OMV initiated a corporate restructuring initiative where all strategic relevant group functions, including the innovation management, are centralized at corporate level. The innovation management was up to this restructuring organized at division level with no central coordination of activities. This master thesis focuses on the design of the centralized innovation management at OMV and the successful implementation of this change effort. The theoretical analysis focuses on organizational innovation management, in particular on the concept of contextual innovation management, organizational ambidexterity and managing an innovation portfolio. With respect to the implementation of the process, organizational change management is investigated, with a specific focus the different types of change and identifying a suitable change management concept. The empirical work focuses on the design of the centralized innovation management under the consideration of the change management approach. In the preparation phase the situation is analysed, stakeholders are identified and a preliminary design of the innovation management process elaborated. The consolidated design of the new centralized innovation management was elaborated based on the feedback of selected stakeholders. To assess the implementation efforts and the effectiveness of the change management a survey was carried out to collect feedback from stakeholders. The results of this survey are the basis for a gap analysis and recommendations for future change initiatives and for the upcoming implementation of the innovation management process.