Is Warren Buffett living proof that with age comes wisdom? Or does there come a time when the rigors of running a company dictate that head honchos be put out to pasture?

Many big U.S. corporations still set their retirement ages at 65, yet Wall Street 24/7 points out 14 chief executives at publicly traded companies who are still at the helm at age 75 and beyond. The oldest is American Financial Group (NYSE: AFG) Chairman Carl Lindner at 89. He's followed by Sumner Redstone, chairman of Viacom (NYSE: VIA-B), and Dole Food (NYSE: DOLE) Chairman David Murdock, both of whom are 86. Berkshire Hathaway's (NYSE: BRK-A) (NYSE: BRK-B) Buffett clocks in at a sprightly 79. Almost all the people on the list are either founders or related to the founders, and many retain a large influence over their companies' boards of directors.

"Their protracted tenure undermines the idea that American corporations are meritocracies -- as far as job promotions go," the article argues. Perhaps. But if your friendly octogenarian CEO still gets results, seasoned with years (and years, and years) of know-how, should it matter? Sound off in the comments box below with your thoughts, whippersnappers.

Fool online editor Adrian Rush is, like P.J. O'Rourke, the CEO of the sofa. He owns no shares of the companies mentioned here. The Fool owns shares of Berkshire Hathaway, which is a Motley Fool Stock Advisor and Motley Fool Inside Value recommendation. The Fool's disclosure policy used to be much older then, but it's younger than that now.