USA 
United Kingdom
We live in a time of transition within executive leadership.
In recent days, we’ve heard about Paramount’s CEO, Bob Bakish, stepping down from his role citing internal friction, as well as HSBC’s Group CEO Noel Quinn, announcing his intention to retire, to gain more of a work-life balance.
This isn’t unusual behaviour, in the past few years innumerable CEOs have been ousted or quit due to mounting pressure, the desire for more work-life balance or for indiscretions that made their positions no longer viable.
However, whilst executives are leaving companies in droves, the solution to such a weighted empty seat in some companies hasn’t been a simple executive search process.
In the case of Bob Bakish, it seems that one CEO will, in fact, be replaced by three executives.
His position will be succeeded by what the company called an “Office of the CEO.”
This means that Paramount will now be led by CBS president and CEO George Cheeks; Chris McCarthy, president and CEO of Showtime/MTV Entertainment Studios and Paramount Media Networks; and Brian Robbins, the head of Paramount Pictures and Nickelodeon.
The company noted in a statement that the three executives will work closely with Paramount CFO Naveen Chopra and the Board.
“The new leadership is working with the Board to develop a comprehensive, long-range plan to accelerate growth and develop popular content, materially streamline operations, strengthen the balance sheet, and continue to optimize the streaming strategy,” a release from Paramount noted on Monday.
This move is the latest lurch toward greater responsibility sharing in senior positions. The most common arrangement that fits such a bill is often known as ‘co-CEOs’.
The likes of Salesforce, Oracle and even streaming giant Netflix have at least tried such a model.
So, is it a good idea? The concept of multiple leaders in the driving seat has its critics. Marvin Bower, who built McKinsey, famously warned Goldman Sachs not to have co-CEOs. “Power sharing,” he said, “never works.”
However, in an increasingly shifting world, the stability offered by the multi-leadership model does have its allures. More than ever, businesses need clear leadership and multi-faceted leaders capable of spinning plates.
Does this route offer a solution to these issues? We’d like to hear from you. Let us know in the comments.
