Why Baby Boomer Executives Refusing to Retire Could Spell Disaster

Baby Boomer executives continue to win and keep top jobs in the C-suites – and it’s setting up a possible succession crisis across corporate America. 

From Boeing to Verizon to Cracker Barrel, boards at major firms have been hiring older and even previously retired chief executives to guide them out of corporate messes. As of June, 42% of sitting CEOs were 60 or older — an “elevated” level versus historical averages, according to research by Cowen Partners that looked at SEC proxy filings across an S&P 500 sample.

Meanwhile, a major chunk of white-collar Boomers are grappling with what experts call an “identity crisis” — reluctant to leave for a traditional retirement. That, along with a lack of timely succession planning, could spark chaos in the workplace in the coming years.