- The Baby Boomer generation is dancing their last dance with power.
- Gen X leaders are rising to replace the last of their kind.
- From politics to major corporations like Boeing, HSBC and Costco, young leaders are taking the lead.
The end of the Baby Boomer generation's era of power appears to be fast approaching.
A shift in the atmosphere has been underway for some time, but the leaders born between the 1940s and the mid-1960s who still steer the world order are likely to cede their long-held positions to their successors, Generation X.
The Democratic Party's internal upheaval has highlighted the shift. President Joe Biden's decision to drop out of this year's presidential race and endorse Vice President Kamala Harris as his successor technically means the Silent Generation is handing power to the Baby Boomers, but it still represents a major change in a race that was previously pitting an 81-year-old against a 78-year-old.
Harris is 59 years old, and was born on October 20, 1964, which puts her just a few weeks outside the bounds of Generation X, the age group typically thought of as stretching from 1965 to the early 1980s. But mentally, Harris is so typical of Gen X that even pop star Charli XX called her a “brat.”
This puts Harris several years apart from Barack Obama, who was born in 1961 and is part of the late baby boomer generation.
Of course, it's former President Donald Trump who Republicans are hoping will return to power, but with Harris garnering enough delegate support to secure the Democratic nomination, and Trump choosing 39-year-old Sen. J.D. Vance, a millennial, as his running mate, the future of American politics is suddenly looking younger than it did just a few weeks ago.
It would also be the first time in decades that there will be no one with the surnames Bush, Clinton or Biden on the presidential ticket. (Obama ran with Biden as his vice president against John McCain and Mitt Romney in 2008 and 2012, respectively.)
It's not just politics where this shift is happening.
HSBC's 62-year-old chief executive, Noel Quinn, announced in April that he was stepping down after more than four years in the role. The bank's chief financial officer, Georges El Hedery, a 50-year-old Gen Xer, was named CEO last week.
Boeing CEO David Calhoun, 67, is stepping down at the end of the year following a string of safety issues that emerged following the 737 Max crashes. His successor has yet to be named, but one of the candidates being considered is Stephanie Pope, a Gen X aide.
In January, Gen-X Costco veteran Ron Bakris replaced 71-year-old Craig Jelinek as CEO of the wholesale retailer, while Macy's named 58-year-old Tony Spring as CEO earlier this year.
This shift will see some of America's most powerful companies, once led by baby boomers, come under the control of Gen Xers, who already lead major companies such as Microsoft, Google, Walmart, Tesla, Amazon and Exxon Mobil.
Among the baby boomers
Of course, there are some baby boomers who are still standing.
On Wall Street, Jamie Dimon, 68, has been CEO of JPMorgan since 2006. David Solomon, who is in his early 60s, has led Goldman Sachs since 2018. Elsewhere in finance, major companies like Blackstone and BlackRock are led by people in their 70s.
In the media world, 73-year-old Bob Iger remains at the helm of Disney. He served as CEO from 2005 to 2020, when he was succeeded by Bob Chapek, head of the parks business and a fellow Baby Boomer. Iger returned to his previous role in 2022.
In Silicon Valley, Tim Cook, 63, has led Apple longer than any other U.S. CEO since succeeding Steve Jobs in 2011. Nvidia Inc. President Jensen Huang, 61, is also still at the company he co-founded in 1993.
That said, the remaining leaders appear ready to eventually hand over power to younger leaders.
Mr. Dimon has repeatedly hinted over the years that he was ready to retire in “five years,” but in May he told shareholders, “It's not five years anymore.” The executives seen as potential successors, including Jen Piepszak and Troy Lohrbaugh, are native Gen Xers.
Meanwhile, Iger said in November that he would “absolutely” step down when his contract expires in 2026. Could the company soon have its first Gen X leader?
Only time will tell what this transition means for workers, and it's not entirely clear how Gen X bosses will differ from their predecessors when it comes to issues like remote work and the role of AI in the workplace.
But it won't be long before Gen X holds the majority of the power. That time will come.
Correction: July 24, 2024 — An earlier version of this article misstated President Joe Biden's generation: He is a member of the Silent Generation, not the Baby Boomers.
