Why more CEOs are sharing the top job

For nearly 16 years, Pippa Begg ran Board Intelligence as co-chief govt with Jennifer Sundberg.

Collectively they grew the enterprise, which supplies evaluation and providers for firm boards, and at the moment it employs 200 employees and has massive massive identify purchasers, together with Nationwide, Rolls-Royce and Reckitt.

“We’re fairly totally different individuals – very a lot yin and yang – however I believe choices are higher made with two brains fairly than one because it stops hubris,” says Begg, who’s London-based.

Begg and Sundberg are a part of a pattern, that is seen extra firms experimenting with a co-CEO management construction.

In 2015, there have been 11 firms with co-CEOs within the Russell 3000 group of the largest public firms within the US, whereas in 2024, this had greater than doubled to 24, in accordance with an evaluation by public firm intelligence agency MyLogIQ.

A raft of main firms additionally made such appointments in 2024, equivalent to Oracle, Comcast, and Spotify. Netflix, in the meantime, has had co-CEOs since 2020.

High company executives are effectively rewarded – a report from final yr confirmed that chief executives on the UK’s largest companies are paid, on common, 122 times the salary of the common full-time, UK employee.

Nonetheless, there are downsides to being in cost.

According to a survey by management advisory agency ICEO, 56% of high executives felt burnt out in 2024.

A co-CEO mannequin divides accountability, accountability, and, in the end, the burden between two individuals.

Management coach Audrey Hametner has noticed that co-CEOs can take outing that sole CEOs may in any other case really feel they cannot do. She remembers a CEO consumer who had not taken a vacation in 5 years, however was lastly in a position to have a household vacation as soon as he discovered a co-CEO associate.

Hametner says it additionally permits bosses to play to their strengths.

She offers the instance of a earlier consumer the place one co-CEO labored extra intently with the advertising and marketing and product departments, and the opposite primarily with finance, authorities regulatory our bodies and authorized.

“You could have co-CEOs the place one is an outgoing and high-level thinker, who might discover it tougher to give attention to all of the small duties, and the opposite CEO is extra detail-oriented and loves to talk to the info and the nuances,” she says.

Sharing the workload might also give the co-CEOs extra time with their household. That is one thing they could be missing – 60% of CEOs report spending too little time with their household, according to a study by govt search agency Russell Reynolds.

Begg took three maternity leaves of round six months within the area of 5 years, returning to work every time in a four-day week capability.

Equally, Sundberg took two maternity leaves in that interval.

Begg notes that it is uncommon for a CEO on each counts.

Some feminine CEOs have been public about taking minimal maternity depart, with 71% of ladies in management positions taking lower than six months’ depart for concern of jeopardising their jobs, in accordance with information from That Works For Me.

The identical examine reveals a 32% drop in ladies at managerial stage after having youngsters.

Begg credit her co-CEO partnership for not turning her into one other statistic.

“With out the co-CEO construction, the commerce off would have both been too nice for the enterprise, or too nice for the way in which that we wished to have our kids and have maternity depart,” she displays.

“If we hadn’t had the co-CEO mannequin, we in all probability would have felt that we wanted to discover a new CEO, and even promote the enterprise, that are issues that occur to so many female-run companies as a result of they do not see how it is going to work. Our expertise was that this will actually work.”

It has been the case for Dhruv Amin and Marcus Lowe, the co-founders and co-CEOs of Something, a startup centered on “vibe coding”, which permits anybody to create an app with out realizing how you can code.

Due to the arrange, Amin was in a position to take two paternity leaves of three weeks every in 2024 and 2025.

“Marcus has coated for me twice. We have each had occasions once we’re gunning arduous for the corporate, and occasions we’re not. The construction offers us permission to be human with out every thing falling aside,” says Amin, who relies in San Francisco.

In Finland, Denise Johansson was in a position to take three weeks away from work when her father died instantly in 2024. She has been co-CEO and co-founder of cost processing platform Enfuce with Monika Liikamaa since 2016.

“It was not solely an enormous emotional shock, it additionally got here with plenty of surprising accountability as I inherited one other enterprise on the identical time,” says Johansson, who relies in Mariehamn, within the Åland Islands.

“Monika stepped in with out hesitation, took on extra of the day-to-day load, and created the area I wanted to take care of each grief and sensible points.”

With six youngsters between them, Johansson and Liikamaa are additionally in a position to take time with household whereas the opposite one holds the fort.

“If my children want me, I shall be off with them – no query. We coordinate in order that key moments for our kids are protected, whereas the corporate nonetheless has a gentle hand on the wheel,” says Johansson.

But a co-CEO mannequin has but to turn into a mainstream, long-term answer. Salesforce, SAP and Marks and Spencer all appointed co-CEOs within the early 2020s, lasting not more than two years.

Tierney Remick is a Chicago-based vice chairman and co-leader of the worldwide board and CEO follow at enterprise consultancy Korn Ferry.

She’s noticed that co-CEOs are inclined to work greatest at impartial firms with out advanced buildings, and with two those who have already labored collectively.

In any other case, there could be energy struggles, misalignment in imaginative and prescient, and confusion amongst the broader firm.

“Leaders attempting to ascertain their partnership, in addition to drive the enterprise and evolve the technique – and doing it in a method that does not create confusion within the organisation – is often very tough if they do not know one another,” says Remick.

Co-CEO pairings may also be used as a sort of succession planning to see if one will in the end turn into the only real, core CEO, she provides.

“There is a super quantity of succession planning taking place in the meanwhile. And there’s the truth that the pipeline of ‘ready-now’ CEOs has decreased over the past a number of years,” she says.

“So we’re seeing boards discover other ways to broaden the roles and duties of excessive potential leaders, to see how they speed up and develop in a market that’s creating plenty of change and ambiguity on daily basis.”

For Begg, her co-CEO days got here to an finish in 2024 when Board Intelligence acquired non-public fairness backers, which turned a pure level for Sundberg to face down. Sundberg stays on the corporate’s advisory board.

Now Begg is the only real CEO, she acknowledges she has much less time to spend with household, so her husband left his job to be extra current at residence.

After their youngest baby began college final September, he arrange a consultancy that he works on throughout college hours.

“He carries the load of residence and household life. It nonetheless in all probability raises an eyebrow when he is referred to as into a gathering and he says it needs to be between 10am and 3pm. They will be shocked {that a} man has stated that,” says Begg.