If you're on a paid subscription plan, you'll have the option of adding a fellow teacher to your library as a co-teacher. Co-teachers can manage a library alongside you. This means they will have all the same admin rights to manage the library settings, including the ability to invite new students, publish books, and turn on real-time collaboration.
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Co-teachers will have limited access to certain editing features, including Page Templates, Background Remover and Translate, unless they're on a subscription plan of their own.
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You can add as many co-teachers as you like.

First, the teacher will need to join your library using the code you give them. Then you can navigate to the list of users for your library, find the teacher and click on Actions then Promote to co-teacher.

If you're having trouble adding a colleague as a co-teacher, it's worth checking whether or not they have signed in as a student by mistake. Get them to sign out and sign back in again as a teacher before you try again.

Also note that you cannot add co-teachers to your private My Books library, as this can only be viewed by you.