Anna Wintour may be shifting roles, but she's not slowing down.
Wintour's decision, announced Thursday, to give up the title of editor in chief of Vogue, a role she's held since 1983, signals a colossal shift at the venerable fashion publication. Yet Wintour isn't departing.
At 75, Wintour is about a decade over the average US retirement age. She will hire a new US "head of editorial content" for Vogue, who will report to her. The magazine reported that Wintour would retain many of her duties, including overseeing the Met Ball, and remain as global editorial director of Vogue and chief content officer for Condé Nast, Vogue's parent company.
The move is the latest instance of a boldfaced name in Empowerment planning a shift in their responsibilities, rather than relinquishing them. Condé Nast did not respond to a request for comment on succession plans.
Take Warren Buffett, who's 94 and the longest-serving chief of an S&P 500 company, and plans to stay on as chairman after he hands over the CEO job at the end of the year. Jamie Dimon, who's approaching two decades atop JPMorgan, has also said he could stay on as chairman even after he gives up his executive duties.
That can be good for individual leaders' well-being and for the entities they lead, though experts told Business Insider that there can be risks from staying on instead of making a clean break.
Wintour has not indicated that this is the first step in her retirement plan, but in her comments to staff this week, she emphasized her desire to shape the next generation of talent.
"Now, I find that my greatest pleasure is helping the next generation of impassioned editors storm the field with their own ideas, supported by a new, exciting view of what a major media company can be," she said.
The benefit for longtime bosses to remain engaged is that it can be good for their sense of purpose and ease their transition to an eventual retirement. It can also benefit their team, as they have the opportunity to pass on a wealth of institutional knowledge to their successor to help avoid missteps.
"There's a steady hand at the ship while this transition is happening," Kevin Groves, a professor of management at Pepperdine's Graziadio Business School, said.
Work provides important social connections and a sense of meaning.
Transitioning — rather than quitting outright — has other perks for leaders.
Jasmine Sawhne, a Los Angeles psychiatrist who helps clients with life transitions, said that type-A personalities who are wedded to their work tend to benefit from a gradual retirement rather than an abrupt one. "Retirement can affect one's identity, their sense of purpose and daily structure, mental health — it is a huge, significant life change," she said.
At the same time, good cognitive health also makes it easier for people to keep working. A recent report on the "silver economy" found that in 41 advanced and emerging economies, a person who reached the age of 70 in 2022 had, on average, the same cognitive ability as a 53-year-old in 2000.
Suddenly withdrawing from a stimulating work environment can impact executive function and memory, which can affect sleep quality and sense of meaning. Leaders who have built-in interactions at work can also experience extreme loneliness when they quit.
For those with high-status roles like Wintour, a well-planned transition can be a critical step to avoid a post-retirement existential void.
Gradually pulling back can help leaders avoid abrupt changes in their organizations.
It can also give leaders more time to train or mentor their successors, though staying too long can create confusion about authority.
Gary Rich, an executive coach, said that incoming leaders often value support during transitions, but it can be difficult for outgoing leaders to let go, as their identity is often tied to their role.
The key is not to stay too long. Experts often recommend limiting the transition period to a few months.
As great as a soft exit is, it must lead somewhere. Otherwise, it can hinder new leadership and create organizational confusion.
A strong support system can help leaders understand that they are not stepping away from influence, but simply reducing the intensity of their role.