Birthday boy: Rupert Murdoch and wife Wendi Deng at this week's Oscars. Photo: Reuters
Media mogul Rupert Murdoch celebrated his 79th birthday yesterday, but, it seems, age has not wearied him.
His case is not unique: Cabcharge executive chairman Reg Kermode is 83 and the No. 3 on Forbes' recent rich-list, Warren Buffett, turns 80 in August.
Yet the average age of executive directors in the top 100 Australian companies was 54, said RiskMetrics Group analyst Martin Lawrence. ''How old is too old depends entirely on the individual concerned,'' Mr Lawrence said.
Expert on ageing Gill Lewin, of Curtin University of Technology, said an older executive could benefit a company.
''Individuals should be judged on their performance whatever their age, and there are definite advantages associated with age,'' said Professor Lewin, who is also president of the Australian Association of Gerontology.
She said that although new learning and problem solving could be slower at older ages, life experiences usually outweighed the need for these skills.
''When we are talking about managing directors we are not talking about new learning,'' she said. ''The important attributes are going to be the skills that they can bring to any contemporary issue. Older people are going to be in a significantly better position than younger people.''
Australian Shareholders Association chief executive Stuart Wilson said: ''There can be circumstances where executives stay on too long, and there is a definite role for a company's board to tap a long-standing CEO on the shoulder if they recognise he is starting to slip.
''But as long as their drive is there and the mental faculties are there, we are more than happy to support the senior executives.''
The biggest issue facing shareholders in companies with older CEOs was what succession plans were in place, he said.
Media analysts say investors in News Corp need not worry about an unforeseen departure, because of the depth of experience in the company. BBY analyst Mark McDonnell said although Mr Murdoch was at the top of the tree, most of the branches were run by skilled directors as well as his family.
''You have got James Murdoch coming through in a dynastic sense; he is taking greater responsibility in Europe and Asia,'' he said.
