The world seems to be fascinated by CEOs of large companies. What few people know, however, is that the CEOs of some of the world’s biggest companies, such as Twitter, Tesla, Renault, and Amazon.com, run multiple companies. This is something that Dan Purjes has been fascinated by since a story about it appeared in the Barrons newspaper.
Dan Purjes’ Background on CEOs
CEOs are exemplary individuals. They are often covered in the main story in the New York Times, talking about a latest report and more. Indeed, most of those who manage an investment fund, such as McTague, or who want to know which asset to look into, will look at the final list of recommendations by CEOs. Dan Purjes is a Wall Street investor based in Rockwood and NYC, but he always looks at what CEOs do in order to guide his own investment decisions.
A Review of Double-Job CEOs
Amazon.com’s CEO is Jeff Bezos with headquarters in Seattle and Kent. He is also the CEO of Blue Origin in Washington. Renault’s CEO Carlos Ghosn is based in France but also heads Mitsubishi Motors and Nissan Motor in Japan. Twitter’s CEO Jack Dorsey works in San Francisco only, where he heads not just Twitter but also Square. And Elon Musk is the CEO of Fremont, CA Tesla but also Space X, in Hawthorne. How is all of this possible? How do these people have time for all of this while also heading sometimes competing companies?
It appears that the original double CEO was Steve Jobs, the cofounder of Apple and the head of Pixar. He said, however, that the worst year of his life was the one in which he managed both. However, it appears that these CEOs do it as a form of personal insurance. Companies come and go and, with them, the reputation of the CEO. Having multiple jobs means that a reputation and work remain intact.
Indeed, most of the companies that are run by CEOs with double jobs have reasonably volatile stock portfolios. However, that is perhaps not reflective of the ability of the CEO. And it seems that someone must have superhuman abilities in order to be able to run multiple countries, often across multiple continents. A CEO is supposed to give their business 150% of their time, so how is this possible across more than one company?
Sometimes, it is “easy” because the companies are in the same line of work but at different stages of evolution. That means the work at the most evolved company can simply be repeated at the other. A CEO must have a vision that can be consolidated across all the companies they manage. But it will never be an easy job to do. Additionally, it means that these people have little to no time to devote to their personal lives, including that of their families. Clearly, it is possible, but it begs the question: at what personal cost?