Forbes contributor Roger Trapp writes about the growing number of companies led by more than one chief executive. In the piece, published on 13 October 2025, he draws on an interview with Tord Topsholm and Jessica Holzbach, who have been co-leading 0TO9. Topsholm as a Group CEO for Europe, based in Stockholm, and Holzbach as head of Germany, based in Berlin.
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Shared leadership is less unusual than it looks

Trapp starts with Spotify. When Daniel Ek's departure as chief executive became public, he notes, almost as much attention went to the fact that two joint chief executives would succeed him. He argues that this is not as unusual as it seems and points to Netflix, Oracle and BGC Group, which has three co-chief executives. Monday.com, whose leaders emphasise aligning staff around shared aims, also features.
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How the 0TO9 arrangement comes about

Topsholm says the arrangement evolved rather than being an elaborate plan. He describes it as very much related to Swedish culture, which he characterises as non-hierarchical and consensus-driven, and adds: "You have to be genuinely non-hierarchical for this to work."
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Purpose before profit

Trapp reports that the two want to make sure they do not get in the way of employees who, provided they are grouped around the company purpose, should not need much direction. They tell him that hitting profits does not on its own inspire people. If employees are given the purpose of creating more entrepreneurs, they believe, the financial goals should follow.

Read the full piece by Roger Trapp in Forbes.