DAVOS, Switzerland -- While India and China vied for attention at the World Economic Forum here in the Swiss Alps, a tougher competition was held 3,000 feet higher up the mountain -- among Germans on the ski slope. Like everything else at the annual gabfest, the race brings together ambitious high-fliers who like to win.

A group of Germans started the tradition 15 years ago out of dissatisfaction with races put on by the forum itself. "It was lousily organized. They didn't keep precise time," says Jurgen Grossmann, owner and chief executive of steel group Georgsmarienhutte Holding GmbH and one of the event's founders.

Sunday, by invitation only, some of Germany's top executives, bankers, consultants and lawyers -- plus a few journalists and non-Germans -- swapped their power suits for ski suits. German publishing magnate Hubert Burda, the organizer, hired 30 Swiss ski teachers to tutor the 80-plus participants vying for the Burda Ski Cup in the nuances of the giant slalom course. He also arranged for an Alpine folk band to play at the awards ceremony.

Among the favorites this year: Alexander Dibelius, head of Goldman Sachs Group in Germany -- known for his racy, body-hugging speed suit -- and Herbert Henzler, vice chairman of Credit Suisse Group's advisory board and former head of McKinsey & Co. in Europe. Both men are previous winners.

For many years, the cup belonged to Mr. Henzler, a keen skier and mountain climber. But in 2004, Germany's corporate titans were soundly defeated by the nation's journalists, who finished in the top three places. Last year, Mr. Burda put the mostly young journalists in a separate class, giving the mostly middle-aged executives a clearer shot at winning.

A widespread conspiracy theory is that Mr. Henzler asked for journalists to be kept separate. "I know that it was Henzler," says one German CEO, "but you can't quote me (by name)." Mr. Henzler denies lodging a protest but nonetheless endorses the decision: "It's like marketing -- you need segmentation. In fact, they should also separate out people who don't have a wife and children," he says, because they may take more risks to win.

In any case, Mr. Henzler lost out last year to Mr. Dibelius of Goldman Sachs. Mr. Dibelius, a former heart surgeon, is now one of Germany's top investment bankers. He has been involved in some of the country's biggest deals, representing Daimler in its famous merger with Chrysler. Just before last year's race, Mr. Dibelius stripped down to an aerodynamic racing suit that revealed a highly toned physique, which became the talk of the slope.

Not only did Mr. Henzler not win, but he was pushed into third place by a Swiss interloper, publisher Rolf Dobelli, owner of online archive getAbstract.com. But when the results were announced, Mr. Dobelli was mysteriously classified as a journalist, handing second place to Mr. Henzler. "I don't know what happened," Mr. Dobelli said Sunday.

This year, more non-Germans were invited, including Marissa Mayer, an American vice president of Google Inc. Handed the last start number, Ms. Mayer faced a rutted ski course by the time her turn came. "I just hope I don't fall," she said while waiting at the back of the starting line. Her run ended with a spectacular tumble a mere three gates from the finishing line. "I guess I psyched myself out," she said afterward. The organizers awarded Ms. Mayer a special prize for showing "the best spirit."

Mr. Dibelius, the 2005 winner, had an early start number and once again sported a black, body-hugging outfit. His smooth style helped him to finish in 52.63 seconds, several seconds faster than rival Mr. Henzler.

But then an unknown skier in red, one of the day's final racers, sailed languidly down the course, performed two needless turns after the final gate and still finished nearly a second faster than Mr. Dibelius to steal the title. Amid mutterings of "Who is he?" from the crowd, the skier's identity was revealed: a department head at Deutsche Telekom AG dispatched as a secret weapon by his boss, Chief Executive Kai-Uwe Ricke, to ensure victory over Goldman Sachs and McKinsey. (German business people still think of McKinsey as Mr. Henzler's firm.) Usually, only the highest-ranking executives are invited to ski.

Mr. Ricke, grinning gleefully on the chairlift, acknowledged his act with schadenfreude. "I am really going to enjoy the prize-giving this year," said Mr. Ricke. "Those guys are going to be so embittered."

The ringer, Christopher Schlaffer, head of corporate development at Deutsche Telekom, is a native of Austrian ski resort Saalbach-Hinterglemm near Salzburg. Mr. Schlaffer said afterward he was "a bit embarrassed" about demonstrating his superiority with the extra turns at the end.

At the medal ceremony, held by tradition at the Weissfluhjoch restaurant on the mountain's summit, the band in traditional Alpine garb entertained the racers over a hearty lunch. Mr. Grossmann, the steel executive, and Mr. Henzler, the former McKinsey boss, took turns at the microphone leading sing-along renditions of German folk songs.

As Mr. Grossmann handed a silver medal to Goldman Sachs's Mr. Dibelius, he told the crowd: "If we had a prize for the fastest outfit he would have won." Mr. Dibelius, for his part, said he wasn't disappointed by his defeat.

In the women's category, Charlotte von Bomhard, wife of the CEO of Munich Re AG, the world's biggest reinsurer, won in 59.69 seconds, a time that put most of the male contestants to shame. In the journalists' segment, your correspondent won in 56.70 seconds.

Last year's journalist winner, Jorg Eigendorf, the economics and finance editor of German newspaper Die Welt, came in second and promised to uphold the spirit of the event. "Don't worry," he said. "I will find a way to get you disqualified."