Builders & Leaders Winter 2012

Builders &Leaders

Boston University School of Management

Unveiling a new approach to management education See page 8

inside New Behavioral Research Lab Probes Consumer Thinking Cockburn & Salinger Named Endowed Chairs Thank You, 2011 Donors

Creating Value for the World SM

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Bui &Le lder ade s rs

Visit Builders & Leaders online Featuring: • Latest issue • Special online-only content • Classnotes • Downloadable archive of past magazines • Alumni, faculty, and student news

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Builders &Leaders

Boston University School of Management

Winter2012 595 CommoNWEaLTh

IdeaLab Teaches Innovation 3 Employees in Mergers Professor Samina Karim examines how companies retain talent. 17

SMG Behavioral Research Lab 4 Math Finance Marathoner 4 Terrier Trap & Art Cereal 5 What’s Next for Global Economy? 5 Global Sustainability Meeting 6 WMBAA Hosts Women CEOs 6

Experience: The Difference Danielle Volman (BSBA ’12), introduces iChase the Cure. 13

TEDxBU Addresses Entrepreneurs 6 Moustaches for Men’s Health 6 FEaTURE SToRY

Creating Value for the World SMG Unveils New Curricular Goals. 8 PRoFILES

New Faculty Chairs Michael Salinger and Iain Cockburn honored. 7

Danielle Volman, BSBA ’12 13 Nathan Bernard, BSBA ‘12 14 Pammi Bhullar, MBA ’13 15 FaCULTY

Faculty Honors 7 Jeff Furman: Innovative Nations 16 Samina Karim: Employees in Mergers 17 aLUmNI

Carlstrom (MBA ’09) Founds EverTrue 18 Fakahany (BSBA ’79) Serves Ai Fiori 18 Leadership Donors 2011 19 CommENTaRY

Tying CEO Pay to Employee Satisfaction 23 LaST WoRD

Deborah Dong, BSBA ’86, LAW ’07 IBC Builders & Leaders is printed with soy inks on Porcelain Eco paper, made with 30% recycled fiber and chlorine-free (TCF/ECF) pulp using timber from managed forests (FSC).

Builders & Leaders is published twice a year for alumni, students, and friends by Boston University School of Management. Please address comments or questions to: Builders & Leaders, Boston University School of Management, 595 Commonwealth Avenue, Boston, MA 02215; Phone: 617.353.3582, Fax: 617.353.5581, email: smgedit@bu.edu, Website: www.bu.edu/buildersleaders ©2012 by the Board of Trustees of Boston University. All rights reserved.

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Builders

&Leaders

DEaN’S mESSagE

BoSToN UNIvERSITY SChooL oF maNagEmENT DEAN

Kenneth W. Freeman SENIor ASSoCIATE DEAN

Karen Golden-Biddle ASSoCIATE DEAN, FINANCE AND ADMINISTrATIoN

Martin Carter ASSoCIATE DEAN, ACADEMIC ProGrAMS

John Chalykoff ASSoCIATE DEAN, ExECUTIVE EDUCATIoN

Michael Lawson ASSISTANT DEAN, GrADUATE ADMISSIoNS

Patricia Cudney ASSISTANT DEAN, CArEEr SErVICES

James o’Neill ASSISTANT DEAN, GrADUATE ProGrAMS

Katherine Nolan ASSISTANT DEAN, UNDErGrADUATE ProGrAM

Sandra Procopio DIrECTor oF ADVANCEMENT

Christopher Haley DIrECTor oF ALUMNI rELATIoNS

Sarah Murray DIrECTor oF MArKETING

Suzanne otte BUILDERS & LEaDERS EDITor

John DiCocco CrEATIVE

CREATING VALUE FOR THE WORLD Greetings.

Boston University School of Management is in the midst of a remarkable transformation.

During a time of tremendous global economic and political uncertainty, we have developed a compelling strategic vision as we prepare to begin the School of Management’s second century in 2013.

We are poised to build on the School’s many strengths; we seek to Create Value for the World.

We will distinguish ourselves by focusing on the many facets of value creation, from financial to societal, preparing our students to lead in an ethical and socially responsible manner. We will provide outstanding global leadership experiences. We will become distinctive in our approach to educating future global leaders and conducting ground-breaking management research by emphasizing three sectors (health, digital technology, and energy and the environment) that will define the global economy and be innovation and entrepreneurship focal points for many years to come.

This is a time of change and growth at your School. Learn more inside this edition of Builders & Leaders.

Thank you for your support. We have high ambitions and look forward to the journey with you.

Sincerely,

David Linde

emergedesigngroup.com CoNTrIBUTorS

Madeline Bodin Joel Carlton-Gysan Adriane Dean Lauren Dezenski Andrea Little Michael Pina Judy rakowsky Tracy Slater

Ken Freeman

PHoToGrAPHy & ILLUSTrATIoN CrEDITS

BU Photo Services Joel Carlton-Gysan Julie Cordeiro Adriane Dean Christopher Glenn iStock.com Greg Spalenka

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IdeaLab Takes Flight

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By MICHAEL PINA

ast August, Associate Professor of operations and Technology Management and Dean’s research Fellow Nitin Joglekar taught a five-day innovation course called “IdeaLab.” Its concept, in short, was to create an environment to generate a variety of compelling ideas, and then, using the latest in digital technology, place those ideas in motion. The general theme was environmental sustainability.

The idea for such a class came to Joglekar after he noticed a book called Innovation Tournaments by Karl Ulrich, a professor at the University of Pennsylvania’s Wharton School. He met the author at a conference in Utah, and set out creating his own innovation tournament using iPads and computers equipped with programs such as Evernote, Wordpress, SMGTools for Learning, Penultimate, Darwinator, and Prezi.

“We run it similar to a reality show,” Joglekar said. “you vote people out, except this is a class, so they don’t actually have to leave. Essentially, if your idea doesn’t do well you get selected to cooperate with other students whose idea survived. Everyone works toward the same goal.”

The format has become popular for several reasons: to promote as much variation as possible, to filter hundreds of ideas down through four separate voting stages, and to secure helpful feedback.

During the course, approximately 20 students created more than 100 ideas. They then split into groups and began working on projects. once those were presented to the class, they held a first round of anonymous voting in which students were able to champion their own ideas. In the second round, voting for one’s own idea wasn’t allowed.

By the third, the class used crowdsourcing methods through social networks and websites to gather votes. The fourth and final IdeaLab is “similar to a reality round took place in front of a panel. This was the filtering show. You vote people out, but process, and teams received feedback through it all.

“In between these rounds you learn to improve your ideas,” instead of leaving, students Joglekar said. “There’s some analytics in all of this, but it’s stay and work with the other primarily about expression and visualization, and how to express ideas that survived.” your ideas as both an art and a science.”

During IdeaLab’s span, several guest speakers, including officers from Bloomberg Sports and Bytelight, were invited to make presentations.

Carl Palme, a second-year MS•MBA student with a concentration in marketing, co-created the idea for an iPhone application called “Toasted Zombies” as a way to help people save electricity. He says his experience in the course helped him turn a personal weakness into a strength.

“I have trouble generating ideas, so that’s what drew me to the class and why I decided to take it,” he said. “The class was very practical; we had books and several tools, but it was up to us to use them effectively.”

By the course’s end, “Toasted Zombies” was voted one of the top four ideas, and Palme is currently working with Assistant Professor of Information Systems George Wyner to build the actual application for mass consumption.

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Graduate Diploma for Entrepreneurs The School’s Executive Leadership Center is again offering its Graduate Diploma in Entrepreneurial Management, September 5 through December 15, 2012. The program is designed for motivated entrepreneurs who want an intensive and specialized graduate credential, tailored

Run, Richard, Run Richard Williams (MSMF ’12) is a mover. He ran the fall 2011 New York City Marathon in 2 hours 32 minutes and 29 seconds. He earlier ran the LA Marathon in 2:31:55, and his next goal is to break 2:30. For perspective, famed Johnny Kelley, two-time Boston Marathon champion, won the 1935 Marathon with a time of 2:32:07. The 24-yearold Williams, with a BS in math from Biola University, averages about 50 miles per week during his early morning training runs. His long term plan is a career in investment management.

Short term? Look for him flying through Kenmore Square during April’s Boston Marathon (somewhere near the fastest 5-10 percent of the field).

“The more fun you have, the more successful you are, it seems to me,” he said.

Manuel Zapata, a second year student pursuing an MS•MBA with a concentration in entrepreneurship, also found the class to be one-of-a-kind.

Zapata’s group thought of an application called “Take This Spot,” aimed at reducing carbon dioxide emissions from drivers looking for open parking spaces. It was voted IdeaLab’s top idea.

IdeaLab will expand to twice as many students next August, hopefully doubling both the ideas and intellectual diversification.

“The ideas in the middle are usually kind of boring,” Joglekar said. “you’re better off taking a chance on the outstanding ideas. That’s the whole point, right?”

LaB oPENS NEW DooR oN BEhavIoRaL RESEaRCh In the basement of 143 Bay State road, the former office building of the Boston University president, you’ll find people on keyboards answering personal questions about their shopping behaviors. or perhaps sharing their thoughts about the stock market. or how they would make a decision to buy health insurance. rest assured such personal revelations are confidential; they are from willing participants From left, Assistant Professors remi in research studies conducted by scholars at Trudel and Colin Fisher, and Lab Director the School of Management’s new Behavioral Brigham Hall. research Lab. The lab opened in November.

The facility was made possible by the recently-formed research Infrastructure Task Force comprised of six faculty and chaired by Senior Associate Dean Karen Golden-Biddle. The group was formed as part of the School’s efforts to accelerate research. She says, “research infrastructure is a key component to being a top school. We’re leveraging faculty contributions and giving them the tools and support to rigorously pursue vital questions and issues.” Among those who have already proposed projects for the lab are researchers from marketing, operations technology, organizational behavior, and markets, public policy, and law. The lab can seat as many as 20 subjects, and can handle individual surveys as well as facilitate group exercises.

Assistant Professor Colin Fisher, recently named a Peter Paul Career Development Scholar, is using part of the award money for one of the lab’s first studies. Fisher says of the lab, “We needed it, and the administration agreed, so the School moved on it. We’re looking at social psychology-based business issues. This is a statement that says we’re serious about research.”

The School’s marketing department has long had a research pool of SMG students, but the Behavioral Lab will enable a larger and broader pool, made up of students from across the University as well as local citizens from various demographic groups.

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to their needs. Students will learn from world-renowned business school faculty and industry experts, while they develop an investment grade plan to launch or expand their venture.

The program will especially focus on strategies to bring ventures to international markets. Application deadline is July 7.

For more information please visit: http://bit.ly/zuHTHE

TERRIER TRaP hoNoRS FoUR The Terrier Trap is a Boston University initiative designed to help students learn about the process of formulating and refining an entrepreneurial idea.

