The Middle East has emerged as the leader of markets with 68 of a total of 1,221 CEO placements at the largest public listed companies from around the world, these appointments are located in countries including UAE and Saudi Arabia, according to the Route to the Top 2023 report by Heidrick & Struggles.
One of the most prominent discoveries is the strong preference for experienced leadership in the Middle East. Companies in the region boast the highest global percentage of CEOs with prior C-suite experience (90 percent), significantly exceeding established regions like Asia-Pacific and Latin America.
The Middle East also demonstrates a surprising trend in CEO age. The region enjoys the youngest average CEO age globally (54.5 years), with the UAE leading the charge at an even younger average of just 52.7 years. This stands in contrast to the global average.
Furthermore, the report highlights a strong preference for global exposure among Middle Eastern companies. They lead the world in appointing CEOs with cross-border experience (50 percent), surpassing even established business hubs like Europe and Asia-Pacific.
Lack of women CEOs in region
According to the report, the region trails behind in terms of gender diversity with three percent of leaders appointed are women, which is less than half of the global average that falls at 8 percent.
In Saudi Arabia, there are no women appointed as CEOs, the lowest globally.
“The continued trend of hiring more CEOs with cross-border and sector backgrounds is heartening as it reflects that organisations are increasingly seeing the value of diversity, especially in meeting longer-term strategic goals for their businesses,” said Maliha Jilani, Partner in Heidrick & Struggles’ Dubai office and Social Impact Practice lead in the Middle East and North Africa region.
“On the other hand, there are certain talent strategies that companies should start emphasising, such as increasing gender diversity in leadership positions,” she added.
“Heidrick & Struggles’ data highlights the strong demand Middle East companies have for experienced and ambitious leaders who can accelerate growth sustainably,” said Richard Guest, Partner-in-Charge at Heidrick & Struggles’ Middle East and North Africa based in the Dubai office and the Regional Managing Partner of the global Technology & Services Practice for Asia Pacific and the Middle East.
“Companies must prioritise CEO succession planning by analysing how they might evolve in the competitive landscape and what type of leader can best navigate changes,” he added.
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