The Darden Report Summer 2022 by Darden School of Business

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EXPLORE THE

METAVERSE Plus:

CONSIDER CRYPTO 22 MEET GEN Z SUMMER 2021

Lead with Impact. It takes all of us to ensure Darden delivers its mission to inspire responsible leaders through unparalleled transformational learning experiences. Join the P OW E R E D B Y P U R P O S E campaign by supporting the Darden Annual Fund, through which gifts of any amount make immediate impact on the School's students and faculty.

Make your gift to the Darden Annual Fund for an immediate impact. giving.darden.virginia.edu POWERED BY PURPOSE

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THE DARDEN REPORT

LETTER FROM THE DEAN

The Next Frontier

he pandemic has reminded us that the need for Darden is greater than ever. As we enter a future full of both possibility and uncertainty, Darden graduates leave the School with the power and the passion to pursue their dreams and improve business and society. This year our joyous — and at long last in-person — graduation sent a record 537 new alumni out into the world to make their mark. They will do so from a solid foundation: Darden’s Career Center reported outstanding career outcomes and return on investment from a Darden education. According to preliminary data, the Darden Full-Time MBA Class of 2022 earned a median base salary of $175,000, and 92 percent of those seeking jobs had received at least one offer. These new graduates will operate in a rapidly changing digital age. The Fourth Industrial Revolution is advancing into areas such as the metaverse, in which people step beyond the limitations of the physical world and begin to live part of their lives in a new digital one. In this issue, Darden experts explain the metaverse and how businesses are positioning themselves to take part (Page 12). Cryptocurrencies have kickstarted a new digital economy. Darden entrepreneurship, finance and economics professors explore crypto’s wild ride along with its future potential and risks (Page 18). Health care isn’t a new issue, but it, too, may take

a quantum leap forward with digital innovations such as telemedicine and wearable devices (Page 16). Gen Z is likely to spend its life in this digital world, and Darden career experts provide advice on the talent race by introducing us to this rising generation, which will account for 30 percent of the U.S. civilian labor force by 2030 (Page 22). Social impact, swift change and authenticity matter to these digital natives, and successful businesses will respond. As we enter this new kind of world, enduring Darden values provide a key foundation for thriving in it. We still believe in honor. We still believe in the Socratic method and the importance of examining all sides of a case. We still believe that business can be the solution to some of society’s thorniest problems. We still believe that a cold call builds confidence and voice. And we still believe in excellence, rigor and the power of community. These are the values all Darden graduates, from this year’s to those of our very first class, share. The digital future will be a wild ride, but we’ll be ready for it.

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

SUMMER 2022

The Darden Report is published twice a year by the 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 Michael J. Woodfolk President, Darden School Foundation Juliet K. Daum Chief Marketing and Communications Officer

EDITOR Jay Hodgkins ART DIRECTION Tira Hightower FEATURES DESIGN Ross Bradley WRITERS Melissa Castro Anna Katherine Clemmons Simon Constable Emiliy Freehling Dave Hendrick Jen A. Miller Seb Murray Sally Parker CLASS NOTES EDITORS Kristen Messina Egidijus Paurys

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PHOTOGRAPHY Tom Cogill Tom Daly Avi Gerver Stephanie Gross Justin Ide Sam Levitan Andrew Shurtleff Mai Shurtleff Susan Wormington ADDITIONAL PHOTOS Bigstock iStock COVER ILLUSTRATION Ross Bradley

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/ Summer

2022

F E AT U R E S

Into the Metaverse

Companies have already built ways for users to pursue aspects of life in an alternative reality, from virtual-reality gaming to business meetings, education and even real estate. It's beginning to come together as "the metaverse," and big businesses are jockeying for position.

Can Business Heal Health Care?

There’s broad agreement that American health care is broken, and business has been working hard on the cure — from the heart of the system and startups seeking to disrupt it. What’s next, and should we expect business to cure what ails us?

To the Moon and Back Cryptocurrencies have been on a wild ride to the moon and (partially) back in the last two years. In the process, they have moved into mainstream investing and kickstarted a new digital economy, but the march toward a cryptopowered future has unearthed new risks and questions.

ALSO INSIDE

Gen Z in the Workplace Gen Z will be the dominant source of labor by the end of the decade. Winning the race for this new talent will be one of the most critical factors for business success in the years ahead. What should managers know about Gen Z and what its members are looking for in the workplace?

PROFILES

5 School News

26 Faculty Spotlight: Rich Evans

7 Darden at a Glance

94 Eric Chewning (MBA ’08)

9 Graduation Highlights

99 Sandhya Chhabra (EMBA ’17)

11 Faculty News

ALUMNI NEWS 4

Letter From the Foundation President

28 Reunion 31 Abbott Award

106 20 Questions: Lem Lewis (MBA ’72)

31 Class Notes 103 In Memoriam 104 Darden Leadership Boards

Visit www.news.darden.virginia.edu for all the latest school news and updates.

SUMMER 2022

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

Michael J. Woodfolk (TEP ’05)

’m still feeling the incredible energy of Darden Reunion Weekend. The School was delighted to host alumni and their guests for the first in-person reunion in three years. More importantly, YOU were delighted to come back, smashing the all-time reunion attendance record. Now it’s summer at Darden, a time to take a breath before the new academic year, but it’s not our style to rest for long. We have big things planned for fall, and we need the entire community of Darden alumni and friends to help us achieve and celebrate them. First, if you take a moment to glimpse the Powered by Purpose campaign progress tracker on Page 6, you’ll notice we are on the precipice of reaching the $400 million campaign milestone. This milestone is a big deal, and we plan to celebrate your incredible work and generosity to make it possible this fall. Stay tuned! The work to maintain Darden’s place as a preeminent graduate business school is never finished, though. New challenges and opportunities arise year after year. A current challenge

is the fierce competition among top business schools for women students as programs strive to reach enrollment gender parity. The opportunity came in the form of a $2.5 million gift matching challenge created by a group of fast-moving donors to raise $5 million for Darden School Foundation scholarships for women. My thanks and congratulations to all involved in that effort. The Foundation’s Inclusive Excellence matching program is an ongoing opportunity to expand the impact of gifts supporting scholarships for women and underrepresented minorities. I encourage you to consider it. Because that’s what we do at Darden. We rally together. We meet the moment. And we celebrate like we mean it.

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

W H AT C A N DA R D E N D O F O R YO U T O DAY ? 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 Connection Teams Virtual Roundtables

Visit Alumni Career Services at: darden.virginia.edu/alumni/career-services, or contact alumnicareerservices@darden.virginia.edu or +1-434-924-4876.

