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An older White guy would be a better fit for the stereotypical CEO or at what comes to mind when you think of CEOs of big businesses. That would be "real".
Generally yes and you can see that in the Byrne version of the character who is middle aged, overweight and naturally BALDING, but in terms of high tech industries and the ruthless inventor/magnate hybrid that even more recent depictions of Lex seem to draw from, younger white males are probably just as iconic. Eg. Steve Jobs, Bill Gates, and their ilk.
Personally, I'm also a little uncomfortable with casting a minority actor as Lex because it may have unintended racial undertones (if they go with the slum upbringing backstory) and the character becomes another stereotypical minority gangster/thug if not written correctly. Minorities still have a hard enough time breaking into the highest reaches of corporate America and are still heavily underrepresented there, I don't know if it is a good idea to portray one of them as part of the worst excesses of that world when Hollywood is still greatly lacking in positive depictions of successful minority characters. But that is whole another can of worms.