Hiring retirement‐age CEOs
研究发现超过10%的标普1500公司招聘了接近或超过传统退休年龄65岁的CEO，这种现象普遍存在，且在公司风险高或财务困境时更常见。退休CEO薪酬较低、结构偏向非股权激励、任期较短，但在合适目的下对股东有益。
Abstract 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.