Teams present their business plans to a group of resource experts from the university and local business community who judge for commercial potential. Congratulations to the Fall 2011 Terrier Trap: $1K Business Concept Competition winners.

• Art Cereal offers a brokerage website, connecting student artwork with buyers who love the work. The ArtCereal team includes Alessandro Cetera (BSBA ’12), John DeFelice (BSBA ’12), Clara Luo (BSBA ’12), Dan Stalls (BSBA ’13), Olivia Wilson (BSBA ’14), and Max Veggeberg (BSBA ’12), Nilesh Khaitan (CAS/ENG, ’15), and Arnaud rouyer and Jenny Ha from outside BU. • Headed by Price Williams (MBA ‘13), GreenWake Trucking Solutions offers an aerodynamic drag reduction device that attaches to the back of a tractor-trailer to eliminate a portion of the downstream wake, leading to decreased fuel consumption.

• TheSyllabuster.com is a online platform that connects professors and students. It allows professors to create syllabi and students to subscribe to them, thereby streamlining assignment management. The company is led by Asad Butt (MBA/CoM ‘12).

• Sean Murphy (MBA ‘12) and Dan Imler, MD (BU Medical Center), developed Willpath, which fosters healthy behaviors through the use of wireless devices that track exercise, nutrition, and medication adherence, thus turning harmful choices into healthier, inspired options. aRT CEREaL’S SECoND WIN Art Cereal also won first place at the 2011 Boston Startup Weekend, held october 14-16. Participants were given 54 hours to develop a commercial case around a new product in the creative industries. Each team was challenged to construct the framework of their proposed new business, build a web or application presence for it, and present their initiative to a panel of judges drawn from the local startup community. Pitches were judged on three criteria: viability of the business model, execution of presentation, and strategic targeting of customers.

Says ArtCereal’s John DeFelice, “Many of us have friends who are art majors and often had to throw out or give away paintings because they could no longer store them. our goal was to take a nationwide problem and develop a simple solution that could become a viable business. our mission is to make art accessible to everyone and create a marketplace for beautiful, original, and affordable art.”

“After going through SMG’s CorE, we knew what tasks had to be prioritized and how to properly delegate work among team members in order to be efficient.”

What’s Next for World Economy?

On November 8, the 20112012 Dean’s Speaker Series kicked off with a standingroom-only audience in the School of Management auditorium. The topic was “The World Economy in Crisis: Debt, Double-Dip, Employment Outlook: What Happens Next?”

SMG Dean Ken Freeman moderated the discussion and the speakers included from left to right: Jeffrey L. Knight, Head of Global Asset Allocation, Putnam Investments; Michael Salinger, Professor, Markets, Public Policy & Law; John Zhao (parent of Katherine Zhao (BSBA’14)), CEO of Hony Capital, and Laurence Kotlikoff, Professor, Department of Economics.

To see an online video of the conference, please visit: http://bit.ly/tWgobU

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SChool hoStS Global SuStainability network In November, John Smith Professor of Management Jim Post, of the Markets, Public Policy, and Law department, hosted the fourth meeting of Global Organizational Learning and Development Network (GOLDEN), an international gathering of 50 scholars and corporate partners from Europe, Brazil, China, South Africa, and North America as part of an international research project on sustainability. The collaboration is part of a multi-year effort to understand how business can improve learning processes that produce a new generation of sustainability strategies and business models.

The next meeting will be held in Rio de Janiero in June 2012.

Of Moustaches And Men Movember is an annual month-long charity event dedicated to growing moustaches. The Movember Foundation seeks to “change the face of men’s health.” By encouraging men to go to the doctor, the event aims to increase early detection, diagnosis, and effective treatments of cancer, and ultimately reduce the number of preventable deaths. Among MBA students dontating their upper lips to the cause: Sikandar Khan (MBA ’13), Tashfeen Bhimdi (MBA ’13), Luis Marin (MBA ’13), Bruno Lea (MBA ’13), and Humberto Silva (MBA ’12).

wmbaa paneliStS The Women’s MBA Association hosted its fourth annual Boston University WMBAA Conference, “A Conversation with Business Leaders,” a networking and seminar day in October. According to Johanna Huh (MBA ’12), WMBAA VP of operations, more than 60 students came to see seven panels and learn from 24 industry professionals.

Panelists from left to right: Donna Deangelis, EVP talent and transformation, Publicis Groupe (VivaKi); Linda Lecomte, digital content strategist, IBM Enterprise Marketing Management; Ina Kamenz, VP and chief information officer, Thermo Fisher Scientific; Kathy Kountze-Tatum, VP and chief information officer, NStar, and Jill Roosevelt, SVP business development, Volition Capital.

“The main goals of the conference,” said WMBAA President Margaret Lukaszewicz (MBA ’12), “were two-fold: learning from female leaders in their areas of expertise and networking with executives and students.” teDxbu Startup pep talk At “Students Startup America,” the TEDxBU event at the Photonics Center in November, Vinit Nijhawan, managing director of the Office of Technology Development and a member of the entrepreneurship faculty in the School of Management, talked about the ten most important things entrepreneurs need to do. Number one was “Never quit.”

Other speakers at the BU Entrepreneurship Club-sponsored event included Hugh O’Donnell, artist in residence and professor of painting at CFA; Hakan Satiroglu (BSBA ’95), above, founder of Xplana and business director at Xplana Learning; and Rich Miner, founder of Android and partner at Google Ventures. The four described their individual journeys, all while highlighting similar traits and characteristics an entrepreneur must have in order to succeed. To be an entrepreneur, they said, one needs to be flexible and willing to adapt, pivot, and tweak your ideas. One needs to be inquisitive, innovative, and optimistic, and possess an insatiable drive and determination.

“One great way to do a startup,” said Miner, “is to not know what’s not possible. If you think it’s achievable, go on and do it.”

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Cockburn, Salinger Named Chairs Faculty Honors Abound

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n october 24, the School of Management celebrated the appointment of two faculty to endowed chairs.

Iain M. Cockburn (below right), professor of strategy and innovation, was honored as the second holder of the richard C. Shipley Professorship in Management. Cockburn teaches and performs research in the areas of business strategy, intellectual property, economics of innovation, and management of high technology companies. He has a particular interest in the biotechnology and pharmaceuticals sector.

Michael A. Salinger, professor of markets, public policy, and law, was named the initial recipient of the Jacqueline J. and Arthur S. Bahr Professorship in Management. Salinger is an industrial economist whose research has spanned many aspects of competition policy, most notably the competitive effects of vertical mergers, the rationale for and competitive consequences of tying and bundling, and the structural determinants of market power.

From 2005 to 2007, he was the director of the Bureau of Economics at the United States Federal Trade Commission, where he was responsible for the economic analysis to support the Commission’s competition policy, consumer protection, and research missions.

Richard C. Shipley (BSBA ’68, MBA ’72) is founder and managing director of Shiprock Capital, a private equity firm investing in early and expansion stage technology companies.

The Bahr chair was donated by alumnus Arthur S. Bahr (BSBA ‘54), retired executive vice president for equity investments of General Electric Investment Company in Fairfield, Connecticut.

aN aRRaY oF hoNoRS Associate Professor of Marketing and Dean’s research Fellow Susan Fournier received one of the world’s most prestigious marketing awards in october at the annual meeting of the Association for Consumer research (ACr) Conference.

Fournier received ACr’s LongTerm Contribution to Consumer research Award, granted for her 1998 article “Consumers and their Brands: Developing relationship Theory in Consumer research,” in the Journal of Consumer Research, 24 (March), 343-373. Fournier was also appointed to the editorial board of the Journal of Marketing.

Professor of organizational Behavior Kathy E. Kram, Shipley Professor of Management, has been honored with the 2011 Everett Cherrington Hughes Award from the Academy of Management, the Academy’s premier award in the Careers Division.

Professor of Markets, Public Policy, & Law David Weil, Everett V. Lord Distinguished Faculty Scholar, was appointed a Jacob Wertheim Fellow of the Harvard Law School Labor and Worklife Program for Ay 2011-12. The fellowship is helping to support a book he is writing on the changing nature of employment relationships.

Weil was also appointed to a committee of the National Academy of Sciences/National research Council to study the effects of releasing food safety information to the public.

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FEATURE

Digital technology

health energy & environment

By JUDy rAKoWSKy

D

ean Kenneth W. Freeman has moved his office from a beautiful and spacious office suite on the fifth floor of the Hariri Building to the second floor, in closer proximity to the students.

“School of Management students are our products; we help them develop to take on the world’s challenges. At the same time they are our customers,” said Freeman. “I want direct access to as many of them as possible. Moving to the second floor makes it easy to engage with students on everything from addressing the economic crisis to providing individual career advice.”

“Energetic engagement” has been the operative phrase for Freeman, formerly the CEO of Quest Diagnostics and a partner at Kohlberg Kravis Roberts, since his arrival in August 2010.

Personal contact has been his hallmark through extensive conversations with faculty, alumni, and students about the best path forward for SMG. He assembled a database of advice and deployed teams of faculty in study groups leading to a white paper that was the foundation for 8 Builders & Leaders

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“Singular expertise in the management of healthcare, digital technology, and energy and the environment will become important differentiators for our School.” the School’s strategy. Gathering support and specifics, that plan is the blueprint for change that Freeman is spearheading as SMG approaches its second century.

“Great strategies and great institutions aren’t created by any one person; they emanate from the community,” said Freeman. He considers the deanship as an opportunity to make a difference, and has reached out widely to invite brainstorming and candid feedback. During the past 16 months, he had numerous one-onone meetings, stopping into faculty offices to learn about each professor’s research, teaching, interests, and thoughts about what works well and what could be improved at SMG. Alumni viewpoints streamed in through surveys of recently-minted undergraduate and MBAs and one-on-one and group meetings all over the world.

“The best way to win is to have a strategy everybody owns,” he said. “It needs to be so clearly articulated that we all understand where we are going, and our individual role in implementing it.”

The dean intends to avoid the kind of exercise he recalls from the business world when lots of hours and effort went into producing thick strategic plans that were quickly relegated to the bottom desk drawer. a bold strategic plan That’s why he took a lesson from Toyota called Hoshin Planning, or putting the “plan on a page.” The School of Management’s strategy is now portrayed on a single page that focuses everyone on shared goals and actions. The plan-on-a-page will be updated each year, with new near-term goals in support of the longer-term vision, and additional initiatives to be implemented in support of the strategy.

Freeman said the strategic planning process has yielded a clear vision that he hopes will continue to boost the School’s national and global reputation. He said the new strategy honors the School’s vibrant history and is aimed at sustaining and building upon the achievements that raised the School’s reputation under Dean Louis E. Lataif (SMG ’61, Hon ’90), placing it among the top 40 business schools.

