IMD business school for management and leadership courses

Latest Case Studies
Case Study
DNB Bank: Embracing startups as a growth strategy

The case examines how DNB Bank, Norway’s largest financial services company, reshaped its growth strategy by focusing on startups and SMEs, a segment traditionally considered unprofitable. In 2013, DNB launched a bold SME strategy, deliberately choosing a gross approach to win new startups early in their life cycle rather than a net approach foc…

Strategy Customer Centricity Business to Business
By Goutam Challagalla, Francis D. Kim and Philip Charles Zerrillo
Case reference: IMD-2706, © 2025
DNB Bank: Embracing startups as a growth strategy
By Goutam Challagalla Francis D. Kim and Philip Charles Zerrillo
Case reference: IMD-2706 ©2025
Summary
The case examines how DNB Bank, Norway’s largest financial services company, reshaped its growth strategy by focusing on startups and SMEs, a segment traditionally considered unprofitable. In 2013, DNB launched a bold SME strategy, deliberately choosing a gross approach to win new startups early in their life cycle rather than a net approach focused on the profitability of existing accounts. This strategy, enabled by a significant investment in digitalization and a cultural shift toward customer lifecycle engagement, generated exceptional results and by 2025, the SME segment delivered the highest return on allocated capital. The journey, however, was not linear. A European regulatory crackdown in 2019, following the Danske Bank money laundering scandal, forced DNB to shift its focus from growth to compliance. The bank reallocated 1,000 employees to KYC units, dismantling its startup-friendly onboarding process and causing customer acquisition to stall. As competitors advanced, DNB had to orchestrate a strategic Restart effort to rebuild its SME leadership. This involved launching superior digital tools, providing automated lending decisions within a minute, and renewing its customer-centric focus. By 2025, the recovery was well underway, with one in three Norwegian SMEs banking with DNB. The case challenges students to evaluate DNB’s past choices, the critical balance between growth and compliance, and the future of SME banking as AI and digital agents transform customer interactions.
Reference IMD-2706
Copyright ©2025
Copyright owner IMD Copyright
Organization DNB Bank
Industry Finance and Insurance, Banking
Available Languages English
Contact

Research Information & Knowledge Hub for additional information on IMD publications

Case Study
MedTech Diagnostics’ transformation crossroads

The case study examines the organizational transformation challenges faced by MedTech Diagnostics, an 850 million medical diagnostics company attempting to balance innovation speed with regulatory compliance and quality standards. CEO Patricia Chen must navigate the tension between traditional, reliability-focused operations and agile innovation…

Organizational Change Agility Business Transformation Leadership
By Michael D. Watkins
Case reference: IMD-2726, © 2025
MedTech Diagnostics’ transformation crossroads
By Michael D. Watkins
Case reference: IMD-2726 ©2025
Summary
The case study examines the organizational transformation challenges faced by MedTech Diagnostics, an 850 million medical diagnostics company attempting to balance innovation speed with regulatory compliance and quality standards. CEO Patricia Chen must navigate the tension between traditional, reliability-focused operations and agile innovation pods, while facing a critical contract renewal worth 187 million that represents 22 of the company’s revenue. The case illustrates the complexities of dual operating models in regulated industries. MedTech’s traditional divisions generate 120M in EBITDA and are FDA-compliant but are declining at 8 annually. Innovation pods achieve 120 growth and high customer satisfaction but face higher post-market issues and lower FDA approval rates. Hybrid teams intended as a compromise satisfy neither approach, demonstrating the difficulties of organizational ambidexterity. Chen faces three strategic options: controlled evolution over 24 months, creating a separate subsidiary for innovation, or transforming into a platform company. Each option carries significant costs, risks, and uncertain outcomes. The case explores critical organizational design questions, including culture change, stakeholder management, resource allocation, regulatory navigation, and leadership alignment in transformation contexts. Key themes include managing organizational culture during transformation, balancing innovation with quality in regulated environments, addressing internal resistance and political dynamics, developing effective dual operating systems, and making high-stakes strategic decisions under uncertainty. The case is designed for classroom discussion on organizational change, innovation management, and strategic decision-making in complex operating environments.
Reference IMD-2726
Copyright ©2025
Copyright owner IMD Copyright
Organization MedTech Diagnostics (Fictionalized)
Available Languages English
Contact

