The company founders who think they need not one but two successors

Finally convinced it is time to step aside, company founders often decide it takes two people to fill their big shoes—despite the mixed record of companies led by co-CEOs.

- Chip Cutter & Theo Francis

Spotify’s Daniel Ek is the latest entrepreneur to be succeeded by a pair of chief executives. The music streaming giant announced Tuesday that co-presidents Alex Norström and Gustav Söderström will become its co-CEOs on Jan. 1. Oracle, founded by Larry Ellison, just announced its second pair of co-CEOs in 11 years. Comcast, too, picked a co-CEO to join longtime leader Brian Roberts, whose father founded the media company in 1963.

Two heads are better than one, some boards reason, because they can bring complementary skills to the demanding role. The approach remains rare, but has been particularly popular among entrepreneurs passing the baton. Of 33 companies in the Russell 3000 with co-CEOs this year, chiefs at two-thirds included or replaced a founder.

Some founders may feel, “I am indispensable, and I don’t want to give my baby to one person,” said Ranjay Gulati, a professor at Harvard Business School who has studied leadership transitions among startup CEOs.

Other founders believe it takes multiple people to assume the responsibilities they have accumulated from the beginning. “They're hedging, saying there's safety in numbers: ‘We can’t put all our eggs in one basket,” he said.

Despite some high-profile dust-ups, a few power duos have had staying power. They tend to lead in harmony when there is a clear delineation of responsibilities. Joseph Bae and Scott Nuttall have jointly led private-equity giant KKR since 2021, when their longtime predecessors, co-founders Henry Kravis and George Roberts, became co-executive chairmen.