America’s bosses just won’t quit. That could spell trouble

Of the many worries that whirl around the minds of chief executives, few are more unsettling than the question of succession. Having toiled their way to the top of the corporate ladder, many bosses struggle to imagine relinquishing control and placing their legacy in the hands of another.

A growing number of America’s bosses have instead opted to defer the matter altogether. By the end of last year 101 S&P 500 CEOs had held the corner office for more than a decade, up from just 36 ten years earlier, according to figures from MyLogIQ, a data provider. Although some, like Warren Buffett, the longest-serving of the lot with 53 years on the clock, built the companies they run, most are hired hands. Jamie Dimon of JPMorgan Chase, a bank, Shantanu Narayen of Adobe, a software firm, and Chris Nassetta of Hilton, a hotel franchise, are among the many who have outlasted their predecessors. Such long-serving chief executives have pushed up the average tenure of S&P 500 top dogs from six years to seven over the past decade.