“Our vision for the School is ‘Creating Value for the World.’ ‘Value’ is financial, certainly, and so much more: value for society, value for our communities, value for each other,” he said. management disciplines and industry sectors A cornerstone of the strategy and the element that promises the most significant change for the undergraduate and graduate curricula is adding a focus on three industry sectors, in addition to the traditional management disciplines.

“We’ve identified three industries where we believe there will be more value created than any other sectors during the next 5, 10, 15, or 20 years in terms of jobs created, economic wealth created, and value for society and a better world.

“The sectors are healthcare, digital technology, and energy and the environment,” he said. “They will become important differentiators for our School.”

“Focusing on these three sectors will not dilute the School’s capabilities across the core management disciplines (accounting; finance; marketing; operations and technology management; strategy and innovation; markets, public policy, and law; and organizational behavior),” he said. “We will continue to provide students with an essential understanding of each of the management disciplines and how they interact with each other as part of an integrated management system. We will also continue to provide distinctive entrepreneurship and not-for-profit learning experiences.

“All of our academic departments will continue to strive for excellence and differentiation at the same time we build capabilities with respect to the three sectors,” he said. For example, each student will gain knowledge about financial principles, and also have the opportunity to do research and engage in classroom learning about how finance relates to the healthcare world. “Our students will understand the management disciplines, and have a basic understanding of the three sectors transforming the world. bu.edu/management 9

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As a result they will be very well informed, highly employable, ready to make a difference, to create immediate value for the world.”

In selecting the three sectors, the dean and faculty are harnessing the top economic engines in Boston. “It’s important for us to strive to create value nearby too,” he said.

“Boston is our experiential lab, even though the value created by SMG has global implications, especially with a 30 percent foreign student population, and students from virtually every state in the US,” he said. The selected sectors are significant on a world stage as well as closer to home.

“If we look at industries that make their mark in this region, healthcare is a “Ethics and an vital industry in the Boston area and in understanding of Massachusetts,” he said. Digital technology has been a key industry historically and holds global issues will also great promise for the future. Although energy be a critical part of and environmental companies are at an earlier stage, Freeman said, “We’re seeing startups the curriculum.” and other companies that are evolving and will have a prominent role to play in the New England economy.”

The Health Sector Management MBA Program has moved up from #17 to #11 in the business school rankings in the past few years, Freeman said. Likewise, in the field of digital technology, the dual degree MS•MBA (an MBA coupled with a master’s of science in information systems) is a signature program of the School and is highly regarded by recruiters. The expectation is that with greater focus and resources the programs will improve in reputation even further. michael shwartz

building a House One way to view this new strategy, Freeman said, is to consider building a house.

“We start with the idea that the roof is really the peak, and since ‘creating value for the world’ is our vision, it lives at the top. The vision represents the pinnacle of where we’re going, simple and memorable.”

Any house needs a roof, a foundation, and a residential floor. “We also have to have walls, and we have two pillars: ground breaking research and exceptional teaching.” The rise in the reputation of the School of Management in recent years comes in large part from the exceptional teaching here, he said. “We have wonderful faculty, truly committed to their teaching and the students.”

The other pillar, research, stands to get a boost from the new strategy. “Our research focus was not nearly as strong and intense,” he said. “Going forward we’ve ramped up our activities to focus on complementing our focus on teaching with outstanding research contributions from our faculty. For us to continue to rise in reputation, we must broaden and deepen our research output.”

That’s why Freeman intends to continue to recruit additional teacher/scholars who complement current faculty and will bolster the School’s research capabilities. “Both research and teaching need to be very strong pillars holding up the roof.”

The real energy in a house comes from what’s inside the living quarters. That is where the traditional management disciplines reside—from accounting to finance to marketing to operations. It is also where the three priority sectors dwell.

“Innovation will take place where the sectors and the disciplines intersect,” said the dean. “And if you ask me what really propels a school to become an elite business school, it’s innovation in teaching and research.”

Although the strategy started at the top with the vision of creating value, there is no question that the strength of the curriculum must come from its foundation. And that means preparing each student for the world with a practical understanding of ethical behavior and social responsibility and a global perspective on business. etHics, social responsibility, and globalization A recent survey of alumni pointed out an enhanced need for that preparation. “A key area where our graduates wished there had been more discussion in the classroom was ethics,” the dean said. “Their feedback, coupled with the massive ethical lapses that have recently

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taken place in business around the world, make it clear that ethics must play a prominent role in our new strategy as well.”

“Some of the change in improving ethics education will come from integrating it as an element in many of the management disciplines,” said James Post, the John Smith Professor in Management, who teaches courses in ethics and responsibility and is leading the task force on entrepreneurship and social responsibility.

“Because of Ken’s proselytizing about this and his genuine belief that it is so important, there’s very little resistance to this idea among the faculty. It’s very welcome,” Post said. Integrating a focus on ethics in the classroom will require changes, from team teaching to providing internal coaching for faculty members who don’t have strong backgrounds as ethicists, he said.

Ethics is hardly a new concept for a school whose founding dean, Everett W. Lord, wrote a ground-breaking book about ethics in business in the 1920s.

“The issues he identified in the 1920s are virtually the same as the issues we have now. Businesspeople deserve the reputation we have today, just above the US Congress [in the category of least respected].” Freeman said that he doesn’t mean to paint everyone in business as unethical. However, the public perception of business leaders who have behaved in deplorable ways underscores the obligation for the School to prepare students to address ethical dilemmas.

Globalization is another vital element in the foundation of the SMG house. Freeman said “Over 50 faculty the plan is for every student to have a global have participated leadership experience at some time in their SMG career. in the task forces.

“We believe it’s vitally important for our students to realize that although business has a It’s a total team common vocabulary around the world, how each effort all the country conducts business is different.” In a global economy, understanding that is more important than ever. “The world is made up of many distinctive cultures. Our students need to gain an appreciation for the differences.

“We believe the power of that experience alone will help our students become more valuable creators of value for the world,” the dean said.

way.”

A new wAy of teAching An essential enabler of the new strategy is the transformation of the teaching process from taking place almost exclusively in amphitheater style classrooms with a “sage on a stage” lecturing or leading case discussions to a highly interactive technology-enabled classroom format, offering real-time problem-solving opportunities with businesses and multiple feeds through videoconferencing, and digital networking among students. A team under the leadership of N. Venkatraman, the David J. McGrath Professor in Management, is finalizing the design of the new classrooms.

The classrooms will feature several video screens that accommodates video conferencing with participants in locations around the world, enabling live connections.

This format will allow students to go live with a company that wants to take advantage of faculty and student researching and consulting capabilities addressing a current business problem. converting strAtegy into Action The strategic plan is the outcome of extensive efforts that began in the fall of 2010, when Freeman assigned several faculty study groups to examine big themes. They reported their findings at the end of the fall semester that year.

“The strategy began to take shape during the winter months and in the spring it came together at a faculty retreat. We ended the academic year having a clear view of where we will head as we begin our second century.”

Since then, teams of faculty have been hard at work redefining the undergraduate and graduate curricula. They’re identifying ways to infuse globalization, ethics, and social responsibility into existing courses and programs. At the same time, they’re considering

At a period in which the world is facing climate change and overdependence on fossil fuels, there are enormous market opportunities awaiting those who innovate first and best in the energy and environment sector.

Professor of Finance nalin Kulatilaka, co-director of the BU-wide Clean Energy & Sustainability Initiative, said “There’s widespread agreement within SMG about the importance of focusing on alternative energy, pollution reduction, and sustainable business practices as a vital pursuit.

The precise way forward, however, is still being sorted out in a rapidly evolving industry.”

Kulatilaka, the Wing Tat Lee Family Professor in Management, who teaches a finance course on overcoming barriers to adoption of clean energy, said that at present relevant courses are taught in several different schools and programs at Boston University, but there has not been a cohesive track to pursue careers in the area.

“One barrier has been that anyone who works in the energy sector needs to have a clear understanding of the technologies available, as well as their capabilities and limitations.

They need to understand the physics of energy even at a poet’s level,” said Kulatilaka.

“We must leverage other parts of the University,” he continued. And for that there needs to be a lot of consensus-building. “Fortunately, BU is the rare kind of institution with the resources and collaborative attitude to pull it off.”

Today, he says, the faculty is at the vision level. “These sector changes wouldn’t occur until 2014, so we have a little time to integrate them into the curriculum.”

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feature

a reduction in the number of required “We will also develop courses so that students will be able to partnerships with other tailor their education with electives in the health care, digital technology, and Schools and Colleges energy and the environment sectors. at BU that have sector More than 50 faculty members have participated on the task forces. expertise to leverage “It’s a team effort all the way,” Freeman SMG’s efforts.” said. “We now have the SMG house—a compelling vision, and the building blocks for executing the strategy. Now we are at the time to move on to implementation.”

Freeman anticipates that the faculty will approve the new curricula during the next few months. Initial changes and innovations will be implemented in the fall of 2012.

“By the time we begin the academic year in the fall of 2013, our 100th year, we will fully deploy the curriculum changes,” he said.

n. venkatraman venkatraman

cHanging lives Freeman appreciates the unique role faculty have in shaping the lives of our students. “At Bucknell, a faculty member and a trustee made incredible differences in my life trajectory.

My hope is that we can make a difference for our next generation of leaders during their time with us as well. We are here to serve our students; we are here to make a difference for the world. The opportunity to engage with the next generation—that’s what gets me hopping out of bed early every morning.”

He also hopes that the new strategy will motivate everyone across the SMG and BU community to participate in the School’s strategy.

“We can make a difference as a community by leveraging our 45,000 SMG alumni in a way that hasn’t happened consistently in the past. We must broaden alumni engagement through time, talent, and treasure, to help change this place for the better, and the world for the better.

“We will also develop partnerships with other schools and colleges at Boston University that have sector expertise to leverage SMG’s efforts. Today, for example, nine Schools or Colleges engage in healthcare, from biomedical engineering in the College of Engineering, to health economics in the College of Arts and Sciences, to global health issues in the School of Public Health, and more.” momentum Freeman sees a level of energy at the School that gives him optimism about the future.

“We have momentum within our faculty, which is quite exciting,” he said. Last spring, the School gathered for its first annual Faculty Research Day. “Seeing senior faculty and junior faculty working together on research ideas is a joy to behold,” he said.

At the same time, faculty who are grounded in practical working experience rather than being academically trained scholars are energetically providing new ideas to improve the classroom and field experiences for students.

As the curriculum changes are implemented, Freeman hopes that each member of the faculty will participate in a unique way with creative teaching and research contributions to help advance the School’s agenda.

Freeman aspires for the School to evolve from being recognized as a strong program today, to become an elite business school. He indicates that it won’t be easy to accomplish; it will take time, and will not be a straight line of improvement. “Change is difficult under the best of circumstances in any organization. Academia is highly competitive and there are no proprietary secrets. We are blessed with a faculty that is embracing change, a student body that is eager to make a difference in the world, and a staff that stands ready to provide the support services needed for the School to succeed.”

