IMD Annual Report 2024

Albania

Colombia

Côte

Croatia

Czech

Real learning, Real impact

United

United

Vietnam

A community of leaders, nurturing impact, inspiring growth

Automotive

Business

Construction

Consumer

Consumer

Finance

Food

Information

Logistics

Manufacturing

Travel

Utilities

Founded by business for business, we are a forward-thinking university institute with Swiss roots and global reach. Challenging what is and inspiring what could be, we develop leaders and organizations for a more prosperous, sustainable and inclusive world. To become, and be recognized as, the world’s most impactful business school.

Message from the Chairman and Vice Chairperson

Michel Demaré Chairman, Foundation and Supervisory Boards

Vice Chairperson, Foundation and Supervisory Boards

Hanne de Mora

Dear friends of IMD,

In 2024, IMD marked another successful year, reaffirming its status as a pioneering force among the world’s leading business schools.

Research and thought leadership reached exceptional academic levels in both output and impact. IMD set a new record for top-tier publications and earned several awards for its publications and faculty. Additionally, for the first time and thanks to its accreditation as a university institute, a significant grant was secured from the Swiss National Science Foundation for research.

IMD advanced its mission of Real Learning, Real Impact by evolving its programs and learning tools, with a strong focus on AI and technology. The institute was the proud recipient of gold awards for its ground-breaking interactive tool SpheriCO2 and for the custom Sprint program designed for a large multinational client.

Furthermore, significant progress was made in development, which in 2024 led to the establishment of the Douglas Geertz IMEDE 1988 Chair in Geopolitics and Business, and the launch of a new MBA scholarship fund thanks to the IMD/IMEDE MBA Class of 1976.

Throughout 2024, IMD reinforced its deep commitment to advancing sustainability, making concrete steps forward in integrating sustainability into its education, research, partnerships, and operations.

A multiplier effect

We strongly believe that IMD generates huge impact compared to institutions with substantially higher budgets, more faculty members, and greater public and private support.

All this is due, in no small part, to the quality and cohesion of the IMD team. The dedication, hard work, and innovative talent of its staff, faculty, and leadership have been instrumental in delivering the institute’s learning journeys to participants and organizations across the globe. The Board commends their achievements and applauds their unwavering efforts and focus throughout the year. It was also an important year in terms of leadership transition.

A new leadership team

At the end of the summer, after eight years at the helm, Jean-François Manzoni stepped down as the institute’s President to continue his distinguished career as a member of IMD’s faculty. His visionary leadership has deeply transformed the school and was crucial at a time when many educational institutions faced unprecedented disruption and uncertainty. We are ever grateful to Jean-François for his dedication and achievements, which will leave a strong mark for many years.

David Bach officially took over as IMD President on 1 September 2024, after being unanimously appointed by the IMD Supervisory Board based on the recommendation of a search committee, following a well-defined and thorough governance process.

CEO succession is one of the most important tasks that a Supervisory Board needs to fulfill. We are satisfied by the quality of the process followed, and by the smooth transition between Jean-François and David, which took place during the summer. We would like to thank them both for having managed this handover in a very professional way.

David has made a great start in his new role, appointing a strong leadership team and driving IMD’s vision to become, and be recognized as, the world’s most impactful business school.

Changes to the Supervisory Board

In 2024 we also announced the initiation of a succession plan at board level. As Vice Chairperson and Chairman of the Supervisory Board, we have both decided to step down at the end of 2025 after having served nine and 12 years respectively. Following the successful transition of the President’s role, we also recognized that this is the right time to put in place a new board leadership as IMD embarks on a new chapter under the new presidency.

Following a smooth process, the IMD Foundation Board unanimously approved the appointment of Jørgen Vig Knudstorp as the new Chair of its Supervisory and Foundation Boards, effective 1 January 2026. Jørgen has been a member of the Foundation Board for 18 years and joined the Supervisory Board in 2022. He has been a long-term partner of IMD, first as the CEO of LEGO and then as the Executive Chair of LEGO Brands Group and Kirkbi A/S. Gilbert Achermann, Designated Chair of Sonova and Chairman of Unilabs and Ypsomed, will serve as Vice Chair. He is an EMBA Class of 2000 alumnus and has served on the Board since 2019. We are confident that IMD’s future is secure under the new leadership.

We would like to thank the loyal community that continues to support IMD, for their confidence in its mission to deliver Real Learning, Real Impact – and in so doing, pursue its purpose of challenging what is and inspiring what could be, to develop leaders and organizations for a more prosperous, sustainable, and inclusive world.

Michel Demaré Chairman, Foundation and Supervisory

Boards

Hanne de Mora Vice Chairperson, Foundation and Supervisory Boards

The President’s Year in Review 02

David Bach

IMD President and Nestlé Professor of Strategy and Political Economy

Challenging what is, inspiring what could be

My goal as President is to build on IMD’s legacy and that of our parent institutions, IMEDE and IMI, to broaden and deepen our impact. Our vision is to be recognized as the most impactful business school – not just in reputation but in realworld influence.

David Bach

IMD President and Nestlé Professor of Strategy and Political Economy

Leaders, organizations, and many societies today are navigating a world in flux. The global order is being reconfigured before our eyes, with many long-standing economic principles shifting. Rapid technological advancements are reshaping the future of work and business and raising fundamental questions about the social contract between governments and citizens. And all this is unfolding on a warming planet with rapidly declining biodiversity, and where too many people still lack meaningful opportunities.

Against the backdrop of these transformative changes, IMD stands as a place of consequence. We have always been and are determined to remain the place where leaders and organizations from all over the globe come for cutting-edge management practice, and applied thought leadership. In a world turning inwards, we pride ourselves on fostering global connections. As misinformation distorts public debate, we are committed to academic rigor and practical insights. And when genuine exchange is in decline, IMD remains rooted in dialogue, fostering mutual learning and collective growth.

My goal as President is to build on IMD’s legacy and that of our parent institutions, IMEDE and IMI, to broaden and deepen our impact. Our vision is to be recognized as the most impactful business school – not just in reputation but in real-world influence. While this might seem like a lofty ambition, IMD has a powerful multiplier effect: most of our program participants are senior executives; our MBA and EMBA students have more experience than their peers elsewhere. When they return to their organizations, their decisions shape thousands of employees’ futures, affect millions of customers, and influence communities worldwide. As the business school most recognized for its proximity to practice, we produce research and thought leadership that not only generates new knowledge but also drives meaningful action.

This commitment is reflected in our refined purpose statement: Challenging what is and inspiring what could be, we develop leaders who transform organizations for a more prosperous, sustainable, and inclusive world.

In practice, this means IMD is the place where we challenge the status quo. We bring together leaders from diverse backgrounds – across industries, cultures, and economic realities – to share knowledge, spark innovation, and build

a better future. This same principle guided my approach to assembling IMD’s new leadership team. One of my first tasks as president was to create a smaller, more integrated leadership team that blends experience with fresh perspectives. Our collective strength lies in our diversity and shared commitment to shaping IMD’s future. You can watch the full discussion on my first 90 days with Professor of Leadership and Organizational Change Michael Watkins here.

Over the past few months, we have demonstrated how IMD delivers impact. In these uncertain times, we’ve developed new frameworks that help leaders cut through the fog and anticipate global shifts. We have supported organizations in deploying AI for transformational change. We have worked closely with companies to accelerate the energy transition while fostering broad-based prosperity.

This impact is made possible by the immense support and goodwill of our stakeholders – our alumni, clients, and partners who recognize IMD’s unique position among top business schools. It is driven by our faculty and staff, who are motivated by excellence and a shared mission to create tangible outcomes for leaders, organizations, and communities.

Looking ahead, our activities in 2025 will further our purpose of contributing to a more prosperous, sustainable, and inclusive world. We will intensify our efforts by generating new knowledge, working closely with leaders and organizations worldwide, leveraging technology to enhance connectivity, and advancing learning innovation to reach more people in more places.

I am deeply optimistic about the years ahead. IMD will continue to be a pivotal place where leaders come together, ask tough questions, challenge assumptions, and leave with renewed purpose, determination, and the motivation to create lasting value.

Our strength lies in the organizations we collaborate with and the communities we engage. As we look toward 2025, we are committed to forging deeper, more meaningful connections with leaders around the world – working together to navigate change and shape a better future.

Jean-François Manzoni reflects on the ‘honor and privilege’ of his presidency

As you know, my eight-year presidency ended on 1 September 2024 when David Bach stepped up to the role.

I was delighted that David was selected to succeed me. As a member of the Executive Committee in charge of Programs and Innovation over the previous four years, David was actively involved in the school’s management and is hence highly knowledgeable about the school, its challenges, and its opportunities. It has been a pleasure for me to work with him over the last four years, and I now look forward to being a faculty member again and to supporting him and his leadership team in their efforts.

Leaders never know for sure how they will be remembered. In my case, however, I suspect I will be remembered by many as the COVID President. Indeed, it is true that 2020 and 2021 were probably somewhat pivotal in the history of the school. Given IMD’s dependency on executive education and on people traveling to work together face-toface, when the pandemic put a stop to travel this triggered a crisis with the potential to threaten our very existence. And yet, we not only survived this crisis, we came out of it a stronger organization and we have been thriving ever since.

Along the way, we used the crisis to back up our claim that degree programs were a major priority for us. While students at other schools complained

about their school’s lack of investment in their experience during COVID and asked for refunds, we at IMD significantly increased support to our MBA and EMBA candidates. While we could not offer them the same experience as before COVID, we committed to giving them the best possible experience under the circumstances, and we did. These students noticed, and so did our Alumni.

Beyond degree programs, we seized the opportunity to dramatically accelerate our understanding and mastery of technology-mediated interactions, to innovate faster and better than everyone else, and to convince executives and organizations that we had effective, efficient alternatives to face-to-face programs.

It was true back then and it is still true four years later: there is no other top business school in the world that showed more willingness to innovate, more solidarity, more collegiality, and more drive to excel than IMD did through the COVID crisis. The IMD faculty and staff were simply amazing!

Looking back on my eight years as President, I regret to say that I have a pretty long list of things that I did not manage to achieve. CEOs with whom I have discussed this feeling say that they all felt this way upon stepping down. It seems that nobody steps down feeling they did everything they were hoping to do.

On the positive side, I am proud of the many things that we did achieve together. One of these achievements is the return to growth after years of revenue stagnation. Over the last eight years (and of course except for the COVID period), all of our activities and programs grew again, enabling us to have more impact and to increase our investments in innovation and thought leadership.

And among many other developments:

D We formalized a new tag line highlighting our pursuit of Real Learning, Real Impact, and significantly increased our focus on measuring the impact of our programs.

D We innovated relentlessly in terms of program design, content, and delivery, which has resulted in IMD winning a considerable number of innovation- and program-related awards over the last few years.

D Building on several workshops conducted with IMD staff, we formalized a new version of our purpose statement.

D We significantly increased our investment in alumni relations and our communication with alumni.

D We recommitted to our academic heritage and reaffirmed our identity as an independent academic institution with a strong connection to practice.

D This academic re-positioning led to us being accredited as a Swiss University Institute, which means that our degrees are now internationally recognized, we can launch new ones, and we can receive financial support from public research funding organizations.

D We continued to invest in the hiring of more faculty and staff colleagues, each of whom has brought new capabilities and experience, as well as significant diversity in all its forms. We have around 60 faculty members today, 50% of whom were hired over the last eight years.

D We considerably enhanced our thought leadership production in all of its forms and facets, including books, cases and articles in academic journals, such as Harvard Business Review, and MIT Sloan Management Journal, and many more.

D We launched I by IMD magazine, which is fast becoming a respected and trusted source of ideas, and a welcome non-US-centric voice.

D We launched several partnerships, including the Enterprise for Society Center(E4S), Business Schools for Climate Leadership (BS4CL), the World Business Council for Sustainable Development, and many more.

D Speaking of E4S and our UNIL and EPFL partners, together we launched a new, pre-experience Master of Science in Sustainable Management and Technology that has now very successfully graduated its first two cohorts.

D We created a Business and Innovation Hub in Cape Town, thus enabling us to tap into a new source of excellent talent that is also offering a significant cost advantage.

Along the way, we also worked hard at developing a caring and inclusive high-performance organizational culture, where our faculty and staff “play to win”, dare to innovate and strive for excellence but also support one another. Of course, this journey is a race without a finish line, which David and his team will now be picking up.

None of this could have been achieved without the support of IMD’s Alumni, Supervisory Board, faculty, and staff. I want to take this last opportunity to thank all of them for their commitment to IMD and what it stands for, and for their unwavering support of IMD’s leadership team – and its President – over the last eight years.

Leading IMD has been an honor and a privilege. I have tried to be a good steward and hopefully leave IMD a little bit stronger than it was when I began. I now look forward to again having more time to work directly with leaders and organizations, and to doing my best to support IMD’s new leadership in their efforts.

Jean-François Manzoni President

and Nestlé Chaired Professor IMD (until August 2024)

Learning 03

IMD continues to be the trusted learning partner for ambitious individuals and organizations.

In 2024, we welcomed over 21,000 participants from across the globe to our programs, as we continued to evolve and innovate our offering and learning tools.

To meet business leaders’ growing demand for certification, we launched a new range of executive certificates with an in-depth focus on digital and sustainability transformations. The inaugural session of our open program Leading Skills for Sustainable Change ran in 2024 to help leaders accelerate their ability to drive sustainability transformations. Additionally, 2024 saw the launch of an online program with Coursera – Sustainability for Business: ESG Fundamentals.

We further strengthened our portfolio of online programs and saw record growth in open enrollment, while the scale of our custom programs continued to expand. Strategic Talent Solutions launched 543 personalized learning journeys, developed six cuttingedge diagnostic tools, and nine high-potential talent development programs.

Our Sprint programs have gone from strength to strength: IMD won the 2024 Learning in Practice Gold Award for the custom Sprint program we ran for pharmaceutical and biotech multinational Bayer. Our colleagues Professor of Leadership and Organizational Behavior Jennifer Jordan, Professor of Strategy and Leadership Michael Yaziji, and IMD’s Director of Programs and Learning Design Paul Hunter received a Gold Award in Excellence in Executive Education for this transformative collaboration. And in spring, we added the Business Creativity and Innovation Sprint to this highly successful format.

Our steadfast commitment to Real Learning, Real Impact

During 2024, we redesigned both our degree programs. Having celebrated its milestone 25th anniversary in 2024, we announced the new future-focused, flexible Executive MBA which will offer two distinct formats as of 2025. The revamped AI-rich MBA program for 2025 is designed to equip our MBAs with the experiences, skills, and tools to help them navigate in a data-driven world.

First unveiled at Orchestrating Winning Performance (OWP) in Singapore in 2023, and since implemented also in Lausanne, our groundbreaking interactive learning tool SpheriCO2 won gold in the Immersive Experiential Learning category at the QS Reimagine Education Awards. This is a testament to the impact we have had on executive education by leveraging cutting-edge technologies.

To ensure we deliver real impact, in 2024 we executed 665 immediate impact assessments, 471 post-program assessments, and approximately 12 custom program business impact and ROI assessments. In our ROI studies, the results varied from 66% ROI in online Sprint programs to an impressive 1,150% in longer learning journeys with enterprise projects.

Total participants

372

Custom programs

171

MBA and EMBA graduates

692

Executives at OWP Lausanne and Singapore

5,197

Participants in open programs

2,260

Participants in online programs

MBA 2024

The IMD Master of Business Administration develops reflective and responsible leaders to be able to succeed in an innovative, entrepreneurial, and global business environment.

We do so by focusing on three sets of skills we believe will be crucial to excel in an AI-enhanced world: leadership skills, functional skills, and transversal skills.

2024 was a remarkable year for our MBA. With a wealth of diversity and cultural experience in their class, 101 MBAs graduated in December. The program evolved to include new, future-oriented elements and featured prominently in prestigious rankings and media articles.

Impact recognized

First place in the Bloomberg Business European rankings

Our MBA program was recognized as the Best European MBA Program for 2024-2025 by Bloomberg Businessweek. Based on the insights of graduating students, alumni, and leading employers, the evaluation covers key areas such as job placement, the quality of education, and real-world impact.

2024 MBA Program of the Year by Poets&Quants

In recognition of the revamped MBA curriculum for 2025, the newly redesigned program was awarded this coveted global title by the renowned media outlet for business education for the first time in the school’s history.

Corporate Knights top 40 MBA rankings

Our MBA was placed 22nd in the Top 40 list, climbing 31 places from 2023. As a result, IMD is the most sustainable of the Top 10 European MBA programs, due in large part to the sustainability redesign introduced in 2022. The Financial Times 2024 Ranking

Placed our MBA at #1 for international students and faculty, and #2 in the world for international mobility.

Let us build bridges – the class of 2024

At their graduation ceremony in December, 101 MBAs of 44 different nationalities celebrated their achievements and reflected on the values and principles that will guide them as they embark on the next chapter of their lives. Class speaker Lauren Holding – one of the 38 female graduates of 2024 – shared the highlights from a year that she likened to an “intense, exhilarating climb” and reflected on how to create a meaningful life following the transformative MBA journey.

