Two businessmen fighting for the managing position (holding rudder conflicting with each other)

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DUAL CLASS

Co-CEOs are back in Corporate America — and Wall Street isn’t sure what to make of it

Dual leadership has boosted shareholder returns historically, though evidence on operations is thin.

10/1/25 8:13AM

Two heads are better than one, right? That’s the thinking of a growing number of corporate boards that have turned to the co-CEO model, with Spotify the latest to join the trend, yesterday appointing Alex Norström and Gustav Söderström as co-chiefs, effective January 2026. That comes hot on the heels of Comcast and Oracle (which sort of has four leaders, rather than two), as both have also announced joint leadership at the top in recent days.

So, what does Wall Street think about having two decision-makers instead of one? It’s hard to reach any concrete conclusions from one day, but if recent market action is anything to go by, the jury’s still out.

Intuitively, the more crowded the helm, the more murky the day-to-day chain of command might be, especially in turbulent times. During the pandemic, SAP ditched its co-CEO structure in just six months for “strong, unambiguous steering.” Back in 2016, Chipotle also reverted to sole leadership as E. coli-driven food safety concerns squeezed its bottom line.

It’s no surprise, therefore, that only a handful of companies are adopting such a structure. A 2022 Harvard Business Review study found that less than 4% of 2,200 firms listed in the S&P 1200 and the Russell 1000 from 1996 to 2020 were led by co-CEOs — though those 86 firms posted an average annual shareholder return of 9.5%, higher than the 6.9% for each firm’s relevant index, with nearly 60% outperforming single-CEO firms.

Of course, having two CEOs doesn’t necessarily guarantee the company runs better. A separate 2011 study found that while co-CEO firms often trade at higher valuations than solo-led peers, there was no clear evidence of stronger operating performance — suggesting, perhaps, that two heads were better at communicating the equity story to Wall Street than one.

So if the evidence is murky, why do it? As noted by Michael Watkins, professor of leadership and organizational change at IMD Business School, modern CEO jobs often exceed “individual bandwidth.” At Netflix, its co-CEOs each oversee different sides of the business — Ted Sarandos on content and marketing, Greg Peters on product and tech — while Oracle’s new duo splits roles between AI infrastructure from industry applications.

Tom Jones6/24/26

Prime Day is here again and Amazon’s subscription service has never been more popular

Well, it’s that time of year again: many have made their wish lists, people are scraping together the money they’ve saved to pick out a perfect gift, some are presumably leaving out refreshments for the weary delivery drivers and, more and more, drones.

It’s Amazon Prime Day — meaning that it’s the second day of the four-day promotional event that Amazon still calls Prime Day — of course, and it’s even come early this year, with the company bringing the period into late June from July, when it’s been traditionally held for the last five years.

The Prime Age

Alongside the eyes and endless clicks that the arbitrary stream of listicles on “The Best Prime Day Deals” that almost every media outlet pours into, Amazon will also be cheering the fact that there’s now more Prime users than ever before to devour the retailer and its sellers’ sometimes-contested “discounts.” Indeed, according to the latest annual estimates from Consumer Intelligence Research Partners (CIRP), there were just over 200 million American shoppers using Amazon’s massive subscription service at the end of 2025.

Max Knoblauch6/15/26

Electronic Arts launches a platform to put more ads in its games

Video game publishing giant EA launched a new platform on Monday designed to make the process of selling immersive ad space in its popular games easier.

The company says the platform, called EA Advertising, allows brands to “integrate directly into gameplay through dynamic, real-time placements, from stadium signage to custom in-game content.”

More so than other studios, EA has incorporated advertising into its most popular titles. As Kotaku points out, the company’s ad efforts stretch as far back as 2006. Several of its sports franchises already feature partnerships with brands like Visa, Lowe’s, Red Bull, and PepsiCo.

In-game advertising hasn’t exactly been embraced by fans, but industry experts expect it to ramp up as companies seek more revenue to offset higher games budgets and surging memory costs. EA rival Take-Two has taken a different approach, with CEO Strauss Zelnick recently saying the company was “not at risk of doing brand partnerships” in the forthcoming “Grand Theft Auto VI,” and that ads in full-price games seems “unfair.”

The $55 billion deal to take EA private, led by Saudi Arabia’s Public Investment Fund, is set to close at the end of this month. Being the largest leveraged buyout in history, EA will likely look for more ways to boost revenue to cover interest payments.

Electronic Arts Makes Push for Ad Dollars Tied to Sports

Millie Giles6/11/26

JM Smucker says it sold $1 billion worth of Uncrustables in FY2026

After years of booming sandwich sales, JM Smucker has finally earned a billion-dollar crust.

On Tuesday, the company reported results for fiscal year 2026, highlighting better-than-expected profits driven by higher prices for coffee and sweet baked goods. However, at another point on the earnings call, CEO Mark Smucker pointed to one particularly jammy figure: in line with previous forecasts, the company sold $1 billion worth of its (almost always) crustless sandwiches, Uncrustables, in the last year alone.

Max Knoblauch6/8/26

Paramount reportedly offers concessions to resolve multistate antitrust investigation

Paramount has reportedly offered up some concessions in an effort to prevent an antitrust lawsuit by California and about 10 other states, according to Bloomberg reporting on Monday.

Reuters first reported on the potential suit from a group of unnamed states last week, which could throw a wrench in Paramount’s plans to buy rival Warner Bros. Discovery in a Hollywood megamerger.

The list of concessions is unknown, though Bloomberg previously reported that Paramount is open to divesting some of its kids TV assets to appease EU regulators.

Late last month, reports said US regulators appeared likely to approve the $110 billion merger, following a meeting between Paramount CEO David Ellison and DOJ antitrust staffers.

Paramount Offers Concessions to Head Off State Antitrust Lawsuit

The list of concessions is unknown, though Bloomberg previously reported that Paramount is open to divesting some of its kids TV assets to appease EU regulators.

Late last month, reports said US regulators appeared likely to approve the $110 billion merger, following a meeting between Paramount CEO David Ellison and DOJ antitrust staffers.

$98B ⛽

Max Knoblauch6/8/26

The IATA released its latest financial outlook for the airline industry over the weekend, forecasting a $98 billion jump in the sector’s collective fuel bill. The world’s largest trade group representing airlines expects the oil spike to halve profits by 49% from last year to $23 billion.

The group also expects profit margins to halve year over year, falling from 2025’s 4.2% to 2%. Still, revenue is expected to climb to $1.17 trillion from $1.07 trillion.

A surge in the cost of jet fuel has rocked US and global airlines this year, leading Delta Air Lines, United Airlines, American Airlines, Southwest Airlines, JetBlue, and others to raise fares and ancillary charges like bag fees. Low-cost carriers, which operate on smaller margins, have been squeezed the hardest, resulting in Spirit’s shutdown.

“It’s a tough year for all airlines, especially those whose balance sheets had not yet recovered from COVID. And, of course, for those operating in the Gulf,” said IATA Director General Willie Walsh, who added that demand is holding up and about half of passengers expect to spend more on travel this year. “That bodes well for a strong northern summer peak season. The big unknown is how long travelers and shippers can tolerate the higher costs of connectivity.”