Darden Report Summer 2020 by Darden School of Business

UN IV E RSIT Y O F VI R G I N I A DAR D EN S C H O O L O F B U S I N ES S

T HE DARDEN REPORT

WHEN THE WORLD SHIFTS, LEADERS PIVOT Presidents & Politics: What They Mean for Business

Alumni Leading Through Pandemic

SUM M ER 2 0 2 0

I M M E D I AT E I M PAC T

Darden’s mission to inspire responsible leaders is more important than ever. Supporting the Darden Annual Fund is the best way to help the Darden School navigate the unprecedented challenges presented by the coronavirus pandemic. Enable Darden to: • Provide financial support to students • Cover technology costs for expanded online course delivery • Power new financial aid and scholarship opportunities • Ensure continuity of operations to provide the world’s best education experience

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DARDEN AN N U A L FUND

LETTER FROM THE DEAN

SHIFTING VARIABLES

s summer gears up, an untamed pandemic and deep economic crisis grip the world while protests erupt across the United States demanding racial equality and justice. This historic moment provides everyone the opportunity to look at the world from the inside out rather than the outside in. This is a time to ask ourselves, “What do I value? What really matters?” As I told Darden’s 465 graduates at our virtual graduation in May, overnight, the black swan of the novel coronavirus shifted the variables, and they continue to shift. The knowns in our lives — for example, when we can travel where — became unknowns. And things unknown — such as what a quarantined world is like — became known. The Class of 2020 concluded its Darden experience in a virtual setting. The students and faculty rose with grace to the challenge. Our newest alumni now enter a disrupted world in which business and society need their talents to navigate uncertainty, drive innovation and solve entrenched problems like racial inequity in the United States. This issue of The Darden Report shares how COVID-19 challenged Darden, and how the School responded (Page 10). Global Chief Diversity Officer Martin Davidson frames how we can constructively advance efforts for racial equity (Page 6). With a presidential election looming, several professors examine the consequences for business and leadership (Page 22).

The magazine documents key events in the final two quarters of the academic year ending in May, but of course, summer continues to bring important progress and change for Darden and our community. I hope you will stay connected on our digital channels to keep up on key priorities and events, including action to enhance racial equity across all levels of interaction with Darden, to boost career outcomes for the Class of 2020, and to offer an increasingly flexible approach for applicants to the Class of 2023. As we prepare for an in-person start of school in August 2020, the unknowns remain significant. What will classes look like? How can we protect safety and health and activate the Darden community and culture in these turbulent times? Despite all the unknowns, we do know we will uphold the promise of our mission to inspire responsible leaders through unparalleled transformational learning experiences. We will live our values for an inclusive community that enables its global and diverse members to collaborate and excel. We also know, Darden alumni and friends, that we will be here for you — and you for each other.

SCOTT C. BEARDSLEY Dean and Charles C. Abbott Professor of Business Administration

SUMMER 2020

University of Virginia Darden School of Business Office of Communication & Marketing P. O. Box 7225 Charlottesville, Virginia 22906-7225 USA communication@darden.virginia.edu Scott C. Beardsley Dean and Charles C. Abbott Professor of Business Administration The Darden Report is published twice a year with private donations to the University of Virginia Darden School Foundation. Â© 2020 Darden School Foundation Summer 2020, Volume 47, No. 2

THE DARDEN REPORT

Michael J. Woodfolk President, Darden School Foundation Juliet K. Daum Chief Marketing and Communications Officer

EDITOR Jay Hodgkins

CLASS NOTES EDITOR Liz Boone

ART DIRECTION & DESIGN Susan Wormington

PHOTOGRAPHY Ian Bradshaw Tom Cogill Ashley Florence Getty Images Stephanie Gross Sam Levitan Andrew Shurtleff

FEATURES DESIGN Ross Bradley WRITERS Simon Constable Dave Hendrick

ON THE COVER: First and Second Year students in the full-time MBA and Executive MBA programs. Illustration: Ross Bradley

T HE DA R D E N R EPO R T

/ Summer 2020

F E AT U R E S

When the World Shifts, Leaders Pivot The societal response to the coronavirus pandemic became known as The Great Pause for billions of people worldwide. However, Darden never stood still. Learn the full story of how Darden and its community reacted. 10 Darden responds — a story in pictures 12 Dean Beardsley on the state of the School 14 A quick pivot to virtual learning 16 A spring like no other, through students’ eyes 19 Alumni offer words of encouragement 20 COVID-19 spurs new faculty insights

2020 ELECTION

What Presidents and Politics Can Teach Us About Business Leadership, Investing and the Economy

Presidents & Politics: What They Mean for Business

he Darden School of Business faculty isn’t making predictions about the 2020 U.S. election or who will be the next president of the United States. UVA has Larry Sabato and his famous Crystal Ball for that. They are interested in any topic with meaningful impact on and insights for the practice of business. And in that regard, the 2020 election is a major event, informing topics from leadership to investing to the global economy that are core to Darden thought leadership. Call it looking above the fray. Call it a crash course in why presidents and politics matter. Here is The Darden Report guide to how Darden professors are evaluating the 2020 election and the impact of modern politics on business and society.

HIGH POLITICAL POLARIZATION IS HURTING YOUR MUTUAL FUND

The United States is entering the heart of a presidential campaign unlike any before it. According to research from Professors Bob Bruner, Peter Debaere and Rich Evans, presidents and politics create consequences for investing, the economy and the shape of leadership.

Professor Rich Evans wanted to know the impact of political ideologies on our investments. Studying data from 2,500 mutual fund managers, Evans and his co-authors were able to find answers thanks to individuals who disclosed donations to candidates or political action committees. They found that mutual funds managed by teams with diverse political viewpoints — typically a combination of Republican and Democratic donors — performed better than those whose managers shared political beliefs and donated to similar political causes. There is a catch, however. The maxim held true in times of low political polarization, as measured by national organizations like the Pew Research Center. High political polarization, however, negatively affects team decisionmaking across the board. SUMMER 2020

PROFILES

Faculty Profile: Kinda Hachem An economist who revels in exploring unintended consequences, Professor Kinda Hachem has quickly gained a reputation at Darden for “moving mountains.”

Alumni Profile: Goli Sheikholeslami (MBA ’94) The New York Public Radio CEO expected challenges when she took the position last year. She did not expect to be leading through the epicenter of a pandemic when trusted information was needed most.

Alumni Profile: Dr. Paul Matherne (EMBA ’10) As interim senior associate dean for clinical affairs at UVA Health, Matherne helped rapidly transform the health system to prepare for the growing coronavirus pandemic and sees big changes on the horizon for health care.

U P DAT E S 3 Letter From The Dean 6 Darden School Foundation Update 7 School News 28 Faculty Books 35 Class Notes 94 Darden Leadership Boards SUMMER 2020

FROM THE DARDEN SCHOOL F O U N DAT I O N

Michael J. Woodfolk (TEP ’05)

arden’s mission is to improve the world by inspiring responsible leaders through unparalleled transformational learning experiences. None of you, our graduates, could have imagined how classroom case discussions about ethical leadership or supply chains or the world economy would prepare you to lead in this unprecedented time of the COVID-19 pandemic. The world is better because of you and your education. Do take action whenever you see an opportunity. We see how Darden has prepared you in the many stories that have surfaced in the past months. We see supply chain innovation as alumni Matt (MBA ’16) and Kristina Loftus (MBA ’17) shifted their company Rhoback’s focus from producing stylish activewear to face masks. We see grit in Alison Williams (EMBA ’15), chief of staff to the governor of Arkansas, in her aroundthe-clock preparation and advising as state leadership pushed out public health information. We see agility from Goli Sheikholeslami (MBA ’94), who in her role as CEO of New York Public Radio led the transition of 400 employees to broadcast and publish remotely from their homes in a matter of days, from the epicenter of the pandemic, without a disruption to programming or reporting (Page 30). We see clear crisis communication from Dr. Taison Bell (Class of

2020), who as a critical care and infectious disease specialist and director of the medical intensive care unit at UVA Health was a regular with media outlets sharing information with the potential to save lives (Page 16). There are, of course, many other stories. How has Darden prepared you to lead during a time of crisis? The Darden community wants to know. Please take a moment and share your story with us: alumni.darden.edu/coronavirusstories. In addition to the pride we feel for all that you have accomplished as leaders during this time, we recognize that for some of you, this crisis may have been devastating to your businesses or to you personally. To you, we offer our heartfelt support. We are warmed by the display of compassion between classmates and recognize that alumni and students are truly leaning into the network for support. Darden is about more than lessons learned in case discussions. It is about the collective strength of this group of people. Now more than ever, we hope you will respond if called on by your fellow alumni. Stay safe, friends, until the next time we can be together.

Michael J. Woodfolk (TEP ’05) President, Darden School Foundation

The Long Run Amid protests in the United States and abroad in support of racial justice in America this summer, the Darden School has committed to a list of immediate actions to live its value in support of an inclusive community that enables its global and diverse members to collaborate and excel. Led by the Office of Global Diversity, Equity and Inclusion, the School is also developing a framework of tactics and initiatives to improve the experience of Black members of the Darden community at all stages of their interaction with the School. As a starting point in the conversation, Global Chief Diversity Officer Martin Davidson offered his thoughts in a recent post on the Diversity at Darden blog.

In the short run. Looking starkly at the civil unrest and violence occurring in many cities in the U.S. in the wake of the revelation of George Floyd’s murder by former police officer Derek Chauvin, it is only natural to ask what can be done to end the disruption and return to some modicum of peace. And an obvious conclusion is to apprehend and control the people behaving disruptively and violently. Indeed, if we send in the National Guard and stop the disruptive behavior, we’ve solved the problem. The limitation of the short-run approach is that it fights tooth and nail against sustainable change. It curses complexity, scoffs at subtlety and hates root-cause analysis.

THE DARDEN REPORT

In the long run. Enlightened leaders, the likes of whom we aspire to train at Darden, cannot tolerate simplistic analyses that ignore or distort data. It wouldn’t happen in a rigorous case discussion, and it can’t keep happening in the world of practical affairs. These conversations are difficult but essential. And they can’t just be academic exercises that are great in the classroom but set aside when they become “inconvenient.” Enlightened leaders, those who wish to be great and good, in the parlance of UVA President Jim Ryan, will make this thought exercise an ongoing habit in their leadership practice — and in their lives. Martin Davidson, Johnson and Higgins Pay attention to Professor of Business Administration, senior associate dean and global chief diversity officer the long run.

| SCHOOL NE W S |

Students take part in the Darden Career Center’s ‘Resumania,’ held last fall, during which Second Year coaches review First Years’ resumés and provide feedback.

Career Outcomes

Drive Darden’s Rise in Spring Rankings

arden concluded a successful year in MBA program rankings in March when U.S. News & World Report released its 2021 Best Business Schools ranking of MBA programs. U.S. News named Darden the No. 2 MBA among programs at public universities and No. 11 overall. U.S. News said Darden’s full-time MBA Class of 2019 ranked No. 5 overall for the percentage securing jobs within three months of graduation and No. 5 for highest average starting salary and bonus. Darden will report on employment outcomes for the Class of 2020 three months after its graduation, but early outcomes at the end of May showed resilience, tracking just behind Class of 2019 levels despite the coronavirus and a recession. In the Financial Times’ 2020 global ranking of MBA programs released in February, Darden placed No. 12 in the U.S., one spot behind its all-time high of No. 11 set in 2003. The publication ranked Darden’s career services No. 8 in the U.S. and its employment outcomes for the Class of 2019 No. 2 in the U.S.

