ABSTRACT
Objective: this article explores how the representation of values grounds the process of chief executive officers (CEOs) attaining celebrity status, focusing on the performance aspect of their online presence. Theoretical approach: the study builds upon the CEO celebrity drama framework. However, the conceptualization of examples and political discourse theory (PDT) are mobilized to further develop the notion of CEO celebrity drama, as they provide insights into how protagonism, antagonism, and values structure performance. Methods: this research employs a discourse analysis focusing on the Instagram profile of Guilherme Benchimol, a Brazilian agent from a financial company, serving as a case study to explore how CEO celebrities perform their celebrity status through social media. Results: the CEO celebrity presents themselves on social media, employing three core components: stage-setting, scriptwriting, and role-playing. They leverage these platforms to champion values, aligning themselves with specific causes and juxtaposing their image against antagonists. This performance helps cultivate and uphold their celebrity-like status. Conclusions: this study enhances our understanding of how CEOs use social media to cultivate celebrity status, emphasizing the role of values in shaping their narratives and performances. Through the lens of PDT, this research deepens our insight into the dynamics of CEO celebrity drama and underscores social media's role in shaping modern and acclaimed business personalities.
Keywords: CEO celebrity; example; political discourse theory; social media; performance.
RESUMO
Objetivo: este artigo explora como a representação de valores fundamenta o processo pelo qual os diretores-executivos (CEOs) alcançam o status de celebridade, com foco no aspecto performático de sua presença on-line. Marco teórico: o estudo baseia-se na estrutura de drama de celebridade do CEO. Contudo, a conceituação de exemplos e a teoria do discurso político (PDT) são mobilizadas como lentes para desenvolver a noção de drama do CEO celebridade, pois fornecem compreensões sobre como protagonismo, antagonismo e valores estruturam uma performance. Métodos: esta pesquisa emprega uma análise de discurso focada no perfl do Instagram de Guilherme Benchimol, um agente brasileiro de uma companhia fnanceira, servindo como estudo de caso para explorar como as celebridades CEOs performam seu status de celebridade por meio das mídias sociais. Resultados: a celebridade CEO apresenta-se nas mídias sociais empregando três componentes centrais: cenografa, roteirização e interpretação de papéis. Eles aproveitam essas plataformas para promover valores, alinhando-se a causas específcas e contrapondo sua imagem a antagonistas. Essa performance ajuda a cultivar e manter seu status similar ao de uma celebridade. Conclusões: este estudo aprimora nosso entendimento sobre como os CEOs utilizam as mídias sociais para cultivar o status de celebridade, enfatizando o papel dos valores na formação de suas narrativas e performances. Por meio da lente da PDT, esta pesquisa aprofunda nossa visão sobre a dinâmica do drama de celebridade do CEO e sublinha o papel das mídias sociais na formação de personalidades empresariais modernas e aclamadas.
Palavras-chave: CEO celebridade; exemplo; teoria política do discurso; mídia social; performance.
INTRODUCTION
Chief executive officers (CEOs) occupy a distinctive position in the contemporary business landscape, often attaining celebrity status (Bloom & Rhodes, 2018). Whether through sustained success or remarkable accomplishments (Treadway et al., 2009), some CEOs become 'stars' (Lovelace et al., 2018, 2022). While the concept of celebrity traditionally applies to entertainment and sports figures, it has been increasingly used by CEOs since Chrysler CEO Lee Iacocca (Pollock et al., 2023), prompting scholarly investigations into its dynamics (Jensen et al., 2022).
Progressively, CEOs have taken advantage of their celebrity to employ their influence on social matters that extrapolate their company (Branicki et al., 2021; Park, 2024). For instance, Donald Trump leaned on his CEO celebrity persona in his presidential campaigns (De Cock et al., 2018). Luciano Hang used his status to influence public debate (Barros et al., 2025). On February 28, 2025, Elon Musk participated in The Joe Rogan Experience show, one of the most popular podcast shows in the world, for the sixth time (Limehouse, 2025). These dynamics highlight the social significance of studying the celebrity CEO phenomenon, as it enriches public debate by revealing how these figures prop up their public personas.
While traditional media play a role in shaping CEO celebrity status (Lovelace et al., 2018; Rindovaet al., 2006), social media platforms are increasingly important. Facebook, X (former Twitter), Instagram, TikTok, and Linkedln allow CEOs to connect with their audience and influence perceptions (Alghawi et al., 2014). Hence, social media may be instrumental in CEOs' celebrity status (Heavey et al., 2020), amplifying their influence (Rindova et al., 2006; Treadway et al., 2009). However, despite literature detailing the role of media in the CEO celebrity process (Lovelace et al., 2022; Rindova et al., 2006), social media and digital gatekeeping are still understudied (Heavey et al., 2020).
Considering celebrity status attainability as a performance-based process (Lovelace et al., 2018), and the constitutional aspect of values for public debate (Laclau & Mouffe, 2015; Marttila, 2015), our research focuses on CEOs' celebrity digital activity to answer: "How does value representation support CEO celebrity drama within the social media context?" We expand the performance-based perspective on CEO celebrity, which frames CEOs as actors eliciting emotional responses (Lovelace et al., 2018). The performative aspect of CEO status remains underexplored. We argue that dramatic performance is a critical dimension of status attainment, embodying organizational values visibly and convincingly (Lovelace et al., 2018). CEOs must be perceived as exemplary figures to secure and sustain celebrity status, embodying ideals and aspirations (Robbins, 2017).
The study analyzes a single case of CEO narratives on social media (Amernic & Craig, 2006; Sinha et al., 2012): Guilherme Benchimol's Instagram profile. Our choice is based on his media notoriety as the founder and former CEO of XP Investimentos. His relevance is expressed by several articles in traditional media (InfoMoney 2020; Segala, 2024) and a book dedicated to showcasing Benchimol's and XP's success (Filgueiras, 2019), placing Benchimol as an exemplary successful CEO. Additionally, his social media activity is a determinant of our choice.