“I came here with very high expectations,” he said. “After three semesters, we have a path to turn those expectations into reality and are on our way. These are exciting times for everyone associated with the School of Management.”

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STUDENT PRoFILE

Experience: The Difference Danielle Volman (BSBA ’12) founders of EPI-USE develop their internship program in the UK,” she said. o describe her ambition, senior Danielle Volman, an Volman’s work at EPI-USE included the chance to attend organizational behavior concentrator, states, “Life is the industry’s biggest conference in orlando to learn firsthand too short to give up or pass up opportunities, even if what her company and other industry leaders do. you have to create them for yourself.”

“I got to listen to insightful keynotes and talk to several Beginning in high school, Volman established a 5K run CEos and other officers from several companies including for a teacher’s child diagnosed with neuroblastoma, a rare BMW. After taking some classes in organizational behavior form of cancer. Despite the four-week time constraint to and interning for EPI-USE, I’ve come to realize how significant organize the event, she jumped at the chance to help others the culture and leaders of an organization are,” she said. through fundraising.

For her, the time and effort devoted to EPI-USE has been “I found something I love doing,” Volman said, “which enlightening. also led me to grow closer to many individuals and my “I’ve learned instructional design for e-learning,” Volman community, and raise awareness and support for a worthy explained. “With this, I’m able to enhance my résumé cause.” significantly and apply for positions where I can make an During her sophomore year at Boston University, Volman immediate impact.” created iChase the Cure, a continuation of her 5K series back What lies ahead? Volman plans to continue her work in Troy, Ny. with EPI-USE, creating opportunities as she goes.

The novelty of iChase is the role participants play in determining which cure to chase. “iChase the Cure is all about “iChase the Cure is all about students students picking their own causes picking their own causes and making and making a difference,” she a difference. We’re dedicated to said. “We’re dedicated to raising awareness and aid for causes that raising awareness and aid for the group is passionate about.” causes that the group is Her passion for iChase helped open the door to an opportunity last passionate about.” spring. She was asked to interview for a management information systems internship.

During the interview, she was surprised by how easily the conversation progressed, and particularly by the interviewers’ interests in her work with iChase.

“I believe that a huge part of getting the job was how passionate I was about my cause,” Volman explained.

“Through that, it was evident that once given a task, I would find any means to complete it, and complete it very well.”

She was hired as a talent management solutions intern/ associate consultant for EPI-USE, a global software and services company, and was part of a large e-learning project in which she was responsible for migrating and building e-learning classes and quizzes for the Environment, Health, and Safety Department and the office of Sponsored Programs at MIT. According to Volman, it was a perfect fit. “I was given a huge and crucial part of the project and had full autonomy in completing it.”

After wrapping up the spring 2011 semester, Danielle stayed in Boston for the summer and took Assistant Professor Jeffrey Allen’s summer class in financial analysis. She continued with EPI-USE remotely during a study abroad program in Madrid.

Danielle Volman with Caroline Hamilton, the child honored “Today, I’m helping the leadership team and at an iChase the Cure fundraiser.

By LAUrEN DEZENSKI

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STUDENT PRoFILE

A Traveler and Microfinancer Nathan Bernard (BSBA ’12) Skype, they eventually decided to send US students to India to work in the financial inclusion space. ot many professionals can tout extensive From there, the ball began to roll. Three days later, microfinance experience, self-employment, and Shrey and Bernard began planning what became the operating a business on three continents. Even fewer AnaGenesis organization. can say they did it before college graduation—unless the “one AnaGenesis project for this winter is individual is senior Nathan Bernard (BSBA ’12). conceptualizing a loan product for agricultural equipment, Bernard’s interest in social work and international which involves going to the community, gathering data, and studies was piqued as a high school sophomore, doing a creating the product,” Bernard explained. “It’s a creative homestay in Ecuador. From then on, he had a passion for way of applying econ and finance skills. After [students] fundraising and travel—the next summer he and his friends finish their project and return to the US, we provide the raised money for travel to Kenya and Tanzania and donated information we gathered to professors to help them write a large portion to an orphanage. case studies, research papers, and academic articles.” once he arrived at BU, Bernard moved quickly from With the model in place, the young men had to pitch fund-raising at the Hillel House on campus, to fund-raising it to Indian financial organizations and travelling to Ghana for the MIT to start a partnership. This entailed program Community Water Solutions, “The great part about a month in India. “We went to New to establishing a partnership between microfinance is that it is Delhi, Bangalore, and Chennai, pitching Dorchester’s Family Inc. and SMG, an intimate experience. our idea to anyone that would listen,” with the goal of creating experiential Bernard said. “We paid for the travel learning opportunities for BU students It’s lending on a very ourselves and by the end, I only had to travel to Haiti, in order to manage a personal level. You’re $10 left in my pocket. But IFMr Trust micro-finance fund. going to have a direct (a huge research and finance body By the time Bernard finished his junior year, the Easton, PA native had effect on this person’s life in India) signed on as a partner, and funded our venture.” built himself a lengthy résumé. and you can see that.” once back home, Nathan gave That summer, he interned with talks and sat on panels at various ACCIoN International, a network colleges, looking for students interested in the of microfinance organizations, at their Hong Kong AnaGenesis pilot. location. While with ACCIoN, he traveled to Inner “Around 25 students applied and we now have Mongolia to understand how microcreditors value a six-person pilot that’s taking place this winter,” small companies. This got to the root of his interest in said Bernard. microfinance.

When asked if he gets to sleep, the “The great part about microfinance is operations and technology management that it’s an intimate experience,” Bernard major laughed, saying, “not much, explained. “It’s lending on a very but that’s okay.” For him, it’s a personal level. you’re going lesson in time management, to have a direct effect on a and ultimately, what he wants person’s life and you can see from life. that.”

“I’ll be in India this winter Before Bernard for the AnaGenesis pilot program travelled to Asia for his and most likely Haiti next summer internship, he had contacted to run the BU microfinance pilot. a student in India named Shrey All these programs have intertwined. I Goyal over Twitter. Shrey was just turned down interviews and job offers graduating from IIT-Kharagpur and because this is what I want to do,” had been tweeting a lot about he smiled. “This is fleeting; international development and it’s a chance to pursue my microfinance—something dreams.”

Nathan knew a thing or two about. When the two video-conferenced over

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The World is Her Stage Pammi Bhullar (MBA PNP ’13)

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By MADELINE BoDIN

arminderjit Bhullar (MBA PNP ’13), known as Pammi, is an actor, a world-traveler, and an education advocate, but she found the path to her future by chopping vegetables.

The acting, travelling, ledgers, and passion for education have all pointed her towards a career in education management. The vegetables brought her to the Public and Nonprofit (PNP) Management program at the School of Management.

Dedicated to facilitating innovative educational opportunities for others, Bhullar’s most memorable educational experiences have occurred on stage. In high school, she acted in a Humane Society play that showed elementary school students how to care for their pets.

“The auditorium was so small,” she says of the rural school she attended outside of Pittsburgh. “you really got a feel for how your presence was affecting the students. It was so personal.”

As a theater minor at the University of Pittsburgh, she participated in four plays, including one that immersed her in the Suzuki Method of Actor Training, which emphasizes strenuous, martial arts-like preparation for roles.

“It was difficult work,” she says. “I was sore every day.” But she also bonded with the other members of the cast in a way she hadn’t in other plays. She maintains those friendships to this day. “I learned how much camaraderie you can build through hard work and pursuing a common goal,” she says.

She found camaraderie again while researching graduate schools. Bhullar had been fast-tracked as an employee at an investment firm. However, she realized that although theoretically successful, her career was not fulfilling her dream to use her business skills to support innovative education.

During her graduate school search, she attended an SMG Public and Nonprofit Club community service event at a Boston-area organization that delivers meals to the homebound. Bhullar joined the club members in chopping vegetables for the day’s meal and touring the facility.

The people were warm and friendly, and Bhullar realized that at the School she would be surrounded by other students who share her values.

Among the shared values are an international perspective and a zeal for foreign travel. As an undergraduate, Bhullar studied for a semester in France, and before starting at SMG, she and her fiancé, Eric Tracey, taught English to Tibetan refugees in India for four months. on a volunteer basis, she was also able to help a few organizations in India clarify their financial statements.

“I realized, ‘this is where I can contribute,’” she says. “It helped form my path more clearly.” over winter break, that path led her to Honduras with the BU group Students Helping Honduras to build a school and work with a micro-finance program. Bhullar will participate in SMG’s European Field Seminar in her second year to learn more about European education.

After graduating, Bhullar plans to combine her globetrotting ways with her fervor for education. She intends to collect the best educational ideas from around the world, then put those ideas to work in a government or nonprofit organization that improves communities through education. “I see myself contributing to an international educational organization, and then bringing that knowledge back to the US.”

“I learned how much camaraderie you can build through hard work and pursuing a common goal.”

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Innovations Need Investment Jeffrey Furman: “Governments Need to Invest in Change-makers.”

Sharing data and making it easy for current and future scientists to get research materials is essential to long-term t a time when zealous budget cutters argue scientific productivity, according to Furman’s research with small government will unleash economic growth, Fiona Murray and Scott Stern at MIT. Associate Professor Jeffrey L. Furman says research Furman studied this issue in the context of cell shows that innovation follows public investment. biology, examining cell lines that had been stored “We could just cut the budget but it’s going to risk independently for years, affording some scientists a lot of downstream innovation as well,” said Furman, easier access than others. When 108 cell lines were who since 2001 has taught in the strategy and policy moved to a facility that functions like a library, the department, after earning a doctorate from the Sloan School number of papers linked to studies of those lines at MIT. “The market failures associated with innovation jumped by 50 percent more than controls and more are well-understood: Companies are reluctant to invest than the historical trend in three years, according to in basic research, since they accurately fear that their Furman and Stern. findings will leak out, thus assisting competitors who did Furman said that to clear impediments to not make similar investments. Intellectual property rights growth, public policies need to be changed. First, help to some extent, but will not guarantee sufficient as Furman, Murray, and Stern wrote in Nature, incentives to ensure the basic investments needed central repositories of cell lines and tissue samples to advance long-term productivity.” need financial support in order to promote future Furman has long been a student of discoveries and growth by easing access. Second, the common factors in countries that led universities should disclose licensing contracts the world in innovation for nearly 200 with companies for publicly funded research years: England, Germany, and the US and long before they publish their results to curb more recently Japan and Switzerland. unnecessary duplication of efforts. And third, there Earlier research showed that a consistent needs to be a restructuring of licenses and access combination of factors fueled change in to enable further research by a wide range of Israel, Ireland, Taiwan, Singapore, and scientists, inventors, and entrepreneurs.

