Addressing his first EMBA graduation since assuming the role of IMD President, David Bach, IMD President and Nestlé Professor of Strategy and Political Economy, reminded the graduates that – despite increasing uncertainty in the world – they still had agency.
“At IMD, our theory of change is simple. We believe that change happens because of leaders,” he said.
“You have agency. Your team, your colleagues, your organization, and the whole world expect you to seize that agency, to act, and to make things happen that otherwise would not have happened. To be deliberate, yes; to evaluate options, of course; to try and make good decisions, naturally; but to have a bias for action. To get things done and to rely on ‘what ifs’, not to get paralyzed, but to remind yourself of your role as a leader. Stay true to your inner selves.”
Speaking 15 years after her own EMBA graduation, Caroline Ulbrich, Founder and CEO of Versilia Solutions, recalled how her time at IMD had given her the courage to take new professional and personal paths.
After completing her EMBA, Ulbrich convinced her then-employer, Gategroup, to create an independent online retail provider for low-cost airlines. After four years, she started her own company, founding Versilia Solutions in 2016. The business grew fast, reaching breakeven a year ahead of schedule, but when the COVID pandemic hit, her investors pulled out and the company was fast running out of cash.
The prospect of losing everything she thought defined her – her success, her status – triggered an identity crisis, until Ulbrich realized the need to reconnect with her inner self, focusing on what truly matters and letting go of fears and pressures tied to material achievements. Once she had made this decision, things improved. Just in time, private equity support came through, and by 2022, Versilia Solutions became profitable again.
“In a world that constantly pushes us to look outward for success and validation, it’s easy to forget that true happiness and fulfillment come from within. The way you think and feel will shape your reality far more than anything external,” she told graduates.
“At IMD, we learned to focus on what we can control, but the real work lies in mastering your mind,” she added. “Your thoughts can either limit or empower you. Learning to quiet the noise, stay present, and go beyond your familiar thoughts, belief systems, narratives, and worries will unlock space to tap into your unused potential.”
Love as a driving force for leadership
Vanina Farber, elea Professor of Social Innovation and Dean of the EMBA Program, praised the cohort for their commitment to support and care for each other.
“Over the past 18 months, you’ve demonstrated that love – as a decision, a judgement, and a promise – is the invisible thread that binds great leaders, transforms organizations, and inspires change,” she said.
“I have seen some of you grow from quiet observers to self-assured leaders, ready to reshape the legacies of your businesses. Others have learned to let go of perfection, choosing instead to make space for others to grow and flourish. That decision – to hold space – is an act of love, the kind that builds lasting connections beyond academics.”
As the “Ad Astra” cohort – derived from the Latin for “reach for the stars” – embarks on the next chapter of their lives, Farber urged the graduates to embrace a model of leadership that creates opportunities for others and builds connections across divides.
Team spirit, trust, and optimism
A tradition of the EMBA graduation is closing with speeches from two “EMBAssadors” who have been selected by their peers. Sharon Anderes, Global Corporate Communications Manager at Nestlé Nespresso and Felix Hug, Head of Business Unit Retail at Pacovis AG, praised the “Ad Astra” class for supporting each other to make the impossible possible.
“It’s this blend of tenacity and teamwork that transforms potential into real, tangible achievements. As we move forward, let’s keep channeling that same spirit, supporting each other, pushing through challenges together—because that’s how we turn aspirations into reality,” said Anderes.
Hug praised his peers for fostering an environment based on team spirit, trust, and optimism. “Today’s world is full of other kinds of challenges: uncertainty in the global supply chain, the stock market, wars, competition, new technologies that we cannot control. The only thing we can control is the conditions within the organizations we create. And we have created a very powerful organization based on trust,” he said.
“Let us go out there and proactively share what we have learnt. This is where leadership matters. That is our mission as leaders.”
