Co-CEOs Drive 40% Higher Shareholder Returns

Resources

Books

• "The Great Man Theory of History" by Thomas Carlyle - This historical theory posits that history is shaped by the actions of a few exceptional individuals, which is contrasted with the idea of committee leadership.

Videos & Documentaries

• "The Beatles: Get Back" - This documentary about the Beatles' recording sessions is referenced to illustrate a perceived collaborative effort that, upon closer examination, was driven by one dominant personality.

Research & Studies

• Study on Co-CEOs and Shareholder Returns (Mark Fagan) - This research examined 2,200 large publicly traded companies from 1996-2020 and found that companies with co-CEOs delivered annual shareholder returns nearly 40% higher than those run by solo CEOs.
• Pair Programming vs. Solo Programming Study (Lori Williams) - This dissertation research compared 14 pairs of software engineers to 13 solo programmers over a 15-week semester, finding that pairs made fewer mistakes and reported higher satisfaction, despite working slightly slower overall.

Tools & Software

• LinkedIn Ads - Mentioned as an advertising platform for reaching professionals, with a promotional offer for a free credit on a first campaign.
• Atlassian Software - This company, co-founded by Mike Cannon-Brookes and Scott Farquhar, creates collaboration and productivity software used by many Fortune 500 companies.

Articles & Papers

• "Is it Time to Consider Co-CEOs?" (Harvard Business Review) - This article, written by Mark Fagan based on his research, promotes the idea of co-CEOs, suggesting the model deserves a closer look due to the complexity of modern business.

People Mentioned

• Zach Levine - An entrepreneur from Tampa, Florida, who emailed the show with the question about whether companies run by co-CEOs perform better than those run by solo CEOs.
• Mark Fagan - A CEO advisor and author of a Harvard Business Review article advocating for co-CEOs, whose research suggests co-CEOs lead to higher shareholder returns.
• Steve Ells - Founder of Chipotle, who brought in his friend Monty Moran as co-CEO.
• Monty Moran - Co-CEO of Chipotle with Steve Ells.
• Mike Lazaridis - Co-CEO of Research In Motion (RIM), the company behind Blackberry.
• Jim Balsillie - Retired Chairman and co-CEO of Research In Motion (RIM).
• Ramani Iyer - Led the Hartford Fire Insurance Company in the early 2000s.
• Joe Bae - Co-President and later co-CEO of KKR, appointed in 2017 and 2021 respectively, after a four-year period as co-presidents.
• Scott Nuttall - Co-President and later co-CEO of KKR, appointed in 2017 and 2021 respectively, after a four-year period as co-presidents.
• Mike Cannon-Brookes - Co-founder and co-CEO of Atlassian.
• Scott Farquhar - Co-founder and co-CEO of Atlassian.
• Jeffrey Sonnenfeld - Senior Associate Dean and Lester Crown Professor of Management Studies at the Yale School of Management, and head of the Chief Executive Leadership Institute, who is skeptical of the co-CEO model.
• Bill Gates - Co-founder of Microsoft, referenced in the context of leadership ambiguity.
• Steve Ballmer - Former CEO of Microsoft, referenced in the context of leadership ambiguity.
• Satya Nadella - Current CEO of Microsoft, presented as an example of a strong, unitary CEO.
• Paul McCartney - Member of The Beatles, mentioned in relation to the documentary "Get Back" and perceived leadership dynamics.
• John Lennon - Member of The Beatles, mentioned in relation to the documentary "Get Back" and perceived leadership dynamics.
• George Harrison - Member of The Beatles, mentioned in relation to the documentary "Get Back" and perceived leadership dynamics.
• Ringo Starr - Member of The Beatles, mentioned in relation to the documentary "Get Back" and perceived leadership dynamics.
• Paul Simon - Referenced for his work on the Broadway musical "Capeman" and his perspective on collaboration.
• Art Garfunkel - Mentioned in relation to Paul Simon and the dynamic of Simon & Garfunkel.
• Lori Williams - Professor of Computer Science at North Carolina State University, whose dissertation research focused on pair programming.

Organizations & Institutions

• Edward Jones - Mentioned as a financial services firm that helps guide individuals through life's financial journey.
• Spotify - A company mentioned as having hired two CEOs.
• Oracle - A company mentioned as having hired two CEOs.
• Comcast - A company mentioned as having hired two CEOs.
• S&P 1200 - An index used in Mark Fagan's research.
• Russell 1000 - An index used in Mark Fagan's research.
• Chipotle - A company that has had co-CEOs.
• SAP - A company mentioned in Mark Fagan's research as having had co-CEOs.
• Research In Motion (RIM) - The company that made the Blackberry, which had co-CEOs.
• Blackberry - A smartphone brand that was a breakout success from Research In Motion.
• The Hartford - A company that Ramani Iyer led.
• Goldman Sachs - Mentioned as a firm where John Whitehead and John Weinberg served as co-CEOs.
• Mckinsey - A consulting firm, mentioned in relation to Marvyn Bower's advice on co-CEOs at Goldman Sachs.
• Atlassian - An Australian publicly traded firm that makes collaboration and productivity software, with co-CEOs Mike Cannon-Brookes and Scott Farquhar.
• Yale School of Management - The institution where Jeffrey Sonnenfeld is a professor.
• Chief Executive Leadership Institute - An institute at Yale School of Management that provides learning formats for incumbent CEOs.
• Netflix - A company mentioned as a possible example of co-CEOs used as a retention strategy.
• Salesforce - A company mentioned as a possible example of co-CEOs used as a retention strategy.
• Nordstrom - A company cited by Jeffrey Sonnenfeld as an example where shared leadership as co-CEOs was disastrous.
• Microsoft - A company cited by Jeffrey Sonnenfeld as an example where shared leadership was disastrous.
• KKR - A private equity firm that appointed co-presidents and later co-CEOs.
• IBM - A company where Lori Williams worked and experienced solo programming.
• University of Utah - Where Lori Williams pursued her PhD.
• Stitcher - A producer of the podcast.
• Renbud Radio - A producer of the podcast.

Websites & Online Resources

• LinkedIn.com/freeconomics - URL mentioned for a promotional offer for LinkedIn Ads.
• RangeRover.com/sport - URL to build a Range Rover Sport.
• Dell.com/holiday - URL for Dell holiday deals.
• Amica.com - URL to get a quote from Amica Insurance.
• Framer.com/design - URL to start creating on Framer.
• Southerncompany.com - URL to learn more about Southern Company.
• Vitamix.com - URL to shop for Vitamix blenders.
• SaveonZepbound.com - URL for Zepbound savings options.
• Claude.ai/freakonomics - URL to try Claude for free.
• Freakonomics.com - Website where transcripts and show notes for Freakonomics Radio can be found.

Other Resources

• Pair Programming - A software development practice where two engineers work together on a single program, often using a single computer.
• "Mr. Fortune" by The Hitchhikers - The theme song for Freakonomics Radio.