Gen X Execs Risk Being Passed Over for Top Roles
Companies are increasingly bypassing Generation X for CEO positions, choosing instead to retain baby boomer leaders or promote younger executives, The Wall Street Journal reports.
In the Russell 3000, the representation of chief executives aged 60 and older has risen to 41.5%, up from 35.1% in 2017. At the same time, the percentage of CEOs in their 30s and 40s has climbed to 15.1% from 13.8%, the Journal notes. Meanwhile, Gen Xers — typically defined as those born between 1965 and 1980 — now hold just 43.4% of CEO roles, down from 51.1% eight years ago.
“We’re starting to see a barbell phenomenon in the CEO role where Gen X is being squeezed in the middle,” said Matteo Tonello, head of benchmarking and analytics at The Conference Board.
Executive recruiters say many Gen X professionals expect to ascend when their bosses retire, only to be leapfrogged by younger talent.
“They assume when their boss retires, they’re going to get the seat,” Shawn Cole, president of Cowen Partners Executive Search, told the Journal. “A lot of folks are going to be disappointed.”
The report notes that economic disruption, the pandemic and the rise of AI have pushed companies to either lean on the experience of older executives or seek younger leaders with long-term potential. Gen Xers are often caught in between.
“There’s a bias toward younger, future-fit leadership branding — even if Gen X has the real substance,” said Bo Burch, CEO of Human Capital Solutions.
Still, some employers — especially private-equity firms — continue to see value in hiring seasoned operators for shorter tenures, and Gen X can fill the bill there.
Others point to overlooked strengths. Megan Gerhardt, founder of Gentelligence and a management professor at Miami University, said Gen Xers’ self-reliance and adaptability make them well-suited for periods of technological change. “It’s this attitude of, ‘Well, I figured that out, so I can figure this out too,'” she said.
Some, like Brian Buckalew of Majestic Steel USA, have made peace with staying out of the spotlight. “I struggled with it until recently,” said Buckalew, 56. “Why wasn’t I chosen for this, or why wasn’t I chosen for that?”
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