As companies grow and change over time, so do their requirements for those in leadership roles. It is very rare that a CEO’s tenure extends past the average 7-10 years given by a variety of surveys; in fact, some sources consider five years to be more realistic for the head of a company. This relatively short-term role can be due to a lack of new ideas, running out of energy, compensation, disagreements over company direction, or issues with board members. Sometimes, it’s also just time to retire.
Ultimately, a fresh take on a weathered brand can bring new life to a company, but according to Market Watch, “Companies boasting the longest-tenured CEOs also tend to attract the best shareholders — those with the longest holding periods and highest concentration levels.”
With this in mind, it’s interesting to take a look at some of the longest-running CEOs and examine their methods for adapting and growing companies into market leaders. 2019 brought a mass exodus of CEOs (more than 1,400), which created tumult and questions for investors. CEOs who survived the Great Recession of 2008 and the more recent “generational change” have been faced with handling operations during a pandemic and an ever-changing shift in the use of technology.
Warren Buffett is perhaps the best example of a long-running CEO, having famously led Berkshire Hathaway since 1965, taking the company from a textile manufacturer to a holding company that purchases flailing companies and reinvigorates them. But there are other success stories beyond Buffett, of company leaders who stay for the long haul and have plenty of success to show for it.
Stephen Schwarzman, Blackstone: 37 Years
Stephen Schwarzman co-founded Blackstone in 1985 and has served as CEO and Chairman ever since. With over $951 billion in Assets Under Management (AUM), Blackstone is one of the world’s most successful investment firms. Under his decades of direction, Blackstone has become a leader in private equity, real estate, hedge fund solutions, and credit.
Prior to founding Blackstone, Schwarzman graduated from Yale and Harvard and worked in Mergers & Acquisitions at Lehman Brothers.
At the age of 75, Schwarzman’s net worth is just under $29 billion – not bad for the son of a dry goods store owner.
Frank VanderSloot, Melaleuca: 37 Years
After climbing the ranks of two Fortune 500 companies, Frank VanderSloot had led Melaleuca, headquartered in Idaho Falls, Idaho, since it began in September 1985. Under his leadership, the company’s product line now has over 400 exclusive health and wellness products. He’s built this popular online wellness shopping club into big business, providing consumer goods to 2 million customers each month and producing more than $2 billion in revenues per year.
Earlier this year, VanderSloot’s role transitioned from CEO to Executive Chairman of the company’s board of directors.
Raised in poverty on a small farm in northern Idaho, Frank VanderSloot graduated from Brigham Young University. He has received several business awards for his work in founding and leading Melaleuca, including Entrepreneur of the Year by Ernst & Young, USA Today, and CNN. He was inducted as a lifetime member of the Horatio Alger Association of Distinguished Americans, and he has accepted the U.S. Chamber of Commerce’s Blue Chip Award.
Now 74, VanderSloot’s net worth is estimated to be around $3.1 billion, according to Forbes.
Dr. Leonard Schleifer, Regeneron Pharmaceuticals: 32 Years
In 1988, Dr. Leonard Schleifer was working as a neurologist before he left to co-found Regeneron Pharmaceuticals. Since then, he has been a Director and its President and CEO, as well as serving as Chairman of the Board from 1990 through 1994. What began as a small startup is now a $50 billion operation with eight FDA-approved medications.
A graduate of Cornell and the University of Virginia, Dr. Schleifer has also been recognized as one of Barron’s Best CEOs and as an Ernst & Young Entrepreneur of the Year. Now 69, Dr. Schleifer’s net worth is estimated at $2.6 billion.
Harry H. Stine, Stine Seed Company: 43 Years
Although Harry Stine joined his father’s soybean cleaning business in 1964, he began selling soybean seeds in 1979 under his own label, Stine Soybean Seeds. Stine had pioneered a soybean-breeding program on a scale that was previously only done by universities. Stine Seed Company now has estimated annual sales of over $1 billion.
Although he has been a CEO for many decades, Stine still considers his most important title to be “Farmer.” He graduated from McPherson College and has also been an Ernst & Young Iowa/Nebraska Entrepreneur of the Year, as well as been recognized with the Entrepreneurial Achievement Award from the Iowa Biotechnology Association and Distinguished Service to Agriculture Award from the Iowa Farm Bureau Federation. Stine’s net worth is $8 billion.
