President Joe Biden officially launched his reelection campaign on April 25. Poll after poll shows the 80-year-old’s age is a major concern for Republicans and even Democrats. But in business, age is just another sign of experience. Here are the executives working well into their golden years in this week’s Five For Friday.
#5: Frederick Smith
78-year-old Frederick Smith founded Federal Express with a $4 million inheritance from his father in 1971. FedEx is one of the largest courier services in the world, but getting off the ground 50 years ago was an uphill battle.
In the early years, as the company struggled to pay its fuel bills, Smith took the company’s last $5,000 to Las Vegas and turned it into $27,000, which kept the company afloat. Smith was the chief executive until 2022 at the age of 77. He still serves as FedEx’s executive chair.
#4: Alan Miller
85-year-old Alan Miller knew the health care industry was the place to make money in the U.S. He founded Universal Health Services with just six employees in 1979 after losing his first venture to a hostile takeover. UHS is one of the 400 largest public companies in the nation today and made more than $13 billion last year.
Miller left his position as chief executive at the end of 2020 as part of a previously established succession plan. He still serves as board chair for Universal Health Services.
#3: Roger Penske
Roger Penske made a name for himself on the track driving race cars and later started his own team. Penske Racing has more Indianapolis 500 wins than any other team with 18. They’re so dominant, he bought the Indianapolis Motor Speedway and IndyCar Series in 2020.
His drivers also have three championship titles in NASCAR as well. At 86 years old, Penske still serves as chairman of the board and CEO of Penske Automotive Group, which does everything from transportation services to selling cars on lots throughout the country.
#2: Rupert Murdoch
92-year-old Rupert Murdoch is best known for his ownership of Fox News. He hasn’t been CEO of any of his properties since 2018, when he finished out a stint as acting CEO at Fox News after Roger Ailes resigned his position in disgrace. Murdoch is still the chairman of the board at Fox Corp., with his son serving as CEO.
Murdoch has also ended up in the news himself, from a phone-hacking scandal involving the British Royal family to the defamation case levied against Fox News by Dominion Voting Systems, which resulted in a $787.5 million settlement.
He was also reportedly behind the Fox News decision to part ways with its top-rated anchor Tucker Carlson. Fox remained the No. 1 cable news network after Bill O’Reilly’s ouster, so all eyes are on whether the 92-year-old can make it happen again.
#1: Warren Buffett
Warren Buffett will turn 93 years old this year. He’s the longest-tenured CEO of any S&P 500 company, having helmed Berkshire Hathaway since 1970.
Interestingly, Buffett has said buying Berkshire, a textile company at the time, out of spite was the dumbest move he ever made. But it all worked out after transitioning to a major conglomerate with $90 billion in profit in 2022.
Buffett is the world’s fifth richest person and despite naming his successor, has no plan to leave his post as CEO. But the Oracle of Omaha could face some shareholder pressure to relinquish some control at the company’s upcoming annual meeting.
As an honorable mention, Nobutsugu Shimizu was the oldest CEO in Japan when he stepped down in 2021 at age 95. He passed away just one year into retirement.
