As per the latest development, Twitter Inc.’s new Chief Executive Officer Parag Agrawal holds the youngest CEO position in the S&P 500 although.
Twitter New CEO
On Monday, Twitter’s co-founder and CEO, Jack Dorsey announced his resignation.
After that, the firm named Indian-American Parag Agrawal as his replacement at 37 to succeed Twitter founder and CEO Jack Dorsey.
This is also the same age as Meta Platform Inc. CEO Mark Zuckerberg.
Earlier, Twitter wouldn’t disclose Agrawal’s date of birth due to security concerns.
But, now it is confirmed that he was born later in 1984 than Zuckerberg’s May 14 birthday.
At 45, Dorsey was already among the dozen youngest CEOs in the collection of the largest U.S. companies.
Age – Not A Big Deal
A professor at the Stanford Graduate School of Business, David Larcker said, “I don’t think the age thing is that big of a deal, especially for companies like this. It could be an advantage,” who studies CEO performance.
“The fact that Dorsey is stepping down from the board, so he’s not going to be like a shadow CEO, he must have real confidence in him.”
According to data compiled by Bloomberg, Berkshire Hathaway Inc. CEO Warren Buffett, is the oldest CEO in the S&P 500 at 91.
The average age of a CEO among the 500 largest companies comes around 58 years, the data show.
Although, the broader trend in CEO age still doesn’t favor youth.
It is noteworthy here that the data on S&P 500 companies measured over the last two decades by executive recruiter Spencer Stuart shows a small but steady increase in the age of the CEO.
New Responsbilities
In 2011, Agrawal joined Twitter and has been the company’s chief technical officer since 2017.
Now, he is also joining the board, where he will also be a statistical outlier.
Parag Agrawal was responsible for the microblogging platform’s Technical Strategy, Machine Learning, Artificial Intelligence, Consumer, Revenue, and Science teams as the chief technology officer, as per profile his profile on the Twitter leadership page.
On the other hand, Dorsey will stay on the board of the San Francisco-based company until his term expires in 2022, according to Twitter, in a statement.
According to Spencer Stuart, the average age of an S&P 500 director is 63.
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