Our analysis is grounded in political discourse theory (PDT), with emphasis on Laclau's (1990, 2013) work and Marttila's (2015) methodological approach. PDT's nuanced elaborations on the symbolic representation of values made it a fitting choice for studying the oppositional performances of CEO celebrity drama (see Laclau, 2013). Overall, the study makes three contributions to the literature: (1) we propose an understanding of how values are represented and performed by integrating PDT into the 'CEO celebrity drama' framework; (2) we provide an alternative approach for exploring how CEOs construct their public image; and (3) we expand the notion of 'stage' in CEO drama, demonstrating that it includes contexts beyond the CEO's firm.
Byproposing how CEOs perform values on social media, this study engages with broader concerns about leadership, influence, and symbolic power in the digital economy. In an era where public figures are expected to embody corporate and societal values simultaneously, understanding how CEOs construct their image helps illuminate the dynamics of organizational legitimacy and social responsibility. In this sense, the research contributes to contemporary debates in administration by addressing how managerial practices intersect with public discourse, digital platforms, and societal expectations, advancing knowledge on current and socially relevant challenges in management.
In the following sections, we present a literature review on the construction of CEO celebrity, articulating it with PDT. We detail the methodological design of the research, explaining how data from Benchimol's Instagram posts were collected and coded. Subsequently, we present the data analysis, highlighting the emerging themes and their relationship with constructing the CEO's public image. We then conclude by discussing the theoretical and practical implications and suggesting avenues for future research.
CEO CELEBRITY ON SOCIAL MEDIA
Celebrity conveys the fame and attention bestowed by mass media (Jensen et al., 2022). It encompasses actors, journalists, and athletes, but can be extended to CEOs (Lovelace et al., 2022). Historically, CEOs have been considered elite, and journalists have played a role in propping up their status (Hayward et al., 2004; Sinha et al., 2012; Treadway et al., 2009), where the depiction of a heroic leader responsible for a firm's success resembles a fairytale (Wood & Paes de Paula, 2002).
A possible reason for these narratives is that journalists look for appealing and straightforward explanations of complex outcomes, avoiding ambiguities and details (Hayward et al., 2004). Once a favorable image of the CEO is formed, the media most likely will remain faithful to it (Bligh et al., 2011), but stakeholders might increase scrutiny over CEOs' celebrity, entailing negative results (Caiffa et al., 2020). Moreover, while CEOs may revel in the limelight, their celebrity status does not necessarily align with their reputation among stakeholders (Treadway et al., 2009).
The process for CEOs to attain celebrity is complex, as it involves perceiving and validating a CEO's performance (Lovelace et al., 2018). Lovelace et al. (2022) introduce a push-pull theory to explain the process. Media professionals, like journalists, pull in stories looking for engaging corporate narratives. Concurrently, CEOs push their stories into the spotlight by using self-promotion tactics. This logic represents an integral part of the CEO celebrity literature based on gatekeeping theory (Bao et al., 2023). The gatekeepers of celebrity status are easily identifiable: publicists, journalists, and public relations staff (Hayward et al., 2004). These media professionals perceive CEOs as sources of interesting and inspirational stories, granting them visibility akin to Hollywood celebrities (Lovelace et al., 2022). However, gatekeeping cannot account for social media's role in the process (Bao et al., 2023).
CEOs may use social media to construct strategies to prop up their status (Lovelace et al., 2018,2022). Social media platforms offer affordances that facilitate CEOs' personal branding (Barros et al., 2025) or act in the organization's interest (Heavey et al., 2020). Communication in digital spaces is significant because they are as accurate as physical spaces (Airoldi, 2018), with audiences being impacted by both bodily (Viotto et al., 2021) and written (Larcker et al., 2018) performances.
These diverse platforms entail new ways to connect (Kozinets, 2015). Therefore, digital gatekeeping is needed to understand CEO celebrity in social media, with control primarily established by algorithms (Airoldi & Rokka, 2022), enabling decentralized gatekeeping via users' interactions - such as likes, interactions, and subscriptions
(Wallace, 2018). Consequently, CEOs using digital platforms engage with several digital gatekeepers (Heavey et al., 2020), framing meanings and constructing how they want to represent themselves and their company (Treadway et al., 2009).
Regarding celebrity power, the status can bestow an aura of consistency, consensus, and distinctiveness, which makes the CEO resemble a heroic figure (Bligh et al., 2011; Treadway et al., 2009). These 'heroes' hold power in the company's decision-making process, more so as high-visibility public personas symbolizing values, vision, and success (Aguinis & O'Boyle, 2014). Their aspirations embody the organization's values, providing a human touch to an otherwise abstract entity (Robbins, 2017). Additionally, their celebrity status enhances political connectedness (Conyon, 2015) and enables them to become cultural icons (Bloom & Rhodes, 2018). Some CEOs may use this symbolic power to actively dispute meanings in the public debate (Barros et al., 2025; Branicki et al., 2021). Thus, CEO celebrities emerge through a symbiotic relationship involving "the self, the media, and other intermediaries," where "an individual's sense of identity" is derived "from their self-image and public image" (Sinha et al., 2012, p. 224), turning CEO celebrities into sources of inspiration.
Attaining celebrity status entails the development of a narrative akin to a drama story. To understand the emergence of a CEO celebrity, Lovelace et al. (2018) employ a 'life is like a theater' metaphor (see Boje et al., 2003). Within the context of the company's life stage - founding, growth, maturity, or decline - this dramaturgical presentation presents a narrative in which the CEO, like a protagonist, is fighting against antagonists for a great goal. Once established, the CEO celebrity tends to perpetuate the same dramaturgical play to ensure their status and fulfill the expectations around them (Zhou et al., 2023). Lovelace et al. (2018, 2022) propose that celebrity status and the dramatization of their actions are intertwined. However, their framework does not elaborate on how the CEO mobilizes and performs the discourses structuring the drama. Therefore, we propose an analysis of a CEO celebrity drama focused on the processes that compose it, anchored in the notion of the CEO as an example for their audience (Robbins, 2017).
