IMD business school for management and leadership courses
Latest Case Studies
Daniela Studer and the board of Flosser (Mini case)
Daniela Studer, a highly accomplished executive with a background in engineering and global leadership, now serves as the only woman on the board of Flosser, a niche construction materials company recently acquired by a larger public firm. Despite her expertise and a mandate to professionalize the board, Daniela finds herself struggling to influ…
By
Jennifer Jordan and
Ruth V. Aguilera
Case reference: IMD-2719, ©
2026
Daniela Studer and the board of Flosser (Mini case)
Summary
Daniela Studer, a highly accomplished executive with a background in engineering and global leadership, now serves as the only woman on the board of Flosser, a niche construction materials company recently acquired by a larger public firm. Despite her expertise and a mandate to professionalize the board, Daniela finds herself struggling to influence the top management team. Dysfunctional dynamics that range from a lack of trust in the CTO to an exclusive relationship between the CEO and CFO threaten Flosser’s performance and culture. Daniela’s attempts to address these issues are met with resistance; her direct style, celebrated in her previous executive roles, is now seen as abrasive, and she is advised to be “gentler” in her board interactions. This case invites readers to reflect on the challenges of transitioning from an executive to a non-executive director role, a situation in which authority is more about influence than direct control. Daniela’s dilemma – whether to confront the CEO directly, adapt her approach, or remain silent – raises critical questions: Is her struggle rooted in the inherent limitations of non-executive power, related to the entrenched culture of a family business or is there an element of unconscious gender bias? Does her experience as a minority on the board shape how her contributions are received, or is the resistance she faces more about her methods? Ultimately, the case challenges readers to consider what it truly means to lead from the boardroom, how to navigate complex interpersonal and organizational dynamics, and how gender and role expectations intersect to shape the effectiveness and credibility of board members.
Reference
IMD-2719
Copyright
©2026
Copyright owner
IMD Copyright
Available Languages
English
Contact
Research Information & Knowledge Hub for additional information on IMD publications
Pang Dong Lai: Scaling the unscalable
Pang Dong Lai (PDL) is a regional Chinese supermarket chain that generated an astonishing $3.27 billion in revenue in 2025 with only 14 stores, vastly outperforming national and global giants in per-store efficiency. In a retail landscape defined by fierce competition and razor-thin margins, PDL’s success stems from a radical, people-first opera…
By
Winter Nie, Goutam Challagalla and
Yunfei Feng
Case reference: IMD-2760
Pang Dong Lai: Scaling the unscalable
Summary
Pang Dong Lai (PDL) is a regional Chinese supermarket chain that generated an astonishing $3.27 billion in revenue in 2025 with only 14 stores, vastly outperforming national and global giants in per-store efficiency. In a retail landscape defined by fierce competition and razor-thin margins, PDL’s success stems from a radical, people-first operating model. By distributing 95% of its profits to employees and management, PDL has engineered an unparalleled service-profit chain, translating extreme employee loyalty into absolute customer trust. This case vividly illustrates the core of strategic positioning: Strategy is about choosing what not to do. To protect its high-trust culture and prevent employee burnout, visionary founder Yu Dong Lai deliberately constrained expansion, mandated weekly store closures, and even shuttered profitable locations. This extreme altruism created a paradox of unintended growth, as overwhelming national demand pushed 2025 sales far beyond the company’s self-imposed limits. At the start of 2026, PDL stands at a critical crossroads, profoundly intensified by Yu Dong Lai’s retirement announcement and the transition to an 8-person management committee. The new leadership must navigate two distinct growth paths. The first is to ‘scale the product’ nationally as a direct-to-consumer (DTC) brand via a supply chain partnership with JD.com, risking the commoditization of a brand rooted in local, in-person experiences. The second is to ‘scale the experience’ by building massive, capital-intensive destination retail complexes. Participants are challenged to step into the shoes of the succeeding management team. They must evaluate the strategic tradeoffs of each expansion path, debate whether an ‘unscalable,’ founder-driven culture can be successfully institutionalized, and ultimately decide how to scale the business without changing its soul.