SCHOOL NEWS

Hotel Features: • 199 rooms • 11,500-square-feet of meeting spaces and classrooms • 6,000+-square-foot ballroom • 5-acre arboretum and gardens • Opens spring 2023

A rendering of the future hotel at Darden, which will open in spring 2023 and be operated by Kimpton

New Darden Hotel and Conference Center to Become Kimpton’s First On-Campus Boutique Hotel

he Darden School Foundation and Kimpton Hotels & Restaurants, part of the IHG Hotels & Resorts’ Luxury & Lifestyle Collection, in March announced a groundbreaking partnership through which Kimpton will open its first hotel in a university setting on Darden Grounds in Charlottesville. The announcement means the impressive facility that has been rising over the past year to replace the former Inn at Darden will be operated by one of the most respected names in the hospitality industry. Set to open in spring 2023, the new Kimpton hotel will provide a world-class hospitality experience on the Grounds of one of the world’s leading business schools. The five-story boutique hotel — surrounded by a five-acre arboretum and botanical gardens— pays homage to both the University of Virginia’s and Charlottesville’s longstanding traditions; commitment to community; and creative, innovative and forward-thinking spirit. Owned by the Darden School Foundation, the hotel is Kimpton’s first destination on the campus of a university. “We have found kindred spirits with the team at the Foundation as well as the entire University of Virginia community at large,” said Kimpton CEO Mike DeFrino. “Kimpton is a brand

known for its constant pursuit to create meaningful human connections, and we know that’s been a pinnacle for the UVA and Darden communities since their founding. We have exciting things in store, and we’re eagerly counting down to next spring.” The project is made possible thanks to generous donors, including lead donor Frank M. Sands Sr. (MBA ’63), who provided seed money as part of his transformational gift to Darden in 2019 — the largest in School history. Principal founding sponsors of the hotel, arboretum and botanical gardens include Martina Hund-Mejean (MBA ’88), George Tahija (MBA ’86), Dick Crawford (MBA ’74), the Altec/ Styslinger Foundation, the Hugin Family, Steven C. Voorhees (MBA ’80) and Donald E. Morel Jr., Ph.D. (TEP ’97). Reservations will open up in the coming months. For event inquiries or information regarding group bookings, contact Home_Office_Sales@kimptonhotels.com. For information on making a gift to support the hotel, restaurants, arboretum and botanical gardens, please contact Samantha Hartog, interim vice president for Advancement, at hartogs@darden.virginia.edu.

SUMMER 2022

SCHOOL NEWS

Darden ‘Emerging Stronger’ From Pandemic "Preserving the special culture around the faculty and providing resources for the next generation is absolutely critical.”

Dean Scott C. Beardsley

ddressing a full Abbott Auditorium during the annual State of the School event on Darden Reunion Weekend, Dean Scott Beardsley detailed sources of current momentum and opportunities to further strengthen Darden hallmarks. Beardsley said Darden is emerging from the COVID-19 pandemic stronger than before, with a clear focus on achieving excellence in several dimensions: continued success in attracting top students who earn top jobs, strengthening the world’s best business school faculty and positioning Darden Grounds for the future. Beardsley noted the ways in which the School has expanded in recent years, with roughly 1,100 degree-seeking students learning on Darden Grounds in Charlottesville and at UVA Darden DC Metro. Darden will soon offer three formats of its renowned MBA. In addition to the Full-Time MBA in Charlottesville, the Washington, D.C., area Grounds are home base to the Executive MBA and the forthcoming Part-Time MBA. A Master of Science in business analytics is also offered on the D.C. area Grounds.

Beardsley detailed the School’s efforts to retain and attract top faculty talent. “Preserving the special culture around the faculty and providing resources for the next generation is absolutely critical,” said Beardsley. He also addressed the latest progress on construction of the boutique hotel and adjacent arboretum and botanical gardens in Charlottesville. When the gardens are complete, Beardsley said, the School would have “the best outdoor facility of any business school,” with outdoor classrooms and various contemplative spaces for wellness. Before the State of the School address, alumni leaders presented the dean with a check for more than $9 million, representing the total giving from classes celebrating their Darden reunion in 2022. “We have momentum, and we are so grateful for everything you’re doing,” said Beardsley. “Our goal is to develop purposedriven leaders for this Commonwealth, for the United States and for the world. We need responsible leaders. As we’ve seen in our world today, there’s nothing more important than great leadership.”

92%

$371M

As of 6 June 2022

$400 million by 30 June 2025

THE DARDEN REPORT

Darden’s Powered by Purpose Campaign Priorities 1. Faculty, Thought Leadership & Curricular Innovation 2. Scholarships, Financial Aid & Student Experience 3. Grounds Master Plan, Technology & Innovation 4. Darden Annual Fund

SCHOOL NEWS

What We Mean When We Say ‘Darden’

In his state of the school address, Dean Scott Beardsley discussed progress at Darden. But Darden today includes more programs, research activity and infrastructure than most alumni experienced during their time on Grounds. Get familiar with what we mean when we say “Darden” and the pieces that help the School achieve its mission to improve the world by developing responsible leaders through unparalleled transformational learning experiences.

A Four-Pillared Philosophy Guides Our Approach No.

2 No. 3 No. 4

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Our rigorous and spontaneous yet deliberate learning experience cultivates confidence and resilience in the face of uncertainty. The collaborative, learner-centered culture fosters high intellectual and emotional engagement with faculty and peers. A dedication to honor, purpose and lifelong learning anchors Darden’s diverse and inclusive community. We are committed to inspire and shape modern business leadership worldwide through research, thought leadership and access to transformational learning solutions.

Degree Programs

Darden Executive Education & Lifelong Learning

• Full-Time MBA (includes the Future Year Scholars Program) • Executive MBA formats • New! Part-Time MBA • Master of Science in Business Analytics, delivered in collaboration with the UVA McIntire School of Commerce • Relaunched! Ph.D.

• The Executive Program: Strategic Leadership at the Top • Custom solutions for organizations • Open programs for individuals • Partnership for Leaders in Education, delivered with UVA School of Education and Human Development • Online courses

Who We Are The dean. Scott C. Beardsley serves as Darden's ninth dean. The faculty. Darden's 90-plus-member faculty is routinely recognized as the best in the world for their teaching excellence. The network. A dynamic, tightknit community of 18,000-plus responsible leaders spans 90 countries. The staff. 300 talented individuals steer our global and dynamic organization. The leadership. Darden School leadership and alumni volunteers work together to make the School the best it can be.

How You Can Participate Take an Executive Education course. Alumni receive a 30 percent discount. Attend alumni events. Volunteer, such as by joining your reunion committee. Refer a prospective student or host an event for them. Make a gift. Learn more ways to engage at www.darden.virginia.edu/alumni/engage-with-darden. SUMMER 2022

SCHOOL NEWS

Record Number of Darden MBAs Return to Global Courses

I C EL A N D “Renewable Energy” led by Professor Ron Wilcox

SWEDEN “Entrepreneurship, Innovation and Sustainability” led by Professors Yael GrushkaCockayne and Marc Lipson F I NL A ND / E S T ONI A “Doing Business in Finland & Estonia” led by Professor Robert Carraway

ALASKA “Alaska: Its People, Resources and Economics” led by Professor Marc Modica

G E R M A NY “Tech/Artificial Intelligence” led by Professor Tim Laseter

S PA I N “Creativity and Design in Barcelona” led by Professor Jeanne Liedtka and Randy Salzman

ISRAEL “Environmental, Social and Corporate Governance” led by Professor Toni Irving

I TA LY CO STA R I CA “Sustainability and Ecotourism” led by Professor Carolyn Miles

“Luxury and Exports” led by Dean Scott Beardsley and Professor Luca Cian

Darden Worldwide Courses Offered Spring 2022

ot since January 2020 had Darden Full-Time MBA students traveled the globe for Darden Worldwide courses. But with a return to a more normal academic year and effective measures that helped limit the impacts of the COVID-19 pandemic in the University community, Darden’s Second Year students jumped at the chance to enroll in their first global learning experiences in March. A record total of more than 300 Full-Time MBA students traveled in 11 countries, led by 22 faculty and staff members. The courses represented Darden's largest ever global offering for one travel period and included nine traditional Darden Worldwide courses and “Doing Business in Mexico,” a program in Mexico led by IPADE Business School. Nearly 100

THE DARDEN REPORT

percent of Second Year students were able to take advantage of the Batten Foundation Darden Worldwide Scholarship program. All Darden Full-Time MBA students are offered a scholarship covering course fees for one Darden Worldwide Course during their time at the School. The School’s Executive MBA returned to global travel in the fall with the program’s first global academic residencies since winter 2020, and executive students joined the Full-Time MBAs traveling the world earlier this spring with another round of global residencies. The Full-Time MBA Class of 2023 got their first opportunity to experience global courses in May, traveling to seven countries.

