Research Insights: Strength in Numbers?

An alternative to the single CEO model is gaining traction in business: the co-CEO arrangement, in which two or more individuals lead a company as equals. Co-CEOs can bring complementary leadership styles and diverse skill sets to their roles, allowing for a division of labor in a complex business environment. However, predictably, this model brings both strengths and potential drawbacks.

Sriniwas Mahapatro, assistant professor in the department of finance and accounting, explores this topic in a co-authored article, “The co-CEO model: Addressing the needs of a dynamic business landscape,” published in California Management Review. 

Mahapatro and his collaborator point to successful applications of the co-CEO model in financial services and the technology sector. For example, they show how Goldman Sachs flourished under two CEOs, “with one leader overseeing the Investment Banking division while the other focused on expanding the trading business.” Similarly, Netflix has thrived under a co-CEO model, supported by a smooth leadership transition—one leader oversees content, marketing, and communications, while the other focuses on product, technology, and operations.  

However, this leadership model has sometimes failed, as when Deutsche Bank appointed co-CEOs in 2012. Differing priorities, contrasting management styles, and a lack of organizational buy-in for the co-CEO model led to the resignation of both CEOs within three years.

Finally, the co-authors offer guidance on how the co-CEO model can succeed, while underscoring its limitations.

View paper in California Management Review (May, 2025), The co-CEO model: Addressing the needs of a dynamic business landscape.