In 2025, Michelin CEO Florent Menegaux reflected on the company's transformation since taking the helm in 2019. Amid a volatile global landscape marked by inflation, rising competition, and geopolitical and sustainability pressures, Michelin had achieved strong financial and operational results. Revenues climbed from 24.1 billion in 2019 to 27.2 billion in 2024, and its share price increased by over 60%. Under Menegaux's leadership, Michelin had adopted a new purpose, defined an ambitious strategy, and implemented an innovative leadership approach-ICARE-which focused on genuinely investing in and empowering its frontline employees, especially in its 83 tire production plants around the world. Menegaux believed that the implementation of the ICARE leadership philosophy had been a key driver of the company's strong performance during this period. He believed that an engaged and empowered workforce was essential to achieving excellence and sustaining continuous improvement. The approach required significant investments and remained a major undertaking still in progress. The case profiles operators, business unit leaders, and executives to explore how the ICARE philosophy shaped factory culture, engagement and performance-and what challenges remained. As Menegaux reflected on this transformation, a question remained: How could Michelin rigorously evaluate the return on its people investments and determine whether its leadership model was truly making a difference?