Graduation 2022

362

F U L L - TI M E M B A G R AD U AT E S ( A R E C O R D )

147 28

EXECUTIVE MBA GRADUATES (A RECORD)

DUA L-DEGREE GRA DUATE S

FACULTY MARSHALS YAEL GRUSHKA-COCKAYNE, Full-Time MBA ELENA LOUTSKINA, Full-Time MBA ELLIOTT WEISS, Executive MBA

ELECTED STUDENT GRADUATION SPEAKERS

A w ar ds

STUDENTS RECEIVED THE C. STEWART SHEPPARD AWARD RECOGNIZING EXCEPTIONAL SERVICE TO THE SCHOOL OF A NONACADEMIC NATURE Kathryn Elizabeth Allen Natalia Alvarez Diaz* Stephen Beaudoin Mudit Bothra* Albert G. Bossar* Esther Festus Edoho Caroline Grace Ey Isabel Rae Fortuño Seitzer

Alex Alexandra Goodman* Grant Turner Guess Aditya Kasarabada* Andrew Reid Kurzweil* Lorchineng Lo Juan Martin Montiel* William Haden Payne II* Rafael Joaquin Rivera

Syed Adam Sadiq Catriona M. Stadtler-Ayer Sean Robert Taylor Somto Umeokafor Amanda Clare Wear John McLaughlin Yates *Received summer or fall of 2021

JOSEPH STANLEY (EMBA ’22)

“The diversity of experiences and perspectives within our class of working professionals, filtered through the case discussions of our academic work, was a sum greater than the parts and a testament to the value of executive education programs."

JENNIFER LYNN BUNDY AND JUNGAE KIM-SCHMID WERE THE RECIPIENTS OF THE FREDERICK S. MORTON AWARD, PRESENTED TO STUDENTS FOR EXCELLENCE IN LEADERSHIP ELIZABETH O’BRIEN MATHEWS WAS THE RECIPIENT OF THE EXECUTIVE MBA FACULTY AWARD, PRESENTED TO AN OUTSTANDING STUDENT IN THE EXECUTIVE MBA PROGRAM.

ALEXANDER SMITH (MBA ’22)

Fu l l - T i me MBA I n i t i a l Ca r e e r O u tco me s

92% 89% $175,000

RECEIVED A JOB OFFER BY GRADUATION ACCEPTED A JOB OFFER BY GRADUATION AVERAGE BASE SALARY (A RECORD)

“I hope you remember how bold you can be. You took a chance on yourself and wrote that Darden application, and look at you now. We are all living those dreams that we had years ago, and we are on the precipice of achieving the dreams we carry with us now."

SUMMER 2022

SCHOOL NEWS

See the Forest for the Trees We invite you to support a new fundraising initiative,

Plant a Tree at Darden During the next year, Darden will plant 1,300 trees — ranging from dogwoods to Eastern redbuds — in the five-acre arboretum and botanical gardens surrounding the new boutique hotel at Darden.

2030 Sustainability Goals to Guide Darden Operations, Curriculum

arden this spring announced a series of new sustainability goals and a comprehensive, actionable framework to achieve them by 2030. The 2030 goals align with the UVA Sustainability Plan and build on Darden’s previous successes, including achieving carbon neutrality in 2019. Darden is one of the first top business schools to reach net-zero emissions. Key goals address specific issues such as greenhouse gas emissions, waste, curriculum development and faculty scholarship. Aspirations for 2030 include:

Name a tree — or trees — with a gift of $10,000 per tree to support the new Arboretum Establishment and Sustainability Fund. This fund will be used for the creation and maintenance of the arboretum and gardens, which will provide an unparalleled destination on Grounds and capture over 30 metric tons of carbon dioxide annually. Naming a tree is a meaningful way to honor your class or individual classmates, a faculty member, a family member or loved one, or a club or organization. The trees will include a combination of local and global varieties, consistent with Darden as a school in the Commonwealth and of the world. Support the School through a sustainable gift that will create a healthy Virginia forest and a greener Darden for years to come.

• Identify, reduce and offset greenhouse gas emissions to continue operating at net-zero emissions as the School grows • Electrify all current fossil fuel infrastructure on Darden Grounds in Charlottesville • Reduce water use by 30 percent from 2010 levels • Reduce waste to landfill to 30 percent of 2010 levels • Sustainably source 50 percent of food served at Darden • Increase supplier diversity through additional purchases from local, small, women-owned and minority-owned businesses • Eliminate single-use plastics, such as bottled water • Develop 100 new teaching cases and notes on sustainability topics • Publish 100 new research articles on sustainability topics • Deliver 100 courses on sustainability topics To put the plan in motion, Darden has created a new sustainability council composed of students, faculty, staff, alumni and members of the Darden School Foundation Board of Trustees. The council is led by Professor Carolyn Miles (MBA ’88).

Visit www.darden.virginia.edu/about/environmental-sustainability

THE DARDEN REPORT

For more information, contact interim Vice President of Advancement Samantha Hartog, HartogS@darden.virginia.edu or +1-434-982-2151.

FA C U LT Y N E W S ON THE BOOKSHELF

Giving Voice to Values Creator Retires From Darden

Athlete Brands: How to Benefit from Your Name, Image & Likeness ew rules allow college athletes to profit from their name, image and likeness. To get the Wbest results, these athletes need a game plan. Professor Kimberly Whitler and co-author Jay Hodgkins provide a four-step process to help student-athletes manage their brands like a pro. Short, easy-to-read chapters with real-world examples guide athletes through a series of exercises that enable them to set goals and then design, activate and monetize their brands. College Athletes Need A Game Plan for

Managing Their Name, Image & Likeness

WHITLER & HODGKINS

hether it is practice or a game, successful athletes have a strategy to make sure they achieve their goals. Preparing for NIL success by developing an athlete brand is no different— it requires a game plan to get the best results. This book provides a four-step process to help student-athletes (SAs) manage their brands like a pro. Short, easy-to-read chapters with real SA examples guide athletes through a series of exercises that enable you to set goals and then design, activate, and monetize your brand. Athlete Brands is the perfect resource for SAs to learn to make NIL decisions that serve their most important goals.

—TINA GRAUDINA, NCAA Beach Volleyball, twotime AVCA All-American, first NCAA Beach Volleyball Player to qualify for the Olympic Games

“Name, image, and likeness has ushered in an era of tremendous opportunity for SAs. The lessons in this book offer essential learning not just for SAs, but for those who care most about their development: athletic directors, coaches, and parents.”

—TED WHITE, Founder/CEO of Fair Ball Foundation and former Deputy ATHLETIC DIRECTOR, UVA

“This book coaches SAs to engage more effectively with Opendorse, agents, and others so they can maximize NIL value well beyond their playing career by giving readers a process to identify, design, and activate their brands.”

—BLAKE LAWRENCE, CEO of Opendorse, a leading NIL company

“I’ve witnessed first-hand how SAs who build a strong reputation around hard work and dedication earn the respect of coaches and attention of sponsors. This book helps SAs balance commitments to their education and teams while using their platform to pursue their dreams.”

—ADAM SMITH, Assistant Coach, Reebok Boston Track Club; former Assistant T&F Coach at Syracuse, and UNC-Chapel Hill

Athlete Brands

Praise for Athlete Brands

“This book clearly offers advice on how to build my own brand while I’m still an SA, which is a very specific situation that needs specific guidance.”

Athlete Brands

“Becoming a high-value athlete means more than just performing on the court. It means creating a consistent athlete brand at practice, in the classroom, in media interactions, via social media. This book “connects the dots” to help players develop athlete brands that achieve their goals.”

