The Pros and Cons of a Co-CEO Model
In this retrospective, I share my experience as a co-CEO and highlight the strengths and weaknesses of this management approach
By | Maksym Liashko | www.entrepreneur.com
When it comes to the co-CEO model, someone remembers the Netflix experience and mentions Oracle. And some people mention Salesforce — a company that implemented the two CEO model, cancelled it and returned to it again. Proponents of the dual approach say that two heads are better than one. Opponents think the co-CEO model is doomed and that it’s a temporary solution suitable for startups only.
Over the year with the dual model, we have achieved a 155% growth in GGR. In this retrospective, I will share my experience as a co-CEO and highlight the strengths and weaknesses of this management approach.
Why did we switch to the co-CEO model? In 2020, we expected growth and made plans to scale the business. In 2021, the number of employees had grown by 30%, and the complexity and capabilities of the technological solutions used in the product have grown too. For example, we finished the development of the Parimatch platform, which can process more than 20,000 transactions per second — this is four times more than our old platform could.
Related: These Co-Founders Insisted on Being Co-CEOs Despite It Costing Them Funding
The global plans required a focus on strategic issues while maintaining the pace of growth without compromising operational work quality. So, the idea came up to assemble the Supervisory Board. The Supervisory Board aimed to balance the shareholders’ goals, allow the C-level to focus on business development strategies and release management resources from daily operations. It was primarily because the competence of employees and the built-in processes made it possible to close issues without the CEO’s participation.
