Strategy

- April 2025
- Case
#FutureFresenius: Implementing a New Strategy to Transform the Company and Advance Patient Care

By: David J. Collis, Benjamin C. Esty and Haisley Wert

In February 2024, Fresenius CEO Michael Sen reflected on the company’s transformation journey from his office in Bad Homburg, Germany. With revenues of 22 billion and a mission to advance patient care, Fresenius had built a strong reputation through decades of acquisitions and dividend growth. However, between 2017 and 2022, the company’s share price dropped over 70% as financial and operational performance sharply declined. When Sen became CEO in October 2022, he recognized the need for a fundamental reset. In response, Sen and the leadership team launched #FutureFresenius, a bold transformation plan that began with changes to the company’s structure, portfolio, and financial framework. By early 2024, key structural changes were in motion, and momentum was building. Looking ahead, the turnaround required deeper cultural shifts and further development of the company’s target operating models. Sen believed in the progress made but faced a critical question: Was Fresenius executing the transformation in the right sequence, at the right speed, and with the right priorities to ensure long-term success? This case study examines the challenges of corporate transformation, the role of leadership in driving change, and the importance of aligning stakeholders in a high-stakes turnaround.
- April 2025
- Case
#FutureFresenius: Implementing a New Strategy to Transform the Company and Advance Patient Care

By: David J. Collis, Benjamin C. Esty and Haisley Wert

In February 2024, Fresenius CEO Michael Sen reflected on the company’s transformation journey from his office in Bad Homburg, Germany. With revenues of 22 billion and a mission to advance patient care, Fresenius had built a strong reputation through decades of acquisitions and dividend growth. However, between 2017 and 2022, the company’s share...
- 2025
- Working Paper
Prices and Concentration: A U-shape? Theory and Evidence from Renewables

By: Michele Fioretti, Junnan He and Jorge Tamayo

We show that when firms compete via supply functions, transferring high-cost capacity to the largest, most efficient firm—thereby diversifying its production technologies while increasing concentration—can lower prices by prompting the leader to expand output and competitors to aggressively defend market shares. However, large transfers prove anticompetitive, as sizable capacity differences discourage price undercutting. Exploiting renewable intermittencies in Colombia’s electricity market, where firms are technology-diversified, we consistently find a U-shape relationship between prices and concentration. Counterfactually reallocating 30% of competitors’ high-cost capacities to the leader cuts prices 10%, while larger transfers raise them, revealing how capacity and efficiency influence market power.
- 2025
- Working Paper
Prices and Concentration: A U-shape? Theory and Evidence from Renewables

By: Michele Fioretti, Junnan He and Jorge Tamayo

We show that when firms compete via supply functions, transferring high-cost capacity to the largest, most efficient firm—thereby diversifying its production technologies while increasing concentration—can lower prices by prompting the leader to expand output and competitors to aggressively defend market shares. However, large transfers prove...
- April 2025
- Case
Netflix in 2024

By: Jan Rivkin and David Allen

In 2024, Netflix appeared to emerge victorious from the “streaming wars” that it had waged in recent years with the likes of Disney, Warner Bros. Discovery, Apple, and Amazon. What had allowed Netflix not only to succeed in the streaming wars but also to thrive for decades in the face of a series of technological changes? And what must the company do to meet the threats and opportunities that lay ahead?
- April 2025
- Case
Netflix in 2024

By: Jan Rivkin and David Allen

In 2024, Netflix appeared to emerge victorious from the “streaming wars” that it had waged in recent years with the likes of Disney, Warner Bros. Discovery, Apple, and Amazon. What had allowed Netflix not only to succeed in the streaming wars but also to thrive for decades in the face of a series of technological changes? And what must the company...

About the Unit

The Strategy unit studies firms as competitors in an economic landscape. Key issues include: the development and effectiveness of firm strategy at both a business and corporate level; the analysis of the competitive environment; and the sustainability of strategy over time.

Our research, course development, and teaching draws on multiple disciplines, including economics, sociology, and political science, and focuses on both domestic and global competition. The objective of the work is to generate findings and develop concepts that will help managers improve their strategic decisions while advancing the state of knowledge in the academic study of strategy and related disciplines.

Recent Publications

Aramco: Navigating the Energy Transition

By: Tarun Khanna and Samir Junnarkar

April 2025 |
Teaching Note |
Faculty Research

Keywords: Energy Transmission; Oil ＆ Gas; Economic Diversification; Corporate Strategy; Leadership; Business Strategy; Goals and Objectives; Transition; Environmental Sustainability; Diversification; Energy Industry; Saudi Arabia

Citation

Purchase

ZEISS: Commercializing Science

By: Maria P. Roche

April 2025 |
Teaching Note |
Faculty Research

Teaching Note for HBS Case No. 725-359.

