The Hunt

Last week, I had coffee with a VP-level executive who’s wrestling with what many would call a “good problem.” Should he pursue a suggested promotion? His CEO is retiring, and the board wants him to throw his hat in the ring for the top job. On paper, it’s a dream scenario—the ultimate career milestone, increased influence, and the chance to shape an organization’s future. But as we talked, I realized he was facing something far more complex than a simple promotion decision.

“I love what I do,” he told me. “I’m fulfilled, respected, and I can see the direct impact of my work. But this opportunity… it may never come again.”

His dilemma perfectly captures a tension that’s becoming increasingly common in today’s executive landscape: the choice between current satisfaction and future opportunity.

The Numbers Tell a Story

Recent research from a 2024 CEO Transitions report reveals some fascinating trends that make this decision even more nuanced. The share of externally hired CEOs surged in 2024, representing 44 percent of all new S&P 1500 CEO appointments — the highest since 2000. This means that passing up an internal opportunity today might mean facing tougher external competition tomorrow.

The data also shows that the average age of incoming CEOs in 2024 (55.7) is consistent with 2023 but notably higher than prior years, with nearly 30 percent (28 percent) of new CEOs are 60 or older. For executives in their 40s and early 50s, the window for CEO opportunities may be wider than previously thought, but it’s also more competitive.

The Case for Taking the Leap

The argument for pursuing the CEO role is compelling. Beyond the obvious benefits of increased compensation and prestige, the position offers something that can’t be replicated at any other level: ultimate accountability and influence. CEOs shape not just strategy but culture, values, and the lives of thousands of employees.

Research on executive satisfaction suggests that executives face high levels of responsibility and stress, they may also find their roles intellectually stimulating and challenging, which can contribute to a sense of fulfilment and engagement. The CEO role, while demanding, it can provide the kind of career growth, intellectual stimulation and strategic challenge that many senior executives crave.

There’s also the practical consideration of timing. While the average tenure of departing CEOs ticked up year over year to 9.2 years, it has declined by nearly a year since 2021. This suggests that while CEO roles can be long-term, the pressure and demands of the position are increasing, making the “right time” to step into the role more critical than ever.

The Case for Staying Put

But there’s a powerful counter-argument that goes beyond simple risk aversion. Research consistently shows that people who feel fulfilled at work are less preoccupied with physical symptoms and tend to experience greater overall life satisfaction and psychological wellbeing. If you’re genuinely happy and fulfilled in your current role, that’s not just a “nice to have”—it’s a significant quality of life factor.

The CEO transition data reveals another sobering reality: resignations under pressure declined to 8 percent from 10 percent in 2023, but this still means that roughly one in twelve CEOs leaves their position under pressure. The role comes with intense scrutiny, activist investor pressure, and the constant weight of being the ultimate decision-maker.

There’s also the question of readiness. Almost half of directors told us they are concerned that they won’t have a single internal candidate ready for a transition. This suggests that boards sometimes push internal candidates into CEO roles before they’re truly prepared, which can set everyone up for failure.

The Third Option: Strategic Patience

Perhaps the most interesting insight from the data is that 35 percent of newly appointed CEOs coming from a divisional CEO background, and three-quarters of first-time CEOs hired externally came from a divisional CEO role. This suggests there might be a third path: using your current position to build additional experience and credentials that make you even more attractive for future CEO opportunities.

The research shows that companies are increasingly valuing proven experience. A fifth of incoming S&P 1500 CEOs in 2024 (21 percent) previously served as a public company CEO, an increase of 8 percentage points in three years. This means that declining one CEO opportunity doesn’t necessarily close the door on future ones—it might actually position you better for the next one.

Making the Decision

So how do you navigate this choice? Here are the key factors to consider:

Assess your readiness honestly. Are you being offered this role because you’re the best candidate, or because you’re the most convenient one? The distinction matters enormously for your success and satisfaction.

Consider your risk tolerance. CEO roles come with significant personal and professional risks. Are you prepared for the possibility of failure, public scrutiny, and the stress that comes with ultimate accountability?

Evaluate your current situation. If you’re truly fulfilled and growing in your current role, that has real value. Don’t underestimate the importance of job satisfaction to your overall life satisfaction.

Think long-term. CEO opportunities may be rare, but they’re not unique. The skills and experience you gain by staying in a role you love might position you better for future opportunities.

Consider your personal life. The CEO role will fundamentally change your work-life balance. Are you and your family prepared for that change?

The Bottom Line

My friend’s dilemma doesn’t have a clear-cut answer, and that’s exactly what makes it so challenging. The “right” choice depends on individual circumstances, risk tolerance, and personal values. What the research does tell us is that both paths can lead to success and satisfaction—but they require different trade-offs.

The executives who are able to achieve “Career Nirvana”, regardless of the path they took, share one common trait: they made their decision based on a clear understanding of their priorities and a realistic assessment of what each option would require of them.

Sometimes the best career move isn’t the most obvious one. Sometimes it’s the one that aligns with who you are and what you value most. The key is making that decision with your eyes wide open, understanding both the opportunities and the costs of each path.

Artemis Consultants is a premier purpose driven executive staffing company, delivering talent worth the hunt for the SaaS, B2B Tech and B2B Services industries. We exist for two reasons: To help companies advance and grow by recruiting highly qualified talent. And to provide people career opportunities that positively impact their lives.