Co-CEOs: How Splitting the Job Works & Reduces Stress
The Rise and Risks of Co-CEOs
Organizations are navigating constant change, both internally and externally, leading some to explore unconventional leadership structures like co-CEOs.While not a widespread trend, the idea is gaining traction as the demands on a single CEO become increasingly unsustainable.
“There’s so much happening both externally and internally and organizations are going through constant change and it’s not letting up,” said Susan Sandlund, a managing director at Pearl Meyer, who leads the leadership consulting practice. “It could potentially make sense to have co-CEOs if the company actually has a need for it but I wouldn’t say it should be the norm. I think it’s an exception and you have to have a pretty good business case for it.”
Data from Esgauge shows that only eight co-CEOs are currently operating in the Russell 3000, out of 245 CEO transitions in 2025. The highest number of co-CEOs serving simultaneously within the index in the past decade was 17, recorded in 2023.
When Co-Leadership Structures Fail
Historically, co-CEO structures have been unpopular due to the potential for complications. “A lot can go wrong,” Sandlund noted.
Shawn Cole, president of search firm Cowen Partners, highlighted the most common pitfall: power struggles. “In meetings with clients, investors, or the board, one might talk over the other one, making things painfully awkward. Factions can form. Inconsistent messaging can confuse the leadership team; decision making can slow down.” Cole, who has been brought in to resolve failed co-leadership arrangements, attributes these failures to interpersonal issues and broken expectations, particularly if one co-CEO believed the arrangement was temporary or woudl lead to a sole CEO role.
“It’s very much like a marriage,” Cole said. “It takes a lot of dialog to make it work.” He also pointed out that co-CEOs are often drawn to sole CEO opportunities elsewhere, contributing to the instability of the arrangement. He views recent co-CEO appointments with skepticism, suggesting they might potentially be short-term fixes for succession planning issues or a result of boards struggling to make a decision.
Chuck Gray of Egon Zehnder, who advises boards on CEO succession, emphasized the unpredictable nature of how individuals react to power. “I’ve seen people who, when they became CEO, they’ve changed,” said Gray, co-head of Egon Zehnder’s North American board and CEO practice. “When you have two people sharing power, you don’t always know how they’ll react to being that type of structure.”
Gray also noted the difficulty in defining “equal” within a co-CEO relationship. “Is it equal number of direct reports? Is it equal size P&Ls? Is it the same size office?” he asked. “One line of business is bigger than the other, one has duty for all the P&ls and all the corporate functions-will they feel equal?” he recounted a board member requesting he instantly alert her if a co-CEO structure was ever proposed again.
The Lonely CEO and the Appeal of Shared Leadership
Despite the challenges, the increasing demands and isolation of the CEO role are driving renewed interest in power-sharing. Gray’s firm plans further research into splitting CEO roles. He’s observed that the CEO job is “almost an impossible job for one human to have.” CEOs are increasingly seeking self-reliant corporate directors who are current CEOs and understand the ongoing disruptions since 2019.
“When I talk to a lot of CEOs, you can just see the stress and the strain,” Gray said. Sharing the burden could make the role more lasting, and address the common complaint that CEOs feel lonely.
Experts agree that prosperous co-CEO arrangements require distinctly different roles, complementary skills, shared values, clear decision-making rights, and genuine trust. Crucially, both individuals must genuinely desire to share the role – a trait not always found in those drawn to the CEO position.
“It takes a very mature person,” said Sandlund. “Certain CEOs today, no way in hell would they be able to share power. Some days one will shine and the other can’t get their nose bent out of shape over it… You are truly sharing the limelight and have to be OK with that.”
At AlixPartners, co-CEOs Garfield and Hornby expressed their comfort with the arrangement. garfield noted it’s not suitable for every company culture, but that two people can achieve a wider range of outcomes with the right chemistry. “I think the demands on a modern CEO are close to unsustainable,” said Hornby. “If you’re a singular CEO, I think it’s a pretty tough job nowadays. co-CEOs, if you can meet the conditions of trust and relationship, just provides you with a lot more bandwidth to deal with a complicated world.”