Jolt Your Corporate Board With A Millennial Like Starbucks

T he average age of independent board directors is 63.1, and companies like Sierra Bancorp and boat-maker Marine Products have a board age average in the mid-70s. Online furniture retailer Wayfair and software provider Opower have boards that have an average age in the 40s. However, at least one Board of Directors of a well-known company, Starbucks includes 34-year old Hearsay Social CEO Clara Shih. Still, the trend towards older boards persists, even though the Pew Research Center recently found that millennials (ages 18-34 in 2015) are now the largest generation and labor force in the U.S., surpassing the Baby Boomers (ages 51-69). One in three workers are millennials. As an example, the median age of multi-national professional services firm EY’s workforce is 29. Even more impactful for businesses is the $200 billion in direct purchasing power of the world’s two billion millennials. Millennials are a force to be reckoned with.