The CEO Lifecycle

> Their performance is explained in part by our sample. Most CEOs have dropped out of the race by this stage, whether for performance, health, or personal reasons, so it’s the strongest leaders who stay longer than a decade. Indeed, when we have shared our data, some observers have questioned whether the outperformance of the golden years is due solely to this survival bias—the fact that weaker leaders were weeded out earlier. But our research shows other factors at play. When we investigated attrition rates in our data, we saw CEOs leaving the job in consistent numbers year in and year out. If attrition alone explained the ups and downs, we would see corresponding movements in attrition and performance. Additionally, those CEOs who lasted into a second decade show a similar pattern of highs and lows over their tenure. Their survival wasn’t simply a function of their performance; the credibility and trust they built with the board and investors helped them stay the course in challenging years.