Watch the 2024 graduation video

A future-oriented curriculum

D Summer internship options introduced

Starting with the class of 2024, MBAs can now choose between completing a credited eight-week internship found independently or taking a summer break in July and returning to campus in August for three weeks of electives. The internships present an opportunity for MBAs to get a head-start in the post-graduation job search process and, at the same time, offer recruiters first access to a highly skilled talent pool that has already gone through a rigorous selection process.

“Working at Invalorem has provided me with a fantastic opportunity to apply and deepen what I’ve learned in the IMD MBA program. This hands-on experience in a new continent has strengthened my resolve to grow into a person with a global mindset.”

— Anne-Qiuting Zhong (MBA 2024) on her internship in Australia supporting the team at infrastructure investment specialists Invalorem.

D Continued focus on AI technologies

IMD is the first business school to embed AI throughout the MBA curriculum, both as a topic and as a tool. In 2024, course content was updated to include techniques for leveraging generative AI technologies on assignments. The MBA Handbook 2024 approves the use of AI tools for background research and editing but requires referencing of AI usage when submitting assignments. Additionally, the IMD MBA AI+ tool brings personalized learning to the MBAs’ fingertips. Whether they need to deep dive into a complex concept or quick help before a presentation, IMD AI+ is there to enhance their understanding and readiness.

D The revamped AI-rich program for 2025 was announced in June

The AI-enabled curriculum equips participants with the experiences, skills, and tools to help them navigate in a data-driven world. At the same time, a strong focus is placed on human qualities such as leadership and driving transformation – skills that are increasingly crucial in today’s environment. As part of the redesign, the program has developed a set of 10 Transversal Skills (systems thinking, pattern recognition, visioning, problem-solving, decision making, divergent thinking, asking good questions, quantifying strategies, storytelling, and strategic presence). The revamped MBA saw increased media coverage and featured prominently in articles in both European Business Review and Poets&Quants.

Fostering innovation, leadership, and entrepreneurship

The MBA Venture Award took place for the third time in 2024. A record 25% of the class applied and pitched for the award, which supports entrepreneurial aspirations among MBA participants. Designed to help students launch or scale impactful business ventures, Ananya Bala, founder of dancing shoes startup marleys, was selected as the 2024 winner for her vision to encourage more people to feel comfortable while dancing. The MBA graduate will receive 100,000 CHF in funding, as well as mentorship and strategic guidance from a panel of successful IMD entrepreneurs and industry experts.

EMBA 2024

The mission of IMD’s Executive MBA program is to develop impactful global leaders.

In 2024, we celebrated its 25th anniversary, announced a revamped program, IMD EMBAs participated in Global Network Weeks for the first time, and we introduced Global Immersion Weeks in Japan and Singapore as well as a return to China.

We welcomed 124 participants across two cohorts, 35% of whom were female, in 2024, and 70 EMBAs graduated from the program.

“Let’s remember that true greatness isn’t about honors or accomplishments, but about the people we help and the impact we have. As ‘Game Changers’, we can leave a legacy of kindness, empowerment, and positive change. Let’s take on this responsibility with determination and a desire to create a better future for all.”

— Ariella Pfenninger (EMBA 2024)

Our redesigned program delivers both the strategic capabilities and global network executives need to accelerate their impact and advance their careers. It offers personalized pathways – whether through flexible pacing, choice of learning modality, or focus areas that align with their career aspirations.

Vanina Farber Dean of the EMBA Program

Developing real leaders since 1999

When IMD launched its EMBA program a quarter of a century ago, the world was on the cusp of transformation. The euro had just been introduced, Bill Clinton was serving as President of the United States, and the fears of the Y2K bug dominated the collective consciousness as the millennium approached.

In the 25 years since, the world has undergone extraordinary technological, economic, and societal shifts and the program has welcomed close to 2,500 participants – individuals who have gone on to excel in their careers, launch innovative ventures, and contribute to their communities by tackling some of the world’s most pressing challenges. The journeys of 25 of these alumni were captured in a commemorative book to celebrate the 25th anniversary.

“This

Scan to read the book

program develops real leaders. And when we speak about real leaders, what we mean is leaders who step up when things become challenging, who rally their teams when others might be paralyzed by uncertainty, and who remain focused on a North Star.”

— David Bach, IMD President

The new future-focused, flexible Executive MBA

In 2024, we announced that as of 2025 the program will offer two distinct formats that maximize return on learning investment through unprecedented adaptability and market-relevant content.

The Elective-Flex format allows participants to design part of their learning journey – both in delivery mode and content focus areas such as sustainability, innovation, and digital transformation.

The Modular-Flex format enables participants to optimize their time investment by choosing their pace and starting point, completing the degree in anywhere from 18 months to four years.

Global Immersions take in Asia

EMBA Global Immersions provide participants with hands-on experience in different business and cultural environments. 2024 marked the return of the Global Immersion to China and the introduction of new Immersions to Japan and Singapore.

The Global Immersion to Shenzhen, China, led by Mark Greeven, focused on the role of innovation in corporate transformation and becoming futureready through the lens of China. Led by Kazuo Ichijo, the Global Immersion to Tokyo, Japan, focused on how Japanese business leaders transform their companies to enhance business resilience within the specific social, economic, and cultural challenges that are unique to Japan. Featuring a deep dive into the inner workings of entrepreneurial Asian business families, including their growth patterns, strengths, weaknesses, and challenges ahead, the Global Immersion to Singapore was led by Marleen Dieleman.

IMD EMBAs participate in first EMBA Global Network Week

IMD is a member of the Global Network for Advanced Management which includes 32 leading business schools from around the world. Founded in 2012, its mission is “to drive innovation and create value by connecting leading global business schools, their resources, and their stakeholders.”

In 2024, IMD fully participated in an EMBA Global Network Week for the first time. Global Network Weeks allow EMBA participants and faculty to pursue intensive study at another network school. Alongside their counterparts from elsewhere in the network, participants attend classes, tour local businesses, and meet with experts focused on current business challenges.

While IMD hosted 40 EMBAs from 19 business schools for a program on Digital Business Transformation led by Öykü Işık, 21 IMD EMBAs simultaneously attended Network Weeks at nine business schools. The programs they attended included: Gender, Equity, and Leadership in the 21st Century at Haas School of Business, University of California Berkeley, Winning Strategy in Asia at National University of Singapore Business School, Nordic Entrepreneurship at Stockholm School of Economics, and Behavioral Science of Management at Yale School of Management.

Master of Science in Sustainable Management and Technology

The two-year Master of Science in Sustainable Management and Technology (SMT), inaugurated in 2021, is delivered by the Enterprise for Society Center (E4S) on behalf of its three founding institutions: IMD, the University of Lausanne (UNIL-HEC), and the École polytechnique fédérale de Lausanne (EPFL). It trains the next generation of professionals to conduct business for the benefit of their organizations, the environment, and society.

The program – with courses offered by professors at all three institutions – builds competencies along three equally balanced dimensions: technology and innovation, economics and management, and sustainability.

New elements introduced in 2024

In 2024, the program introduced electives whereby students will now be able to select at least 14 ECTS credits from a diverse menu of courses primarily offered by EPFL and UNIL-HEC. This enables them to explore topics aligned with their personal interests such as legal aspects, nature finance, energy conversion and renewable energy, and advanced sustainable accounting and finance. Additionally, the program now includes two new courses: Systems Thinking and Life Cycle Assessment. This continuous progress of the SMT reflects its impact and the commitment of both students and faculty to excellence in education and professional development.

The second cohort of graduates

In the spring of 2024, students focused on their thesis. Most students elected to complete theirs through practical work in the industry and internships were hosted in a wide range of organizations, including startups, small and medium enterprises, multinational corporations, and other entities.

In October 2024, 32 students graduated with a ceremony on the IMD campus. Additionally, two students from the first cohort, who had elected to pursue an additional academic thesis after their internship, also received their degrees.

Of the 34 graduates, 90% found employment within three months of graduation while three opted to take a break before starting their job search. Emulating the placements of their predecessors, the graduates of 2024 are employed in a variety of sectors, including sustainability and strategy consulting, energy, finance, food and distribution, insurance, impact investing, IT systems and data analysis, production and manufacturing, and real estate. Furthermore, three students have elected to continue on their academic path by pursuing doctoral degrees. This diversity of employment speaks of the versatility of the program, which confers graduates with a unique skill set.

34

Graduates in October 2024

90%

Of graduates found employment within three months

09

Projects undertaken for organizations

Impactful projects – working on realworld challenges

Consisting of 35 students from 18 countries and female participants outnumbering male participants, the third cohort has entered their final semester when they will undertake their master’s thesis and internships before graduating in October 2025.

These students successfully completed nine impactful projects in 2024 for various organizations:

D Enerdrape: Renewable energy as a service business model

D Groupe E: Diffusion of Positive Energy Homes

D Infomaniak: Data center of the future

D Romande Energie: Evaluation of its sustainability strategy

D RTS: From optimizing trips to reducing its carbon footprint

D Sicpa: Trust in value chains as an enabler of sustainability

D Sonceboz: Reduction of CO2 impact of electric motors

D SwissRe: Economic analysis of climate risks

D Symbiotics: Enhancing access to impact investment through tokenization

In the fall of 2024, as part of their Complex Problem Solving in Organizations, the students of the fourth cohort conducted a live consulting project. Working for Louis Leclezio (the COO of IMD) and his team, they identified concrete, impactful ways to increase IMD’s sustainability. They delivered their recommendations at the end of the semester, which the team is using to plan the institute’s sustainability agenda.

Through these types of applied assignments, students learn to understand the constraints of real organizations while developing the core competencies that will support their success in the workplace and living IMD’s motto – Real Learning, Real Impact.

Having successfully completed their first semester, the students of the fourth cohort are now entering their second semester.

Custom programs

IMD designs and delivers high-impact customized learning journeys through classroom, virtual liVe and online learning, coaching, discovery expeditions, innovation interventions, Sprints,, mega dives, and experiential leadership exercises. We fully tailor learning journeys for one up to thousands of participants, delivered in the location of choice.

Creative learning solutions – relevant, impactful, and sustainable

Custom programs had yet another excellent year with revenues equaling those of 2023. During 2024 we delivered over 372 programs to 197 global organizations and continued to leverage technology to deliver even more impactful and sustainable custom programs. Clients valued IMD’s high-quality face-to-face interventions, mixed with learning elements virtually before and after modules, to deliver solutions that are more resource-efficient and more sustainable for the environment.

We also saw a reverse of the face-to-face delivery that took off after the COVID years. Virtual LiVe delivery increased, by 13%, online asynchronous delivery also increased and face-to-face delivery decreased by close to 20%. Especially in Europe, this trend is linked with sustainability measurements, but also a general cost-consciousness approach to flying executives to executive education programs.

Delivery mode

We continued to deepen relationships with key clients, as many chose IMD for additional custom programs and diversified services such as open programs, coaching, advisory, and talent assessment. The scale of programs continued to expand as clients sought greater impact for their initiatives.

79%

Of participants say the program had high personal and organizational impact. The result is four percentage points higher than in 2023.

64 NPS

The Net Promoter Score saw a significant increase of 12 points over 2023.

97%

Of participants agree or strongly agree that they gained fresh knowledge and insights.

93%

Say that the program gave them practical tools and ideas that are relevant for them.

92%

Feel that they are well-prepared to use what they have learned.

Four months after the program’s conclusion, 91% of participants continue to report a significant learning impact. Notably, the majority (68%) highlights a more pronounced personal impact in comparison to the impact on the organization.

We continued to deliver world-class executive education in 2024 drawing on all of IMD and creating solutions that bring more impact and value to our clients. Our focused, client-centric approach will be even more effective with the integrated go-to-market strategy that was implemented in the second half of the year, meaning we can deliver even more cutting-edge, flexible solutions to our clients around the world.

Anna Dunand Chief Business Development Officer

Double gold recognition

In 2024 IMD earned two prestigious gold medals in the EFMD Excellence in Practice awards which offer international recognition for outstanding client-supplier partnerships in Learning & Executive Development projects. This outstanding achievement is a real testament to the high quality and impact of IMD’s custom programs.

Our custom program for global security specialist Securitas won gold in the organizational development category. Following an initial ninemonth engagement, culminating in the formulation of Securitas’s new strategy, over the next five years strategy and organizational development initiatives were rolled out with intentionality (despite Covid). Additional engagements with IMD during this period included a mid-way review of strategic and organizational progress in 2021 and the launch of Securitas’s first Group-level Executive Development Program for senior leaders in 2022. By the end of the five-year plan, Securitas had successfully transformed into a protective solutions provider, leveraging advanced technologies and innovative approaches to live up to its purpose of helping to make the world a safer place.

In the leadership development category, golden recognition was awarded for the Bayer Sprint program. Bayer faced challenges with a riskaverse, top-down culture that stifled innovation, necessitating a cultural shift to support better decision-making and performance. Partnering with IMD, Bayer implemented a Sprint program that upskilled 12,826 leaders globally, combining live and self-paced learning. The program emphasized psychological safety, coaching, and active performance management, all essential for fostering a supportive and effective leadership environment. With an 83% completion rate, the program significantly improved leadership skills, delivering a 66% return on investment and €23m ($25m) in annual savings.

Additionally, IMD earned five awards at the Brandon Hall Group Human Capital Management Excellence Awards for custom programs co-created with HEINEKEN, SAP, Bayer, and Securitas.

NEXUS – access to IMD’s learning ecosystem

NEXUS is IMD’s corporate membership model which grants access to all of IMD, driving HR and learning and development professionals toward solutions that best address their organizations’ strategic priorities. With its innovative model and tailored support, clients really appreciate the flexibility that NEXUS gives them.

Throughout 2024, partners engaged with IMD in a truly holistic way, from extensive utilization of our open enrollment portfolio – including online programs and sprints – to executive coaching, learning and development advisory, support on diversity, equity, and inclusion, and much more. The year saw widespread use of the NEXUS digital portal which helped to simplify the nomination and enrollment process for our members and their executives attending our programs and events.

Open programs

IMD offers more than 75 impactful programs tailored for both individuals and teams across diverse organizational levels, featuring various topics, durations, and formats.

2024 saw another record year of growth for IMD’s open enrollment.. Building on the already record levels of impact and reach achieved, participant numbers rose from 4,835 in 2023 to 5,197 in 2024.

As part of this commitment to driving long term impact for organizations and individuals and indeed building on IMD achieving Swiss University Status in 2023, this has allowed us to offer a wider range of Executive Certificates and Diplomas. These are all stackable and, alongside building on IMD’s existing program excellence in executive education, we have also launched further sustainability, digital transformation, and board programs.

A range of new and redesigned programs in 2024

The following executive certificates were launched in 2024: Executive Certificate in Digital Business Excellence, Executive Certificate in Sustainable Business, Program for Executive Development, and Online Executive Certificates.

The research and activities of IMD’s Center for Sustainable and Inclusive Business have continued to drive a strong demand for practical and applicable skills in the field of sustainability. This has seen short accelerator programs focusing on key areas of sustainability, including leadership, customer centricity, circularity, ESG financial reporting, and strategy. The inaugural session of Leading Skills for Sustainable Change, LSSC ran in 2024. Given that over 70% of transformations fail and the added imperative around driving change in sustainability, participants explore unique skills, mindsets, and leadership approaches that extend beyond the conventional “business-as-usual” model.

“My

motivation for joining a program like this was to grow myself so I can drive sustainability within the organization. To get more tools and skills that can be perhaps more effective to drive change, influence people and aggregate the impact.”

— Keiko Tago, Head of Packaging Sustainability, Bayer, Switzerland

Leadership and General Management programs have been a mainstay of IMD’s activities for over 75 years and have been central to many of our key partnerships with global organizations. Launched during the very start of the COVID pandemic in the spring of 2020, the Global Management Foundations program was redesigned in 2024, moving from four months virtual learning to 10 weeks virtual with eight days on campus, in a powerful blended learning environment.

OWP – connecting hundreds of peer executives

Orchestrating Winning Performance – which will celebrate 30 years in 2025 – continues to be in the vanguard of innovation for executive education. One of our latest innovations, the immersive Learning Theatre Experience – SpheriCO2, won gold at the 2024 QS Reimagine Education Awards. First unveiled at OWP in Singapore in 2023 and since implemented in Lausanne, SpheriCO2 leverages augmented reality to revolutionize leadership development.

Our signature program once again ran in Singapore and Lausanne and explored how to master future readiness in a world of constant flux.

OWP Singapore 2024 went from strength to strength, welcoming 222 executives from 25 countries, representing 123 companies across 16 industries. This year, we partnered with five government organizations and a prominent family business group to introduce six curated offcampus learning journeys, allowing participants to experience world-class innovation and digital strategy advancements in action. In line with our focus on digital and AI, we leveraged GenAI tools across sessions to enhance the capture of insights and participant reflections.