Establishing representation of values
CEOs who ascend to celebrity status are under scrutiny. Thus, a CEO celebrity acts in relation to systems of meaning, reinforcing certain discourses, interest groups, identities, and values. Robbins (2015) proposes that examples are grounded values or ideals - symbols that carry shared meanings within communities through action. For instance, a ritual like a Christmas celebration is exemplary as it instills the value of solidarity, fostering practices such as philanthropy
Individuals may also become exemplars by embodying values through their practices (Robbins, 2017). In this sense, business leaders can transcend their roles and become living examples by symbolically representing specific groups through performative acts (e.g., Barros et al., 2025). For instance, Warren Buffett exemplifies simplicity through his performance, business decisions, communication style, and public demeanor (Wheeler, 2020). In contrast, Elon Musk is often viewed as a symbol of innovation and entrepreneurship (Miklaszewicz, 2023; MoneyLab, 2024). Through his leadership at Amazon, Jeff Bezos represents, to many, a disruptive leader and embodies entrepreneurial values that have contributed to his celebrity status (Orr & Hunter, 2023).
Therefore, exemplarity relates to how CEOs embody values (Robbins, 2017). We argue that CEOs must have exemplary performance to become celebrities, regardless of intentionality virtue, or conviction. The success in establishing representation, whether as a personal brand or otherwise (Barros et al., 2025), hinges on the endorsement of gatekeepers within traditional media (Lovelace et al., 2022) and social media platforms (Heavey et al., 2020).
In celebrity drama, the CEO is presented as a protagonist with extraordinary qualities, struggling against antagonists and adversity (Lovelace et al., 2018) - challenges that enable them to set an example (Robbins, 2017). Considering the three pillars of the CEO celebrity drama (Lovelace et al., 2018) - protagonist, antagonist, and stage -, we reason that political discourse theory (PDT) is an adequate tool to understand exemplarity, as it proposes that discourses are structured by struggles between symbolic systems (Laclau, 1990).
The theory has been applied as a critical approach in several studies in administration. Some authors, based on Laclau and Mouffe's (2015) theory, discuss agency and structure in epistemological debates (e.g., Contu & Willmott, 2003, 2005; Willmott, 2005). Others lean on PDT to explain organizational (Barcellos & Dellagnelo, 2014; Dellagnelo et al., 2014; Lacerda & Mello, 2020) and consumer resistance (Bohm & Brei, 2008; Ulver & Laurell, 2020). More recently, organization studies have also investigated populism via PDT concepts (e.g., De Cleen et al., 2018; De Cock et al., 2018; Hensmans & van Bommel, 2020; Yu & Wright, 2023). In conclusion, PDT can help scholars unravel several phenomena regarding identity, power, and struggles (see Cederstrom & Spicer, 2014).
That said, PDT considers discourses to be structured by opposing idealistic and antagonistic values (Laclau & Mouffe, 2015), which sheds light on the oppositional nature of the CEO celebrity drama. Additionally, we argue that examples (Robbins, 2017) can be understood as material manifestations of a system of meanings, a discursive articulation (Laclau, 2013; Marttila, 2015).
Discursive articulation: Difference and equivalence
According to PDT, what is recognized as real (Laclau & Bhaskar, 1998) is constituted by discursive relations (Howarth, 2006; Laclau, 1990). Considering that a person's ascension as an example is conditioned by their practices informed by the shared communal values (Robbins, 2017), we argue that such practices are informed by the systems of meaning shared by the community (Laclau, 1990). For instance, to comprehend the processes involved in the exemplarity of a CEO, understanding the basis of their practices is insightful. PDT offers the articulation process as an explanation of how these discursive structures are constituted (Laclau & Mouffe, 2015).
Articulations are possible when meanings form a partial discursive structure. In this sense, discourses are transitory articulations of several different elements. In a leadership scenario, a CEO can articulate distinct ideas cohesively via speeches and practices. This can be explained by the equivalence relation, which suppresses differences within the articulation (Laclau & Mouffe, 2015; Laclau, 1990,2013).
Laclau and Mouffe (2015) proposed two determinant concepts to understand how discursive articulations are enabled: antagonism and empty signifiers. First, antagonism is expressed by a relation between oppositional discursive elements. Laclau (1990) argues that identity is constructed by negating an antagonistic other - an external constitutive element that sustains the articulation from the outside. Therefore, opposition in celebrity drama is necessary for the CEO to stand out (e.g., Barros et al., 2025). Second, besides antagonism, an articulation is centered around vague symbols that can be representative of many different perceptions (Laclau, 2013). As vagueness allows multiple meanings, these symbols are always in dispute (Laclau, 2013). For instance, Kelly (2014) proposes that leadership is a vague symbol, as it varies in meaning depending on the audience. As two executives argue about what makes a good leader, they dispute the meaning of leadership.
A CEO celebrity engages in a drama that elaborates a protagonist, an antagonist, actions, and a stage that supports the play (Lovelace et al., 2018). These elements can be understood from a discursive perspective. The protagonist of a discourse is a symbol itself, representing a discursive articulation anchored in a set of values (Laclau, 2013)- As Robbins (2017) puts it, this protagonist becomes an example of value(s) and, consequently, an example of a community. Therefore, the CEO's discourse ideals are relevant to understanding the drama.
As discourses need an antagonistic other, which serves as a constitutive outside (Laclau, 1990), the values opposed by CEOs are essential to comprehend the drama. Finally, as practices are integral to discursive articulations, the CEO protagonist employs actions and design strategies to fight against their antagonists (Marttila, 2015). With all these elements in order, the CEO celebrity can support a cohesive representation of shared values in society.
RESEARCH SETTING, DATA, AND METHODS
We investigate how celebrity CEO Guilherme Benchimol embodies a liberal discourse through his public Instagram performance. As the co-founder of XP Investimentos, Benchimol has played a central role in the company's trajectory. XP's inception in 2001, in a small room in Porto Alegre, Brazil, marked the beginning of a successful journey. Over two decades, XP has evolved into one of the largest Brazilian investment brokerages, achieving a remarkable 61% growth in December 2020 over the previous year (Wiltgen, 2021), with a USD 9-3 billion market cap (Yahoo Finance, 2024).
Of relevance to our study is the prominence of Benchimol as the public face of XP, even after stepping down as CEO. His representation of the company's values and ideals underscores the influence he continues to wield. Individuals engage more than corporate profiles (Almeida et al., 2018), and Benchimol's presence on Instagram allows for a comprehensive exploration of his performance as an executive. Our exploration of Benchimol's public performances on Instagram is instrumental in understanding how the values are manifested and sustained, providing practical insights into the dynamics of CEO celebrity.
