Think one boss is enough? Some companies have two or even three people serving as CEO.
Whole Foods announced on Wednesday it would eliminate it’s co-CEO structure by the end of the year, as the grocer reported a disappointing 2.6 percent drop in sales for the fourth quarter.
While the arrangement isn’t widespread, there are a number of tech companies, including Samsung, Huawei and Oracle, where there are several head honchos.
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As Whole Foods looks to stabilize in 2017, Patrick Moorhead, principal analyst at Moor Insights & Strategy told NBC News the arrangement of having multiple CEOs “is hard to get right.”
“You have to have some accommodating personalities,” Moorhead said.
At Huawei, a Chinese smartphone maker, three people share the job of chief executive, with a new member of the trio being tapped to take over every six months.
The move essentially keeps the company on its toes, Moorhead said, and allows the other CEOs to dig deeper into certain areas of the company — whether its through new projects or ironing out inefficiencies.
“It is important to know who is making what decisions for this to work,” Moorhead said. “The plus is that you have somebody with the highest degree of energy if you rotate it. Being a leader of such a large company takes an incredible amount of energy.”
