Freakonomics Radio

Are Two C.E.O.s Better Than One? (Update)

58 snips
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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INSIGHT

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.
INSIGHT

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.
ANECDOTE

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.
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