Benchimol's acknowledgment as a successful CEO and executive by traditional gatekeepers substantiated our case selection. The media consistently highlights his contributions to the Brazilian financial landscape (Lab NeoFeed, 2023; MoneyLab, 2024). Even when Benchimol acknowledges his mistakes, the media tends to emphasize his humbleness (Brazil Journal, 2023). This portrayal exemplifies care toward Benchimol's image, showcasing his successes in navigating public perception. Such instances show the complexities inherent in constructing and managing a CEO's public persona, offering a rich terrain for our exploration of CEO celebrity dynamics.
With that, two characteristics guided the selection of Benchimol's online activity as our case study: (1) his representativeness as a CEO celebrity archetype and (2) the significance of social media usage favoring CEO celebrity dynamics. The selection of a single case to be deeply analyzed has precedents in studies on CEO activity. For instance, Olkkonen and Morsing (2023) and Barros et al. (2025) focused on the online activity of one CEO to research CEO activism. Grounded in PDT, we conducted a discourse analysis of Benchimol's Instagram posts.
We chose Instagram posts due to their multimodal structure. Every upload to Instagram must have an image and can be accompanied by text, incentivizing the self-portrayal of the CEO celebrity, allowing us to investigate the bodily expression of the CEO's performance (Viotto et al., 2021). These images represent reality, allowing for critically analyzing "the power to inform and communicate, enunciate and hide, as well as the ability to shape and transform discourse" (Coelho et al., 2015, p. 651, our translation).
Even as we gathered data from an open profile, we considered research ethics. When engaging with informants online, disclosure is still necessary (Kozinets, 2015), and when asking for consent is unfeasible, extra precautions must be taken (Maddox, 2021). However, Benchimol's Instagram profile is public, allowing access to available content on his feed. Therefore, our data was obtained from public posts without requiring private or invasive interactions (e.g., Kozinets et al., 2021). Moreover, as the founder and face of XP Inc., Benchimol may be regarded as a public person. Additionally, we blurred the faces of non-public individuals in Instagram posts reproduced here.
We manually gathered 362 posts corresponding to the first publication from June 2017 until July 2022, when the data was collected and coded. Discourse analysis usually involves investigating a textual corpus. Nevertheless, we analyzed both images and texts. The procedure is grounded in PDT's conception of social practices and material objects as integral to discourse (Carpentier, 2017; Laclau & Bhaskar, 1998; Howarth, 2006; Marttila, 2015). Thus, non-textual evidence may also be investigated in discourse analysis. For instance, previous political discourse analyses exemplified this methodological possibility by focusing on urban landscapes (Mattissek, 2010; Palonen, 2019), consumption of food (Parasecoli, 2019), geography (Mattissek & Schopper, 2019), and magazine covers (Ronderos & Glynos, 2022).
Each post could have several codes about the themes established from the empirical data analyzed in combination with PDT's concepts, such as 'antagonism' and 'ethical ideal' (Marttila, 2015). The codes were analyzed within context to consider their roles in the discourse based on PDT (Laclau, 1990; Marttila, 2015), in alignment with the CEO celebrity drama elaboration (Lovelace et al., 2018), to characterize the CEO's attempt to act exemplarily (Robbins, 2017). To select PDT as a theoretical tool, we considered its convergences with the CEO celebrity drama framework, which posits that the contrast between protagonist and antagonist is the foundation of the CEO's celebrity performances (Lovelace et al., 2018). Moreover, PDT enlightens how values are critical for a CEO to set themselves as an example (Robbins, 2017).
Finally, we developed 65 labels to describe the posts. While we conducted open coding, labeling the emergent topics from the posts, we also attributed each new code to a phenomenal category, a process adapted from Marttila's (2015) analytical framework of political discourse analysis (see Figure 1 for an example of a coded post using this procedure). Furthermore, by analyzing these codes in conjunction, we elaborated second-order codes to describe how the discourse is structured. Thus, we ended up with three categories of antagonists (traditional financial system, barriers, and anti-consumption behavior) and another six constructs attached to the protagonist (political economy as value, good capitalism, ideal entrepreneur, organization actions, state actions, and scenery). These themes were then analyzed to understand CEOs' online publications as an exemplary performance endeavor. A triangulation process was adopted to ensure reliability. Two researchers compared their codings and, in case of divergence, discussed the codes until a consensus was reached. A third researcher reviewed the coding and analysis process to ensure consistency and eliminate potential biases.
FINDINGS
The findings will be presented following the antagonists and protagonists and how values are represented. Then, we analyze the materiality of the performance and the actions and strategies proposed during the act. Finally we showcase how the stage supports the whole performance.
Antagonists
XP opposes the traditional financial system in terms of how it invests its clients' money (Filgueiras, 2019). However, less than a month before the first post published by Guilherme Benchimol on Instagram, Itaii, one of the largest Brazilian banks, bought 49-9% of XP. The authorized biographical book Na Raga (Filgueiras, 2019) mentions that the founder knew that the sale could be seen as 'treason' by employees and that XP could lose its identity. Nevertheless, the negotiation went through.
This antagonistic position toward established banks is significant in Benchimol's Instagram activity. However, we identified other antagonists in the CEO drama, grouped into (1) the traditional financial system, (2) political-economic barriers, and (3) anti-entrepreneurship behavior. While these are battlefronts around which the CEO's fight revolves, his focus is unequivocally on the traditional financial system (see Figure 2).
In Figure 2, the founder appears cutting a credit card alongside an extensive text urging people to 'cut relations with your bank and explaining why XP's credit card is better. He urges his followers to 'run from big banks.' This exemplifies the CEO enunciating the primary enemy of the discourse: the traditional financial system. His accusation against the primary antagonist concerns the quality of financial services provided to customers. Thus, the critique revolves around big banks' lousy credit card perks and their focus on fixed-income papers. In the discourse, investing in the stock market opposes safe fixed-income options. It makes sense since XP is a brokerage company that gains from the former type of investment.
Political-economic barriers, which are also antagonists in this drama, are characterized by high interest rates, state bureaucracy, and an abstract large state that limits economic freedom. According to Benchimol, these challenges exist within the Brazilian context but do not diminish Brazil's potential as an attractive investment destination. The protagonist does not overtly criticize the Brazilian state but instead advocates for liberalization.
