Over the last few years, the job of corporate board members has become much more difficult. Directors have taken on more responsibilities and have had to deal with more complex decision-making under very challenging economic conditions. Even so, hundreds of new directors are appointed each year, and certain trends emerge from those appointments that reveal what many boards value in new candidates.
According to Heidrick & Struggles’ 2025 Board Monitor US, Fortune 500 companies filled 379 board seats in 2024. Those characteristics of those appointees included:
- 73 percent of appointees had previous board experience;
- 88 percent of appointees had international experience;
- 72 percent of appointed board members had cross-industry experience;
- 48 percent of appointed board members were former CEOs (up from 42 percent in 2023);
- 72 percent of appointees were concentrated in the 55-69 age range (the average age of appointees was 59 years)
These statistics suggest that most Fortune 500 boards are likely to appoint older directors who have previously served on public boards before and have gained international experience or have worked in several different industries. Former CEOs are particularly sought after.
The Heidrick & Struggles study concentrates on Fortune 500 company board appointments, but every corporate board will eventually need to determine which characteristics it wants new board appointees to have. The study shows what the largest companies have prioritized in their board appointees over the last year. Here’s what all cboards can take from the study’s findings:
Finding directors with international experience is a high priority. For the largest companies, maintaining a competitive edge in foreign markets and expanding internationally requires a board that understands international business practices. The Trump administration’s focus on international trade and tariffs has highlighted the importance of having board members with international experience and international connections. Any company that expects to increase growth potential will need to examine international market opportunities, so this skillset will be coveted by corporate boards now and into the future.
Previous board experience is preferred. Now that the job of corporate directors has gotten much more difficult, companies are leaning toward selecting candidates who have served as directors in the past. Boards need help dealing with increasingly complex issues, and seasoned directors are more likely to make more significant contributions than first-time board members. Additionally, directors with previous experience may have worked in several different industries, bringing different perspectives and alternative solutions to board discussions. Any corporate board would benefit from having diverse experience and insight when tackling problems.
The age of new board appointees may soon become an issue. The fact that 72 percent of new board appointees were 55-69 years old indicates that many of these directors are holding down multiple board positions because the preference for experienced board members is so acute. Unfortunately, since some companies are implementing policies that ask board members to retire at age 70 and others are limiting board members to serving on two or three additional outside boards, this trend cannot continue for long. Appointing board members who are close to age 70 may limit the time they can spend on that board. This trend suggests that all boards may need to re-evaluate their views on board refreshment and board tenure to come up with a policy that best fits their goals for long-term growth.
Ultimately, what this data signals is a narrowing definition of board readiness—one that prioritizes proven track records over potential. But as companies grapple with digital transformation, cybersecurity threats, ESG regulation and activist shareholders, boards may benefit from widening the aperture. Candidates with backgrounds in technology, sustainability, human capital or government relations could offer insights traditional resumes overlook. The job of corporate oversight isn’t going to get any easier. Boards that adapt their appointment strategies to the growing complexity will be better positioned to lead through the uncertainty ahead.