222

Executives from 25 countries attended OWP Singapore 2024

470

Senior executives from 172 companies and 63 countries attended OWP Lausanne 2024

“Our immersion trip to Shenzhen and Hong Kong, with visits to Jardines and EV startup NIO, introduced us to a wide range of perspectives. These were real, hands-on learning experiences that textbooks cannot convey. What further set our immersion module apart from other programs was that we were given the opportunity to reflect extensively on the experience. This encouraged us to think through what we’d seen, what we’d learned, and how we can apply it. That’s the real impact of how IMD designs learning for executives.”

— Mayda Lim, Head of Strategy and Business Management, Group Operations and Technology at OCBC

The Lausanne edition saw 470 senior executives from 172 companies and 63 countries engage with keynote speakers from the worlds of sport, music and technology. The unique OWP experience was reflected in the diversity not just of participants, but the breadth and depth of pioneering research and learning streams which allowed each company and participant to customize their five-day learning day – with impact running well beyond the week in Lausanne.

Celebrating a decade of online programs at IMD

IMD has always sought to be at the forefront of learning innovation, an aspiration that is exemplified by the introduction of our first online programs back in 2014.

From a humble start with four online programs, ongoing participant demand drove us to systematically expand our portfolio. Today, it stands at 23 online programs and four Sprints, which also regularly form part of larger custom program learning journeys. This signals our commitment to this vital category of non-travel programs which enable learners to benefit from an impactful learning experience from wherever they are in the globe.

Our portfolio now covers a broad range of topics encompassing multiple aspects of leadership (e.g., inspiring others, driving change and transformation, and managing crises), diverse facets of strategy (e.g., strategic thinking, strategy execution, and strategic partnerships), digital transformation, innovation, finance, sustainability, and board governance.

2024 has been another successful year for IMD online programs, strengthening our portfolio, innovating our program design and delivery, and expanding our partnerships. We are particularly proud of the percentage of female participants on our programs (47%) and aspire to reach parity in the coming years. 2024 is also an important milestone for IMD as we celebrate a decade of online learning programs and commitment to deliver impactful learning experiences across a broad range of business essential topics to tens of thousands of learners across the globe.

Paul Hunter Director of Programs and Learning Design

18 Online offerings, including two newly refreshed programs

47 Online cohorts

2,260 Participants

300 New videos produced

Over the last 10 years, we have continuously innovated and adapted our online learning program approach, deploying shorter videos suited to increasingly time-challenged executives, enhanced interactivity to address a desire for more networking and social learning, more animations to keep multi-tasking learners engaged and focused, and mobile–friendly platforms to enable learning on the go.

During the last decade IMD has garnered nine awards across all four of our main topic areas including leadership, highlighting that contrary to initial skepticism prevalent 10 years’ ago, leadership development can indeed take place online and yield meaningful impact.

IMD’s online programs also regularly form part of larger custom program learning journeys providing participants with a blended learning journey, combining the flexibility of non-travel learning with the advantages of face-to-face encounters. Approximately two-thirds of IMD faculty have featured in IMD online videos highlighting their individual and collective commitment to this important category of program.

IMD’s online program philosophy

From the outset, our online program philosophy was underpinned by three main pillars: personalization; interaction; cutting-edge content.

Personalization

Every IMD online program features a range of personalization options allowing participants to choose their preferred time of study, their preferred learning style, and increasingly, through the deployment of AI, personalized learning routes based on their performance and their perceived mastery of course material. All of our online programs feature IMD’s world-class coaches who provide individual feedback or live coaching sessions to ensure that participants have a learning experience that is unique to them and embedded in their own professional and personal context.

Interaction

All of our online programs emphasize learning interaction. Online learning can sometimes be perceived as a lonely endeavor, however IMD programs buck this trend. Our sessions enable participants to

D Connect with fellow learners from across diverse countries, industries, and functions, sharing experiences and learning from each other

D Interact with IMD faculty on online programs that feature live sessions or office hours, providing opportunities to go deeper on aspects that are of particular interest to them and ask targeted questions which often help the whole cohort

D Interact with their coach to grapple with personal challenges specific to themselves or their context, and together find options and solutions to drive personal and professional positive outcomes

Cutting-edge content

All our online programs feature the latest thinking in their respective domains and IMD faculty ensure that their freshest thought leadership permeates throughout the entire course. After each program iteration, we review the program content and make any adaptations that we feel may be necessary to ensure the learning journey remains relevant and impactful for our participants. In 2024 alone, more than 400 new videos were produced to keep our content current.

Shifting portfolio based on client demand

In 2024 IMD introduced a new version of our Strategic Thinking program. Strategic Thinking remains a key discipline to master for any aspiring executive and our newly launched program, featuring Stefan Michel, is deployed once per quarter providing easy, convenient, and timely access to participants whenever they need to upgrade their skills. This new launch garnered an impressive 50% growth rate year on year, highlighting the ‘timeless’ quality of thinking strategically as we all navigate an increasingly complex and competitive landscape. With an NPS score of more than 70%, participants clearly appreciated this new program.

“Expertly designed, executed, and with a high challenge mark, this was one of the most impactful skills programs I have undertaken in recent years. The program’s promise to ‘become a better strategist’ was fully realized, as I now find myself incorporating new tools and insights into my work. Interesting, engaging, and highly applicable.”

— Helena Kovacs, Project Manager EPFL, Switzerland

2024 also saw the launch of a new IMD Sprint program. IMD Sprints are intensive, fast-paced 1–2 week online programs delivered in short, highly engaging sessions. Each Sprint includes facultyled, live virtual modules together with cutting-edge pre-recorded multimedia modules that participants can engage with at a time that suits their schedule. Our latest offering in this category – the Business Creativity and Innovation Sprint featuring Cyril Bouquet and Michael Wade – equips participants to boost their innovation mindset to generate better ideas, and transform them into breakthrough solutions.

“The Business Creativity and Innovation Sprint introduces you to a world of big ideas, opening up digital, AI, and more. I found it really interesting, even surprising. It is good to have your ideas shaken unexpectedly.”

— Benjamin Boulley, Head of Brand Experience and Events, Switzerland

In 2024, in our Sprint category, we deployed four iterations of our Generative AI Sprint due to popular demand. Approximately 400 participants grappled with the opportunities afforded by AI whilst simultaneously learning from each other and sharing the common challenges they faced.

We were also delighted to see increased strong growth in our online Mastering Board Governance program. This program forms part of IMD’s Board Practice series and is a great testimony to the fact that expertly designed online programs can provide outstanding learning experiences, regardless of one’s level in the organization. In 2024, 343 participants attended this program to delve deeper into how board governance drives performance.

Launching a new partnership between IMD and Coursera

We further expanded our portfolio in 2024 with the launch of an online program with Coursera that allows participants anywhere in the world to access its world-renowned learning on a subject that’s vital for humanity, free of charge.

Sustainability for Business: ESG Fundamentals is a six-part online program that enables participants to confidently play their part in the wide-scale sustainability transformation that is so urgently needed.

Ongoing technology-driven innovations in IMD online programs

In 2024 IMD continued to push the boundaries to experiment and enhance participants’ learning experiences. We doubled down on content mastery by introducing more self-evaluation opportunities through a range of AI-generated quizzes, puzzles, and games which allow participants to take stock of their progress and to engage more deeply with the learning content and key conceptual frameworks.

We underscored our commitment to personalization by leveraging AI tools to create bespoke journeys for participants based both on their mastery of context and on how they perceived their own understanding. Combining the information generated from how participants actually perform – compared to how they perceive themselves to perform – enables the creation of personalized pathways combining a range of affordances such as reinforcement exercises, refreshing of key concepts, remedial activities, and accelerated chaptering.

We also introduced metaverse activities in our new Business Creativity and Innovation Sprint in 2024 enabling participants to immerse themselves in a range of themed worlds, craft avatars to express their personality and creativity in new formats, engage with content and with each other in new ways and to conduct interactive breakouts based on shared knowledge and experience for richer and more effective discussions.

In 2024, we also sought to further expand participants’ learning journeys beyond what might be conceived as traditional online program boundaries, through the introduction of new IMD Sparks. SPARKS are concise, targeted post-program engagement materials designed to reinforce learning, enhance retention, and promote the application of key concepts from training programs. SPARKS are distributed at regular intervals (e.g., every 2–4 weeks) over a few months post-program, allowing participants to reflect and act on their learning progressively.

Impact results

As always, IMD focuses on Real Learning, Real Impact and 2024 was no exception to this in our online programs. We were thrilled to see that 98% of our participants reported that they gained fresh knowledge and insights, 98% shared that they questioned their assumptions and practices, 98% committed themselves to taking concrete actions, whilst an outstanding 99% reported that they gained practical tools/ideas that were relevant for themselves and which they could subsequently deploy in both their personal and professional arenas.

Strategic Talent Lab

Increasing impact across learning

It’s been an exciting year of innovation in the IMD Strategic Talent Lab, which focuses on providing precision insights to drive personalized learning for high impact. Now part of the Innovation and Learning department, the Lab enables opportunities for greater collaboration to reinforce IMD’s position as a leader in utilizing new technology and the latest thinking in diagnostics and talent development. The team has three core elements:

Talent programs

Focused on targeted development for highpotential leaders to amplify the talent pipeline and strengthen organizations’ future readiness.

Talent diagnostics

IMD’s innovative suite of diagnostic tools generates precision insights about leaders as the basis for shaping personalized, prioritized and practical learning journeys.

Digital journey coordination

An engaging participant experience across the full spectrum of interactions from diagnostics to development planning to delivery of personalized learning journeys.

During 2024, we conducted 4,281 assessments, launched 543 personalized learning journeys, and developed six cutting-edge diagnostic tools and nine high-potential talent development programs.

A fast-track to innovations

Working under the direction of organizational psychologist Tania Lennon, the team launched four innovations in 2024. These are highly adaptable tools that can be deployed against client competency or behavioral models, or using IMD’s evidence-based Leader Performance Model.

01

Accelerator

An interactive multi-rater tool. Rather than filling in lots of scales or questions, you ‘talk’ to Accelerator – and it talks back, asking open questions that build on your responses to elicit rich data about strengths and development needs. Having used the tool with a few clients, the team has noticed a big shift in how people engage: “People have been amazed at how accurately it listens and summarizes the insights from their conversation. We have also seen a huge increase in the amount of input that people provide, just because it is so much easier!”

02

Strategic thinking

An interactive multi-media assessment tool framed around a business simulation. Developed by faculty members Patrick Reinmoller and Ric Roi, the tool assesses the cognitive range demonstrated by leaders when solving a range of business problems.

“It provides a robust way of gaining insight into the range of perspectives, frameworks, and tools that leaders use in practice. We can see if they rely on a narrow range of approaches or adapt their approach to different challenges and industries.”

— Ric Roi, Affiliate Professor of Leadership and Organization

03

Situational judgment

The first validated game-based assessment looking at the executive functions that are important for leaders to thrive in dynamic and complex environments. The interactive nature of the tool provides new insights into how people navigate complex business situations. The tool uses a business simulation with a strong story behind it, so people really get pulled into it, which means we get both higher quality and quantity of data.

04

Personalized learning journeys

Where the prioritized recommendations from the diagnostics are translated into a digital learning journey for each person. The journeys are accessed via MyIMD, making it a seamless experience. It gives people access to targeted content and resources they can use to address their learning priorities, including articles, videos, games, and Brain Circuits. It is a great complement to their other learning activities or can be used as a standalone intervention.

Coaching excellence

The Center for Coaching Excellence provides coaching to participants in IMD’s programs and offers executive coaching services to accelerate and sustain the development and transformation of individuals, teams, and organizations. Additionally, we deliver an Executive Coaching Certificate open program (IECC, ICF accredited) that equips participants with powerful coaching tools, methodologies, and approaches for guiding others toward positive change.

Expanding our services

In 2024, we once again saw substantial growth in requests for executive coaching services as well as an increase in the number of IMD programs leveraging our coaching offering. For instance, to respond to this demand, we further built up our ecosystem and expanded our services to offer Virtual Executive Coaching. We also strengthened our global Coaching Community, composed of a world-class pool of experienced independent executive coaches. Additionally, the deployment of I by IMD ’s Coaching Corner showcases the knowhow of our community supporting our clients in their day-to-day leadership challenges.

“To respond to the evolving needs of our clients, in 2024 we continued to expand our coaching services portfolio, introducing for instance our Virtual Executive Coaching service. These one-on-one sessions provide a highly personalized and agile learning journey easily accessible to busy executives.”

— Séverine Jourdain, Executive Director, Coaching and Leadership Excellence

Continued impact across IMD programs

20% of IMD custom, open, online, and degree programs leveraged coaching in 2024 with over 300 coaches involved and an average impact score of 4.5. We also saw high demand for our Executive Coaching Certificate program with two cohorts during the year.

Coaching services also recorded a 43% increase in requests for individuals, teams, and organizations, while post-program coaching represents 12% of total coaching services revenue.

“An excellent coaching experience overall. Actually, it is the best coaching experience I have had.”

— Michelle Barclay, Partner at CMS

“Very positive; a good mixture of education, challenge, and reflection on experiences putting the ideas into practice. A safe environment to share ideas, feedback, and strategy for tackling upcoming business challenges.”

— Matt Turner, Portfolio Director at SITA

Nurturing our Coaching Community and outreach

Our world-class ONE IMD Coaching Community is composed of around 300 coaches with 14 new coaches onboarded in 2024. Each member of our community nurtures the richness and diversity of backgrounds, coaching practices, and impactful track record. The engagement of our community in our conferences as well as social and continuous development events was once again exceptional. More than 100 coaches were equipped with new coaching skills through live and online conferences and masterclasses, as well as Tavistock and Mindfulness for Life trainings.

I by IMD ’s Coaching Corner increased its output with 20 publications where we showcased our executive coaching know-how by sharing real-world, practical coaching scenarios through cases and insights.

Impact

Our Impact Office is focused on instituting the right approach and tools to track and capture the true impact of our programs on performance.

In 2024, our Impact Office used the industry standard ROI Methodology® to measure impact and ROI in our programs.

Additionally, we have started to use AI to analyze participants’ open comments. This has allowed us to accelerate the analysis and better utilize the insights for further improvements.

We continue to develop these in 2025, along with developing our AI-enabled chatbot to allow participants to set learning objectives, get feedback, allow reflections, and, finally, collect the impact data.

Our approach to impact measurement and ROI has recently been published as a white paper. Entitled How to Measure the Business Impact of Executive Development, it offers a practical guide for HR and L&D professionals to start considering and measuring the impact of in their programs.

Scan to access the white paper

665

Immediate impact assessments executed

471

Post-program assessments conducted

12

Custom program business impact and ROI assessments completed

66%

ROI in online Sprint programs

1,150%

ROI in longer learning journeys with enterprise projects

Rankings

For decades, we have consistently been highly ranked by the most influential business publications across our degree and executive education programs.

Executive rankings

MBA rankings

In 2024, IMD was ranked in the top 10 for both open and custom programs worldwide. It was ranked #3 for custom programs and #9 for open programs.

The IMD MBA was ranked #1 in Europe in the 2024-25 Best European Business School rankings by Bloomberg.

EMBA rankings

Poets&Quants named the IMD MBA its Program of the Year for 2024. The program was also placed at #9 in its International MBA Programs of 20242025 list.

The IMD MBA was ranked #11 in Europe and #36 worldwide. At the criteria level, it ranked #1 in international faculty, international students, and faculty with doctorates and #2 in international mobility.

In 2024, the IMD EMBA was ranked #8 in Europe and #17 worldwide by the Financial Times. It was also ranked #1 in the criteria for international faculty and faculty with doctorates and #5 in work experience.

Research and Thought Leadership

2024 was an academically exceptional year for research and thought leadership, setting a new record in terms of top tier publications.

IMD has an established, international reputation for producing research and thought leadership that is rigorous, relevant, insightful, and actionable.

With a history of working closely with diverse businesses and industries through our programs, events, and networks, our faculty and research fellows draw on the current challenges and experiences of the corporate world to write cases, academic and practitioner articles, book chapters, and books that are grounded in real-world practice and informed by the latest academic thinking.

Our output is highly sought after by business executives in all sectors of the global economy as well as by business school and university peers across the world.

Overview

We reached a new high with the number of articles published in FT50 journals, the list of top-tier journals used by the Financial Times to assess research and compile business school rankings.

Global sales of our cases continued to be strong with numerous winning awards in international case writing competitions, featuring on The Case Centre’s bestselling cases list 2024, and including five of our faculty in the Top 50 Bestselling Case Authors of 2023/2024. For the second year in a row, IMD ranked #4 worldwide in The Case Centre Impact Index 2024, a global annual indicator that measures the reach and impact of organizations’ case writing.

With an enhanced print run of more than 6,000 copies of I by IMD magazine each quarter, we have also increased the number of distribution channels which now include airline journals as well as global publishing platforms. The number of active users on the I by IMD knowledge hub continued to grow, reaching 785k by the end of 2024.

