Leading Corporate Transformation: The WHU Podcast, powered by PwC

How do you transform a company founded in 1865, with the world's largest chemical site at its heart, when energy costs, Chinese overcapacity and tariffs all hit at the same time?

In this episode, recorded in Ludwigshafen, Dr. Dirk Elvermann, CFO and CDO of BASF, explains what the new strategy "Winning Ways" changes in day-to-day work. A company built on the expertise of its scientists naturally generates more good ideas than it can ever pursue. This is why he asked his colleagues for something simple: don't give me your 100 ideas, give me your best five.

We talk about the energy shock, from the €6.5 billion write-down following the exit from Russia to a gas supply he describes as safe for a long time. Dirk also gives a clear answer on the future of Ludwigshafen: smaller, but smarter and more powerful, with around 90 % of the plants now fully competitive even against imports from China.

The conversation turns to the portfolio, and why two similar-looking businesses took different routes — Coatings into a partnership with Carlyle, Agricultural Solutions towards an IPO. Dirk explains that the starting point was never the transaction itself but the value.

Being CFO and CDO in one person, Dirk has a very practical view on AI. His most used tool is a finance and controlling agent called FOX, which he chats with on Teams. Fox is always online, answering in seconds what he would once have passed to his staff functions. And he explains why the AI debate only becomes useful once it is attached to a real problem.

We close with Dirk's own story, about law and economics, M&A, Hong Kong, running the business in Poland, eight roles in 23 years, and his advice to younger leaders: stay curious, never accept the status quo, and do the job you have with full honesty and professionalism.

Guest Dr. Dirk Elvermann, CFO & CDO – BASF

Hosts Prof. Dr. Martin Glaum, WHU – Otto Beisheim School of Management; Gori von Hirschhausen, PwC Germany

Editorial Team Annika Lux-Röhrig; Annika Wicht

How does a global consumer and industrial company balance heritage brands, science-led innovation, and investor expectations when markets suddenly slow down?

In this episode, Astrid Hermann, CFO of Beiersdorf, explains how Beiersdorf manages a portfolio that spans mass skincare, fast-growing dermatological brands, and luxury. She also speaks about why Derma has become a core pillar after tripling since 2016, and how innovation often gets launched there first, where the science can be explained through dermatologists rather than a six-second ad.

We dive into the current demand environment, the 2025 market slowdown she describes as unusually broad-based, and what it means when guidance has to be revised.

The conversation further turns to Beiersdorf’s industrial side, Tesa, and why it is not a diversification add-on but part of the company’s origins. Astrid outlines the innovation pressure in electronics and e-mobility, from ultra-thin tapes for devices to debonding and recycling requirements. We also talk about operating a listed company with a majority shareholder: how long-term backing can help avoid short-term “wrong decisions,” while public markets still force clarity, credibility, and delivery.

We close with Astrid’s personal story, from an early move to the US and two decades in American corporates to lessons on finance as a business partner, flexible leadership with family life, and why humor matters when the world feels heavy.

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Editorial Team

What is the perspective of one of the world’s leading technology companies on the future of Artificial Intelligence? In this episode, Christian Schätz, COO of Microsoft Deutschland, discusses how Microsoft scales innovation while adapting to Germany’s regulatory, operational, and cultural environment.

Christian explains why Microsoft views AI as a copilot rather than an autopilot — a technology built to augment human capability. He shares how Microsoft, as “customer Zero” applies AI internally, from natural-language access on core business systems to significant efficiency gains in customer support and global shared services.

The conversation turns to Germany’s adoption dynamic, shaped by engineering rigor, regulatory depth, and the role of workers’ councils. Christian describes how Microsoft balances its global strategy with local expectations around security, sovereignty, and trust — and why the company’s shift from a know-it-all to a learn-it-all culture is crucial in this fast-moving environment.

We close with Christian’s personal leadership journey, from hotel management to the C-suite, and his advice for young professionals preparing for an AI-driven future — centered on curiosity, continuous learning, and the ability to “get stuff done.”

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Editorial Team

How does one of the world’s leading private investment houses balance agility, scale, and purpose?

In this episode, we sit down with Jan Philipp Schmitz, Executive Vice President and Member of the Executive Committee at Ardian, to explore how the firm has grown from a management buyout of AXA Private Equity into a $192 billion global investment leader.

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Editorial Team

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