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- June 2025
- Case
Vail Resorts: Responding to Activist Pressure (A)
By: Benjamin C. Esty and Edward A. Meyer
On January 27, 2025, the head of a relatively small hedge fund named Late Apex Partners sent a highly critical letter to the board of directors of Vail Resorts, the world’s largest ski resort operator. In his letter, and the 88-slide presentation that accompanied his... View Details
Keywords: Corporate Finance; Capital Budgeting; Corporate Governance; Competitive Advantage; Competitive Strategy; Leading Change; Valuation; Investment Activism; Climate Change; Management Succession; Financial Management; Risk Management; Business and Shareholder Relations; Entertainment and Recreation Industry; Entertainment and Recreation Industry; Entertainment and Recreation Industry; United States; Australia; Canada
- June 2025
- Article
What Board-level Control Mechanisms Changed in Banks Following the 2008 Financial Crisis? A Descriptive Study
By: Shelly Li, Shivram Rajgopal, Suraj Srinivasan and Yu Ting Forester Wong
Following the 2008 financial crisis, the Financial Crisis Inquiry Commission (FCIC) identified major shortcomings in bank board governance, contributing to systemic risk management failures. This study adapts a management control framework and empirically examines... View Details
- May 2025
- Case
IQanat: Empowering Rural Youth in Kazakhstan
By: Boris Groysberg and Maxim Pike Harrell
In June 2025, IQanat CEO Aliya Salikova considered scaling opportunities for the foundation, which provided educational opportunities for children from rural regions of Kazakhstan. Established by Kazakhstani businessman and philanthropist Aidyn Rakhimbayev, IQanat... View Details
- May 2025 (Revised June 2025)
- Background Note
Social Enterprise in Latin America
By: Brian L. Trelstad and Karina Souza
This research note provides an overview of the social enterprise ecosystem in Latin America, exploring current dynamics across key markets, including country-specific insights on Brazil, Mexico, Argentina, Colombia, Chile, and Central America. In a region characterized... View Details
Keywords: Impact Investing; Developing Countries and Economies; Social Entrepreneurship; Emerging Markets; Corporate Social Responsibility and Impact; Mission and Purpose; Ownership; Social Enterprise; Business Strategy; Equality and Inequality; Microfinance; Governing Rules, Regulations, and Reforms; Agriculture and Agribusiness Industry; Agriculture and Agribusiness Industry; Agriculture and Agribusiness Industry; Agriculture and Agribusiness Industry; Latin America; Brazil; Mexico; Argentina; Colombia; Chile; Guatemala; Central America; Peru; Uruguay
- May 2025 (Revised June 2025)
- Supplement
Michael Ku and Global Clinical Supply at Pfizer Inc.: Bringing Hope to Patients (D)
By: Linda A. Hill and Lydia Begag
This fourth installment in the Pfizer Global Clinical Supply (GCS) transformation case series highlights how over a decade of cultural and digital evolution positioned GCS to meet unprecedented global challenges. In 2011, Michael Ku became the Vice President of GCS and... View Details
Keywords: Innovation Leadership; Technological Innovation; Leadership Development; Leadership Style; Research and Development; Science-Based Business; Transformation; Health Pandemics; AI and Machine Learning; Analytics and Data Science; Digital Transformation; Leading Change; Product Launch; Supply Chain; Organizational Change and Adaptation; Alignment; Pharmaceutical Industry; Biotechnology Industry; Health Industry; United States; Asia; Europe; Latin America
- 2025
- Working Paper
Partisan Corporate Speech
By: William Cassidy and Elisabeth Kempf
We construct a novel measure of partisan corporate speech using natural language
processing techniques and use it to establish three stylized facts. First, the volume
of partisan corporate speech has risen sharply between 2012 and 2022. Second, this
increase has... View Details
- May 2025
- Case
'Net Zero in Action': Impact Investing at the McKnight Foundation
By: Lauren Cohen, Christina R. Wing and Sophia Pan
Elizabeth McGeveran, Vice President of Investments at the McKnight Foundation, reflected on how to effectively advance the organization’s net-zero strategy. The foundation had committed 10% of its endowment to building a portfolio of impact investments and was among... View Details
