IN the January 2010 issue of Harvard Business Review, we published our list of the top 100 CEOs in the world. Steve Jobs stood at No. 1. Unlike most rankings, our list was based on a systematic analysis of the stock market performance of nearly 2,000 of the world’s largest companies. It wasn’t based on the perceived popularity of the CEOs that led these firms or some other subjective measure, but simply on the basis of how well the firm’s stock performed under their watch.Between fall 2009, when we started compiling the data for this ranking, and August 24, 2011, the day Jobs stepped down as CEO, Apple’s share performance skyrocketed. So we decided to expand our analysis of Jobs to include his full tenure.
Jobs took over as the CEO of Apple on September 16, 1997. That means he spent 14 years as CEO—and Jobs’s performance throughout was astounding. If you had invested $100,000 in Apple the day he rejoined in 1997 and held on to that investment until he stepped down this year, your investment would have been worth $6.86 million, a 35.4-percent compounded annual growth rate.
In our earlier ranking, we used three metrics to score a CEO’s performance. Jobs’s final scorecard is:
- Country-adjusted total shareholder return: 6,682 percent
- Industry-adjusted total shareholder return: 6,621 percent
- Market capitalization increase during tenure (inflation-adjusted using 2010 as a base year and adjusted for share issues, repurchase and dividends, excluding for 2011): $341.5 billion
These numbers are head and shoulders above his scorecard at the time of our 2009 ranking. Back then, Jobs’s country-adjusted total shareholder return was 3,226 percent, less than half of what it became at the end of his tenure. Even if we updated the scorecards for all the CEOs in our ranking, we doubt anyone would come close to those figures.
In all the tributes to Jobs that have emerged since his death on October 5, what people have recalled aren’t these numbers, of course, but the man himself—what he created and what he stood for. And that is the truly remarkable thing: During Jobs’s tenure, Apple brought amazing products to the world, while also achieving out-of-this world financial performance. Jobs did it all.
Morten T. Hansen is a management professor at the University of California, Berkeley, School of Information, and at INSEAD. He is the author of Collaboration: How Leaders Avoid the Traps, Create Unity and Reap Big Results. Herminia Ibarra is a professor of organizational behavior and the Cora Chaired Professor of Leadership and Learning at INSEAD, and the author of Working Identity: Unconventional Strategies for Reinventing Your Career.

