Pandemic Leads to Pause in New Rankings Given the unprecedented circumstances in the world, industry leaders from AACSB International (Darden’s accreditor), EFMD Global (an accreditor of many top business schools outside the U.S.) and the Graduate Management Admission Council wrote to the major MBA ranking publications to request that they cancel, postpone or alter their rankings in the coming year. Along with many of its peer schools, Darden wrote to the editors of the ranking publications to support the proposal and indicated the School will not participate in the rankings in the coming year. Bloomberg Businessweek has already announced it will not publish a ranking this year, based on schools’ feedback.

RA N K I N GS • No. 1 — MBA Program among public universities; No. 5 overall (Bloomberg Businessweek, 2020) • No. 1 — Best Education Experience in the United States (The Economist, 2011–19) • No. 1 — Student Rating of Faculty (The Economist, 2017–19) • No. 1 — Best Professors (The Princeton Review, 2017–19) • No. 1 — Corporate Social Responsibility in the United States (Financial Times, 2019–20) • No. 1 — Overseas Study (The Economist, 2014–19) • No. 2 — Learning (Bloomberg Businessweek, 2020) • No. 2 — General Management (Financial Times); ranked No. 1 or 2 eight consecutive years • No. 2 — Best MBA for Consulting (The Princeton Review, 2019) • No. 2 — Best MBA for Management (The Princeton Review, 2019)

SUMMER 2020

| S CHOOL N E W S | U P C O M I N G P RO GRA MS STRATEGY ESSENTIALS SPECIALIZATION

Provides tools, frameworks and insights to help create and drive successful strategies for organizations. This three-course specialization features a course project, program mentor, online office hours and peer feedback to ensure the support needed to develop winning strategies. The upcoming online course sessions include Growth Strategy (27 July–6 September) and Strategy Planning (5 October–15 November). The first course in the specialization, Strategy Analysis, started 8 June and will next be held 5 October–15 November.

DATA SCIENCE IN BUSINESS PROGRAMS

The state-of-the-art facilities at UVA Darden DC Metro in Arlington, Virginia, offer a convenient location to continue lifelong learning, with easy access to and views of the Washington, D.C., area.

EXECUTIVE EDUCATION

Despite Disruption, Darden Executive Education Expands Alumni Lifelong Learning 2020 Program Options

hen Darden Executive Education unveiled its Alumni Lifelong Learning 2020 program — an opportunity for all Darden alumni to enroll in a course at no cost — it could not imagine that the coronavirus pandemic would wreak havoc on its schedule of in-person programs this spring and summer. Undeterred, the Executive Education team met the moment by enhancing its online program portfolio to provide rich, accessible learning opportunities and announcing new in-person and virtual courses for later this year to ensure Darden alumni have every opportunity to enroll in a complimentary course in 2020. Learn more about newly launched programs open to Darden alumni through the Alumni Lifelong Learning 2020 program at connect.darden. virginia.edu/ee_alumni_offer.

THE DARDEN REPORT

Developed in partnership with the UVA School of Data Science, these three two-day programs are designed to foster data-savvy individuals and organizations. The upcoming courses and pilot dates include Strategic Use of Data (16–17 July), Data Science in Action (30–31 July) and Building a Data Pipeline (27–28 August), which will all be hosted at UVA Darden DC Metro. After the pilots, additional dates will be announced for fall and winter.

LEADING LEAN TRANSFORMATIONS Learn to use data to drive problem-solving, get buy-in from key stakeholders and create a continuous-improvement culture. Develop critical thinking skills to include lean concepts, plus learn how people, processes and purpose interrelate to create value and competitive advantage. This virtual program runs 2 September–7 October with an option for inperson sessions at UVA Darden DC Metro.

STRATEGIC COMMUNICATION IN AN ERA OF CONTINUOUS DISRUPTION AND TRANSFORMATION Learn to reimagine an organization’s strategic communication approach and structure to effectively navigate constant disruption and transformation. This hands-on workshop runs 29–30 September at UVA Darden DC Metro.

Several programs impacted by the coronavirus pandemic have been rescheduled. Contact Executive Education’s Lifelong Learning team at Darden_ExEd@darden.virginia.edu for more information.

Professor Sam Bodily Retires After More Than 40 Years

am Bodily, who grew up on a 600acre farm in rural Utah, spending the bulk of his nonschool hours helping his family raise livestock and crops and sometimes working 14 hours at a stretch on a tractor, knew he didn’t want to buck hay and thin beets for the rest of his life. By age 11, he set his sights on a Ph.D. Bodily, who retired from the Darden School after 43 years at the end of the academic year, pursued math and then physics at Brigham Young University. He then headed east to study decision analysis, random processes and optimization at the Massachusetts Institute of Technology. The newly minted professor taught briefly at MIT and Boston University before Darden, which seemed like an “up-and-coming program” with “a lock on the Southeast” when the School contacted him, said Bodily. Darden had not yet formally made Quantitative Analysis (QA) into an academic area, but did so shortly after his arrival. Teaching quantitative courses via the case method could be a challenge, but once students overcame initial hurdles,

they could find it fun, Bodily said. Students often expressed appreciation for the concepts and the competitive advantage the quant courses brought them. “The challenge of the courses is that you have the art history major next to the data scientist, and you’ve got to be able to pull them all together and learn together,” said Bodily. At another institution, Bodily said he may have stayed focused on the thennovel work on revenue management that he posited in the early 1980s. At Darden, he was given the leeway to follow his general interest in “opportunities for improving things” and exploring various topics in strategy modeling, forecasting, lifetime consumption preferences, entrepreneurship and investment risk analysis, among other arenas. While his legacy will live on at Darden and in the broader world in more than 120 cases, nearly 50 research articles, multiple books and thousands of students, a planned professorship in his name will also soon attract leaders in the field of analytics. The professorship in analytics was supported by gifts from Bodily’s first

“One of the reasons faculty stay here is the students. The students are great — it’s a real community.” — Sam Bodily, John Tyler Professor of Business Administration

class of students, including Arbor Investments Managing Director John Camp (MBA ’79) and former Target CFO Doug Scovanner (MBA ’79). The plan envisions a visiting professor of practice who will be brought in each year to research, write and present analytics work with global reach.

W H AT CA N DA R D E N D O F O R Y O U To d ay ?

Darden powers your purpose for more than just two years on Grounds. Through Alumni Career Services, we support your career for life. • Career/Transition Coaching • Executive/Leadership Coaching • Darden Hiring Network • Darden Career Link • In-Person/Virtual Office Hours

The Armstrong Center for Alumni Career Services

For more information, visit: darden.virginia.edu/alumni/career-services or contact Alumni Career Services at alumnicareerservices@darden.virginia.edu or +1-434-924-4876. SUMMER 2020

Following March University of Virginia guidance requiring students, faculty and staff to work and learn from home, the Darden Grounds remained closed for months. In lieu of graduation on Flagler Court, the Darden community — including graduation faculty marshal Elena Loutskina, right — rallied to celebrate the Class of 2020 with a virtual graduation ceremony.

WHEN THE WORLD SHIFTS, By DAVE HENDRICK and JAY HODGKINS

As it did to nations, businesses and individuals around the world, the coronavirus pandemic unleashed a tidal wave of disruption and uncertainty on UVA and the Darden School of Business. However, what became known as “The Great Pause” for the billions of people worldwide sheltering in place did not pause life at Darden. Rather, Darden unleashed The Great Pivot, mobilizing to deliver distance learning across degree programs while acclimating to virtual work for all faculty and staff. Zoom became home to everything from professors orchestrating case method classes to Dean Scott Beardsley’s frequent community-wide town halls, often hosted from his balcony on Pavilion I on the Lawn during a spring that was as beautiful in Charlottesville as it was strange across the world. The coronavirus pandemic is the defining moment of a generation. It has also been a defining moment for Darden.

THE DARDEN REPORT

In its nearly 50-year history, The Darden Report magazine has chronicled the life and times of the School, from the retirement of founding Dean Charles C. Abbott to the construction of Darden’s new Grounds in the early 1990s to the community’s response to the August 2017 rally of white supremacists in Charlottesville. History has never been so clear in the present, and it is our hope that this issue of The Darden Report justly shares the unprecedented life and times of the School, its students, and its faculty and staff in this historic moment. The story begins in pictures, and so we offer this pictorial anthology of a spring at Darden like no other.

Alumnus and Darden School Foundation Trustee Dick Mayo (MBA ’68) speaks to student members of Darden Capital Management in a virtual event hosted by Professor Pedro Matos and the Richard A. Mayo Center for Asset Management.

With all in-person events canceled, students got creative to launch a final event for the Darden Cup — a fitness challenge in which students, partners and faculty downloaded an app that tracked their activities, miles logged and elevation gained.

LEADERS PIVOT Professor Saras Sarasvathy teaches her “Effectual Entrepreneurship” course while using new technology to share her notes in real time with the virtual class.

Francisco Cabral Delgado (MBA ’20) used some of his down time during quarantine to paint a watercolor of Saunders Hall, which he shared on Instagram.

SUMMER SUMMER 2020 2020

11 11

“This crisis will provide each of us with the opportunities to show leadership and compassion for others. It also provides opportunities to innovate and find new ways to lead.” — Dean Scott Beardsley

THE DARDEN REPORT

STATE OF THE SCHOOL: POSITIONED TO INNOVATE AND LEAD AMID DIFFICULT TIMES

ean Scott Beardsley offered a state of the School address to alumni quite unlike his prior spring updates. The annual address, usually delivered in Abbott Center Auditorium to a crowd of hundreds gathered for reunion weekend, was delivered this year from Beardsley’s Pavilion I home on the Lawn during a virtual alumni town hall. While the ongoing coronavirus pandemic forced the change of format and cast a significant shadow over the near-term future of both Darden and the University of Virginia, Beardsley struck an optimistic note by emphasizing that the School remains in an excellent position to lead the future of graduate business education amid a landscape that is now changing more rapidly than ever. “This crisis will provide each of us with the opportunities to show leadership and compassion for others. It also provides opportunities to innovate and find new ways to lead,” Beardsley said. “At Darden, we are always looking for ways to both preserve what makes Darden great — our exceptional education experience and our community — while building for the future. This crisis is no exception. What we are learning now in our digital courses and in working in new ways will help to inform where we go next.” DARDEN’S PATH TO FORGE AHEAD

Key to Darden’s immediate and ongoing coronavirus response, and the School’s ability to emerge from the crisis in a position of strength, is alumni support for the Darden Annual Fund, Beardsley said. Beardsley said many people were asking him what would happen in the fall. “We will start in August as scheduled,” he said, noting that Darden and UVA are following public health guidance

to make plans for a combination of in-person and virtual instruction and were developing contingencies to respond to conditions closer to the start of the new academic year. On the admissions front, Beardsley reported that applications to the full-time MBA and Executive MBA programs were up this year, bucking the recent industry-wide trend of falling applications. However, he acknowledged matriculation could present challenges as prospective students think about what starting school amid the ongoing pandemic might entail and international admits face visa and travel hurdles. For the Class of 2023, Beardsley said the new application cycle opened in June with a focus on compassion and flexibility for applicants amid the ongoing coronavirus pandemic. Darden Admissions will extend its test flexibility pilot to include the Executive Assessment for the first time and the opportunity for test waivers, offer a new Early Action option, and give admitted students early access to career resources. A TIME TO LEAN ON THE NETWORK

Beardsley offered Darden’s support to alumni as they navigate their own personal and professional challenges, highlighting the power of the Darden network as a source of strength in a difficult time. “This pandemic is shaping up to be the most serious health crisis the world has faced in the past 100 years. In a time like this, we turn to the communities we know and trust,” he said. “This is a generation-defining moment. And like the generations before us, we must be strong and lead from where we are in this crisis. As best we can, we should focus on the opportunities — to grow, to learn, to do good.”

