CEOs hold back the years as US economy keeps on recovering
In 2017, CEOs were 58 years old on average, up from an average age of 55 a decade ago
The bull market is getting older. So are the CEOs powering it. As the US enters the ninth year of economic recovery, big company CEOs are, on average, as old as they’ve been in at least 17 years, according to a study released today by the Conference Board and recruiter Heidrick & Struggles. About 10% of the CEOs in the S&P 500 are 65 years old or older, working well past the traditional retirement age. Warren Buffett is the oldest, at 88. The ageing of the C-suite is driven by complementary factors. Executives aren’t eager to retire, and directors are increasingly comfortable keeping them around. Earlier this year, Merck directors voted to eliminate a mandatory retirement age to keep Kenneth Frazier in the job after he turns 65. “If you have to choose between a prolonging the tenure of an executive who’s performing well, rather than facing the uncertainties that are inevitably linked to a CEO succession, well, obviously you go for the first, right?” said Matteo Tonello, managing dir...
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