Case Study

Co-CEOs at Handtmann: Can the family business be led in tandem? (B)

3 pages
April 2025
Reference: IMD-2656

The Handtmann case examines the co-CEO leadership model in the context of family business. Based on interviews with three key executives – the co-CEOs and the President of the Advisory Board – the case focuses on how Handtmann handled the leadership transition to the next generation. In Case B of “Co-CEOs at Handtmann: Can the Family Business be led in Tandem?” the focus shifts to the next generation. Markus Handtmann and Valentin Ulrich, cousins from the fifth generation of the founding family, have been appointed as co-CEOs. They must now learn to work together in tandem. The president of the advisory board, who is the father and uncle of the new CEOs, respectively, has stepped down from leading the company and now embraces a supporting role. Case B explores strategies for designing effective co-leadership partnerships. It also highlights the importance of complementarity in successful tandems. Lastly, the case presents the foundational elements that enable co-CEOs to succeed in family firms.

Learning Objective
  • Evaluate the role of complementary leadership in managing complexity
  • Assess organizational and cultural factors critical for co-leadership success
  • Develop strategies for structuring and maintaining effective co-leadership partnerships
Keywords
Family Business, Corporate Governance, Leadership, Succession, Chief Executive Officer, Governance, Board of Directors, Ownership, Next Generation, Decision Making
Settings
Europe, Germany
Handtmann Group, Construction and Engineering, Industrial Engineering, Manufacturing, Machinery
1873-2023
Type
Field Research
Copyright
© 2025
Available Languages
English
Related material
Teaching note, Video
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This case study is part of a series
  • Co-CEOs at Handtmann: Can the family business be led in tandem? (A)
  • Co-CEOs at Handtmann: Can the family business be led in tandem? (B)
This case study is part of a series
  • Co-CEOs at Handtmann: Can the family business be led in tandem? (A)
  • Co-CEOs at Handtmann: Can the family business be led in tandem? (B)
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Co-CEOs at Handtmann: Can the family business be led in tandem? (A)
By Peter Vogel and Anouk Lavoie Orlick
Case reference: IMD-2655 ©2025
Summary
The Handtmann case examines the co-CEO leadership model in the context of family business. Based on interviews with three key executives – the co-CEOs and the president of the advisory board – the case focuses on how Handtmann handled the leadership transition to the next generation. Starting with a history of the five generations at the head of Handtmann, Case A offers a window into the succession process of a well-established European family business. The case analyzes the potential risks and rewards of appointing co-CEOs in a privately held family business. From a governance perspective, the case assesses how organizational culture, governance systems and ownership structures contribute to creating a conducive environment for co-CEOs to thrive. Established in 1873 as a brass foundry, Handtmann has evolved into a global technology company that employs 4,300 people, with 2,700 based at its headquarters in Biberach an der Riss, Germany. Handtmann offers highly specialized production and services to clients in the automotive industry, the chemical and pharmaceutical industry, among others. It is also the world leader in the manufacture of fillings and portioning systems for the food industry and a leading supplier of fittings and process systems for the beverage industry. More recently, the Group has also ventured into the development of electronic systems. The business has remained under the stewardship of the Handtmann founding family for 150 years.
Reference IMD-2655
Copyright ©2025
Copyright owner IMD Copyright
Organization Handtmann Group
Industry Construction and Engineering, Industrial Engineering;Manufacturing, Machinery
Available Languages English
Contact

Research Information & Knowledge Hub for additional information on IMD publications

Co-CEOs at Handtmann: Can the family business be led in tandem? (B)
By Peter Vogel and Anouk Lavoie Orlick
Case reference: IMD-2656 ©2025
Summary
The Handtmann case examines the co-CEO leadership model in the context of family business. Based on interviews with three key executives – the co-CEOs and the President of the Advisory Board – the case focuses on how Handtmann handled the leadership transition to the next generation. In Case B of "Co-CEOs at Handtmann: Can the Family Business be led in Tandem?" the focus shifts to the next generation. Markus Handtmann and Valentin Ulrich, cousins from the fifth generation of the founding family, have been appointed as co-CEOs. They must now learn to work together in tandem. The president of the advisory board, who is the father and uncle of the new CEOs, respectively, has stepped down from leading the company and now embraces a supporting role. Case B explores strategies for designing effective co-leadership partnerships. It also highlights the importance of complementarity in successful tandems. Lastly, the case presents the foundational elements that enable co-CEOs to succeed in family firms.
Reference IMD-2656
Copyright ©2025
Copyright owner IMD Copyright
Organization Handtmann Group
Industry Construction and Engineering, Industrial Engineering;Manufacturing, Machinery
Available Languages English
Contact

Research Information & Knowledge Hub for additional information on IMD publications