For the latest information on Darden operations and plans to return to Grounds, visit www.darden.virginia.edu/about/coronavirus-information. SUMMER 2020

A QUICK SHIFT TO DISTANCE LEARNING

Professor Mary Margaret Frank offered an inside look at the virtual classroom she created in her office. A rapid effort to equip faculty with new technology and technical support allowed Darden to transition all spring courses to virtual delivery in under two weeks.

he successful launch of distance learning across Darden’s degree programs in mid-March, as the threat of the coronavirus pandemic became clear and present, combined many factors. Said in the simplest terms, it took Darden being uniquely Darden. A crucial moment for the School and its plan of action happened when a then-stunning announcement came down from UVA: Except for those who carry out key functions, all employees should work from home. The edict made it clear, according to Assistant Dean for Digital and Instructional Initiatives Joanne Meier: For the safety of all, everyone at Darden should prepare to teach, support and learn remotely.

THE DARDEN REPORT

“The students have prepared, because they know they could get cold called to be the driver. I simply say, ‘Jane Doe, why don’t you drive the Maserati today?’” — Mary Margaret Frank John Tyler Professor of Business Administration and senior associate dean for faculty development

Richard S. Reynolds Professor of Business Administration Tom Steenburgh, senior associate dean for the full-time MBA program

The distance learning and classroom support teams began preparing faculty to deliver classes from home. The high-tech virtual classrooms Darden had initially prepared to navigate the crisis were replaced with laptops, dual monitors and iPads, and a dedicated support staffer partnered with each faculty member for the duration of the fourth quarter. It was an on-the-fly adjustment, but one that showed early and sustained success. PREPARING THE WORLD’S TOPRANKED TEACHING FACULTY FOR A NEW CLASSROOM

For Senior Associate Dean for the FullTime MBA Program Tom Steenburgh, the most pressing challenge was to ensure his faculty peers, whose distance learning experience ran the gamut from expert (the Executive MBA program has long used distance learning to deliver a portion of the content) to novice, felt sufficiently comfortable in their new roles. “This was a big transition in a matter of about two weeks,” Steenburgh said. “They had to completely shift modes of teaching, and we had to let them know that they'd have the support to do that. A lot of it was emotional more than anything else. How do you let people absorb that blow and then get them to a place where, in a short period of time, they feel like they can be effective in what they love to do?”

The faculty exceeded their own initial expectations, turning the virtual environment into a robust learning environment, establishing norms and expectations to ensure active participation, and making accommodations for students who wished to enroll in oversubscribed classes. A LOOK INSIDE DISTANCE LEARNING, WHERE COLD CALLS AND THE CASE METHOD STILL THRIVE

Professor Mary Margaret Frank was among those who approached the news of moving to the virtual realm with a can-do attitude. Frank taught a 50-person class on impact investing and a much smaller course on the taxation of mergers and acquisitions. The taxation course often involves students working together from a large board with complex equations, and sharing via an iPad initially seemed out of the question. However, Frank said the virtual classroom worked, as students in the taxation course often served as “drivers” of discussions, sharing from their own screens. “The students have prepared, because they know they could get cold called to be the driver. I simply say, ‘Jane Doe, why don’t you drive the Maserati Mary Margaret Frank today?’” Frank said. In the impact investing course, in addition to cold calling, Frank said she prompted classroom participation by requiring rotating groups of students to post takeaways from the day, assigning short writing tasks to be analyzed by students’ peers in the class, making increased use of virtual breakout sessions and hosting virtual lunches. Frank said the unprecedented pivot inspired new levels of collaboration in the Accounting area among her peers. Professors Paul Simko and Shane Dikolli, who have both taught courses in the Executive MBA with a virtual component, held special training for their peers who were teaching in the fourth quarter. “I think we bonded more over those teaching sessions than we have in a long time,” said Frank. “It just made me so happy to be at Darden.”

SUMMER 2020

THE STUDENT PERSPECTIVE: IN THEIR WORDS

What students across Darden’s degree programs experienced this spring was quite unlike anything experienced by any student before them. Neither disease nor war nor economic or social crisis had ever prevented Darden from opening its physical doors to a new day of advancing its mission to inspire responsible leaders. The Darden Report offers insights on the School’s and community’s responses to the coronavirus pandemic through the words of the students.

DR. TAISON BELL, EXECUTIVE MBA CLASS OF 2020

Like his peers in the Executive MBA Class of 2020, Dr. Taison Bell’s world has been upended by the global coronavirus pandemic. As a critical care and infectious disease specialist and director of the medical intensive care unit at the UVA Health System, Bell is a leader in the rapidly evolving response to the pandemic, a role that involves trying to ensure adequate resources, advising on treatment and prevention, and tending to patients. Bell described the whirlwind as something of a de facto capstone project to his time as a Darden student, putting lessons in operations, entrepreneurship and communications into practice at critical junctures.

THE DARDEN REPORT

In His Words Darden became a very interesting place for me. We were already doing a lot of distance and online learning, so that was not a big deal for us. But my medical skill set is in critical care and infectious disease, and I’m the only person here [at UVA Health] with that combination of skills, so this pandemic has consumed me. Luckily, I have understanding faculty and leadership at Darden. I can’t thank them enough for their understanding. They’re also proactively reaching out to support me, and they’ve been a valuable resource. I would have not wanted it to play out this way, but everything I’m doing right now ties directly into what I’ve learned from Darden.

“I would have not wanted it to play out this way, but everything I’m doing right now ties directly into what I’ve learned from Darden.” — Dr. Taison Bell (Class of 2020)

When we were first having high-level leadership meetings for how we were going to respond to the crisis, things like our operations and our supply chain came up, and my lessons from “Operations” applied directly to that as we were trying to troubleshoot. I have a few Darden classmates pulled into the effort to manufacture personal protective equipment because I wanted good people who I knew could help coordinate. So [Class of 2020 Executive MBA graduates] Andrew Harris and Tiffany Pillifant, who are both in my class, are helping me to coordinate the manufacturing effort. But we’re talking about our lead times, our throughput, our distribution, marketing to get the word out, and it goes to all these different lessons I learned at Darden.

I’m also doing crisis communication. I’ve talked to a bunch of media outlets, in different forms, just to get the word out, because if people hear the messages and adhere to them, we have the potential to save lives. So our communications class where our professors shared with us the Arthur Page principles of crisis communication, I pulled them up a few times and refreshed myself before talking to the media. That’s been incredibly helpful. I helped secure UVA as a clinical trial site for one of the experimental therapies that shows some promise, remdesivir. It took lessons from my entrepreneurship class and my experience founding a startup, Owl Peak Labs, with my cofounder and Darden classmate Tim Harvey, to pitch to the lead investigator to convince him that we were a good site to enroll patients after we had heard an initial “no” from lower down in the command chain. We’ve talked about workforce talent management and how to motivate your workforce and get them to realize their full potential when they’re under moments of stress like this. We’re all going through this together, and learning how to recognize our vulnerability, share it and use it to motivate others — that came from a Darden classroom. I feel like, as a leader in this crisis, I’m so much more prepared and better able to cope with what may happen because of the Darden experience.

SUMMER 2020

government adjusting immigration policies during the pandemic. CO-CREATING A NEW EXPERIENCE

BY SAM WERNER, GRADUATE OF THE FULL-TIME MBA CLASS OF 2020

After seven years as a journalist reporting for the Pittsburgh PostGazette, including as a sports reporter covering the National Hockey League’s Pittsburgh Penguins during back-toback Stanley Cup-winning seasons, Sam Werner joined the full-time MBA Class of 2020 as a Batten Media Fellow. The following is an excerpt from Werner’s story, “The View From the Other Side of the Screen: Students Weigh in on Distance Learning, Uncertain Future and a Spring Like No Other.” Read the full feature online at news.darden.virginia.edu. As with the rest of the world, life at Darden changed drastically since early March due to the COVID-19 pandemic, resulting in a sense of loss and anxiety about jobs and internships. But the challenge of “Darden at a Distance” also allowed the School to show off some of its best attributes: the passion faculty and staff have for the student experience, the amount of care students have for each other and the resourcefulness of the community as a whole.

THE DARDEN REPORT

Regarding the move to online classes, there was initially some uncertainty among the student body. But there was a prevailing sentiment that whatever virtual learning would look like, it would not suffer from a lack of thought, care and effort from the Darden faculty and staff. “I think [the faculty] has gone all the way to make it a great experience and make it the best they can,” said Katharine Watson (MBA ’20). “They’re putting their best foot forward, they’re in it with us together.” CONFRONTING NEW CAREER CHALLENGES

The Darden community has less control over the uncertainty facing the world economy and the fallout from the COVID-19 pandemic. Some First Year students saw their internship offers rescinded. Only a few job offers were rescinded for Second Years as of early May, but many more were being asked to delay their start dates. In the Executive MBA and Master of Science in business analytics programs, in which students continue full-time work while they earn their degrees, several students had been laid off. International students have to deal with even deeper levels of uncertainty, both from companies tightening their hiring policies and from the U.S.

There was no Darden Follies, no Spring Soiree, no Foxfield Races and, of course, no walking the Lawn at Final Exercises. Still, Darden adapted. The Darden Student Association (DSA) sent out weekly emails highlighting virtual social events. Nick Talbott (Class of 2021) put on a weekly Jeopardy! contest, while classmate Harsha Gummagatta hosted the “Professor and a Playlist” series. This year’s Darden Cup proceeded with a virtual final event, with points awarded for number of fitness activities, miles covered and more. All together, 438 people logged 2,174 hours of activity and 10,496 miles. Section E won the event, but Section A ended up claiming the 2020 Darden Cup. But for as admirable a job the DSA and Darden students did building out online social calendars, there are just some things that couldn’t be replaced. “Initially, I was sad about the big stuff, things like Foxfield,” Angus MacIntyre (Class of 2021) said. “Now I don’t necessarily think about that stuff. I’m thinking about the random interactions I have with people, passing them in the hallway, catching up after class.” BUILDING A STRONGER BOND

Many in the Class of 2020 believe being socially distant for its final quarter will make the first in-person reunion — whether it’s in the fall, next spring or further out than that — all the more special. “I think it’ll bring us closer together,” Jade Palomino (MBA ’20) said. “Any time people go through adversity, it allows you to connect. It might be over something difficult, but it brings out the best in people.”

WORDS OF WISDOM, FROM ALUMNI TO STUDENTS When the University of Virginia rolled out sweeping changes to operations in March, Darden students were suddenly confronted with an unprecedented reality. The Q4 experience they expected to have to end their First or Second Year was no more. When they needed a boost to bounce back from disappointment, Darden alumni were there, offering support ranging from job and internship opportunities to words of encouragement to webinars sharing experiences of transitioning from Darden to the workforce during previous global crises.

“When you are done here, this is your forever family — a community for life. Look at your classmates’ faces — these are the people who will be with you forever. So while this feels devastating — and it is — don’t lose sight on what you’re gaining for a lifetime.” Bob Hugin (MBA ’85), retired CEO, Celgene, and chair, Darden School Foundation Board of Trustees

“As you cope personally and professionally with the COVID-19 crisis, remember that the skills you are honing at Darden and the qualities that brought you to this point are in even greater demand now and into the future. Times of crisis and separation create the opportunity for selfreflection.” Nancy Callahan (MBA ’84), global vice president of strategy and growth, SAP

“From the moment I completed my undergraduate studies, I had the perfect plan for the next few years of life. Four years later (and one month before my MBA applications were due), Lehman Brothers filed for bankruptcy, triggering the deepest financial crisis experienced since the Great Depression. My plan no longer seemed so perfect. What is the point of all of this? The long arc of life is ‘up and to the right’ — timing matters immensely in the short term and naught in the long term.”