Korea, which turned those nations from “Maybe we don’t care where the innovation laggards to leaders. innovation comes from as long as the “The data shows that countries whose consumers get it,” he said. “If we’re policies promote innovation have higher interested in leading the world in innovation and higher growth rates,” Furman technological innovation, it will require said. “you can’t just expect the private thoughts on how to structure incentives “The data shows sector to do it all.”

The countries that jumped ahead— that countries whose for private investment and public investment as well.” measured by the number of patents per policies promote What Furman and his colleagues million residents—made heavy investments have proposed does not always go over innovation have over long periods of time in secondary well in a world where competition and education, producing more engineers higher innovation closely held contracts and licenses have and scientists, and ensuring openness to and growth rates.” long been the norm. international trade. They also established But, he said, the monetary gain or credit infrastructure for government to invest in accruing to particular scientists, companies, or universities science and spur discoveries as the US did during the Franklin should take a back seat to tackling diseases and pressing D. roosevelt administration. problems. “you can’t just flip one lever,” said Furman. Increasing “research must go on,” according commitment to innovation predictably leads to actual change to Furman, “because we don’t know and advancement. “These investments need to be made in which project will yield the gameconcert and over a long period of time.” changing results. It seems like a vital Competition and awarding a temporary monopoly via target for federal investment and a the patent system have long been a preferred method of scary area to cut.” public policy to encourage innovation. recently, economists and innovation researchers have been emphasizing additional mechanisms, including data sharing and prizes.

By JUDy rAKoWSKy

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Employee Outcomes In Mergers Samina Karim At the age of four, Samina Karim, assistant professor of strategy and innovation at BU School of Management, moved from Bangladesh to Cambridge, MA. Her father, who was originally scheduled to stay just one year as a Mason Fellow at Harvard, was convinced by friends to make a permanent move to the United States and pursue his PhD. The decision changed her life. Karim would tag along to her father’s classes when he became a professor, watching him teach and interact with students. She was in love with the academic world, and began to feel as though education was her calling.

“Children really don’t know what university is all about, unless they are lucky enough to be given the opportunity to visit one,” she said. “Seeing my dad as a professor had a huge impact on what I wanted to do and be.”

“I don’t think my role is to tell students that I have all the answers.

Instead my role is to guide them to try to find better answers—especially in a field like strategy. ” To see Professor Karim’s presentation on Faculty research Day, please visit: http://bit.ly/xooich

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By MICHAEL PINA

ou’ve recently published a study about what happens to executives when organizations merge. Why do you think it’s important for managers whose companies have just been acquired, or whose company is doing the acquiring, to learn the consequences of transitional decisions?

When Firm A acquires Firm B, A is in a position of power and influence over the resources of B. Among those resources are B’s employees. I’ve done a lot of research on how firms reconfigure themselves both within their organizational design and in their external markets. Currently, I’m looking at what happens to executives after an acquisition—who stays, what they do, and how they move within the organization.

When most people think of acquisitions they think of how acquisitions can serve to help companies enter new markets or help grow current businesses. one of the biggest problems for both organizations is their post-acquisition integration process. Usually the executives of A are communicating with the executives of B to learn from them about their business. The acquirer doesn’t want to lose the target’s knowledge; the target knows something or makes something that the acquirer wants.

So part of making an acquisition successful is knowing what A can learn from B’s executives and evaluating how A can best integrate B in a way that’s fulfilling for both parties in this newly joined entity.

If I were an executive at a firm that just got acquired, I would be worried about my job. I would think: “They already have their own executives, so why do they need me? Hopefully they’ll need me because I have some specific knowledge or capabilities that they don’t have and that’s going to be my added value.”

Power struggles, differences in career opportunities, contributing something unique—these all are valid concerns of executives of the target. How A handles these can make acquisition implementation go more or less smoothly.

What have you found? Why do certain executives stay and others go?

In general, I believe that executives who are retained are the ones who will add specific value that the acquirer can’t find in their own executives. But the decision to stay with a new parent company is also a choice of the executive. one of the biggest problems we find is that after an acquisition there’s a huge turnover of executives because there’s so much uncertainty and many executives don’t know if they’re going to be valued in the new organization and have influence. Nobody wants to feel like they‘re not contributing or influential in their job, so that’s often why there’s potential for acquirers to lose the best executives from the target firm.

Any last words of career advice you might give to someone whose company has just been acquired?

If I were giving advice to a friend whose firm just got acquired, and she wants to be more of a ‘mover and shaker’ at work, I’d say, try to get a position (eventually) within an internal unit in the parent organization. As firms diversify into other markets, they make the choice of whether they’ll grow organically themselves or buy their way in by acquiring a company. An internal group is one that was created by the firm itself, and my research finds that executives from these units seem to have greater mobility in the firm and have more influence over strategic change. bu.edu/management 17

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aLUmNI

Alum Responds to MassChallenge

By LAUrEN DEZENSKI

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n oct. 24th, Eric Carlstrom (MBA ’09) and his team at EverTrue won the gold medal and $50,000 in MassChallenge, arguably the largest start-up accelerator program in the world. The EverTrue team was one of only 17 winners from the MassChallenge pool of 700 applicants.

Carlstrom is co-founder and CTo of EverTrue, a Boston-based start-up that provides customizable content platforms for organizations, including universities, high schools, corporations, and nonprofits, to connect alumni through a suite of interactive modules.

“We’re reinventing the alumni directory through our simple search interface and geo-location technology,” Carlstrom said. “Schools can aggregate content from their alumni magazine, school newspaper, social media, and other sources into a single stream of well-organized content alumni can enjoy.”

Thus, the award from MassChallenge will serve Carlstrom’s EverTrue well.

“It’s a real honor to be named a winner,” Carlstrom said. “It not only further validates our business opportunity, it accelerates our business.”

EverTrue’s participation at MassChallenge was not the only accelerator experience for the company this year. They also participated in TechStars, where the company raised over $1 million in seed capital, Carlstrom said.

“2011 has been an amazing year for our company,” he said. “We’ve grown from two co-founders to a company of 10. We’ve launched over a dozen clients, with dozens more in the queue.” on the heels of these successes, Carlstrom said, “While it’s been a great year, we think it’s setting the stage for an even better 2012.”

“Mangia.”

Financier Turns Restauranteur Ahmass Fakahany (BSBA ’79), former Co-President and COO of Merrill Lynch & Co., now devotes his career fulltime to hospitality and restaurants. He is the CEO and founder of the Altamarea Group with his partner, Chef Michael White. His newest, Ai Fiori, occupies the second-floor in the new Setai Fifth Avenue Hotel in New York, and opened to rave reviews from Michelin and Zagat, and top honors from Esquire magazine. The menu is based on the European Riviera. Last year, the James Beard Foundation awarded one of his other restaurants, Marea, “Best New Restaurant in America.” Fakahany currently operates five other restaurants under the Altamarea Group umbrella in New York City, New Jersey, and Hong Kong.

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LEaDERShIP gIvINg

Leadership Donors July 1, 2010 to June 30, 2011 Donor support of Boston University and the School of Management is critical to ensuring that the University maintains its rigorous standards of academic excellence, recruits and retains the best faculty, and educates the highest caliber students. on behalf of the Dean, faculty, staff, and students of SMG, we want to thank all alumni and friends who have invested in this work. The following list recognizes leadership level donors to Boston University by School of Management graduates and friends during Fiscal year 2011 (ending June 30, 2011) with a complete list at www.bu.edu/smgalum.

Gifts and Pledges of $5,000,000 and higher Bahaa r. Hariri SMG ’90 rajen A. Kilachand GSM ’74 Gifts and Pledges of $1,000,000 to $4,999,999 Bonnie Feld CAS ’73 < k Kenneth J. Feld SMG ’70 < k Woo Choong Kim HoN ’97 ray Stata k Gifts and Pledges of $500,000 to $999,999 Capital IQ, Inc. k FactSet research Systems Inc. Minda G. reidy SMG ’82, GSM ’84 < k richard D. reidy SMG ’82 < k richard and Amy Wallman SMG ’71 k Gifts and Pledges of $250,000 to $499,999 Arthur S. Bahr SMG ’54 < richard D. Cohen CGS ’67, SMG ’69 k MSCI Barra k Frederick S. Pardee SMG ’54, GSM ’54, HoN ’06 Peter T. Paul GSM ’71 < k richard C. Shipley SMG ’68, GSM ’72 < k John F. Smith Jr. GSM ’65, HoN ’93

Annual Fund Leadership Giving Society Member k Donated to SMG last 5 years or longer G Current BU faculty or staff > Deceased M Increased gift via company match P Parent of current student <

Gifts and Pledges of $100,000 to $249,999 Anonymous Howard S. Altarescu SMG ’70, LAW ’74 k Barr Foundation Mary C. Buletza SMG ’80 < k Estate of Elinor H. Caines PAL ’30, GSM ’54 Jay M. Cashman SMG ’75 k Estate of robert D. Cron SMG ’37 Hup Fong SMG ’67 Michael J. Lyons SMG ’81 ronald A. Page Trust robert J. Weissman SMG ’58 Gifts and Pledges of $25,000 to $99,999 Anonymous William D. Bloom CGS ’82, SMG ’84 k Maxwell Burstein Ahmass L. Fakahany SMG ’79 < David E. Hollowell ENG ’69, ENG ’72, GSM ’74 < k Kathleen A. Hollowell GrS ’71, SED ’77 Kevin H. Kelley SMG ’72 k Cathi E. Luski CAS ’80 David Luski SMG ’80 < k robert Margolis CGS ’67, SMG ’69 k Carolyn H. Marrah J. Kenneth Menges Jr. SMG ’79 < k Allen Questrom SMG ’64 < k Charles L. Schwager SMG ’66 Evelyn C. Schwager SMG ’66 Gary S. Siperstein SMG ’80 k Mynde S. Siperstein k Edward B. Slatkin SMG ’77 < Mary Sullivan LAW ’51, SMG ’49 < > oscar A. Wasserman SMG ’56, LAW ’59, LAW ’62 < k WPP Group

Gifts and Pledges of $10,000 to $24,999 Steven A. Bernstein SMG ’83 Patrick F. Cadigan GSM ’66 < Chevron Products Company Harry H. S. Chou GSM ’49 William T. Comfort III SMG ’88 < Mr. and Mrs. Eugene Croisant Maureen E. Cullinane GSM ’81 < Suzanne Cutler SMG ’61 < k robert F. DeBesse SMG ’52 < k John D. Doherty GSM ’95 < k Frank D’orio Jr. SMG ’67 < k Elaine H. D’orio SMG ’67 < k robert L. Dubofsky SMG ’60 k Ericsson Inc. Kenneth Freeman < G Edwin D. Fuller SMG ’68 k Jonathan Gertler and Jane Clark GSM ’99 Ambassador and Mrs. yousif B. Ghafari k Alan M. Gittelson SMG ’79 < k M Michael W. Goldberg SMG ’82 < Terri L. Goldberg CAS ’85 < Lucy L. Halperin SMG ’77, CGS ’75 < k robert W. Hawley Jr. SMG ’74 < k Eugene D. Hill III GSM ’80 k Walter W. Jensen SMG ’59 < Thomas W. Jones GSM ’78 < k M Lawrence M. Karp SMG ’87 < k Charles reiner Lax SMG ’82 k Steven J. Lipman CGS ’86, SMG ’87 Sami y. Nawas CGS ’85, SMG ’87 < k Artemis Nazarian SMG ’53 < k robert M. Paine SMG ’86, GSM ’91 < k richard L. Pearlstone SMG ’69 < k SAP Global Marketing Inc. Steven Z. Schwartz SMG ’82 < k Seyfarth Shaw LLP Barry J. Shames SMG ’74 Barbara J. Sloane < k bu.edu/management 19