Many faculty members published books, were recognized for their academic papers, and honored for their expertise in 2024.

32 FT50 articles

230k

Global sales of IMD cases

92 New original cases

10

Cases on The Case Centre best-selling lists

785k

I by IMD unique users to date

10 Books published

Articles

Cementing IMD’s position as a global leader in rigorous and actionable thought leadership, our academic and practitioner article output increased across the board in 2024, with articles in FT50 journals rising to a record 32 (including e-publications) and in other academic peerreviewed journals to 41.

Furthermore, IMD continues to be the third most published institution over the last five years (after Harvard Business School and MIT Sloan School of Management) in the two most prestigious practitioner-oriented magazines – Harvard Business Review and MIT Sloan Management Review Our faculty and research fellows covered a diverse range of topics, from sustainability, leadership, innovation, diversity, equity, and inclusion to strategy, human resources, corporate governance, family business, supply chain, and technology management.

Here are few examples of our faculty’s insightful FT50 articles:

D The Lean Impact Start-Up Framework: Fueling Innovation for Positive Societal Change, Journal of Management, by Sophie Bacq and Stephanie Wang.

D How to Market Sustainable Products: Three paths to success, Harvard Business Review, by Goutam Challagalla and Frédéric Dalsace.

D The Art of Asking Smarter Questions, Harvard Business Review, by Arnaud Chevallier, Frédéric Dalsace, and Jean-Louis Barsoux.

D Engineer Your Own Luck, MIT Sloan Management Review, by Mark J Greeven, Howard Yu, and Jialu Shan.

D Do You Really Need a Chief AI Officer?, Harvard Business Review, by Michael R Wade, Anja Lagodny, Ann-Christin Andersen, Corinne Avelines, and Achim Plueckebaum.

A selection of awards and recognition for faculty papers

D Harvard Business Review’s The 10 Most Popular HBR Articles of 2024 – The Art of Asking Smarter Questions, by Arnaud Chevallier, Frédéric Dalsace, and Jean-Louis Barsoux.

D Article selected for Harvard Business Review ’s 10 Must Reads on Leading with Purpose collection –Put Purpose at the Core of Your Strategy, by Thomas W Malnight and Ivy Buche.

D A research project by Sophie Bacq and Christina Hertel (from the University of Geneva) has received a significant research grant from the Swiss National Science Foundation (SNSF).

D Best Paper Contribution to Practice Award at International Family Enterprise Research Academy Conference (IFERA) – Navigating family firm conflict: An integrative framework for theory and a valuable tool for practice by Alfredo De Massis.

D Amongst the top cited papers in Journal of Management Studies (January 2022-December 2023 publication period) – Family Business Restructuring: A Review and Research Agenda, by Alfredo De Massis, David R King, Olimpia Meglio, Luis Gomez-Mejia, and Florian Bauer.

D Ranked among the top five most cited publications in Entrepreneurship Theory and Practice over the past three years – Family Influence and Digital Business Model Innovation: The Enabling Role of Dynamic Capabilities, by Alfredo De Massis, Ivan Miroshnychenko, Nadine Kammerlander, and Jonas Soluk.

Case studies

IMD’s unique position at the intersection of business, practice, and academia and close interactions with top executives across a range of sectors continued to provide fertile ground for impactful and in-demand case writing.

In 2024, our faculty produced a further 92 original cases and a wealth of support material such as videos and presentations. The consistently high quality and global reputation of our case output led to another outstanding year for the sales of our cases, with around 230,000 bought by top business schools, universities, and companies from around the world. Indeed, IMD has ranked #4 worldwide in The Case Centre Impact Index 2024, a global annual indicator that measures the reach and impact of organizations’ case writing.

Awards and recognition across international case writing competitions

IMD cases won awards and recognitions across the following international case writing competitions:

D Niccolò Pisani won the EFMD award for Continuous Improvement: The Journey to Excellence category for his case Future-proofing HEINEKEN: The EverGreen strategy.

D Julia Binder and Heather Cairns-Lee won the TCC Outstanding Case Writer Hot Topic – Taking Action on the Environment for their case “Carbon is the new calorie”: Logitech’s carbon impact label to drive transparency in sustainability.

D Marleen Dieleman has received a 2023-2024 Ivey Publishing Best Seller Award for her case National Payments Corporation of India: CuttingEdge Fintech Ecosystem Innovation in India.

D Four IMD cases were recognized at the John Molson MBA International Case Writing Competition 2024.

D Five IMD faculty featured on The Case Centre’s bestselling case authors list and 10 IMD cases featured on The Case Centre’s 2024 bestselling cases list.

Books

In 2024 IMD faculty published a total of 10 books on topics such as leadership, sustainable business, coaching, and governance.

Michael Watkins

The Six Disciplines of Strategic Thinking: Leading Your Organization Into the Future

With Ebury (Penguin Random House) in Europe and Harper Collins in the US.

Julia Binder and Manuel Braun

The Circular Business Revolution: A practical framework for sustainable business models

With Pearson.

Shlomo Ben-Hur and Nik Kinley

Rewriting Your Leadership Code: How your childhood made you the leader you are, and what you can do about it

With Palgrave Macmillan (Springer).

Didier Cossin

Second edition of High Performance Boards

With Wiley.

Alfredo De Massis

The Family Business Book

With Pearson.

Edited by Bruno Lanvin

Prosperous and Inclusive Cities

Produced by the Smart City Observatory in partnership with the Seoul-based World Smart Sustainable Cities Organization (WeGO).

With IMD.

Susan Goldsworthy

Care, Dare, Share: The Secure Base Coach

With IMD.

IMD

IMD EMBA 25: Leading with impact

Published in November 2024 to celebrate a quarter-century of the program.

With IMD.

Julia Binder and Knut Haanaes

Leading the Sustainable Business Transformation: A playbook from IMD

Featuring an incredible 34 contributors from IMD.

With Wiley.

George Kohlrieser

New edition of his seminal classic

Hostage at the Table

With Wiley.

Awarded

George Kohlrieser

New edition of his seminal classic Hostage at the Table

Michael D Watkins

With Wiley.

The first 90 days by Michael D Watkins received the accolade of being included in the Thinkers50 2024 Management Classics Booklist.

I by IMD

I by IMD offers first-person business intelligence from the brightest thinkers in academia, business, and society.

Written by experts for experts, we present a platform for debate on the latest issues in management, strategy, technology, finance, team building, and innovation. Our content ecosystem – a vibrant daily knowledge hub and quarterly magazine – is designed to spark conversation and deliver actionable insights to a broad and engaged global audience.

At the heart of the action

Artificial intelligence, the art of business, human and organizational potential, and responsible leadership were the focus of the four editions of I by IMD magazine in 2024, with a wealth of complementary daily content available on the digital hub. A subtle visual rebranding has enhanced the readability and presentation of the magazine’s content, which now includes full-page infographics exploring hot topics such as AI regulation, leadership potential, and the impact of elites in the global economy.

Two new features have been added to our regular columns – ‘Board’s Eye View’ offers practical guidance from experienced corporate board members on topics such as crisis management and marketing, and our closing ‘15 questions’ gives a light but insightful glimpse into the personal and working lives of leaders.

Our thanks go to Anand Narasimhan who signed off as the Chair of the I by IMD Editorial Advisory Board at the end of 2024 and a warm welcome to Stefan Michel who takes up the reins in 2025.

AI: To boldly go?

March 2024

Reframing the art of business

June-August 2024

Unlock your winning potential September-November 2024

The guiding light of responsible leadership December 2024

Our ever-growing readership

In addition to an enhanced print run of more than 6,000 copies of I by IMD magazine each quarter, we have also increased the number of distribution channels. These channels include the airline journals of Lufthansa Group, Singapore Airlines, Turkish Airlines, British Airways, American Airlines, and EVA Air, as well as global publishing platforms such as PressReader, Ebsco, ProQuest, Study.net, and Zinio. This year, we launched I by IMD Insights, a bi-weekly LinkedIn newsletter showcasing the best of the week’s articles and brain circuits, which already has over 30,000 subscribers.

785k

Active users as of 31 December 2024 23%

The Editorial Advisory Board

The I by IMD Editorial Advisory Board, featuring leaders from business, publishing, academia, and civil society, offers expert guidance to the editorial team on content, strategy, and partnerships.

Stefan Michel

Professor of Management, Dean of Faculty and Research, IMD

Christine Batruch

Sustainability Advisor, Lundin Group; President, Bohdan Hawrylyshyn Family Foundation

Vincent Bieri

Co-Founder Nexthink; Member of the Board of Advisors Trust Valley

Jean-Philippe Bonardi

Professor of Strategic Management and former Dean at HEC Lausanne, University of Lausanne

Kate Byrne

Chief Executive, Katapult X

Des Dearlove

Co-founder at Thinkers50

Michel Demaré

Chairman of IMD; Chair of the Board at AstraZeneca Plc. and Nomoko AG; member of the supervisory boards at Vodafone Group Plc and Louis-Dreyfus Company International Holdings B.V.

Cynthia Hansen

Managing Director of the Innovation Foundation, empowered by the Adecco Group

Prince Michael of Liechtenstein

Founder and Chairman of Geopolitical Intelligence Services AG; Chairman of the European Centre of Austrian Economics Foundation in Vaduz; Member of STEP

Ann-Marie Sevcsik

Catalyst of social change through innovative partnerships

Michael Skapinker

Financial Times contributing editor

Ian Charles Stewart

Executive in Residence, IMD; Main Board Director

Trustee International Institute for Sustainable Development; Co-Founder of WiReD Magazine

Su-Mei Thompson

CEO at Media Trust

New faculty Simon J Evenett

Professor of Geopolitics and Strategy at IMD

A globally recognized expert on trade, investment, and geopolitical dynamics, Evenett is a leading analyst of the global business environment. For almost 30 years, he has guided board members, senior executives, EMBAs, and MBAs in understanding the significant shifts in the worldwide business environment and their implications for firm operations, performance, and strategy. In 2023, he was appointed Co-Chair of the World Economic Forum’s Global Future Council on Trade and Investment.

His research focuses on geopolitical rivalry, international trade policy, protectionism, industrial policy, businessgovernment relations, trade negotiations and agreements, and the WTO.

At IMD, I will focus on the intersection of geopolitics and corporate strategy, but I also plan on sharing insights into corporate turnarounds, value-enhancement strategies, and broader issues concerning the role of business in society and the challenges facing democratic capitalism.

Awards & faculty achievements

Sophie Bacq

Professor of Social Entrepreneurship

Named on the 2024 Thinkers50 Radar List for her research on strengthening communities through collective action and entrepreneurship. She also received a significant grant from the Swiss National Science Foundation for her research, along with Assistant Professor Christina Herte from the University of Geneva. This grant marks a major milestone in IMD’s research history. Ranked among the world’s top 2% of scientists by Stanford University for the second time, Bacq continues to be acknowledged for her work in social entrepreneurship and change.

Alfredo De Massis

Professor of Entrepreneurship and Family Business

For the third consecutive year, he was recognized among the world’s Top 25 Family Enterprise Academics by Family Capital. He was also ranked as the #1 Family Business Scholar worldwide in the Family Business Research Productivity Ranking. Additionally, he was named among the world’s top 2% of scientists by Stanford University for the fifth consecutive year.

Michael D Watkins

Professor of Leadership and Organizational Change

His book The First 90 Days was honored as a Thinkers50 Management Classic.

Heather Cairns-Lee

Affiliate Professor of Leadership and Communication

Appointed to The Case Centre’s Board of Trustees. She succeeds Anand Narasimhan, Shell Professor of Global Leadership at IMD.

Peter Vogel

Professor of Family Business and Entrepreneurship

For the third consecutive year, he was recognized among the world’s Top 25 Family Enterprise Academics by Family Capital

Richard Baldwin

Professor of International Economics

Named among the world’s top 2% of scientists by Stanford University for his research achievements in international trade.

Mohan Subramaniam

Professor of Strategy and Digital Transformation

Named among the world’s top 2% of scientists by Stanford University for his research in digital transformation.

Vanina Farber

Professor of Social Innovation and Dean of the IMD EMBA program

Selected for the Association to Advance Collegiate Schools of Business (AACSB) 2024 Class of Influential Leaders.

Center for Future Readiness

The Center for Future Readiness assists leaders in navigating rapid and frequent changes, enabling them to overcome challenges, foster innovation, and prosper amidst uncertainty.

We produce the Future Readiness Indicator, designed to measure a company’s readiness for deep, long-term secular trends. Our insights also inform our programs on what it takes to be future-ready..

Six industries under the microscope in 2024

In 2024, our Future Readiness Indicator covered six industries: automotive, consumer packaged goods, fashion, finance, pharmaceutical, and technology. We also made plans to include the travel and hospitality sector – featuring companies like Lufthansa, Hyatt, and Booking Holdings – in Q1 2025. The Indicator uses a rule-based methodology to assess companies’ preparedness for long-term trends, evaluating factors such as financial fundamentals, innovation, R&D, diversity, and cash and debt management.

Fashion

Tariffs, tech, and couture: How Trump, AI, and sustainability are turning the fashion world upside down

Pharmaceutical

Pharma’s diverging paths in 2025: How AI, precision medicine, and GLP-1 drugs are defining market leaders and laggards

Technology

Global tech dynamics 2025: Adapting to geopolitical tensions and the AI infrastructure battle

Automotive

Tesla’s crown is slipping: Mounting pressure in the shifting electric vehicle landscape

Financial Services

The future of finance: Who is winning the readiness race?

Consumer Packaged Goods

The tech-savvy consumer packaged goods revolution: How L’Oréal took the lead

Our publications and outreach

The team’s 2024 outputs included the case study “Mastercard 2023: Rewired for Infinite Optionality” and an MIT Sloan Management Review article titled “Engineer your own luck.” Howard Yu’s insights featured prominently in global media, with original articles in The Conversation, Forbes, and The National, covering topics like semiconductor self-sufficiency, the automotive industry, and corporate leadership. Additionally, the Center contributed over 20 articles for the I by IMD knowledge hub.

Media outreach in 2024 was substantial, achieving over 590 online and print media appearances with a potential reach of 2.8 billion. High-profile appearances included BBC Business Today, CNBC, and CGTN Europe. IMD also maintained its #1 ranking on platforms like Google, ChatGPT, and Gemini for future readiness. Social media engagement was strong, with over 195K impressions on LinkedIn (November round) and more than 36K views from 11K+ users on the Future Readiness Indicator webpage on IMD.org.

Future Readiness becomes a forum

The Center organized two major IMD Global Future Readiness Forums in 2024. The first, in May, was held in Milan in partnership with GEA – Consulenti di Direzione. Industry leaders came together to discuss how organizations from all sectors can deliver today and transform for tomorrow by anticipating megatrends, scaling up capabilities, and honing their mental agility.

The second took place in November in London, in collaboration with Merlin Entertainments and CNBC, further strengthening IMD’s alumni community and corporate partnerships. In a series of in-depth panels, industry experts from fashion, technology, tourism, and hospitality shared insights into how their organizations plan for future readiness.

06 590 195k 36k+

Industries covered by the Future Readiness Indicator in 2024

Media appearances reached 2.8 billion potential viewers

LinkedIn impressions during the November campaign

Views by 11K+ users on the Future Readiness Indicator webpage

The Center for Social Innovation develops and shares research, pedagogical content, and educational programs that help leaders in business, government, and civil society navigate the challenges of initiating and implementing social innovation.

We aim to inspire and encourage these leaders to create social innovation in their respective areas of responsibility.

The Center expands to a multi-chair model

In 2024, Sophie Bacq, Professor of Social Entrepreneurship, was appointed to serve as the Coca-Cola Foundation Chair in Sustainable Development which was formally integrated into the Center for Social Innovation, facilitating our growth aspirations and move to a multi-chair center. With the hiring of a new research fellow, Georgios Polychronopoulos, the Center is poised to increase its impact in 2025 with exciting developments across our research, pedagogy, programs, and outreach activities.

A major milestone in funding for research

“Unleashing Civic Wealth Creation Through Community Entrepreneurship”, conducted by Sophie Bacq and Assistant Professor Christina Hertel from the Geneva School of Economics and Management, University of Geneva, will receive funding of CHF 700,000 from the Swiss National Science Foundation over the next four years.

Center for Social Innovation

Our research, publications, and outreach

During 2024, the Center produced a record number of seven cases and several academic publications. Sophie Bacq contributed to three FT50 articles, with topics ranging from the lean startup framework for social entrepreneurs to the ways in which communities can leverage civic wealth creation to create a more vibrant and just society. Vanina Farber and Patrick Reichert delivered a report on humanitarian impact finance together with Maximilian Martin (Fondation Lombard Odier) and Juan Luiz Coderque Galligo (ICRC, Humanitarian Innovative Finance Hub/HIFHUB). The report has seen significant traction at leading events such as the WEF’s HRI Partner Days and the 2024 annual meeting of the Grand Bargain.

