When companies appoint two people to share a leadership role, they typically invest time explaining and justifying the dual structure when it’s launched — but they neglect to continue the work of making people understand how the two leaders are working together. To be successful, co-leaders need an ongoing process to keep from settling into separate fiefdoms that destroy value in the business. By avoiding eight common mistakes, companies can create new kinds of value impossible under unitary leaders.
Splitting a leadership role between two executives is an increasingly popular practice in companies, often at the divisional and departmental level — and sometimes by naming two people as co-CEOs. Success has been mixed, and failures are often blamed on a bad fit or lack of preparation. A suitable fit and preparation do matter, but boards and leaders often act as though the challenge is mostly in setting up the arrangement.