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Annual Fund Leadership Giving Society Member k Donated to SMG last 5 years or longer G Current BU faculty or staff > Deceased M Increased gift via company match P Parent of current student <

Marshall M. Sloane SMG ’49 < k russell J. Stein GSM ’98, LAW ’04, LAW ’05 < k Abbot & Dorothy H. Stevens Foundation Andrew M. Vrigian SMG ’88 < M Jacqueline M. Washburn SMG ’89 < Mr. and Mrs. William S. Wasserman Jr. < Stephen r. Weiner SMG ’63 k Lisa roets Wendt SMG ’92 Edward J. Zander GSM ’75, HoN ’05 < Gifts and Pledges of $5,000 to $9,999 Douglas S. Bean SMG ’78 < Ike Brown SMG ’76 < k richard M. Burnes Jr. GSM ’71 < James E. Carrington GSM ’80 robert H. Clark Jr. SMG ’64 < k M richard Dieter SMG ’65 < k Ines Garrant SMG ’88 G k Susanne A. Guyer GSM ’86 < M Joshua E. Hackel CGS ’00, SMG ’02 < Edward J. Hartnett SMG ’54, GSM ’58 < k M The Iacocca Family Foundation Pamela B. Jackson GSM ’91 < k M Mr. and Mrs. Thomas Joyce < P Jeanne and robert A. Knox CAS ’74, GSM ’75 < k ronald A. Lopez SMG ’77 < P Christian F. Martin IV SMG ’78 < Isidore Mayrock SMG ’78 < Christopher P. McGeown SMG ’85 < Dennis J. McNichol SMG ’82 < robert F. Meenan MED ’72, GSM ’89 < k G Lawrence A. Merse SMG ’70 < k Anne r. Meyers GSM ’80, GSM ’81 robert T. Mouritsen GSM ’11 Mark J. Notkin GSM ’88 < The P & G Company Howard S. reef SMG ’71 k Adam M. rosmarin CGS ’83, SMG ’85 Dorrit M. Saviers GSM ’78 < Sharadkumar S. and Ketki Shah Matthew Barry Smith and Merle Sloss Smith CAS ’70, GSM ’72 < k Shirley M. Sontheimer SMG ’58 < k robert J. Strechay Jr. CGS ’95, SMG ’97 k

David S. Taub SMG ’61 < John K. Twyman Jr. SMG ’82 < P Michael Umana SMG ’85 < k Sidney D. Wolk SMG ’57 < k Gifts and Pledges of $2,500 to $4,999 Herbert S. Alexander SMG ’64 < k Alan Altman GSM’51, LAW ’54 < k Stephen J. Bakonyi SMG ’90 < k M Kathryn J. Barton LAW ’90, SMG ’84 < k M Donald C. Bates SMG ’63 < k David L. Bedard GSM ’00 < k Kerry Locke Bedard GSM ’00 < k John C. Bethel SMG ’79 < Ben r. Bronstein CGS ’70, CAS ’72, MED ’76, GSM ’89 < k Glen P. Calderon SMG ’84 < k Velia M. Carboni GSM ’98 < M robert E. Carlson SMG ’88 < richard D. Carmel Trust Douglas Campbell Chamberlain GSM ’76, MET ’74 < k raj K. Chandaria GSM ’86 Benjamin S. Clark SMG ’62 < k Karen M. Clark GSM ’82, GrS ’82 < Frank J. Codey IV CGS ’84, SMG ’86 < Elizabeth G. Doubek SMG ’88 < k J. robert Dyment SMG ’53, LAW ’55 < Jeffrey M. Feuerman CGS ’87, SMG ’89 rene J. Feuerman SMG ’89 Barbara J. Finder SMG ’80 < k Arthur S. Flashman SMG ’84 k Sean M. Flynn SMG ’84 < John A. Foppiano SMG ’53 < k M Kenneth E. Fosdick CGS ’65, SMG ’67 k Henry Gardiner SMG ’74 < k Victor J. Garo SMG ’63, LAW ’65 < k Paul J. Graceffa GSM ’94 < k ralph H. Groce III CGS ’80, SMG ’82, MET ’84 < J. Alan Hayman SMG ’74 < William F. Hofmann III CGS ’63, SMG ’66 < k Carl I. Hoyer SMG ’51 < k M Ilisa Hurowitz LAW ’81 G John P. Iappini SMG ’68, GSM ’77 < k Gerald T. Iseda GSM ’89 < k M Joseph F. Jabre G k Dana F. Klein SMG ’82 < k Lawrence M. Kosow SMG ’75, GSM ’77 < k P Caryl J. Kuchman SMG ’79 < k M Lawrence E. Langsam SMG ’57 < k Fernando Malenchini GSM ’00 < k richard E. Mikels SMG ’69, LAW ’72 < k Edward N. Moller SMG ’80 < k Joseph H. Motzkin SMG ’93 < k Eric D. Muller SMG ’94 < M Albert G. Quinzani SMG ’42 < k

Martin S. rifkin SMG ’82 < John F. romano SMG ’77 < Kenneth D. rudnick SMG ’50 Kenneth M. Sands SMG ’83 < k Jay E. Schulman SMG ’83 < k richard I. Shakter LAW ’89, GSM ’90 Charles C. Siegel SMG ’48 < k Kenneth W. Sinclair SMG ’74 < k Brian C. Smith SMG ’96 < k Gregory J. Spanos SMG ’83 k P Peter M. Steinmann GSM ’91 < k TeleEMG LLC k Joseph P. Terrasi SMG ’55 < k M Mario A. Umana SMG ’63 < k Jerry A. Viscione GSM ’67, GrS ’69, GrS ’73 Susan L. N. Vogt GSM ’82 < k Daniel J. Wagner Sr. SMG ’60 < k robert H. Watts SMG ’68 < Andrew S. Whitman SMG ’84 Philip W. Wolcott SMG ’61 < k William Wright SMG ’47, SMG ’44 < k M John B. Zedros CGS ’80, SMG ’82 < k Gifts and Pledges of $1,000 to $2,499 Anonymous Lauren E. Abrahams GSM ’11 < Joshua B. Abramson SMG ’01 M Mr. and Mrs. Carlos Alberini < P robert L. Alexander SMG ’84 < Mr. and Mrs. Gerald Andriole < P Arthur C. Anton SMG ’50 < Leslie G. Aronovitz GSM ’81 k robert D. Baldassarre CGS ’89, CAS ’91, GSM ’97 < M Claudia Barrios SMG ’94 < Kim Bass < Mark D. Bayliss GSM ’02 < k M Joan H. Beharie SMG ’78 Llewellyn N. Belcourt SMG ’53 < k John L. Belsito SMG ’82 < Victor L. Berman CAS ’62, GSM ’66 k Henry G. Booth Jr. GSM ’69 < k Lawrence G. Botts Jr. SMG ’64 < k Ifigenia A. Boulogiane GSM ’65 < k M Mark A. Bram SMG ’82, GSM ’87 < k Leo r. Breitman GSM ’65 < k Nancy S. Brickley GSM ’86 < k James J. Brinkerhoff SMG ’72 < M richard H. Brown GSM ’80 < George A. Burnell SMG ’53 < David E. Bussone GSM ’78 < Michael C. Campbell GSM ’00 < k Gerald Caporicci SMG ’74 < k M Estate of owen M. Carle SMG ’43 < John P. Carli SMG ’73 < k M robert P. Carrigan Jr. SMG ’89 < k Susan A. Casey GSM ’05 < k

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Leadership giving

Director of Advancement Christopher Haley, Development Associate Colleen Kenny, Director of Alumni Relations Sarah Murray, and Development and Alumni Relations Officer Joel Carlton-Gysan.

Joseph B. Castronovo SMG ’78 < k Kevin P. Caulfield GSM ’03 < k M Janet F. Chapman GSM ’77 < P Sarah C. Christensen GSM ’04 < John R. Conant SMG ’49 < Prescott C. Crafts Jr. SMG ’42 < William Crawford GSM ’80 < k M Roger P. Day GSM ’87 < k Nubar Der Hagopian GSM ’67 < Allen F. Dickerman GSM ’59 < Peter C. Diotte GSM ’85 < k M James P. DiSilva SMG ’65 < k J. Douglas Dixon GSM ’00 < M Lance F. Drummond SMG ’76 < k Deborah A. Dunphy SMG ’73, GSM ’81 < k M Wesley H. Eaton SMG ’43 < Alan M. and Sybil Edelstein SMG ’47, LAW ’49 < k Karen A. Engelbourg < G Jonathan D. Fain SMG ’72 < k Richard A. Farrell SMG ’54, GSM ’63 < k William A. Felder SMG ’64 < k Robin L. Foley GSM ’91 < Marvin J. Fox SMG ’54 < Daniel R. Frank SMG ’79 < k Steven D. Frank SMG ’88 Laura M. Frizzell SMG ’91, GSM ’04 < k John J. Gaffey SMG ’51 < k Jonathan J. Galli SMG ’83 < k Debbie L. Gelb SMG ’91, GSM ’98 < Robert B. Getreu SMG ’92 Lawrence Glovin SMG ’57 < k Robert S. Golden SMG ’64 < k Richard J. Golden GSM ’77 < k Bernard J. Gormley SMG ’89 < M Sven F. Grail SDM ’90, GSM ’90 < k John E. Gray Jr. SMG ’79 < k Jeffrey N. Grossman GSM ’95 < k George W. Haines GSM ’67 < k Zachary M. Halloran GSM ’09 < Stephen P. Hannabury GSM ’90 < k

