American business has a gerontocracy problem

In 2000 , one-eighth of Americans were over 65 ; that proportion is set to grow to one-fifth by 2040 .

In 2008 , the average age of a CEO in an S&P 1500-listed firm was 54 . It's risen each year since, to nearly 59 in 2023 .

A rising corporate gerontocracy puts countless businesses at risk.

Peggy Drexler : For many executives, the rationale for not retiring is simple: They don't want to, and no one can make them.

She says 60% of high-net-worth people say they're determined to never stop working, despite their age.

She asks: For executives, retiring can feel like losing a part of the self, but studies suggest retirement is "slightly more likely to have positive effects on people's health".

The Biden imbroglio has been a positive step forward — the adverse effects of age are out in the open.

There's no easy answer though, particularly in smaller companies without boards of directors.

The finance firm took a different approach: It played the waiting game.

The founder is now receiving more frequent medical care, and has been coming into the office less often.