Finally, as a mild antagonist, anti-entrepreneurship behavior is described as the tendency of individuals to seek stable jobs and formal education. The CEO emphasizes the importance of the younger generation aspiring to become entrepreneurs instead of seeking stable employment. In several posts, he states that entrepreneurial behavior holds greater significance than education.
The protagonist
The antagonists of the discourse highlight how the protagonist is situated within the drama. The central values championed by the protagonist - financial democratization, entrepreneurship, private investments, meritocracy, economic liberalism, United States mimicry, and patriotism - are oppositions to the antagonistic outside. We refer to these interdependent elements as the CEO's political economy vision, which is aligned with XP's interests as a brokerage company. They are presented as great causes within the drama, giving the protagonist a higher purpose.
The post in Figure 3 manifests several elements of the political economy vision of the discourse. The photo shows an advertisement on the Nasdaq building in New York. XP is announcing the possibility of buying Nasdaq's paper in Brazil. However, the text articulates this possibility with a higher cause: Brazil's democratization of financial services. Additionally, despite the advertisement's target audience being Brazilian investors, it is publicized in New York. These aspects of the discourse align with what Guilherme Benchimol and XP propose to Brazilian society.
The post in Figure 4 is a commercial featuring Ingrid Silva, a Brazilian ballet dancer who paints her ballet shoes to match her skin tone. Her creativity inspired manufacturers to diversify their options. This narrative exemplifies entrepreneurship, highlighting both a social concern and a commercial opportunity. XP's proposed message advocates for entrepreneurship - a value that aligns with the company's goal of profiting from the financial market -while connecting with a social cause: diversity. Therefore, the discourse attempts to promote a vision of responsible capitalism.
Furthering this association with social causes, Benchimol often publishes posts promoting nongovernmental organizations' (NGOs) projects. These social projects are frequently associated with social entrepreneurship. No radicalism can be found here, as the discourse accommodates social demands within capitalism as it is. The advertisement's motto, "Investment transforms the world," represents this dynamic well (Figure 4). Then, we attributed these elements to a single label: 'good capitalism.'
Apart from the political economy vision, 'good capitalism' is an idealistic value within the discourse - a grand cause championed by the CEO. However, it is also critical to his image. By sharing his company's response to society's social demands, such as gender equality and the fight against racism, and by posing alongside NGO leaders, he reinforces his exemplary performance as a CEO.
Performing the values
To set an example, CEOs' images must convey values. Accordingly, Benchimol's performance on Instagram showcases him in two roles: a good capitalist and an ideal entrepreneur. For instance, as Benchimol gives a positive spin on capitalism, he embodies the role of a good capitalist, focused on making profits and doing good simultaneously. The other significant role performed characterizes the ideal entrepreneur. Here is where we can observe Benchimol's body in the performance. Despite identifying two roles performed by the CEO, they are not masks to be swapped, but rather makings of a single character: Benchimol as a CEO celebrity.
The ideal entrepreneur depicted here resembles a comic book hero. The CEO is persistent, has big dreams, and is passionate, kind, positive, and humble. The ideal entrepreneur embodies these values through performance on the social media stage. For instance, several posts refer to the protagonist's humble beginnings, often accompanied by old photos of himself from when XP was not yet a big company (Figure 5).
Figure 5 depicts Benchimol in casual clothes and even shoeless. The elements composing the scenes are ordinary, such as a small office, a bar, and a standard bed. These posts narrate the trials he had to go through, exalting humility and persistence. Benchimol says that people should persist and be humble when things are difficult because success takes time. He is presented as a physical manifestation of persistence, dreaming/ambition, and faith, framing success as the result of exceptional features, where a humble beginning act is relevant to becoming an example of meritocracy.
Following similar reasoning, sports emerge as a relevant symbolic element, a metaphor for meritocracy. When an athlete wins, he says, 'It is up to us!' (see Figure 6). Thus, the athlete exemplifies meritocracy, health, and prowess. Benchimol performs this aspect of the discourse by posing alongside sponsored athletes, sharing inspirational messages tied to sports icons, and showing his affinity for running and motorsport.
The post in Figure 6 also showcases the CEO as a source of sponsorship, characterizing a good capitalist. Through these acts of kindness, we observe how the value of good capitalism is developed and embodied in Benchimol's performance. In addition to sponsorship, some posts emphasize philanthropy (Figure 7). When Benchimol embodies these discursive elements, he asserts himself as an example of a good capitalist, which makes
him stand out. However, the posts manifesting these ideals combine social causes with meritocratic logic. For instance, philanthropy is mixed with entrepreneurship to promote social entrepreneurship. By (re)producing these discourses, the CEO presents himself as a humble hero who believes in entrepreneurship and the financial market as solutions to social causes, as illustrated in the advertisement above (Figure 4).
A critical deliberation emerges when examining several instances (Figures 5 to 7) where Guilherme Benchimol consistently poses alongside individuals who have achieved noteworthy accomplishments. The visual narrative suggests that Benchimol celebrates personal success and aligns him with the achievements of others. By presenting these collaborative moments, he creates an image of shared success. For instance, in Figure 6, Benchimol wears an Olympic medal from a sponsored athlete. Thus, his distinctiveness as a CEO is emphasized, even while implying a collective triumph rather than individual glory. The nuanced interplay between Benchimol and accomplished individuals showcases that several elements may be used as resources for the performance.
Practices as resources for the performance
Discourses compose our reality through practices (Laclau & Bhaskar, 1998). Leaders enact practices to represent values (Robbins, 2017). Benchimol embodies values connected to multiple discourses, for instance, presenting himself and his associates as the result of meritocracy (Figures 5 to 7). Consequently, his body is mobilized as a resource for the performance in association with others. These processes materialize the CEOs celebrity presence (Marttila, 2015).
Other instances display the CEOs actions materializing his discourse. One example is the Expert XP event, organized annually, gathering experts from economics and many other fields to lecture on several topics. Notable attendees include celebrities from other fields, executives, and government officials (e.g., Magic Johnson, Theresa May, and Paulo Guedes) who promote economically liberal views. The event could be interpreted as a ritual that reinforces discourses on political economy (Robbins, 2015).
