Feeling the pressure at the top? You're not alone. More and more CEOs are opting to share the top job, and the reasons why are fascinating. For nearly 16 years, Pippa Begg and Jennifer Sundberg ran Board Intelligence as co-CEOs, proving that two heads can indeed be better than one. They built a thriving business providing crucial analysis for company boards, employing 200 staff and attracting major clients like Nationwide, Rolls-Royce, and Reckitt. Begg highlights the benefits: "We are quite different people - very much yin and yang - but I think decisions are better made with two brains rather than one as it stops hubris."
This co-CEO trend is gaining traction. In 2015, there were only 11 companies with co-CEOs in the Russell 3000 group, but by 2024, that number had more than doubled to 24, according to MyLogIQ. Major players like Oracle, Comcast, and Spotify also made such appointments in 2024, and Netflix has embraced the model since 2020.
But why the shift? Let's face it: being a CEO is tough. While the financial rewards are substantial – with UK CEOs earning, on average, 122 times the average worker's salary – the demands are immense. A survey by leadership advisory firm ICEO revealed that 56% of top executives felt burned out in 2024.
The co-CEO model offers a solution: shared responsibility, accountability, and the overall burden. Leadership coach Audrey Hametner notes that co-CEOs can take time off that a single CEO might not. She recalls a client who hadn't taken a holiday in five years, but was finally able to once he found a co-CEO partner.
This structure also allows each leader to leverage their strengths. One co-CEO might focus on marketing and product development, while the other handles finance, regulations, and legal matters. As Hametner explains, "You may have co-CEOs where one is an outgoing and high-level thinker, who may find it more challenging to focus on all the small tasks, and the other CEO is more detail-oriented and loves to speak to the data and the nuances."
And this is the part most people miss... Sharing the workload often translates to more quality time with family. A study by executive search firm Russell Reynolds found that 60% of CEOs feel they don't spend enough time with their families. Begg herself took three maternity leaves, each around six months, returning to work on a four-day week. Sundberg also took two maternity leaves.
But here's where it gets controversial... Begg credits the co-CEO model for allowing her to balance her career and family. She points out that many female-led businesses struggle with this balance. According to data from That Works For Me, 71% of women in leadership positions take less than six months' maternity leave for fear of jeopardizing their jobs, and there's a 32% drop in women at the managerial level after having children.
This flexibility isn't limited to women. Dhruv Amin, co-founder and co-CEO of Anything, took two paternity leaves, thanks to his co-CEO partner, Marcus Lowe. Amin says, "Marcus has covered for me twice. We've both had times when we're gunning hard for the company, and times we're not. The structure gives us permission to be human without everything falling apart." Similarly, Denise Johansson, co-CEO of Enfuce, was able to take time off when her father passed away.
However, the co-CEO model isn't a guaranteed success. Tierney Remick of Korn Ferry observes that it works best in independent companies with simple structures and where the co-CEOs have already worked together. Otherwise, power struggles, conflicting visions, and confusion within the company can arise. She also notes that co-CEO arrangements can sometimes be a form of succession planning.
Begg's co-CEO journey ended when Board Intelligence acquired private equity backers. Now the sole CEO, she acknowledges the challenges of balancing work and family. Her husband left his job to support her, highlighting the impact on personal lives.
What do you think? Is the co-CEO model a viable solution for modern leadership? Do you see more companies adopting this structure in the future? Share your thoughts in the comments below!
