Megariddle: Are Two Heads Better Than One?

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The new Citigroup, formed by the merger of Citicorp and Travelers Group, will join a rare breed of company - those with two chiefs.

In unveiling their $70 billion combination in April, Citicorp's John S. Reed and Travelers' Sanford I. Weill said they would share the top job. That announcement has added fire to the debate on whether any company can be effectively led by two strong-willed and high-profile chief executives.

Analysts and consultants said it was likely the Citigroup deal would not have gotten done without such a power-sharing arrangement. Some industry observers also believe, however, that Mr. Reed and Mr. Weill could create a new management paradigm if their co-CEO model proves successful.

"They are setting a new precedent," said Janet Spencer, a consultant at Delta Consulting Group in New York. "I think to run an organization, particularly one the size of Citigroup, one person can't do it alone."

But, Ms. Spencer said, "co-CEO is something else entirely."