Yesterday, Spotify founder and CEO Daniel Ek introduced that he’ll be stepping down within the new 12 months. Two of his prime executives, Gustav Söderström, chief product and expertise officer, and Alex Norström, chief enterprise officer, will take over as co-CEOs in his place.
With that information, the music streamer turned the third firm to decide on the co-CEO route throughout the house of simply over per week. A number of days earlier, on Sept 29, Comcast stated that its sitting CEO Brian Roberts will likely be joined by Michael Cavanagh, former president, in January. (The association is being learn as a part of a succession plan.) And at Oracle per week earlier than, ex-CEO Safra Catz moved into the vice-chair function, and was changed by Clay Magouyrk, former head of Oracle Cloud Infrastructure, and Mike Sicilia, who beforehand ran Oracle Industries.
The trio of bulletins was outstanding, and factors to a micro pattern: leaders sharing the nook workplace, a apply beforehand extra frequent for personal fairness corporations and numerous outliers, like Netflix. It’s additionally notable that every one the members of the brand new gang of co-CEOs are males.
This isn’t an enormous shock: Males dominate C-suites and the CEO job in company America. And the boys who gained new roles this month could also be one of the best or most evident candidates inside their peer teams. Nonetheless, when corporations select to double the variety of folks holding the highest title, one would possibly assume it will enhance the percentages {that a} lady could be tapped for the job. At one time, earlier than DEI turned a fraught subject, corporations proudly touted their commitments to gender range in management.
However Fortune has discovered that mixed-gender co-CEO pairs are exceedingly uncommon, lately and traditionally. Though girls co-CEOs aren’t uncommon amongst women-founded startups, feminine co-CEOs at massive corporations are even rarer than girls operating corporations solo.
By the numbers
Right here’s what the information present: Amongst Fortune 500 corporations, simply 11% of organizations are led by girls—although one in 10 is a excessive level after years of gradual progress. Our Fortune 500 Europe and Fortune 500 International lists additionally present girls lagging far behind males in CEO jobs, with girls operating solely 6% of corporations on each rankings.
And after we appeared again at Fortune 500 knowledge on co-CEO setups stretching again to 1998, we discovered solely three examples of paired chief executives that included girls. We couldn’t discover any examples of two girls sharing the CEO job at a Fortune 500 agency.
For many years, Herbert and Marion Sandler, a pair, ran Golden West Monetary earlier than it was bought by Wachovia in 2006. At Intel, two interim co-CEOs have been in cost this 12 months in the course of the three-month hole between one CEO’s departure final December and a brand new chief’s appointment in March. And at Oracle, Safra Catz and the late Mark Hurd shared the co-CEO job for 5 years, from 2014 till 2019, when Hurd died from an undisclosed sickness. (One caveat: That is based mostly on knowledge from Fortune’s yearly Fortune 500 rankings, which supply snapshots of company management on the time of publishing. If different girls have been appointed to short-lived co-CEOs roles between our publishing dates, we could have missed them.)
All over the world, there are different examples: the UK-based division retailer Marks & Spencer’s appointed a mixed-gender duo in 2022, and the pair shared the job for 2 years, and the German software program chief SAP appointed mixed-gender CEOs in 2019 who labored collectively for one 12 months earlier than reported points with disorganization led to a split-up. In each instances, the ladies co-CEOs departed and the boys stayed on as sole CEOs.
“Male prodigies fight it out”
Our findings mirror a management pipeline drawback that has been well-covered by Fortune through the years: Ladies are nonetheless not sitting in essentially the most {powerful} roles throughout the C-suite, specifically the CFO and COO jobs, which usually tend to produce future CEOs. Boards and govt leaders aren’t doing sufficient to place girls on the trail to the highest job. The few girls who do crack the C-suite have a tendency to carry roles like CHRO, CMO, or normal counsel.
At Free Float Analytics, an impartial analysis agency that research boards and govt leaders, analysts Matt Moscardi and Damion Rallis have additionally analyzed girls within the C-suite and on the boards of the various corporations going public this 12 months. As Fortune first reported, they discovered what they referred to as a “Bro IPO” pattern this summer season with girls representing solely 11% of 205 executives in management roles listed in IPO filings within the first half of August. Stepping again, they noticed the identical pattern once they checked out IPOs for the primary seven months of 2025.
In accordance with their evaluation of securities filings, 86% of the executives at corporations that filed to go public in that point interval have been males, a big hike in comparison with 2024, throughout which males made up 63% of executives at corporations making their buying and selling debut. (They discovered one co-CEO pairing within the IPO knowledge. The co-CEOs have been each males.)
Rallis factors out that in lots of instances, the co-CEOs are basically competing for the favor of a still-powerful founder or former chief govt. At Spotify, Ek is transferring into an govt chair place, which means he may have final management over main choices. And Larry Ellison, Oracle’s co-founder and one of many richest folks on this planet, stays chairman of Oracle Company and its chief expertise officer. They “don’t actually cede control, they stick around to maintain order and dominance,” Rallis says, likening all-male co-CEO appointments to “a CEO Hunger Games to amuse the king.”
“I see it as male dictators with so much power and ego that they let their male prodigies fight it out to see who will become top dog,” Rallis says.
Coco Brown, CEO of Athena Alliance, a membership group for senior govt girls, says that she sees the bro IPOs and up to date knowledge exhibiting girls’s energy slipping as a part of a latest shift towards embracing “masculinity” within the company setting, as Meta CEO Mark Zuckerberg put it throughout his look on The Joe Rogan Expertise podcast in January.
“In some part of the zeitgeist,” Brown says, “there’s this backlash to the sense of femininity being introduced into the workforce.” There’s a sense, she added, “that we’ve softened the workforce and it needs to get some grit back and some guts back.”
However she additionally suspects this batch of appointments could also be a part of a extra acquainted story— when a person in energy says, “I get to choose my buddies. I get to choose what’s comfortable.”
This story was initially featured on Fortune.com
