Average Age of U.S. CEOs Hits 61: Why Older Leadership Is Rising and What It Means for Business

Average Age of U.S. CEOs Hits 61, Up 10 Years in Two Decades

It’s not just Congress that’s aging—America’s corporate leaders are getting older too. A new working paper reveals the average age of U.S. CEOs has climbed to 61, a significant increase from around 51 two decades ago.

The findings, published in the working paper "Aging at the very top" by the National Bureau of Economic Research (NBER) and sourced from BoardEx, are based on a sample of 50,510 CEOs across the United States.

Why Older CEOs Matter: Pros and Cons

The study highlights a mixed bag of outcomes associated with older leadership:

• Slower growth and less innovation: Older leaders tend to manage businesses that experience slower growth and are less likely to pursue radical innovation, aligning with prior research.
• Stronger crisis management: Conversely, older CEOs appear to perform better during periods of economic uncertainty.

Age Trends by Company Size: Small Firms Favor Older Leaders

The researchers analyzed a database of over 50,000 leaders and found that the preference for older CEOs is more pronounced among smaller, privately held companies. Larger corporations, however, often promote from within, as seen with Apple’s recent leadership transition.

Apple appointed 50-year-old John Ternus to replace 65-year-old Tim Cook, demonstrating how bigger firms may balance age dynamics differently.

S&P 500 CEOs Slightly Younger, But Still Aging

For the largest companies, represented by the S&P 500, CEOs are slightly younger on average. In 2023, their average age was 58.5, up from 56 in 2000—a trend consistent with the aging of the broader workforce, according to Bloomberg.

The Intrigue: CEO Tenure Isn’t the Only Factor

This trend isn’t solely about leaders staying in their roles longer. The average age at which individuals first become CEOs has also risen, from around 47 to 55.

While the U.S. population is aging, the study notes this trend isn’t purely demographic. Over the same period, the average age of college-educated workers increased by only two years, according to the authors—Farzad Saidi of the University of Bonn and economists from Princeton.

Companies Seek Older Leaders with Diverse Career Paths

The research indicates that today’s CEOs often hold more jobs across more companies before reaching the top. These "generalist" leaders, with broad experience, are highly valued for their management skills.

"The analysis finds that rising economic uncertainty and complexity make generalist skills more valuable."

Despite their growing demand, companies are fostering fewer generalists now due to slowed entry-level hiring. This scarcity is driving up the value of older generalist CEOs.

"The premium will only increase," Saidi says.

Broader Implications: Aging Leadership Across Sectors

The trend extends beyond corporate leadership. Key findings include:

• The current U.S. Congress is the third oldest ever, with the average senator at 63.8 years and the average House member at 57.7 years.
• The average age at which Ph.D. scientists receive their first grant—a marker of success for early-career researchers—rose to 43 in 2020, up from 39 in 1995 (STAT News).
• Homeownership challenges among younger generations further underscore the broader age-related barriers in career progression.

Bottom Line: Ageism Persists, But Opportunities Remain

For many workers, ageism remains a barrier to career advancement or even maintaining employment. Yet, for a select group—particularly those with diverse, generalist backgrounds—the aging of leadership presents unique opportunities.