—JOHNNY CARPENTER, Director of Player Development, UVA Men’s Basketball Team

“This book helps young people better understand the link between what they spend their time on, the reputation they earn, and the goals that they accomplish. This is an excellent book for parents to read, as well as provide guidance for their kids.”

—KATY FITZGERALD, mother of Kyle Guy, NBA guard

How to Benefit from Your Name, Image & Likeness KIMBERLY A. WHITLER & JAY P. HODGKINS

athBrands_cover.indd 1

5/3/22 7:08 PM

Mia & Tiago and The Bird in Hand Principle and Mia & Tiago and The Lemonade Principle

he first two books in a series, Darden Associate Director of Research and Intellectual Capital Gosia Glinska takes Professor Saras Sarasvathy’s entrepreneurshipfocused principles of effectuation into the world of children’s literature.

Professor Mary Gentile retired from the Darden School at the close of the 2021–22 academic year. A professor of practice who joined Darden in 2016, Gentile is the globally renowned creator of Giving Voice to Values (GVV), a curriculum for values-driven leadership that has been used in more than 1,300 business schools and organizations globally. In September 2021, Gentile was inducted to the Thinkers50 Hall of Fame for her career impact in the field of ethics.

Although Gentile is retiring, Darden will remain the permanent home for GVV materials, with cases and curriculum available through Darden Business Publishing.

Darden in the Media

Darden professors remain sought after experts to comment on leading global business issues in top publications.

Will Russia’s Isolation Last? The New York Times Professor Greg Fairchild is a noted expert on business ethics and corporate actions, making him an ideal source to weigh in on the pressure many businesses have felt to cut ties with Russia following its invasion of Ukraine. As he explained in The New York Times, autocratic rulers may calculate that such pressure campaigns won’t last. “There is a half-life to the outrage that is tied to the news cycle,” Fairchild said. Many leaders “have enough evidence that we wouldn’t care for long.”

Super Bowl Ads Go Heavy on Nostalgia and Star Power

White House Must Go Further on New Pandemic Response

Associated Press

The Washington Post

When the Associated Press writes about the commercial extravaganza that is the Super Bowl, they know who to call: Professor Kimberly Whitler. For several years in a row, Whitler has offered her take on the expensive and rarified marketing opportunity of a 30-second Super Bowl ad. “This is one of the most engaging sets of ads I’ve seen in several years,” Whitler said of the 2022 big game spots. “Almost all focus on light-hearted entertainment.”

Professor Vivian Riefberg is among a team of experts that released a road map to help Americans get to “the next normal.” The Washington Post spoke to Riefberg regarding the goals of the report, which included recommendations to combat long-COVID and move faster to combat potential new variants. Riefberg said authors hoped the report would reach people beyond federal officials. “We hope other local and state governments as well as the private and nonprofit sectors will also take actions,” Riefberg said. SUMMER 2022

BIG BUSINESS DIVES INTO THE

METAVERSE.

THE DARDEN REPORT

A $1 TRILLION MARKET OPPORTUNITY IS AT STAKE.

BY SEB MURRAY

2026, a quarter of the global population will spend at least an hour a day in the metaverse for work, education or play, according to research firm Gartner. Already, companies have built ways for users to pursue aspects of life in an alternative reality, from virtual-reality (VR) gaming to business meetings, education and even real estate. At present, these experiences take place on separate platforms. The metaverse will bring these activities into a single environment allowing users seamless access to infinite destinations and experiences. This will create a virtual economy, enabled by digital currencies and non-fungible tokens (NFTs) — digital ownership certificates registered on a blockchain that can be traded for cryptocurrency. This emerging economy means organizations, having already adapted their activities for the internet era, will need to pivot again from a digital business to a metaverse business. It’s what many are calling a transition from “web2” to “web3.” In the next four years, Gartner predicts 30 percent of the organizations in the world will have products and services ready for the What You Need to Know metaverse, across sectors from retail to gaming and entertainment. • The metaverse is an Who will collect the spoils and immersive visual space in set the rules? Silicon Valley tech which people will replicate giants — particularly Meta (formerly their lives as if in a parallel Facebook) — are in pole position, digital world, according to according to David Touve, Darden’s Gartner. senior director of applied innovation • It is accessible through and new ventures. devices that range from Facebook founder Mark ordinary computers to Zuckerberg changed his company’s virtual reality headsets to name to Meta in October, augmented reality glasses. reflecting its push to build the • Companies developing “next generation of the internet” the metaverse refer to beyond the smartphone. Meta is it as a transition from already spending billions per year “web2” (today's internet) on virtual and augmented reality to “web3” (a decentralized, as it competes with fellow internet blockchain-based world titans such as Microsoft and Google wide web). to build a metaverse that captures the biggest network of users. In • Meta (formerly Facebook) the next five years, the company has realigned its strategy plans to hire 10,000 new staff to and plans to invest billions work on metaverse projects, such to create a dominant as a wristband that allows users metaverse experience. to interact with the virtual world • As with the internet, open through subtle finger movements. In standards will be needed addition, Meta is launching an app to enable a seamless, for social networking in VR, called integrated metaverse. Horizon Home, which allows users to socialize as avatars while wearing SUMMER 2022

headsets developed by Oculus, which Facebook acquired for $2 billion in 2014. “By creating the virtual worlds, you essentially set the rules for the virtual economy,” says Touve, who anticipates a land grab. “The more people are on the network, the more valuable it is. The network effect can lead to winner-take-all markets.”

Monetizing the Metaverse: Why Businesses Are Jumping In

“The metaverse is not something that is science fiction anymore. It’s here.”

Touve sees advertising as one way to monetize the metaverse: Meta has already patented multiple technologies with hyper-targeted advertising and sponsored content. Revenue also will be generated in the metaverse through virtual stores in which users can buy digital goods that correspond with real-world items developed by consumer brands. “There are a large number of digital commerce opportunities that have pretty attractive underlying economics,” Touve says, noting that investors are now considering VR headsets more seriously after decades of disappointment. Big-name consumer brands such as Nike and Forever 21 have created virtual world stores in a bid to increase their real-world income. In fact, JPMorgan believes the metaverse is a trillion-dollar annual revenue opportunity, pointing out that $54 billion in virtual goods are already sold every year. Professor Roshni Raveendhran does not think such predictions are fantasy, based on current usage levels. “On the retail side, companies already allow people to use VR and avatars to try out different products or clothes,” she says. “The metaverse will accelerate the trend.” The shoe brand Vans recently opened a virtual skatepark to connect with its customer base, while Chipotle launched a virtual restaurant where the first 30,000 visitors get a voucher for a real-world burrito. Budweiser, Gucci, Autodesk, Benetton, Coca-Cola — the list of brands building consumer experiences in the metaverse goes on. “Some businesses are building digital spaces in these words in which they can connect with potential customers to showcase new and different products or services,” says Touve. These big brands are often relying on small, innovative “web3” focused Raveendhran startups with animation, creative design, game design, blockchain and programming expertise. From among these innovators could emerge the next generation of Metas, Apples, Googles and Amazons — rulers of the “web2” online world. 14

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Yuga Labs, creators of the Bored Ape Yacht Club NFTs (essentially, blockchain-verified digital images of cartoon apes), recently secured a $450 million investment from venture capital firm Andreessen Horowitz, valuing Yuga at $4 billion. The company has announced plans to launch its own metaverse and sold or gave away 100,000 plots of digital land in that metaverse. The sale sold out in minutes for cryptocurrency valued at $310 million at the time. Not a bad day’s work. Proponents believe this lowcost, high-margin business could transform global retail; critics see the metaverse as a passing fad. One reason for their doubts is the major technical challenges involved in bringing these sci-fi visions to life, such as creating a graphics rendering system able to animate thousands of avatars sharing the same experience, for — Professor Roshni Raveendhran example, at a live concert. This would mean that computing platforms would need to support billions of operations per second, compared to thousands per second today on even the most popular live online games such as Fortnite, which can only host up to 100 players at a time. Related to the hardware challenges, Raveendhran says, “There have been reports about VR causing health concerns including eye strain and headaches. It will take time for people to figure out how to use these devices for prolonged periods of time.”

