Less discussed, however, is a parallel crisis in corporate America: a wave of aging business leaders who refuse to step aside.
The average retirement age is similarly increasing: to 62 in 2024 from 57 in 1991.
Using public data from 1992 to 2018, they assessed the relationship between a CEO's age and their "managerial ability," as measured by how they turned company resources into revenue and profit.
"A 10% increase in CEO age is associated with a 1.9% decrease in managerial ability," they wrote.
And older workers, both above and below the traditional retirement age, already face unwarranted discrimination in the workplace.
Persons:
who'd, Joe Biden's, Donald Trump, Ruth Bader Ginsburg, Sen, Dianne Feinstein, It's, Rosemond Desir, Scott Seavey, Seavey, what's, Mark Fisher, Sumner Redstone, —, David Ekerdt, Olivia S, Mitchell, Desir, Warren Buffett, Rupert Murdoch, Fisher, Biden imbroglio, they're
Organizations:
Business, Supreme, California, Florida Atlantic University, University of California, CBS, Viacom, Barclays, gerontology, University of Kansas, Wharton, Chevron, Caterpillar, Berkshire Hathaway, News Corp
Locations:
America, Irvine, Southern California, United, Berkshire