George Hansen SMG ’41 < k M Douglas E. Hart SMG ’76 G. Arnold Haynes SMG ’51 < k Donald S. Heaton SMG ’68, GSM ’70 < k Michael E. Herman SMG ’69, LAW ’78 < k Marc S. Hetnik SMG ’79 < k Masood Heydari ENG ’80, GSM ’97 < Thomas T. Higgins SMG ’73 < k Paul A. Higgins SMG ’83 < Richard G. Holland Jr. SMG ’49 < k Marjorie F. Hsu ENG ’86, GSM ’93 < M Peter M. Hunt SMG ’73, LAW ’77, LAW ’85 < Ruth A. Hunter ENG ’64, GSM ’86 < k Michael W. Husman SMG ’97 < Edmund F. Ingalls Jr. GSM ’81 < Roscoe E. Irving SMG ’49 < k M David M. Israel GSM ’84 < F.X. Jacoby III GSM ’91 < k Mimi Jigarjian GSM ’87 < k Earl K. Johnson SMG ’59 < k Leonard W. Johnson GSM ’89 < k Lorin A. Kagehiro GSM ’11 < Jason C. Kahn SMG’09 < M Shulamit Kahn G Ophas Kanchanavijaya SMG ’60, GSM ’61 < Lawrence E. Kaplan SMG ’65, LAW ’68 < k Gary M. Karelis SMG ’70 < k Susanna Kim < P Ju Chan Kim GSM ’08 < Donald W. King SMG ’74 < k M Stephen B. Kistner GSM ’77 < Peter C. Knight SMG ’70 < Scott B. Kokones GSM ’11 Stephen A. Kolodny SMG ’63, LAW ’65 < Stephen R. Kosow SMG ’78 < k Mr. and Mrs. Igor Kovalik < P Paul S. Kramer SMG ’53, GSM ’54 < k John Kynigopoulos GSM ’89 < John T. Lamendola CGS ’94, SMG ’96 < Louis E. Lataif SMG ’61, HON ’90 < k G Terry Laughren SMG ’61< Jack M. Leventhal SMG ’47 < Dale K. Lipnick SMG ’86 < James F. Lord GSM ’81 < M John H. Loynes SMG ’55 < Alfonso T. Lubrano GSM ’73 < Richard D. Lynch GSM ’95 < Susan D. Lynch GSM ’91 < John M Malloy Jr. GSM ’94 < Scott J. Manty SMG ’84 < k William S. Marsh GSM ’07 < k Katherine A. Martelon GSM ’83 < k M Elizabeth H. Martin Trust k Nelson E. Mather III DGE ’52, SMG ’54 < k Marguerite P. Matson ENG ’62, GSM ’67

James R. McCoy ENG ’85, GSM ’05 < H. Courtney McLaughlin SMG ’83, GSM ’84 < Stanley R. Mescon SED ’76, DGE ’74, GSM ’81 < k Jonathan S. Miller SMG ’73, COM ’75 < k Randolph L. Miller CGS ’67, SMG ’69 < k Keith Munsell GSM ’71 < k G Michael A. Musi SMG ’78 < k P Angela J. Musi SMG ’80 < P Varun Nagaraj GSM ’95 < Mr. and Mrs. Salvatore Naro < P Michael C. Nash Jr. GSM ’79 < National Football League Mr. and Mrs. William Nelson < k Horace S. Nichols SMG ’51 < Lawrence M. Noe SMG ’79 < k Carol B. Nulman CGS ’76, SMG ’78 < Thomas E. O’Donovan Jr. SMG ’58 < k Jill W. Okun SMG ’82 < k James F. Orr III GSM ’70 < Jerome Ostrov SMG ’64 < k P Joan M. Palermo SMG ’92 < M Yiannakis Papatheodorou < P Jong G. Park GSM ’98 < Bert W. Parmenter III GSM ’74 < k M Samuel D. Perry GSM ’71 < Thomas A. Petrie GSM ’70 < James E. Post < G David W. Pottier SMG ’86, GSM ’97 k Michael S. Pradko GSM ’96 < Steven D. Preiss SMG ’79 < Sandra M. Procopio SED ’89 G Kimberly Purdue GSM ’95, GRS ’96 < k G Francis J. Rice SMG ’57 Thomas L. Rich SMG ’80 < Norman V. Richie SMG ’91 < k Peter J. Robinson CGS ’81, SMG ’83, GSM ’85 < k Mr. and Mrs. Robert W. Rose < k George E. Ross LAW ’70, SMG ’75 < Matthew W. Roth SMG ’81 < M Tammy L. Rothstein-Levine SMG ’82 < k James A. Rullo SMG ’81 < Patrick V. Ryan GSM ’00 < Fillip F. Saraiva GSM ’11 < Catherine Frankl Sarkis CAS ’88, GSM ’91, LAW ’94 < G The Schermerhorn Family CGS ’82, SMG ’84 < G Richard C. Scully ENG ’81, SMG ’78 Donald T. Shire SMG ’51, LAW ’53 < k Barrie Shore SMG ’53 < k Debra A. Simmons SMG ’80 k Amandeep Singh SMG ’00 Roseanna Spizzirri SPH ’80, GSM ’91 < k Kerry A. Stakem SMG ’96 < k M bu.edu/management 21

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LEaDERShIP gIvINg

Donald B. Stewart GSM ’98 < Alicia Sundberg SMG ’90 < Thomas J. Szkutak SMG ’82 < Bernard A. G. Taradash SMG ’54 < Target Marlene r. Tepper GSM ’82 < k Jeffrey Tsao GSM ’11 Lisa M. Uglialoro SMG ’93, GSM ’02 < G Suzanne r. Viele SMG ’88 < M James E. Vinick SMG ’62 < k William J. Vogel M Steven F. Walker SMG ’80 < Garrett A. Walls SMG ’78 < k Gordon r. Walsh ENG ’67, ENG ’68, GSM ’71 < k richard M. Wichmann GSM ’90 M John T. Williams GSM ’00 < M Marcelle M. Willock GSM ’89 Patrick S. Wilmerding GSM ’99 < k Scott A. Wilson < P Glenn Wojcik GSM ’94 Joseph F. Wrinn GSM ’82 < Gifts and Pledges from Young Alumni Leadership Donors recent grads can join AFLGS with a gift of $100 for each year since graduation.

Karen E. Adams GSM ’09 < Apryl A. Alexander GSM ’11 < Bradley W. Allworth SMG ’11 < Andrej A. Ausing GSM ’11 < Patrick L. Bai SMG ’11 < Mate Banhegyi GSM ’11 < Philip B. Barr GSM ’11 < Ursula E. Bastiaan SMG ’11 < Matthew L. Bazard SMG ’11 < James W. Bell GSM ’09 < Andrew J. Beltz GSM ’11, SPH ’11 < rachel M. Berlin SMG ’04, GSM ’10 < G Molly Brown GSM ’10 < James F. Buck Jr. SMG ’09 < Betsy A. Carlton-Gysan GSM ’11 < Antonio Caroprese GSM ’09 < Lauren A. Celano GSM ’10 < Vito P. Colombo GSM ’06 < Anthony M. Colucci GSM ’09 < Wesley r. Connell GSM ’11 < Sarah B. Curley GSM ’09 < Evan S. DaSilva GSM ’11 < Louise E. Davies GSM ’11 < Luis A. Davila GSM ’11 < Kevin Delaney GSM ’10, SPH ’10 < rachel M. Dellon GSM ’11 < Luke E. Donaher CAS ’01, GSM ’10 < G M Prem S. Durairaj GSM ’11 < Lisa M. Dutot SMG ’00, GSM ’10 < k

Thomas Hans Peter Eisner GSM ’11 < Andrew W. Ellis SMG ’06, CAS ’06 < M Anna L. Eng GSM ’09 < Sebastien M. Ferrandon GSM ’11 < Francis r. Fincke CAS ’03, GSM ’08 < Patrick J. Fonzo GSM ’11 < Gregory r. Fortier SMG ’11 < Elisse M. Gaynor GSM ’11 < Aditya Giri GSM ’11 < Daniel E. Glasser GSM ’11 < Joshua M. Goldstein GSM ’08 < Nadja Goschalk GSM ’11 < Jennifer Grandfield GSM ’11 < Meghan K. Greene GSM ’11 < Marisa J. Greenwald GSM ’11 < Michael M. Guigli GSM ’11 < James F. Harper GSM ’09 < M Nicholas W. Harris GSM ’12 < Allison M. Harvey SMG ’11, SHA ’11 < Stephanie A. Hawkins GSM ’11 < Shuang He GSM ’11 < Ann C. Hertelendy GSM ’06 < John B. Hiester GSM ’11 < Stefanie M. Hon SMG ’00 < Timothy P. Hudson GSM ’11 < Felicia A. Jadczak GSM ’11 < Ellen J. Janis GSM ’10 < Luis E.J. Santander GSM ’11 < Vivek Kandhari GSM ’11 < Jonathan C. Katz GSM ’09 < Paul C. Kaynor GSM ’06, GSM ’08 < k M Kristyn M. Keefe GSM ’11 < Jeffrey D. Keesing GSM ’11 < Eiu Kim GSM ’08 < M Sayaka Koseki CAS’07, GSM ’11, SPH ’11 < Christopher P. Kretas CGS ’09, SMG ’11 < Deepa P. Krishna GSM ’11 < Ilana Lam GSM ’11 < Mikhail A. Lari CGS ’06, SMG ’08 < Stacy G. Layton GSM ’11 < Steven T. Lee SMG ’02, GSM ’11 < Angela Lee GSM ’11 < Joshua A. Levine CGS ’08, SMG ’10 < M yingsheng Li GSM ’11 < oleg G. Litvinenko GSM ’11 < Lois A. Long GSM ’09 < M Brian Long GSM ’11 < Taline Lorensian GSM ’09 < Janna E. Lorenzen GSM ’10, GrS ’10 < Sean A. Lunde GSM ’10, SPH ’10 < Courtney B. MacFarlane GSM ’11 < Keith B. Marple GSM ’11 < William T. McArthur GSM ’08 < rebekah L. McCaslin GSM ’11 < Samir Mehra GSM ’10 < Ajay M. Mehta GSM ’11 <

Anish S. Menon GSM ’11 < Stefano P. Merli GSM ’11 < Michael Montgomery GSM ’11 < Avraham Nagar GSM ’05 < k Miron M. Nissim CGS ’07, SMG ’09 < Marc B. orloff GSM ’11 < Jonathan r. Pasquale SMG ’08 < Anup Patil GSM ’11 < Arvind Patravali GSM ’11 < Sheehan H. Perera GSM ’11 < Stefano Perotta GSM ’10 < Dawn J. Quinlan CoM ’03, GSM ’10 < G Brendan M. reen SMG ’07 < M Shaun reynolds GSM ’09 < Shervin riahi GSM ’11 < Taylor A. riley SMG ’11, SHA ’11 < Heather M. ring GSM ’11 < Nathaniel J. robbins GSM ’11 < Anthony D. robillard CAS ’03, GSM ’10 < G Kristine A. rose SMG ’09 < Ivan D. ross GSM ’11 < Edward D. ross III GSM ’11 < Armen rostamian GSM ’11 < Gomez Santiago GSM ’12 < Derek B. Singer GSM ’11 < renee Sinha GSM ’10 < David B. Spenciner GSM ’09 < raycho A. Spilkov GSM ’11 < Ioli Stathi-Dedaki GSM ’10 < Jeremy M. Stern GSM ’09 < Sarah Stevenson GSM ’09 < Elizabeth C. Stiles GSM ’11 < Vishal Suri GSM ’11 < yoshikatsu Takeda GSM ’03 < ricardo Tessarotto CGS ’08, SMG ’10 < Tarun J. Theogaraj GSM ’11 < Seth Tyminski GSM ’08 < M Charles B. Van Dyke CAS ’03, GSM ’09 < G M Joanna Vanden GSM ’11 < Sara Varouch GSM ’11 < Kim T. Vo GSM ’11 < David r. Weigner-Lodahl CGS ’00, CAS ’02, GSM ’11 < Benjamin L. Weisman GSM ’11 < reed H. Whitman GSM ’11 < Peyton B. Williams GSM ’10 < Jiefu Zhao SMG ’11 < Jeffrey M. Zucker SMG ’10 <

Please accept our sincere apologies for any mistakes or omissions. We have made every effort to prepare this donor list accurately. If you note an error, please contact Joel Carlton-Gysan, School of Management Development & Alumni Officer, at 617-353-6137 or joelcg@bu.edu.

