CEOs and the "Thrill Gene"

Many of the best CEOs engage in dangerous hobbies, says Jules Crystal, a partner in the labor and employment law practice group at Bryan Cave LLP. "These people are just wired differently."

While the majority of CEOs don' t practice bungee jumping or skydiving in exotic locations, Crystal estimates that about 10 percent of the top leaders "have that gene to do things differently." As a result, he says, some companies have tried to limit off-hours activities by writing restrictions into the contracts of incoming CEOs.

Corporations routinely take out insurance policies for their CEOs as part of their fiduciary responsibilities to protect valuable executives, but limiting how those execs spend their personal time may also limit companies' choices of CEOs.

Crystal says HR executives should be aware that a highly desirable, sought-after candidate who loves to fly his single-engine plane alone in remote spots, or race stock cars, for instance, may not be willing to give up those pleasures. And that individual may be the one the company wants most.

While candidates may agree to some limits on dangerous pastimes, says Crystal, "nine out of 10 of your top candidates won't accept a complete restriction. They will simply go elsewhere."