Few firms use co-CEOs, yet one study says their share prices outperform by 40%

LiveWire11-12

I recently listened to a Freakonomics podcast episode called "Are Two CEOs Better Than One?" It got me thinking… which ASX companies have Co-CEOs, and do they perform better? That thought also made me...

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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nFew firms use co-CEOs, yet one study says their share prices outperform by 40%\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-11-12 04:00 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.livewiremarkets.com/wires/few-firms-use-co-ceos-yet-one-study-says-their-share-prices-outperform-by-40><strong>LiveWire</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>I recently listened to a Freakonomics podcast episode called \"Are Two CEOs Better Than One?\" It got me thinking… which ASX companies have Co-CEOs, and do they perform better?\nThat thought also made me...</p>\n\n<a href=\"https://www.livewiremarkets.com/wires/few-firms-use-co-ceos-yet-one-study-says-their-share-prices-outperform-by-40\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"ASV.AU","symbol_name":"ASSETVIS FPO","start_time":0,"source_url":"https://www.livewiremarkets.com/wires/few-firms-use-co-ceos-yet-one-study-says-their-share-prices-outperform-by-40","article_id":"2582391008","we_media_id":null,"thumbnails":[],"rights":{"source":"livewire_stock","url":"https://www.livewiremarkets.com/wires/few-firms-use-co-ceos-yet-one-study-says-their-share-prices-outperform-by-40","rn_cache_url":null,"directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2582391008","pubTimestamp":1762891227,"columns":[],"sourceInfo":{"source_id":"livewire_stock","name":"Livewire Markets"},"weMediaInfo":null,"summary":"Irecently listened to a Freakonomics podcast episode called\"Are Two CEOs Better Than One?which ASX companies have Co-CEOs, and do they perform better?That thought also made me reflect on my own workplace. Livewire is led by co-founders James Marlay and Tom McKay. With distinct but complementary strengths, they’ve built a business recognised multiple times on the AFR Fast 100 list.For me, it’s a real-world example of how aligned leadership can deliver exceptional performance. It’s a dynamic that clearly works, and one that made the Freakonomics discussion hit closer to home.Markets have long assumed the CEO role belongs to one person: one vision, one decision-maker, one leader. But this episode challenged that idea, arguing that dual leadership may be more than a novelty; it may be a strategic edge.That raises an intriguing question: in a world of accelerating innovation, global regulation and talent competition, is a sole CEO still enough?","collect":0,"end_time":0,"defaultTopTitle":"livewiremarkets.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"ASV.AU":"ASSETVIS FPO","BK4613":"AI应用软件","BK4528":"SaaS概念","BK7054":"投资银行业与经纪业","GDG.AU":"GENERATION DEVELOPMENT GROUP","BK7016":"应用软件","BK7089":"人寿与健康保险","APZ.AU":"ASPEN GROUP","BK4588":"碎股","AQZ.AU":"ALLIANCE AVIATION SERVICES L","BK7137":"餐馆","IE0009356076.USD":"JANUS HENDERSON GLOBAL TECHNOLOGY AND INNOVATION \"A2\" (USD) ACC","BK4532":"文艺复兴科技持仓","BFG.AU":"BELL FINANCIAL GROUP LTD","CBO.AU":"Cobram Estate Olives Ltd","BK4607":"DeepSeek概念股","LU1720051108.HKD":"ALLIANZ GLOBAL ARTIFICIAL INTELLIGENCE \"AT\" (HKD) ACC","HBR":"Canary HBAR ETF","BK7087":"多样化房地产投资信托v","BK4561":"索罗斯持仓","LU1720051017.SGD":"Allianz Global Artificial Intelligence AT Acc H2-SGD","BK7064":"综合支持服务","BK7141":"包装食品与肉类","TEAM":"Atlassian Corporation PLC","BK4023":"应用软件","XAO.AU":"标普/澳交所 普通股指数","SOM.AU":"SOMNOMED LTD","BK4548":"巴美列捷福持仓","BSA.AU":"BSA LTD","LU1548497426.USD":"安联环球人工智能AT Acc","XJO.AU":"标普/澳交所 200指数","LU2357305700.SGD":"Allianz Global Artificial Intelligence ET H2-SGD","BK7030":"航空公司","BK7007":"医疗保健设备","BK4585":"ETF&股票定投概念","XKO.AU":"标普/澳交所 300指数","GYG.AU":"Guzman y Gomez Ltd","BK7055":"建筑与工程","CNI.AU":"CENTURIA CAPITAL GROUP","BK4566":"资本集团"},"translate_title":"很少有公司使用联席首席执行官，但一项研究称他们的股价跑赢大盘40%","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"SOM.AU":1,"ASV.AU":1,"GYG.AU":1,"XAO.AU":0.9,"HBR":1,"XJO.AU":0.9,"BFG.AU":1,"APZ.AU":1,"CBO.AU":1,"BSA.AU":1,"AQZ.AU":1,"TEAM":1,"XKO.AU":0.9,"GDG.AU":1,"CNI.AU":1},"content_text":"I recently listened to a Freakonomics podcast episode called \"Are Two CEOs Better Than One?