Pride comes before a fall.
I have been following this phenomenon closely for years, and it was even the subject of my thesis: At the summit of success, the gravest mistakes are made – communicative ones included. And of course, visibility is particularly high at that point. And between applause, hype and historically strong numbers, the psychology at the top changes. In such phases, visionary self-confidence and a restless, curious urge to push forward quickly give way to a dangerous communicative weightlessness – most pronounced at the very top of companies. A deceptive feeling takes hold: Success makes you untouchable.

The paradox of the super CEOs

In recent years, however, I have observed a largely opposite trend, at least in Europe. The classic era of self-glorifying executives is increasingly giving way to a new, values-driven generation. Employees and CEOs alike now call for empathy and approachability. The consensus in leadership training is: Vulnerability is as much a part of leadership as strategic direction. And: The star is the team.

At the same time, we see a different reality across the Atlantic: Figures like Elon Musk or Jeff Bezos cultivate a godlike aura. They run a considerable cult of personality and, for the most part, are deeply admired for it. And yes, they undeniably create great things. SpaceX shows how magnetic such people can be – even to investors who are otherwise cool calculators. This tension fascinates me. It raises the question: Does extensive self-promotion increase a company’s value, or does it rather accelerate the fall?

I ask myself this question now and then when I look, for example, at the rising stars of Germany’s new defense scene. A lack of self-confidence does not seem to be the problem there.

What research and practice say

Current management research offers some answers. Studies on so-called „CEO hubris“ document the massive influence of executive psychology on long-term company performance. One key finding: Pronounced overconfidence in CEOs frequently leads to risky strategic decisions, for instance in large acquisitions, for which far too much is then paid. Research on narcissism completes the picture: Highly self-absorbed CEOs produce results with extreme swings. They either achieve disproportionate gains („big wins“) or cause dramatic losses („big losses“). Hubris drives company value – in one direction or the other.

The German economist Ulrike Malmendier, currently a professor at UC Berkeley, sheds light on this effect from another angle. Her analyses of „Superstar CEOs“ show how sustained media attention shifts an executive’s focus. Attention wanders from the operating business to the ego, which measurably reduces the company’s actual performance. Award-winning CEOs subsequently write more books, sit on more boards and negotiate higher pay, while their companies‘ numbers fall behind those of comparable firms.

From the front line of executive search, headhunter Heiner Thorborg confirms exactly these observations. In his book „Hinter den Kulissen der Mächtigen“ (Behind the Scenes of the Powerful), published in 2026, he shows how a robust ego paves the way to the top. If that ego tips into narcissistic hubris, however, it becomes a tangible risk for the organisation. In Handelsblatt (July 2026) he says: „Far too many companies are simply put at risk by poor decision-makers. In many places we have narcissists at the top who consider their own ego more important than the fate of the company.“ Thorborg does, at least, observe that top-down command is in retreat and that things are changing – not least through the growing presence of women.

So the honest answer to my question is: both. Self-promotion can drive company value as long as the ego is backed by substance and someone is still in the room who is allowed to contradict the CEO. Once that corrective disappears, the variance of outcomes rises. And variance is exactly what supervisory boards, investors and employees like least. The real risk, then, is not so much the big ego itself as the moment when nobody pushes back anymore.

Positioning through radical honesty

At superconsult, Uwe Wolfinger and I work precisely in this context. We position CEOs strategically; and this role demands radical honesty. CEOs who have lost touch play with fire when it comes to public perception and their company’s reputation. Because the character, conduct and behaviour of a CEO inseparably shape the reputation of the organisation.

Good CEO positioning builds a crisis-proof reputation. It protects and increases company value in boom phases as well as in times of crisis. The toughest test for it is simple: What the CEO tells the outside world about themselves and their company must be recognisable to the workforce. The gap between external image and internal perception is the most reliable early indicator of communicative weightlessness, and it is measurable, in employee surveys, on review platforms, in the turnover of the second tier.

Those who look before the press does keep their feet on the ground. Composed altitude therefore shows in a CEO’s ability to ground themselves again and again and to question themselves critically. That includes deliberately steering against the current when necessary. And the ability not to take oneself too seriously does no harm either. Because in the end, the CEO serves the company, and the ego belongs in the second row.

It has become remarkably quiet, by the way, around the „great“ CEOs of the German automotive industry, who for decades could barely walk straight for sheer strength.

No coincidence, is it?