When you've already been president: what's next?

World
Europe

Russian oil company Rosneft is due to vote Friday on whether ex-German chancellor Gerhard Schroeder should join its board of directors. This comes as Rosneft remains under EU sanctions imposed on Russia over its 2014 invasion of Crimea.

Schroeder previously met with criticism shortly after he left office in 2005, when he joined the Nord Stream pipeline – majority-owned by Russia’s Gazprom – as board chairman, with many questioning his close ties to Moscow.

But when you’ve already held your country’s top job, what are your options for retirement? Here are a few suggestions.

Seek even higher office

Once you’ve headed a national government, it’s a natural step to leading an international organization.

Major General Andrew Mueller (L) commander of E-3A component, NATO's Flagship Fleet, present members of his troops to new NATO Secretary General Jens Stoltenberg during his visit to the NATO troops stationed at the Lask air base in Poland on October 6, 2014. /VCG Photo

Former Norwegian prime minister Jens Stoltenberg is now NATO secretary-general. Before him, Denmark’s ex-president Anders Fogh Rasmussen had the alliance’s top political job.

Italy’s Romano Prodi, Portugal’s Jose Manuel Barroso and Luxembourg’s Jean-Claude Juncker all went from being prime ministers in their own countries to president of the European Commission. Barroso’s compatriot Antonio Guterres, another former prime minister, now heads the UN.

Go private

Schroeder is not the only former leader to turn to the private sector after leaving politics. Former British prime minister Tony Blair joined investment bank JPMorgan Chase in a “senior advisory capacity” after leaving Downing Street, former French prime minister Francois Fillon is reportedly joining asset management firm Tikehau Capital and Barroso, after a long stint in Brussels, is now non-executive chairman at Goldman Sachs International.

Become a roving peacebroker

Former US president Jimmy Carter and his wife Rosalynn help build homes for Habitat for Humanity in Edmonton Alta, on Tuesday July 11, 2017. /VCG Photo

Former US president Jimmy Carter is probably the best example of this. Since leaving the White House in 1981, he has been an active campaigner for human rights and conflict resolution from the Middle East to Haiti, Nicaragua and the DPRK. In 1991, he was awarded the Nobel Peace Prize for his work.

Former heads of state also now have clubs, like Nelson Mandela’s The Elders or the Global Leadership Forum launched by South Africa’s F. W. de Klerk, that provide guidance to current leaders and allow them to share advice on topics ranging from trade to constitutional reform and ethnic conflict.

Join the public speaking circuit

This is probably the preferred option of US presidents. Having spent four or eight years in the world’s top job, they have a wealth of experience and anecdotes that people are keen to hear. Barack Obama was reportedly paid 400,000 US dollars for a 25-minute speech to healthcare industry executives in New York this week. Bill Clinton has been skewered for taking up to 750,000 US dollars for a single speech, travelling as far as Nigeria, the UAE, and China.

Former US president Bill Clinton addresses the delegates at the Global Business Forum at Sky City, February 24, 2006 in Auckland, New Zealand. /VCG Photo

Write a book

French politicians are especially fond of this pastime, even before they are elected to higher office. Former presidents Francois Mitterrand and Jacques Chirac published memoirs after leaving office, and Francois Hollande has one in the works.

Retire from public life

After a long career in politics, it is only fair that some would want to turn their back on it for good.

Or you could follow the example of George W. Bush, who after a controversial US presidency, retired to his ranch and took up painting.

French President Emmanuel Macron takes a selfie with a supporter during his visit in Lyon, France on September 28,2017. /Reuters Photo‍

Just have a plan

Becoming president or prime minister used to be the pinnacle of a politician’s career that came later in life, so retirement was usually short.

Now, as increasingly young leaders reach higher office – Obama left the White House at age 55, Canada’s Justin Trudeau is 45 and France’s Emmanuel Macron 39 – they might want to start thinking about their retirement plans sooner rather than later.