Boards are calling retired CEOs back as succession pipelines run dry

In recent CEO news, retired CEOs are becoming a sought-after resource for companies facing challenges in developing their own leadership pipelines. Novo Nordisk's recent search for a new CEO exemplifies this trend, with the company turning to a 69-year-old retired executive following a recent controversy. Cracker Barrel's recent appointment of Dave Deno, a 69-year-old former CEO, has also drawn criticism over the decision.

This approach is not unique to Cracker Barrel; other major companies like Verizon and Boeing have also hired retired CEOs recently. The increasing reliance on external candidates, including retirees, is attributed to the difficulty in finding internal candidates and the growing age of CEOs, with the average age increasing from 51 in 2000 to 61 in 2023.

Shawn Cole, president of executive search firm Cowen Partners, highlights that boards are increasingly turning to external hires, with 33% of new CEOs at S&P 500 firms being external hires in 2025. While retired CEOs can provide a steady hand, Cole warns that hiring executives at the end of their careers may only be a temporary solution, not a long-term answer to leadership challenges.