“Innovation occurs during a crisis. Take risks. If you focus on things going back to normal, you’ll miss something.” John McCann (MBA ’08),

Andrew Crowley (MBA ’11), executive vice president, Markel Corp.

managing director, Barclays Investment Bank

“You’re taught to be tenacious and hang on. Your biggest fears, try really hard to conquer them. But realize sometimes there’s something better and it’s OK to reinvent yourself.” Stephanie Bennett (MBA ’09), senior banking adviser, The Northern Trust Co.

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UVa Darden Ideas To Action

Coronavirus Spurs Flood of Faculty Thought Leadership Unlike any event in modern history, the coronavirus pandemic impacts every level of business and society around the world. And so it was no surprise the speed with which the Darden faculty sprung to action with research, analysis and commentary. Darden Ideas to Action recorded record-breaking readership as it captured faculty insights with a special “Coronavirus Collection.” The collection included insights from professors including Lalin Anik, Bob Bruner, Jim Detert, Greg Fairchild, Kinda Hachem, Joe Harder, Ed Hess, Anton Korinek, Lili Powell, Roshni Raveendhran, Frank Warnock, Andy Wicks and June West on topics such as mastering communication, technologies and leadership strategies relevant to virtual work; how small businesses can remain resilient in this time of crisis; and how the coronavirus is impacting and will impact consumer behavior.

Here, find highlights of their insights on the COVID-19 pandemic and read more at ideas.darden.virginia.edu/coronavirus-collection.

THE DARDEN REPORT

Leading Mindfully: COVID-19 and the Big Human Pivot INSIGHTS FROM

Professor Lili Powell What’s novel about COVID-19 isn’t just the coronavirus. It’s the sheer scale and depth of The Big Human Pivot that this tiny infectious particle has triggered. We are living through a moment that defies full comprehension before needing to act swiftly as global citizens, as leaders and as human beings. In unprecedented times like these, when there is little in our personal experience to fall back on, what can you do to lead mindfully through it? Lili Powell introduced a Leading Mindfully strategy: “see it, name it, tame it and reclaim it.” Focusing on the first part, Powell says to “see it on a broad scale” and “see it on the human scale.” Leading mindfully starts with recognizing what IS. It’s a courageous commitment to push aside distraction and denial and to stare reality in the face. If we take a look around right now, what do we find? On a grand scale we have seen an extraordinary global economic flu take hold. On the hyper-local scale, each and every one of us is affected. Even if you are the stoic type, you may be surprised to find that others are affected in ways that range from slightly amusing to personally terrifying. Pause and see — really see — what others are experiencing.

How Can Small Businesses Remain Resilient in the Face of COVID-19? INSIGHTS FROM

Professor Greg Fairchild

How to Leverage Virtual Technologies at a Time of Physical Distancing INSIGHTS FROM

Professors Roshni Raveendhran and Anton Korinek Humanity is a social species — yet the ongoing coronavirus pandemic requires that we reduce physical contact. Living in the 21st century, modern technology allows us to move our interactions to the virtual world. It is important to consider the nature of virtual interactions and how they can be leveraged effectively during these trying times. Professors Anton Korinek and Roshni Raveendhran offer a few actionable suggestions for effective virtual interactions as we face social distancing to stem the spread of the coronavirus: • Video rather than voice-only meetings: Employ video calls instead of voice-only phone calls whenever possible. Seeing face-to-face during your conversation conveys important nuances that will otherwise be lost. • Schedule time for socializing within your meeting: You can ease people’s anxiety around efficiency in virtual meetings by explicitly scheduling time for socializing. For example, spending the first five or 10 minutes of an hour-long meeting on socializing is a way to move away from meetings that are focused on pure efficiency. • Virtual happy hours: Having social experiences in a virtual setting is important — it can make people more comfortable about creating and maintaining social relationships through virtual interactions. • Reach out to have casual chats: When you need a break, reach out to a friend online and go on a virtual coffee date. Think of this as the virtual equivalent of walking down the hall and saying hi to a colleague. Reaching out to colleagues to casually chat like you would at your physical office is critical for maintaining those social relationships.

Professor Greg Fairchild brought his expertise in small business resilience to the Darden Ideas to Action podcast to reflect on how his research applies amid a steep economic downturn caused by society’s actions to prevent the spread of COVID-19. In an interview with Batten Institute Executive Director and podcast host Sean Carr, Fairchild shared advice for small businesses to not only be resilient in the short term but emerge from the immediate crisis more resilient than before. “In our day-to-day work in business, we tend to pursue the problem of the day. We get up in the morning, we open email, we open the news. The news says the following, and I immediately think of how it affects my business. We spend a good portion of our time managing the problem of the day. And I’m thinking deeply about what our future might be. I’m thinking deeply about the structures that we’ll need in the future, because frankly those are the things that will be the difference as we come through this. “This is probably a good time to do scenario planning with people on your team. These could be scenarios about length of time, ways that the market could change. It’s a good time to think about accounting and inventory management. We’ve always known that there’s found money in managing accounts receivable, in managing accounts payable in a more serious way. Having a firm hand on how dollars are flowing in and out of your company, and then building a better system to manage accounts receivable and accounts payable in the future, is probably a good idea.”

SUMMER 2020 2020 SUMMER

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2020 Election

What Presidents and Politics Can Teach Us About Business Leadership, Investing and the Economy The Darden School of Business faculty isn’t making predictions about the 2020 U.S. election or who will be the next president of the United States. UVA has Larry Sabato and his famous Crystal Ball for that. They are, however, interested in any topic with meaningful impact on and insights for the practice of business. And in that regard, the 2020 election is a major event, informing topics from leadership to investing to the global economy that are core to Darden thought leadership. Call it looking above the fray. Call it a crash course in why presidents and politics matter. Find out how Darden professors are evaluating the 2020 election and the impact of modern politics on business and society.

HIGH POLITICAL POLARIZATION IS HURTING YOUR MUTUAL FUND

Insights From Rich Evans

rofessor Rich Evans wanted to know the impact of political ideologies on our investments. Studying data from 2,500 mutual fund managers, Evans and his co-authors were able to find answers thanks to individuals who disclosed donations to candidates or political action committees. They found that mutual funds managed by teams with diverse political viewpoints — typically a combination of Republican and Democratic donors — performed better than those whose managers shared political beliefs and donated to similar political causes. There is a catch, however. The maxim held true in times of low political polarization, as measured by national organizations like the Pew Research Center. High political polarization, however, negatively affects team decision-making across the board. By Jay Hodgkins Illustration by Ross Bradley SUMMER 2020

OPTIMISM: A PRESIDENTIAL LEADERSHIP LESSON

“We found that diverse teams, on average, performed better. For example, if Republican managers are on a team with Democratic managers, that team will likely fare better than a team with only Republican managers or only Democratic managers.”

Insights From Bob Bruner

— Professor Rich Evans

In the heat of the tense 2020 campaign, Evans says now is certainly a time of high polarization. However, he argues that the study makes the case that, even in times like these, we need to fight for bipartisanship because it leads to better results. Once you controlled for other variables, what did you discover about the relationship between performance and team members’ political views? Using a standard database of mutual fund managers from 1992 to 2016, we could see which managers donated to political candidates or PACs and how their teams performed. If a manager did not donate to a candidate or PAC, he or she was not assigned a political affiliation. We found that diverse teams, on average, performed better. For example, if Republican managers are on a team with Democratic managers, that team will likely fare better than a team with only Republican managers or only Democratic managers. They make different decisions and pick stocks differently, likely because of the debate that different perspectives generate. Having those debates and conversations forces you to look into new ideas or defend your decisions. In all, the outperformance was about 0.4 percent annually, in risk-adjusted terms. That may not sound like a big number, but our analysis adjusts for risk and other fund, manager and investment adviser characteristics. Did this relationship hold true in times of high polarization? It didn’t. In high-polarization times, we found that polarization undid all of the potential benefits of diverse teams and could actually impede decision-making.

THE DARDEN REPORT

What else did you learn about how political ideology influences fund managers’ decisions? It was interesting to see what happens when funds did very well. On teams with similar political ideologies, managers tended to simply reinvest that money into the same stocks as before, which actually hurts performance in the long run. More diverse teams, though, tended to reinvest in something different, helping the fund’s performance in the long run. Additionally, previous studies suggest that Democratic fund managers are more likely to invest in high-ESG stocks — a measure of environmental, social and governance factors that help determine the social and environmental impact of a company. Funds run by Republican managers are less likely to invest in these stocks. If you have more diverse teams, however, they tend to diversify across both. What are the implications of your study for financial firms right now, in times of high polarization? I think it is a good reminder to encourage a culture that respects different perspectives. The more you can do as an organization to help your employees respect other coworkers and their ideas, the better your organization will perform.

2020 Election

financial economist by training, Dean Emeritus and University Professor Bob Bruner says that during his tenure as dean, he came to appreciate leadership — more than finance or any other business specialty — as essential to the success of an enterprise. This led him to research questions around what makes a good leader, and he honed his focus on the “compelling sample of leaders” constituted by U.S. presidents.

His optimism was an “emotional reinforcement” as much as a political posture. It helped him, his staff and the country as a whole remain resilient during tough times. Eisenhower’s optimism was for the benefit of both his immediate community and the broader public. Bruner suggests learning from his example by deliberately developing a positive work environment through “the kind of actions that speak volumes.” They can be small actions, such as greeting people or emphasizing a communal culture of openness and open doors.

He mined their memoirs and speeches using a combination of techniques from literary students and social science to perform a sentiment analysis that unveiled the pragmatic importance of leveraging optimism as a leadership tool. Bruner says you can cultivate optimism in words and deeds; it doesn’t need to be an innate or constant personality trait. Instead of Pollyanna, think of President Dwight Eisenhower’s smile. Bruner has written a paper about how it epitomized Eisenhower’s deliberate decision to exude optimism and warmth even while feeling fear, anger, fatigue and dejection.

By exhortation and example, leaders can create an environment that moves beyond a transactional model in which each interaction is either a win or a loss, to a relational model in which colleagues can feel a deeper bond to one another.

TRUMP, COVID-19 AND THE FUTURE OF GLOBALIZATION Insights From Peter Debaere

s the coronavirus pandemic swept the globe, it left in its wake economic wreckage that was reshaping already shifting positions on globalization and its continuing role as a driver of broad economic benefits. Professor Peter Debaere examined the topic in an article published this spring in Europe Now. In “How the Coronavirus Reshapes the Global Economy Is Our Choice,” Debaere considered how governments around the world might pivot in response to the coronavirus pandemic, including in the United States where the presidential election weighs heavily on the future prospects for globalization. In the United States, Debaere says, there has been a significant backlash against globalization since the Great Recession (which he says was, ironically, a domestic crisis only indirectly related to the global economy), and in particular against international trade and migration. President Donald Trump was elected president on an outspoken anti-immigration and antitrade agenda. While there are real gains from globalization, Debaere says they have been unequally distributed. Exports generate income and wealth, but imports from emerging economies, and in particular from China, have contributed to lower wages and persistent unemployment, especially for low-skilled labor. A contributor to a lesser extent has been low-skilled labor migration. International trade and migration are not the only reason for the rising income inequality, according to Debaere. Other factors include technological change (higher demand for skill-intensive products), less-progressive taxation, low

minimum wages, decreasing unionization and low upward mobility, which makes your zip code an important determinant of your future success. The first indications are that the coronavirus, at least in the United States, will emphasize some of the existing societal fault lines, Debaere says. Next to medical staff, the people hit first and hardest are the most vulnerable. Often Black and Hispanic, they are lower-skilled workers and their families — people who are active in services and in manufacturing and who cannot work from home. The ongoing crisis presents itself as an opportunity to address these deeper societal challenges, which cannot be solved by scapegoating globalization. It will require the willingness to share, in a world that can be affected by unexpected events, the gains of economic growth, technological progress and, for that matter, globalization. To address those deep societal challenges, Debaere says the next U.S. president should pursue more equal access to education, more universal health care, a better safety net, and a tax code that is more progressive and asks everyone (including multinational corporations) to pay their share. “If we do not address the current inequities and write a new social contract, the United States is unlikely to pull its weight and reassume a key role as a partner to better govern the global economy,” Debaere wrote in Europe Now. “As long as our only response is to blame globalization, instead of addressing the social inequities at the heart of our societies, we will limit how much international cooperation countries are willing to support.”

