I don't even know what to say... From the WSJ Deal Journal:
Duke University researchers, in connection with the National Bureau of Economic Research, have found that CEOs are perceived to have more competent faces than non-CEOs. The Duke researchers also concluded that people responded more favorably to the faces of CEOs from large companies than from small business.
Another interesting finding from the 20-page report: that “baby-faced” CEOs received lower “competence” scores than more-mature looking CEOs and tended to be paid less, though on the plus side, the baby facers got higher likability ratings.
And yet, “we find no evidence that the firms of competent looking CEOs perform better,” the study concludes. Essentially, the ‘look’ of competence says very little about effective competence.”