It depends on the position and level one is hiring at, really. For a senior engineer or manager we want a leader, someone who both has vision and can get things done in an organization. For a junior engineer we need only someone who can execute.

When looking at GPA, it is the later. In my experience it is a very rare college who who has the intuition or insight to drive any part of a product.

For a hiring committee, most likely. A committee at any corporation would be incapable of measuring or understanding anything else. :P

I joke but most managers at places at have hiring committees are more interested in underlings obeying orders than showing any form of excellence.