The company I work for runs about a dozen forums. We keep the administration separated into two sections. I handle all of the server administration and another employee handles all of the front-end work (to include vBulletin upgrades).
While it is possible to have more than one forum admin, I would strongly recommend against multiple server admins (at least in as far as multiple admins that are responsible for the same servers). I have worked in that situation before and no good will ever come of it.
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