We study the market for CEO talent in public US corporations from 1993-2005. The market for CEO talent is highly fragmented, as talent pools are industry-specific. More than 85% of new CEOs come from either lower ranks within the corporation itself or from other corporations that operate in the same industry sector. Interestingly, supply and demand shocks for CEO talent within industries explain little variation in CEO compensation over time. In contrast, market-wide shocks across pools have large explanatory power. These results cast doubt on the importance of supply and demand shocks for CEO talent in explaining the increase in CEO compensation in recent years. We explore several explanations for this puzzling pattern.