The age at the top of corporate America has climbed sharply over the past two decades. The average CEO is now 61 years old, up from roughly 51 around 2000, according to new research analyzing data on more than 50,000 U.S. business leaders.
The shift reflects two separate changes. Not only are CEOs staying in their jobs longer, but companies are also promoting people to the top at older ages. The average age at which someone becomes a CEO has risen to 55 from approximately 47.
This graying of the executive suite carries real tradeoffs. Older leaders tend to run companies that grow more slowly and pursue less aggressive innovation. Yet research suggests they navigate economic turbulence more effectively, managing uncertainty better than their younger counterparts.
Companies, especially smaller and privately held firms, are seeking CEOs with extensive career backgrounds. Today's top executives have worked more jobs at more companies before reaching the corner office. These "generalists" bring versatility that economists say is increasingly valuable as business becomes more complex and unpredictable.
Large public corporations show a slightly different pattern. S&P 500 CEOs averaged 58.5 years old in 2023, up from 56 in 2000. These bigger firms can more easily promote experienced internal candidates. Apple's recent move to appoint 50-year-old John Ternus as CEO, replacing 65-year-old Tim Cook, illustrates how larger companies operate with more succession options.
The trend outpaces overall U.S. workforce aging. The American population is indeed graying, but college-educated workers overall added only two years to their average age over the same period. The spike in CEO ages far exceeds simple demographic shift.
Economic forces appear to drive the preference for seasoned generalists. As uncertainty and complexity grow, boards value leaders who have navigated multiple industries and roles. Farzad Saidi, an economist at the University of Bonn who coauthored the research, notes these generalist skills have commanded a premium for over a decade.
But there is a catch. Even as older generalists become more prized, companies are developing fewer of them. Slowed entry-level hiring means younger workers have fewer opportunities to build the diverse career paths that lead to the top. That scarcity only increases the value placed on the generalists who already exist.
The phenomenon extends well beyond business. Congress is now in its third-oldest era, with senators averaging 63.8 years and House members averaging 57.7 years. Scientists seeking their first research grant, a marker of early career success, now average 43 years old, compared to 39 in 1995.
For most workers, age becomes a barrier to advancement or employment. For the select group in top positions, age has become an asset, locking in power at the highest levels while younger people wait longer to climb the ladder.
Author James Rodriguez: "The system favors the already-established, and that bottleneck at the top will only tighten as long as companies keep promoting older generalists while cutting the pipeline that produces new ones."
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