Drawing on social exchange theory, this paper examines the moderating effect of leader gender on the relationship between leader power and leader status. Results from a cross-sectional survey (n = 155) and time-lagged survey (n = 655) conducted with U.S. employees indicate that the effect of leader power on follower felt obligation is stronger for employees working under men leaders than under women leaders. This effect is mediated by leader status, such that the effect of leader power on perceived status is stronger for men leaders than women leaders, leading to different levels of reciprocation from followers for men and women leaders. The findings make three major contributions: they challenge the traditionally gender-neutral view in leadership studies anchored in social exchange theory, spotlight the significance of gender biases in shaping follower perceptions, and call for refined theoretical frameworks aligned with modern organizational complexities.