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Companies Are Increasingly Installing Two CEOs to Help With Succession
Reporting to double // Illustration by Kate Walker
More founders are now handing the reins to two CEOs when they step down, with 33 companies in the Russell 3000 Index operating under a dual-leadership structure.
The Big Picture: Being a CEO is a high-pressure role, and many founders are starting to believe no single person is ideally suited for the job (or full control of their “baby”). That mindset is fueling a rise in co-CEO structures, with founders often stepping up to an Executive Chairman role that allows them to remain the ultimate puppet master.
Behind The Shared Office: Are two CEOs better than one?
Spotify CEO Daniel EK announced he’s stepping down after two decades, naming co-presidents Alex Norström and Gustav Söderström as co-CEOs.
Oracle recently sidelined CEO Safra Katz in favor of cloud chief Clay Magouyrk and Oracle Industries president Mike Sicilia. Katz was a co-CEO until Mark Hurd’s passing in 2019.
Comcast CEO Brian Roberts revealed that NBCUniversal head Mike Cavanagh would join him at the perch.
And perhaps most famously, Netflix has two co-CEOs — Ted Sarandos and Greg Peters — who took over when founder Reed Hastings stepped aside in 2023. Hastings had first named Sarandos his co-CEO back in 2020.
Final Duel: Picking co-CEOs is a bit like arranging a corporate marriage — chemistry and complementary skill sets are key. That’s why it’s tough to get right: most co-CEOs last only about half as long as their solo-CEO peers, according to data firm Equilar.
But there can be a lot of benefits when it works. A 2022 Harvard Business Review study found companies with co-CEOs delivered an average shareholder return of 9.5%, compared with 6.9% for solo leaders. So, maybe two heads are better than one.
Future Victor: With all eyes on Disney to see who will eventually succeed Bob Iger (for the second time), we wouldn’t be surprised if the company installs co-CEOs for a while to show them the ropes before his departure.
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Today’s email was written by David Vendrell.
Edited by Nick Comney. Polled and Copy-edited by Kait Cunniff.
Published by Darline Salazar.