Alexander Bachmann, founder and CEO of Mitgo Group, has joined the trend of companies employing co-CEOs in their leadership structure. Research from Harvard Business Review and Harvard Business in 2022 indicates that companies with co-CEOs outperform those with a single CEO, with better decision-making, innovation, and risk management. Despite initial resistance, Bachmann introduced a co-CEO to Mitgo Group this year.
The decision to bring in a co-CEO stemmed from the need to balance managing existing ventures and creating new opportunities. With years of experience, Bachmann realized that his constant presence hindered the team’s independent development and led to challenges in taking on new projects. By introducing Artem Ozerkov as co-CEO, with a background in partnership services, Mitgo Group aims to address these challenges through shared leadership.
The co-CEO model at Mitgo Group has led to a more balanced approach to management, allowing Bachmann to allocate his time more effectively between new projects and existing businesses. Leveraging diverse perspectives, the shared leadership has promoted operational efficiency, improved decision-making, and fostered innovation within the organization. Bachmann now has more freedom to focus on client needs and innovation while still supporting existing businesses.
Implementing a co-CEO model comes with its own challenges, particularly in letting go of major decisions and trusting the co-CEO with responsibilities. Trusting someone with the company’s revenues, future investments, and budget can be daunting, especially for a proactive CEO like Bachmann. Effective communication and self-control are crucial in overcoming these challenges.
Choosing the right co-CEO is essential for the success of the shared leadership model. As an entrepreneur, it is important to select someone who is trustworthy, capable of making critical decisions, taking ownership, and driving the company’s mission forward. Despite the potential risks and challenges, Bachmann believes that the decision to bring in a co-CEO has already shown promise in promoting collaborative leadership and operational efficiency at Mitgo Group.
