The CEO role is undeniably challenging. It’s mentally exhausting. It’s time-consuming. It’s high-pressure and fast-paced. And for many, it’s no longer the career aspiration it once was.
At the Fortune COO Summit in October, I asked operations chiefs if they aspired to the corner office. While a few admitted it was on their vision board, many expressed hesitance. Some said they’d only consider the role at private companies, and very few were interested in leading public companies. A significant number were adamantly opposed to pursuing the top job anywhere.
Though my sample size was small, the sentiment aligns with observations from my colleague Geoff Colvin, who noted in August 2023 that there’s a diminishing financial incentive for executives to become CEOs, especially as the role becomes all the more demanding. Couple that with constant scrutiny, isolation, public exposure of their personal lives, and the toll on loved ones, and it’s easier to see why many high-potential candidates are wary of stepping into the job.
The recent murder of UnitedHealthcare CEO Brian Thompson could further intensify these concerns. Executive recruiters, board members, and current CEOs privately acknowledged to me that the incident might deter highly qualified candidates from aspiring to the CEO position, particularly at polarizing companies, like, say, X, or in polarizing industries like insurance or armament manufacturing.
Last week, a nonprofit CEO echoed this apprehension over drinks, sharing the story of a finance executive and friend who had repeatedly declined CEO offers. He valued his privacy and safety and already enjoyed a lucrative career without the added burdens of heightened visibility and constant security. “He could leave his house whenever he wanted without security guards always trailing behind,” she remarked.
Jason Baumgarten, head of Spencer Stuart’s Global Board and CEO Practice, provided an astute and thoughtful perspective. Thompson’s tragedy underscores the importance of understanding one’s motivations for becoming a CEO. “There are lots of other ways to make money, be remembered, and lead a good life,” Baumgarten said. “You have to really be clear about your motivations.”
Baumgarten also highlighted the need for deeper societal reflection. While criticism of CEO compensation, private flights, and security measures is common, the reality is that these leaders operate under near-ceaseless scrutiny and are responsible for the livelihoods of thousands and even tens of thousands of stakeholders. The recent killing of Thompson is an extreme example—and the motive behind it is still unclear, though it likely speaks to Americans’ justifiably deep-seated dissatisfaction with the U.S. healthcare system—but Baumgarten cautioned that continual disparagement of CEOs could discourage talented individuals from stepping up to the highest executive rungs.
This trend is already evident among younger generations, who are increasingly pursuing alternative career paths. Many prefer to remain middle managers or individual contributors, while others opt for entrepreneurial or influencer careers over traditional corporate roles.
As a society, Baumgarten said we must find ways to make leadership desirable again, noting that just as entrepreneurs are celebrated for creating jobs and economic advancement opportunities, successful leaders deserve recognition for their contributions.
“If you tear those people down all the time, there’ll be nobody left who wants [leadership roles],” said Baumgarten. “And we need those people.”
Ruth Umoh
ruth.umoh@fortune.com
Note from the editor: Next week’s newsletter will be published on Tuesday to coincide with the launch of the inaugural Fortune Most Powerful Rising Executives list.
Today’s newsletter was curated by Natalie McCormick.
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Leadership lesson
Amazon founder Jeff Bezos said last week that he prefers messy meetings that wander and sometimes run over time because they spark creative ideas and encourage collaboration and healthy dissent. “I always ask, ‘Are there any dissenting opinions on the team?’’ said Bezos. “I want to try and get to the controversy.”
News to know
Syrians celebrated in the streets on Sunday as a rebel advance ended the Assad family’s 50-year rule. Fortune
Peter Thiel’s network of right-wing techies is infiltrating Donald Trump’s White House. Fortune
U.S. hiring increased in November, but the unemployment rate edged up to 4.2%, signaling a cooling labor market that could strengthen the case for a Federal Reserve rate cut. Bloomberg
A federal appeals court upheld a law banning TikTok in the U.S. over national security concerns and rejected a free speech challenge brought by the app. WSJ
The European Union finalized a historic trade deal with four South American nations, an effort that found new urgency before President-elect Donald Trump takes office. NYT
The FAA confirmed that Boeing plans to gradually resume 737 MAX production this month after a labor strike that ended in early November. Reuters
Rank riser
Karen Carter was promoted to Dow’s COO. Ally Financial appointed Stephanie Richard as its chief risk officer. Labcorp named Julia Wang its next CFO. Ken Cook was named Wendy’s CFO. Humana announced that Celeste Mellet will be its next CFO. Etsy tapped Kruti Patel Goyal as its chief growth officer, Lanny Baker as CFO, and Brad Minor as CMO.
New to the corner office. Kohl’s appointed Ashley Buchanan as its next CEO, effective Jan. 15, 2025. He most recently served as the CEO of Michael’s. Campari named industry veteran Simon Hunt as its next CEO, effective Jan. 15, 2025. Mick Beekhuizen has been named the next CEO of The Campbell’s Company, effective Feb. 1, 2025. He most recently served as the EVP and president of meals and beverages.