At one time, banks and other financial institutions generally considered it important that their CEOs have experience serving in the position of MoFTan, the person within the company responsible for relations with the powerful Ministry of Finance.  It reflected the fact that the success of financial institutions depended in large part upon their relationship with the finance ministry.

The Economist reported in the May 31st issue that CEOs in the United States used to come in large part out of the marketing department.  This reflected the importance of this function in the profitability of the company.  But times have changed and so have the principle stepping stones for CEO.  In 2005, 20% of the CEOs in the United States were former chief financial officers. The article noted that the new emphasis on financial reporting has allowed CFOs an opportunity to be in the limelight and to shine, presumably attracting the attention of the board of directors.  Perhaps.  But it likely also reflects the importance of financial and risk management in the profitability of a business, something made very clear by the subprime lending problems of late. 

Other interesting stats?  It takes a CEO on average 24 years to reach the top.  The number of women CEOs (as of 2001) had increased to 11%.  The average age of a CEO in the US was 56, in Europe 54, with 26% of the CEOs in the United States rising through the ranks of the company rather than coming from the outside (compared with 18% in Europe).  As for the number of CEOs replaced, in 2007 the percentage was 17.6% in Europe and 15% in the US; the average tenure in the US nine years, the average in Europe seven.