When President Joe Biden faltered his way through that infamous debate, it became instantly apparent that even with competent advisers, sound governance and great intentions, cognitive and physical limitations made it unwise for him to continue as the oldest president in US history.
For me, the issue is not so much his age, for I personally know super seniors who remain intellectually brilliant, emotionally stable and physically strong in business, academe, church, social service. The issue lies with health.
Just as there are vigorous elderly, there are young people who suffer from serious ailments in body and mind, making it difficult for them to work, much less to lead, even if they are supposed to be in the prime of life.
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Thus, I argued in favor of extending the term of P, the 84-year-old chair of a burgeoning manufacturing enterprise. Apart from high blood pressure, which is controlled by medication, P is remarkably fit—a product of great genes, he declares, as his ancestors normally thrive all the way to their 90s.
P takes brisk walks daily, careful not to stumble; devours books on economics, business and faith; and updates himself on company investments, balance sheets, employee profiles.
P is loved by long-staying employees, and with his zest for life, idolized by younger ones.
“Older adults tend to be warmer, friendlier and more empathetic than younger people,” says Lila Maclellan in Fortune Magazine. “By the time people reach their later years, they’re also generally more content, which gives them emotional stability.”
Moreover, older leaders tend to ponder their legacy, as they impart wisdom—arguably more valuable than knowledge, typically the domain of the young. This makes seniors more open-hearted and less stressed out, as shown in international studies of 10,000 managers in 2019, where younger ones were deemed as having a more “self-centered approach” in handling their people.
With advances in science, people generally live longer, with better quality of life, than their forebears.
“As the average US life span has grown from 68 in 1950 to 76 today; as the average retirement age ticks up to 61 from 57 in 1991; as older workers contend with dwindling retirement savings … and as Silicon Valley develop elaborate life-extension treatment for those who can afford them, it’s becoming clear that boomers and Gen X workers can and will stay in their jobs far longer than their parents,” says Maclellan.
Quoting from a study, she says, “Unceremoniously dumping a CEO at an arbitrary age could mean dethroning talented executives who still have a lot to contribute. Although the data show that CEOs can fall into a ‘complacency trap’ in years six to 10 of a long tenure, the consultants found that those who stayed on beyond that period experienced their ‘golden years’ of stellar performance.”
P’s experience and tenure are priceless, I told the younger generation, and they are fortunate to have him still around to guide them as they explore new sources of growth. I told them not to fear that P will hold on to the reins, because he is already taking a backseat in day-to-day operations—and holding his tongue even when they make costly mistakes.
This elicited a laugh, followed by applause when P said, “When the time comes, I will give way to my Kamala.”
The other side of the coin, I reminded the family, was that of Japan, where the government estimates 1.25 million small- and medium-enterprise owners would turn 75 in 2025 without a succession plan, endangering job security.
Thirty-three-year-old Shunsaku Sagami, whose grandfather had to close his real estate business for lack of a successor, founded in 2018 M&A Research Institute, which uses artificial intelligence to match aging leaders with potential successors.
The need was so pressing that in 2022, the company listed on the Tokyo Stock Exchange, and today, Sagami is one of the country’s youngest billionaires.
Queena N. Lee-Chua is with the board of directors of Ateneo’s Family Business Center. Get her book “All in the Family Business” at Lazada or Shopee, or the ebook at Amazon, Google Play, Apple iBooks. Contact the author at blessbook.chua@gmail.com.