SUMMER SUMMER 2020 2020

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| FACU LTY P ROFI L E |

Kinda Hachem

She Came and Moved Mountains’

hen Professor Kinda Hachem first joined the Darden School faculty in 2018, she got hit with a bit of culture shock. But like anyone who has lived in multiple countries, she embraced a new way of doing things at work and home. Better still, she quickly came to love her new life and the people in it. Her colleagues have seen the change. “Darden is like a family,” says Professor Elena Loutskina, a close colleague of Hachem’s. “She just realized how great it is to be a part of that.” Born in Belgium, Hachem’s parents moved with her to Toronto when she was three. She worked as a student analyst at RBC Financial Group throughout her undergraduate studies, then as a staff economist at Canada’s central bank before completing a Ph.D. at the University of Toronto and earning her first academic appointment at the University of Chicago’s Booth School of Business. Two years ago, Darden recruited her to join the faculty as an associate professor in the Global Economies and Markets area. At first, Hachem was doubtful when a colleague insisted that lunching with

By Simon Constable 26

THE DARDEN REPORT

students was important for faculty. “I thought, ‘Why would students want to have lunch with their professor?’” she says. “To me, that was a foreign concept.” At many other universities, there is a firm social barrier between the faculty and the students. Of course, Darden graduates know that the learning process at the School doesn’t just take place in a formal lecture hall. They also know it isn’t a one-way dialogue between the professor and students. Unstructured social events, when a wide variety of ideas and experiences get exchanged for the benefit of all, are essential also. “She did not initially fully understand why we teach the way we teach,” says Loutskina. In short, it wasn’t clear why such events would be valuable both for her and the students. However, it wasn’t long before Hachem’s view changed, and a metaphorical lightbulb lit up. Despite her initial skepticism, Hachem attended the lunch, at which she met students with a wide variety of backgrounds from business and consulting to the military and the public sector. The group discussed Hachem’s research interests in banking and what students had done pre-Darden. “The lunch was like a conversation with a group of friends,” she says. “Friends you’d choose if you could choose from anyone in the world. After that, I remember thinking, ‘Now I get it.’”

its policies or rules. Put simply, if the government pushes one lever, what levers do businesses and individuals push or pull in response? And then, will those responses lead to an undesired outcome? “I find unintended consequences fascinating to study and learn from,” she says. Hachem’s interest in the unintended consequences of policy decisions was piqued as a Ph.D. student during the

to introduce one after a year at Darden, that’s very uncommon,” Loutskina says. “She is a dynamo who came and moved mountains.” That dedication to helping others learn goes farther than it would with many professors. When she left Booth to come to Darden, she offered to continue advising her teaching assistant, Luis Simon, in his Ph.D. work while he stayed in Chicago. “It was more than I could have expected,” Simon says. Of course, he accepted her offer. He’d already benefited from Hachem’s approach to supervising. Not only did he get guidance at scheduled supervision appointments, but she’d contact him via email in between, as well, when useful thoughts came up. “She actually seemed to care how things ended up, and I don’t think that’s true of all professors,” he says. When Hachem isn’t working, she keeps herself busy with a couple of hobbies. One is learning to cook, which also helps free her mind of work-related matters. “I still have only novice kitchen skills so it would be dangerous to be distracted,” she says. “Everything is off the table except what I am actually doing.” The other pastime is a newfound love of basketball, which came by a circuitous route. She learned fast that in Virginia, hockey doesn’t just mean ice hockey as it does in Toronto, where she spent much of her life. “Having to clarify that I wasn’t talking about field hockey, that was a new one for me,” Hachem says. In an area less passionate about hockey, she’s become an avid fan of her former hometown basketball team, the Toronto Raptors, which won the NBA Championship in 2019. “That’s how I decompress,” she says. “I’ll still watch the occasional Toronto Maple Leafs game, but, in more ways than one, moving to Charlottesville has been transformational.”

“I find unintended consequences fascinating to study and learn from.”

The ‘Applied Theorist’ Examining Regulation’s Unintended Consequences When not teaching, Hachem focuses her research on the interplay between money, banking and the economy. “I view myself as an applied theorist,” she says. That approach means going beyond building simple financial models. She doesn’t assume that everything in the economy will stay the same if the government changes

— PROFESSOR KINDA HACHEM 2007–09 global financial collapse. She wondered: How could such a “massive meltdown” occur in the U.S., which has some of the best monetary and financial authorities in the world? Then a few years later, after reading a series of articles on China’s shadow banking system in the Financial Times, Hachem decided to delve even deeper into the matter. Shadow banks are lenders that generally work outside a country’s stricter banking regulations. They exist in most countries, including the U.S. The result of her study was a new research agenda and a review article in the 2018 Annual Review of Financial Economics titled “Shadow Banking in China.” Many of the findings were summarized in a recent article on Darden Ideas to Action.

The Darden Dynamo Who ‘Moved Mountains’ While Darden has quickly changed Hachem, she’s done the same in return. At breakneck speed, she developed and rolled out a new elective course on monetary policy and financial stability. “We probably introduce two to three new electives a year, but for someone

SUMMER 2020

| FACULTY B OOK S |

The Power of And: Ed Freeman, Bobby Parmar Explore New Narrative About Business

his summer, Columbia Business School Publishing released The Power of And: Responsible Business Without TradeOffs. It’s the latest book advancing stakeholder theory and a new narrative about the nature of business, revealing the focus on responsibility and ethics that unites today’s most influential ideas and companies. Ed Freeman — University Professor at the University of Virginia, Elis and Signe Olsson Professor of Business Administration at Darden and author of the influential book Strategic Management: A Stakeholder Approach — coauthors the new book with Darden Professor Bobby Parmar and Professor Kristen Martin of the George Washington University School of Business. The Power of And debunks the idea that business is only about the money. In the 21st century, companies around the world are giving up traditional distinctions in order to succeed. Yet expectations for businesses remain under the sway of an outdated worldview that emphasizes profits for shareholders above all else. Freeman, Parmar and Martin detail an emerging business model built on five key concepts: • Prioritizing purpose as well as profits • Creating value for stakeholders as well as shareholders • Seeing business as embedded in society as well as markets • Recognizing people’s full humanity as well as their economic interests • Integrating business and ethics into a more holistic model Drawing on examples across companies, industries and countries, the authors show that these concepts support persevering in hard times and prospering over the long term. They offer real-world success stories to disprove the conventional wisdom that there are unavoidable trade-offs between acting ethically and succeeding financially. The Power of And presents a conceptual revolution about what it means for business to be responsible, providing a new story for business leaders at all levels to tell in order to help all kinds of companies thrive.

THE DARDEN REPORT

Hyper-Learning: Ed Hess on How to Adapt to the Speed of Change

any leaders have embraced the challenges of the digital age by beginning a digital transformation. Usually, those transformations have been focused primarily on embedding new technologies into various functions of the business. Too many of those transformations have not focused on the human transformation that will be needed to optimize human performance in the digital age. Optimized human performance will require highquality, continuous human adaptation: the ability to learn, unlearn and relearn at the speed of change, which Professor Ed Hess calls hyper-learning. Hess’ research, writings and consulting over the past 10 years have been focused on optimizing human learning in the workplace, resulting in two best-selling books. His upcoming book, Hyper-Learning: How to Adapt to the Speed of Change (Berrett-Koehler Publishers), builds upon those two books by offering a new “how to,” practical, behavioral approach to optimizing human learning, based on his work over the past five years inside public companies. Hess’ Hyper-Learning Behavioral Model has three key components: the right mindsets, the right (granular, measurable) behaviors and the right daily practices used to facilitate behavior improvement and embed desired learning behaviors into the daily way of working. From an organizational perspective, Hess says the following will be necessities: • An enabling culture based on positivity, selfdetermination theory and psychological safety • An idea meritocracy • A humanistic leadership model Likewise, the enabling cultures and humanistic leadership models have to be operationalized behaviorally. The book explores how, as a result, every organization will be in the human-development business in addition to its core business. Organizations will need to enable employees to overcome their natural human cognitive and emotional proclivities to seek confirmation of what they believe, which they do to maintain cohesiveness of their mental models and to affirm their egos. Organizations also will need to enable employees to mitigate the two big inhibitors to learning: ego and fear. The Hyper-Learning Behavioral Model is designed to optimize collaboration excellence by the creation of “caring,

trusting teams” that can consistently have “highquality, making-meaning conversations” that optimize “collective intelligence,” which is all necessary to achieve the magical state of “collective flow.” This “new way of working” requires a new way of organizing, managing, leading and behaving that

OLD WAY OF WORKING

maintains organizational rigor and discipline, but is also significantly more caring, compassionate and emotionally positive. Hess says you can’t command and control or direct people to think critically, creatively or innovatively — or to emotionally engage in ways that optimize hyper-learning.

NEW WAY OF WORKING

Command and control leadership

Humanistic leadership

Individuals compete and win

Teams win

Fear

Psychological safety

Individuals play cards close to the chest

Transparency and candor

“Yes, but …”

“Yes, and …”

Highest-ranking person dictates

An idea meritocracy

Listening to confirm

Listening to learn

Advocating/telling

Asking questions

Always knowing

Being good at not knowing

IQ and EI and SI

Internal competition

Collaboration

Big ME

Big WE (the team)

Money dominates

Meaning and purpose

Hierarchy

Distributed power

Soulless

Soulful

Sameness (clones), homogeneity

Diversity

Human machines

Human uniqueness

Fear

Trust

Financial measurements

Financial and behavioral measurements

Competition

Compassion

Survival of the fittest

Helping others be successful

Defensiveness

Trust and vulnerability

Seek power

Seek to empower

Linear thinking

Critical, creative, innovative and emergent thinking

CYA

Speaking up

Leave your best self at home

Bring your best self to work

SUMMER 2020

| ALUMNI PROFIL E |

Goli Sheikholeslami

(MBA ’94)

Leading New York Public Radio Through Pandemic Epicenter

hen Goli Sheikholeslami (MBA ’94) ended a successful tenure as president and CEO of Chicago Public Media to become president and CEO of New York Public Radio, she was ready to embrace the challenge of leading a major media organization in the largest media market in the United States. However, she was not — nor was anyone else, for that matter — expecting New York City to become the epicenter of the coronavirus pandemic just months into her new role, turning New York Public Radio into an even more essential source of information for the public than ever before. In the following Q&A, Sheikholeslami discusses what it’s been like leading her new organization through an unprecedented crisis, how her Darden experience prepared her for uncertainty and the critical role of public radio in society. You recently left Chicago Public Media as president and CEO to take on the same titles at New York Public Radio. What tipped the scales to make the move? The opportunity to lead a large, vibrant and essential media organization in the city that I love more than any other — which also happens to be the No. 1 media market in the United States.

By Jay Hodgkins

THE DARDEN REPORT

Not long after you started the new position, New York became the epicenter of the global coronavirus pandemic. What is it like living and leading through the crisis in a new city and new role?

I had been in my job for less than six months when the pandemic hit New York. In certain respects, the pandemic has provided the opportunity to get to know all parts of the organization on an accelerated timeline. We run a 24/7 news operation, a classical music service, plus a large podcast studio and a live event space. New Yorkers rely on us for trusted information, and our hosts and programs are part of their daily routines. We had to bring together a cross-functional team to figure out how to take all of these operations, move them off-site, and keep them on air and online for our community at a time when they need us most.

