Leaders Unplugged

Kati ter Horst on being a first-time CEO when the old rules are gone

Kati ter Horst leads Outokumpu, the world's leader in sustainable stainless steel, at a moment when the old assumptions of globalization are breaking down. In this episode of Leaders Unplugged, she joins IMD President David Bach to discuss her transition from board member to first-time CEO, and how she is building a new strategy for her colleagues in nearly 30 countries, while navigating tariffs, AI, and geopolitical conflicts. Kati’s warning is direct: “the rules are gone.” Her call to action is equally clear: “Europe can compete.” And one of her key learnings from the first 18 months as CEO? “You have to protect your time.” Our guest: Kati ter Horst is President and CEO of Outokumpu, the Helsinki-based global leader in sustainable stainless steel. She has been in the role since October 2024, after nearly a decade on the company’s board. Before Outokumpu, she held senior leadership roles at Stora Enso and Aliaxis, gaining deep experience in manufacturing, sustainability, and large-scale transformation.

Oona Hathaway, should we still believe in the global order?

Oona Hathaway on war, global rules, and why business leaders may regret staying silent as international law is violated. Why does international law matter? How illegal is the Iran war? And what does business have to do with it?  In this episode of Leaders Unplugged, IMD President David Bach hosts Yale professor Oona Hathaway for a candid conversation about war, international law, and the growing strain on the post-war global order. Hathaway argues that international law is often most important when it is least visible: it works “in the background,” shaping what states know they can and can’t do. But when leaders start treating the rules as optional, even the unthinkable suddenly seems possible. As she puts it, “international law tends to be fairly invisible when it’s working well,” but now “the Trump administration is putting this all on the table.” She also warns that “business leaders have been really quiet,” even as the erosion of legal norms introduces new volatility into global markets. Her message to them is clear: “If they don't speak out and if the president actually does what he's threatening to do, we're going to be in a much more unstable world where business is going to be extraordinarily risky.”  Our guest Oona Hathaway Gerard C. and Bernice Latrobe Smith Professor of International Law, Yale Law School Oona Hathaway is one of the world’s leading experts on international law and global governance. She is a professor at Yale Law School and Yale University, and president-elect of the American Society of International Law. She is co-author of The Internationalists: How a Radical Plan to Outlaw War Remade the World, and author of the upcoming book, Citizens. LinkedIn: https://www.linkedin.com/in/oona-hathaway [https://www.linkedin.com/in/oona-hathaway]BlueSky: https://bsky.app/profile/oonahathaway.bsky.social [https://bsky.app/profile/oonahathaway.bsky.social] Yale profile: https://law.yale.edu/oona-hathaway [https://law.yale.edu/oona-hathaway] Personal website: oonahathaway.com [http://authory.com/OonaHathaway/subscribe] Resources * Over 100 International Law Experts Warn: U.S. Strikes on Iran Violate UN Charter and May Be War Crimes: https://www.justsecurity.org/135423/professors-letter-international-law-iran-war/ [https://www.justsecurity.org/135423/professors-letter-international-law-iran-war/]  * The Internationalists (Hathaway & Shapiro): https://www.penguinrandomhouse.com/books/561345/the-internationalists-by-oona-a-hathaway-and-scott-j-shapiro/ [https://www.penguinrandomhouse.com/books/561345/the-internationalists-by-oona-a-hathaway-and-scott-j-shapiro/]   * UN Charter: https://www.un.org/en/about-us/un-charter [https://www.un.org/en/about-us/un-charter]  * Geneva Conventions: https://www.icrc.org/en/war-and-law [https://www.icrc.org/en/war-and-law]

