Over the recent decade, software and systems engineering has started a fundamental shift. Whereas earlier, systems were engineered to last, now the focus increasingly is on building systems that can evolve throughout their economic life in response to changing needs of their users. This has implications for the way systems are architected, constructed and evolve, but one of the key areas affected is leadership. There is significant evidence that traditional, hierarchical management approaches have major drawbacks and alternative approaches differ in three main areas. First, decision making shifts from being based on opinions to being data-driven. Second, leaders shift from managing teams to empowering them to autonomously take decisions and operate. Finally, leadership shifts from operational excellence to continuous and relentless experimentation and innovation. This talk first outlines the trends in software and systems engineering, then describes the key areas where leadership is changing and finally discusses implications for leaders today. The presentation is illustrated with numerous examples from a variety of industries.