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We show that compensation is higher for CEOs with more general managerial skills using detailed biographic information on CEOs of the S&P 1,500 firms in 1993-2007. This relation is driven by managers' industry mobility and past experience as a top manager and is robust to the inclusion of firm-and CEO-level controls, including fixed effects. Comparing the actual CEO's pay to the pay of a portfolio of CEOs who are specialists in the industries that match the CEO's past industry experiencedoi:10.2139/ssrn.1670243 fatcat:b532uqafzrgtxd65dbtnzmssf4