I recently watched an interview with Matthew Herbert and Connor Archbold, the co-CEOs of Tracksuit, and they shared some fascinating insights about the co-CEO model. They explained how the traditional idea of having a single CEO can be limiting and how their partnership has thrived because of their intentional approach.
After spending eight years building their relationship from colleagues to friends and now business partners, they’ve successfully built a brand tracking platform that serves over 7,000 brands globally. Their story is a powerful example of how the co-CEO model can work when done right.
The Foundation of Successful Co-Leadership
The key to their success lies in three critical elements that every potential co-CEO partnership should consider:
- Deep understanding of each other’s strengths and working styles
- Regular communication and feedback loops
- Willingness to adapt roles as the company evolves
What struck me most was their approach to personal profiling. Before launching Tracksuit, they conducted extensive team profiling exercises to understand not just how they viewed themselves, but how others perceived them. This objective view helped them identify their complementary strengths and potential areas of tension.
As Connor explains, “Everything you jump into in business and life, there’s gonna be an outcome, and it’s either gonna be accidental or it’s gonna be designed. The co-CEO relationship is not something you can go into and be open to an accidental outcome.”
The Benefits of Shared Leadership
The co-CEO model offers several advantages that traditional single-leadership structures might miss:
- Better global coverage (Matt can be in London while Connor manages New Zealand operations)
- Enhanced decision-making through different perspectives
- Ability to split focus during critical business phases
- Built-in feedback system at the highest level
When Tracksuit decided to raise capital, this model proved invaluable. Connor focused on investor relations while Matt maintained business momentum – essentially handling two full-time roles simultaneously through their partnership.
Making It Work: The Reality Check
The success of a co-CEO model requires more than just good intentions. Based on Matt and Connor’s experience, several factors are crucial:
Regular Role Definition: They review and redraft their job descriptions every six months to adapt to the company’s rapid growth and changing needs.
Ego Management: Both leaders must check their egos at the door. As Connor notes, “Everyone’s doing their best at any given time, and we’re both aligned with that long-term vision.”
Clear Communication Channels: The partnership demands exceptional communication skills and regular, honest dialogue about challenges and opportunities.
The Future of Leadership
The traditional single-CEO model might not be the only path forward. We’re seeing more companies experiment with shared leadership, like New Zealand’s Sharesies with their three-CEO structure. These examples suggest that alternative leadership models can work when built on the right foundation.
However, this isn’t a one-size-fits-all solution. The co-CEO model requires careful consideration and intentional design. It’s not about splitting responsibilities down the middle but creating a dynamic partnership that leverages each leader’s strengths.
Building For Success
For those considering a co-CEO structure, start with these fundamental steps:
- Conduct thorough personal and team profiling
- Establish clear communication protocols
- Define and regularly review roles and responsibilities
- Create mechanisms for handling disagreements
- Build systems for shared decision-making
The success of Tracksuit under Matt and Connor’s leadership demonstrates that with the right foundation, shared leadership can drive significant business growth and innovation.
Frequently Asked Questions
Q: What are the main advantages of having co-CEOs?
The primary benefits include better global coverage, enhanced decision-making through diverse perspectives, ability to split focus during critical phases, and a built-in feedback system at the executive level. It also allows for better work-life balance and more comprehensive leadership coverage.
Q: How often should co-CEOs review their roles and responsibilities?
Based on Tracksuit’s experience, co-CEOs should review and adjust their roles approximately every six months, or more frequently if the company is experiencing rapid growth or significant changes.
Q: What are the key personality traits needed for successful co-CEOs?
Successful co-CEOs need strong communication skills, the ability to check their egos, willingness to adapt, and complementary leadership styles. They must also trust each other and be aligned on the company’s long-term vision.
Q: How can companies determine if a co-CEO model is right for them?
Companies should assess their leadership needs, conduct thorough personal and team profiling, and evaluate whether potential co-CEOs have complementary skills and aligned values. It’s crucial to have a strong foundation of trust and communication before implementing this model.
Q: What are the common pitfalls to avoid in a co-CEO structure?
Major pitfalls include unclear role definition, poor communication, ego conflicts, and lack of regular review and adjustment of responsibilities. It’s also important to avoid making decisions without consulting each other on significant matters affecting the company.
