Team leadership reorganization

The way our team works right now is we have 4 subgroup captains, and a team captain who is also a subgroup captain. What I want to do is take the four major subgroups of my team (Electrical, Mechanical, Software, and Design/Strategy), and make the four leaders of those subgroups leaders of the team. Instead of 1 single leader, there would be 4 Co-leaders that make executive decisions together.

What are your thoughts on this? Does anyone have any experience with multiple team captains?

Thanks!

-Andrew