It’s not what you think.
Right now you’re sitting there reading this thinking, “I need to know what this is so I can see if I have it or can get it because it’s in my life plan to be an F500 CEO!” You probably are thinking it must something like grit, determination, maybe smarts, attractive looks, or maybe it’s Tim talking about this it’s probably height because he’s a short motherf@cker!
Something truly, statistically interesting has happened over the last 14 years to CEOs of the Fortune 500. It really defies logic.
In 2005 the average age of an F500 CEO was 46 years old. Feels about right. 46 feels like young enough but also old enough all at the same time. The perfect combination of youth and wisdom.
In 2019, do you know what the average age of an F500 CEO was? You would think in 14 years that line would probably stay about the same. Maybe because of all the Baby Boomers leaving the workforce we would see it fall, but probably not too much. If a few Boomers were hanging on, we might see it rise a little, but again, it’s hard to move the average all that much.
In 2019 the average age of an F500 CEO was 59! Basically, over 14 years, the average age went up one year every year! It’s hard to even imagine that could be the case!
So, what’ the one factor you need to be an F500 CEO?
You need to be a Baby Boomer!
That’s right. Stop going to that Ivy league college and working on your MBA. Don’t worry if you’re ugly or short or fat or female or black or white or a dude. The only thing you really need to be is OLD!
Turns out, big giant companies like Old folks running their company!
If you are running a multi-billion dollar company, maybe even closing in on a trillion (Trillion is the new Billion!) you don’t want some kid at the wheel. You want someone with seasoning who will tend to be less reactive to major events. They’ll be a bit slower in how they move the company, a bit more conservative in how they manage the assets and resources.
Also, think about what’s happened over the past 15 years. We came out of the great recession. We had this young 45-ish CEO taking the lead in turning us around and putting us back on top. It actually worked! We’ve had this great decade of prosperity! Do you know what companies do when things are going really well? They don’t change anything! Including their CEO!
In fact, many times if the CEO wants to retire, and they trade that CEO in for a younger one, and 12 months in the company is slightly underperforming to expectations, they’ll fire that CEO quickly and bring back the old one to right the ship!
So, 37-year-old Millennial who is chomping at the bit to take over. Calm down and wait until you’re old! You really only have about twenty more years to wait until it’s ‘your time’. That isn’t that long, just 25% or so of your life. You’ll get there, be patient!