Research Information & Knowledge Hub for additional information on IMD publications

Case Study
Confronting Elon Musk? Nia vs. Tesla

The case follows Kristin Hull, founder and CIO of Nia Impact Capital, a mission-driven investment firm in California, as she faces a pivotal decision in July 2025: Should she file a shareholder resolution against Tesla, Inc.? Hull and Nia have engaged Tesla for over five years on issues of human capital management, workplace equity and board ove…

Sustainability Corporate Governance Diversity and Equity and Inclusion Decision Making
By Vanina Farber and María Helena Jaén
Case reference: IMD-2704, © 2025
Confronting Elon Musk? Nia vs. Tesla
By Vanina Farber and María Helena Jaén
Case reference: IMD-2704 ©2025
Summary
The case follows Kristin Hull, founder and CIO of Nia Impact Capital, a mission-driven investment firm in California, as she faces a pivotal decision in July 2025: Should she file a shareholder resolution against Tesla, Inc.? Hull and Nia have engaged Tesla for over five years on issues of human capital management, workplace equity and board oversight. In 2025, the stakes are higher. Tesla is facing mounting reputational, legal and operational risks, including civil rights litigation, governance controversies and product recalls, compounding the previous year’s 53% decline in profits. Now, Hull must decide between two draft resolutions: one framed in the language of social justice, the other in terms of business efficiency and governance. A third option is to total withdraw from the engagement. This decision must be made in a shifting US political and regulatory context marked by heightened scrutiny of environmental, social and governance (ESG) initiatives and a national rollback of diversity, equity and inclusion (DEI) commitments. The polarized climate makes language and framing not just strategic choices but also existential ones: How can impact investors continue to advance their missions while maintaining legitimacy and influence in an increasingly hostile environment? Designed to mirror the complexity of real-world decision making, the case immerses students in an environment of competing pressures, contradictory information and media “noise.” It reflects the paradoxes impact investors face: staying true to the mission vs. maintaining strategic influence; framing issues in values-based vs. efficiency-based language; and exercising leadership amid political backlash and reputational risk. The case is suitable for courses on sustainable finance, non-market strategy, governance and leadership. It challenges students to explore fiduciary duty, rethink the role of shareholder engagement, and consider how language and framing can serve as tools of influence in turbulent times.
Reference IMD-2704
Copyright ©2025
Copyright owner IMD Copyright
Organization Nia Impact Capital
Industry Finance and Insurance, Investment Management
Available Languages English
Contact

Research Information & Knowledge Hub for additional information on IMD publications

Case Study
Thermax: Four paths to succession in a family business

From its origins as a manufacturer of hospital equipment for the Indian market, Thermax has grown into a multinational corporation operating in 90 countries, offering integrated solutions in heating, cooling, power generation, water treatment and recycling, air pollution control, and chemicals with a focus on ensuring clean air, clean energy and…

Family Business
By Peter Vogel and Anouk Lavoie Orlick
Case reference: IMD-7-2571, © 2025
Thermax: Four paths to succession in a family business
By Peter Vogel and Anouk Lavoie Orlick
Case reference: IMD-7-2571 ©2025
Summary
From its origins as a manufacturer of hospital equipment for the Indian market, Thermax has grown into a multinational corporation operating in 90 countries, offering integrated solutions in heating, cooling, power generation, water treatment and recycling, air pollution control, and chemicals with a focus on ensuring clean air, clean energy and clean water. The founding family, which owns a 61% stake in the firm (the rest being publicly held), has steered the company toward helping speed the transition to renewable energies via the development of greener technologies. In addition, the family has shown unwavering commitment to social responsibility and philanthropic endeavors. The case features a detailed history of Thermax’s evolution as a family business, with a particular focus on how the family has navigated the challenges of intra-family succession. The dilemmas faced by owner-managers as they hand over the reins of the family business, combined with the outsize impact of succession on the future performance of a business, have contributed to making succession the single most studied topic in family business research. The Thermax case study illustrates the varied forms succession can take over the course of four generations. It also explores the different ways family members can contribute to the family enterprise system via operational roles in the company as well as involvement in board governance, ownership governance and philanthropic work. The case is based on interviews with five members of the founding family, all of whom hold (or have held) executive and/or operational roles in the company. The dynamics of intra-family succession form the crux of the case. Since the company was created in 1966, each generation has brought different leadership qualities and competencies to their respective roles and has contributed to making Thermax a leading conglomerate in the energy and environment space.
Reference IMD-7-2571
Copyright ©2025
Copyright owner IMD Copyright
Organization Thermax
Industry Construction and Engineering, Industrial Engineering
Available Languages English
Contact

