The rise of co-CEOs: A new leadership trend with benefits and challenges
The traditional CEO role is evolving, and a growing number of companies are embracing a unique approach to leadership.
For almost 16 years, Pippa Begg and Jennifer Sundberg successfully co-led Board Intelligence, a company providing analysis and services to corporate boards. Their story is part of a fascinating trend where more businesses are experimenting with a co-CEO leadership structure.
But here's where it gets controversial...
While the concept of co-CEOs is gaining traction, with a notable increase from 11 to 24 companies adopting this model in the Russell 3000 group between 2015 and 2024, it's not without its challenges and limitations.
The Benefits of Co-Leadership
Co-CEOs bring a unique dynamic to the table. Pippa Begg, for instance, believes that decisions are enhanced when made collaboratively, preventing the pitfalls of individual hubris. This collaborative approach is further exemplified by the experiences of Audrey Hametner's CEO clients, who found that sharing the CEO role allowed them to take much-needed breaks and play to their individual strengths.
And this is the part most people miss...
Co-CEOs can provide each other with the support and flexibility needed to maintain a healthier work-life balance. In a study by Russell Reynolds, 60% of CEOs reported spending too little time with their families. Co-CEOs can share the workload, allowing for more family time and a reduced risk of burnout, as highlighted by ICEO's survey, where 56% of top executives felt burnt out in 2024.
A Personal Story: Balancing Work and Family
Pippa Begg's experience is a testament to the power of co-CEO partnerships. She took three maternity leaves of around six months each in the span of five years, returning to work on a four-day week basis each time. This would have been an unusual feat for a sole CEO, as evidenced by data showing that 71% of women in leadership positions take less than six months of maternity leave, fearing for their job security.
Begg credits her co-CEO structure for allowing her to avoid becoming another statistic. Without it, she reflects, the trade-off would have been too great for both the business and her family life.
A Global Perspective: Co-CEOs in Action
The benefits of co-CEO partnerships extend beyond the UK. Dhruv Amin and Marcus Lowe, co-founders and co-CEOs of the startup Anything, focused on "vibe coding," have also reaped the rewards. Amin was able to take two paternity leaves of three weeks each in 2024 and 2025, with Marcus covering for him during those times. Similarly, Denise Johansson, co-CEO and co-founder of payment processing platform Enfuce, took three weeks away from work when her father passed away suddenly in 2024. During this difficult time, her co-CEO, Monika Liikamaa, stepped in to ensure the business remained stable, allowing Johansson the space to grieve and manage practical issues.
The Limitations and Challenges
Despite these success stories, a co-CEO model is not without its challenges. Tierney Remick, a vice chairman at business consultancy Korn Ferry, observes that co-CEOs tend to thrive in independent companies with less complex structures and when the two individuals have already worked together. Otherwise, power struggles, misalignment in vision, and confusion within the company can arise.
Co-CEO pairings can also be a form of succession planning, testing whether one will ultimately become the sole CEO. This is particularly relevant given the current landscape, where there is a decreased pipeline of "ready-now" CEOs, prompting boards to find innovative ways to develop high-potential leaders.
The Future of Co-Leadership
While the co-CEO model has yet to become a mainstream, long-term solution, it offers an intriguing alternative to traditional leadership structures. As more companies experiment with this approach, we may see a shift towards a more collaborative and balanced leadership style, benefiting both the business and its leaders.
So, what do you think? Is the co-CEO model a viable and sustainable leadership structure? Share your thoughts in the comments below!
