About 41.5% of CEOs in the Russell 3000 are at least 60 years old, part of the baby boomer generation, up from 35.1% in 2017, according to research by the Conference Board and Esgauge. Meanwhile, the number of millennial chief executives, in their 30s and 40s, has increased from 13.8% to 15.1% over those eight years. 

But Gen Xers, entering the senior-level stages of their careers, aren’t seeing that same rise in representation. About 43.4% of people in their 50s are CEOs—a fall from 51.1% during that same period.  

While Gen X still represents the greatest proportion of CEOs, they face dwindling opportunities compared to their millennial counterparts. Instead of giving their jobs to the next generation below them, baby boomers are skipping over Gen X in favor of promoting younger talent into their spots. 

Much of this change can be linked back to AI’s rising prominence in the workplace, experts say. Nearly all companies are integrating the advanced tech into their business strategies, and millennials by and large have the digital skills to lead that change. 

The ‘forgotten’ and unappreciated generation skittish on AI

It’s no secret that AI is here to stay—and CEOs are adamant that the only workers who will thrive are those who embrace the technology. However, older generations are a lot more hesitant to use ChatGPT and other tools compared to digital-native youngsters.

Millennials are leading the way when it comes to embracing advanced technology. About 50% of millennials use generative AI at work, compared to just 34% of Gen X, and 19% of baby boomers, according to a 2024 report from recruitment agency Randstad. Plus, younger workers are more positive about the tech; 55% of millennials are optimistic about AI-driven solutions, as opposed to 37% of Gen X, and 36% of boomers. 

While the oldest generation is the least prepared and hopeful when it comes to using AI themselves, they’re looking for successors who are more willing. And millennials perfectly fit the bill: they’re old enough to have industry experience, grew up with the internet, and are more forward-thinking about AI use in business. Gen Z are too young, and Gen X are more skittish on the technology. 

But there may be another factor at hand: Gen X is simply being overlooked at work in general. Due to workplace ageism and the expectation they’ll retire soon, Gen X is being passed up on career opportunities. About 22% of employees aged 40 and up say their workplaces skip over older workers for challenging assignments, and 16% say they’ve witnessed a pattern of being passed over for promotions in favor of younger staffers.

The millennials being tapped as CEOs of billion-dollar companies

Billion-dollar companies are already on board with the next wave of millennial CEOs, promoting them to the position in lieu of Gen Xers who waited their turn. 

Last August, Red Lobster made history by appointing their youngest CEO in history: Damola Adamolekun. At just 35 years old, he took the reins of the struggling seafood chain, having previously been chief executive of P.F. Chang’s when he was 31, and an investment banking analyst at Goldman Sachs. The millennial CEO marked a fresh new start for Red Lobster’s leadership strategy—and his spirited can-do energy has made him an executive darling admired by fellow CEOs and customers alike. 

Project fundraising company Kickstarter also appointed a millennial to its chief executive position in 2022, when he was just 33 years old. Serial entrepreneur and millennial CEO Everette Taylor has since become a force to be reckoned with, making Forbes 30 Under 30 list for his efforts to build equity in the arts and marketing realms. 

There’s also electric scooter and bike company Lime, which appointed then-36-year-old Wayne Ting as its CEO in 2020. The millennial had been the chief of staff to Uber’s CEO, also serving as a senior policy advisor for The White House and a private equity associate for Bain Capital.