The rise of co-CEOs: A new approach to leadership and its benefits
The traditional CEO role is evolving, and a growing number of companies are embracing a unique leadership structure.
Imagine a workplace where the top job is shared between two individuals, each bringing their unique strengths and perspectives to the table. This is the reality for an increasing number of businesses, as the concept of co-CEOs gains traction.
For almost 16 years, Pippa Begg and Jennifer Sundberg successfully co-led Board Intelligence, a company providing analysis and services for corporate boards. Their story is part of a larger trend, with more companies experimenting with this dual leadership model.
But here's where it gets controversial... Is this a sustainable and effective long-term solution, or just a temporary fix?
According to an analysis by MyLogIQ, the number of companies with co-CEOs in the Russell 3000 group has more than doubled since 2015. Major companies like Oracle, Comcast, and Spotify have also adopted this structure in recent years, with Netflix leading the way since 2020.
While top executives enjoy substantial rewards, the role comes with significant challenges. A survey by ICEO revealed that 56% of top executives felt burnt out in 2024, highlighting the need for a balanced approach to leadership.
A co-CEO model offers a unique solution, dividing responsibility and accountability between two individuals. Leadership coach Audrey Hametner observes that this setup allows CEOs to take much-needed time off, something sole CEOs might struggle with. It also enables bosses to leverage their strengths, with one co-CEO focusing on marketing and product, while the other handles finance and legal matters.
And this is the part most people miss... Sharing the workload provides co-CEOs with more time for their families, a luxury often lacking in traditional CEO roles. A study by Russell Reynolds found that 60% of CEOs report spending too little time with their families.
For female CEOs, the co-CEO structure can be particularly beneficial. Pippa Begg, for example, took three maternity leaves of around six months each in a five-year period, returning to work on a four-day week basis each time. This is an unusual privilege for a CEO, and one that she credits to her co-CEO partnership.
But is this model a viable long-term solution? Not necessarily, according to Tierney Remick, vice chairman and co-leader of the global board and CEO practice at Korn Ferry. She observes that co-CEOs tend to work best in independent companies with simple structures and when the individuals have already worked together.
Otherwise, power struggles, misalignment in vision, and confusion within the company can arise. Co-CEO pairings can also be used as a form of succession planning, with one eventually becoming the sole CEO.
The co-CEO journey for Pippa Begg and Jennifer Sundberg came to an end in 2024 when Board Intelligence acquired private equity backers, leading to Sundberg's departure. Begg, now the sole CEO, acknowledges the trade-offs, with her husband leaving his job to take on more responsibilities at home.
So, is the co-CEO model a revolutionary approach to leadership, or just a temporary fix? What are your thoughts? Share your opinions in the comments below!
