Co-CEOs are back on the agenda – what can we learn (or not!) from dual-captained ships?

Co-CEOs, mostly an organisational anomaly, are making a quiet comeback.

In 2025 only 15 companies in the Fortune 1000 operate with this structure, according to executive search firm Heidrick & Struggles. That’s 1.5%. A veritable speck in the business ocean.

So – why are we talking about them now?

There have been a slew of high-profile companies announcing their adoption of this leadership framework, namely Oracle, Spotify, Comcast and JP Morgan for EMEA.

These new additions mark a sizeable increase, considering the size of the pool. It begs the question – do they work?

The case for two captains

Many point to the increasing complexity in the global market. Two CEOs brings double the experience, wealth of knowledge, and the advantage of having multiple perspectives and problem-solving styles. This forms a more robust, wide-reaching leadership.

AlixPartners co-CEOs David Garfield and Rob Hornby who operate in the US and UK respectively, are an example of another advantage. Together the company enjoys: “20 hours of leadership coverage across time zones”, providing a distinct strategic upper hand.

There’s a financial argument too. An HBR studyfound that companies led by co-CEOs “generated an average annual shareholder return of 9.5%—significantly better than the average of 6.9% for each company’s relevant index.Nearly 60% of them outperformed firms with the traditional CEO structure.

Why is finding co-CEOs like finding a needle in a haystack then?

Co-CEO setups are still extremely rare and often unpopular. Many fail, and having two personalities at the top can cause friction, power imbalances and blurred accountability which can ultimately negatively impact on the business.

Still there have been some notable success stories. Netflix has thrived under Peters and Sarandos. Since they took over the dual-helm in 2020 the platform has scaled to over 300 million members– a mind boggling amount!

But how do they make it work?

One key element is divided responsibilities – with Sarandos overseeing brand and content, and Peters product, ads, pricing and partnerships. This clear split allows both to maximise their expertise without overlap and getting in each other’s ways.

Auerback, a CEO coachpinpointed five key essential qualities often found in successful co-CEOs.  They:

• Define lanes clearly
• Work in natural pairings
• Maintain strong communication discipline
• Commit to unity in public
• Check their egos

It’s a combination of teamwork and individualism – in both character and job role. Complementary skills and personalities are clearly key, as is alignment.

The communications question

Dual leadership systems throw up some interesting challenges for communicators. As Cole, president of Cowen Partners Executive Search, notes: “Inconsistent messaging can confuse the leadership team; decision making can slow down. And there’s always the risk of confusion about authority.”

For communicators this means one thing: alignment is crucial. Both CEOs must share a clear message, and be given equal prominence in comms, be that town halls, media appearances, statements, Q&As – whatever it may be. They are both the figureheads of not just their company but their people, pulling together.

What can we learn?

The co-CEO model offers a useful lens through which to view broader communication challenges. Even in organisations with a single CEO, there are always competing voices, departments and agendas.

As communicators it’s not just about repeating and echoing leadership, it’s about aligning, and crafting messaging that supports the organisation’s strategy. The best communication ensures clarity and cohesion even in the most complex environments.