Investors Focusing on Technology Behind the Metaverse Metaverse-driven bets are being placed on producers of components such as semiconductors, cameras, displays, servers and sensors. This reflects higher demand for the processors, computing power, wearable devices and cloud storage that all underpin the metaverse experience. “There are significant opportunities for investors to get involved at the start of the next evolution of the internet,” says Touve. Apple’s recent $3 trillion market valuation has been fueled in part by speculation that it will launch a headset this year that could revolutionize consumer technology, just like the original iPhone. Beyond this, Touve says a big opportunity exists for creating a framework for immersive virtual workspaces as working practices change. Microsoft has already said it was developing an “enterprise metaverse,” a version of the metaverse for corporations. “VR is predominantly used for gaming, entertainment or social experiences, but corporate users will boost adoption rates very quickly,” Touve predicts, pointing out that the shift to remote work during the Covid-19 pandemic looks sticky and is driving demand for virtual collaboration tools while potentially ushering in a new era of globalization in talent management. “The workforce is distributed throughout the planet, so why do we expect it to all move to our neighborhood?” Raveendhran agrees with her colleague. “It does seem there will be a big push for the corporate metaverse,” she says. “Companies have already been using VR for sensitivity training, as well as diversity and inclusion and customer service training. The metaverse will make this

an even more visceral experience.” On top of that, she points out that swaths of the labor force have grown tired of two-dimensional videoconferencing during the pandemic. “Before Covid, how many Touve of us used Zoom or Teams? Now it’s the go-to method of business communication. The same thing could happen with the metaverse.”

Toward an Internet-like Open Metaverse As Microsoft, other tech titans and upstarts race to build their own immersive worlds, there is a risk that multiple metaverses could exist in competition, forcing digital citizens to pick where they spend their time. Think about the unwelcome experience of opening and closing streaming apps just to tune in to a different show. For this reason, Touve calls for open standards to be developed, like there were for the founding of the internet, so that people can move freely between virtual worlds as they do from website to website on a single browser. “The open philosophy is in conflict with the desire for predominant platforms and their ability to monetize a user base,” he says. “But that is what made the web work so well, as it enabled open competition — a rising tide that lifted all boats.”

“By creating the virtual worlds, you essentially set the rules for the virtual economy.” — Professor David Touve There are formidable privacy and security problems, too. Meta, in particular, has faced persistent criticism over its ability to moderate harassment and abuse, alongside numerous privacy scandals. “People are already unhappy with the boundaries of consumer privacy,” says Touve. “The same sorts of challenges will exist in these virtual worlds.” Online networks can be toxic environments, especially for women and minorities. Touve says the content moderation challenge is “probably the next domain of real cost to emerge.” Raveendhran warns internet companies not to ignore the psychological barriers to adoption in their race to create and capture economic value from their metaverses. “The big thing is to figure out which interpersonal experiences are right for the metaverse.” But she thinks these kinks will eventually be ironed out. “The metaverse is not something that is science fiction anymore. It’s here.”

IS THE METAVERSE A (VIDEO) GAME CHANGER? As a sign of the rise of the metaverse and the gaming industry’s importance to it, Microsoft in January bought games maker Activision Blizzard for $75 billion to power its move into the metaverse. Sony and Lego in April announced plans to build a “family-friendly” metaverse together and said they would invest $2 billion into Epic Games, creator of the mega-hit video game Fortnite. One of the primary forms of Palomba metaverse- and blockchain-enabled gaming to emerge is known as “playto-earn gaming,” according to Professor Anthony Palomba. And one of the biggest players in the play-to-earn space is a game called Axie Infinity, which is loosely based on the Pokémon franchise and rewards players with digital tokens if they win battles or complete quests. The game’s entry costs are three monsters or “Axies,” which are non-fungible tokens (NFTs) that can be freely bought and sold on exchanges. Often, sponsors gift players the cost of entry and take a substantial cut of their earnings, creating a new type of business model. Players can convert their in-game assets into real cash. In fact, gamers in developing countries such as the Philippines are quitting their jobs to earn money from Axie, which is an early indication of the potential for rapid growth in people actually working in the metaverse. However, a North Korea-based hack that successfully stole $600 million in cryptocurrency earned by Axie players highlighted risks of banking on this emerging space. For players of other games like World of Warcraft and Fortnite, the ability to buy in-game items with real-world money is a new form of conspicuous consumption, with the aim of displaying one’s wealth. “For people who feel disenfranchised from reality, this is a better measurement of their own personal capacity than owning cars or houses,” says Palomba. Yet there are obvious risks, he says, such as if people simply cash out rather than recirculate the money in the game, causing a depreciation of the in-game tokens and forcing games developers to make changes to control inflation and other economic variables. “Being stewards of your own currency is a very interesting prospect. You become a central bank, basically,” says Palomba.

The ability to buy in-game items with real-world money is a new form of conspicuous consumption.

SUMMER 2022

Is Business I n n ova t i o n t h e C u r e fo r What Ails U . S . H ea l t h C a r e?

By Anna Katherine Clemmons

ealth care-related expenditures accounted for a record 19.7 percent of U.S. GDP in 2020, according to the U.S. Centers for Medicare and Medicaid Services. As Professor Vivian Riefberg says: “Someone’s cost is someone else’s profit.” Many describe the U.S. health care system as “broken,” with inefficiencies and access disparities further highlighted by the COVID-19 pandemic. But looking at health care as a monolith, Riefberg says, “is fundamentally flawed, because each segment has different structures, conduct and performance.” In that more nuanced view, there is immense opportunity for private business to make a positive impact on the literal and figurative health of society. “If you look in aggregate in this country, we have some of the highest costs in the world per capita, and it’s 16

THE DARDEN REPORT

pretty clear our outcomes are not always the best or health care is evenly available,” Riefberg says. Professor Dennie Kim has been working in or studying the health care industry for more than 15 years. “I used to be so cynical and thought, ‘It’s all broken, we need to redesign it,’” Kim said. “But the U.S. health care system in many places is fantastic. We get some of the best outcomes of the world — in pockets — and so much of the world’s innovation comes out of the U.S.” The introduction of retail clinics more than two decades ago, alongside similar forms of convenient, accessible care, Kim says, is one example. Initially, that push toward nontraditional health care delivery was met with strong resistance because established health care businesses worried over patient safety and profitability. But once the clinics “had proven demonstrated value, and

that people wanted and needed them, those working in the system followed, using them as an opportunity to deploy capabilities in different ways to provide value to patients,” Kim says. “These sorts of small, incremental changes are happening on the fringes.” A Pandemic-Sized Catalyst for Business Innovation

The pandemic amplified the need for this type of innovation. In the article “The essentials of health care innovation,” McKinsey wrote: “In speaking with more than 100 leaders in the health care industry from pharmaceutical and medical technology companies to health systems and payers, 90 percent agreed that the pandemic will fundamentally change the way they do business, requiring new products, services, processes, and business models.” One example, Riefberg says, is the application of artificial intelligence

