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 successfully co-led Board Intelligence, proving that two heads can indeed be better than one. They grew their company, which provides analysis and services for company boards, and today it employs 200 staff and has major clients, including Nationwide, Rolls-Royce, and Reckitt. Begg notes, "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 on the rise. In 2015, there were 11 companies with co-CEOs in the Russell 3000 group of the biggest public companies in the US, while in 2024, this had more than doubled to 24, according to MyLogIQ. Major companies like Oracle, Comcast, and Spotify also made such appointments in 2024. Netflix, for example, has had co-CEOs since 2020.
But here's where it gets controversial: while top executives are handsomely rewarded, with UK CEOs earning, on average, 122 times the salary of the average full-time UK worker, the job can take a toll. A survey by ICEO revealed that 56% of top executives felt burnt out in 2024.
The co-CEO model offers a solution, dividing responsibility and easing the burden. Leadership coach Audrey Hametner has observed that co-CEOs can take time off that sole CEOs often can't. She recalls a client who hadn't taken a holiday in five years, but finally enjoyed a family holiday after finding a co-CEO partner. It also allows leaders to leverage their strengths. One co-CEO might focus on marketing and product, while the other handles finance and legal matters.
Sharing the load also frees up time for family, a precious commodity for many CEOs. A study by Russell Reynolds found that 60% of CEOs report spending too little time with their families. Begg, for instance, took three maternity leaves, returning to work in a four-day week capacity. Her co-CEO structure made this possible.
And this is the part most people miss... Some female CEOs have been public about taking minimal maternity leave, with 71% of women in leadership positions taking less than six months' leave, fearing job jeopardization. The same study reveals a 32% drop in women at the managerial level after having children. Begg credits her co-CEO partnership for not becoming another statistic. "Without the co-CEO structure, the trade-off would have either been too great for the business, or too great for the way that we wanted to have our children and have maternity leave," she reflects.
Dhruv Amin and Marcus Lowe, co-founders and co-CEOs of Anything, a startup focused on "vibe coding," also benefit from this structure. Amin took two paternity leaves, and Lowe covered for him. "The structure gives us permission to be human without everything falling apart," says Amin. In Finland, Denise Johansson, co-CEO of Enfuce, was able to take time off when her father died, thanks to her co-CEO, Monika Liikamaa. With six children between them, they also coordinate to ensure family time.
However, it's not always smooth sailing. While co-CEO models are gaining traction, they're not a guaranteed success. Tierney Remick of Korn Ferry notes that co-CEOs tend to thrive in independent companies with simple structures and pre-existing working relationships. Otherwise, power struggles and confusion can arise. Co-CEO pairings can also serve as a form of succession planning.
Begg's co-CEO journey ended in 2024 when Board Intelligence acquired private equity backers. Now the sole CEO, she acknowledges having less time for family, prompting her husband to leave his job to support her.
What do you think? Do you believe the co-CEO model is a viable long-term solution? What are the biggest challenges and benefits you see in this leadership structure? Share your thoughts in the comments!