Darden prides itself on preparing leaders for uncertainty, though perhaps nothing could fully prepare leaders for the disruption created by the coronavirus. Are there memories or lessons from Darden that have helped you since the outbreak began?

The team is working incredibly hard, covering a crisis they are living through themselves. Part of my job is making sure that they are taking care of themselves, and each other, so that we can sustain our service for what will likely be a very long stretch.

Chicago and New York are both iconic media markets with incredible journalistic legacies. What role does public radio have to uphold and advance those legacies?

New York Public Radio is playing an essential role keeping New Yorkers informed of critical information during the ongoing crisis. What has made you most proud of the organization’s efforts? The fact that we moved 400 people out of our offices and began broadcasting and publishing remotely from our homes in just a matter of days, and that we made this transition without any disruption in our programming or reporting. New York Public Radio covered 9/11, the New York City blackout and Hurricane Sandy, and even so, this was the greatest logistical challenge the organization has ever faced. I am in awe of our team for how they rose to the occasion, and for their fierce determination to provide this essential service under such trying circumstances.

I entered Darden after an early career in documentary filmmaking. My background and experience — professional and personal — was very different from those of my classmates. I was a bit of a “fish out of water.” But Darden taught me how to push through when things were difficult, knowing that hard work and dedication would get you to the other side.

Public radio has always played an essential role in providing access to fact-based, accurate news and information to the American people. Now, with the disappearance of local newspapers all across the country, public radio stations have become in many cases a city or town’s sole local news outlet. And a pandemic like COVID-19, in which state and local governments are taking the lead in creating policies that make sense for their communities, demonstrates how crucial and even potentially lifesaving local news truly is.

New York Public Radio covered 9/11, the New York City blackout and Hurricane Sandy, and even so, this was the greatest logistical challenge the organization has ever faced.” — Goli Sheikholeslami (MBA ’94)

Public radio has the best, and possibly only, business model that can support healthy, vibrant and sustainable local news operations. So it is our mandate and our responsibility to invest in and expand our news gathering capacity, and to continue to bring our communities free access to trusted news and information. A well-informed and engaged citizenry is, after all, the bedrock of our democracy.

SUMMER 2020

EMBRACE NEW PERSPECTIVES AND LEAD IN A CHANGING WORLD Darden Executive Education offers comprehensive management development programs to help you advance and to prepare your senior leaders for succession. Develop strategic-thinking capabilities and enterprise perspectives to drive growth amid constant change and disruption. Modular programs take place inâ&#x20AC;&#x2018;person in Charlottesville, the Washington, D.C., area and online. Programs begin this fall.

Special program pricing available for Darden alumni.

darden.virginia.edu/comprehensive | Darden_ExEd@darden.virginia.edu | +1-434-924-3000 32

THE DARDEN REPORT

| ALUMNI PROFIL E |

Dr. Paul Matherne

(EMBA ’10) ‘This Has Been the Most Amazing Thing I Have Ever Seen’ By Dave Hendrick

ike most people, Dr. Paul Matherne (EMBA ’10) has seen his professional environment change dramatically in recent months. As interim senior associate dean for clinical affairs at UVA Health, Matherne helped to rapidly transform the health system to prepare for the growing coronavirus pandemic. As a practicing pediatric cardiologist, he also had his own patients to consider. UVA Health has so far weathered the pandemic while maintaining necessary levels of capacity and supplies, but the changes brought about by the crisis have been significant and may be longlived. Matherne, who teaches health care courses at Darden and this summer is co-teaching a course in the Executive MBA program on how the pandemic is impacting business, recently spoke about the dynamic environment at the health system and how his Darden Executive MBA experience has helped inform his approach. Can you describe the changes you have seen at work? In the health care system, we had to rethink almost everything we did. How are we going to deliver nonurgent care via telemedicine? How are we going to deliver urgent care in a safe manner? How are we going to protect our staff? How are we going to source personal protective equipment (PPE) when the supply chain is so disrupted? Whatever was a ridiculous idea yesterday sometimes became the only course of action today. We had to suspend many of our standard processes while focusing on the safety of our patients and our staff. We had to start thinking differently, which can be a challenge in a very standardized environment such as health care.

One of the most profound things we did was to make rapid decisions with diverse stakeholders. We needed a contract to get a telemedicine platform set up that would have taken three months in the old days, and we literally had it done in 48 hours. This required new thinking on the university side and on the industry side. People were now willing to say, “We know what we used to do and we don’t have time for that. This is what we’re going to do.” In addition, the challenges of caring for COVID-19 patients required new procedures and processes and lots of PPE. Another huge obstacle was the difficulty in determining who actually had COVID-19. With only limited testing, we were working in the dark, but fortunately, in one of the most heroic examples of ingenuity, Dr. Amy Mathers and our lab developed in-house testing for COVID-19. In a remarkable display of teamwork and resilience that could almost be described as a miracle, within two weeks, they had testing up and going, and were also able to offer it to local hospitals. Do you anticipate long-term changes to the U.S. health care system or UVA Health because of the pandemic? I hope we take this opportunity to rethink how we deliver care. I don’t know the exact percentage, but I would speculate that perhaps up to a quarter of our ambulatory visits could be done virtually. If we convert a quarter of our visits from brick-and-mortar to virtual visits, we could either see more patients — assuming we have providers — or build fewer new buildings. Regardless of which approach, the cost structure for virtual visits will be lower, which is very important for the long term.

In addition, the ease of virtual visits may actually increase how often patients interact with the health system. If patients with chronic medical conditions could see their health care team more often, I suspect strongly that all of their indices of health would improve. Our health care teams are also making use of virtual capabilities in our daily work. In the end, I think the technology that is helping us cope with COVID-19 is going to help us be better health care providers in the future. How have you had to tap into your leadership skills throughout the crisis? At the beginning of the crisis, things were changing so fast that you’d get new data that would completely change a policy you had just put out a few hours before. Information was coming so fast that you couldn’t get through a meeting without three calls, texts or urgent emails. Managing in a crisis like that led me to fall back on the leadership and strategic planning fundamentals that I got as an Executive MBA student at Darden. I selected Darden because of its general management reputation and the teaching style that is based on active discussion and teamwork. It was this foundation that allowed me to be a part of teams that were able to make decisions with imperfect information and pivot quickly when new information arose to keep UVA Health well ahead of the curve as this pandemic has unfolded.

CLASS NOT E S

401 Park Street Charlottesville, VA 22902

434.977.4005 lwoodriff@loringwoodriff.com

FAMILY COMPOUND POTENTIAL IN THE COUNTRY

ADAVEN FARM $2,995,000 141 acres & multiple dwellings set privately in Somerset, adjacent to Keswick Hunt territory, w/ mountain & pastoral views. Main house constructed ‘06 of finest new, reclaimed materials, & enhanced by 2 bed, 2 bath guest house, vaulted guest/in-law quarters, saltwater pool w/ pool house, center-aisle barn, regulation dressage arena, & multiple paddocks. About half of Adaven is in open, rolling paddocks & hayfields, half in massive hardwoods that run up to the last peak in the SW range. MLS# 601142

OASIS-LIK E CIT Y PARCEL - R EDUCED

622 FARISH STREET • $1,695,000 This Sears Roebuck Arts & Crafts gem has been steadily improved over the last 40 years. Set on 0.66 acres, the 3 bed, 4 bath home offers enthralling living spaces + pool, pool house (complete w/ kitchen, 4th full bath, sauna & screened-in sitting area), 2-car garage + level lawns & gardens w/ water features. 8 min stroll to the Mall. MLS# 599420

4+ ACRES IN IV Y w/ POOL & GUEST HOUSE

c. 1856 FARMHOUSE w/ SOUTHERN CHARM

LESS THAN 10 MINS TO UVA - REDUCED

3972 IVY ROAD • $1,545,000 Robin Hill is a magical residence constructed in 1900 w/soaring ceilings, over-sized windows & fireplaces in formal & informal living spaces. Gunnite pool, hardwoods shading level lawns, wonderful hardscaping, formal & veg. gardens. Pool house renovated as bright guest house. Murray school district & 10 mins to UVA & Downtown. MLS# 602074

1188 SCOTTSVILLE ROAD • $1,495,000 Nestled on its 4.6 acre verdant grounds, “Gabrielle” offers the perfect blend of historic charm & modern amenities, including chef ’s kitchen, top notch finishes, posh ensuite bathrooms, high speed internet access & 1-level living w/ separate master BR wing. Tommy Brannock (434) 981-1486. MLS# 602513

2652 DICK WOODS ROAD • $1,459,000 Sited on a gently rolling 5.7 acres in Old Ivy, Crosswinds overlooks Blue Ridge mountains & Little Ivy Creek. Chef ’s kitchen opens to expansive casual living spaces. Welcoming family room, dining area & screened porch all w/ views. Renovated master bath features Carrara marble shower + soaking tub. Billie Magerfield (434) 962-8865. MLS# 602482

TULEY M ASTERPIECE IN IV Y

4 ACRES IN A COVETED IVY LOCATION

EXCEPTIONAL CUSTOM HOME

390 BROAD AXE ROAD • $1,550,000 Architect James Tuley’s masterpiece brings nature & mtn views into every room. Details incl’ copper roof, mahogany doors, Marvin windows, custom woodwork, Alberene Soapstone, bluestone, soaring ceilings, stacked rock fireplace, radiant tile & wide plank oak floors. Lindsay Milby (434) 962-9148 or Marcela Foshay (540) 314-6550. MLS# 601763

960 TURNER MOUNTAIN ROAD • $1,395,000 Set on over 4 beautifully landscaped acres, this well-built home has been perfectly reinvented w/ formal & informal spaces, kitchen w/ large center island open to family room w/ fireplace. 6 beds (1st floor master) 5.5 baths & attached 3 bay garage. 8-10 mins to Western Schools. Reidar Stiernstrand (434) 284-3005. MLS# 601090

1987 OLD BALLARD FARM LANE • $1,175,000 Spa style master suite, open concept chef ’s kitchen & corner home office are a few of many highlights of this handsome home. Sunfilled, spacious rooms w/ high ceilings, top notch finishes & builtins. Private rear deck, fire pit, & screened porch located off main living areas. Tommy Brannock (434) 981-1486. MLS# 600426

N. DOW NTOW N CL ASSIC R EIN V ENTED

700 NORTHWOOD AVENUE • $1,095,000 A Cville classic renovated brilliantly for modern lifestyles, this brick home offers a light-filled, open 1st fl w/ foyer, living room w/ fireplace open to kitchen & dining room, cozy den, powder room & 2 covered porches. Upstairs, true master suite w/ dramatic bath, 3 add’l beds, hall bath & laundry. MLS# 598798

ENNIS MOUNTAIN $2,250,000

V IEWS - WATER - V INEYARD CA NDIDATE

Less than 30 mins to Charlottesville, this 286 acre parcel has it all: Epic views from multiple sites, open fields embraced by privacy enhancing hardwood forests, a bold creek, stocked pond. All of this fronting one of Virginia’s most idyllic (paved) country roads. 1 building site offers mtn views & enjoys lovely vistas of rolling fields dotted by huge hardwoods, another at the ridge line enjoys 250° views, & a 3rd overlooks mountains, the pond & more open fields. Rebecca White (434) 531-5097 or Loring Woodriff (434) 466-2992. MLS# 595055

