The average American CEO is now 61 years old, up from roughly 51 two decades ago, according to a working paper published by the National Bureau of Economic Research. The study, based on data from BoardEx covering 50,510 leaders, identifies a widespread graying of the corner office that mirrors trends in Congress.
Older leaders tend to manage businesses that grow more slowly and are less likely to radically innovate, the research found, consistent with prior studies. However, they appear to be better at steering companies through periods of economic uncertainty, presenting a trade-off for boards weighing experience against agility.
The trend is most pronounced among smaller, privately held firms, where the tendency to hire older executives is stronger. Larger corporations, by contrast, can more readily promote from within — as Apple did when it brought on 50-year-old John Ternus to replace 65-year-old Tim Cook.
Among S&P 500 CEOs, the average age was 58.5 in 2023, up from 56 in 2000, according to Bloomberg. This increase aligns with the broader aging of the working population, suggesting the shift is not solely driven by leaders staying in their roles longer.
The researchers note that the change reflects hiring patterns rather than extended tenures alone. Boards may increasingly value seasoned leaders who can navigate volatile markets, even at the cost of slower growth and less breakthrough innovation.