How do you steer a 350-year-old global science and technology company through complex transformation while balancing short-term market expectations and long-term family ownership?

In this episode, we speak with Helene von Roeder, CFO of Merck, a diversified company operating in healthcare, life sciences, and electronics. We explore how Merck navigates M&A strategy across highly specialized sectors, why capital allocation can be a competition between business units, and how conglomerate structure can be a strength - if properly managed.

Helene shares her views on pharma portfolio, the strategic rationale behind the $3B SpringWorks acquisition, and how internal R&D capabilities remain crucial even in a buy-to-innovate world. We also discuss the implications of tariffs, geopolitical uncertainty, and the evolving US-China dynamic for Merck’s global supply chain and investment logic.

Finally, Helene reflects on her own career path: from physics and investment banking to the executive floor and why failure, resilience, and a healthy dose of humility matter just as much as financial discipline.

Guest: Helene von Roeder, CFO of Merck KGaA

Hosts: Prof. Dr. Martin Glaum & Gori von Hirschhausen

Editorial Team: Simon Görlach, Annika Lux-Röhrig

What does it take to transform one of Europe’s largest utility companies from a legacy coal and nuclear powerhouse into a leader in global renewables?

In this episode, we speak with Dr. Michael Müller, CFO of RWE AG, about steering one of Germany’s most iconic energy companies through structural upheaval, international expansion, and shifting regulatory environments. From its roots as a diversified conglomerate to a focused player in power generation with a portfolio increasingly dominated by renewables, RWE exemplifies what transformation at scale truly means.

We discuss the strategic rationale behind RWE’s separation from grid operations, how trading and asset optimization became a central pillar of their business model, and why building international teams with local autonomy is key to growth in markets like the US, UK, and the Netherlands.

Michael reflects on the impact of geopolitics and regulation on long-term capital investment decisions, the future of energy affordability and security, and the role of active portfolio management in driving returns in volatile markets. He also shares insights into RWE’s decision to reduce its €55B investment program, the influence of hedge funds like Elliott, and the increasing importance of digitalization and AI in energy trading.

Finally, Michael opens up about his own career journey—from engineering and a PhD in turbomachinery to corporate finance and executive leadership—and why taking ownership, managing risk culture, and staying commercially curious are key traits for modern CFOs.

Guest: Dr. Michael Müller, CFO of RWE AG

Hosts: Prof. Dr. Martin Glaum & Gori von Hirschhausen

Editorial Team: Annika Lux & Simon Görlach

How do you bring management and investor views together to successfully transform a company for growth? In this episode, we explore this question with Dr. Sven Oleownik, Partner at EMERAM Capital Partners. EMERAM is a Munich-based private equity firm focused on the DACH region, specializing in mid-sized companies. Together, we examine the company’s approach to nurturing leadership teams and consider the investor's perspective on the roles that CEOs and CFOs play within an organization.

Sven also shares his insights on the challenges and opportunities in the current private equity landscape and discusses the key factors that EMERAM considers when evaluating potential new deals.

Guest: Dr. Sven Oleownik of EMERAM CAPITAL PARTNERS GMBH

Hosts: Prof. Dr. Serden Ozcan & Gori von Hirschhausen

Editorial Team: Simon Görlach & Marvin Schöne

How can a family-owned company navigate the industry-wide transformation while maintaining financial stability? AVL List, a €2 billion company located in Graz, Austria, is a leader in engine technology. With the car industry’s shift to electric vehicles, AVL List needs to transform itself, too. This requires substantial investments. As Yorck Schmidt, AVL List’s CFO, explains, "We have invested more than €1 billion over the last 4 years and will invest up to another €700 million within the next three years."

Guest: Dr. Yorck Schmidt

“We grew by more than 100% for 12 quarters in a row." Today, the market reality of the food delivery business has changed. Fierce competition, devaluations, and strong pressure from investors to turn the business profitable are the dominating forces. Join us for an interesting discussion in which, together with Emmanuel Thomassin, we talk about the future of the food delivery business model and how the company is working on becoming profitable. Also, listen to some interesting insights on successful deal-making strategies and how Delivery Hero is challenging fierce competition in multiple global markets at once.

Guest: Emmanuel Thomassin former CFO Delivery Hero

Hosts: Martin Glaum & Gori von Hirschhausen 

Editorial Team: Simon Görlach & Marvin Schöne 

Note: Marie-Anne Popp is the current interim CFO of Delivery Hero

Bayer AG is one of the most important German companies in the life science business.

Join us for an interesting discussion on what lies ahead for Bayer and how the company will transform in the coming years.

Guest: Wolfgang Nickl

In this new episode of the Leading Corporate Transformation podcast, Professor Martin Glaum from WHU and Gori von Hirschhausen from PwC Germany interview Kai Andrejewski, the CFO of the Sixt Group.

In the latest episode of Leading Corporate Transformation, Prof. Serden Ozcan and Gori von Hirschhausen from PwC Germany interview the Chair Managing Director of Keysight Technologies Germany, Dr. Joachim Peerlings. He talks about the history of his company and how its operations have evolved over the years. Learn more about the business of Keysight Technologies and what impact the company has today. Also get information about what it's like as an US company to operate out of Germany and how the company is currently working with AI. You'll learn insights on how to keep a company agile as it grows and what leadership advice Joachim would give you for your career.

In this new episode, Prof. Serden Ozcan and Gori von Hirschhausen from PwC Germany discuss with Gillian Drakeford, former Head of Global Retail Experience at INTER IKEA Group. She talks about her long career at IKEA and her role as a CEO in China, United Kingdom and Ireland . Gillian explains the company's biggest strategic and operational challenges and also looks at the company's ability to increase its profitability. Learn what three things had to happen for a successful digital transformation at IKEA and what personal tips Gillian would give you for your career.

In this episode of Leading Corporate Transformation, Professor Martin Glaum of WHU and Gori von Hirschhausen of PwC Germany are joined by Harald Wilhelm, CFO of the Mercedes Benz Group. In their conversation about the fundamental changes within the Mercedes Benz Group in times of transformation, Harald Wilhelm explains the 6-pillar strategy the company is pursuing and goes into more detail about their transition to e-mobility. He also addresses the question of how better financial services can be integrated into the company and which specific requirements he identifies in his own finance function at Mercedes Benz Group. While listening to this episode, you will also get insights about the Chinese market as a competitor in electricity and the significance of ESG for Mercedes Benz Group.