HomeFinance NewsKey information on mandatory retirement ages for board members and CEOs.

Key information on mandatory retirement ages for board members and CEOs.

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Former US Vice President Al Gore, 75, is resigning from Apple’s board due to the company’s age-based limitations for directors, raising concerns about ageism in Corporate America. Although age 75 is not an automatic disqualifier for US corporate leaders, Apple’s restriction prompts questions about the prevalence of age-based policies in the business world. The top 10 oldest CEOs of companies on the Russell 3000 range from 84 to 91, with all of them still actively working as of the article’s publication.

Mandatory retirement ages are more of an exception than a rule in Corporate America, and they do not apply to many other professions, such as US lawmakers, surgeons, and other occupations. Despite this, companies continue to implement and maintain mandatory retirement policies for board members, although the retirement age for directors is typically 72 or older. This policy is often linked to the need for board diversification and refreshment, which includes gender and racial diversity, as well as the requirement for a diverse set of skills and qualifications.

According to the Article, it is illegal for companies to impose a mandatory retirement age on rank-and-file employees under federal and state age discrimination laws, with the Age Discrimination in Employment Act applying to companies with 20 or more employees. However, federal and state police officers, surgeons, and public safety employees may be subject to mandatory retirement ages, based on the assumption that age is linked to physical competence and safety. Advocates for older workers, such as the AARP, argue that mandatory retirement ages should be eliminated, as age-based discrimination is not supported by scientific and medical studies.

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