This study investigates the impact of CEO and CFO power on large firms’ EO. Grounded in the upper echelons theory, we hypothesize that CEO power is positively associated with EO, while CFO power is negatively associated with EO. Interestingly, our results, based on longitudinal data for 318 firms over 9 years, show that not only CEO power positively relates to EO, but also CFO power does. Moreover, we find that age heterogeneity within the TMT further strengthens the relationship between CEO power and EO. Our findings contribute to management and particularly entrepreneurship literature and provide important implications for practitioners.