What interviews with 13 Fortune 500 CEOs revealed about their retirement.
“I don’t quite know what to do next,” said Simon, a media CEO. Simon had been a chief executive for 15 years, and CFO before he was 30. He had turned around private and public companies, quadrupled profits and quintupled revenue. But, with his company recently sold, Simon was considering retirement. Like many CEOs, he had had no time to plan his retirement — all his focus had been on running the company.
While only a few take on another CEO job, almost all former CEOs are contributing to the U.S. economy and to societal wellbeing. More than a quarter of past Fortune 500 CEOs become active in private equity. Over half assume leadership positions at nonprofit organizations and almost all are philanthropic. Two thirds serve on public boards. Many teach and some even write books.
Mulcahy further cautions that, “the things that work for you as CEO work against you as a retiree, such as being in command and your high energy level.” It took her a while to find her footing — she reports “calendar filling.” But not for long, as lead director of Johnson & Johnson, chairman of Save the Children, and a guest lecturer at Harvard, she found work that gave her purpose and passion. “For me, it wasn’t about making money or visibility, but about impact and usefulness.
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