Over the past few years, the work of corporate board members has become much more difficult. Directors had to take on more responsibility and address more complicated decisions under extremely difficult economic circumstances. Yet hundreds of new directors are appointed each year, and certain trends emerge from appointments where many committees reveal the value of new candidates.
According to Heidrick & Struddles 2025 Board Monitor US, the Fortune 500 company filled 379 board sheets in 2024. The characteristics of these appointees are as follows:
- 73% of the appointees had previous board experience.
- 88% of the appointees had international experience.
- 72% of appointed board members had trans-industrial experience.
- 48% of appointed board members were former CEOs (up from 42% in 2023).
- 72% of appointees were concentrated in the age range of 55-69 years (the average age of appointees was 59 years old).
These statistics suggest that most Fortune 500 boards are likely to appoint older directors who have previously served on public boards and gained international experience or worked in several different industries. Former CEOs are particularly sought after.
Although the Heidrick & Struggle research focuses on the appointment of the board of directors of the Fortune 500 company, all corporate committees will ultimately need new board appointees to determine the required characteristics. The survey shows that the largest companies prioritized board appointees last year. Here are the things that all CBOARDs can take from their research findings:
Finding a director with international experience is a top priority. For large companies, staying competitive in foreign markets and expanding internationally requires a board of directors that understand international business practices. The Trump administration's focus on international trade and tariffs underscores the importance of having board members with international experience and international connections. This skill set is coveted by current and future corporate committees as companies that are hoping to increase their growth potential should investigate international market opportunities.
Previous board experiences are recommended. Now that corporate director jobs are much more difficult, companies are leaning towards selecting candidates who have served as directors in the past. Boards need to help address increasingly complex issues, with veteran directors more likely to make important contributions than first-time board members. Additionally, directors with previous experience have worked in several different industries and may have brought different perspectives and alternative solutions to board discussions. The Corporate Committee will benefit from gaining diverse experience and insights when addressing issues.
The age of new board appointees may soon become a problem. The fact that 72% of new board appointees were between 55 and 69 years old indicates that many of these boards are holding back multiple board positions because the preferences of experienced board members are so severe. Unfortunately, this trend cannot last for a long time as some companies have enforced a policy of asking board members to retire at age 70, and others have restricted board members to join two or three external committees. Appointing a board member nearing the age of 70 may limit the time that can be spent on that board. This trend suggests that all boards need to reevaluate their committee's refresh and board's tenure opinions in order to devise policies that are best suited to their long-term growth goals.
Ultimately, this data signal is a narrow definition of board preparation. However, as businesses tackle digital transformation, cybersecurity threats, ESG regulations and activist shareholders, the board could benefit from widening openings. Candidates with backgrounds of technology, sustainability, human capital, or government relations can provide insights that overlook traditional resumes. The job of surveillance for a company will not be easy. The board adapting their appointing strategies to the increasing complexity will be better positioned to guide uncertainty in the future.