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DEaN’S CommENTaRY

Tying CEO Pay to Employee Engagement

W

By KEN FrEEMAN, ALLEN QUESTroM ProFESSor AND DEAN

hen I first became head of MetPath in 1995, a troubled Corning subsidiary that eventually became Quest Diagnostics, I dropped in on what was one of the largest clinical testing laboratories in the United States. As I walked the halls, I found that almost no one would look me in the eye. Something was clearly wrong. When I tried to get to the bottom of it, human resources not only couldn’t tell me the voluntary attrition rate, they couldn’t even give me an employee headcount.

The attrition rate turned out to be 45%. Engagement with employees was poor; there was little internal communication and no surveys of employee loyalty or efforts to improve it. our employees were conducting laboratory tests on which lives depended and yet they, the employees, literally didn’t count.

As raymond Gilmartin writes, people work not just for money but also for meaning in their lives. one of the chief means of fixing the system lies in focusing on the creation of long-term value. There is a simple but significant way to help achieve that goal: Evaluate and compensate CEos, at least partly, on their ability to create a culture of aligned, engaged employees.

That would require, as Dominic Barton observes, balancing financial metrics with measures that track the ability to forge internal alignment. However, when determining the CEo’s compensation, most corporate boards today give the highest priority to short-term financial results at the expense of long-term value creation. Some boards attempt a “balanced scorecard” approach, considering more than current year financials, with mixed success. But the missing link in CEo compensation continues to be employee engagement and satisfaction—holding the CEo accountable for creating a culture that aspires to make a lasting difference.

Why employee satisfaction and not customer satisfaction? Because employee engagement and loyalty drive customer satisfaction and loyalty— regardless of product or service. And satisfied customers virtually always yield satisfied owners.

That means not only treating all employees with dignity, respect, and fairness but also helping them see how critical they are to the enterprise. otherwise, they will likely give less than 100% effort and the customer will inevitably be disappointed.

For example, couriers who pick up samples for testing from physicians’ offices need to understand the importance of each and every specimen.

Seemingly little things—a late or missed picked up, a mishandled sample—turn out to be big things for customers waiting eagerly for test results.

In those early days at MetPath, the company desperately needed a turnaround—a situation in which employee satisfaction usually gets short shrift. In this case the leadership team decided to focus on creating long-term value, not quarter-

“Talented, engaged, and aligned people hold the key to creation of long-term value.”

bu.edu/management 23

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DEaN’S CommENTaRY

Continued from page 7

Associate Professor of Marketing Shuba Shrivinasan, Dean’s research Fellow, received the Syntec Management Consulting Best Academic Paper Award in the Marketing/Decision Sciences Category from Syntec, the French professional consultants association, 2011.

She was also the winner of the MSI research competition on “Communication and Branding in a Digital Era” for her project, “owned, Paid, and Earned Media Effectiveness: The Performance Impact of online Customer-initiated Actions for Better versus Lesser Known Brands of Search and Experience Goods.”

In addition, her paper “Marketing and Firm Value: Metrics, Methods, Findings and Future Directions” made SSrN’s Top Ten download list in the topic area MKTG: Marketing Strategy & Planning, as of September.

Shrivinasan was also chair, with Professor of Marketing and Distinguished Faculty Scholar Patrick Kaufmann, of the 2012 INForMS Marketing Science Conference hosted by Boston University School of Management Department of Marketing.

Associate Professor of Accounting Michael Smith, Dean’s research Fellow, won the award for best accounting paper, second annual Finance and Corporate Governance Conference, in Melbourne, Australia in 2011 for “The relative Efficiency of Clawback Provisions in Compensation Contracts.”

Assistant Professor of organizational Behavior Colin Fisher has been named a Peter Paul Career Development Professor for a three-year appointment, 2011-2014. This competitive award honors promising faculty with no more than two years in residence at Boston University.

The professorships were founded in 2006 by Peter Paul (GSM ’71), the president of mortgage banking company Paul Financial and member of the Boston University Board of Trustees.

Professor of organizational Behavior and Senior Associate Dean Karen Golden-Biddle, Everett W. Lord Distinguished Faculty Scholar, received the School of Management’s 2011 Distinguished Mentor Award, recognizing a faculty member who has supported the PhD program and its students.

“People really are our greatest assets.

CEOs who lose touch with that truth spread misery unnecessarily and ultimately put their companies at risk.” by-quarter improvement, through a values-based culture with empowered employees. We began by measuring employee satisfaction to set a benchmark for improvement. Through leadership development programs, Six Sigma, and constant communication we made long-term investments in our people. Significantly, we made improvement in employee satisfaction an important component of executive pay.

Eventually, the voluntary attrition rate fell to approximately 10%. Measures of employee loyalty climbed steadily. The company of more than 40,000 employees became a finalist for Top 100 Places to Work. And it went on to become the industry leader in laboratory testing.

Using employee satisfaction as a measure of performance in creating long-term value doesn’t mean that the CEo has to be a pushover, avoid tough decisions, and seek to please everyone at all costs. In fact, engaged employees who have been treated with dignity, respect, and fairness are far more likely to understand the hard choices that have to be made about pay and benefits, promotions, and changes of direction in the business.

Nor should having compensation partly depend on employee satisfaction make CEos nervous about vindictive employees who might relish sabotaging them in surveys. If a significant number of employees are so inclined then it’s not a matter of sabotage, but a genuine problem of the culture—and one that’s likely to undermine the CEo over time anyway.

At MetPath one small thing we did to promote employee engagement was to encourage employees— any employee, from couriers to senior executives—to email me directly about anything on their minds and expect an answer. Skeptics warned me that I would get nothing but complaints about pay. yes, there were a few, but mostly I received a steady stream of good ideas that we incorporated into our efforts to create a great place to work and improve the company. That experience confirmed for me what we often say but don’t always act on: Our people really are our greatest assets.

CEos who lose touch with that truth spread misery unnecessarily and ultimately put their companies at risk. Talented, engaged, and aligned people hold the key to creation of long-term value. And boards, which are even further removed from employees, must come to recognize that truth and reward CEos for living it.

Reprinted with permission. Copyright © 2011 by Harvard Business Publishing; all rights reserved.

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ThE LaST WoRD

Deborah Dong (BSBA ’86, LAW ’07)

By ANDrEA LITTLE

After a successful tenure at a large nationally-known law firm as a technology attorney, Deborah Dong started her own law practice based in Boston. Drawing on Deborah’s earlier experience as an information systems manager and telecommunications analyst, she counsels software, Internet, clean tech, and financial services clients in the protection of their intellectual property rights; she also negotiates tech licensing and distribution agreements. When not practicing law, she volunteers her business skills to local preservation and historical organizations, attends Red Sox and BU hockey games, and plays the piano and guitar. Deborah can be reached at deborah@ deborahdonglaw.com.

The greatest truth in management: It’s vital to build relationships and trust.

My first job was: Selling Levi’s jeans at the Chestnut Hill Mall.

The last book I read was: Living in the Sweet Spot: Preparing for Performance in Sport and Life by BU SED Professor Amy Baltzell.

I’ll retire when: I feel I have nothing left to contribute.

No one has influenced me more than: One of my first bosses, Tom Blady. He taught me the importance of self-improvement, mentoring, and team building.

The moment I knew I didn’t know it all was when: I’m constantly reminded of this!

When I was in the School of Management, I wish: I had spent more time just hanging out with classmates.

My last meal would be: This amazing garlic, soy sauce, and chicken dish that my father James Dong (SMG ’56) created. I never get tired of it.

The easiest part of my job is: Listening to my clients’ business and technology ideas. That’s also the most fun part.

If a film were made of my life, I’d be played by: Sandra Oh. The most difficult part of management is: Aligning personal goals with organizational goals.

My next venture will be: It’s too early to tell.

My favorite place to go on vacation is: Maui.

Most people don’t know that: I’m a huge Fred Astaire and Ginger Rogers movie buff.

Every day I make the time to: Play a bit of music and refocus.

Running a successful organization takes: Teamwork and respect.

The soundtrack of my life includes: Bowie, Bach, Broadway tunes, and 80s rock.

Nothing tells more about a person than: How that person treats people who are not in a position to help him or her.

My guilty pleasure is: Designing and making jewelry.

If I could change one thing about the world, it would be: To empower others with the courage to take the next step.

I’m happiest when: Solving a problem: business, legal, or otherwise.

What’s changed most in business is: Globalization’s influence on the multiculturalism of individuals in the workforce.

The wisest investment I ever made was: My ongoing education at SMG, LAW, and beyond.

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Boston University School of Management 595 Commonwealth Avenue Boston, MA 02215

inside Faculty accolades accolades Page 7 alumni entrepreneurs Page 18 executive Compensation Page 23

MS•MBAs Explore Silicon Valley The School of Management and the BU Alumni Association hosted a lifelong learning event featuring Mark garrett (BSBA’79), EVP & Chief Financial Officer of Adobe Systems Incorporated. With close to a hundred people in attendance at the Rosewood Sand Hill Inn in Menlo Park, Calif, alumni and MS•MBA students were given an inside perspective on Adobe’s strategic and innovative pursuits as well as emerging and disruptive technologies changing the digital industry. The event was planned in conjunction with a one–week MS•MBA course taught by Professors venkat n. venkatraman and John henderson, Digital Transformation: Immersive Interactions and Insights at Silicon Valley. This course, coupled with an alumni event featuring an alumni active in the field, illustrates SMG’s alumni division’s strategy to engage our alumni as lifelong educational partners, providing content and networking opportunities.

Photo: MS•MBA students attended a presentation in Menlo Park by Mark Garrett (BSBA ’79) of Adobe, standing just to the right of Dean Ken Freeman.

Creating Value for the World SM

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