The rise of co-CEOs: A new approach to leadership and its impact
The traditional CEO role is evolving, and a bold new trend is taking center stage. With more companies experimenting with co-CEO leadership structures, we're witnessing a shift in the corporate landscape. But here's where it gets intriguing: this trend isn't just about sharing power; it's about redefining success and work-life balance.
For almost 16 years, Pippa Begg and Jennifer Sundberg led Board Intelligence as co-CEOs. Together, they built a thriving business, providing invaluable services to company boards. Today, their company boasts an impressive 200-strong workforce and an impressive client list, including household names like Nationwide, Rolls-Royce, and Reckitt.
"We complement each other perfectly," Begg explains. "Our differences in thinking and approach ensure better decision-making. It's a powerful dynamic."
This trend isn't isolated. In 2015, only 11 companies in the Russell 3000 group had co-CEOs. Fast forward to 2024, and that number has more than doubled. Major companies like Oracle, Comcast, and Spotify have joined the movement, with Netflix leading the way since 2020.
While top executives enjoy substantial rewards, the role comes with significant challenges. A recent survey revealed that 56% of top executives felt burnt out in 2024. This is where the co-CEO model shines. By dividing responsibility and accountability, the burden is shared, creating a more sustainable leadership structure.
Audrey Hametner, a leadership coach, observes that co-CEOs can take much-needed breaks, something sole CEOs often struggle with. She shares the story of a CEO client who, after finding a co-CEO partner, finally took a long-overdue family holiday, having not had a break in five years.
"Co-CEOs can play to their strengths," Hametner says. "One CEO might excel in marketing and product development, while the other focuses on finance and legal matters. It's about leveraging each other's unique skills."
Sharing the workload also translates to more quality time with family. A study by Russell Reynolds found that 60% of CEOs feel they don't spend enough time with their loved ones. The co-CEO model offers a solution, allowing both leaders to prioritize their personal lives without compromising their professional duties.
For Begg, the co-CEO structure was a game-changer. She took three maternity leaves of around six months each within five years, returning to work on a four-day week basis each time. Sundberg also took two maternity leaves during this period, an unusual feat for CEOs.
"Without the co-CEO structure, the trade-off would have been too great," Begg reflects. "It allowed us to have our children and take maternity leave without sacrificing the business. Our experience proves that this model can thrive."
This is echoed by Dhruv Amin and Marcus Lowe, co-founders and co-CEOs of Anything, a startup focused on 'vibe coding.' Thanks to their co-CEO setup, Amin was able to take two paternity leaves of three weeks each in 2024 and 2025. "Marcus has been there to cover for me. The structure gives us the freedom to be human, to take breaks, without everything falling apart," Amin shares.
In Finland, Denise Johansson, co-CEO and co-founder of payment processing platform Enfuce, experienced the benefits firsthand. When her father passed away suddenly in 2024, her co-CEO, Monika Liikamaa, stepped in, allowing Johansson the time and space to grieve and handle practical matters. "Monika's support was invaluable," Johansson says.
With six children between them, Johansson and Liikamaa also take turns to prioritize family time, ensuring a steady hand on the wheel for the business.
However, the co-CEO model isn't without its challenges. Tierney Remick, a vice chairman at business consultancy Korn Ferry, observes that co-CEOs work best in independent companies with simple structures and established working relationships. Otherwise, power struggles and misalignment can arise, causing confusion within the organization.
"Establishing a partnership while driving the business forward can be tricky if the co-CEOs don't know each other well," Remick explains. "It's a delicate balance."
Co-CEO pairings can also be a form of succession planning, a way to identify the eventual sole CEO. With a decreasing pipeline of ready-now CEOs, boards are exploring innovative ways to develop high-potential leaders.
For Begg, her co-CEO journey came to an end in 2024 when Board Intelligence acquired private equity backers. Sundberg stepped down, but remains on the advisory board. Now, as the sole CEO, Begg acknowledges the trade-off: less time with family. Her husband left his job to be more present at home, setting up a consultancy he works on during school hours.
"He carries the load at home, which still surprises people," Begg says. "It's a powerful statement, and a reminder that work-life balance is achievable, even for CEOs."
The co-CEO trend is a fascinating development, offering a fresh perspective on leadership and work-life integration. It's a bold step towards a more sustainable and balanced corporate world. What are your thoughts? Do you think the co-CEO model is here to stay, or is it just a temporary trend? We'd love to hear your opinions in the comments!