Figure 8 is a frame from a video of Benchimol (on the right) and Lemann (on the left) playing tennis on the conference stage. Lemann is one of the wealthiest Brazilian investors (Konchinski, 2024). In this scene, they exhibit their exemplarity as ideal entrepreneurs. Some discourse values are identifiable, such as sportsmanship and the affection between the players. Additionally, the post exalts Lemann as a visionary, courageous, and brave, as well as an ideal entrepreneur. Therefore, the Expert conference, as a discursive practice, is also mobilized by the CEO's performance.
Other actions and strategies publicized in Benchimol's posts may be interpreted as resources for his performance. For instance, XP's acquisitions and their educational initiatives reconcile education and entrepreneurship. Another common action is demanding liberal economic reforms from the government. Although these actions are not directly under the CEOs or his company's control, the exemplary leader advocates that pressuring political figures is a legitimate way to fight for these causes (see Figure 9).
Considering the images and the discursive practices, it becomes visible how a CEO can become an example for their company, segments of society, and interest groups. As we observed, Guilherme Benchimol does not speak solely on his own behalf He affirms himself as a leader among the 20 million Brazilian entrepreneurs, indicating that performing beyond the CEO's company frontiers is necessary to set an example and achieve celebrity status.
Stages of the performance
Finally we identified economics and politics as the discourse's predominant contextual factors. The drama portrays the protagonist and his company as challengers to the traditional financial system. Thus, the Brazilian financial system, an economic factor, contextualizes the performance. Moreover, Benchimol often describes Brazil as his performance stage (see Figure 10).
Benchimol describes Brazil as 'a market of 210 million people' that 'lacks everything' but is populated by 'hardworking people' (see Figure 10). These features are presented as components of a stage to perform. Therefore, while the company's circumstances significantly impact the CEO's performance (Lovelace et al., 2018), so do the contextual factors beyond the company's boundaries.
The social media platform is also a critical aspect of the stage. As a means of communication, Instagram requires indexing images on each post. Therefore, Benchimol was prompted to use his body and other visual elements. In addition, social media platforms allow the audience to express themselves. For instance, Benchimol faced criticism after meeting with President Lula before the 2022 elections. Thus, he blocked comments on a post announcing his intention to talk with all 2022 presidential candidates (Figure 9). These dynamics are tied to the social media platform's affordances; hence, the means of communication are an important contextual factor composing the stage.
DISCUSSION
We offer a new look at the CEO process to attain celebrity status based on the empirical analysis and the theories we employed. Instead of centering on the gatekeeping aspect of the process (Lovelace et al., 2022), our focus is on the CEO's performance. We propose a view centered on value representation (Robbins, 2017), answering the research question: "How does value representation support CEO celebrity drama within the social media context?" Further, to facilitate our explanations, we present a drawing of these processes as guidance (see Figure 11). To improve comprehension, we enumerated three critical phases of the whole process: (1) the stage setting, (2) the acting phase, and (3) the crossing of the gate.
Stage setting
To start this discussion, we look into the concept of'stage' for CEO celebrity drama. Lovelace et al. (2018) conceptualized the stage as the company's life, which sets up a basis for the CEO celebrity drama. However, we argue that theorizing the stage for CEO celebrity drama can go beyond the organization, looking at the performance as a sequence of processes. We propose that 'stage setting' (number 1 in Figure 11) is a basilar operation supporting the acting phase (number 2 in Figure 11).
Expanding upon Lovelace et al. (2018), we posit that stage setting is about the context of the CEO celebrity drama. For instance, when Benchimol shares old photos of himself as a young entrepreneur (Figure 5), he is mobilizing his history with the company as a basis for the play. However, as we observed Benchimol's performance, he references other contextual elements to ground his acting. For example, he often depicted Brazil as full of problems but also opportunities (Figure 10). These descriptions of the country were justifications for the CEO's goals, actions, and attitudes as an entrepreneur.
As meaningful as the company's life stage is, we argue that other contextual elements showcased in the CEO celebrity performance must be considered. The setting components may vary depending on the protagonist, yet they serve as grounding blocks cementing the whole drama. Hence, we characterize the stage setting as an integral part of the CEO celebrity drama. In Benchimol's case, both the company's development stage and socio-economic factors were identified.
From a dramaturgical standpoint, a stage is a material structure enabling communication (Moffitt, 2016). For instance, actors need a theater, cinema, TV, or the internet to perform. Therefore, CEO celebrity drama must be sustained by a media apparatus. Instagram serves this purpose, turning social media affordances into a contextual factor of CEO celebrity performances.
Finally, stage setting may precede the acting phase of the performance (number 2 in Figure 11), as contextual factors are present even before the CEO posts on the internet. However, as observers, we only perceive the context when the CEO has already performed, choosing what contextual elements they will lean on, making stage setting a process that traverses the acting phase from outside to within. In summary, the CEO's drama stage can be conceptualized as contextual factors that anchor the performance. The media in which the CEO's storyline is being communicated is always a key aspect to be accounted for. In addition to the company's situation, other varying contextual elements may be referenced by the CEO's celebrity, such as political and economic factors.
Acting phase
As outsiders, just like any audience affected by the CEO celebrity drama, we can only assess their performance during the acting. As we addressed earlier, the contextual elements mobilized by the CEO are only perceived by looking at their posts on social media - or any other medium. Therefore, we propose an acting phase of the CEO celebrity performance as the central piece of the map (number 2 of Figure 11). Aside from the stage setting, we describe two other processes that comprise the drama: 'scriptwriting' and 'role-playing.' These two mechanisms make up the acting and allow the CEO to represent a set of values. We will elaborate further on these processes in the following two sections.
However, due to only assessing performances during the acting phase, we cannot gain insight into any possible CEO's preparation or planning, and it is unfeasible to evaluate how sincere their performances are. Nevertheless, considering that a critical aspect of CEO celebrity drama is setting an example for their audiences, we argue that understanding the phenomenon requires focusing on the processes that shape this performance, rather than on the CEO's intentionality
Scriptwriting
Following the dramaturgical analysis (Lovelace et al., 2018), we begin by pondering the protagonist and the antagonists. What do their roles entail? Considering the constitutive aspect that antagonisms grant to discourses (Laclau, 1990), we conclude that the protagonist's performance is built upon their 'antagonists.' Hence, the values of the CEO's discourse oppose their antagonistic others, and the actions and practices taken are derived from this struggle. We draw from PDT's logic to characterize the 'set of values' upon which exemplary performance is built (see Robbins, 2017). Characterizing both sets of values and their antagonists, the performance has a script to build upon.
