Competency models can provide a valuable basis for the development of leaders. To develop such a model with broad acceptance in the company, it requires technical and strategic knowledge as well as tact. The current chapter outlines the development of a competency model for leaders using a company example from the automotive industry. Subsequently, it is exemplarily shown how the competencies defined in the model can be usefully employed in the assessment of leaders and in the elaboration of individual development plans for these leaders. The chapter thus combines the competency management approach with leadership development.