Vanina Farber and Senior Researcher & Writer Shih-Han Huang released an impact investing due diligence case on ZhanaSolutions, a case examining the Michelin/BNP Paribas’ blended finance transaction and a novel case on Grupo Inca’s black alpacas that incorporates the use of AI within the teaching module.

Sophie Bacq delivered two doctoral seminars on social entrepreneurship in 2024 (in Munich, Germany, and Chicago, USA). The seminar is designed as a broad survey of major and foundational topics in the field of social entrepreneurship (SE).

Additionally, during the year our experts continued their participation in research groups such as the Swiss Lab for Sustainable Finance and the Gender Lens Initiative for Switzerland. We also participated in numerous industry events including:

D 20th Annual Social Entrepreneurship Conference

D Building Bridges

D IMD Australia Alumni Association

D Social Innovation Forum

D Forum Economie Nouvelle

D Aligned for Impact: Harmonizing Data Collection on Social Enterprise, WEF

D Grand Bargain Strategic Dialogue

D Humanitarian Resilience Investing Partners Day 2024, WEF

D Blended Finance and Global Resilience Panel Discussion, IMD Finance Club x Global Resilience Partnership

D The Power of Slowness, Ashoka Switzerland

D Innosuisse Annual Conference (Bern)

D Social Impact Day 2024 Japan

D UNCTAD 11th Multi-Year Expert Meeting on Investment, Innovation and Entrepreneurship

D Taftie Annual Conference on Social Impact

D 1a Cumbre Peruana de Inversión de Impacto! (NAB Peru)

D Second Business Schools for Climate Leadership BS4CL Forum

Recognition for our team

Vanina Farber was one of 22 faculty inducted into AACSB’s 2024 Influential Leader Class, which recognizes individuals that pursue knowledge creation with impact on business and society. Sophie Bacq was named to the 2024 Thinkers50 Radar List for her research on how to strengthen communities through collective action and entrepreneurship.

The Enterprise for Society Center (E4S) is a research and action center created as a joint venture by the University of Lausanne (through HEC Lausanne),

IMD, and École polytechnique fédérale de Lausanne.

The Center’s mission is to inspire and activate the transition to a resilient and inclusive economy within planetary boundaries, mindful of the opportunities and challenges raised by scientific and technological change.

The E4S year – education, research, and outreach

In 2024, the fourth cohort of the E4S Master of Science in Sustainable Management and Technology began their studies, while 34 students successfully graduated, maintaining a high employment rate of 95%.

The E4S Center made significant contributions to sustainability-focused research by supporting a variety of projects. Key areas include the development of a Green GDP as a more meaningful measure of economic performance, the creation of methodologies to calculate the True Cost of Food and the Green Value of Real Estate, and the exploration of Sustainable Finance and Accounting’s role in driving the economic transition.

The center hosted 18 events in 2024, attracting participants from academia, industry, civil society, government, and international organizations. The year’s flagship event, Showcase 2030 highlighted circular solutions, expert insights, and actionable discussions on sufficiency and innovation.

26 31 18 Research projects supported Media articles published Events hosted in 2024

1,5k+ 700+ Participants attended E4S events Participants engaged in Showcase 2030

Global Board Center

The Global Board Center empowers boards to enhance their strategic impact through cutting-edge research, global best practices, and practical tools.

We offer both tailored programs to address challenges faced by the boards of specific organizations, as well as open enrollment programs for board members from a wide variety of organizations. The latter include our flagship High Performance Boards and Role of the Chair programs. Our Board Community provides a forum for exchange around governance excellence, connecting over 3,000 board members from 73 countries.

Our focus on research

The Center research team focused on governance issues with practical implications for corporate boards and investment decision-making. Their work integrates macroeconomics, ESG considerations, and innovative governance strategies, contributing to IMD’s mission to inspire leaders and organizations worldwide. We published two FT50 articles and several thought leadership articles in 2024.

The second edition of the book High Performance Boards: A Practical Guide to Improving and Energizing Your Governance by Didier Cossin was published in August 2024 with revised content and eight new chapters to address different dimensions of evolving board practice.

“Recent developments in the financial services industry dramatically illustrate the intimate link between good governance and a company’s success or failure, particularly in times of crisis. In his latest book, Didier Cossin sheds light on the design principles and practice that underpin good governance. A catchy and comprehensive textbook for those in charge!”

— Sergio Ermotti, Group CEO and President of the Executive Board of UBS

Programs empowering board members

2024 was another record year for the Center as more than 700 participants joined us on 33 custom and open programs for boards. This included our flagship High Performance Boards, attended by over 230 board members across the five editions and we welcomed several leading Chairpersons and board members as speakers. Our custom programs were also designed and delivered for many influential organizations across different sectors, ranging from SOEs and public corporations to international organizations and renowned global banks. Additionally, we launched a new program: the Role of the Chair, designed exclusively for the Chairs of Boards and Board Committees.

We continued to strengthen the Board Directors’ Diploma (for current non-executive board members), including the Grand Oral exam which ran twice in 2024, and to which a total of nine candidates were invited. The jury panel was composed of nine prominent board members together with Didier Cossin, Founder and Director of the Center. The Director’s Diploma graduation ceremony celebrated 109 graduates in 2024 while the first cohort of 32 graduated from the IMD Board Readiness Diploma.

Our online Mastering Board Governance program continued to grow in numbers with a record 368 participants completing in 2024, compared with 166 in 2023, a 156% growth. The program also ran three times to accommodate this growing demand. We held three final pitch presentations as the final assessment for the program, including prominent board members on the jury panel and IMD faculty.

“Mastering Board Governance was an ideal starting point for my journey into the fascinating world of boards. The careful, broad overview of the essentials of best-in-class governance, complemented by compelling board simulation exercises designed to consolidate learning, provided me with an excellent introduction to the duties, challenges, and opportunities of boards.”

— Kathryn Hess Bellwald, Professor of Mathematics and Life Sciences at EPFL and member of the Academic Board of the Swiss National Science Foundation

Close connections with our Board Community

The Board Community, whose members include individuals who have completed a board program at IMD, is dedicated to fostering the sharing of experiences and the latest governance thinking to enhance the effectiveness of boards and board members worldwide.

Several online and face-to-face events were held in 2024, including a virtual event on AI and boards and the December graduation held at IMD with around 150 attendees.

The community is governed by a board of seven members (five prominent board members who are community members, as well as two IMD representatives) who convened on four occasions to provide oversight for the community’s direction.

700+ 230+ 368 150

Participants joined 33 board programs in 2024

Board members attended five editions of High Performance Boards program

Participants completed the Mastering Board Governance program

Attendees at the Board Community’s December graduation event

TONOMUS Global Center for Digital and AI Transformation

The TONOMUS Global Center for Digital and AI Transformation is at the forefront of cutting-edge research and analysis in digital and AI transformation.

Our work equips executives with the knowledge and strategies needed to seize digital opportunities and address emerging digital and AI challenges. These insights also play a key role in shaping IMD’s programs on digital and AI transformation for both individuals and organizations.

In 2024, we continued to deliver our rich portfolio of in-person, live, online, and Sprint format digital and AI transformation programs as well as the Executive Certificate in Digital Business Excellence. Our five-day Leading Digital and AI Transformation (LDAIT) program was delivered six times during the year in Lausanne and Riyadh and reached a milestone edition.

Inauguration of the TONOMUS Global Center for Digital and AI Transformation

On 24 June 2024, the TONOMUS Global Center for Digital and AI Transformation celebrated its official inauguration, marking a pivotal moment in our journey toward advancing digital and AI thought leadership. The event brought together over 50 distinguished guests, including IMD faculty, external experts, and members of the TONOMUS board.

This milestone event served as a platform to showcase the center’s mission and underscored its role as a global hub for thought leadership and training in digital and AI transformation.

Debuts – Web Summit in Lisbon and the AI Index

In November 2024, IMD made its debut at Web Summit in Lisbon, marking a significant milestone in our global outreach. As part of this participation, we delivered an engaging masterclass on digital sustainability, followed by a collaborative alumni event in partnership with Ageas. The event brought together IMD graduates, industry professionals, and innovators to exchange ideas, network, and explore shared opportunities in the evolving digital and business landscapes.

Additionally, we announced the launch of the AI Maturity Index, ranking the 200 largest companies in the world on AI maturity. This global benchmark highlights IMD’s commitment to advancing the understanding of AI’s impact on business and society and further reinforces our position as a leader in digital and AI transformation.

Launch of LDAIT series in Saudi Arabia

In November 2024, we proudly launched the inaugural Digital and AI Transformation program in Riyadh, Saudi Arabia. The program brought together 28 participants from across the GCC region and featured insights from three distinguished guest speakers. The program was a tremendous success and we are already planning to offer it again in 2025.

Reaching out to our community

We organized and delivered three events for digital and AI managers and alumni in 2024, as part of our Digital Circle initiative, including a face-to-face summit for senior digital and AI leaders in October. Each of these events was followed up with a summary newsletter to participants.

Events organized FT50 article published Academic articles released Case developed

IMD-published articles produced Conference papers presented

Global Family Business Center

The Global Family Business Center is

a leading hub for family enterprise education, research, and outreach.

For over three decades, the Center has helped the world’s leading family businesses, their boards, and executives become the best version of themselves to ensure family unity and multi-generational success.

Continuing to help families achieve multi-generational success

In 2024, we again successfully ran our flagship open programs: Leading your Family Business and Leading your Family Office. The increasing demand has led us to double our offerings in 2025. In parallel, we designed and ran over 15 customized programs for business-owning families, family offices, and foundations helping them with their challenges, large or small.

Our research output reached over 120 items, including a record 15 FT-50 publications, two cases, 23 conference papers, and the newly released The Family Business Book by Alfredo De Massis and Emanuela Rondi, a comprehensive guide to building a strategy for entrepreneurial families to prosper now and thrive across generations into the future. Furthermore, the publication of Family Office Navigator has continued to spark global awareness and serve as a powerful amplifier for the field of family offices.

120+ 15 02 23

Research outputs produced FT-50 publications in a record year Cases developed Conference papers presented

01 01

New book published: The Family Business Book by Alfredo De Massis and Emanuela Rondi

Publication of Family Office Navigator, sparking global awareness

Recognizing next-generation development

The 2024 IMD Global Family Business Award was presented to the José de Mello Group, one of Portugal’s oldest and most successful family-run firms. The group – which has interests in healthcare, chemicals and water treatment, infrastructure, mobility, and wine production – was recognized for its entrepreneurial values, strong governance, and resilience.

The year’s honors

Our family business professors received several academic honors and awards, highlighting their exceptional contributions to the field.

Alfredo

De Massis Professor of Entrepreneurship and Family Business

For the third consecutive year, recognized among the world’s Top 25 Family Enterprise Academics by Family Capital

Peter

Vogel Professor of Family Business and Entrepreneurship

For the third consecutive year, recognized among the world’s Top 25 Family Enterprise Academics by Family Capital

Marleen Dieleman

Peter Lorange Family Business Professor

Won the NUS Business School Case Impact Award for two case studies focused on emerging markets

Our valued partnerships

The Center has received a generous donation from an IMD alumnus and fourth-generation member of the family that co-owns Arca Continental, the second-largest bottler in Latin America. The endowment by Bruce Grossman and the Grossman family will help transform the reach of the Global Family Business Center. It stands as a tangible outcome of our impactful work alongside the support from our three dedicated Chairs: the Wild Group Chair in Family Business, the Peter Lorange Chair in Family Business and the Debiopharm Chair in Family Philanthropy.

In 2024, our fruitful partnership with FBN (Family Business Network) was renewed reaffirming this longstanding collaboration to advance knowledge, tools, and practices for global family enterprises.

World Competitiveness Center

For more than 35 years, the IMD World Competitiveness Center (WCC) has pioneered research on how nations and enterprises compete to lay the foundations for future prosperity.

The Center continued its decades-long dedication to the advancement of knowledge on world competitiveness in 2024. Competitiveness is one of the most significant developments in modern management, with the FT ’s Brussels Bureau Chief Henry Foy naming it his ‘Year in a Word’.

Research, rankings, and reports

Using the most relevant and up-to-date data available, we conducted research for governments, businesses, and academia alike, while producing our annual portfolio of global rankings, each accompanied by a publicly available report. In close collaboration with other IMD departments, we improved the ranking webpages via an interactive visualization of the data.

World Competitiveness Ranking

In 2024, three new economies were added: Ghana, Nigeria, and Puerto Rico.

World Digital Competitiveness Ranking

Measuring digital competitiveness among 67 global economies.

World Talent Ranking

The extent to which nations develop, attract, and retain talent.

Smart City Index

Hard data is combined with citizens’ views in 142 cities.

Sustainability Trade Index

The readiness and capacity of 30 economies to participate in the global trading system.

A wide outreach

WCC Director Arturo Bris continued to write for I by IMD, while Senior Researcher José Caballero maintained his regular article contributions on geopolitics for The Conversation as well as writing for Henley & Partners.

WCC team members were instrumental in the publishing of two books:

Authored by Arturo Bris and José Caballero

IMD World Competitiveness

Yearbook: 2024

With IMD.

Authored by Bruno Lanvin

Prosperous and Inclusive Cities

With IMD.

Arturo Bris spoke at 16 international events, including the World Economic Forum annual summit in Davos, the World Knowledge Forum in Seoul, and the 60th anniversary Thailand Management Association conference in Bangkok.

Finally in 2024, the WCC launched a much more user-friendly eShop offering its extended reports and full data sets, and the WCC newsletter continued to draw in a large readership of 11,000 subscribers.

Extending our worldwide partnerships

The WCC’s global network of 68 partner institutes in 60 countries greatly enhances our work. This year we were thrilled to acquire four new partners in Ghana, Nigeria, Puerto Rico, and Namibia. WCC partners supply data from national sources, distribute the WCC Executive Opinion Survey among their networks, and engage with local media on the WCC’s work. We were also delighted to continue working with the Hinrich Foundation for the execution of the Sustainable Trade Index.

In 2024, we also worked closely with the International Labour Organization for the purposes of a project on Ghana, Nigeria, and Kenya which they commissioned.

68 04 16 11k

Institutes across 60 countries strengthen the WCC network

New partners from Ghana, Nigeria, Puerto Rico, and Namibia

International events featuring WCC Director Arturo Bris

WCC newsletter subscribers

Center for Sustainable and Inclusive Business

The Center for Sustainable and Inclusive Business brings together research, innovation, and learning to drive sustainable business transformation.

The Center is financially supported by the Adolf H. Lundin Charitable Foundation, Rio Tinto, and the dentsu Group as well as by IMD.

Accelerating our research and thought leadership

Through our academic papers, case studies, and frameworks we share actionable insights into sustainable business transformation to support business leaders in managing change.

In 2024, we accelerated our commitment to academic research and thought leadership, particularly in areas such as circular business models, managing and measuring sustainability success, business and biodiversity, sustainability strategy, and stakeholder engagement. Additionally, we contributed to the December 2024 issue of I by IMD magazine which focused on responsible leadership. 05 08 11 06 FT 50 articles published Academic articles published Conference papers presented Practitioner articles published

Cases developed I by IMD articles published

Publication highlights

Leading the Sustainable Business Transformation: A Playbook from IMD

With contributions from across IMD, Leading the Sustainable Business Transformation: A Playbook from IMD, edited by Julia Binder and Knut Haanaes, explains why sustainability matters, what it involves, how it fits with corporate strategy, and how to implement it according to the specifics of individual companies. The playbook emphasizes both strategic and organizational work, delivering a framework to generate solid financial returns without depleting the world’s natural and social wealth.

The Circular Business Revolution: A practical framework for sustainable business models

In The Circular Business Revolution: A practical framework for sustainable business models, Julia Binder and Manuel Braun give a comprehensive and practical toolkit to understand how your organization works now, the opportunities it has within the circular economy, and how to put it all into practice effectively.

Read more about our research output in the 2024 Sustainability Report

Lead the Change

IMD and Capgemini Invent launched an extensive research initiative to delve into the complexities of how businesses are transforming in the name of sustainability. The resulting white paper zeroes in on the insights drawn from leading European businesses as they navigate their sustainability journey.

Nature’s ROI: Five key enablers for building a nature-positive business strategy

Our report Nature’s ROI: Five key enablers for building a nature-positive business strategy is designed to help organizations approach biodiversity strategically, with clear steps to implement credible, impactful solutions that align with overall business goals.

Recognition

Amanda Williams

Sustainability Research Fellow and Term Research Professor

Named as Best Reviewer, 2024, Organizations and the Natural Environment (ONE) Division of the Academy of Management and also received their Emerging Scholar Award 2024.

Julia Binder and Heather Cairns-Lee

The case study “Carbon is the new calorie”: Logitech’s carbon impact label to drive transparency in sustainability by Julia Binder and Heather Cairns-Lee won the Outstanding Case Writer: Hot Topic category at The Case Centre Awards and Competitions 2024.

