Multiple co-equal rulers are used as a check and balance on each other. For example, in a triumvirate at least two have to agree. This, in theory, avoids one corrupt ruler from sending their nation off a cliff; you need at least two to agree to jump off the cliff.
While there are instances of democracies, in times of great crisis, electing absolute rulers (tyrants); the executive in a democracy is rarely the "ruler". They must share power with other branches, and power is further shared within the branches. This can go from figure-head presidents such as the President of Ireland to the relatively powerful US President.
Democracies enshrine ultimate authority to the people; often this is ultimately governed by a constitutional document whose principles and rules everyone must obey. But any large democratic group needs structure to carry out and enforce their will, so the power of the people must be delegated in increasingly complex ways. Democracies must ensure this delegated power serving the will of the people and not the will of the politicians.
Democracies tend to solve the checks-and-balances problem with separation of powers between co-equal branches. For example in the US we have the executive (president), judicial (federal courts), and legislative (congress) each with their own powers, responsibilities, and checks on the other. The goal is to diffuse power so no one person or group can act independent of the rule of law.
In addition, the judicial and legislative branches do have multiple rulers. In the US Supreme Court a majority of nine justices must agree. The US Congress is split into the House and the Senate, both of which must agree on most things, and those chambers are split into 435 and 100 voting members respectively.
In a parliamentary democracy, when no single party has a majority, they can share power with other parties to form a coalition government.
Many democracies, particularly federations, add checks and balances between states/provinces and the central government. For example, the US Constitution reserves some powers only for the US states.
Because power in a democracy is so devolved, there is a need to have an executive to act quickly and decisively in times of crisis. Multiple co-equal executives risks indecision. So the executive is often a single person, a president or prime minister, with a council of advisors.
However, the authority of this single executive person is not absolute; they are restrained by the laws voted on by the legislature and the interpretations of the judiciary. The executive may be further broken up into ministries and departments each with their own legislatively defined areas of responsibility, legal restrictions, and even degrees of freedom from the executive granted by the legislature to ensure they implement the laws without undue influence.
Rather than be appointed by the head of state, other executive officers might be separately elected. Many US states elect their attorney general and secretary of state separately, and have some measure of independence from the control of the governor. Similarly, while the US president appoints their own cabinet, some members must be approved by the US senate.
In order for a typical democracy to jump off a cliff, all three (theoretically) independent yet interdependent branches must agree to do so, with the provinces possibly having a say, ministries possibly able to assert their independence, and also the people must agree to keep them all in power as they go racing off towards the cliff.