Research Information & Knowledge Hub for additional information on IMD publications

Case Study
Kontor: When VR faces reality. An internal innovator’s dilemma

The case looks at the fundamental challenges, tensions and opportunities associated with an internally run venture as opposed to an externally funded startup or spin-off company. It discusses the genesis and context of Kontor, an internal venture funded by Resmed Inc. Resmed is an S&P 500 MedTech company. At the time of the case, May 2024, Resm…

Innovation Strategy
By Jim Pulcrano, Greg Knight, Liming Chen and Michael Pinczuk
Case reference: IMD-2674, © 2025
Kontor: When VR faces reality. An internal innovator’s dilemma
By Jim Pulcrano Greg Knight Liming Chen and Michael Pinczuk
Case reference: IMD-2674 ©2025
Summary
The case looks at the fundamental challenges, tensions and opportunities associated with an internally run venture as opposed to an externally funded startup or spin-off company. It discusses the genesis and context of Kontor, an internal venture funded by Resmed Inc. Resmed is an S&P 500 MedTech company. At the time of the case, May 2024, Resmed was also experiencing increasing external competitive threats and pressure on its margin due to GLP-1s, a class of medicines. Kontor is an internal venture at Resmed trying to find its way through turbulent times. Kontor applies Resmed’s class-leading comfort and fit technology to the AR/VR space, thus making these devices more comfortable for the user. Kontor has been running for several years and Erika, the case protagonist, is the newly appointed general manager. The current turbulent situation is causing the executives to question investment in the internal venture. Erika must deal with many challenges, but the fundamental question is whether Kontor will create the most value for Resmed as an internal venture or whether it should be spun out and in what manner. The case compares five strategic possibilities: 1) Spinning out the business and running Kontor independently of Resmed with external investors, 2) keeping Kontor wholly owned by Resmed but, run it off-balance sheet, 3) sell Kontor to a strategic buyer, 4) keep running Kontor internally with operational assistance from Resmed Inc, or 5) wait and see how the venture goes without making a decision in the near term thus preserving all options.
Reference IMD-2674
Copyright ©2025
Copyright owner IMD Copyright
Organization Kontor, ResMed
Industry Manufacturing, Technology
Available Languages English
Contact

Research Information & Knowledge Hub for additional information on IMD publications

Case Study
The Lifeline Exercise: A reflective tool for leadership and career development

This exercise provides a structured reflection tool designed to help individuals explore the significant events, emotional highs and lows, and patterns that have shaped their personal and professional journeys. Commonly used in executive education, leadership development programs and coaching contexts, the Lifeline Exercise enables participants …

Leadership Coaching Purpose
By Michael D. Watkins
Case reference: IMD-2672, © 2025
The Lifeline Exercise: A reflective tool for leadership and career development
By Michael D. Watkins
Case reference: IMD-2672 ©2025
Summary
This exercise provides a structured reflection tool designed to help individuals explore the significant events, emotional highs and lows, and patterns that have shaped their personal and professional journeys. Commonly used in executive education, leadership development programs and coaching contexts, the Lifeline Exercise enables participants to create a visual map of their experiences, identify key themes and gain valuable insights for future growth. The exercise involves creating a timeline graph where participants plot significant life events according to their emotional intensity in a range from deeply challenging experiences to peak achievements. Through this visual representation, participants can recognize patterns in their responses to adversity and success, understand the strengths that helped them navigate difficulties and identify recurring themes in their decision-making and growth. The accompanying teaching note provides comprehensive guidance for facilitators, covering three key stages: setting the stage for reflection, creating the lifeline graph, debriefing the exercise. It offers detailed instructions for conducting the exercise in various settings, whether for large groups, small groups, or individual sessions, and with specific approaches tailored to each context. This reflective tool serves multiple purposes: to increase self-awareness, recognize behavioral and decision-making patterns, gain perspective on how experiences have shaped values and priorities, and clarify future goals based on past insights. The exercise emphasizes the creation of a supportive environment where participants can engage in meaningful introspection while maintaining appropriate boundaries around personal sharing.
Reference IMD-2672
Copyright ©2025
Copyright owner IMD Copyright
Available Languages English
Contact

