Rupert Murdoch, Warren Buffett top the list of 5 oldest executives

Apr 28, 2023

Simone Del Rosario Business Correspondent

By Simone Del Rosario (Business Correspondent), Emma Stoltzfus (Editor), Brent Jabbour (Producer)

President Joe Biden officially launched his reelection campaign on April 25. Poll after poll shows the 80-year-old’s age is a major concern for Republicans and even Democrats. But in business, age is just another sign of experience. Here are the executives working well into their golden years in this week’s Five For Friday.

#5: Frederick Smith

78-year-old Frederick Smith founded Federal Express with a $4 million inheritance from his father in 1971. FedEx is one of the largest courier services in the world, but getting off the ground 50 years ago was an uphill battle.

In the early years, as the company struggled to pay its fuel bills, Smith took the company’s last $5,000 to Las Vegas and turned it into $27,000, which kept the company afloat. Smith was the chief executive until 2022 at the age of 77. He still serves as FedEx’s executive chair.

#4: Alan Miller

85-year-old Alan Miller knew the health care industry was the place to make money in the U.S. He founded Universal Health Services with just six employees in 1979 after losing his first venture to a hostile takeover. UHS is one of the 400 largest public companies in the nation today and made more than $13 billion last year.

Miller left his position as chief executive at the end of 2020 as part of a previously established succession plan. He still serves as board chair for Universal Health Services.

#3: Roger Penske

Roger Penske made a name for himself on the track driving race cars and later started his own team. Penske Racing has more Indianapolis 500 wins than any other team with 18. They’re so dominant, he bought the Indianapolis Motor Speedway and IndyCar Series in 2020.

His drivers also have three championship titles in NASCAR as well. At 86 years old, Penske still serves as chairman of the board and CEO of Penske Automotive Group, which does everything from transportation services to selling cars on lots throughout the country.

#2: Rupert Murdoch

92-year-old Rupert Murdoch is best known for his ownership of Fox News. He hasn’t been CEO of any of his properties since 2018, when he finished out a stint as acting CEO at Fox News after Roger Ailes resigned his position in disgrace. Murdoch is still the chairman of the board at Fox Corp., with his son serving as CEO.

Murdoch has also ended up in the news himself, from a phone-hacking scandal involving the British Royal family to the defamation case levied against Fox News by Dominion Voting Systems, which resulted in a $787.5 million settlement.

He was also reportedly behind the Fox News decision to part ways with its top-rated anchor Tucker Carlson. Fox remained the No. 1 cable news network after Bill O’Reilly’s ouster, so all eyes are on whether the 92-year-old can make it happen again.

#1: Warren Buffett

Warren Buffett will turn 93 years old this year. He’s the longest-tenured CEO of any S&P 500 company, having helmed Berkshire Hathaway since 1970.

Interestingly, Buffett has said buying Berkshire, a textile company at the time, out of spite was the dumbest move he ever made. But it all worked out after transitioning to a major conglomerate with $90 billion in profit in 2022.

Buffett is the world’s fifth richest person and despite naming his successor, has no plan to leave his post as CEO. But the Oracle of Omaha could face some shareholder pressure to relinquish some control at the company’s upcoming annual meeting.

As an honorable mention, Nobutsugu Shimizu was the oldest CEO in Japan when he stepped down in 2021 at age 95. He passed away just one year into retirement.

Tags: 2024 Elections, FedEx, Fox News, Joe Biden, Rupert Murdoch

SIMONE DEL ROSARIO:

PRESIDENT BIDEN OFFICIALLY LAUNCHED HIS RE-ELECTION BID THIS WEEK, AND POLL AFTER POLL SHOWS THE 80-YEAR-OLD’S AGE IS A CONCERN. BUT IN THE BUSINESS WORLD, AGE MEANS EXPERIENCE. WE’VE GOT THE EXECUTIVES GETTING ON IN YEARS IN THIS WEEK’S FIVE FOR FRIDAY:

78-YEAR OLD FREDERICK SMITH FOUNDED FEDEX WITH A $4 MILLION DOLLAR INHERITANCE FROM HIS FATHER. THE COURIER IS PRETTY MUCH EVERYWHERE NOW, BUT GETTING OFF THE GROUND 50 YEARS AGO WAS TOUGH. IN THE EARLY DAYS, STRUGGLING TO PAY THE FUEL BILL, HE TOOK FEDEX’S LAST FIVE GRAND TO VEGAS AND TURNED IT INTO 27K, KEEPING THE COMPANY AFLOAT. SMITH WAS CEO UNTIL JUST LAST YEAR AT 77, AND STILL SERVES AS EXECUTIVE CHAIR.

