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

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

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 from the 1940s to the 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 highlighted this transition. Though President Joe Biden's decision to withdraw from this year's presidential election and endorse Vice President Kamala Harris as his replacement technically involves a member of the Silent Generation handing things off to a boomer, it still represents a sea change for a race that had been pitting an 81-year-old against a 78-year-old.

Harris is 59 and was born October 20, 1964 — putting her just weeks outside the Gen X range, which is generally thought to span 1965 to the early 1980s. Spiritually, however, Harris appears very much a Gen Xer — and even the pop star Charli XCX called her "brat."

And Harris has a few years of separation from the late-stage boomer Barack Obama, who was born in 1961.

Of course, former President Donald Trump is the man the Republicans hope will return them to power. But with Harris now earning enough delegate support to secure the Democratic nomination, and with Trump selecting the 39-year-old Sen. JD Vance (a millennial) as his running mate, the US's political future suddenly looks a lot younger than it did just a few weeks ago.

It's also poised to be the first time in decades that someone with the surname Bush, Clinton, or Biden won't be on a presidential ticket (Obama ran against John McCain and Mitt Romney in 2008 and 2012, respectively, with Biden as his 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'd 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, is stepping down at the end of the year after a series of safety issues were brought to the fore following crashes involving the 737 Maxes. His successor hasn't been confirmed, but one name being floated is his Gen X lieutenant Stephanie Pope.

In January, the 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, are coming under the control of Gen Xers, who already lead 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 such as Blackstone and BlackRock are headed by septuagenarians.

In media land, 73-year-old Bob Iger maintains control over Disney, where he reigned as CEO from 2005 to 2020 until the 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 Xers.

Iger said in November last year that he'd "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 isn't 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.

Correction: July 24, 2024 — An earlier version of this story misstated President Joe Biden's generation. He's a member of the Silent Generation, not the baby boomers.