Research Information & Knowledge Hub for additional information on IMD publications

Case Study
The power of brand-led differentiation: What Vanzetti Engineering learned from luxury brands (B) (Video case)

This case series explores what companies can learn from luxury brands without becoming luxury brands themselves. The video B case features interviews with three Vanzetti Engineering executives: the marketing director, the CEO and owner and the chief commercial officer. With the shrinking of the automobile industry, the company has had to reposit…

Luxury Marketing Strategy
By Stéphane J. G. Girod and Martin Králik
Case reference: IMD-2696, © 2025
The power of brand-led differentiation: What Vanzetti Engineering learned from luxury brands (B) (Video case)
By Stéphane J. G. Girod and Martin Králik
Case reference: IMD-2696 ©2025
Summary
This case series explores what companies can learn from luxury brands without becoming luxury brands themselves. The video B case features interviews with three Vanzetti Engineering executives: the marketing director, the CEO and owner and the chief commercial officer. With the shrinking of the automobile industry, the company has had to reposition itself in other industrial sectors where it is significantly smaller than the customers. Vanzetti Engineering embraced some of the codes of luxury branding according to what suited it and ignored others. The company discovered that although it was focused mostly on creating functional value, it had to dwell much more on emotional and societal value creation. The process of brand elevation required a complete cultural transformation, and one of the lessons from the case is that a brand is not a slogan but a way of being and of delivering value.
Reference IMD-2696
Copyright ©2025
Copyright owner IMD Copyright
Organization Vanzetti Engineering
Industry Construction and Engineering;Manufacturing
Available Languages English
Contact

Research Information & Knowledge Hub for additional information on IMD publications

Case Study
Alpiq: Co-creating the future

When Antje Kanngiesser became CEO of Swiss energy company ALPIQ, she inherited a traditional culture, weary from restructuring and leadership churn. Partnering with IMD Professor Susan Goldsworthy, she launched a Secure Base Leadership program to unite leaders and co-create the future. The results were positive: Alumni became Coaching Ambassador…

Leadership Organizational Culture Coaching Change Management
By Susan Goldsworthy and Nancy Lane
Case reference: IMD-2671, © 2025
Alpiq: Co-creating the future
By Susan Goldsworthy and Nancy Lane
Case reference: IMD-2671 ©2025
Summary
When Antje Kanngiesser became CEO of Swiss energy company ALPIQ, she inherited a traditional culture, weary from restructuring and leadership churn. Partnering with IMD Professor Susan Goldsworthy, she launched a Secure Base Leadership program to unite leaders and co-create the future. The results were positive: Alumni became Coaching Ambassadors, SBL was embedded into processes, and executives were trained as coaches. Via a five-day program that became a company-wide movement, ALPIQ transformed culture by making leadership personal, shared and lived daily.
Reference IMD-2671
Copyright ©2025
Copyright owner IMD Copyright
Organization Alpiq
Industry Energy
Available Languages English
Contact

Research Information & Knowledge Hub for additional information on IMD publications

Case Study
The power of brand-led differentiation: What Vanzetti Engineering learned from luxury brands (A)

Survey after survey shows that executives think their business is in danger of being commoditized. This means their company is not able to differentiate sufficiently to command higher market prices and profits. Luxury brands, by contrast, are the opposite of commodity. Their whole approach to branding is based on desirability. This case series e…

