Marvin Bower, who built McKinsey, famously warned Goldman Sachs not to have co-CEOs. Installing two decision-makers at the top, the theory goes, almost invariably leads to trouble, in the form of conflicts, confusion, inconsistency, irresolution, and delays. Many observers don’t find this surprising. Moreover, during that period, especially in times of stress, some of those jointly led companies performed notably poorly-among them Chipotle Mexican Grill, the software company SAP, and the mobile phone pioneer Research In Motion (which became BlackBerry in 2013). Of the 2,200 companies that were listed in the S&P 1200 and the Russell 1000 from 1996 to 2020, fewer than 100 were led by co–chief executives. Over the years some companies have put co-CEOs in charge, but not often. For a long time the prevailing wisdom has been that companies need to be led by a single strong leader.
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