I would recommend that readers view the HBR Blog today - December 6, 2011 - entitled "Developing Executive Presence."
While presence is not a leadership competency, it is nonetheless an aspect of persuasion and communication and therefore, has an impact on leadership effectiveness.
But when it comes to the process of selection, my concern is that executive presence - or looks - or poise - or deportment - or dress - or appearance - or whatever you wish to call it - takes on too much weight when making selection decisions.
Presence is important - as are many other factors - but they must all be placed in the proper weighting.