces the ESG scores, says that low rank is partly due to Berkshire’s poor disclosure on its governance and social policies. Another consideration was how Berkshire incorporates ESG issues into its selection of investments. Relative to peer holding companies, Berkshire’s initiatives for addressing sustainability within its investees are weak, Sustainalytics found. Although the ESG ranking counts for only 20% of a CEO’s overall ranking, Buff ett’s very low placement in it was enough to pull him out of the top 100.
101
Warren Buff ett
COMPANY Berkshire Hathaway
INDUSTRYFinancial servicesHQ COUNTRY United StatesSTART YEAR1970
FOUNDER INSIDER
CHAIRMAN MBA
FINANCIAL ESGRANKING RANKING23 798
Paul Desmarais Jr.
COMPANYPower Corporation of Canada
INDUSTRYFinancial servicesHQ COUNTRY CanadaSTART YEAR1996
FOUNDER INSIDER
CHAIRMAN MBA
FINANCIAL ESGRANKING RANKING
93 445
Leonard Schleifer
COMPANYRegeneron Pharmaceuticals
INDUSTRYHealth careHQ COUNTRY United StatesSTART YEAR1988
FOUNDER INSIDER
CHAIRMAN MBA
FINANCIAL ESGRANKING RANKING
8 794
Dieter Zetsche
COMPANYDaimler
INDUSTRYAutomobileHQ COUNTRY GermanySTART YEAR2006
FOUNDER INSIDER
CHAIRMAN MBA
FINANCIAL ESGRANKING RANKING
181 105
Douglas Baker Jr.
COMPANYEcolab
INDUSTRYMaterialsHQ COUNTRY United StatesSTART YEAR2004
FOUNDER INSIDER
CHAIRMAN MBA
FINANCIAL ESGRANKING RANKING
132 ��350
Wolfgang Eder
COMPANYVoestalpine
INDUSTRYMaterials HQ COUNTRY AustriaSTART YEAR2004
FOUNDER INSIDER
CHAIRMAN MBA
FINANCIAL ESGRANKING RANKING
144 ��306
Vittorio Colao
COMPANYVodafone
INDUSTRYTelecommunicationHQ COUNTRY United KingdomSTART YEAR2008
FOUNDER INSIDER
CHAIRMAN MBA
FINANCIAL ESGRANKING RANKING
208 ��51
HBR.ORG
November 2015 Harvard Business Review 59
Where’s Warren?
1315 Nov15 BIG CEO 100 List.indd 591315 Nov15 BIG CEO 100 List.indd 59 9/25/15 12:06 PM9/25/15 12:06 PM