Luxury Marketing Strategy
By Stéphane J. G. Girod and Martin Králik
Case reference: IMD-2688, © 2025
The power of brand-led differentiation: What Vanzetti Engineering learned from luxury brands (A)
By Stéphane J. G. Girod and Martin Králik
Case reference: IMD-2688 ©2025
Summary
Survey after survey shows that executives think their business is in danger of being commoditized. This means their company is not able to differentiate sufficiently to command higher market prices and profits. Luxury brands, by contrast, are the opposite of commodity. Their whole approach to branding is based on desirability. This case series explores what companies can learn from luxury brands without becoming luxury brands themselves. The written A case gives a short background on Vanzetti Engineering, which is facing intensifying competition in an evolving marketplace, and launches the first question for discussion.
Reference IMD-2688
Copyright ©2025
Copyright owner IMD Copyright
Organization Vanzetti Engineering
Industry Construction and Engineering;Manufacturing
Available Languages English
Contact

Research Information & Knowledge Hub for additional information on IMD publications

Case Study
It is 2035. AI and sustainability have merged for good. How did we get there? (Mini Case)

It is 2035. AI and sustainability have become deeply connected forces shaping the way we live, work and create value. From intelligent energy systems to regenerative supply chains and inclusive digital infrastructure, the merger of AI and sustainability has reshaped business and society alike. But this transformation didn’t happen overnight, and…

Sustainability Artificial Intelligence
By Julia Katharina Binder and Knut Bjarne Haanaes
Case reference: IMD-2714, © 2025
It is 2035. AI and sustainability have merged for good. How did we get there? (Mini Case)
By Julia Katharina Binder and Knut Bjarne Haanaes
Case reference: IMD-2714 ©2025
Summary
It is 2035. AI and sustainability have become deeply connected forces shaping the way we live, work and create value. From intelligent energy systems to regenerative supply chains and inclusive digital infrastructure, the merger of AI and sustainability has reshaped business and society alike. But this transformation didn’t happen overnight, and it certainly wasn’t smooth. In the 2020s, AI dominated the global conversation while sustainability often took a back seat. The rapid expansion of AI infrastructure drove up emissions, strained water systems, created mountains of e-waste and widened social divides. Progress on climate, biodiversity and equity stalled or reversed. For many years, AI and sustainability seemed like competing priorities. This future-back case invites participants to step into a world where that tension has been resolved. In this 2035 scenario, AI no longer undermines sustainability, it enables it. Cities run on adaptive, low-impact infrastructure. AI systems manage food, energy and transport to optimize for both efficiency and regeneration. Businesses succeed not by choosing between growth and impact, but by aligning the two. Technology is now smart, responsible, inclusive and sustainable by design. The case follows a business leader preparing to speak at a global summit, reflecting on the events, decisions and dilemmas that led to this outcome. Participants will explore the question: How did we get here? Was it policy, innovation, pressure or chance? Through this discussion, leaders learn to lead “from the future back,” challenge assumptions, reimagine what’s possible and consider what actions they must take today to help shape a better tomorrow.
Reference IMD-2714
Copyright ©2025
Copyright owner IMD Copyright
Industry Energy, Renewable Energy
Available Languages English
Contact

Research Information & Knowledge Hub for additional information on IMD publications

Case Study
Evoco AG: Unlocking private equity potential

Michel Galeazzi and Felix Ackermann, founding partners of the private equity firm Evoco, sat with the rest of the team pondering the latest strategic issues. Evoco had evolved significantly as a fund manager since its creation in 2012, taking advantage of newly identified opportunities and developing novel competencies. Its first three funds ha…