The Luxury 2050 initiative aims to help luxury brands across sectors navigate the heightened uncertainty and seismic shifts that will redefine luxury in the years to come, and to do so with agility.

Through our research and thought leadership insights, we support brands’ efforts to shape the future of more innovative, relevant, and environmentally and socially responsible luxury.

Our work also informs our open and custom programs tailored for the luxury sector.

In the media

Professor of Strategy and Organizational Innovation Stéphane JG Girod, who leads the Luxury 2050 Initiative, continued as a regular columnist in Forbes with articles including: Why The 2024 Luxury Downturn Is More Structural Than Cyclical, Three Questions The Fashion Industry Needs To Solve To Reach True Sustainability, and Is Artificial Intelligence Worth The Craze For Luxury Brands? Girod also contributed to a BBC News feature examining the driving forces behind the current slowdown of luxury goods. In addition, the Initiative contributed several articles to the I by IMD knowledge hub.

Luxury 2050

Luxury – a workshop, a summit, a forum

The Reinventing Luxury Lab ran for the eighth time in 2024 with the title The Human Genius in the Age of Generative AI. One of the sessions focused on demystifying GenAI and its use in luxury. Another, Building a Supporting Ecosystem for Sustainability, focused on the progress of collaborations in the Watch & Jewellery Initiative 2030, where Girod is an academic advisor. This two-day workshop, hosted by Audemars Piguet in Le Brassus, brought together 35 participants from across various luxury sectors. It featured collaborations between ID Genève Watches and Biophilica in the domain of new materials and ECAL and Baccarat in the domain of sustainable packaging, while Climeworks captivated minds with the stakes of carbon capture technology.

In November, as a strategic partner at the Dagorà e-Luxury Summit, IMD was represented by President David Bach, who welcomed delegates to the event, and Girod addressed delegates on his perspectives for 2025.

On the custom program side, IMD developed a new collaboration with Moncler. It also continued its work with CHANEL on various initiatives as well as with long-time partner Richemont and some of its Maisons. In the MBA program, the Foundations Of Luxury Business Management elective featured guest speakers including Laurent Marteau, CEO of L’Occitane, and Manuel Reman, CEO of Krug (LVMH). In addition, IMD continued its collaboration with ECAL in the delivery of the Foundations of Management Program, which includes a luxury brand management element.

As part of our outreach, we continued to support the Luxury 2050 Forum in its second year of activity. Created in 2022, this vibrant community is dedicated to IMD alumni luxury professionals and now has over 550 members. The Forum – made up of several hundred IMD alumni working across a wide range of luxury industries – is a respected community that supports the development and continuous learning of its members and greatly benefits from the entrepreneurship and passion brought by its executive and advisory boards.

Participants in the eighth edition of the Reinventing Luxury Lab

New collaboration with Moncler for custom programs in 2024

550+

Members of the Luxury 2050 Forum, dedicated to IMD alumni in luxury industries

Venturing Ecosystem Initiative

The Venturing Ecosystem Initiative works with startups, scale-ups, and other high-growth, high-impact initiatives to help them lead, create a strategy, build in customer-centricity, and construct a resilient organization that delivers to its customers, employees, and shareholders.

Through our research, programs, and relationships, we are committed to creating thriving entrepreneurial ecosystems.

Backing Swiss startups through programs, events, and outreach

The annual IMD Startup Competition gives MBA and EMBA candidates valuable insight into entrepreneurship, while also helping promising young Swiss ventures to achieve success. The 27th edition of the competition was launched in 2024 to provide 22 startups with the opportunity to collaborate with MBA and EMBA participants in 2025. The winning ventures were announced in February 2025 and highlight a diverse range of innovative solutions, from advancements in optical sensing, battery technology, and robotics, to breakthroughs in medical therapeutics, neurosurgery, water management, and sustainable energy solutions.

The first annual IMD Startup Winners’ Day was held at IMD in May to provide the winners with more inputs from IMD faculty and Amazon Web Services delivered an event at IMD in July, combining the MBA class with the winners of the IMD Startup Competition.

Additionally, ten Swiss startups were selected to work with the participants in an IMD custom program with specialty chemicals company Evonik between August and December 2024.

With the goal of involving the extended ecosystem, 42 startups that collaborated with IMD in 2024 were featured in a weekly LinkedIn posting, each with a dilemma that they asked the LinkedIn audience to help them solve.

Successful ventures recognized

At the annual Swiss Top 100 Startup event in September, 29 of the top 100 winners in 2024 had worked with IMD in the MBA, EMBA, Evonik or Innovaud scale-up programs. Four of the top 10, including the first-placed company, Depoly, had worked with IMD. One of our EMBA alumni, Aris Maroonian, came in at #49 with his startup, Neology, which he developed during the EMBA. Additionally, nine of the top 25 scale-ups (older than five years) had worked with IMD.

In 2024, Swiss startups saw considerable growth, with a record CHF 2.37bn invested across 357 financing rounds. A total of CHF 350m was raised by 36 IMD-affiliated startups, showcasing the lasting impact of IMD’s MBA, EMBA, LeadiNNg to Scale-Up, and Venture Capital Asset Management (VCAM) programs. These included LeadiNNg to Scale-Up 2024 participant Limula, which offers a unique technology supporting the routine manufacturing of highly personalized cell therapies.

The collaboration between startups and investors has created a rich ecosystem of innovative and successful ventures.

“A great idea, a huge market, and an amazing team are the lifeblood of successful startups, but Venture Capital is the oxygen that brings them from birth to scale-up.”

— Jim Pulcrano. Adjunct Professor of Entrepreneurship and Management

The IMD/Innovaud LeadiNNg to Scale-Up program

A joint initiative of IMD and Innovaud, 2024 saw the third edition of the five-month LeadiNNg to ScaleUp program with 16 Swiss “scale-up hopefuls” participating. The program is designed to propel tech companies from promising startups to fastgrowing, international scale-ups. Given its success, Innovaud (the Vaud state body for innovation and FDI) asked IMD to deliver a fourth program in 2025.

Supporting a catalyst for the Swiss innovation ecosystem

Despite being a small nation, Switzerland has a wealth of deep-tech startups and two of the best engineering schools in the world. The Deep Tech Nation Switzerland Foundation was created to support these companies in attracting venture capital from outside the country. IMD is proud to support this independent non-profit foundation, which aligns well with our work with Innovaud and our goal of becoming the VC education capital of Europe.

22 29 350m 16

Startups selected to collaborate with MBA and EMBA participants in 2025

Of the Swiss Top 100 startups in 2024 collaborated with IMD

Raised by 36 IMDaffiliated startups Swiss scale-ups joined the 2024 LeadiNNg to Scale-Up program

Initiatives

China Initiative

With our strong intellectual foundation and extensive experience working with multinational corporations and leading Chinese companies in China, IMD offers valuable research and insights.

These are increasingly sought-after, providing in-country expertise on what it takes to thrive in this complex and important market.

Expanding in the Greater China market

In 2024, IMD China entered its first full year of operations since establishing a base in Shenzhen. As a result of this expansion of activities, the team also grew, welcoming new colleagues in research and marketing functions.

IMD continues to bolster its recognition in China by organizing strategic events, such as the China Management Transformation Forum (CMTF) in July and our newly launched Globalization Community initiative aimed at connecting Chinese founders and executives seeking information, support, and learning opportunities as they expand their businesses internationally. The Globalization Salon Series continues to strengthen IMD’s regional impact, with the Greater Bay Area serving as both a strategic launchpad and a gateway for global enterprises.

Through our dedicated research arm, we released the China Company Transformation Indicator (CCTI) rankings, which asses the future-readiness of leading companies. Launched in 2023, the CCTI was expanded from the Food and Beverage industry to cover an additional five key sectors in 2024: New Energy Vehicles, New Materials, Pharmaceutical, Apparel, and Technology. The objective of the Indicator is to reshape how these sectors are understood and evaluated in China, particularly in regard to companies’ readiness to transform and thrive in the long term.

In China, we have established strong relationships with the local governments of Shenzhen and Hong Kong, and we look forward to fostering strategic collaborations in areas such as space, talent development, and beyond.

90+ 70+ 1k+ 120+

Companies engaged by IMD China in 2024

Organizations engaged in meetings

Executives connected across China

Executive members attended three salon events hosted in Q4 2024

Venture Asset Management Initiative

The Venture Asset Management initiative pioneers, accelerates, and deepens the required understanding of venture capital asset management for investment professionals in Switzerland and Europe.

Our activities cover three distinct areas: research, education, and community outreach.

To address interest from the ecosystem, the Initiative brought to life the Venture Asset Management program (VAM) in 2023. The program, which is now named Venture Capital Asset Management (VCAM), ran twice in 2024 and was extended to four days to include hands-on simulation sessions. The participants’ interdisciplinary backgrounds included representatives from four broad categories: institutional investors, individual investors and family offices, entrepreneurs, and service providers.

The VCAM program will run twice again in 2025, however the VAMI research initiative was closed on 31 December 2024.

Initiatives

Diversity, Equity, and Inclusion Initiative

The Diversity, Equity, and Inclusion initiative

helps leaders and organizations foster inclusive leadership, equity, and fairness.

Inclusion is central to unleashing the true potential of diversity – be it visible, like gender, race, ethnicity, and age, or invisible, like social background, education, or sexual orientation. Through our research and practice-based know-how, we help current and future leaders work toward a more diverse, inclusive, and fair future.

In 2024, our advisory team helped organizations work toward a more diverse, inclusive, and equitable future, we furthered our research and publications and continued our partnerships with The Female Quotient and EqualVoice, to help close the gender gap in the workplace and in the media.

Research highlights of 2024

Our academic research was published in FT50 and other peer-reviewed journals, as well as presented at academic conferences and workshops. In line with IMD’s focus on Real Learning, Real Impact, the initiative provided practitioners with cutting-edge knowledge on how to foster diversity, equity, and inclusion. Hence, we published a number of I by IMD articles and practitioner-oriented white papers – the latter being launched at The Equality Lounge in Davos.

In addition, as part of a project in cooperation with an industry partner, we explored equity as the ‘silent e’ in DE&I research and practice.

Here are just some examples of our published research:

The (in)visibility of diversity in alternative organizations by Regine Bendl, Alexander Fleischmann, and Angelika Schmidt appeared in the FT50 Journal of Business Ethics.

We produced two white papers: Inclusive language and images by Heather Cairns-Lee and Alexander Fleischmann; and No More Excuses: How to finally shatter the glass ceiling and get more women onto boards again by Alexander Fleischmann.

Mind the Gap

A collaboration with Microsoft Switzerland and the Ringier AG EqualVoice Initiative, published in early 2025

This white paper sheds light on how bias manifests in the GenAI lifecycle and the risk of bias in GenAI for organizations and society at large.

Initiatives

Workplace Well-being Initiative

Well-being in the workplace is critical to creating a resilient, human-centric, organizational culture and promoting employee engagement to accelerate and sustain the performance of businesses over time.

Through our ground-breaking research and thought leadership, we deliver actionable insights and frameworks that empower people and organizations to thrive in our ambiguous and uncertain world. Additionally, the Initiative runs open programs for individuals and custom programs for organizations.

New research line initiated in 2024

In addition to our running research pipelines on stress and mental health (including digital wellbeing, workaholism, and burnout), we initiated a new line of research on the effectiveness of microbreaks at work in enhancing mental resource recovery to improve employee well-being and performance. To kick off this neuroscience research line, we initiated a first in-house study at IMD in collaboration with the Department of Brain & Cognition, University of Amsterdam.

Innovating for well-being – the IMD Resilience diagnostic

In collaboration with the Strategic Talent Lab, we created development and psychometric validation of a Resilience diagnostic that can used by clients and in programs. The diagnostic is complete and reports for commercial use are in progress.

Our open and internal programs in 2024

We ran two cohorts of the IMD Sprint program by Alyson Meister: the Resilient Leadership Sprint. Concepts were also a core foundational module in the Future Leaders Program (with three cohorts per year). The Sprint was also hosted internally for all staff members as part of IMD’s Well-being Month in September 2024.

Well-being reaches out

During the year we took part in a number of events, participated in panels, contributed to conference proceedings, and published two academic papers and six practitioner articles. These included Do you have a phone addiction? by Alyson Meister and Nele Dael published in Harvard Business Review, as well as several articles for I by IMD. We collaborated on research with the Department of Brain & Cognition at the University of Amsterdam, the University of Lausanne, the Haslam College of Business at the University of Tennessee-Knoxville, and The University of Sydney Business School. Our case study Pasona: Well-being through regional revitalization was published in November 2024.

Alumni Relations & Development

Our IMD alumni community

IMD alumni came out in force in 2024 to contribute, innovate, and celebrate with IMD. The numbers are a testament to the transformational impact of IMD’s approach to education, and of the goodwill that is a part of our exceptional institutional culture.

Campus connections live on

130k+

Individuals make up the global IMD community.

220+

Alumni-led events took place in 2024 including Alumni Club and Community of Interest events, career search webinars, and more.

700+

Alumni and their partners gathered this year at their MBA and EMBA class reunions.

300

Alumni and their partners attended the 2024 IMD International Alumni Symposium. This year’s topic was Navigating the AI No-Return Journey. The two-day event explored the risks and opportunities associated with the explosive growth in technology. Alumni enjoyed meeting Ralph Haupter, EMEA President at Microsoft, and listening to his keynote address on the $4tn economic opportunity presented by AI. The symposium was a great moment for alumni to reconnect with friends and faculty, and learn firsthand from some of the latest and greatest thinkers on the topic.

Watch the highlights of the Symposium

Celebrating 25 years of the Executive MBA program and its alumni

In 2024, IMD celebrated the 25th anniversary of the IMD EMBA. A pioneering program inaugurated in 1999, it is now ranked Top 20 in the world by the Financial Times.

Program alumni gathered in Lausanne to mark the milestone year. Faculty and alumni reflected on the program’s transformative impact on both participants and educators alike. The five founding deans shared insights from the EMBA’s early “startup” phase and the strategic developments that shaped it into today’s rigorous, innovative program.

The achievements of EMBA alumni speak for themselves, not only through their tangible business successes but also through their efforts to enhance the quality of life in their communities. Their stories are profiled in a special publication, IMD EMBA 25: Leading with Impact and serve as a challenge and an inspiration for our community.

Read the book or watch the video

Marking the 20th anniversary of IMD’s Strategies for Leadership program

In November 2024, IMD’s Strategies for Leadership (SL) program alumni, past and present program directors, and the program’s coaches celebrated the 20th year of this experiential, and intensely personal journey. The program has welcomed more than 1,170 women and 81 different nationalities, equipping them with the tools to progress in their careers, assume influential roles, and drive meaningful change within their spheres.

Share the moment and watch the Strategies for Leadership anniversary video

20th anniversary celebration of IMD’s Strategies for Leadership Program. November 2024. Lausanne

IMD International Alumni Association moves closer to institute and alumni with new structure

The International Alumni Association (IAA) Board and IMD leadership came together with a shared vision to enhance the alumni experience for the IMD community.

On 12 December, the IAA members voted in favor of the recommendation to dissolve the IAA as a separate legal entity and to reconstitute it as the IMD Alumni Association within IMD. The current board of alumni will remain but will include three new members from the alumni community. The IAA continues to play a pivotal role in facilitating a productive and harmonious partnership dedicated to the sustained engagement and support of the alumni population.

Raise a glass!

This year, alumni gathered to celebrate 23 EMBA and MBA classes reunions.

The club connection

More than 150 events were organized by 49 alumni clubs around the world. It is through their fellowship and goodwill that IMD remains in the hearts of participants long after graduation.

Some of the many members of the IMD Alumni Club of Japan at the Nescafé building in Tokyo. Tokyo. 2024.

Class of 1999 MBA Reunion. Lausanne. June 2024.

Club of India event on business transformation. Bangalore. August 2024.

Class of 2004, 2009, 2014, 2019, 2022, 2023 EMBA Reunion. Lausanne. May 2024.

IMD Alumni Club of Brazil event on ESG economics with Prof. Karl Schmedders. São Paulo. August 2024.

Class of 2004, 2009, 2014, 2019, 2023 MBA Reunion. Lausanne. May 2024.

David Bach’s first international circuit as IMD President

The new IMD President did not waste a moment to connect with the institute’s global alumni. In his first 90 days in office, David Bach hit the road to visit alumni in China, Hong Kong, Singapore, and India. The journey was a great opportunity to connect and reconnect, share stories, and discuss ways in which IMD can strengthen alumni engagement around the world.

David Bach with IMD alumni at the Consulate General of Switzerland. Hong Kong. November 2024.

David Bach with the IMD community in China. November 2024.

Dinner with a group of alumni in India, New Delhi, December 2024.

You made it possible.

Thank you!

As we reflect on some of the many milestones reached in 2024 and on the lives transformed over generations of IMD alumni, we are inspired by what lies ahead. Your enduring confidence in IMD’s role and approach to education lights our path and propels us toward new heights.

