International experience and CEO selection: An empirical study Peter Magnusson * , David J. Boggs 1 Boeing Institute of International Business, John Cook School of Business, Saint Louis University, 3674 Lindell Boulevard, St. Louis, MO 63108, USA Received 19 July 2005; received in revised form 22 November 2005; accepted 23 January 2006 Available online 20 March 2006 Abstract This paper extends the upper-echelons theory by examining if observable demographic characteristics can be used to predict CEO selections. Based on an empirical analysis of recent successions at USA Fortune 200 companies, it identifies international experience as an important construct associated with accession to the CEO position of large corporations. The study also finds that CEO international experience is higher in firms that are highly international in terms of sales and assets. Firm and individual control variables are discussed and included in the empirical analysis. Managerial implications and suggestions for related future research are provided. D 2006 Elsevier Inc. All rights reserved. Keywords: International experience; CEO succession 1. Introduction Seminal works by Hambrick and Mason (1984), Pfeffer (1983), and Vancil (1987) spawned a tremendous interest in executive succession that has continued to build through today. From the 1970s to the 1990s the number of articles on executive succession increased 250%, according to Kesner and Sebora (1994). Recent works by Zhang and Rajagopalan (2004), Carpenter et al. (2004), and Bigley and Wiersema (2002) demonstrate that our understanding of transitions in the executive office continues to develop, especially in regard to the relationship between executives and firms’ international posture and performance (Carpenter et al., 2000, 2001; Daily et al., 1075-4253/$ - see front matter D 2006 Elsevier Inc. All rights reserved. doi:10.1016/j.intman.2006.01.002 * Corresponding author. Tel.: +1 314 977 3810; fax: +1 314 977 7188. E-mail addresses: magnusph@slu.edu (P. Magnusson), boggsdj@slu.edu (D.J. Boggs). 1 Tel.: +1 314 977 3861; fax: +1 314 977 7188. Journal of International Management 12 (2006) 107 – 125