The best offices in the company building are starting to look a lot more like the US Senate. A new working paper from the National Bureau of Economic Research finds that the average American CEO is now 61, up from the average of 20 years ago of about 51, and bosses are not just staying longer—they're getting the top job later, at an average age of 55 instead of 47. The shift is most pronounced at smaller, privately held firms, which are more likely to recruit older leaders from outside. Big public companies can still elevate insiders, which helps keep S&P 500 chiefs a bit younger, at about 58.5 on average in 2023, reports Axios. To wit: Apple's newly named CEO, John Ternus, is 50 and has worked at the company for 25 years, notes Bloomberg.
The graying trend isn't simply a mirror of the aging workforce: the average college-educated worker's age rose only two years over the same period. Instead, companies appear to be seeking "generalists" who've logged multiple roles across multiple employers before landing the corner office. Research ties older CEOs to slower growth and fewer bold bets, but also to better navigation of turbulent economies. As economic uncertainty and complexity climb—and entry-level hiring shrinks, limiting the pipeline of future generalists—the premium on seasoned, broadly experienced leaders "will only increase," economist and coauthor Farzad Saidi tells Axios.
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