Good at programming competitions does not equal good on the job [video]
I'm also a former ICPC world finalist and I'm willing to believe this is the case in a BigCo because:
1) Top ICPC competitors tend to be extremely socially awkward, and may not work well in groups. 
2) Vast majority of engineering work is very algorithmically simple, thus these folks don't get a chance to "shine".<p>However, I've noticed that they are popular in prop trading firms, where work tends to be in very small teams or individual. I don't know how their performance correlates to fund performance.<p>If I were hiring, I'd still prefer to hire at least some top ICPC performers. The hard algorithms are rare---but can make or break your product.<p>I also think the knowledge learned from programming contests is invaluable. I'd like to be able to discuss bipartite matching or min-cut with my colleagues without eliciting a blank look.