“ H O W D O YO U T H I N K D I F F E R E N T LY A B O U T P R OV I D I N G C A R E T O T H O S E R U R A L P O P U L AT I O N S ? T E C H N O L O G Y A N D D I G I TA L H E A LT H I S A G R E AT WAY. ” — L i r i d o n R r u s h a j ( M B A ’ 1 4)

medical services location, undergo an combined with virtual care and invasive procedure and bypass potential telemedicine, the latter of which was patient fears of seeing a physician. massively accelerated by COVID-19. “When you look at the U.S. health “It’s more convenient and timely for care system, there’s a lot of disjointed the patient, and it can be better quality, elements that can make participating because now you are getting the learning of others, and it can be more cost complicated,” Pape says. “That’s where efficient,” Riefberg says. some of these telehealth companies “[Telemedicine] has not only proven competing with each other offer a space that it works, but that patients like it and for that integration.” want it,” Kim says. “It’s such The pandemic also a huge game changer.” exacerbated the mental Business innovation in the health struggles of millions wearable device space has of Americans. OSF is also improved health care, seeking to address the giving consumers increased shortage of mental health access to sophisticated counselors by investing in medical data and, in some companies offering remote cases, equipment, which cognitive-based therapies, proved critically important such as Silvercloud, an to have on hand amid the on-demand, virtual mental Dr. Taison Bell (EMBA '20) isolation periods of the health platform. pandemic. Creating an Irresistible Force to Liridon Rrushaj (MBA ’14), director Overcome the Immovable Object of venture investments at OSF Ventures, One of the biggest challenges for which has $250 million in assets business innovation to unlock systemic under management and has made 28 improvements to health care is a lack of health care-related investments since mutual financial incentives. 2016, points to OSF’s partnership with “What are the incentives behind the Current Health and Medically Home, scenes for all parties?” Rrushaj says. two hospital-at-home offerings in which “How do you align those so everyone patients take agency over aspects of is rowing in the same direction across their medical care. “People are much the different sectors within health care? more comfortable in a home setting The vast majority of payments for the versus hospital,” Rrushaj says. “And this total pie are fee for service, and if you eliminates potential [hospital] capacity can drive more toward the value-based issues, risk of infection, etc.” care models, then you can better align Dr. Taison Bell (EMBA ’20) and Dr. incentives to keep people healthier, keep Abigail M. Pape (EMBA ’20) met while students at Darden. They decided to them active and keep them productive.” combine their medical training and About 6 percent of Class of 2021 business school learnings by partnering, Darden graduates accepted a position along with fellow co-founder Timothy in health care, and interest continues Harvey (EMBA ’20), to create Owl Peak to grow in the student-run Darden Labs. Their goal is to provide innovative, Healthcare Club. During the 2022–23 at-home, cost-effective cancer screening academic year, Riefberg and other processes through both imaging faculty members will spearhead an technology and oral screenings, which effort to explore what Darden might do can eliminate the need to travel to a additionally in the health care space.

What You Need to Know

• Health care-related expenditures accounted for nearly 20 percent of GDP in 2020. • 90 percent of health care leaders surveyed by McKinsey expect the COVID-19 pandemic will fundamentally change the way their companies do business. • Telemedicine and wearable devices that record health and wellness data are at the vanguard of business innovations bringing digital disruption to health care. Riefberg challenges her students to look toward health care business innovations that will improve quality, lower cost and increase access. In particular, Riefberg says businesses can work toward innovations that allow for more accessible and uniform health care, particularly for underserved parts of the country. Access to care, particularly in remote areas and regions without consistent access to broadband, is another realm in which business can improve the landscape. “More and more rural hospitals have closed, which decreases the percentage of Americans who have easy access to care,” Rrushaj says. “How do you think differently about providing care to those rural populations? Technology and digital health is a great way.” Ultimately, business innovation and grassroots work may be the only realistic way the health care system can improve. “With all the various interests and divisions in the country, it is unlikely that there will be a major overhaul,” Riefberg says. “Just look at how hard the Affordable Care Act was to get passed.” Kim doesn’t see drastic changes either, possibly even in his lifetime. “It’s a beast of a machine, and it has to keep running. We can’t shut it down, because lives are at stake.” SUMMER 2022

THE DARDEN REPORT

To the Moon or Back to Earth: Where

Does Crypto Go Next? By Simon Constable

SUMMER 2022

ven to the casual observer, it was clear that cryptocurrencies hit the big time in 2021. Headlines made last year helped cement crypto in the zeitgeist. Crypto-related news included a massive surge in the price of bitcoin. Before the start of the Covid-19 pandemic, the cost of one bitcoin never exceeded $20,000; mostly, it was far lower than that. Then it surged more than three-fold to an all-time high above $68,000 in November 2021 as institutional investors poured cash into the cryptocurrency. Even Fidelity began to allow bitcoin holdings in 401k portfolios. An abundance of new cryptocurrencies built on alternative blockchains with myriad uses and purposes have emerged to drive the overall crypto market up in value and hype. While crypto gained traction with many, it never shook all of the skeptics. Warren Buffett in April essentially called cryptocurrencies worthless, and the skeptics seemed vindicated in early May when the TerraUSD cryptocurrency, which is a “stablecoin” intended to always be worth $1 per coin, collapsed under a wave of panic selling, leading investors to lose $40 billion of value in the span of a few days. The stunning turn rattled the entire crypto universe, with cryptocurrencies trending down in line with higher-risk tech stocks this spring. Bitcoin had settled below $30,000 as of early June. The question now is: What’s next? Crypto enthusiasts pitch a vision of decentralized finance providing access, opportunity and transparency. Many observers remain unconvinced cryptocurrencies can overcome the hurdles presented by governments and systems to achieve that ideal. Nevertheless, even one-time cryptoskeptics now see the potential for innovations that could change the world over the coming years. “I was once a crypto naysayer, but now the technology has started to make more sense,” says Professor Dennie Kim, who teaches in the Strategy, Ethics and Entrepreneurship area and Bruner has started to develop a research interest in crypto. “We are at just the beginning,” he says. 20

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COLLECTIBLES AND ART: A NEW FRONTIER FOR EMERGING BLOCKCHAINS AND CRYPTO An important factor in the crypto boom was a related boom in activity in non-fungible tokens (NFTs), which are digital assets based on blockchain technology. Some of these digital files started selling for millions of dollars in early 2021 and supported the value of alternative blockchains, such as Ethereum and its corresponding cryptocurrency ETH. “These things are digital cultural artifacts,” Kim says. “So much of our lives are digital, it is almost shocking.” Kim sees the NFT phenomenon as part of the evolution of the art world. Many young artists use computers as their means of creation. That led to the idea of selling a digital file, an NFT. Kim says the phenomenon benefits the artists more than in the past, when art dealers dominated the sales process and many creators had little power. Through the blockchain, art makers can go direct to the customer and earn a residual fee on future sales. “This is an evolution of how artists and creators can work,” he says. In addition to art, NFTs are used to log unique ownership of everything from digital sports collectibles to memberships at private restaurants to rights to claim future digital or real-world products and experiences.

CRYPTO AND SOVEREIGN CURRENCIES In mid-2021, El Salvador became the first country to adopt bitcoin as a legal currency, lifting the hearts of cryptocurrency fans. The Central African Republic followed suit in April. There’s long been a view that crypto could replace paper money printed by national governments. Indeed, other countries such as the United Kingdom, China and the U.S. are looking into the practicality of using digital currencies. However, in practice, using cryptocurrency as a nationally mandated legal tender has both pros and cons. In El Salvador’s case, earlier this year the International Monetary Fund requested that the country drop the program. The intergovernmental organization was concerned for the country’s financial stability. Central banks, such as the Federal Reserve, would also face challenges. “It’s not clear to me how, under a regime of digital currency, the U.S. Federal Reserve would manage the money supply,” says Professor and Dean Emeritus Robert Bruner.

