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SUN VALLEY, ID - JULY 13: (L-R) Bob Iger, chairman and chief executive officer of The Walt Disney Company, Dick Costolo, former chief executive officer of Twitter, Lachlan Murdoch, co-chairman of Twenty-First Century Fox, Sundar Pichai, chief executive officer of Google, and Randall Stephenson, chief executive officer of AT&T, mingle during the annual Allen & Company Sun Valley Conference, July 13, 2018 in Sun Valley, Idaho.

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Lots of eyebrows, and questions, were raised in November when Disney surprisingly rehired Bob Iger as its CEO, just 11 months after he turned the reins over to Bob Chapek, who in June had signed a three-year contract extension. Yet shoulders mostly shrugged regarding Iger’s age, 71, an indication that at the Magic Kingdom and beyond, there is no magic number when it comes to retirement — or unretirement — and that succession planning for key executives is increasingly crucial.

Target made headlines in September when the big-box behemoth announced that 63-year-old CEO, Brian Cornell, agreed to stay on the job for another three years and the company’s mandatory retirement age of 65 was being, well, retired. A month later, Caterpillar’s board waived its policy requiring chairman and CEO Jim Umpleby, 64, to retire when his next birthday rolled around. That followed previous expirations of preset CEO expiration dates by MetLife (in 2016), 3M (2017) and Merck (2018).

Last year, Boeing...

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