Retirement is supposed to be the reward after decades of hard work. But for many chief executives, it turns out to be the hardest test of their careers—and most are failing it.
New data published by Boston Consulting Group (BCG) in early August found that only 40% of CEOs felt satisfied in retirement. That means 60%—the vast majority—are struggling with life after the corner office.
Why Retired CEOs Keep Coming Back to Work
The findings help explain a growing trend in corporate America. More companies, including Verizon, Boeing, and Cracker Barrel, have been hiring CEOs out of retirement, often during times of crisis. These are people who are presumably wealthy enough to never work again. Yet they accept grueling new assignments in their sixth or seventh decades.
According to the BCG study, the answer is simple: they simply weren't prepared for retirement. The skills that made them successful as CEOs—relentless drive, a need for control, and an identity tied to the job—may be the very things that make stepping away so difficult.
The Retirement Problem No One Talks About
For most workers, retirement is about financial security. For CEOs, the challenge is different. They have the money, but they often lack a plan for what comes next. The boardroom gives them purpose, status, and a clear sense of identity. Without it, many feel lost.
This is why we see former executives returning to lead companies in trouble. It is not about the paycheck. It is about feeling needed again and having a reason to get up in the morning.
"They simply weren't prepared for retirement." — Boston Consulting Group study
What This Means for Companies and CEOs
For companies, the trend of hiring retired CEOs is a double-edged sword. On one hand, these leaders bring experience and steady hands during crises. On the other hand, it suggests that succession planning is failing. If a company has to drag a retiree back to the office, it likely means the bench of internal talent is not ready.
For CEOs themselves, the lesson is clear: retirement needs a plan just like any business strategy. Wealth alone does not guarantee a happy retirement. Executives need to build a life beyond the boardroom before they leave it.
Our Take: Retirement Is a Skill CEOs Never Learned
To put it plainly, this study reveals a blind spot at the very top of corporate leadership. CEOs spend decades mastering strategy, operations, and people management. But almost none of them prepare for the day when they will no longer be in charge.
In our view, this is a leadership failure—not just for the individual CEO, but for the companies that rely on them. Boards should treat retirement planning as part of executive development, not an afterthought. A CEO who cannot transition out of the role gracefully is a risk to themselves and to the organization they leave behind.
The 60% failure rate is a warning sign. Retirement is the ultimate performance review, and most CEOs are not passing it. The good news is that this is fixable. With the right preparation, the final chapter of a career can be as rewarding as the rest of it.
