HBR's best performing CEOs

I recently read the HBR article rating the World's best performing CEOs. Apart from the fact that Mukesh Ambani featured at the 5th spot, a couple of points struck me. 

• Steve Jobs topped the list. Once again proves how closely the share holder's value is dependent on customer-centric innovations - Staying Hungry & Staying Foolish helps!
• The top 3 ranked CEOs are non MBAs. However it also reveals that MBAs on an average tend to do better than their counterparts with an MBA beating them by about 40 odd places in the ranking.   
• CEOs promoted from inside the company tended to have stronger performance than those brought from outside. This perhaps in a way confirms my intuitive conviction that to lead an organization one must assimilate thoroughly its DNA and that the surest way of achieving this understanding is by spending time there. 
• 3 of the top 5 CEOs run companies based in Emerging markets.All of the Top 5 CEOs run  Energy / Technology companies.

The study primarily ranked CEOs on the net change in the Market Cap (corrected for Geography and Industry adjustments) of companies during a CEO's tenure. Only CEO's who assumed their roles between 1995 and 2007 were rated. 

P.S.: I am not very certain if the quantum of jump in Market Cap can correctly determine a  CEO's success. For example:

1. A CEO who takes over a overvalued company arguable enjoys greater investor confidence. This in turn could be a key-enabler to his success. A CEO who takes over in difficult times starts with a dis-advantage. 
2. The interesting thing is that the contrary could also be true. A CEO who takes over an undervalued company could be in a better position to show the same quantum jump in the Market Cap compared to one who takes over an overvalued company.