Keywords: Investment Fund; Philanthropy; Charitable Donations; Sustainability; Foundation; Impact Investing; ESG; Family Business; Forecasting and Prediction; Private Sector; Renewable Energy; Social Entrepreneurship; Climate Change; Environmental Sustainability; Green Technology; Financial Strategy; Investment Funds; Investment Portfolio; Institutional Investing; Corporate Accountability; Corporate Social Responsibility and Impact; Mission and Purpose; Private Ownership; Philanthropy and Charitable Giving; Social Issues; Sustainable Cities; Financial Services Industry; Minnesota; United States
- May–June 2025
- Article
Sustainability as a Business-Model Transformation
By: Ivanka Visnjic, Felipe Monteiro and Michael L. Tushman
Many global companies have made public commitments to sustainability targets. Fulfilling these commitments will require firms to transform their business models and organizational architectures. A few pioneers are leading the way, demonstrating that companies can make... View Details
- May 2025
- Case
The Micro-Family Office: Aamir Rehman
By: Lauren Cohen and Sophia Pan
With a successful career and strong academic credentials, Aamir Rehman sought to design a life grounded in autonomy. For him, this meant serving on boards, continuing his professorship, and ensuring a secure and comfortable life for his family. While he didn’t possess... View Details
Keywords: Family Office; Organization Design; Family And Friends; Family; Balance; Stability; Trends And Opportunities; Wealth Management; Family Business; Investment; Financial Strategy; Personal Finance; Investment Portfolio; Private Equity; Organizational Design; Family and Family Relationships; Happiness; Satisfaction; Balance and Stability; Human Capital; Compensation and Benefits; Economy; Trends; Business Model; New Jersey; United States
- April 2025
- Case
Campbell's Recipe for Advancing School Nutrition
By: Hise O. Gibson, F. Christopher Eaglin and Ai-Ling Jamila Malone
In 2021, The Campbell’s Company launched Full Futures, a collective impact initiative aimed at advancing school nutrition environments in underserved communities. The program started in Camden, NJ—home to Campbell’s headquarters—and later expanded to Charlotte, NC, and... View Details
- 2025
- Chapter
Institutional Entrepreneurship and Climate Change
By: Ann-Kristin Bergquist and Geoffrey Jones
This chapter explores when and why private regulatory governance systems became the primary form of global environmental governance. The chapter explores two different historical paths in such private regulation and how they came about. The first path involved... View Details
- April 2025
- Teaching Note
Aramco: Navigating the Energy Transition
By: Tarun Khanna and Samir Junnarkar
Teaching Note for HBS Case No. 725-358. View Details
- April 2025
- Teaching Note
Allbirds: Decarbonizing Fashion (A) and (B)
By: Michael W. Toffel, Ken Pucker and Stacy Straaberg
Teaching Note for HBS Case Nos. 622-024, 625-004, 625-005, and 625-702. The Allbirds: Decarbonizing Fashion (A) case introduces Allbirds as a footwear startup not only focused on simple design, comfort, and sustainable natural materials but on decarbonizing the wider... View Details
Keywords: Decarbonization; Climate Impact; Environmental Strategy; Innovation; Product Design; Supply Chain Management; Innovation Strategy; Innovation and Management; Product Development; Climate Change; Environmental Management; Environmental Sustainability; Business Startups; Initial Public Offering; Knowledge Sharing; Competitive Advantage; Apparel and Accessories Industry; Apparel and Accessories Industry; United States; California
- April 2025
- Supplement
Allbirds: Decarbonizing Fashion PowerPoint Supplement
By: Michael W. Toffel, Ken Pucker and Stacy Straaberg
The Allbirds: Decarbonizing Fashion (A) case introduces Allbirds as a footwear startup not only focused on simple design, comfort, and sustainable natural materials but on decarbonizing the wider fashion industry. Background material highlights the growing... View Details
Keywords: Decarbonization; Climate Impact; Environmental Strategy; Innovation; Product Design; Supply Chain Management; Innovation Strategy; Innovation and Management; Product Development; Climate Change; Environmental Management; Environmental Sustainability; Apparel and Accessories Industry; Apparel and Accessories Industry; United States; California