“IF YOU THINK ABOUT THE FUTURE AND WANT TO SEND MONEY TO CERTAIN POPULATIONS, THEN YOU COULD DO THAT VERY EFFICIENTLY AND QUICKLY, IF THEY HAVE DIGITAL WALLETS.” — PROFESSOR YIORGOS ALLAYANNIS “Central banks set interest rates and influence the money supply according to their mandate of stabilizing prices, promoting economic growth and other aims,” he says. Prevalence of nongovernmental digital currencies or the issuance of digital currencies by central banks will complicate the ability to fulfill their mandate. “For instance, once a central bank pumps digital money into the blockchain, how easy will it be to draw it back in?” Bruner asks. “But this difficulty is what some advocates of cryptocurrency want. They would like to stop central banks — or governments more generally — from tinkering with monetary policy. The crypto craze has many drivers, of which one is the long-run decline in trust of government.”

UNLOCKING A MORE INCLUSIVE, EFFICIENT FINANCIAL SYSTEM On the positive side, the use of crypto has the potential to help develop a more inclusive financial system in the U.S. “Financial access is crucial to begin to redress the problems of economic inequality,” Bruner says. That’s a meaningful problem in the U.S. As recently as 2019, more than 5 percent of households didn’t have access to a bank account, according to a survey by the Federal Deposit Insurance Corporation. For all adults, the figure was 10 percent. Theoretically, a blockchainbased digital currency could move those figures closer to zero. “The more that digital currency enlarges the access to financial services, the better,” he says. Buying and selling digital currency can be more efficient than current financial transactions, according to Professor Yiorgos Allayannis. “Blockchain tech will make things a lot faster and cheaper and safer,” he says. It would also reduce the risks of checks lost in the mail, or stolen or misplaced by recipients. Indeed, no one would need to waste time depositing physical checks at a bank. “For instance, [COVID-19 pandemic relief]

stimulus checks could have been distributed using blockchain technology to people who didn’t have bank accounts,” he says. “If you think about the future and want to send money to certain populations, then you could do that very efficiently and quickly, if they have digital wallets.” The blockchain technology What You Need to Know could also speed up the movement • Bitcoin reached an all-time high above of money from country to country. $68,000 in November 2021 but settled Currently, many cross-border to below $30,000 in June, still well transactions take days rather above its all-time high before the than hours to complete. Part of pandemic. that tardiness is because money • Cryptocurrency ownership, movement laundering rules imposed by and transactions are recorded on digital governments slow down the ledgers called blockchains. process, Professor Kinda Hachem says. • Alternative cryptocurrencies built on The good news is blockchain new blockchains have emerged to technology can and is helping speed serve new purposes, but when the up the stodgy banking system, “stablecoin” TerraUSD collapsed in May, Hachem says. “I’m on board with $40 billion of investor value was lost in what JP Morgan is doing for its days and the entire crypto universe was rattled. institutional clients to move money across borders,” she says. That • Two nations have adopted bitcoin bank uses the JPM coin, which is as legal currency, and many larger not a cryptocurrency but uses an nations are exploring the use of digital internal blockchain ledger to record sovereign currencies. where every dollar has come from or gone to. That makes the process to prevent money laundering more efficient. However, Hachem sees a potentially huge problem regulators should worry about before the world adopts a decentralized blockchain technology as the wiring for the global financial Hachem system. “There is a bit of operational risk in the way these blockchains are set up to support decentralized payments,” she says. “The vulnerability is that current blockchain payments technology is programmed to accept the longest available blockchain as the correct ledger.” That creates a potential exploit in which a longer blockchain can be made offline and then introduced into the system for fraudulent purposes, Hachem says. The detail is technical, but the vulnerability is simple: Bad actors could essentially steal bitcoin or other cryptocurrency holdings through remanufacturing a blockchain. That could cause the entire blockchain payments system to break down. “If that happened then no one would trust the system,” she says. SUMMER 2022

EVAN HELDMAN CLASS OF 2023 22

THE DARDEN REPORT

MIA JEONG CLASS OF 2023

NED ZAKAS CLASS OF 2023

TO WIN THE TALENT RACE, IT’S TIME TO GET TO KNOW GEN Z

MAYA SINGH CLASS OF 2023

KATIE RUSSELL CLASS OF 2023

CHRISTINA ZHOU CLASS OF 2023

PETER NWAOBA CLASS OF 2023

BY EMILY FREEHLING SUMMER 2022

What You Need to Know • “Generation Z” includes individuals born after 1996. • The U.S. Bureau of Labor Statistics projects that Gen Z will account for 30% of the U.S. labor force by 2030. • Gen Z is the most diverse generation in United States history, according to the Pew Research Center. • Experts in Darden’s Career Center and Alumni Career Services say members of Gen Z prefer employers with an authentic commitment to a purpose that benefits society.

employed Gen s director of brand marketing for E. & J. Gallo Z workers Winery, Adam Weinberg (MBA ’12) took note said they were when a young woman he hired during the reconsidering height of the COVID-19 pandemic told him she wasn’t considering potential employers who their job because didn’t match her personal values. their current “She is graduating from college during a employer hadn’t pandemic, and she is still filtering out companies that done enough to don’t commit to the things that are important to her,” address social Weinberg recalls thinking. justice issues The woman went on to become Weinberg’s externally. first hire from Generation Z. Born after 1996, this As Gen Z generation is entering the workforce in growing prepares to numbers. The U.S. Bureau of Labor Statistics projects become the that Gen Z will account for 30 percent of the U.S. primary source civilian labor force by 2030. of talent for MBA programs, the Darden Admissions Many of the oldest members of Gen Z have team increasingly sees interest in the School thanks to experienced college, internships and their first its focus on empowering students to improve business full-time jobs in a virtual environment dictated by and society. pandemic limitations. They’ve also come of age as the On the Move country has grappled with racial and social justice issues and weathered a political environment that has While publications such as the New York Post have trumpeted how Gen Zers and younger millennials been fiercely partisan and marked by an erosion of take to TikTok to brag about job-hopping, younger norms. workers aren’t the only part of the workforce that is Gen Z is more diverse than any other American highly mobile right now. generation, with 2018 research by the Pew Research Record numbers of job resignations in 2021 have Center finding that racial and ethnic minorities led researchers to coin terms such as “The Great account for 48 percent of Gen Z in the U.S. Resignation” or “The Great Reshuffle” to describe As Gen Zers begin to enter the workforce in the current labor market. What distinguishes Gen Z, larger numbers, members of Darden’s Alumni Career Coleman says, is the speed at which these very young Services (ACS) and Career Center coaching teams workers are willing to are seeing sentiments that jump ship for something mirror those of Weinberg’s they feel will be a better first Gen Z hire. Having a social impact in their fit. “Having a social work is incredibly important to “They won’t think impact in their work is this generation. twice about looking for — Jen Coleman, incredibly important to this Darden Alumni Career Services another job if they’ve generation,” said Jennifer been in a job for six Coleman, executive director months,” she said. of ACS. “Companies that Although that may bring to mind Gen X pop hero aren’t immediately associated with social good need Ferris Bueller’s advice that “Life moves pretty fast,” to be thinking about how they are doing social good, there are things employers can do to respond to the even if it’s indirectly. There has to be that component quick pace at which this younger generation expects in order to attract the best and brightest.” to see change happen. Multiple surveys confirm this assertion. A 2018 Weinberg said he’s come to the realization that survey of Gen Z individuals by Deloitte found that the traditional system of annual performance reviews 77 percent of respondents said it was important to looks glacially slow to younger employees. work for companies whose values aligned with their “They are not OK waiting for a review once a year,” own. In a 2021 survey conducted by communications he said. “They are looking for constant interaction, consultancy Porter Novelli, 55 percent of currently