Entrepreneurship Finance Venture Capital
By Benoit F. Leleux and Ricardo Rodriguez Plazas
Case reference: IMD-2689, © 2025
Evoco AG: Unlocking private equity potential
By Benoit F. Leleux and Ricardo Rodriguez Plazas
Case reference: IMD-2689 ©2025
Summary
Michel Galeazzi and Felix Ackermann, founding partners of the private equity firm Evoco, sat with the rest of the team pondering the latest strategic issues. Evoco had evolved significantly as a fund manager since its creation in 2012, taking advantage of newly identified opportunities and developing novel competencies. Its first three funds had an excellent track record, which provided a strong platform to continue learning and to evolve the business models of its funds. Evoco’s founding premise was to develop business solutions for governance and liquidity issues that emerged in private equity, creating investment opportunities for its investors in the process. The first two funds, Evoco TSE I and II, focused primarily on developing secondary solutions for liquidity and governance issues in private equity, i.e. acquiring portfolios of positions in late-stage or undermanaged buyout funds, and creating value by accelerating exits and engineering a palette of value-creating, hands-on strategic initiatives. The sellers typically required liquidity for some reason, e.g. new investment paradigms, better allocation opportunities or team reorganization. With Evoco TSE III, the strategy was refined, opening the door to single-asset deals and ever more original value creation interventions facilitated by majority ownership positions. When US President Donald Trump announced a tsunami of new tariffs on ‘Liberation Day’ 2 April 2025, the world of trade and industry was thrown into disarray, and private equity with it. Would it make sense to capitalize on the upheaval by tweaking the firm’s strategy again to fine-tune an even more compelling investment proposition? Which direction should that take?
Reference IMD-2689
Copyright ©2025
Copyright owner IMD Copyright
Organization Evoco
Industry Finance and Insurance, Private Equity
Available Languages English
Contact

Research Information & Knowledge Hub for additional information on IMD publications

Case Study
From complexity to clarity: How ABB transformed its operating model (B)

The case study explores the second phase of ABB’s 2018 to 2024 transformation journey to restore confidence in the underperforming conglomerate through a simplification of its structure and a focus on accelerating decision making. Under interim CEO Peter Voser and later Björn Rosengren (2020–2024), ABB decentralized operations, optimized headcou…

Business Transformation Organizational Change
By Heather Cairns-Lee, Anand Narasimhan and Valerie Keller-Birrer
Case reference: IMD-2683, © 2025
From complexity to clarity: How ABB transformed its operating model (B)
By Heather Cairns-Lee Anand Narasimhan and Valerie Keller-Birrer
Case reference: IMD-2683 ©2025
Summary
The case study explores the second phase of ABB’s 2018 to 2024 transformation journey to restore confidence in the underperforming conglomerate through a simplification of its structure and a focus on accelerating decision making. Under interim CEO Peter Voser and later Björn Rosengren (2020–2024), ABB decentralized operations, optimized headcount, enhanced accountability and empowered divisions to operate as independent businesses. Rosengren formalized the transformation as The ABB Way. On 1 August 2024, Morten Wierod assumed the role of CEO, inheriting a stronger, more agile ABB. To maintain momentum, the company needs to remain committed to operational excellence, relentless innovation and a strong customer focus. Moving forward, Wierod’s key challenges include identifying strategies to build on the transformation’s success.
Reference IMD-2683
Copyright ©2025
Copyright owner IMD Copyright
Organization Asea Brown Boveri
Industry Manufacturing, Electric and Electronic Equipment
Available Languages English
Contact

Research Information & Knowledge Hub for additional information on IMD publications

Case Study
From complexity to clarity: How ABB transformed its operating model (A)

The case study explores the first phase of ABB’s 2018 to 2024 transformation journey as it tackled longstanding challenges: financial underperformance, declining market confidence and inefficiencies in its complex matrix structure. To streamline operations, CEO Ulrich Spiesshofer initiated a restructuring of its main business areas in 2018, incl…

Business Transformation Organizational Change
By Heather Cairns-Lee, Anand Narasimhan and Valerie Keller-Birrer
Case reference: IMD-2682, © 2025
From complexity to clarity: How ABB transformed its operating model (A)
By Heather Cairns-Lee Anand Narasimhan and Valerie Keller-Birrer
Case reference: IMD-2682 ©2025
Summary
The case study explores the first phase of ABB’s 2018 to 2024 transformation journey as it tackled longstanding challenges: financial underperformance, declining market confidence and inefficiencies in its complex matrix structure. To streamline operations, CEO Ulrich Spiesshofer initiated a restructuring of its main business areas in 2018, including the sale of the Power Grids business to Hitachi. However, the following April, Spiesshofer stepped down unexpectedly. Would the transition in leadership signal a continuation of the existing strategy, or did it indicate a complete shift in direction? How should the new leadership transform ABB?
Reference IMD-2682
Copyright ©2025
Copyright owner IMD Copyright
Organization Asea Brown Boveri
Industry Manufacturing, Electric and Electronic Equipment
Available Languages English
Contact

Research Information & Knowledge Hub for additional information on IMD publications