Did you know that about 30% of all family businesses say they are considering co-CEOs in the future?
While not recommended by management textbooks, the idea has worked well sometimes. For example, the German Miele white goods producer has had co-CEOs for generations!
The split up of Motorola this week into two companies ends a co-CEO situation that has existed over the past several years. In separation they were asked how the co-CEO model had worked. They said several things:
- It was tough for both of them.
- They knew being sole CEO will be much more focused and fast.
- It can work well for a limited, purposeful period of time.
- To work requires lots of communication, communication, communication.
Food for thought.