Millennials Are Bypassing Gen X To Succeed Boomers As CEOs Thanks To AI
New Russell 3000 data shows Gen X-aged CEOs in their 50s now make up 43.4% of the total, down from 51.1% in 2017, Fortune reports. Baby boomers aged 60+ have risen from 35.1% to 41.5%, while millennial CEOs in their 30s and 40s have grown from 13.8% to 15.1% over the past eight years, according to the Conference Board and Esgauge.
While Gen X still holds the largest share of CEO positions, research indicates that they're losing ground with baby boomers CEOs, who appear to be bypassing the next generation in favor of younger leaders. Experts credit this shift to the rise of AI in the workplace, with millennials bringing the digital expertise needed to guide the growing number of companies embracing advanced technology in their business strategies.
Millennials are leading the charge in adapting to advanced tech in the workplace. Data shows about 50% of millennials use generative AI at work, compared to 34% of Gen X and just 19% of baby boomers. Millennials are also more optimistic about their potential, with 55% viewing AI-driven solutions positively, compared to 37% of Gen X and 36% of boomers.
While many boomer CEOs are hesitant to adopt AI personally, they recognize it as the future and understand it will take adaptable leadership to guide companies forward. As a result, they're increasingly choosing younger millennials over Gen X counterparts to take their place in the C-suite.
Millennials strike a balance due to their industry experience, having grown up with the internet, and a forward-thinking approach to AI in business. Gen Z is still too early in their careers, while Gen X tends to be more hesitant about the technology.
Another factor has labeled Gen X professionals as the 'forgotten generation,' with boomers favoring millennial successors due to workplace ageism and the belief that Gen Xers are nearing retirement. About 22% of employees aged 40 and older report being overlooked for challenging assignments, while 16% have seen a pattern of younger staffers being promoted over them.
Billion-dollar companies are paving the way, with giants like Red Lobster, Lime, and Kickstarter all naming millennials as CEOs in recent years. As older boomer leaders step down, millennials are poised to take the helm and guide the workforce into the future.
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