Citation

#FutureFresenius: 'Committed to Life' in 2024 and Beyond (B)

By: David J. Collis, Benjamin C. Esty and Haisley Wert

April 2025 |
Supplement |
Faculty Research

From February 2024 onward, Fresenius SE & Co. KGaA continued to make progress on the #FutureFresenius transformation that CEO Michael Sen had initiated in October 2022. The company had completed the initial "reset" phase and moved into the "revitalize" portion of the transformation, which the company would continue to implement through the end of 2024.

Keywords: Corporate Strategy; Finance; Transformation; Leading Change; Health Industry; United States; Germany

Citation

Purchase

#FutureFresenius: Implementing a New Strategy to Transform the Company and Advance Patient Care

By: David J. Collis, Benjamin C. Esty and Haisley Wert

April 2025 |
Case |
Faculty Research

In February 2024, Fresenius CEO Michael Sen reflected on the company’s transformation journey from his office in Bad Homburg, Germany. With revenues of 22 billion and a mission to advance patient care, Fresenius had built a strong reputation through decades of acquisitions and dividend growth. However, between 2017 and 2022, the company’s share price dropped over 70% as financial and operational performance sharply declined. When Sen became CEO in October 2022, he recognized the need for a fundamental reset. In response, Sen and the leadership team launched #FutureFresenius, a bold transformation plan that began with changes to the company’s structure, portfolio, and financial framework. By early 2024, key structural changes were in motion, and momentum was building. Looking ahead, the turnaround required deeper cultural shifts and further development of the company’s target operating models. Sen believed in the progress made but faced a critical question: Was Fresenius executing the transformation in the right sequence, at the right speed, and with the right priorities to ensure long-term success? This case study examines the challenges of corporate transformation, the role of leadership in driving change, and the importance of aligning stakeholders in a high-stakes turnaround.

Keywords: Strategic Planning; Corporate Strategy; Transformation; Finance; Leading Change; Organizational Culture; Organizational Structure; Alignment; Health Industry; Germany; United States

Citation

Educators

Purchase

Prices and Concentration: A U-shape? Theory and Evidence from Renewables

By: Michele Fioretti, Junnan He and Jorge Tamayo

2025 |
Working Paper |
Faculty Research

We show that when firms compete via supply functions, transferring high-cost capacity to the largest, most efficient firm—thereby diversifying its production technologies while increasing concentration—can lower prices by prompting the leader to expand output and competitors to aggressively defend market shares. However, large transfers prove anticompetitive, as sizable capacity differences discourage price undercutting. Exploiting renewable intermittencies in Colombia’s electricity market, where firms are technology-diversified, we consistently find a U-shape relationship between prices and concentration. Counterfactually reallocating 30% of competitors’ high-cost capacities to the leader cuts prices 10%, while larger transfers raise them, revealing how capacity and efficiency influence market power.

Keywords: Diversified Production Technologies; Concentration Levels; Market Power; Supply Function Equilibrium; Hydropower; Energy Transition; Renewable Energy; Price; Competition; Supply and Industry; Energy Industry; Colombia

Citation

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What IKEA Do We Want?

By: Juan Alcácer

April 2025 |
Teaching Note |
Faculty Research

Teaching Note for HBS Case No. 720-429.

Citation

Purchase

Netflix in 2024

By: Jan Rivkin and David Allen

April 2025 |
Case |
Faculty Research

In 2024, Netflix appeared to emerge victorious from the “streaming wars” that it had waged in recent years with the likes of Disney, Warner Bros. Discovery, Apple, and Amazon. What had allowed Netflix not only to succeed in the streaming wars but also to thrive for decades in the face of a series of technological changes? And what must the company do to meet the threats and opportunities that lay ahead?

Keywords: Entertainment; Film Entertainment; Television Entertainment; Digital Platforms; Internet and the Web; Organizational Culture; Strategy; Adaptation; Business Strategy; Entertainment and Recreation Industry; Motion Pictures and Video Industry; United States

Citation

Educators

Training Within Firms

By: Brayan Diaz, Andrea Neyra-Nazarrett, Julian Ramirez, Raffaella Sadun and Jorge Tamayo

2025 |
Working Paper |
Faculty Research

Training investments are essential for improving worker and firm productivity, yet their implementation is often hindered by low participation rates and insufficient worker engagement. This study uses data from three firms–a car manufacturer, a quick-service restaurant chain, and a retail company–to show that variation in training participation among employees is closely tied to differences in middle managers’ behavior and practices. Middle managers who actively engage with their employees and emphasize their well-being and development are associated with significantly higher participation in training programs. These managerial differences significantly influence employee performance and absenteeism, especially during periods of organizational change. Together, these findings underscore the importance of middle managers in bridging the gap between centrally designed HR policies and their effective on-the-ground execution.

Keywords: Productivity; Absenteeism; Middle Managers; Training; Management Practices and Processes; Performance Productivity; Employees

Citation

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