Cowen Partners Research Featured in Entrepreneur on the Boomer Succession Squeeze
Entrepreneur picked up the story of corporate America’s aging C-suite, and leaned on research and commentary from Cowen Partners President and Co-Founder Shawn Cole to explain why the long-predicted retirement wave never arrived, and what it’s costing companies.
In the piece by Jon Small, the framing is pointed for a founder audience: economists spent years forecasting a “Silver Tsunami” of boomer retirements that simply hasn’t struck. Labor force participation among people 65 and older has climbed to 19.2%, and from Boeing to Verizon to Cracker Barrel, boards keep turning back to older or previously retired CEOs. Cowen Partners’ research found that 42% of sitting CEOs are now 60 or older, an elevated level against historical norms.
Shawn’s contribution digs into the human reason behind the numbers. Part of it is that people are living longer, but part of it is psychological. As he tells Entrepreneur, there’s a fear that if I stop moving, I might die, because so many of these leaders know someone who retired and then quickly declined. That reluctance to let go, however understandable, comes with a cost.
The cost is the piece’s real warning. Building an executive ready for the top job takes 15 to 20 years, and companies leaning on aging leadership are burning through that runway.
When the handoff finally comes, Shawn cautions, it may land on a generation that was never brought into the room. As he puts it, it becomes a rapid succession over a year or two for people who were kept out for years, and it’s fair to ask who thinks that’s a good idea.
Read the full article in Entrepreneur.
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