\" It got me thinking… which ASX companies have Co-CEOs, and do they perform better?\nThat thought also made me reflect on my own workplace. Livewire is led by co-founders James Marlay and Tom McKay. With distinct but complementary strengths, they’ve built a business recognised multiple times on the AFR Fast 100 list. \nFor me, it’s a real-world example of how aligned leadership can deliver exceptional performance. It’s a dynamic that clearly works, and one that made the Freakonomics discussion hit closer to home. \nMarkets have long assumed the CEO role belongs to one person: one vision, one decision-maker, one leader. But this episode challenged that idea, arguing that dual leadership may be more than a novelty; it may be a strategic edge. \nThat raises an intriguing question: in a world of accelerating innovation, global regulation and talent competition, is a sole CEO still enough?\nAs CEO adviser Marc Feigen put it:\n“Today the job of running a company has become so complex and multifaceted, and the scope of responsibilities so great, that the co-C.E.O. model deserves a fresh and close look.” \nThe research backs that view. In a 2022 Harvard Business Review (HBR) article, Is It Time to Consider Co-CEOs? Feigen and his co-authors examined 2,200 large listed companies from the S&P 1200 and Russell 1000. \nFrom 1996 to 2020, fewer than 100 firms had co-CEOs, yet those firms delivered notably strong performance, with total shareholder returns nearly 40% higher over the study period than those led by a single chief. That’s compelling, even if correlation isn’t causation.\nWhich brings me to my core question:\nShould investors give extra credit to companies with co-CEOs when assessing potential investments?\nTo answer that, I’ve had a look at some evidence to see whether dual leadership really delivers. \n\n\n\n\n\n\n\n\n\nCo-Founders of Livewire, Tom McKay and James Marlay\nDo co-CEOs actually outperform? What the evidence says\nThe research foundation\nThe Freakonomics episode explores whether two CEOs really can outperform one. It draws heavily on the HBR article, which offers a rigorous look at dual-CEO firms and suggests that co-CEOs in large, listed companies delivered ~40% higher shareholder returns. \nFurther analysis by MBA News Australia found similar results across 87 dual-CEO companies, with an average annual shareholder return of 9.5% versus 6.9% for solo-led peers.\nFeigen argues that as complexity, scale, and global dynamics expand, one individual may simply not be able to cover all domains of modern leadership. Two capable executives working in tandem can broaden strategic capacity, balance risk, and extend oversight across multiple business fronts. \nWhy the model can work\nBroader capability: complementary skill sets (for example, operational + strategic, or product + go-to-market)\n\n\nBuilt-in challenge: each leader can test the other’s assumptions\n\nResilience: continuity if one leader steps away\n\nCultural signal: collaboration modelled from the top down\n\nRisk balancing and shared accountability\n\n\nBroader coverage across geographies, clients, and talent relationships\n\nAs one co-CEO pair described:\n“We can call bulls*** on the other.”\nWhen it fails\nThe same research cautions that co-leadership can unravel if structure and trust aren’t firmly in place. Failure tends to occur when responsibilities blur, egos clash, or boards fail to enforce clarity.\nThe HBR article highlights several examples, including Chipotle Mexican Grill, SAP SE, and Research In Motion (BlackBerry), where crisis exposed division and decision paralysis. Co-leadership struggles most when:\n\nTrust collapses or communication breaks down\nBoards pick sides instead of mediating conflict\nCrisis pressure forces divergent strategies\nSkill sets overlap excessively, creating redundancy\n\nIn short, the co-CEO model shows real potential, but its success depends entirely on execution, alignment, and disciplined governance. \nASX companies that have current Co-CEOs / Joint Leaders\nGuzman y Gomez Limited (ASX: GYG)\nCo-Leaders: Steven Marks & Hilton Brett\nDescription: Australia’s fast-growing quick-service Mexican food chain (founded 2005). The business has expanded into multiple countries and operates a high-growth restaurant model.