Innovation is important to organizations’ long‐lasting success, yet many organizations fail to successfully promote innovation. One factor likely to bear an important influence on whether an organization successfully innovates, but that has received relatively little research attention, is the personality of the CEO. The present research examines the link between the personality of the CEO and product and service innovation in the firm using a unique sample of Fortune 1000 CEO's. Results show that conscientiousness in the CEO negatively predicts the level of innovation in the firm. Moreover, this relationship is evident among CEO's who have filled the CEO role for at least 3 years, but not among CEO's who have filled the CEO role for less than 3 years.