Thank you to the more than 600 volunteers for committing your time and skills to make 2024 such a fantastic year. It would not be possible without you!

The fruits of philanthropy

Presenting the first edition of The IMD Edge

The IMD Development and Alumni Relations Office compiled the first edition of IMD’s new impact report, The IMD Edge: Celebrating Connection and Legacy at IMD. This publication is a work of recognition and gratitude to the cumulative efforts of our alumni and supporters, whom IMD sees as its key differentiator, or “edge,” in executive education.

Click on the report and read stories of lasting impact in this fun and dynamic dedication to the commitment of our alumni and supporters through the years.

Read the report

IMD class commemorates 50th anniversary with generous MBA scholarship fund

The IMD/IMEDE MBA Class of 1976 committed $5m toward MBA scholarships – a significant philanthropic gesture that underscores the enduring impact of their education and the strong bonds formed during their time at IMD.

The MBA5 Scholarship – named for the fifth MBA class to graduate – will support future MBA students and enhance IMD’s ability to attract top talent. The announcement came just in time to benefit hopeful 2026 MBA applicants who will be stepping onto IMD’s campus 50 years after the Class of 1976.

“We extend our heartfelt thanks for this remarkable display of goodwill and partnership by the alumni community. The MBA5 Scholarship Fund will enable us to support the most exceptional candidates and ensure that financial barriers do not prevent them from reaching their leadership potential.”

— David Bach, IMD President

Third annual Giving Day

In May, the IMD community was invited once again to come together to support tomorrow’s leaders. During this third edition of Giving Day at IMD, alumni not only contributed to the success of their future peers, but they also shared their motivation for supporting the next generation of IMD alumni.

IMD receives generous gift from alumnus Douglas Geertz (IMEDE MBA 1988) to fund research at the nexus of business and global affairs

In September 2024, Alumnus Douglas Geertz honored IMD with a CHF 5m donation to support research on enhancing economic prosperity in developing countries and maximizing the impact of international development aid.

Through thoughtful planning during his lifetime, Douglas Geertz created a legacy that will advance research on effective public-private partnerships in developing economies. The institute is profoundly grateful for his vision and commitment to academic excellence.

The gift will be used to endow the Douglas Geertz IMEDE 1988 Chair in Geopolitics and Business. The inaugural holder of the position is Arturo Bris, Professor of Finance and Director of IMD’s World Competitiveness Center. Arturo Bris will ensure this gift will illuminate the path ahead for private partnerships and government aid in developing nations.

Lasting impact through scholarship

The first cohort of Hilti STEM Scholars receive their degrees

In 2024, the first recipients of the Hilti STEM Scholarship program walked across the stage to receive their MBA degrees. The six students, each with their unique set of skills and scientific backgrounds, demonstrated exceptional leadership during the 2024 academic year. Read how Hilti STEM Scholars are rewriting the equation on leadership in The IMD Edge

“I think people who study science are quite altruistic… With a STEM background, you are not afraid to question yourself, to let the data speak, and to apply an acceptable level of rigor to your leadership decisions. Ethics is also embedded in the scientific process, and I have seen how leaders with STEM backgrounds speak up confidently about patients’ rights and environmental integrity.”

— Teodora Andrejic (MBA 2024), Hilti STEM Scholar

“It changed my life and the way I was able to develop others – may it change many others’ too.”

— Karen Huebscher, Hauterive, Switzerland

“I believe in IMD education and its impact on the world. I am so proud to be a part of the institution.”

— Eriko Ishida-Kawai, Kyoto, Japan

“Glad to donate to IMD to perpetuate its mission of creating future leaders able to build the world community of tomorrow.”

— Marco Di Nubila, Lausanne, Switzerland

Professorial chairs

Philanthropic support enables IMD to develop and expand the knowledge base that shapes the world of business. We are grateful for this commitment to research excellence through our 2024 faculty chairs, including our newly endowed Douglas Geertz IMEDE 1988 Chair.

David Bach

Nestlé (Founding Chair)

Leadership

Sophie Bacq

Coca-Cola Chair

Sustainable Development

Goutam Challagalla

dentsu Group Chair

Sustainable Strategy and Marketing

Howard Yu

LEGO® Chair

Management and Innovation

To be appointed Rio Tinto (Founding Chair)

Stakeholder Engagement

Peter Vogel

Debiopharm Chair

Family Business and Philanthropy

Vanina Farber

elea Chair

Social Innovation

Knut Haanaes

Lundin Chair

Sustainability

Omar Toulan

Hilti Chair

Marketing and Change Management

Anand Narasimhan

Shell Chair Global Leadership

Michael Wade

TONOMUS Chair

Digital and AI Transformation

Alfredo De Massis

Wild Group Chair Family Business

Marleen Dieleman

Peter Lorange Chair Family Business

Benoit Leleux

Stephan Schmidheiny Chair Entrepreneurship and Finance

Didier Cossin

UBS Chair

Banking and Financial Services

Arturo Bris

Douglas Geertz IMEDE 1988 Chair Geopolitics and Business

Our Institution

Our inclusive community, made up of 46 nationalities, is committed to welcoming individuals from all backgrounds and supporting them professionally and personally.

We strive to create a diverse workplace with low levels of hierarchy, and operate with honesty and transparency.

Each member of our team is given the chance to maximize potential, feed curiosity, and form meaningful connections within our close community. This enables our colleagues to develop their skills in a culture that blends high performance with positive well-being.

Overview

Supporting our people with learning and development

In 2024, we provided all employees with access to a range of professional development opportunities and training sessions. Our Learning and Development offering included 24 open programs at IMD, external courses, access to research via R&D conferences, coaching, and AI. Additionally, we introduced new onboarding processes and held eight sessions welcoming a total of 92 newcomers. Over the course of the year, 33 colleagues transitioned to roles with greater responsibilities.

We increased the focus on AI through our program AI@IMD: Demystifying and adopting AI, which was implemented in four phases: LinkedIn Learning, Lunch & Learn sessions, an AI Sprint, and workshops. Within our community of colleagues, 29 AI champions were appointed.

12

Colleagues received coaching

12

AI-related workshops

165 Participants at AI@IMD sessions

61

Employees participated in external training sessions

281

Colleagues used LinkedIn Learning

29

Colleagues joined IMD open programs

We@IMD – our award-winning internal development program

The We@IMD program was recognized at the Brandon Hall Group Excellence in Technology with a gold award for the Best Advance in Education Delivered Through Technology.

Launched in 2023, the program focuses on building self and collective leadership mindsets, essential for navigating today’s rapidly changing business environment. It is a comprehensive learning journey that includes online modules, experiential exercises with AI-powered tools, peer coaching, reflective discussions, and interactive sessions with IMD’s faculty. Through this program, our workforce gains valuable insights from IMD’s expertise, leveraged by the latest cutting-edge technologies. With 132 employees participating over four cohorts in 2024, the program has already made a significant impact.

“It was my first IMD program, and I gained a lot of interesting insights into leadership, innovation, strategy, and consumer centricity. I also learned about myself and my own leadership style with the help of the different teams and coaches.”

— Franziska von Wiedebach, We@IMD participant

Caring for our people – well-being

As part of our ongoing commitment to fostering a caring and inclusive culture, we held our second Well-being Month in September 2024. With a diverse array of activities including workshops and sports, 140 employees joined over 30 sessions focused on such topics as self-care mindfulness, holistic nutrition, and emotional intelligence. Additionally, the IMD Resilient Leadership Sprint was hosted internally for all staff members. The Sprint focuses on managing energy levels, building resilience, and sustaining workplace well-being.

A new policy to reduce our environmental impact

IMD introduced its Soft Mobility Policy in 2024, an initiative where sustainability and mobility intersect. This Policy’s core objective is to promote environmentally friendly transportation options, with a specific emphasis on public transportation and active modes such as cycling and walking. Our primary focus is to reduce our environmental impact, alleviate traffic congestion, enhance the well-being of our community, and overall make a positive impact on society. This commitment aligns with our broader mission of responsible management.

Our continued focus on diversity, equity & inclusion

Throughout the year we organized a series of what have become traditional events on and around campus to maintain the focus on DE&I and, at the same time, create opportunities for engagement. These activities convey symbolic messages to everyone on our campus and create a psychologically safe environment for all.

On International Women’s Day on 8 March, in addition to our usual activities, we organized a new, special event for our own IMD board-ready women and our Supervisory Board women.

During June Pride Month we flew the rainbow flag for the fourth year in a row sending out the proud message of our allyship to the LGBTQ+ community. Our “I am an ally” statue was positioned visibly on our campus, and rainbow-colored foods were provided throughout the month of June. We also collectively painted a ‘rainbow tree’ to which many staff, faculty, and program participants contributed and this is now hanging in one of our main buildings.

October was the focus for our Black History Month, with an event highlighting the purpose and origin of BHM, how it relates to Switzerland, and, more specifically, how it relates to IMD. It consisted of a photo exhibition prominently positioned in our cafeteria, the “heart” of our campus, and featured 20 influential Black leaders throughout history.

International Day of Persons with Disabilities was celebrated on 3 December with a special photo exhibition featuring a young woman with a chronic illness. The exhibition was produced thanks to an investment with local association Corps à cœur.

2024.

2024.

2024. Lausanne. International Women’s Day.

Lausanne. June Pride Month.

Lausanne. Black History Month.

Engaging with our employees

Our ongoing activities during 2024 were aimed at engaging with our employees as well as providing opportunities to support our local communities.

Through our monthly community meetings, we update all employees on the institution’s operations, strategy, news, and achievements. This is a platform for our colleagues to raise questions directly or anonymously with the Leadership Team and IMD’s President. During the year, around 2,800 participants joined the meetings in person or remotely from across the globe.

In 2024, the Youth@IMD Team launched IdeaHub, a centralized idea portal for all IMD employees to submit and share their innovative ideas. The new portal encourages open collaboration across departments, ensuring that novel ideas are not only captured but given the visibility they deserve.

Within our local community, we supported a number of initiatives including the Steps for Cancer fitness and fund-raising challenge, the Samedi du Partage drive to collect food and hygiene products for those in need, and the collection of toys for less fortunate families at the Fondation Mère Sofia’s Toy Drive.

Regional highlights

Deepening impact in Asia

In 2024, we accelerated our Asia activities, supporting over 2,000 executives from 44 leading Asian organizations through a mix of nearly 90 custom and open programs.

Building on the solid groundwork established in prior years, we unified our efforts into a single IMD Asia structure, significantly enhancing our reach and impact. This strategic consolidation was complemented by a significant leadership transition with Mark Greeven stepping in as the new Dean of Asia.

Expanding our regional ecosystems

Expanding our regional ecosystems remains a cornerstone of our strategy. Our customized leadership journeys continue to align closely with each client’s unique needs to nurture deep and impactful relationships. We are proud to support major regional industry players in key markets to develop leaders with the capabilities to navigate complex market dynamics. These include:

China

Haier, Huawei, Industrial and Commercial Bank of China, Lenovo, Midea, Trip.com, and major Chinese banks

Japan

Asahi Glass Co, DENSO, Development Bank of Japan, Tokio Marine Holdings

Southeast Asia

AIA, CIMB, Bank Mandiri, OCBC

A landmark achievement this year was a new partnership with Indonesia’s Ministry of StateOwned Enterprises, BUMN. In partnering with them to build their leadership talent pipeline, we’re gaining access to senior leadership in over 40 state-owned enterprises while actively contributing to Indonesia’s nation-building efforts in the region.

Additionally, our continued engagements with entities like Nikkei in Japan, the Confederation of Indian Industry (CII) in India, and the Thailand Management Association in Thailand have strengthened these long-running partnerships and culminated in large-scale events where IMD faculty was prominently featured, enhancing our visibility and impact in regional markets.

“IMD is a true partner – they were never afraid of making changes to the program journey. More critically, unlike programs we’ve run in the past which were limited to participants from our organization, the IMD custom program provided our colleagues the valuable opportunity to meet leaders from other industries and generations. This really enabled us to have an outside-in, inside-out perspective, which is excellent exposure for our leaders.”

— Chevaun Chee, Head of Group Talent Management, Group Human Resources at OCBC

Research-driven impact

In Asia, we continued to strengthen thought leadership and impact through robust research initiatives. This year, we produced two major Future Readiness Reports: one examining the mining and metals industry, banking and financial services, and the retail sector in Australia, and another focusing on the automotive industry in India. These research initiatives not only reinforce our commitment to delivering real-world insights for actual change but help business leaders enhance their strategic capabilities in an evolving global marketplace.

This year also saw the publication of 10 case studies in the family business, management innovation and transformation, and generative AI space.

Launch of Digital and AI Accelerator

2024 saw the launch of a new Asia open program in Singapore – Digital and AI Accelerator (DAAC) –which brought together participants from across Asia, Europe, and the Middle East. The program was the first of its kind at IMD, featuring a flexible modular concept that gave participants the freedom to choose modules across strategy, leadership, and functional execution that were most relevant to their functional roles and their development goals.

Innovating learning with immersions

2024 saw the launch of a new Asia open program in Singapore – the Digital and AI Accelerator (DAAC) program which brought together participants from across Asia, Europe, and the Middle East. Building on our commitment to high-impact education, we made company immersions a critical part of our custom program offerings. Featuring a mix of the largest corporate giants, Asian gems, and innovation ventures in Asia and Europe, these immersions offered customized, real-world experiential learning opportunities for an immediately relevant and applicable learning experience. In 2024, we successfully delivered 10 immersion modules that included visits to 42 organizations, in China, Estonia, Japan, Singapore, and Switzerland.

Middle East and Africa

In 2024, IMD continued its collaborations with key organizations across the Middle East and Africa, supporting leadership development initiatives tailored to the evolving needs of each sector.

Through structured programs and customized learning journeys, these partnerships focus on equipping executives and emerging leaders with the skills needed to navigate complex environments, drive innovation, and lead with impact.

Here are just some of the highlights from this year’s engagements.

Saudi Arabia

HKAPSARC School of Public Leadership, ACWA Power

South Africa ABSA

KAPSARC School of Public Leadership (Ministry of Energy, Saudi Arabia)

For the third consecutive year, IMD continued its collaboration with the KAPSARC School of Public Leadership, an initiative under the Ministry of Energy, delivering programs that strengthen leadership in energy policy and public governance.

In 2024, two key programs – the Emerging Leaders Learning Journey and the Public Leadership Learning Journey – supported professionals across different career stages. The Emerging Leaders Learning Journey, designed for future talent in the energy sector, combines structured learning in leadership, new business fundamentals, and problem-solving techniques. Throughout the journey, the participants work on enterprise projects. The Public Leadership Learning Journey, running from October 2024 to June 2025, focuses on policy professionals, offering a deep dive into strategy execution, strategic foresight, negotiation, and decision-making in the public sector.

With over 60 participants engaged in these programs in 2024, the initiative continues to support the development of leadership capabilities that contribute to the energy sector’s evolving needs.

Absa Group Limited

Since 2019, Absa and IMD have collaborated on leadership development programs tailored to equip Absa leaders with the skills needed to navigate an evolving financial landscape.

Absa Group Limited is one of Africa’s largest diversified financial services providers, operating in over 12 countries and offering retail, business, corporate, and investment banking services. Through the Leap, Transform, Amplify, and Sustain Learning journeys, over 550 participants from across 10 African countries have engaged in leadership journeys designed to foster strategic thinking, innovation, and people-centered leadership.

In 2024, this partnership continued to evolve, emphasizing the development of leaders who can balance business performance with empathy and integrity. The programs have also facilitated enterprise projects, with more than 50 initiatives implemented over the years. Absa’s leadership efforts, supported through this collaboration, have received international recognition, with projects such as ChatWallet winning accolades at the Service Design Awards in Finland.

ACWA Power

ACWA Power focuses on renewable energy, clean water, and green hydrogen, supporting global energy transition goals. Its strategy centers on delivering sustainable, low-cost energy through long-term partnerships and innovative technologies.

ACWA is a top private developer, investor, and operator of 75 power and water desalination projects. As a key player in Saudi Arabia’s energy transition, ACWA represents the nation globally across 12 countries on three continents.

In line with ACWA’s commitment to continuous growth and development, the group introduced the Executive Leader Transformation (ELT) Journeys. These journeys have been meticulously designed to foster leadership excellence and further enhance mindsets and skill sets. Since 2022, ACWA has partnered with IMD to bring this journey to life, ensuring that it aligns with the highest standards and with an integrated multidimensional and multi-modality methodology that is a whole human approach to leadership transformation.

Open programs in the MEA region

Interest in open programs grew significantly across the Middle East and Africa in 2024, with increasing participation from executives and managers across industries. These programs provide an opportunity for leaders to develop skills in strategy, governance, and leadership, tailored to the challenges of today’s business environment.

This year saw a particular focus on leadership development, sustainability, and innovation, reflecting the region’s evolving priorities. With professionals seeking to enhance their leadership impact, open programs have provided flexible learning opportunities that complement the leadership agendas of many organizations.