\nImportant details:\n\nIn October 2023, Brett was appointed co-CEO alongside founder Marks, signalling a formal dual leadership structure.\nManagement reiterated the mantra “We are one team,” emphasising that the co-CEO partnership underpins a culture focused on guest experience and franchisee support, citing record FY25 sales and operational improvements.\nFY25 network sales reportedly passed A$1.2 billion, up ~23% on the prior year.\nThe co-CEO model is part of the group’s push to scale globally and manage increasing complexity across geographies.\n\n\n\n\n\n\n\n\n\n\nGYG 1-year performance. (Source: Market Index)\nSomnoMed Limited (ASX: SOM)\nCo-Leaders: Amrita Blickstead & Karen Borg\nDescription: A medical-device company specialising in oral appliance therapy for obstructive sleep apnoea (OSA). SomnoMed designs, manufactures, and distributes its devices globally across more than 30 countries, combining in-house production with regional distribution partnerships.\nImportant details:\n\nOn\n     23 February 2024, the company appointed Blickstead and Borg as Co-CEOs and\n     Executive Directors, marking a formal dual-leadership structure.\nThe\n     new dual leadership was introduced as part of a strategy to accelerate\n     revenue growth, strengthen profitability, and scale global operations.\nUnder\n     the new leadership, the company emphasised ongoing growth drivers in its FY24 Annual Report, including rising global awareness of sleep apnoea, expanding reimbursement coverage, and new digital manufacturing capabilities.\nOn the FY25 earnings call, both leaders described the year as “transformational,” pointing to 22% revenue growth to A$111.5 m and the milestone of treating one million patients.\n\n\n\n\n\n\n\n\n\n\nSOM 5-year performance. (Source: Market Index)\nAsset Vision Co Ltd (ASX: ASV)\nCo-Leaders: Lucas Murtagh & Damian Smith\nDescription: A technology company offering enterprise asset-management solutions — web and mobile work-management platforms for asset owners, operators and contractors across the public and private sectors.\nImportant details:\n\nThe company operates under a Co-CEO structure, with Lucas Murtagh (Co-CEO & Executive Director) and Damian Smith (Co-CEO & Executive Director) sharing leadership.\nThis arrangement presents unique governance considerations, as ASX Listing Rule 14.4 (which requires directors to face re-election every three years) contains a specific provision for managing directors.\nThe dual-leadership model was introduced as part of a strategy to scale the business, expand its platform offering, and grow its market presence, with Smith focused on product/client delivery and Murtagh on growth & strategy.\n\n\n\nASV 5-year performance. (Source: Market Index)\nCobram Estate Olives Limited (ASX: CBO)\nCo-Leaders: Leandro Ravetti & Sam Beaton\nDescription: Australia’s largest vertically-integrated olive-oil company, owning the premium brands Cobram Estate and Red Island, and operating a full end-to-end olive growing, milling, bottling and export model with operations in Australia and the USA.\nImportant details:\n\nOn 20 April 2021, Sam Beaton was appointed Joint-CEO (Finance & Commercial) and Leandro Ravetti was appointed Joint-CEO (Technical & Production).\nThe leadership team reports the arrangement \"works really well\", citing mutual respect and regular communication as critical success factors, despite initial uncertainty about how the model would function.\nThe dual-CEO structure aligns with the company’s strategy to integrate its production/farming operations (led by Ravetti) with commercial, finance and market growth activities (led by Beaton) across domestic and export markets.\n\n\n\n\n\n\n\n\n\n\nCBO 5-year performance. (Source: Market Index)\nAspen Group Limited (ASX: APZ)\nCo-Leaders: David Dixon & John Carter\nDescription: A stapled real-estate company providing accommodation assets across retirement-lifestyle, residential and holiday-living sectors, owning, developing and operating properties in Australia (and using a trust structure via Aspen Property Trust).