Study Reveals CEO’s Are Social Media Slackers
Earlier this week www.uberceo.com released a study on the use of social media by Fortune 100s chief executive officers. The presentation has been included with this article.
From my discussions with IROs whose companies have not yet taken the plunge with social media, the likely reasons for CEOs abstaining are concerns about disclosure risk, lack of time and quite frankly a discomfort with technology beyond email and browsing. This is not a slag but rather a reflection of the feedback we’ve been given with respect to senior executives adopting new technologies – oftentimes they simply prioritize other things. Their social networks happen in other arenas and they may have other senior executives within their organizations actively involved in social media.
The topline results taken from UberCEO’s blog post reveal that:
- Only two CEOs have Twitter accounts.
- 13 CEOs have LinkedIn profiles, and of those only three have more than 10 connections.
- 81% of CEOs don’t have a personal Facebook page.
- Three quarters of the CEOs have some kind of Wikipedia entry, but nearly a third of those have limited or outdated information.
- Not one Fortune 100 CEO has a blog.
In reading the Uber post, be sure to scroll down to the comments. There are references to some interesting articles there as well, such as Doug Cornelius’ of Compliance Building who shares his compliance risk perspective in ‘Corporate Blogs and Tweets Must Keep SEC in Mind’ and another by Dan Haugen of the Minneapolis Post on Best Buy’s new CEO, “Is Best Buy’s Brian Dunn the Most Socially Networked CEO?”
Should CEO’s get involved in social media? Those that do send a very clear message in terms of their transparency and their personal interest in listening to their stakeholders. Where there’s a willingness to get involved even a busy CEO will find the time with the support of a good team and the use of mobile devices. But the answer to the question in my opinion is really, “it depends”. Most organizations can benefit from involvement in social media but whether it happens with the CEO or other senior level executives really comes down to corporate strategy, division of labour and who would be most effective and committed to continuing the conversation.
Related posts:
- Case Study: Westport Innovations Shares Tips, Wins & Pitfalls of Using Social Networks
- Trends and Best Practices in Online Communications and Social Media in Corporate IR
- Study says Canadian Regulators are far behind US counterparts in enforcing the compliance regarding disclosure controls and procedures.
- Report reveals early adopters using Twitter for Investor Relations
- NIRI Twin Cities – IR in the Age of Social Media Wrap-up
Related posts brought to you by Yet Another Related Posts Plugin.
I agree with your answer it depends. For a Fortune 100 company, probably less so than a smaller company that needs to connect with its customers. It also depends on the CEO. In looking at the list of the Fortune 100, there are not many interesting people on that list. They gave up a lot to get that position and its probably the last job they are going to have.
You need to be cognizant of the compliance and regulatory issues. But they can be dealt with, just as they can be dealt with in any corporate communication.
Hi Doug,
Thanks for your comment. Certainly CEOs from smaller, lesser known companies have a great deal to gain by being involved in social media, while in Fortune 100 companies, active SM participation is likely handled by other members of the executive team. Both approaches can still foster better relationships with stakeholders.
And yes, all corporate communications must be considerate of compliance and regulatory requirements.