Gen X is in charge now and boomers are being shown the door

The last leaders of the boomer era look set to cede their power to younger Gen X leaders across the political and business worlds.

• Boomers are having their last dance in charge.
• Gen X leaders are stepping up to replace the last of them.
• From politics to corporate giants like Boeing, HSBC, and Costco, younger leaders are taking charge.

It looks like time is ticking on the final days of the boomer era of power.

A vibe shift has been in the making for some time, but the leaders born between the 1940s and mid-1960s who still remain at the helm of the global order look set to relinquish long-held positions to their successors: Gen X.

Tumult within the Democratic Party has spotlighted this transition in recent days, as 81-year-old Joe Biden withdrew from this year's presidential election and gave his endorsement to Vice President Kamala Harris.

The former attorney-general of California is 59, but was born on October 20, 1964 — putting her just weeks outside the Gen X range that generally spans 1965 to the early 1980s. Spiritually, however, Harris appears very much a Gen Xer — and even pop star Charli XCX called her "brat."

That gives her a few years of separation from late-stage boomer Barack Obama, who was born in 1961.

Of course, Donald Trump, 78, is the man the Republicans hope will return them to power. But with Harris now earning enough delegate support to secure the Democratic nomination, the White House battle looks set to pit a Gen Xer against a boomer.

It will also be the first time in decades that a boomer with the surname Bush, Clinton, or Biden won't be on the presidential ticket (Obama ran against John McCain and Mitt Romney in 2008 and 2012, respectively, with Biden as his chosen Veep.)

Politics isn't the only place this transition is occurring.

In April, HSBC's 62-year-old chief executive Noel Quinn announced he would be stepping down from a role he's held for more than four years. Georges Elhedery, the 50-year-old Gen Xer serving as the bank's chief financial officer, was appointed as CEO last week.

Boeing CEO David Calhoun, 67, will step down at the end of the year after a series of safety issues were brought to the fore after crashes involving the 737 Maxes. His successor has not been confirmed, but one name being floated is his Gen X lieutenant Stephanie Pope.

In January, Gen X Costco veteran Ron Vachris replaced 71-year-old Craig Jelinek as CEO of the wholesale retailer, while Macy's appointed Tony Spring, 58, as CEO earlier this year.

With these transitions, some of America's most powerful enterprises once led by boomers will come under the control of Gen Xers, who already lead the likes of corporate titans such as Microsoft, Google, Walmart, Tesla, Amazon, and ExxonMobil.

Some boomers are hanging around

There are, of course, some boomers still standing.

On Wall Street, 68-year-old Jamie Dimon has been CEO of JPMorgan since 2006. David Solomon, who is in his early 60s, has led Goldman Sachs since 2018. Across other corners of finance, giants like Blackstone and BlackRock are headed by septuagenarians.

In media land, 73-year-old Bob Iger maintains control over Disney, where he has reigned as CEO from 2005 to 2020, when parks boss and fellow boomer Bob Chapek took over. Iger returned to his old job in 2022.

In Silicon Valley, 63-year-old Tim Cook has overseen Apple for longer than several of his CEO peers across corporate America, having taken over Steve Jobs' position way back in 2011. Nvidia's 61-year-old boss Jensen Huang, also remains at the company he cofounded in 1993.

That said, those still standing look ready to cede power to younger leaders eventually.

In May, Dimon, who has repeatedly teased over the years that his retirement is "five years away," told shareholders that it was "not five years anymore." Top lieutenants touted as possible successors, such as Jenn Piepszak and Troy Rohrbaugh, are full-blooded Gen X'ers.

Meanwhile, Iger said in November last year that he would "definitely" step down once his contract expires in 2026. Could the House of Mouse soon have its first Gen X leader?

Time will tell what that transition means for workers. The picture is not completely clear on how Gen X bosses differ from their predecessors on issues such as remote work and the role of AI in the workplace.

It won't be long, though, until Gen X has a majority grip over power. We'll find out then.