Subject category:
Entrepreneurship
Published by:
International Institute for Management Development (IMD)
Version: 01.07.2024
Length: 24 pages
Data source: Field research
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Abstract
Peter Goldschmidt became the CEO of pharmaceuticals company STADA in 2018. He was a firm believer in culture as a driving force - and a predictor - of organizational performance and competitiveness. A year earlier, two private equity funds had become majority owners of the 'old' STADA - essentially a loose, decentralized network of country operations. After taking the helm, Goldschmidt made building a growth culture one of the strategic pillars aimed at transforming the company into a leader in consumer health, global generics and specialty pharma. As a major lever to achieve that vision, the CEO put forward four core values to define the new, aspirational brand of STADA's culture: agility, entrepreneurship, integrity and 'one STADA'. In its quest for agility, resilience and speed, STADA's leadership recognized the need for an ambitious transformation that would improve collaboration to leverage learning, talent and technology, while centralizing some processes and reducing duplication and waste. Amid the COVID pandemic, in March 2020, STADA reported the highest production output in the group's 125-year history. By 2022, the company was well on its way to achieving the owners' growth objectives of becoming a strong, well-run organization. In a short span of five years, between 2018 and 2023, STADA built a platform that should allow the business to scale to five times its current size.
Time period
The events covered by this case took place in 2017-2023.Geographical setting
Region:
World/global
Country:
Germany
Featured company
Stada Arzneimittel
Employees:
10000+
Turnover:
EUR 3.8 billion
Industry:
Pharmaceuticals
Subject category:
Entrepreneurship
Published by:
International Institute for Management Development (IMD)
Version: 01.07.2024
Length: 8 pages
Data source: Field research
About
Abstract
Peter Goldschmidt became the CEO of pharmaceuticals company STADA in 2018. He was a firm believer in culture as a driving force - and a predictor - of organizational performance and competitiveness. A year earlier, two private equity funds had become majority owners of the 'old' STADA - essentially a loose, decentralized network of country operations. After taking the helm, Goldschmidt made building a growth culture one of the strategic pillars aimed at transforming the company into a leader in consumer health, global generics and specialty pharma. As a major lever to achieve that vision, the CEO put forward four core values to define the new, aspirational brand of STADA's culture: agility, entrepreneurship, integrity and 'one STADA'. In its quest for agility, resilience and speed, STADA's leadership recognized the need for an ambitious transformation that would improve collaboration to leverage learning, talent and technology, while centralizing some processes and reducing duplication and waste. Amid the COVID pandemic, in March 2020, STADA reported the highest production output in the group's 125-year history. By 2022, the company was well on its way to achieving the owners' growth objectives of becoming a strong, well-run organization. In a short span of five years, between 2018 and 2023, STADA built a platform that should allow the business to scale to five times its current size.
Settings
Time period
The events covered by this case took place in 2017-2023.Geographical setting
Region:
World/global
Country:
Germany
Featured company
Stada Arzneimittel
Employees:
10000+
Turnover:
EUR 3.8 billion
Industry:
Pharmaceuticals
Related
Subject category:
Entrepreneurship
Published by:
International Institute for Management Development (IMD)
Version: 01.07.2024
Length: 8 pages
Data source: Field research