Thomas Steiner took over as CEO of X1F at the beginning of 2024. Since 300 days, the 46-year-old consulting professional has been leading a group of companies that now consists of 15 subsidiaries and focuses on full-service technology consulting for regulated markets. Time for an interview and Thomas’ first summary.
Thomas, you've been in office as X1F’s Managing Director for 300 days. What did you discover when you started in this role in January 2024?
Thomas Steiner: I found more than a dozen individual companies that were bursting with energy – a daily source of inspiration. At the beginning of the year, however, there was no indication of what actually connects the X1F subsidiaries: Each felt completely independent. We have started to close this gap together, for a mutually constructive cooperation.
That sounds like investing a lot of energy in establishing the connection ...
Thomas: In the beginning, I had to keep smiling because it’s super easy to feel committed and at the same time claim individual sovereignty of interpretation. However, this mindset has completely changed over the past 300 days: we are now looking at the business synergistically and focusing our attention on what actually connects the individual subsidiaries.
How did you realize that this connection was working?
Thomas: There have been new managing directors at almost every X1F subsidiary in recent years. As a result, there has been a lot of drive, awareness of change, optimism[KS1] and enthusiasm. Everyone involved is also aware that the economic challenges facing the business will increase in the future. This serves to strengthen our bonds and helps us to sharpen our common goal.
"Because we don't want to become the plaything of a multinational big player in the future, we have to integrate ourselves."
What has that done to you and your role? And how did you start this new undertaking at X1F 300 days ago?
Thomas: I spent the first two months constantly talking to everyone I came across: Managing Directors, our investor and many talented people within the organization. I got a picture of the situation, tasks and interests, allowing me to start developing scenarios. I see my CEO role as a mandate to effectively combine stakeholder interests.
What amazed you the most?
Thomas: I was surprised that most employees were not aware of what it means to come from a company that was originally owner-managed, but which in some cases has no longer been owner-managed since 2020. Also: what it means that the owner is not operationally active in the company. And how we are nevertheless approaching an attractive future scenario.
A medium-sized company mindset can inspire the culture, while at the same time the key business figures point to outgrowing SME. That sounds like squaring the circle ...
Thomas: On the one hand, I support our SME mindset and its culture. At the same time, we have to be open to the fact that we are currently growing strongly and leaving the “small” midmarket behind us, at least in terms of structure and processes. This is a clear direction and aim from our chief investor. We are therefore working the structures and processes on this growth path in a logical and consistent manner.
This means that you will develop the companies further, make them bigger and position them all on an equal footing with the private equity company. Otherwise there would be a risk of losing control if a strategic investor with a different working hypothesis[KS1] came into play...?
Thomas: We will avoid the latter: Because we don’t want to become the pawn of a multinational big player in the future either, we are building a stable, innovative and independent operating group of companies with X1F. Thanks to our synergy potential arising from the complementary expertise, experience and all the smart people under the X1F umbrella, the brand will be successful on the market under its own steam – and in the long term. I am convinced of that. The Group’s future positioning will give us an outstanding competitive advantage in the coming years. Today, we have to integrate ourselves in order to preserve and further develop our assets.
Quote from the panel at a digital conference: "We have to attack ourselves, otherwise the others will do it." Is that the phenomenon you're describing?
Thomas: Exactly. When I took up the X1F job, I pushed for us to bring this disruptive vision to life. The good thing about it is that the scope for action was still nearly unbounded back in January 2024.
The framework has now been clearly defined and we are creating structures that will enable us to be successful. We are working hard to align our company even more closely with our customers’ needs. A lot will be happening in the near future to achieve this goal. I am looking forward to it!
Coming soon:
In the continuation of his interview, which will be published in the next few weeks, Thomas outlines what these structures are and what he thinks about maturity models, technology hypes and development opportunities. Stay tuned!