\nImportant details:\n\nThe company is led by a joint CEO structure, with David Dixon and John Carter both titled Joint Chief Executive Officer (Dixon also serving as Joint Company Secretary & Director).\nIn\n     August 2023, a “Joint CEO Share Issue” was announced, reinforcing the dual\n     leadership structure.\nThe\n     model enables focus on growth, investor alignment and scaling of its\n     property portfolio.\nThe FY25 annual report confirms each receives A$550k total fixed remuneration and no separate director fees, reflecting the board’s view that joint leadership continues to add value to Aspen’s diversified property portfolio.\n\n\n\nAPZ 5-year performance. (Source: Market Index)\nCenturia Capital Group (ASX: CNI)\nCo-Leaders: Jason Huljich & John McBain — Joint Chief Executives.\nCompany Description: An Australian-listed specialist investment manager, operating across listed and unlisted property funds, development finance, investment bonds and related asset-management services.\nImportant Details:\n\nThe company is led by a Joint CEO structure, with Jason Huljich and John McBain both serving as Joint Chief Executives who have worked together for 28 years, demonstrating a long-term commitment to the shared leadership model.\nAs at 30 June 2024, the group reported approximately A$21.1 billion in assets under management.\nThe dual-leadership model aligns with the firm’s diversified business across multiple asset classes (real estate, bonds, finance) and geographies, providing structural support for managing scale, complexity and growth.\nNote: While the leadership model supports scale and diversification, publicly documented performance uplift directly attributable to the dual-CEO structure (for example, “40% higher return”) is not evident in the company disclosures.\n\n\n\n\n\n\n\n\n\n\nCNI 5-year performance. (Source: Market Index)\nBell Financial Group (ASX: BFG)\nCo-Leaders: Arnie Selvarajah & Dean Davenport appointed as Co-Chief Executive Officers effective 1 November 2023.\nCompany Description: An Australian financial-services group providing full-service and online broking, investment advisory, and wealth-management services, operating across private and institutional clients, with operations in Australia and overseas (e.g., New Zealand, USA, UK, Asia).\nImportant Details:\n\nThe company formally announced the Co-CEO leadership structure in October 2023 (effective 1 Nov 2023) following the retirement of the Executive Chairman.\nAt the 2024 AGM (19 April 2024), the Co-CEOs delivered a presentation titled “Co-Chief Executive Officers’ Presentation”, confirming their joint leadership role.\nThe dual-CEO structure aligns with the group’s transition strategy — emphasising growth of technology & platforms, expanded products/services and broader wealth-management scale, beyond traditional broking. \nAs an ASX-listed service business adopting a dual-CEO model, BFG strengthens the narrative that co-leadership is extending beyond purely manufacturing or tech-centric firms.\n\n\n\n\n\n\n\n\n\n\nBFG 5-year performance. (Source: Market Index)\nAlliance Aviation Services (ASX: AQZ)\nJoint Leadership: Scott McMillan & Stewart Tully - current Joint Managing Directors (since August 2025); Tully is scheduled to become sole Managing Director following the AGM on 27 November 2025.\nCompany Description: An Australian-listed aviation services company offering charter, contract and maintenance services primarily to mining, resources and government sectors, as well as wet-lease services.\nImportant Details:\n\nThe company has announced a joint-MD succession structure, with Scott McMillan currently serving as Joint Managing Director and Stewart Tully also as Joint Managing Director, and with McMillan scheduled to step down and Tully to become sole MD after the AGM on 27 Nov 2025.\nThe transition is described as part of a 12-month succession plan, indicating the joint-leadership arrangement is of a transitional nature rather than a long-term dual-CEO model of equal CEOs.\n\n\n\n\n\n\n\n\n\n\nAQZ 5-year performance. (Source: Market Index)\nCompanies that have used Co-CEOs / Joint Leaders\nAtlassian Corporation Plc (NASDAQ: TEAM)\nCo-Leaders: Mike Cannon-Brookes & Scott Farquhar\nDescription: Australian-founded global software company (founded 2002) recognised for collaboration tools like Jira and Confluence.