Ancient Rome had its triumvirate (= 3-man rule). Other societies have had them at various times, some even into the twentieth century.
I don’t know of any two-headed structures, though, unless you count those where the head of state and the head of government are two individuals (say, queen and prime minister). But those are not leaders of different constituencies.
Having two opposing parties occupy equal roles at the top, though? Sounds like a recipe for disaster to me. Co-chairmen with equal weight can generate unresolvable conflict even in a twelve-person committee. Somebody has to have the final say.