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This is the first of a two-case series (803-063-1 and 807-001-1). The case study evolves around the business career of Ruben Vardanain, the CEO of Russian investment bank Troika Dialog. It follows the evolution of the business and Vardanian''s leadership style over the period of ten years, focusing on turning points and decisions the CEO had to make with regard to his vision for the business, its business model, organisational culture and human resource management systems. Students are expected to get insights into the nature of leadership and factors contributing to the development of a particular leadership style. Problems of growth of entrepreneurial organisations operating in a changing environment will be examined through the prism of people management. Students are expected to enrich their understanding of the Russian business environment and the style of new Russian entrepreneurs. There is a Russian translation available ''R803-063-1''.