The purpose of this paper is to deepen our understanding of value systems of business leaders and changes of value structures as managers develop as leaders. The author adopted a qualitative approach and structured the research framework using the universal value theory of Schwartz. Among managers working for Japanese small-to-medium sized manufacturing firms operating globally, middle managers and senior managers who can objectively be considered developing as leaders were selected as samples of the study, and then primary data obtained through multiple interviews to middle and senior managers as well as their responses to the Value Questionnaire of Schwartz were analyzed. Findings of the study suggest that leaders have a tendency to give priority to the values of benevolence, achievement and security; and that leaders' value structures are changing in a way to develop sublated values such as "altruistic selfishness" and "innovative conservation." Implications include presence of a relation between the prioritized values of middle managers and their attitudes and behaviors toward their senior managers, and events triggering changes in value systems of middle managers. Future research is also discussed.