Tiger Woods, JK Rowling, and Bono are entertainers who are extremely well-paid for their highly valued talents. But talented CEO’s are unique people who create more value than mere entertainment. What’s that worth to us on an organizational and social level?

Ultimately, the worth of a CEO needs to be measured by results. And we all want better results today. But consider the value of productivity, market success and job creation. I was recently asked during a television interview if GE’s success was solely driven by Welch. My answer was, Jack would be the first to say that it was a collective effort of great executives and talented employees. But let’s not forget who created a culture that attracted, developed, inspired, and retained those folks.

Good CEOs create thousands of jobs, deliver a lifetime of wealth for legions of investors, and drive life-changing innovation. IBM’s Lou Gerstner saved an American institution. Harvey Golub at American Express increased shareholder value by record numbers. Herb Kelleher defied industry logic by consistently delivering profits in the toughest of times. Many of us became rich as lifetime investors in GE, or were saved by GE medical products — and yes, Jack Welch did have something to do with it.

Anthony Smith is Co-Founder and a Managing Director of Leadership Research Institute and author ofThe Taboos of Leadership: 10 Secrets No One Will Tell You about Leaders and What They Really Think (Jossey-Bass, May 2007). His forthcoming book is ESPN: The Company (Jossey-Bass, September 2009).