As CEOs Postpone Retirement, Succession Plans Still Matter

John Commins, for HealthLeaders Media , August 13, 2012

It might be the challenge of being on the playing field for the rollout of the Patient Protection and Affordable Care Act. Or, it might be a lack of qualified successors, or a board of directors that just can't say goodbye, or even something as mundane as a gutted 401(k).

Whatever the reason, many healthcare CEOs age 55 and older say they're in no hurry to retire.

A May survey of 200 CEOs by executive search firm Witt/Kieffer found that only 24% are planning to retire within four to five years. Of those, 14% will retire within three years and 8% plan to retire within one year.
Nearly half of respondents?42%?are more than five years away from retirement and 12% have no retirement plans in place.

Most surprisingly, of those in the age 55-59 group, 71% either have no retirement plans, or plan to retire in more than five years.

Elaina Genser, senior vice president/managing director at Witt/Kieffer's western region says 88% of the CEOs say they have goals achieve before they retire and 83% said they wanted to help with the challenges ahead in healthcare, including PPACA.

"There are a lot of them thinking 'this the biggest thing since Medicare. I want to be part of it, and then I can leave,'" Genser tells HealthLeaders Media.

1 | 2 | 3

Comments are moderated. Please be patient.




FREE e-Newsletters Join the Council Subscribe to HL magazine


100 Winners Circle Suite 300
Brentwood, TN 37027


About | Advertise | Terms of Use | Privacy Policy | Reprints/Permissions | Contact
© HealthLeaders Media 2015 a division of BLR All rights reserved.