THE DARDEN REPORT

WWW.LORINGWOODRIFF.COM

CLASS NOT E S

401 Park Street Charlottesville, VA 22902

434.977.4005 lwoodriff@loringwoodriff.com

DRAMATIC INTERIORS & POOL IN IVY

545 RAGGED MOUNTAIN DRIVE $1,900,000 This distinctive home’s superior craftsmanship & finishes incl’ 10ft ceilings, 4 FPs, chef ’s kitchen & designer wall coverings & lighting. Lovely parcel features mostly level lawn, Blue Ridge views & heated saltwater pool. Elegant main level master suite w/ super sized closets, luxury bath & gas FP opens to expansive bluestone terrace. 4 add’l BRs on 2nd floor. Fin. terrace level offers 6th bed (w/ sauna!), wet bar, home gym, wine room & huge rec room. Western schools. Kristin Cummings Streed (434) 409-2997. MLS# 601350

STUNNING END UNIT W ITH V IEWS

721 CAIRN HEIGHTS COURT • $675,000 Ideal location mins to Downtown C’ville. Open concept living on main level w/ 2-sided gas fireplace. Chef ’s kitchen opens to landscaped bluestone rear patio w/ wrap around brick & iron railing. Master boasts numerous windows, walk-in California closet, & ensuite bath w/ soaking tub. Reidar Stiernstrand (434) 284-3005. MLS# 600531

W ELLSPRING R ETR EAT - SECLUDED GEM

TRADITIONAL EXTERIOR, STYLISH INTERIOR

IDY LLIC W ESTER N A LBEM AR LE ESTATE

5182 HEDGE HALL LANE • $2,500,000 Four houses create a residential compound perfect for secure living, corporate retreats, family gatherings & horses. Property boasts lovely views, exquisite gardens, manicured landscaping, rolling pastures, craggy mountain slopes, woodlands, springs & stream, outdoor sauna & shower plus indoor spa. Tommy Brannock (434) 981-1486. MLS# 599921

1331 HILLTOP ROAD • $1,950,000 Centrally located on one of the most coveted streets in Meadowbrook Hills w/ ‘30s charm & modern amenities on 1 beautiful acre. Home boasts multiple living spaces indoor & out perfect for gathering, inviting chef ’s kitchen, 1st flr master, 2-car garage, & separate guest suite. Sydney Robertson (434) 284-0694. MLS# 600088

3396 FOX MOUNTAIN ROAD • $1,995,000 Residence reconstructed of c. 1800 materials on stunning homesite: high ceilings, wide plank pine floors, antique mantels, wainscoting abound and enhanced with additional guest suites, modern systems. Remarkable barn and log guest cabin. Absolute privacy with sweeping Blue Ridge views. MLS# 581764

STUNNING KENNETH WILLIAMS CUSTOM

GLENMORE GOLF FRONT HOME w/ VIEWS

6355 INDIAN RIDGE DRIVE • $1,095,000 This brick home w/ 3-car garage features exceptional finish quality w/ 1st flr master suite + 3 beds w/ ensuite baths & loft upstairs. Handsome details like extensive trim, custom built-ins, brazillian cherry floors. Lightdrenched study, formal living & dining w/ framed mtn views, family room w/ stone fireplace. Rebecca White (434) 531-5097. MLS# 600479

3262 SANDOWN PARK ROAD • $729,000 Charming 4 bed, 3.5 bath home nestled between a pond & the 14th fairway & green. Enjoy golf, water & mountain views from 2 patios. Sun-drenched, 1-level living w/ 3 beds & 2.5 baths on main level, incl’ master suite. Walk out basement incl’ bed, full bath, large family room, game rm & office. Jamie Waller (407) 694-8988. MLS# 600610

c . 1900

CHAR M MEETS TOP NOTCH R ENO

3141 PROFFIT ROAD • $695,000 After an ultra-high end renovation & expansion, this classic 1900’s farmhouse boasts 3 luxurious bedroom suites, gourmet kitchen that opens to an expansive screened porch w/ gas fireplace & 2-car garage w/ fin. bonus space above. Large, level back yard. 15 mins North of town, moments to all conveniences. MLS# 601015

CLASSIC 5 BEDROOM IN THE ROCKS

515 ROCKS FARM DRIVE • $1,325,000 This Baird Snyder-constructed home offers Blue Ridge views in coveted W. Albemarle mins from UVA & Downtown. Understated yet sophisticated interior design incl’ tasteful, on-point stone, tile & paint color selections. Screened porch off family rm & 1st flr master suite overlooks private garden & expansive, level lawn. MLS# 588820

183 TUCKAHOE FARM LANE $1,845,000

EPIC WATER V IEWS MOMENTS TO TOW N

Sited on 18 acres overlooking dramatic views of the Reservoir, this well constructed & maintained residence enjoys total solitude, yet moments from town. Complete w/ guest house & gunnite pool, the 5 bed, 4 full, 2 1/2 bath property offers water views from almost every room. Kitchen & baths renovated to highest standards & interiors have just undergone reinvention: all bright & inviting w/ 900 ft of waterfront & grandfathered private dock status. 5 mins to airport yet not in flight paths! Loring Woodriff (434) 466-2992. MLS# 600376

THE DARDEN REPORT

WWW.LORINGWOODRIFF.COM

CLASS NOT E S 503 Faulconer Drive Charlottesville, VA 22903 434.295.1131 homes@mcleanfaulconer.com

MCLEAN FAULCONER INC. Farm, Estate and Residential Brokers ELYSIUM

80+ acres of rolling Piedmont countryside with 2 extraordinary custom, 3-bedroom homes surrounded by expansive yard, stone walls, and rolling fields. World-class barn converted into office/man cave with fireplace, tall ceilings, oak interior, and loads of charm. Meticulously restored 1754 log cabin, Blue Ridge Mountain views, total GARTH ROAD ◆ $1,350,000 privacy, and long frontage on Dramatic contemporary on 21 acres with 6-acre the Mechum River. Ideal family lake. Private setting, just 5 minutes west of Charcompound or retreat. Convenient lottesville. Open floor plan in this custom-built to mountain trout stream, Charhome with numerous recent renovations. Beaulottesville, shopping, schools, and tiful kitchen and baths, main-level master suite, UVA. MLS#601958 $4,650,000 large rooms with large windows and panoramic views. Western School district. MLS#602903

BELLAIR ◆ $1,845,000

Immaculate, 5-BR, 5.5-BA home on outstanding lot overlooking lake and Birdwood Golf Course. Beautifully updated, solid circa 1955 construction, spacious master suite, generous public spaces, outstanding outdoor spaces, screened porch, oversized 2-car garage, fenced backyard, and gorgeous landscaping! Minutes west of town. MLS#592058

GLENMORE ◆ $1,385,000

Beautifully appointed William E. Poole designed home perched on prominent knoll overlooking Equestrian center in private setting at the end of a cul-de-sac. Situated on one of the largest lots in this gated community. Move-in ready home features 7 BR, 8.5 BA, 5 FP, luxurious master suite, beautiful views, and yard. MLS#599713

TOTIER HILLS FARM ◆ $2,700,000

Exquisite brick residence, privately situated on 98 gently rolling acres, within 15 minutes of Charlottesville. Built of the best quality materials, expert craftsmanship, & meticulously maintained. Improvements include swimming pool, terraces, pool pavilion, and detached garage/shop. MLS#600284 www.TotierHillsFarm.com

KESWICK COUNTRY CLUB

Bordering (Full Cry) Pete Dye golf course and lake, within grounds of Keswick Hall, is this magnificently crafted European-style home with 5 BR including spacious guest suite. Over 11,000 fin. sf., constructed with the finest materials and built with expert craftsmanship, and attention to every detail. This residence features large open spaces, inside and outside, a generous main-level master suite, and a fabulous lower level for lavish entertaining, plus a health and wellness center. MLS#603398 $4,200,000

WWW.MCLEANFAULCONER.COM 48

THE DARDEN REPORT

AVENTADOR ◆ $4,750,000

Magnificent Georgian home with expert craftsmanship, fine details throughout, gracious style, modern amenities. Over 10,000 finished square feet including 6 bedrooms, 6 full & 2 half baths, main-level master, eat-in kitchen. Guest home, and 296+ acres with panoramic pastoral and mountain views. MLS#602894

WELCOME TO THE CLUB Premium Benefits for Members With a unique focus on wellness, sports and outdoor activities – alongside exceptional food and beverage – guests at Boar’s Head Resort are perfectly positioned to have it all through an infusion of thoughtful details. To elevate your overall resort experience, our warm-spirited staff invites you to become a resort member. Cavalier Club membership offers premier opportunities including complimentary room nights, discount priveleges in the legendary Mill Room Restaurant and preferred pricing at the new Birdwood Golf Course. See the full details at www.BoarsHeadResort.com/Club

Owned and operated by the University of Virginia Foundation and just 2 miles from UVA Grounds.

CLASS NOT E S

For those who have big plans

Apple Berry Farm North Garden, Virginia $10,000,000 frankhardy.com MLS 599308

F. Hardy | M. Matheson 434.296.0134

Charlottesville, Virginia

Scottsville, Virginia

Cove

Windermere

Greenfields

$4,250,000 MLS 601614

$6,295,000 MLS 595967

$2,5 MLS

Murdoch Matheson 434.981.7439

Frank Hardy 434.981.0798

Frank

Greenwood, Virginia

Somerset, Virginia

Char

Wavertree Hall

Fairview Farm

1108

SOLD

Frank Hardy 434.981.0798

Murdoch Matheson 434.981.7439

Murd

Frank Hardy Sotheby's International Realty, Inc | 417 Park Street Charlottesville VA 22902 | frankhardy.com ÂŠ

MMXX Sotheby's International Realty Affiliates LLC. All Rights Reserved. Sotheby's International Realty Affiliates LLC fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. Each Office is Independently Owned and Operated. Sotheby's International Realty and the Sotheby's International Realty logo are registered (or unregistered) service marks licensed to Sotheby's International Realty Affiliates LLC.

THE DARDEN REPORT

To update your contact information, call +1-434-243-8977 or email alumni@darden.virginia.edu.

Piedmont Farm Sperryville, Virginia $6,095,000 frankhardy.com MLS 601614

Frank Hardy fhardy@frankhardy.com 434.981.0798

Covesville, Virginia

Charlottesville, Virginia

Wellspring Retreat

518 Rosemont Drive

$2,500,000 MLS 599921

$1,850,000 MLS 600211

Frank Hardy 434.981.0798

Conor Murray 434.964.7100

Charlottesville, Virginia

1108 Hilltop Road

419 2nd Street NE

SOLD

Murdoch Matheson 434.981.7439

f rankhardy.com SUMMER 2020

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since 1994· north wing barracks r oad shopping center· @thinksca rpa· thinkscarpa.com · 434.296.0040

To update your contact information, call +1-434-243-8977 or email alumni@darden.virginia.edu.

SUMMER 2020

Darden Leadership Boards The five leadership boards of the Darden School of Business are composed of more than 150 distinguished leaders who collectively serve as an innovative force in the advancement of the Darden School throughout the world.

DARDEN SCHOOL FOUNDATION BOARD OF TRUSTEES

Rosemary B. King (MBA ’91) K&B Fund

William P. Utt (MBA ’84) Retired, KBR Inc.

CHAIR Robert J. Hugin (MBA ’85) Retired, Celgene Corp.

Mark J. Kington (MBA ’88) Kington Management LLC

Steven C. Voorhees (MBA ’80) WestRock

VICE CHAIR Martina T. Hund-Mejean (MBA ’88) Retired, MasterCard Worldwide

Jeanne M. Liedtka University of Virginia Darden School of Business

Kirby C. Adams (MBA ’79) Retired, Tata Steel Europe

Nicole McKinney Lindsay (MBA ’99/JD ’00) MasterCard Worldwide

Scott C. Beardsley University of Virginia Darden School of Business

Elizabeth H. Lynch (MBA ’84) Evercore

W. L. Lyons Brown III (MBA ’87) Altamar Brands LLC

Jonathan D. Mariner TaxDay LLC

J. Andrew Bugas (MBA ’86) Radar Partners

Richard A. Mayo (MBA ’68) Game Creek Capital

Wesley G. Bush Retired, Northrop Grumman Corp.

