Anyone who scanned yesterday’s headlines will realize why top leaders in business and government are reluctant to exit. There were eight front-page pieces in the New York Times on Vice President Kamala Harris’ ascent and only one small item on President Joe Biden’s exit. Similarly, the Washington Post featured 13 stories on Harris’s rise and two about Biden’s departure. This pattern is also reflected in the money trail, with a record $81 million raised in 24 hours by the Harris campaign.
The ancient proclamation, “Long live the King,” usually follows the news that the king is dead. It’s no wonder that this fear of ultimate insignificance typically takes hold of the leaders we’ve studied as they suspect the impending end of their reign. Abraham Lincoln advised that a second term of office is an endorsement of the first. President Joe Biden, a leader who has much to be proud of, had to conquer such anxieties in his voluntary withdrawal from the re-election battle.