Reference
IMD-2760
Copyright owner
IMD Copyright
Organization
Xuchang Pangdonglai Commerce
Industry
Consumer Services, Retail
Available Languages
English
Contact
Research Information & Knowledge Hub for additional information on IMD publications
The promotion dilemma (Mini case)
Promotion decisions are among the most powerful cultural signals that leaders send. They reveal what an organization truly values, in terms of results but also in how those results are achieved. The Promotion Dilemma explores the tension that managers face when a high-performing employee delivers exceptional commercial outcomes while simultaneou…
By
Heather Cairns-Lee and
Robert Hooijberg
Case reference: IMD-2742, ©
2026
The promotion dilemma (Mini case)
Summary
Promotion decisions are among the most powerful cultural signals that leaders send. They reveal what an organization truly values, in terms of results but also in how those results are achieved. The Promotion Dilemma explores the tension that managers face when a high-performing employee delivers exceptional commercial outcomes while simultaneously undermining collaboration, trust and shared accountability. Set in Spectra, a global manufacturer of precision industrial components undergoing a strategic transformation, the case follows Chief Commercial Officer Chris Steele as (s)he considers whether to promote Alex Forge, a charismatic regional commercial manager widely regarded as a “rainmaker.” Alex has secured major contracts, built strong customer relationships, demonstrated remarkable commercial instinct and fostered credibility with clients. Yet inside Spectra, Alex’s behavior is often blunt, impatient and dismissive. The regional manager tends to bypass processes, dominate discussions and challenge colleagues publicly; the result is strained relationships across functions and lower engagement within Alex’s own team. The timing of the decision raises the stakes. Spectra is implementing it’s One Spectra transformation, an initiative aiming to strengthen cross-functional collaboration, shared accountability and psychological safety in response to rising competitive pressure. Though promoting Alex would retain a critical commercial talent and emphasize the importance of results, the move risks undermining the cultural shift leadership is trying to build. Not promoting Alex could reinforce the organization’s commitment to collaborative leadership but may risk losing a star performer to competitors. The Promotion Dilemma invites discussion about the implicit messages embedded in promotion decisions and the challenges and trade-offs that leaders face when balancing performance and evaluating leadership potential while shaping culture and building long-term organizational health.
Reference
IMD-2742
Copyright
©2026
Copyright owner
IMD Copyright
Available Languages
English
Contact
Research Information & Knowledge Hub for additional information on IMD publications
The Qualios transaction: Engineering a partnered buy-in
The Qualios case tracks the search, negotiations and ultimate acquisition of an industrial, family-owned SME in Southern Germany. Using a variety of materials, including sophisticated composites, the company produces customized, high-quality braided sleeves primarily for technical applications. The fourth-generation owners were led to sell due t…
By
Benoit F. Leleux and
Konstantin Dreyer
Case reference: IMD-2745, ©
2026
The Qualios transaction: Engineering a partnered buy-in
Summary
The Qualios case tracks the search, negotiations and ultimate acquisition of an industrial, family-owned SME in Southern Germany. Using a variety of materials, including sophisticated composites, the company produces customized, high-quality braided sleeves primarily for technical applications. The fourth-generation owners were led to sell due to a lack of succession and health issues. A reputable niche business serving automotive, packaging, construction and industrial clients across Germany and internationally, Qualios generated €12 million in revenue and healthy EBITDA and employed around 50 staff. The company faced several issues, such as rising raw material and production costs, difficulty attracting skilled workers to the region and growing demands from customers for sustainability certifications. The potential buyer, Konrad, believed he had a joker up his sleeve with Georg, an experienced operating manager, family confidant and potential co-investor. Negotiations proved complex until the duo was able to bypass the broker and establish direct links to the seller. A deal was ultimately closed, involving not only a significant earnout element from the seller but also 90% leverage offered by local banks, with strenuous covenants. Nonetheless, fundamental questions remained after the deal: Had the buyer paid the right price and established the proper structure to ensure long-term success? Closing was only the first battle: Could Qualios grow fast enough to service the debt, repay the vendor loan and justify the price tag – all while honoring the company legacy that mattered so deeply to the seller?
Reference
IMD-2745
Copyright
©2026
Copyright owner
IMD Copyright
Organization
Qualios (Disguised)
Industry
Manufacturing, Textile;Materials, Construction Materials
Available Languages
English
Contact
Research Information & Knowledge Hub for additional information on IMD publications
Hilti Fleet Management: Driving a global transformation
The case describes Hilti’s transformation from a premium tool maker to a solution provider in commercial construction, while keeping its innovation leadership. Confronting industry pain points such as lost tools, downtime, safety risks and thin margins, Hilti created Fleet Management FM. This subscription bundles NURON tools, repairs, loaners, t…
By
Stefan Michel
Case reference: IMD-2697, ©
2025
Hilti Fleet Management: Driving a global transformation
Summary
The case describes Hilti’s transformation from a premium tool maker to a solution provider in commercial construction, while keeping its innovation leadership. Confronting industry pain points such as lost tools, downtime, safety risks and thin margins, Hilti created Fleet Management FM. This subscription bundles NURON tools, repairs, loaners, theft coverage, and Hilti’s ON!Track asset management system into predictable monthly payments. IoT connectivity delivers real-time insights on utilization, battery health and maintenance. Moving towards end-to-end optimization E2E, FM digitally connects warehouses, vans and administrative processes, unlocking measurable productivity and margin improvement. FM also operationalizes circularity: productivity analyses right-size tool parks often by 2030 fewer assets, tools are refurbished or donated for a second life, and non-usable materials are recycled via a global network of local partners. The case illustrates how business model innovations with global coverage necessitate fundamental organizational transformations that can take many years. It allows students to develop concise, concrete and convincing value propositions in a B2B market environment. It also facilitates a discussion on solution readiness offering, supplier, contract, and customer and the identification of a sustainable competitive advantage based on the VRIO framework.
Reference
IMD-2697
Copyright
©2025
Copyright owner
IMD Copyright
Organization
Hilti
Industry
Manufacturing, Machinery
Available Languages
English
Contact
Research Information & Knowledge Hub for additional information on IMD publications