- April 2025
- Case
Lisa Su and AMD (A)
By: Joshua D. Margolis, Matthew Preble and Dave Habeeb
This multimedia case study focuses on CEO Lisa Su’s turnaround and subsequent transformation of the technology company Advanced Micro Devices, Inc. (AMD). When Su accepted the top position in 2014, AMD was on the verge of collapse. Su focused on the company’s culture,... View Details
Keywords: Turnaround; Change Management; Transformation; Decision Making; Globalized Markets and Industries; Government and Politics; AI and Machine Learning; Innovation and Management; Innovation Strategy; Innovation Leadership; Leadership Style; Leading Change; Management; Product Design; Product Development; Organizational Change and Adaptation; Organizational Culture; Organizational Design; Strategic Planning; Business and Shareholder Relations; Business and Stakeholder Relations; Research and Development; Business Strategy; Competitive Strategy; Competitive Advantage; Corporate Strategy; Semiconductor Industry; Computer Industry; United States; California; Texas
- April 2025 (Revised June 2025)
- Case
Governing Sustainability in a Shifting Context (A)
By: Lynn S. Paine and Will Hurwitz
In early 2025, boards of directors had to rethink corporate responsibility and sustainability efforts amid rapidly-shifting social, legal, regulatory, and economic forces. While just a few years earlier, calls to address racial justice and climate change reached into... View Details
Keywords: Climate Change; Corporate Governance; Diversity; Leadership; Business or Company Management; Mission and Purpose; Social Media; Race; Environmental Sustainability; Governing Rules, Regulations, and Reforms; Governing and Advisory Boards; Lawfulness; Lawsuits and Litigation; Measurement and Metrics; Corporate Social Responsibility and Impact; Business and Shareholder Relations; Social Issues; Food and Beverage Industry; Food and Beverage Industry; Food and Beverage Industry; United States
- April 2025
- Supplement
Joe Mazzulla and the Boston Celtics (B)
By: Linda A. Hill, James I. Cash and Lydia Begag
This case is a supplement to “Joe Mazzulla and the Boston Celtics” (A) and is set against the backdrop of the 2024 NBA Finals. It describes the impact of Mazzulla’s decision to rally his team with an aggressive “go for the kill” mindset instead of choosing language... View Details
Keywords: Personal Development and Career; Change Management; Communication; Values and Beliefs; Innovation and Invention; Decision Making; Innovation Leadership; Collaborative Innovation and Invention; Leadership; Leading Change; Leadership Development; Leadership Style; Crisis Management; Management Skills; Business Processes; Organizational Culture; Organizational Structure; Performance Efficiency; Entertainment and Recreation Industry; Entertainment and Recreation Industry; United States
- 2025
- Working Paper
The Political Economy of Firm Networks: CEO Ideology and Global Trade
By: Elisabeth Kempf, Mancy Luo and Margarita Tsoutsoura
We examine how the political ideology of corporate leaders shapes cross-border firm
networks. Exploiting changes in ideological alignment between U.S. firm CEOs and
foreign governments around close foreign elections, we show that U.S. firms are more
likely to... View Details
- April 2025
- Supplement
#FutureFresenius: 'Committed to Life' in 2024 and Beyond (B)
By: David J. Collis, Benjamin C. Esty and Haisley Wert
From February 2024 onward, Fresenius SE & Co. KGaA continued to make progress on the #FutureFresenius transformation that CEO Michael Sen had initiated in October 2022. The company had completed the initial "reset" phase and moved into the "revitalize" portion of the... View Details
Keywords: Corporate Strategy; Finance; Transformation; Leading Change; Health Industry; United States; Germany
- April 2025
- Case
#FutureFresenius: Implementing a New Strategy to Transform the Company and Advance Patient Care
By: David J. Collis, Benjamin C. Esty and Haisley Wert
In February 2024, Fresenius CEO Michael Sen reflected on the company’s transformation journey from his office in Bad Homburg, Germany. With revenues of €22 billion and a mission to advance patient care, Fresenius had built a strong reputation through decades of... View Details