Sachin J. Mehra (MBA ’96) MasterCard Worldwide

H. William Coogan Jr. (MBA ’82) Retired, Firstmark Corp.

Carolyn S. Miles (MBA ’88) Former CEO, Save the Children

James A. Cooper (MBA ’84) Thompson Street Capital Partners

Donald E. Morel Jr. (TEP ’97) Progenitor Capital LLC

Charles R. Cory (MBA/JD ’82) Retired, Morgan Stanley & Co. Inc

J. Byrne Murphy (MBA ’86) DigiPlex Group Cos.

Robert G. Doumar Jr. (MBA/JD ’88) Park Square Capital LLP

Adair B. Newhall (MBA ’09) Greenspring Associates

Frank S. Edmonds (MBA/JD ’95) Panning Capital Managment LP

Michael E. O’Neill (MBA ’74) Retired, Citigroup Inc.

Richard C. Edmunds (MBA ’92) Strategy& PwC

Patrick A. O’Shea (MBA ’86) ICmed LLC

Karen K. Edwards (MBA ’84) Boyden Global Executive Search

G. Ruffner Page Jr. (MBA ’86) McWane Inc.

Warren F. Estey (MBA ’98) Deutsche Bank

Zhiyuan “Jerry” Peng (MBA ’03) Sands Capital Management

Arnold B. Evans (MBA/JD ’97) SunTrust Bank

Alex R. Picou (MBA ’89) JPMorgan Chase

John D. Fowler Jr. (MBA/JD ’84) Wells Fargo Securities LLC

James E. Ryan University of Virginia

Catherine J. Friedman (MBA ’86) Independent Consultant

Frank M. Sands (MBA ’94) Sands Capital Management

John W. Glynn Jr. Glynn Capital Management

Frank M. Sands Sr. (MBA ’63) Sands Capital Management

Kirsti W. Goodwin (MBA ’02) Tower 3 Investments

Henry F. Skelsey (MBA ’84) 3QU Media LLC

Peter M. Grant II (MBA ’86) Anchormarck Holdings LLC

Erik A. Slingerland (MBA ’84) EAS International SA

Yael Grushka-Cockayne University of Virginia Darden School of Business

Robert W. Smith (MBA ’87) T. Rowe Price Co.

Robert L. Huffines (MBA ’92) JPMorgan Chase John C. Jeffries, Jr. University of Virginia David B. Kelso (MBA ’82) Retired, Aetna

THE DARDEN REPORT

Lemuel E. Lewis (MBA ’72) IVMedia LLC

IMMEDIATE PAST CHAIR Elizabeth K. Weymouth (MBA ’94) Grafine Partners

Michelle B. Horn (MBA ’95) SoftBank Group

Naresh Kumra (MBA ’99) JMATEK Ltd.

Shannon G. Smith (MBA ’90) PointGuard Mark J. Styslinger Altec Inc. Bruce R. Thompson (MBA ’90) Bank of America Lilo Simmons Ukrop (MBA ’89) University of Virginia Darden School of Business

ALUMNI ASSOCIATION BOARD OF DIRECTORS CHAIR Warren F. Estey (MBA ’98) Deutsche Bank PRESIDENT Patrick A. O’Shea (MBA ’86) ICmed LLC Kristina M. Alimard (MBA ’03) University of Virginia Investment Management Co. Yiorgos Allayannis University of Virginia Darden School of Business Keith F. Bachman (MBA ’89) Bank of Montreal Christine P. Barth (MBA ’94) Mary Buckle Searle (MBA ’86) Strategic Thought Partners Sandhya K. Chhabra (EMBA ’17) Albemarle Endocrinology PLC Jerome E. Connolly Jr. (MBA ’88) J. Connolly Financial Consulting LLC Andrew G. Crowley (MBA ’11) Markel Corp. Richard P. Dahling (MBA ’87) Fidelity Investments Christian Duffus (MBA ’00) Fonbnk Inc. Michael J. Ganey (MBA ’78) GaneyNPD Ira H. Green Jr. (MBA ’90) Simmons Energy Owen D. Griffin Jr. (MBA ’99) OSHAKits.com Evan A. Inra (EMBA ’08) Amazon Web Services Kendall Jennings (MBA ’12) Accenture Bruce D. Jolly (MBA ’67) Harry N. Lewis (MBA ’57) Retired, Lewis Insurance Agency Inc. Max Linden (MBA ’20) Darden Student Association Kristina F. Mangelsdorf (MBA ’94) Visa Taylor H. Meyer (MBA ’13) Goldman Sachs Douglas T. Moore (MBA ’80) Goedeker’s Betsy M. Moszeter (EMBA ’11) Green Alpha Advisors Richard J. Parsons (MBA ’80) Elvis Rodriguez (MBA ’10) Bank of America

Nancy C. Schretter (MBA ’79) The Beacon Group

Sunil K. Ghatnekar (MBA ’92) Prescient

Paige T. Davis Jr. (MBA ’09) T. Rowe Price Co.

Nikhil Nath (MBA ‘00) NSQ Advisory

David A. Simon (MBA ’03) SRS Capital Advisors Inc.

S. Caribou Honig (MBA/JD ’96) 3rd Act Ventures

Teresa A. Epperson (MBA ’95) A.T. Kearney Inc.

Agustín Otero Monsegur (MBA ’06) OM Invest

Jason Sinnarajah (MBA ’07) Ziff Davis

Marcien B. Jenckes (MBA ’98) Comcast Cable

Ray R. Hernandez (MBA ’08) Asurion

Henry F. Skelsey Jr. (MBA ’15) Connected Travel LLC

John B. Jung Jr. (MBA ’84) BB&T Capital Markets

Andrew C. Holzwarth (EMBA ’09) Piedmont Realty Holdings

Antonio U. Periquet Jr. (MBA ’90) Pacific Main Holdings, Campden Hill Group

David L. Tayman (MBA/JD ’99) Tayman Lane Chaverri LLP

Harry A. Lawton III (MBA ’00) Tractor Supply Company

Octavia G. Matthews (MBA ’89) Aramark Uniforms

Shaojian Zhang (MBA ’99) Haier IEP Business

Jason P. Lund (MBA ’06) Fortive (Global Traffic Technologies & ANGI Energy Solutions)

CORPORATE ADVISORY BOARD

H. Whit McGraw IV (MBA ’07) S&P Global Market Intelligence

CHAIR Richard C. Edmunds (MBA ’92) Strategy& PwC

Fernando Z. Mercé (MBA ’98) Melissa & Doug LLC

VICE CHAIR Michelle B. Horn (MBA ’95) SoftBank Group Indy Adenaw (MBA ’08) Marriott International Danielle Eesley Amfahr 3M Company Stuart C. Bachelder (MBA ’06) DaVita Kidney Care J. Michael Balay (MBA ’89) Wiswell Advisors LLC Joseph P. Balog (MBA ’88) PwC Mazen G. Baroudi EY Kelly Becker (MBA ’08) Schneider Electric Mark S. Bower (MBA ’02) Bain & Company

Deborah Thomas (MBA ’89) Somos Inc.

Ann H. S. Nicholson (MBA ’01) Corning

Jeffrey W. Toromoreno (MBA ’06) Citigroup Inc.

Abby A. Ruiz de Gamboa (MBA ’04) Deloitte Consulting LLP

Daniele M. Wilson (MBA ’11) Google

Joseph V. Schwan (EMBA ’13) Baxter International Inc. Colin P. Smyth (MBA ’04)

GLOBAL ADVISORY COUNCIL

Thomas J. Steenburgh University of Virginia Darden School of Business

CHAIR Rosemary B. King (MBA ’91) K&B Fund

Scott A. Stemberger (MBA ’04) The Boston Consulting Group

VICE CHAIR Naresh Kumra (MBA ’99) JMATEK Ltd.

Eric M. Swanson (MBA ’08) Amazon.com Edward W. Valentine (MBA ’93) Harris Williams & Co.

Meghan A. Welch (MBA ’10) Capital One

William S. Cohen (MBA ’07) Bank of America Private Bank

Steven D. Williams (MBA ’06) Delta Air Lines

Robert E. Collier (MBA ’10) Danaher (McCrometer)

Gary R. Wolfe (MBA ’92) Wells Fargo Securities LLC

Sean M. Corrigan (MBA ’05) The Walt Disney Company D. Lynnette Crowder (EMBA ’10) U.S. Silica Company

DEAN’S DIVERSITY ADVISORY COUNCIL

Daniel A. Dougherty (MBA ’94) Barclays

CHAIR Alex R. Picou (MBA ’89) JPMorgan Chase

Ivy L. Ghatan (MBA ’09) LinkedIn

William B. Sanders (MBA ’06)

Diem H. D. Nguyen (MBA ’01) PPD LLC

Kevin C. Clark (MBA ’01) Ergobaby

Theresa O. Frankiewicz (MBA ’87) Crown Community Development

Reynaldo Roche (MBA ’07) Infinity Air Group Rhonda M. Smith (MBA ’88) Integrative Medicine for the Underserved

Gerrud Wallaert (TEP ’18) RWE Renewables Americas LLC

Joseph B. Folds (MBA ’91) OFD Foods

Michael A. Peters (MBA ’09) Booz Allen Hamilton

L. Michael Meyer (MBA ’92) Middlegame Ventures

Adam P. Carter (MBA ’02) WestRock

Sarita T. Finnie (MBA ’01) Bayer Consumer Health

Willard L. McCloud III (MBA ’04) Pfizer

VICE CHAIR Nicole McKinney Lindsay (MBA ’99/JD ’00) MasterCard Worldwide Nicola J. Allen (MBA ’10) Danaher Corp. Tawana Murphy Burnett (MBA ’04) Facebook

Hagen Radowski (MBA ’91) Porsche Consulting Inc. Yudhono Rawis (GEMBA ‘16) PingAn Puhui Indonesia Mayra A. Rocha (GEMBA ’16) Project M Media Joaquin Rodriguez Torres (MBA ’01) Princeville Global Arpan R. Sheth (MBA ‘96) Bain & Company Nishal Sodha (GEMBA ’17) Global Hardware Ltd. Ichiro Suzuki (MBA ’84) Retired, Nomura Asset Management Alok Vaish (MBA ‘97) Yatra.com Jing Vivatrat Golden Gate Capital Baocheng Yang (MBA ’04) Huanghe Science and Technology College Jeffrey J. Yao (MBA ’01) Profision Shipping Capital Management Ltd. Hai Ye (MBA ’04) McKinsey & Company

Marcos P. Arruda (MBA ’02) Topico Jennifer E. Chick (MBA ‘08) Hilton Worldwide Christine H. Davies (MBA ’09) Poligage David R. Frediani Ironshore Inc. Janeth Gomez Gualdron (GEMBA ’17) Capital One Financial Management Wei Jin (MBA ’99) Prudential Financial Corporation Shawn Liu (MBA ’05) Shanghai Cura Investment & Management Co. Ltd. Richard K. Loh (MBA ’96) Ploh Group Pte. Ltd. Todd R. Marin (MBA ’89) Blue Ox Ventures Lois M. McEntyre (MBA ’95) General Motors Corp. Rajan J. Mehra (MBA ’93) Nirvana Venture Advisors Pascal Monteiro de Barros (MBA ’91) Stirling Square Capital Partners

Thank you to our alumni and volunteer leaders for a critical year of support for Darden.

SUMMER SUMMER 2020 2020

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University of Virginia Darden School Foundation P. O. Box 7726 Charlottesville, Virginia 22906-7726 USA