Such a script is like a coin. It always has two sides. However, from Benchimol's point of reference, he articulates both sides of the coin, asserting its contrast. Considering the affordances regarding self-presentation allowed by social media (Airoldi, 2018; Heavey et al., 2020), the CEO's posts can refer to elements of current discourses to arrange the script of his drama. For instance, in Benchimol's script, he and his company champion financial democratization, antagonizing a villain, 'big banks' (see Figure 2). This opposition may seem natural, but it was picked for Benchimol's performance. We propose this part of the acting phase as 'scriptwriting.'
Scriptwriting is necessary for performance. It entails defining a set of values and antagonistic others, which are critical aspects of exemplarity (Robbins, 2015, 2017). With the script, the protagonist can embody values. However, despite the performance being scripted, scriptwriting is accomplished and presented during the performance: Benchimol's Instagram posts. Whether the CEO is prepared or not, the script will only be enacted during the acting phase. A CEO celebrity may act preemptively or spontaneously, but ultimately, they attain exemplarity after performance.
The script is about the CEO's agenda but also a value proposition. For example, while Benchimol attempts to become an example of entrepreneurship, he proposes entrepreneurship as necessary (Robbins, 2017). However, the CEO's proposals must appeal to others to increase the chances of standing out (Lovelace et al., 2022).
CEO celebrity role-play
So far, we have examined how values shape a CEO's script. However, values go beyond individual thoughts, demonstrated through exemplarity (Robbins, 2015, 2017). Values set the discourse's horizon (Laclau, 1990), guiding actions and strategies aimed at realizing symbolic systems (Marttila, 2015). Consequently, CEOs' values also correlate with specific actions, the corporation's plans, and even their body. In other words, values are manifested in reality through performance. Therefore, while the script is relevant, its ultimate purpose is to inform the 'role-playing' process (see number 2 in Figure 9).
We present scriptwriting and role-playing as distinct processes, but closely linked. Thus, the boundary between them is difficult to observe. For instance, the CEO may reflect on the components of their script, but they only express them when role-playing via Instagram posts. Therefore, rather than differentiating the processes by order in time, we characterize them only by different aspects of performance. While scriptwriting is understood as the indication of the components of the script, role-playing is about the resources mobilized for the performance and its presentation style.
Empirical data indicates that actions publicized as achievements of the CEO's vision in Instagram posts are a major resource mobilized in the role-play This role-play aspect can be divided into (1) actions promoted by the CEO and their company and (2) cooperation with a supporting cast. The former can be exemplified in the Expert event (Figure 8) or the educational initiatives grounded on a corporate episteme. In addition to depicting the CEO's celebrity values, these actions and strategies are presented as transformative, improving the consistency of the performance. Regarding the latter, we identified that the CEO may publicize partnerships, demonstrate support for their achievements, or even lobby with state actors. This supporting cast is a resource for the performance, as these agents lend their reputation to the CEO. In Benchimol's case, the supporting cast is composed mainly of beneficiaries of the CEO's philanthropy and sponsorships (Figures 6 and 7).
As the protagonist is the primary vector for the performance, the CEO's body becomes a crucial resource. This entails the whole presentation in a social media setting: text, image, and audio. The CEO can display themselves in numerous ways depending on the platform and intentions. For instance, several CEOs use Twitter to express their opinions (Larcker et al., 2018). On Instagram, the platform focused on in this study, images are unavoidable and usually centered on the user's body (Viotto et al., 2021). Therefore, as the results have indicated, Benchimol's body plays an integral role in the role-play aspect.
The CEO celebrity shares pictures of himself posing heroically (Figure 2), videographic excerpts of his performance (Figure 8), and photos alongside significant actors (Figures 6 and 7). These fragments are components of Benchimol's social media role-play which is part of his CEO celebrity impersonation. In several posts, the CEO presents himself as a role model of entrepreneurship, meritocracy, and other ideals that compose his political-economic worldview. Through role-playing, the CEO can attempt to appear as an example for the community. For instance, Benchimol's script contains the idea of good capitalism, which, in role-play he attempts to represent through philanthropy, sponsorships, and the association with the aforementioned supporting cast (Figures 6 and 7).
However, all these performative acts are only possible via Instagram's affordances. Moreover, despite the performance being displayed in digital space, it is a concrete and authentic experience for those sharing it (Airoldi, 2018). In conclusion, social media offers affordances that are necessary resources for Benchimol's performance. Therefore, digital platforms like Instagram can be powerful tools for CEOs to play a virtuous role and achieve exemplary performance (Robbins, 2017). The way to pursue this objective can vary, but Benchimol's role-play as a paragon of virtue indicates that frequent displays consistent with a well-defined script are relevant.
Crossing the gate
Finally considering the importance of the gatekeepers, whether traditional (Lovelace et al., 2022) or digital (Wallace, 2018), the scriptwriting and role-playing suitable for a CEO celebrity is a process that necessitates many hands. For instance, considering traditional media, journalists and other media producers will decide how the story of a CEO celebrity will be published (Lovelace et al., 2022). Regarding digital gatekeeping, the decision is decentralized (Wallace, 2018), and algorithms play a significant role (Airoldi & Rokka, 2022). A CEO celebrity interacts with fans, journalists, content creators, and algorithms through the digital platforms' affordances (Heavey et al., 2020) to attempt to improve their public standing. Thus, on both venues, several intermediaries may influence the CEO drama.
If the CEO cannot pass the gatekeepers, they may attempt to insist on or rethink the three processes of the performance: stage-setting, scriptwriting, and role-playing. However, performance must continue to sustain public visibility in a world filled with competing media (Bligh et al., 2011). The contact with gatekeepers, mediated by social media communication (i.e., commentaries, likes and dislikes, number of followers), is constant. Due to the CEO's celebrity quest for popular approval, these interactions always inform the performance's future.
