Boardrooms Replacing Gray Hair With People Who've Never Done the Job

Hello there.

Wall Street seems to think the grey-haired old guy is a tired motif, and younger generations are taking up the mantle.

Today:

Let’s take a closer look.

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American boardrooms are apparently going through a midlife crisis, but instead of scooping up sports cars, they're freaking out about succession. Roughly one in nine corporate CEOs was replaced at the 1,500 largest publicly traded companies last year, which is the highest turnover rate since 2010. You know, back when we were still recovering from the financial crisis and pretending Farmville was a valid use of our time.

The new bosses are showing up younger, greener, and apparently unbothered by the fact that 80% of them have never run a major company before. The average age of an incoming CEO dropped 2 years just since last year, and two-thirds of the newbies have never even sat on a corporate board. Disney, HP, PayPal, Walmart, Kroger, Lululemon: all fresh meat at the top. Companies currently seeking new chiefs or losing their existing ones have a combined market cap of $2.2 trillion.

So what's driving the shuffle? Boards are basically admitting that the old playbooks don't work anymore. AI adoption, economic chaos, and structural change are hitting all at once, and the silver-haired golf course CEO who climbed the ladder the traditional way isn't what they're shopping for. As Spencer Stuart's James Citrin put it: "We're in a new environment, and someone who's going to replay the playbooks of the past is not necessarily right." If you don't show momentum fast, both internally and with investors, you're toast in six months.

The white picket fence has officially been replaced by a brokerage app.

The share of 25- to 39-year-olds contributing to investment accounts more than tripled between 2013 and 2023 to 14.4%. Meanwhile, the percentage of 26-year-olds who transferred funds to investment accounts since turning 22 jumped from 8% in 2015 to 40% as of May 2025. Young millennials and Gen Z aren't waiting for the housing market to make sense again. They're renting, investing the difference, and watching their portfolios grow while boomers collect another 42% of home purchases.

The math is actually working in their favor. In 1999, Americans between 18 and 39 accounted for 51% of homebuyers. That figure dropped to 44% last year as mortgage rates stubbornly sit above 6% and home prices keep setting records. For many, stretching every dollar to afford a house that requires 30 years of payments feels less appealing than building liquidity in the market.

The stock market's record run and dead-simple trading apps have only accelerated the shift. Gen Z saves 36% of income versus 27% for the average consumer and treats brokerage apps like video games with real money. The housing market's loss is Wall Street's gain, and younger investors are betting they'll come out ahead.

A lot can happen in a week!

Let’s take a quick look at who struck gold and who struck out since our last issue:

Micron Technology, Inc. (MU): +6.16%
Taiwan Semiconductor (TSM): +2.00%
Johnson & Johnson (JNJ): +1.56%
Berkshire Hathaway Inc. (BRK.A): +0.51%
Walmart Inc. (WMT): +0.23%

Alphabet Inc. (GOOG): -6.98%
Apple Inc. (AAPL): -5.11%
Amazon.com, Inc. (AMZN): -3.76%
Microsoft Corporation (MSFT): -3.65%
NVIDIA Corporation (NVDA): -3.39%

Analysis provided by ​altindex.com​.

Remember to always DYOR.

Knife River is a prominent player in the construction materials industry, providing aggregates, ready-mix concrete, asphalt, and other construction services. The company has been on a growth trajectory, expanding its operations and workforce, which is indicative of its commitment to scaling its business.

Current price: $92.43
Target price: $110.58

That’s all for today. Write us and let us know your thoughts on the market, the newsletter, or the weather—we’d just love to hear from you.

Till next time,
— Brandon and Blake of Invested Inc.