U.S. CEOs

[phkrause]

👴 CEOs get older

Data: BoardEx via "Aging at the very top," published by NBER. Chart: Emily Peck/Axios It's not just Congress. The corner office is graying, too, with the average American CEO now 61, up from around 51 in 2000, Axios' Emily Peck writes. Why it matters: A new study finds that older leaders tend to manage businesses that grow more slowly and are less likely to radically innovate. But they also appear to be more sought after in uncertain economic times. 💡 One finding from the database of more than 50,000 leaders: Smaller, privately held companies are more likely to hire older leaders. Bigger corporations are more able to promote from within — as Apple just did, replacing 65-year-old Tim Cook with 50-year-old John Ternus, starting Sept. 1. Leaders at the biggest companies (S&P 500 CEOs) are a bit younger, 58.5 on average in 2023, Bloomberg notes — up from 56 in 2000. 👀 The intrigue: This trend isn't simply a matter of leaders sticking around longer. The average age of a CEO when they nab the job rose to 55 from around 47.