The old model of a single chief executive officer is changing as large companies are more frequently turning to a co-CEO structure. A new analysis by Russell Reynolds makes clear just how far this trend has gone. Yet, sixty percent of CEOs say they do not spend enough time with their family. Even executives, as they climb the corporate ladder, are concerned about the work-life balance. Therefore, they’re directly looking for other leadership models that focus on more creative leadership with more shared responsibility.
Pippa Begg, who co-led Board Intelligence with Jennifer Sundberg for almost 16 years, is a great example of how powerful this model can be. “If we hadn’t had the co-CEO model, we probably would have felt that we needed to find a new CEO, or even sell the business, which are things that happen to so many female-run businesses because they don’t see how it’s going to work,” she stated. Her experience illustrates how co-CEOs can manage personal challenges while ensuring continuity of business leadership.
Yet, Co-CEO structures are most successful in private companies, where leaders have developed clear lines of work and simple organizational structures built upon direct working relationships. According to leadership coach Audrey Hametner, this shared leadership approach enables individuals to take necessary breaks that a sole CEO might find difficult to manage. With clear divisions of responsibilities, accountability, and the burdens of leadership co-CEOs can make the organization run more smoothly and improve work-life balance.
Denise Johansson and Monika Liikamaa, co-CEOs of Enfuce, explain this balancing act in more detail. Combined, they’re raising six kids while working to balance their family responsibilities with their company’s needs. “If my kids are in need, I will be away with them – no question,” Johansson said. The pair work in tandem to safeguard the important moments in their kids’ lives, all the while keeping a firm watch on their firm’s day-to-day goings-on.
Begg’s journey further illustrates the need for flexibility in leadership positions. During her tenure, she took three maternity leaves of approximately six months each and returned to work on a four-day week schedule. Likewise, Sundberg herself went on maternity leaves during her tenure as co-CEO. The craving for flexibility isn’t just coming from women. Male co-founders Dhruv Amin, right, and Marcus Lowe of Anything both took three-week paternity leaves in 2024 and 2025, respectively.
Studies indicate that 71% of women leaders only take up to six months of leave at most due to fear of risking their future career prospects. Under co-leadership in 2015, only 11 such companies in the entire Russell 3000 — a common investment benchmark of major public companies in the U.S. — had co-CEOs. By 2024, that number increased to 24. Even as it gains traction, experts point out that the co-CEO model has not fully established itself as a sustainable long-term solution.
I think there’s a lot of succession planning going on right now. Tierney Remick noted that the pipeline of other ‘ready-now’ CEOs has drastically decreased over the last several years. This trend is a part of and indicative of the larger landscape around these leadership transitions. Companies are exploring various ways to expand roles and responsibilities among high-potential leaders amid ongoing changes in the business landscape.
And while co-CEOs can help balance personal and professional lives, creating that partnership is not to be taken lightly. “Leaders trying to establish their partnership, as well as drive the business and evolve the strategy and doing it in a way that doesn’t create confusion in the organization is usually very difficult if they don’t know each other,” Remick added.
The benefits of shared leadership reaches further than individual happiness. Begg underscores the benefit of going into decision-making with two different perspectives. We couldn’t be more different, like yin and yang. Climate change, she said, makes life harder. I think doing things in collaboration with people is always better than doing it on your own because it helps to avoid hubris.
Even with these advantages, some organizations aren’t fully prepared to make this leap. Others may find comfort in seeing conventional single-leader models as better or more stable. With executive demands piling up, it’s time for companies to look beyond the head-down leadership mentality.
All of these factors came together when Johansson lost her father suddenly in 2024. Thanks to the co-CEO model, she could take three weeks off to process her grief without jeopardizing her company’s operations. “It was not only a huge emotional shock, it came with a lot of unexpected responsibility as I inherited another business at the same time,” she reflected on the challenges she faced.
At the end of the day, the progression to co-CEOs is part of a larger cultural transformation happening in corporate America. Corporate America families are playing an ever-growing role for executives, and as they do so, companies need to adjust. Begg’s insight sheds light on how to strike a balance between one’s professional and personal obligations. Healthy relationships enable strong leaders to flourish without neglecting their responsibilities at home.
“Marcus has covered for me twice. We’ve both had times when we’re gunning hard for the company, and times we’re not. The structure gives us permission to be human without everything falling apart.” – Dhruv Amin