85-YEAR OLD ALAN MILLER MUST’VE KNOWN HEALTHCARE WAS THE PLACE TO MAKE MONEY IN THE U.S. HE FOUNDED UNIVERSAL HEALTH SERVICES WITH SIX EMPLOYEES IN 1979 AFTER LOSING HIS FIRST HEALTHCARE VENTURE TO A HOSTILE TAKEOVER. UHS RAKED IN MORE THAN $13 BILLION IN 2022 AND IS ONE OF THE 400 LARGEST PUBLIC COMPANIES IN THE NATION. MILLER LEFT HIS CEO POST AT THE END OF 2020 AT AGE 83 AS PART OF AN ESTABLISHED SUCCESSION PLAN. HE STILL SERVES AS CHAIRMAN OF THE BOARD.

86-YEAR OLD ROGER PENSKE MADE A NAME FOR HIMSELF AS A RACECAR DRIVER AND LATER STARTED HIS OWN TEAM, WHICH HAS MORE INDY 500 WINS THAN ANY OTHER AT 18. HE’S SO DOMINANT THERE, HE BOUGHT INDIANAPOLIS MOTOR SPEEDWAY AND THE INDYCAR SERIES IN 2020. HIS DRIVERS HAVE THREE NASCAR CHAMPIONSHIPS TOO. PENSKE SERVES AS BOARD CHAIR AND CEO AT PENSKE AUTOMOTIVE GROUP, A FORTUNE 500 COMPANY, WHICH DOES ALL KINDS OF CAR STUFF, EVEN SELLING EM AT DEALERSHIPS THROUGHOUT THE COUNTRY.

92-YEAR OLD RUPERT MURDOCH IS THE MEDIA MOGUL BEST KNOWN FOR FOX NEWS. HE HASN’T BEEN CEO OF ANY OF HIS PROPERTIES SINCE 2018, WHEN HE FINISHED A YEARS-LONG ACTING CEO STINT AFTER ROGER AILES RESIGNED IN DISGRACE. BUT MURDOCH’S STILL THE CHAIR OF FOX CORP, WITH HIS SON AS CEO, AND THE EXECUTIVE CHAIRMAN AT NEWS CORP. HE EVEN STILL ENDS UP IN THE NEWS, BE IT A PHONE-HACKING SCANDAL INVOLVING THE BRITISH ROYALS, OR THE FOX-DOMINION DEFAMATION CASE. MURDOCH WAS DEPOSED IN THE LATTER. AND IN THE AFTERMATH, HE WAS REPORTEDLY BEHIND THE DECISION TO PUSH OUT TOP-RATED HOST TUCKER CARLSON. FOX STAYED NUMBER ONE AFTER OUSTING BILL O’REILLY, WE’LL SEE IF THE 92-YEAR-OLD CAN SWING IT AGAIN.

WARREN BUFFETT FINISHES OFF OUR LIST, HE’LL TURN 93 THIS YEAR. HE’S THE LONGEST SERVING CEO OF AN S&P 500 COMPANY, HAVING BEEN AT THE HELM OF BERKSHIRE HATHAWAY SINCE 1970. HE SAYS BUYING UP BERKSHIRE OUT OF SPITE WAS ONE OF THE DUMBEST THINGS HE EVER DID. BUT THE FORMER TEXTILE COMPANY IS NOW A MAJOR CONGLOMERATE WITH 90 BILLION IN PROFIT JUST LAST YEAR. RIGHT NOW THE ORACLE OF OMAHA’S THE WORLD’S 5TH RICHEST PERSON. AND HAS NO RETIREMENT PLANS OTHER THAN NAMING A SUCCESSOR, BUT COULD FACE PRESSURE TO RELINQUISH SOME CONTROL AT THIS YEAR’S ANNUAL MEETING.

WE WANTED TO GET IN NOBUTSUGU SHIMIZU WHO STEPPED DOWN AS CEO OF LIFE CORP IN JAPAN TWO YEARS AGO AT AGE 95. BUT SADLY HE PASSED AWAY JUST A YEAR INTO RETIREMENT. MAYBE I SHOULD HAVE THOUGHT OF A MORE UPLIFTING WAY TO END THIS, BUT THAT’S LIFE? AND THAT’S FIVE FOR FRIDAY, I’M SIMONE DEL ROSARIO. IT’S JUST BUSINESS.