Baby Boomers Delay Retirement, Raising Concerns About Leadership Succession
Labor force participation among individuals aged 65 and older has risen to 19.2%, up from around 12% at the turn of the century, as many Baby Boomers continue working past traditional retirement age. This trend is evident across industries, with a growing number of CEOs over the age of 60 being rehired or retained by companies such as Boeing and Verizon. While extended careers are partly due to increased longevity and personal fulfillment, experts warn that this reluctance to retire creates leadership succession challenges. It takes approximately 15–20 years to groom a new executive for top roles, yet many aging leaders remain in power longer than expected. This delay risks leaving companies unprepared when transitions occur. Shawn Cole of Cowen Partners Executive Search notes concerns about the sudden shift from older executives to younger generations like Millennials and Gen Z, who may lack sufficient experience or exposure.
Topics: Baby Boomers executive leadership labor force participation retirement trends succession planning