More than 10% of the S&P 1500 companies have hired a CEO who starts the job near or above the conventional retirement age of 65 years old. This phenomenon exists among all industries and persists over time. Firms are more likely to hire retiring CEOs when the CEO job risk is high and when the firm is in distress. Retiring CEOs receive lower total compensation, the compensation structure puts a higher weight on nonequity-based compensation, and have a shorter tenure. Retiring CEOs can be beneficial to shareholders when they are hired for the right purpose.

中文翻译：

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聘请退休年龄的首席执行官

在标准普尔 1500 指数成份股公司中，超过 10% 的 CEO 的上任时间接近或超过 65 岁的传统退休年龄。这种现象存在于所有行业中，并且会随着时间的推移而持续存在。当 CEO 工作风险高且公司陷入困境时，公司更有可能聘请即将退休的 CEO。即将退休的 CEO 获得的总薪酬较低，薪酬结构更重视非股权薪酬，并且任期较短。退休的 CEO 在为正确的目的而被聘用时可能对股东有利。