In defense of the CEO

Chauffeur-driven limousines, millions in stock options, golden parachutes. It's no wonder bosses' pay and perks can rankle. Here's why the best ones are worth it. … Let's start with the basics: how chief executives spend their time. Among the first researchers to give us a glimpse into the day-to-day life of the CEO was management guru Henry Mintzberg, who followed a handful of business leaders for his Ph.D. thesis at the MIT Sloan School of Management over four decades ago. He discovered that, first and foremost, CEOs go to meetings. Lots of them—it is where his research subjects spent over 80% of their work hours.

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