Leadership today demands more than a single point of view.
That’s why some of the world’s most dynamic companies, including Spotify, Comcast and Oracle, are appointing co-CEOs – two leaders sharing the weight, the accountability and the vision.
Far from diluting authority, the model can create a sharpened, more balanced approach to growth and succession. But, as more organisations experiment with joint leadership – once considered a corporate anomaly – the question remains: is it a powerful strategy for growth or a recipe for confusion?
The myth of the lone visionary CEO
When I first proposed a co-CEO structure for Enterprise IG – the brand consulting arm of WPP – back in 1994, the idea was met with scepticism. I remember telling WPP founder Sir Martin Sorrell that my partner Jim Johnson and I would lead the business together. He smiled and said, “That won’t work; you can only have one boss.”
But it did work. Together, Jim and I grew Enterprise IG into a global brand consultancy with 750 employees across 22 countries. The experience taught me that, when handled thoughtfully, a co-CEO model isn’t just viable; it can be a powerful engine for growth, culture and succession.
Two heads can be better than one
Most modern businesses are too complex and fast-moving to be run by a single individual. The great advantage of a co-CEO is that you never have to make big calls in isolation. You get a much wider perspective, which builds confidence in your decisions.
This dual perspective leads to more balanced outcomes. At Enterprise IG, every strategic decision, whether about expansion, clients or talent, benefited from being seen through two lenses. Once Jim and I agreed on a path, there was double the energy and commitment to make it happen. The impetus came from two leaders, not one.
Studies support this. A 2022 Harvard Business Review analysis found that companies with two CEOs delivered an average annual shareholder return of 9.5% from 1996 to 2020, outperforming the 6.9% return from single-leader companies.
Making the co-CEO model work
Success isn’t guaranteed, however. A co-CEO structure lives or dies by the quality of the relationship. It takes time to build trust and you have to work at it deliberately.
In our early months, Jim and I spent an enormous amount of time together. Some of it was rewarding; some was mind-numbingly frustrating. But it was necessary to understand each other’s strengths and weaknesses. Once you have that, you can function as a high-performing team.
Based on my experience, here are the fundamentals for success:
Be clear on why you’re doing it: The dual model works best when there’s a compelling strategic reason, such as managing different geographies, combining complementary skills or driving a complex integration. Simply splitting the job without a clear logic will create confusion.
Define responsibilities early: While you don’t need to carve the business into rigid halves, staff must know where accountability lies. Clarity prevents power struggles and ensures employees aren’t left confused.
Invest in the relationship: Time spent building mutual trust is the cultural foundation of the organisation. If the two of you aren’t aligned, everyone feels it. As Korn Ferry’s Jane Edison Stevenson says, co-leading is like being married; you must be aligned from the start.
Communicate as one: Even when you disagree privately, you must project unity publicly. Clients, employees and the board take their cues from the consistency of leadership.
Co-leadership as a succession strategy
A consensus leadership model is also a powerful tool for succession planning. In an era where five generations will soon coexist in the workplace, integrating multi-generational leadership at the top is a smart move.
As Logan Roy’s downfall in HBO’s Succession illustrates, pitting potential successors against each other is a recipe for disaster. A wiser approach is to build a collaborative leadership team to guide the business into the future. Appointing a co-CEO from a younger generation can energise an organisation, foster innovation and bridge the gap between seasoned expertise and emerging perspectives.
Founders must accept they aren’t immortal. Identifying and nurturing home-grown talent is crucial. By elevating a potential successor to a co-CEO role, you provide them with real-world experience, test their capabilities and ensure a smooth transition when the time comes. This multi-generational C-suite acts as a safety net, retaining top talent while preparing the business for what’s next.
A model for modern leadership
The co-CEO model is an exercise in collaboration at the highest level. It forces you to listen, adapt and compromise in ways that make you a better leader.
It’s not for every company – and it certainly isn’t easy. But in a world where leadership demands are expanding faster than any one person can manage, two aligned leaders can achieve extraordinary things.
Sir Martin Sorrell was right to be sceptical but, as Spotify and a growing number of companies are discovering, when the purpose is clear and the chemistry is right, the co-CEO model is a powerful blueprint for navigating pivotal moments.
Dave Allen is founder at global brand consultancy Brandpie
Leadership today demands more than a single point of view.
That’s why some of the world’s most dynamic companies, including Spotify, Comcast and Oracle, are appointing co-CEOs – two leaders sharing the weight, the accountability and the vision.
Far from diluting authority, the model can create a sharpened, more balanced approach to growth and succession. But, as more organisations experiment with joint leadership – once considered a corporate anomaly – the question remains: is it a powerful strategy for growth or a recipe for confusion?
