Saturday, the reality is that most CEOs will never be able to approach that tenure. Some 70% of S&P 500 companies had a mandatory retirement age in place for corporate directors as of December, according to executive search firm Spencer Stuart. Other research suggests such policies are in place for perhaps a third of S&P 500 chief executives.
While many won’t last in a top job nearly long enough to see such a policy invoked—the average S&P 500 chief executive retires at 60.1 years old after a tenure of about 8.4 years—perhaps the practice needs a rethink in an era when once-unthinkably long lifespans are commonplace.last week, which means he can stay in the top job until 2028. Boeing cited his leadership through the recent 737 MAX crisis and the jet engine maker’s long product cycle when it announced the decision.
Agree. Mandatory retirement age validates “ageism” and especially for CEO’s and Board doesn’t make sense because wisdom and experience are the most important top leadership traits - why limit them with arbitrary age based forced retirement?
What a ridiculous statement.
Age discrimination threatens a very vulnerable segment of the population. Unless there are physical issues at stake (eg pilots) we should avoid these blatant discriminatory policies.
If you are 50 or older and they tell you your job was cut tell them you think age discrimination is a factor and they may cut you a check for a few hundred thousand in return for not pursuing it. Worked for me.
Naw,we need new blood 🩸 in and new money
Different if you own your company and control the voting stock on the board.
Exactly. Just look how great the U.S. government is run. Gerontocracies rock!
It’s not about age it’s about leadership and being able to stay in tune with society and the market.
Why should a person doing well for the company and shareholders retire let him contribute as long as he wants.