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The Moron Theory of CEOs

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A couple of days ago, our Bess Levin brought you the story from Avenue magazine of what happened when Carl Icahn on Apollo’s Leon Black's private plane. DealBook points to another great anecdote from the Avenue article, detailing Ichan's "anti-Darwinian" theory of chief executives.

The C.E.O. is the fraternity brother type who is great to have a drink with. He’s a survivor and maybe not all that smart, but he works his way up the ladder in the corporation. And if you’re a survivor, you never have someone beneath you who’s smarter than you. So you eventually work your way to C.E.O. You have someone a little dumber than you underneath, and eventually we’ll have morons running everything … which we’re getting closer to.

Hmmm. Maybe we wouldn't have such an idiocracy of CEOs if we paid them better.
Icahn on Chiefs, Morons and Leased Jets [DealBook]