Governance

2024 was a year of transition for IMD’s leadership. After eight years as President, Jean-François Manzoni stepped down to continue his distinguished career as a member of IMD’s faculty. As President, he steered IMD securely through the COVID-19 pandemic, pivoted its strategic focus, and delivered a successful transformation of its programs and research portfolio to deliver record performance, doubling the size of the institution.

Following a smooth handover during the summer, David Bach officially took the helm as IMD President on 1 September 2024, four months after being unanimously appointed by the IMD Supervisory Board. On taking up the role, he appointed a smaller, more integrated Leadership Team to drive forward IMD’s vision to become, and be recognized as, the world’s most impactful business school.

Oversight, guidance, and integrity

IMD’s governance structure is composed of three layers: the Leadership Team, the Supervisory Board, and the Foundation Board.

Our President is appointed by the Supervisory Board and is responsible for proposing the structure and composition of his Leadership Team. He ensures the Supervisory Board is regularly informed about developments, actions, and results, and he delivers an annual activity report to the Foundation Board. Our quality assurance strategy is designed to foster a culture of excellence and innovation in learning and impact.

The Foundation Board, IMD’s highest governing body, in conjunction with the Supervisory Board, ensures that IMD remains relevant to the evolving needs of the global corporate community.

In 2024 the Foundation Board consisted of 51 members. At their annual meeting each November, members approve IMD’s overall strategic direction and financial results, and elect board members.

Strong financial governance

IMD has measures and processes in place to ensure its financial management is accurate, compliant, and reliable. The institute’s financial statements are prepared according to Swiss GAAP FER and are audited annually by PwC.

Foundation Board

Members review and approve IMD’s audited financial statements and overall strategic direction. Members serve three-year renewable terms and meet annually in June and November.

Supervisory Board

The Chairman of the Foundation Board presides over the Supervisory Board. Members oversee IMD’s operations. Members meet at least twice a year, in addition to the annual Foundation Board meeting. The Supervisory Board appoints the President on five-year renewable terms.

Leadership Team

The President appoints senior staff, including the Chief Financial Officer, to the Leadership Team. Together, they are responsible for carrying out the institute’s strategic priorities on an operational level. The Leadership Team sets IMD’s business goals, financial targets, and annual budgets, all in alignment with the strategic guidelines set by the Supervisory Board.

Scholarship Foundation Board

The Scholarship Foundation is administered by a board of at least 12 members of three-year renewable terms. Members are elected by a simple majority. The Board appoints its auditor and its own officers, including the Chair.

Foundation & Supervisory Board

IMD Southeast Asia PTE Ltd Executive Learning Center

IMD China Co., Ltd China

The Leadership Team

The current Leadership Team:

David Bach President of IMD, Nestlé Professor of Strategy and Political Economy

Louis Leclézio Chief Operations Officer

Peggy Le Roux Chief Finance Officer

Misiek Piskorski Professor of Digital Strategy, Analytics and Innovation and Dean of Executive Education

Stefan Michel Professor of Management, Dean of Faculty and Research

Sarah Toms Chief Innovation Officer

The Supervisory Board

In 2024, the IMD Supervisory Board consisted of nine members:

Michel Demaré Chairman of the Foundation and Supervisory Boards Chair AstraZeneca PLC

Hana Al Rostamani Group Chief Executive Officer First Abu Dhabi bank

Damien O’Brien Non-Executive Director Ardagh Group and Redrock Leisure Group

Hanne de Mora Vice Chairperson of Foundation and Supervisory Boards, Co-Founder a-connect Group AG

Liselott Kilaas Chairperson Coala Life, IMD MBA 1987

Woods Staton Executive Chairman of the Board Arcos Dorados, IMD MBA 1976

Gilbert Achermann

Designated Chair of Sonova, Chair of Unilabs and Chair of Ypsomed, IMD EMBA 2000

Jørgen Vig Knudstorp Deputy chair of the LEGO Foundation, board member of LEGO Group and of Starbucks

Su-Mei Thompson

Chief Executive Officer Media Trust, IMD MBA 2001

The Foundation Board

In 2024, the Foundation Board consisted of 51 members:

Michel Demaré Chairman of the Foundation and Supervisory Boards, Chair AstraZeneca PLC

Christoph Aeschlimann

Chief Executive Officer Swisscom AG

Abdulrahman Al Jadhai

Former Chief Executive Officer Elm

Martijn Brenninkmeijer Chairman of the Board COFRA Holding AG, IMD MBA 1999

Jo Deblaere

Owner Blaarweyde

Hanne de Mora Vice Chairperson of Foundation and Supervisory Boards, Co-Founder a-connect Group AG

Hana Al Rostamani

Group Chief Executive Officer First Abu Dhabi bank

Vinita Bali

Non-Executive Director and Member of the Board Syngene International Ltd

Richard Carey Managing Member Redwood Technology Ventures LP, IMD MBA 1996

Barbara Frei

Executive Vice President, Industrial Automation Schneider Electric, IMD EMBA 2007

Gilbert Achermann

Designated Chair of Sonova, Chair of Unilabs and Chair of Ypsomed, IMD EMBA 2000

Tiina AlahuhtaKasko

President & Chief Executive Officer Marimekko Corporation

Joan Beets Managing Partner Kennedyfitch GmbH, Alumni representative, IMD MBA 2012

Alain Dehaze Chairman and Member of Boards GGE and Eiffel

Harsh Goenka Chairman RPG Enterprises, IMD MBA 1979

Boris Collardi Member of the Board EFG International AG

Jahangir (Jan) Doongaji Chief Executive Officer Hilti Corporation

Michael Hengartner

President ETH BoarD, IMD EMBA 2008

Frédéric Herman Rector UNIL

Jouko Karvinen Chairman of the Board Finnair OYJ & Solidium

Michel Liès Chairman Zurich Insurance Group

Geraldine Matchett Board member ABB

Bernhard Nuesser

Chief Executive Officer Heron Optique et Audition, IMD MBA 1998

Sami Rahal Chief Executive Officer Deloitte DCE

Thomas Schmidheiny

Honorary Chairman of the Board of Directors Holcim, IMD MBA 1972

Karen Huebscher Non-Executive Director and Chairwoman of the audit committee Sandoz Group AG, IMD EMBA 2000

Liselott Kilaas Chairperson Coala Life, IMD MBA 1987

Margarita Louis-Dreyfus Chairperson of the Board LDC Board Louis-Dreyfus Commodities

Loïc Moutault President, Mars Petcare

Damien O’Brien Non-Executive Director Ardagh Group and Redrock Leisure Group

Philipp Rickenbacher

Chief Executive Officer Julius Bär (until February 2024)

Mark Schneider

Chief Executive Officer Nestlé SA (until August 2024)

Ilham Kadri CEO, Syensqo

Jørgen Vig Knudstorp

Deputy chair of the LEGO Foundation, board member of LEGO Group and of Starbucks

Jean-François Manzoni

President and Nestlé Chaired Professor IMD (until August 2024)

Martin Naville

Chief Executive Officer the SwissAmerican Chamber of Commerce

Adolfo Orive

President and Chief Executive Officer Tetra Pak

Thomas Schineker

Chief Executive Officer, Roche Group

Ulrike Schwarz-Runer

Managing Director, Senior Partner and Global General Counsel BCG

Stefan Seiler CHRO UBS

Jakob Stausholm Chief Executive Officer Rio Tinto

Marie-France Tschudin

Board member AXA, IMD MBA 2000

Martin Vetterli President EPFL

Peter Wuffli

Feike Sijbesma

Chairman of the Supervisory Board at Philips and Co-Chair at Global Center on Adaptation

Mostafa Terrab Chairman and Chief Executive Officer OCP Group

Robert Uggla Chief Executive Officer A.P. Møller Holding A/S

Penelope Warne Founder LawEverything

Since 1 January 2020, former Foundation Board member and Chairman Peter Wuffli has attended Foundation Board meetings as Honorary Chairman.

Woods Staton

Executive Chairman of the Board Arcos Dorados, IMD MBA 1976

Su-Mei Thompson

Chief Executive Officer Media Trust, IMD MBA 2001

Dolf van Den Brink Chief Executive Officer Heineken

John Weeks Professor of Leadership and Organizational Behavior IMD

Financial information

2024 marked another record year for IMD, with operating revenues reaching 171.8m CHF, a slight increase of 0.6% over the previous year. Total revenues generated by executive education accounted for 87% of total operating revenues, with open and online programs contributing 34% and custom programs 53%. The MBA and EMBA degree programs generated 12% of total operating revenues, while other revenues amounted to 1%.

Our growth in 2024 was driven by strategic investments in innovation and AI, particularly through custom-built GenAI, which transformed classroom learnings into dynamic conversations. This progress was supported by our extensive portfolio featuring over 372 custom programs and more than 184 online and open programs. The institution’s strong international perspective and the excellence of our faculty remain pivotal to our success.

Europe continues to be our main market, contributing 59% of total revenues.

However, our geographic diversification has brought more leaders across regions to benefit from our programs. Our Middle East & Africa (MEA) presence achieved 32% higher revenues than the previous year while Asia saw a 10.3% increase in revenues.

Looking ahead to 2025

As we move into 2025, we recognize the economic growth and geopolitical uncertainties that lie ahead. IMD remains committed to navigating these challenges while continuing our mission to create impactful change.

Revenue 2024 (%)

Face-to-face & blended

Balance sheet as of December 2024 (%)

Our purpose to foster a prosperous, sustainable, and inclusive society has never been more pertinent.

In 2024, IMD continued to lead the way in executive education, research, and partnerships that magnify our impact on society.

Our degree and executive education programs continue to catalyze change, empowering leaders to navigate transformation courageously.

In 2024, we achieved significant milestones that underscore our commitment to reducing our impact on the environment and fostering inclusion. These achievements motivate us to continue with our efforts.

We continued to deepen the integration of sustainability into our programs this year.

We are advancing the understanding of a broad range of pertinent issues through interdisciplinary collaboration and accelerating action.

We proactively seek partnerships with likeminded organizations and key stakeholders who share our passion for fostering impactful change.

We have achieved remarkable milestones, reaffirming IMD’s position as a global leader in business education that drives impact.

We remain steadfast in our commitment to developing leaders and organizations that contribute to a more prosperous, inclusive, and sustainable world.

Learn more about our sustainability journey

Accreditations

Reaccreditation by AACSB

In November, our prestigious Association to Advance Collegiate Schools of Business accreditation was renewed for the maximum term of six years, until 2030.

“This reaccreditation recognizes our continuous pursuit of excellence. The achievement reflects the efforts of our faculty, staff, and alumni toward driving innovation and fostering impactful change in pursuit of our mission to be the most impactful business school in the world.”

— David Bach, President and Nestlé Professor of Strategy and Political Economy

Swiss accreditation professionals convene at IMD

In August, IMD hosted a daylong meeting of accreditation professionals from ten Swiss-accredited universities to share best practices. The institutions attending included the University of Geneva, the University of St. Gallen, and the University of Zurich.

The renewal of accreditation followed a threeday review visit in June during which a panel of international business deans interviewed 49 individuals from the Board, Executive Committee, faculty, staff, and degree program populations.

The reviewing deans, in their final report, commended the innovative forward-thinking design of the institute’s learning programs and the impressive reach of research and thought leadership.

“A strong sense of community and shared vision was evident in all meetings with faculty and staff,” reads the reviewers’ report, which described IMD as a “global leader in high-impact executive and postgraduate business education and thought leadership.”

The report praised IMD’s success in “taking the innovations developed during [the pandemic] time and weaving them into its program delivery and design post-pandemic.”

Accreditations, certifications, and labels

IMD is accredited as a university institute by the Swiss Accreditation Council under the Federal Higher Education Act. The accreditation confirms the institute’s ability to ensure the quality of its teaching, research, and services.

IMD maintains accreditations from the world’s three leading business education associations: AACSB International, EFMD EQUIS, and AMBA.

D AACSB International: Association to Advance Collegiate Schools of Business

D EFMD EQUIS: European Foundation for Management Development Quality Improvement System

D AMBA: Association of MBAs

IMD holds a gold medal from sustainability rating leader EcoVadis. EcoVadis assesses 150,000+ companies across the four dimensions of the environment, labor and human rights, ethics, and sustainable procurement. The institute rates in the top 5% of all enterprises rated by EcoVadis. The 2024 award was the third consecutive gold medal rating.

IMD’s information security and data protection policies and practices are certified as meeting ISO 27001 Information Security Management and ISO 27701 Privacy Management standards.

IMD is recognized as a VAUD ambassadeur. The awarding of the status is a prestigious recognition awarded by Vaud Promotion for exemplifying excellence, quality, respect, and equal opportunities.

The Business School Impact System label from the European Foundation for Management Development distinguishes business schools that measure and report on their local impacts.

IMD’s impact in Canton Vaud and beyond

With Swiss roots and global reach, IMD is committed to making a sustained positive contribution in Switzerland and beyond.

In 2024, as part of the successful process to renew IMD’s Business School Impact System (BSIS) label, we undertook a comprehensive analysis of our impact in Canton Vaud around seven dimensions: economic, educational, business development, intellectual, ecosystem, societal, and image.

“IMD is a gem that we are proud to host in Lausanne and the canton of Vaud, a gem that strengthens the canton of Vaud as a center of excellence in education and as an innovative economic hub.”

— Isabelle Moret, State Councilor

Showing the breadth and depth of that impact, here are just some of the key findings from our report published in February 2025.

Economic impact

IMD contributed CHF 440m to the Vaud economy and was responsible for 5.4% of all hotel night reservations in Lausanne in 2023.

Educational impact

IMD develops executives’ capacities through its degree, open, and custom programs for many companies based in Vaud. More than 14,500 alumni, including 3,000 in Vaud, are based in the canton and contribute to its vibrant private and public enterprises as well as local startups.

Business development impact

IMD supported almost 30% of the startups named to the Venturelab Top 100 Swiss Startup Award 2024. The startups were mainly supported through the LeadiNNg to Scale-Up program with Innovaud and the IMD Startup competition that partners MBAs and EMBAs with Swiss-based startups.

Intellectual impact

233,000 case studies were sold to more than 1,000 business schools worldwide in 2023, demonstrating the global reach and impact of IMD’s research and thought leadership. The institution has also established itself as a digital shaper. Its white paper, Charting the Future: Switzerland’s path to generative AI leadership in 2024 and beyond, was discussed at the World Economic Forum in Davos and has influenced Swiss policymakers.

Impact within the ecosystem

IMD is well integrated into the ecosystem and has strong partnerships with other Vaud universities such as the collaboration with UNIL-HEC and EPFL through the E4S Center.

Societal impact

A significant 19% reduction in Scopes 1 and 2 and a 6% reduction in Scope 3 from 2021 was achieved in 2023, showcasing IMD’s dedication to environmental responsibility.

Image impact

IMD’s rankings and efforts reinforced Lausanne’s academic reputation, contributing to the city and the canton of Vaud’s standing as a center of excellence in education and entrepreneurship. IMD is a member of Vaud AMBASSADEUR and is recognized as making the canton shine. Furthermore, the World Competitiveness Rankings are highly anticipated and widely shared, influencing policy discussions.

We are proud to be a strong pillar of the economy of Canton Vaud, contributing to its ecosystem by creating jobs, supporting local startups and innovation, enhancing executive capacities, and engaging in research activities. Looking ahead, we are committed to strengthening our ties within Vaud’s dynamic ecosystem while advancing our purpose to create a more prosperous, inclusive, and sustainable world.

David Bach IMD President

Joining forces and collaborating with our partners

Academic partners

Professional institutions

Public authorities

Read the full Impact Report

Cantonal partnerships

Localpartnerships

Partnerships in Suisse romande

Driving positive change

www.imd.org Inspired Motivated Confident Excited Insightful Empowered Satisfied Happy Curious Enlightened Enriched Refreshed Grateful Engaged Challenged Energized Reflective Inspiring Informed Interesting Aware Connected Practical Positive Encouraged Proud Optimistic

Knowledgeable Committed Prepared Focused Equipped Interested Thoughtful Refreshing Relieved Enthusiastic Hopeful Informative Ready Knowledge Thankful Stronger Determined Educated Energetic Fresh Structured Updated Excellent Reassured Wiser Self-aware Awareness

Relevant Challenging Learning Stimulated Engaging Intense Insight More confident Valuable Clear Open Eager Impactful Smarter Professional Exciting Networking Interactive Enabled Intrigued Enlightening Amazing Inspirational Confirmed Impressed Clarity Confidence Network Invigorated Supported Accomplished

Refresh Change Reflecting Improved Eye-opener Inspiration Fulfilled Content Powerful Strategic Strong Motivation Energy Enriching Innovative Effective Fun Surprised Conscious Privileged Re-energized Open-minded Strengthened Growth Leadership Perspective Grounded More aware Fruitful Better prepared

Tel: +41 21 618 01 11 Fax: +41 21 618 07