Aging at the Very Top

Valentin Kecht, Alessandro Lizzeri and Farzad Saidi

No 21397, CEPR Discussion Papers from Centre for Economic Policy Research

Abstract: This paper documents that the age at which CEOs are appointed has risen sharply over the past several decades. Using newly assembled data covering a wide set of firms, we show that this increase is concentrated outside the largest listed firms and driven primarily by longer and more diverse external career paths prior to CEO appointment. These patterns are difficult to reconcile with explanations based on demographics, schooling, or tenure, and are instead consistent with a matching framework in which rising demand for generalist human capital leads firms to trade off peak ability for accumulated experience. We investigate the forces behind this shift. Using variation in consulting networks, we establish that firms place greater weight on diversified managerial experience as operating environments have become increasingly uncertain and complex. We also provide evidence for a supply-side response in which prospective CEOs broaden their skill portfolio as demand for generalist skills rises.

Keywords: Ceos; Aging; Uncertainty (search for similar items in EconPapers)
JEL-codes: D22 J21 J24 M12 M51 (search for similar items in EconPapers)
Date: 2026-04
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