Gen X CEOs Getting Passed Over as Boomers Stay Longer and Millennials Rise

Key Takeaways:

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1. Aging Boomers Hold CEO Roles Longer: The share of CEOs aged 60 or older in the Russell 3000 has risen to 41.5% from 35.1% in 2017, delaying leadership transitions.
2. Millennials Gaining Ground: CEOs in their 30s and 40s have increased their share to 15.1% from 13.8%, often leapfrogging Gen Xers.
3. Gen X Squeezed in the Middle: Gen Xers (born 1965-1980) now hold 43.4% of CEO roles, down from 51.1% eight years ago, facing fewer leadership opportunities.
4. Timing and Market Forces: Pandemic, recession, and supply-chain issues favored experienced boomers, while millennials are seen as better suited to lead AI-driven transformations.
5. Private Equity as a Bright Spot: Gen X executives remain in demand in private-equity-backed firms for short-term leadership roles, but often get stuck in second-in-command positions elsewhere.
6. Underappreciated Strengths: Gen Xers’ independence and adaptability, shaped by their “latchkey generation” upbringing, may be valuable amid AI-driven workplace disruptions.

What Happened?

Gen X executives, once expected to ascend steadily to CEO roles, are increasingly being bypassed as baby boomers delay retirement and millennials rise faster into leadership. This “barbell” effect leaves Gen X squeezed between older and younger cohorts.

Many Gen Xers believed paying their dues would secure leadership roles, but shifting corporate priorities and market conditions have altered the landscape. Companies have favored boomers’ experience during recent crises and millennials’ tech-savvy for future challenges, leaving Gen Xers in a challenging middle ground.

Why It Matters?

The sidelining of Gen X leaders could have long-term implications for corporate leadership diversity and succession planning. Overlooking a generation with valuable experience and adaptability risks losing steady, pragmatic leadership amid rapid technological change.

This trend also reflects broader generational shifts in the workforce and raises questions about how companies balance experience, innovation, and future-readiness in their leadership choices.

What’s Next?

Watch for how companies address leadership gaps and succession planning as boomers eventually retire. Monitor private equity’s role in providing leadership opportunities for Gen X executives.

Consider how Gen X’s unique skills and experience might be leveraged in an AI-driven economy and whether corporate cultures evolve to better recognize their value.