MULTI-CEOs: A LEGITIMACY PERSPECTIVE ON EXECUTIVES LEADING MULTIPLE FIRMS
Graf-Vlachy L, Hensellek S, Haack P (2025)
Publication Type: Journal article
Publication year: 2025
Book Volume: 11
Pages Range: 545-574
Journal Issue: 4
Abstract
The known to be extremely demanding. It is therefore surprising that some individuals are “multi-CEOs”—that is, they hold the CEO position in multiple firms at the same time. The existence of multi-CEOs is particularly puzzling given that multi-CEO arrangements are often viewed as undesirable and as lacking legitimacy. We study this phenomenon by analyzing four such multi-CEO arrangements to understand how multi-CEOs emerge and are legitimized. Two overarching theoretical themes emerge from our qualitative analysis, both relating to the legitimacy challenges of multi-CEOs and the related sources and management strategies used by the CEOs themselves and other actors to gain and maintain legitimacy: (1) the multi-CEO candidate selection and setup, and (2) the ongoing management of the multi-CEO arrangement. Against this background, we propose a legitimacy process model of multi-CEO appointments, which illustrates that a lack of cognitive and pragmatic legitimacy of the multi-CEO arrangement can be compensated by a spillover from the active management of the CEO’s strong personal and relational legitimacy.
Involved external institutions
Germany (DE)How to cite
APA:
Graf-Vlachy, L., Hensellek, S., & Haack, P. (2025). MULTI-CEOs: A LEGITIMACY PERSPECTIVE ON EXECUTIVES LEADING MULTIPLE FIRMS. , 11(4), 545-574. https://doi.org/10.5465/amd.2023.0090
MLA:
Graf-Vlachy, Lorenz, Simon Hensellek, and Patrick Haack. "MULTI-CEOs: A LEGITIMACY PERSPECTIVE ON EXECUTIVES LEADING MULTIPLE FIRMS." 11.4 (2025): 545-574.
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