Dual CEO structures have advantages and disadvantages that don’t rule it in or out but make it more feasible under specific conditions. Famous examples include Greg Peters and Ted Sarandos at Netflix and Marc Benioff and Bret Taylor at Salesforce where the set-up ended early. This research found it tends to occur as part of merger transitions or when there are cofounders.
Firms adopting the structure tend to have lower debt and a less independent board structure with co-CEOs doing some of the traditional board monitoring. Co-CEOs individually earn less incentive pay than solitary CEOs. The market often views the structure favourably although it works better if there are clearly separated responsibilities and complementary skills e.g. strategy versus operations. It doesn’t work as well when responsibility is ambiguous or the arrangement is politically forced.
Source: https://onlinelibrary.wiley.com/doi/abs/10.1111/j.1540-6288.2011.00305.x
