Could it be? Could it really be an image issue? Maybe one should ask shareholders of Zee Telefilms. Those, that is, who haven't dumped the stock in horror that the company has dropped its faith in professional management. Those who are actually relieved by the return of promoter Subhash Chandra to the helm of affairs at the embattled Zee TV-with his distinctive streak of grey hair. Sandeep Goyal, the man he replaced, not only had jet-black hair (being in his late 30s), but had even been an adman-a member of a tribe that thrives on promoting the idea of eternal youth.

Could it be? Could grey hair be the reassurer?

"Grey as in 'eminence', yes. Grey as in 'old fashioned', no," says a Zee shareholder. Grey hair is indicative of having been around, and having been around matters. Besides, grey is the surest part of an image that couldn't have been faked-and cases of acute progeria are rare in these parts.

Dotcomania Cured

If grey power sounds like the natural order of life on planet Earth, cast your mind back a little. Back to the dotcom boom, when greying was seen as a symptom of progressive irrelevance, and go-getters in their 20s and 30s (the alpha males of the day) seemed anxious to send the older generation, the ones who "didn't get it", packing. Youth, energy and freshness were in; experience, convention and maturity were out. People in their 40s and 50s were talking about their gardens, reclining in reading chairs and taking long walks in the woods.

"A few years ago," says Ronesh Puri, Managing Director, Executive Access, "when we did a CEO search, the preferred age group was 35-40, and we never considered above-50 CVs." Well, all that's history. In internet time, ancient history. Current recruitment trends indicate a u-turn in business preferences. "Now," says Puri, "the preferred age group is 40-45, even at the operational head level. There aren't many organisations that are willing to trust the fortunes of the company in the hands of a 35-year-old today."

Other headhunters corroborate the grey preference. As Atul Vohra, Partner, Heidrick & Struggles, puts it: "Earlier, companies would come to us and say, 'I want only a 35-year-old.' Now that doesn't happen. The emphasis on youth has gone."

Recently, TVS Motor Company, while scouting for a CFO, stressed that the ideal candidate should be 50-plus, as age would bring with it "statesman-like qualities" and "maturity". Grey attributes, those, for sure.

There's more. For the first time in living memory, older people are succeeding younger folk in key positions. In October last year, Arvind Nair, then 46 and a seasoned food industry veteran, was brought in to replace Pawan Bhatia, who was in his late 30s, as CEO of Dominos in India.

Is that an isolated case? Maybe not. Last year, Pradeep Tognatta, then 50, succeeded Ajay Kapila, who was 39, as Vice President (Sales, Marketing & Product Support), at LG Electronics. Company sources, however, claim that age or any stability-intent had nothing to do with that replacement.

Whatever it is, youth is no longer seen as a plus. Got a greying crown? Good, step right up- your economy needs you.

Wanted: Grey Skills

What do greying managers have that the young ones don't? Some words (maturity et al) have already appeared in this story. If these characteristics have any relevance, according to Rahul Taneja, Vice President & Country Marketing Head, Cons India, it is because the heady days of business expansionism (entrusted best to aggressive young marketers) have been replaced by a more orderly sense of cost-discipline (best enforced by traditionally accepted authority figures). "In many cases, the over-aggressive strategy boomeranged," says Taneja, "and now the focus has shifted to consolidation and bottomline growth."

Ajit Isaac, CEO, People One Consulting, is in broad agreement. "The idea-element of doing a business is no longer in vogue now. Now we are coming back to the traditional sales and revenue-based models of running a business," he says, after reminding us that classic business was left unaffected by the youth wave. Even in 'new' sectors, the bright spark model is now over, and with it, the great dotcom dream.

That means relying on "seasoned professionals", in the words of Vohra, who saw dotcom recruitments as an aberration rather than a trend. Real-world business has always needed people who have "been through the crests and troughs, so that they can guide the ship through any weather".

People-skills are another factor that goes in favour of maturity. "Young chief executives can sometimes be a little too aggressive with people. Handling people is an area where a bit of grey can make a big difference," reasons Puri. "Traditionally," he adds, "Indian society has always respected age-be it our educational system, family system, social system or business." That's true. Grey has always spelt wisdom. To most, it still does, and always will.

So, should all businesses get busy passing control up the age scale? No, not quite.

Images are images. They're not always natural. A well-defined streak of grey, for instance, is plainly a feat of hairstyle engineering. Grey, black, maroon or blonde, it's still like it was-all in the head. Modern business doesn't need risk-averse traditionalists from the old world, the change-resistant sort who conform with antiquated notions of 'stability'. That much became evident in the 1990s, even though the pace of change could tempt you to seek reactionary refuge in conservatism. The ol' familiar has always been soothing; a century after Edison, there's no replacing the romance of a candle flame. But General Electric makes a helluva lot more money than any candlestick maker. It's a fast-evolving world, and what business needs most acutely are risk-managing realists. More than that, individualists-with a global worldview. To use a clumsy phrase, managers need to be future-engaged. This should tilt the scales towards the young, shouldn't it?

Er, again, it is not so simple. Leaders tend to be people who, far from typifying their own generation, are 'far ahead of their peers'. In the sense that they retain the vantage of an older generation's perspective, but their thinking blurs the lines that divide their generation from successively younger ones. Or vice-versa. If they are grey, they are still able to think young. If young, to think old. As 'grey skills' go, ageless thinking is a vital one.