American CEOs Are Getting Older, With Average Age Now 61
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The average age of an American CEO has risen to 61, a decade older than two decades ago. The trend toward older leadership is more pronounced at smaller, private companies, while the broader workforce has aged only slightly. Researchers attribute the shift to longer career paths and a decline in entry-level hiring that once developed generalist leaders.
Facts First
- The average American CEO is now 61 years old, up from approximately 51 two decades ago.
- The trend is stronger at smaller, privately held companies than at large public ones.
- CEOs now take longer to reach the top, attaining the position at an average age of 55, up from 47.
- The broader college-educated workforce aged only two years over the same period.
- Today's CEOs hold more jobs across more companies before becoming chief executive.
What Happened
A new analysis of a database containing more than 50,000 leaders finds the average age of an American CEO is now 61, compared to approximately 51 years old two decades ago. The average age at which a CEO attains their position has also risen, to 55 from about 47. The tendency to hire older leaders is more predominant among smaller, privately held companies. For comparison, S&P 500 CEOs had an average age of 58.5 in 2023, up from 56 in 2000.
Why this Matters to You
Older leadership could influence the strategic direction and risk tolerance of the companies you work for, invest in, or buy from. A slower pipeline for developing leaders may affect long-term career opportunities, especially for younger professionals. The trend suggests top roles are becoming more specialized, which could make it harder to switch industries later in your career.
What's Next
The trend toward older leadership appears to be part of a broader pattern affecting other fields; the average age for Ph.D. scientists to receive their first grant has also increased, and the current U.S. Congress is the third oldest ever. Some large companies, like Apple which recently replaced its 65-year-old CEO with a 50-year-old successor, may buck the trend. The study's authors, economists from Princeton and the University of Bonn, suggest the shift is linked to companies fostering fewer 'generalist' leaders due to slowed entry-level hiring.