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03 January 2024 / Quick Take
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Copy LinkWhile the vast majority of CEOs of US public companies are 50 years or older, the percentage of CEOs in the Russell 3000 who are in their 30s and 40s is rising. The percentage of CEOs 40–49 years of age increased from 12.9% in 2017 to 15.6% in 2023, while the percentage of those 30–39 grew from 0.9% in 2017 to 2.1% as of the end of 2023. CEOs in their 50s have declined from 51.1% in 2017 to 46.4% today; meanwhile, 14.2% of CEOs are 60 or over, the same percentage as in 2017.
While the vast majority of CEOs of US public companies are 50 years or older, the percentage of CEOs in the Russell 3000 who are in their 30s and 40s is rising. The percentage of CEOs 40–49 years of age increased from 12.9% in 2017 to 15.6% in 2023, while the percentage of those 30–39 grew from 0.9% in 2017 to 2.1% as of the end of 2023. CEOs in their 50s have declined from 51.1% in 2017 to 46.4% today; meanwhile, 14.2% of CEOs are 60 or over, the same percentage as in 2017.
The recruitment and appointment of younger CEOs places an increased responsibility on boards of directors to ensure they have the necessary strategic capabilities and governance practices in place to work effectively with the CEO and to serve the company. While younger CEOs may bring fresh perspectives to their role, they are likely to lack experience in the responsibilities in running a public company. Notably, the sectors that have the youngest median CEOs—information technology and health care—also have among the lowest levels of reported governance experience on their boards. Only 18.3% of directors in the health care sector report having governance experience (the lowest of all industry sectors); the same is true of 24.6% of directors at information technology companies (the third lowest). Directors in information technology also have the lowest level of business strategy experience
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