I started the journey as a CEO and Founder back in 2009 with Admitad, one of the largest partner marketing networks. Over the years, the company has evolved into connecting advertisers with millions of customers globally monthly and founding the parent company, Mitgo Group. To strike a balance between managing existing ventures and creating something new, a co-CEO model was introduced at Mitgo. Artem Ozerkov, previously serving as Vice President of the Partnership Services department, now shares leadership responsibilities with Alexander Bachmann.
By sharing leadership responsibilities, the co-CEO model at Mitgo Group has allowed for a more effective allocation of time and attention between existing businesses and new projects. The shared leadership has led to a more balanced approach to resource allocation, decision-making capabilities, and problem-solving. Leveraging diverse perspectives has enhanced the ability to bring innovative solutions to life and create products based on client needs. This collaborative approach has promoted operational efficiency and better growth for the company.
While the co-CEO model offers numerous benefits, implementing it also comes with its own set of challenges and risks. One of the primary challenges faced during the transition was letting go and trusting the co-CEO with major decisions and responsibilities. As a proactive CEO, the fear of losing control and the need to trust the co-CEO with crucial aspects of the business was a significant hurdle that had to be overcome through effective communication and self-control. With effective communication and trust, these challenges can be addressed and overcome.
Choosing the right co-CEO is crucial for the success of the shared leadership model. It is essential to select someone who is trustworthy, capable of making critical decisions, taking ownership, and driving the company’s mission forward. While the results of the decision to introduce a co-CEO model at Mitgo Group are still being assessed, the power of collaboration and shared leadership is already being felt within the organization. The decision to hire a co-CEO has enabled Mitgo Group to focus on new projects, enhance innovation, and drive the company towards success.
Overall, the trend of hiring co-CEOs is gaining popularity in today’s corporate structure, with research indicating that companies with shared leadership often outperform those with a single CEO. Collaborative leadership can lead to better decision-making, enhanced innovation, and improved risk management. By embracing the co-CEO model, companies like Mitgo Group are able to strike a balance between managing existing ventures and creating something new, ultimately leading to organizational success and growth.
