Comment by triceratops

In theory, every one of the CEO's reports (other than their administrative staff) is capable of stepping into the CEO's job. If they aren't capable (albeit some with coaching and support) that calls into question the company's overall hiring and promotion practices.

In that case, for every CEO there's literally a dozen other people at that company alone who could do their job. Why do we keep repeating that good CEOs are in short supply?

Moreover study after study has shown little correlation between CEO pay and quality of decision-making. Case in point: https://en.wikipedia.org/wiki/Marissa_Mayer#Yahoo!_(2012%E2%...

And finally, rich people eventually look for other ways to feel valued. Status is a big one. Having the top job at the company is a big perk in and of itself. If they don't feel privileged to be the CEO, why the hell even take the job?