
 Freakonomics Radio
 Freakonomics Radio Are Two C.E.O.s Better Than One? (Update)
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 Oct 29, 2025  Mark Feigen, CEO advisor and co-author of a transformative study, highlights that companies with co-CEOs saw nearly 40% higher shareholder returns. Jim Balsillie, former co-CEO of BlackBerry, shares gripping stories of his partnership, discussing its strengths and eventual breakdown. Jeffrey Sonnenfeld critiques the co-CEO model, emphasizing risks like role confusion. They also explore how co-leadership could succeed—using innovative strategies and clear communication—and debate the future of this leadership style in large firms. 
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Co-CEOs Correlate With Higher Returns
- Mark Feigen's study found public companies with co-CEOs delivered nearly 40% higher shareholder returns than solo-CEO firms.
- The finding is suggestive but not fully controlled, so causation is not proven.
Formal Power Sharing Counters CEO Ego
- A formal co-CEO title institutionalizes a partner who can check ego-driven decisions and reduce solo-CEO overreach.
- Co-CEOs act as mutual coaches who can 'call bullsh**' and ground each other.
BlackBerry Founders' Intense Partnership
- Jim Balsillie described a decades-long, daily partnership with Mike Lazaridis where they split commercialization and engineering duties.
- Strategic disagreement over hardware versus services led the board to choose Lazaridis' path and ended their partnership.



