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Patek Philippe Has Two Heirs and One Presidency

After 17 years as Patek Philippe’s president, Thierry Stern is preparing his two sons for the family business. Only one can succeed him.

Every minute repeater Patek Philippe produces must pass one final test before it leaves the workshop: Thierry Stern needs to hear it. The fourth-generation owner listens as the watch chimes, then either approves its sound or sends it back for adjustment—the same judgments his father and grandfather made before him.

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Choosing his successor will involve more than who gets the top job. Patek Philippe’s next president will help determine how many watches it makes, which retailers sell them and how far the company can grow without sacrificing quality. Stern, 55, expects to step down in about a decade. That gives his sons, Adrien and Tristan, years to make their case for a position only one can hold.

Two Sons, One Presidency

In his early twenties, Stern was sent to work at German........

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