Study Finds CEOs Average 55 Years Old as Nike’s Hill Defies One-Firm Path
NKE•Nike CEO Elliott Hill returned from retirement after 30 years at the company, underscoring his rare one-firm career path. A study of 50,000 U.S. CEOs shows the average appointment age rose to 55 in 2023, with new leaders spending ten extra years working outside firms before taking top roles.
1. Nike CEO’s Unusual Career Trajectory
Elliott Hill began his career at Nike as an intern in the 1980s and climbed to top executive roles before stepping into retirement. Two years later he was asked to return as CEO, highlighting how rare it has become for leaders to rise entirely within one company.
2. Rising Age of Appointed CEOs
Analysis of over 50,000 U.S. CEOs reveals the average age at appointment climbed from 47 in 2000 to 55 in 2023. Boards are prioritizing experienced, lower-risk managers, contributing to the lengthening career arcs before assuming chief executive roles.
3. Increased External Experience for CEOs
The study found that contemporary CEOs spend about ten more years working at outside firms than their counterparts did two decades ago. This shift underscores a trend toward boundaryless careers, as boards value diverse industry and functional backgrounds over long-term single-company tenure.