CONCLUSION
We argue that a CEO's attainment of celebrity status hinges on performative actions. We emphasize the critical role of value representation, which is central to establishing the CEO as an exemplar figure (Robbins, 2017). Our analysis delineates critical components of this performative process, structured around three interconnected practices: (1) stage-setting, (2) scriptwriting, and (3) role-playing (see Figure 11). The drama of CEO celebrity hinges on a symbolic script composed of curated values and selected antagonists. This narrative framework positions CEO celebrities as champions of significant causes and mavericks challenging dominant narratives. Through deliberate actions, strategic initiatives, and an intentional social media presence, the CEO embodies these values, portraying themselves as a model. These symbolic practices are resources deployed during role-playing, where the CEO enacts and evolves the script. The performative act requires a defined stage; hence, the CEO must contextualize their actions, leveraging economic trends or social issues, often amplified through media channels like Instagram, to maintain and enhance their celebrity persona.
Building on these observations, we show that the enactment of CEO celebrity is embedded in political, economic, and social dynamics that extend beyond the individual's actions. The selection of antagonists amplifies the CEO's position and shapes their image as someone who defies and redefines established norms. By situating themselves within broader socio-economic issues, they construct a persona that transcends their organization, becoming symbols of larger economic narratives and cultural shifts.
That said, we set three theoretical contributions: (1) a nuanced understanding of how values are articulated and represented in the performative actions of CEO celebrities; (2) a novel framework for analyzing the construction of CEOs' public personas, moving beyond traditional gatekeeping perspectives to emphasize performative processes; and
(3) an expanded conceptualization of the 'stage' in CEO online drama, highlighting that it encompasses not only the affordances of social media platforms but also broader contextual elements that extend beyond the boundaries of the CEO's organization.
Byexplaining how CEOs achieve symbolic representation for a society these findings shed light on the social impact of the CEO celebrity phenomenon. Our proposal moves away from focusing on the potential benefits and harms of CEO celebrity drama to executive leaders and companies (e.g., Lovelace et al., 2018, 2022). Rather, we argue that CEO celebrity performances are built on the interplay between the CEO, their company, and society. This performative interplay reflects a complex negotiation of power and influence, demonstrating how CEO celebrity is both a personal and societal phenomenon, thus contributing to debates on the symbolic power wielded by CEOs and its social implications (e.g., Barros et al., 2025; Bloom & Rhodes, 2018; Branicki et al., 2021).
Finally, the major limitation of this study is the lack of access to the thought process before posts are performed. Future research could address this by gaining access to the creative process behind social media posts, allowing for a more comprehensive examination of both the preparatory and performative aspects of CEO communication. We looked into Benchimol's Instagram performance, but future research could also look into other elements of CEO celebrity performances.
For instance, the performance may or may not adopt distinct styles depending on the medium. Another possibility is to explore how these performances can adapt to changing societal and industry contexts, such as changes in government. A comparative investigation across different social media platforms may also showcase some particularities of each context. Moreover, studying the impact of CEO performances on organizational culture, employees, and consumers could elucidate the broader implications of these strategic communications efforts.
Furthermore, as gatekeeping is integral to the CEO's celebrity status attainability, future studies may shed light on the audience's perspective of the CEO's drama. How does the CEO's public appraise their digital performances? How does it impact them? How does the CEO adapt to good or bad reactions from their audience? These are possible questions that future research in this direction can answer.
Ultimately, understanding the dynamics of CEO celebrity in an increasingly digital world is essential for grasping the evolving nature of leadership. CEOs hold growing prominence, and their expanding social and political influence extends far beyond their traditional economic and organizational roles.
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Authorship
Bruno Rossetti Leandro*
Fundacao Getulio Vargas, Escola de Administracao de Empresas de Sao Paulo
Av. Nove de Julho, n. 2029, Bela Vista, CEP 01313-902, Sao Paulo, SP, Brazil
E-mail: [email protected]
https://orcid.org/0000-0002-9485-8547
Anna Beatriz Niteroi
Fundacao Getulio Vargas, Escola de Administracao de Empresas de Sao Paulo
Av. Nove de Julho, n. 2029, Bela Vista, CEP 01313-902, Sao Paulo, SP, Brazil
E-mail: [email protected]
© https://orcid.org/0000-0003-0017-9146
Anion Narciso de Barros
Fundacao Getulio Vargas, Escola de Administracao de Empresas de Sao Paulo
Av. Nove de Julho, n. 2029, Bela Vista, CEP 01313-902, Sao Paulo, SP, Brazil
E-mail: [email protected]
©https://orcid.org/0000-0002-9748-7788
* Corresponding Author
Funding
The authors would like to thank FGV EAESP for the institutional support. Bruno Rossetti Leandro and Anna Beatriz Niteroi also acknowledge that this study was financed in part by the Coordenacao de Aperfeicoamento de Pessoal de Ni'vel Superior - Brasil (CAPES) - Finance Code 001.
Conflict of Interests
The authors informed that there is no conflict of interests.
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2nd author: conceptualization (supporting), formal analysis (supporting), investigation (equal), methodology (supporting), project administration (equal), writing - original draft (equal), writing - review & editing (equal).
3rd author: project administration (supporting), supervision (supporting), validation (equal), visualization (equal), writing - review & editing (supporting).
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Abstract
Objective: this article explores how the representation of values grounds the process of chief executive officers (CEOs) attaining celebrity status, focusing on the performance aspect of their online presence. Theoretical approach: the study builds upon the CEO celebrity drama framework. However, the conceptualization of examples and political discourse theory (PDT) are mobilized to further develop the notion of CEO celebrity drama, as they provide insights into how protagonism, antagonism, and values structure performance. Methods: this research employs a discourse analysis focusing on the Instagram profile of Guilherme Benchimol, a Brazilian agent from a financial company, serving as a case study to explore how CEO celebrities perform their celebrity status through social media. Results: the CEO celebrity presents themselves on social media, employing three core components: stage-setting, scriptwriting, and role-playing. They leverage these platforms to champion values, aligning themselves with specific causes and juxtaposing their image against antagonists. This performance helps cultivate and uphold their celebrity-like status. Conclusions: this study enhances our understanding of how CEOs use social media to cultivate celebrity status, emphasizing the role of values in shaping their narratives and performances. Through the lens of PDT, this research deepens our insight into the dynamics of CEO celebrity drama and underscores social media's role in shaping modern and acclaimed business personalities.