Do CEOs Need to Use Social Media?

According to a Fast Company article, more than 60% of Fortune 500 CEOs have zero social media presence. That may be a problem.  But what about CEOs of privately owned businesses? Your guess is as good as mine but the article below states:

Social media is where your customers are—shouldn’t you be there, too?

Yes, Even CEOs Need To Use Social Media -- And They Need to Do It Well