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.
