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.