Kirsty Coventry (IOC) on why leaders should train - and fail - like Olympians

In this episode of Leaders Unplugged, David Bach sits down with IOC President Kirsty Coventry to explore how she is navigating one of the most complex leadership roles in global sport today. From the IOC’s new transgender policy on women’s sports – “it's very clear on the medical and scientific proof that transgender athletes have an advantage” – to the success of Milano Cortina and the future relevance of the Olympic Games, Coventry offers a candid look at how she makes decisions under pressure. As the first woman and first African in her role, Coventry also describes a strategic shift she is pushing for inside the IOC: away from trying to be “everything to everyone… but a little bit unrealistic” and toward a sharper focus on the core of the Olympic Games. Her message for leaders everywhere is clear: “If everyone's happy then you're probably not doing the right thing.” Drawing on her experience as an Olympic champion, she makes the case that athletes may offer a blueprint for modern leadership: “We are consistently good at getting criticism – because it's the one way we get better.”  Our guest Kirsty Coventry President, International Olympic Committee Kirsty Coventry is the President of the International Olympic Committee, the first woman and first African to hold the role. A Zimbabwean former swimmer, she is a multiple Olympic medalist, served as Zimbabwe’s Minister of Sport, and previously chaired the IOC Athletes’ Commission. LinkedIn: https://zw.linkedin.com/in/kirsty-coventry [https://zw.linkedin.com/in/kirsty-coventry]Instagram: https://www.instagram.com/officialkirstycoventry/ [https://www.instagram.com/officialkirstycoventry/]IOC profile: https://www.olympics.com/ioc/mrs-kirsty-coventry [https://www.olympics.com/ioc/mrs-kirsty-coventry]Athlete profile: https://www.olympics.com/en/athletes/kirsty-leigh-coventry [https://www.olympics.com/en/athletes/kirsty-leigh-coventry]

Can NIO reinvent the automotive industry, Mark Zhou?

A decade ago, NIO was an idea. Today, the Chinese startup is one of the most innovative electric mobility brands in the world. On this episode of Leaders Unplugged,  Mark Zhou, Executive VP and Chairman of NIO’s Product Committee, shares how they did it – and what’s next. Mark recalls that NIO’s founder William Li “only gave us like 36 months… to set up a company, grow the organization, deliver the vehicles, set up the power swap stations.” For him and other early hires who joined the company from legacy competitors, accustomed to carefully sequenced five-year plans, this wasn’t just ambitious — it was radical. But NIO’s real differentiation comes from its founder’s background in mobile apps, with an obsession for community and experience design. It led the team to build lounge-style “NIO Houses” instead of traditional car dealerships. Instead of charging stations, NIO developed three-minute battery swaps that Mark calls “very addictive. Once you get used to the battery swap, you don’t want to go back.” It also led to resilience. When NIO entered a crisis, ”our users really stood up and said, let’s save this company.” Western carmakers can learn a lot from NIO’s story – about founder-led conviction, busting stereotypes, and the uncomfortable truth of innovation: “People love to talk about the bright side of innovation”, Mark says. “They try to avoid the uncertainty.”  Our guest: Mark Zhou [https://www.linkedin.com/in/mark-zhou-9886893/] Executive Vice President & Chairman of the Product Committee, NIO Mark has helped scale NIO from a Shanghai startup to a global EV challenger, overseeing product strategy, global R&D, and international expansion.

WEF Unplugged: Geopolitics, Sustainability, and a Look behind the Scenes

Live from Davos: IMD’s Julia Binder and David Bach cut through the headlines on geopolitics, AI, energy – and competing visions for the international order. Recorded live on the final day of WEF 2026 in Davos, David Bach sits down with colleague and fellow IMD professor Julia Binder to unpack what shaped the week beyond the headlines – and why there is room for optimism. Bach reflects on two competing visions now emerging in global affairs: a world driven by raw power, and an alternative he describes as values-based realism or principled pragmatism, insisting on “a commitment to democracy, the rule of law, human rights, free speech, self-determination, and respect for sovereignty” while recognizing and navigating the distribution of power and influence. While discussions on sustainability and greater inclusion were less present on the main stage, Binder shares her assessment from behind the scenes: “It’s not that the sustainability conversation is dead. It’s happening under different terms. It’s reframed,” she explains. Many companies, she notes, are practicing quiet corporate activism: “We can’t speak out at the moment, but actually our actions do not just continue – we’re doubling down, we’re putting more money on the table.” Overall, a new logic dominates the transition: “those that will win the race for AI are the ones that manage energy better.” Our Guest: Julia Binder is the Director of IMD's Center for Sustainable and Inclusive Business, a Young Global Leader of the World Economic Forum, and the host of “Inside the Transition [https://www.imd.org/ibyimd/podcasts/inside-the-transition/]”. She works with organizations globally on transformation and helps leaders turn sustainability and societal challenges into strategic opportunity. LinkedIn [https://ch.linkedin.com/in/julia-k-binder?utm_source=chatgpt.com] - https://ch.linkedin.com/in/julia-k-binder [https://ch.linkedin.com/in/julia-k-binder]