\nImportant\ndetails:\nThese two founders have co-led the business for over 20 years, with the\nleadership structure often cited as a successful example of dual CEOs. The\ncompany’s long-term performance (US$50+ billion valuation) provides\nsupporting context to the co-CEO narrative.\n\n\n\n\n\n\n\n\n\nTEAM performance. (Source: NASDAQ)\nBSA Limited (ASX: BSA)\nCo-Leaders: Richard Bartley & Arno Becker (appointed 1 April 2023 as Joint CEOs)\nDescription: Australian infrastructure & utilities company delivering communications networks, smart-metering and EV charging solutions.\nImportant details: The appointment of joint CEOs was explicitly announced to drive growth and innovation under a dual-leadership approach. While still early in the dual structure, it exemplifies the model in a current ASX context.\n\n\n\n\n\n\n\n\n\nBSA 5-year performance. (Source: Market Index)\nGeneration Life (parent company Generation Development Group Ltd: ASX: GDG)\nCo-Leaders: Historically, leadership overlap has been noted between Grant Hackett and Felipe Araujo.\nDescription: Specialist investment-bond and retirement-income business based in Australia.\nImportant details: While not a classic co-CEO pair, the company has had overlapping executive roles and an elevated leadership structure (Hackett + Araujo), which could serve as a variant of shared leadership. Might be treated as a looser “joint leadership” rather than formal co-CEOs.\n\n\n\n\n\n\n\n\n\nGDG 5-year performance. (Source: Market Index)\nWhat the research says for your portfolio\nSo what should investors take from all this?\nAcross the ASX, only a small number of companies operate under dual-leadership structures, but they span diverse industries, from Guzman y Gomez’s fast-casual rollout to Centuria’s $21 billion investment platform and Bell Financial’s evolution into wealth management. Each has adopted co-CEOs or joint leaders to balance scale, strategy, and execution.\nWhile the global studies show co-CEOs can outperform, the local examples point to something subtler: the model’s effectiveness depends on alignment and clarity. \nFor investors, co-CEOs shouldn’t automatically be a buy signal, but when complementary skills, founder alignment, and governance clarity exist, it’s a structural strength worth noting.\nKey takeaways:\n\n\nPerformance & prevalence: Global research (Harvard Business Review, MBA News Australia) shows a positive link between co-CEOs and stronger shareholder returns. On the ASX, dual leadership remains rare but is emerging across diverse sectors, from fast food and healthcare to property and finance.\n\nWhen it works: The model adds value when scale, complexity, or growth ambitions demand broader capability. Companies like GYG, SomnoMed, Aspen, and Bell Financial reaffirmed their benefits through culture, execution focus, and complementary skill sets.\n\nWhen it evolves: Alliance Aviation illustrates how joint leadership can serve as a bridge for orderly succession to a single CEO, a reminder that shared leadership can be both strategic and transitional.\n\nAlignment & incentives: SomnoMed’s multi-year option grants to both co-CEOs show the importance of aligned incentives and long-term performance design in making the model sustainable.\n\nCommunication & governance: GYG’s biannual co-CEO letters and Bell Financial’s joint AGM presentations demonstrate how boards can leverage co-leadership to enhance transparency, accountability, and stakeholder engagement.\n\nThe risk: As ever, success hinges on clarity. The biggest threats lie in poor communication, overlapping roles, or blurred accountability.\n\nCo-CEOs won’t guarantee success, but when they work, they can provide a genuine edge. Especially in businesses managing scale, complexity, and growth simultaneously.\n\n\n\nNever miss an update\n\n    Enjoy this wire? Hit the ‘like’ button to let us know. \n    Stay up to date with my current content by \n    following me below and you’ll be notified every time I post a wire","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.35.11","shortVersion":"4.35.11","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2582391008","isCrawlerRequest":true}