THE DARDEN REPORT

constant feedback. That has been a real change, and just managing an older millennial versus a member of Gen Z, the level of feedback and interaction they are looking for is much greater. They are trying to better themselves, and I think it’s really inspiring to see this new generation talk about things and demand things that we never did.” Authenticity Is Essential Gen Zers are digital natives. They’ve never known a world where you couldn’t use Google, Facebook, Yelp or Twitter to find out what people are saying about restaurants, consumer products, movies and, yes, even employers. This means companies that want to prove their do-good chops — especially in the areas of sustainability, diversity and social justice — need to make sure they can back up their claims with concrete examples and actions, says Jeff Tang (MBA '13), senior director of marketing and general management careers at Darden’s Career Center. “Every single company says, ‘We really want to recruit students of color,’” Tang says. “Well, show me the success stories that you have. Show me the leadership support and mentorship that exists to help create the outcomes these students are seeking. Unless you have some tangible proof to differentiate yourself, you are a day late and a dollar short.” Weinberg sees a growing demand for less talk and more action when it comes to demonstrating company values. “For so long, companies could get away with saying things but not actually doing things,” he said. “Gen Z is really bringing a new level of authenticity to the table. If we say a brand is about inclusivity — what is the company doing to deliver that? It’s about brands taking actions and not just creating ads to talk about the values they have.” Mental Health Is Paramount Weinberg says that Gen Z members of his team have brought with them an openness about mental-health issues that previous generations often avoided. “They have really opened up the conversation about mental health and wellness,” he said. “It is really enlightening, and we have seen it even in our own team meetings where one of the Gen Z individuals will bring up mental health and wellness and others will start to open up about it as well.”

A January report from McKinsey & Co. found that members of Gen Z reported lower levels of emotional and social well-being than previous generations. In McKinsey’s survey, Gen Z respondents reported experiencing emotional distress at a rate that was double that of millennials and Gen X and triple that of baby boomers. The fact that this generation has seen formative experiences in high school, college and first jobs eliminated or greatly transformed because of the pandemic has amplified this problem. It should also play into employers’ planning around workplace flexibility going forward to ensure

They are not OK waiting for a review once a year. They are looking for constant interaction, constant feedback. — Adam Weinberg (MBA '12)

workers get the social and emotional support they need. “There is no question that the younger generation expects a flexibility that, when we were coming out of college, we would never dream of,” Coleman said. But the other side of that coin is that nonstop remote work can be isolating and draining. “Some of the most challenging cases of young alums I’ve worked with since COVID are the ones working 100-hour weeks from their studio apartment or their parents’ basement,” she said. “As much as young people want flexibility, they also want and need mentoring and training. It’s difficult to get that in a meaningful way when everyone is remote.” What’s required is a more empathetic approach to leadership, says Tang, who notes that many of the workplace preferences that are attributed to Gen Z are also felt in older generations due to the pressures of the pandemic and the national discourse on race and social justice. “A lot of this stuff had been bubbling prior to the pandemic,” he said. “Gen Z was really at the forefront of it. Then the pandemic hit and all of us started feeling these things, and some of these doors got knocked down.”

SUMMER 2022

FAC ULTY P RO F ILE

PROFESSOR RICH EVANS

by Sally Parker

Putting a GameStop to Average Investors' Information Gap

n 2016, Professor Richard Evans gave a talk on exchange-traded funds (ETFs) to an audience of more than 600 — asset managers, private wealth advisors and individual investors — at Wharton’s Jacobs Levy Center. Last year, during the GameStop stock-buying frenzy, someone posted a link to a video of the talk on Reddit and it went viral. Redditors who had invested in the stock peppered him with emails asking for insights about how potentially manipulative trading in ETFs might be affecting GameStop. Evans, the Donald McLean Wilkinson Research Chair in Business Administration at Darden, studies the asset management industry, in particular how fund managers' decisions affect their individual investor customers. The outpouring of questions from GameStop investors is a good example of the information chasm that exists between Wall Street and many investors, he says. He believes it’s the job of finance academics to serve as a double-check on the industry. “The people who provide these products and services are more financially sophisticated than the people who are buying them, the vast majority of the time,” Evans says. “Seldom is there an unbiased perspective available to retail investors. Providing that perspective is one of the most important roles of a finance professor.”

THE DARDEN REPORT

Leadership in the Investing Industry Lately, Evans has been thinking a lot about leadership practices in the industry, publishing studies on the role of manager incentives and compensation in investment decisions. A much-cited 2020 paper he co-authored explores the impact of diversity in fund management teams on mutual fund performance. In the paper, “The Performance of Diverse Teams: Evidence from U.S. Mutual Funds,” Evans and colleagues study mutual fund teams managing trillions of dollars from 1992 to 2016. Using political donations to indicate party affiliation, they examine how ideological diversity varies across teams. In times of low political polarization, as measured by organizations such as the Pew Research Center, politically diverse teams — made up of both Democrat and Republican donors — on average outperform teams whose members are more politically homogenous. The paper shows that, by bringing unique perspectives and different information to the table, a diverse team produces a more informed decision and a better result than a team that is not diverse. However, this effect disappears in highly polarized times, Evans says. “Diverse teams can only add value if team members actually listen to each other,” he notes. “Team differences, real or perceived, may prevent team members from hearing one another.” Though much of Evans’ research covers investments and asset management, the paper’s findings apply not just to finance but to all diverse teams, from boards to the C-suite. What started as a question for a specific industry has become an opportunity to ask bigger questions for business and society, as well. “The immediate implications of that research are how to pick better funds. The implications, however, apply to decision-making teams more broadly,” Evans says.

Connecting Class to Practice in Real Time Evans, who has won numerous teaching accolades over his 18-year career at Darden and Boston College, especially enjoys sussing out these issues with his students. He loves it when the real world and the classroom collide. That happened in a big way soon after Evans joined the Darden faculty in 2007, right before the Great Recession. He was teaching an investments course in fall 2008 when markets were crashing. “It was an exciting time to be studying the markets,” he says. “While each day of market volatility and negative returns was painful for my own personal investment portfolio, it made for fascinating discussions in class and incredible

engagement and participation by students who were anxious to better understand what was going on.” More recently, he was teaching an Executive Education & Lifelong Learning course for employees of a large, publicly traded company. The company’s earnings call took place on a Tuesday night, and Evans was scheduled to teach them the next morning. In spite of relatively good news reported during the call, Evans was up at 1 a.m. watching the company’s stock plummet unexpectedly in aftermarket trading. In class the next morning, the discussion focused on communicating with markets, earnings announcements, and institutional and retail investor responses. The room was buzzing as students analyzed the call and waited for the stock market to open. Their overall assessment was that the market had overreacted and would likely The people who correct when cooler provide these investing heads products and services prevailed. At the market open, the are more financially stock rebounded spectacularly, sophisticated than erasing the majority the people who are of the overnight buying them, the vast losses. Evans says he loved that classroom majority of the time. experience, and that it is an example Seldom is there an of what Darden unbiased perspective does best: the concurrency of available to retail ideas discussed in investors.” the classroom and what’s happening in PROFESSOR RICH EVANS real time. Evans jokes that the best job he ever had was working the desk at a tennis center as an undergrad at the University of Utah. (“People would come in to play and you’d take their money, send them to a court and then have 50 minutes to study.”) It’s also where he met his wife of 25 years, Emily Evans, a clinical assistant professor at the UVA School of Nursing. The couple has five children, ages 7 to 20. During a recent virtual discussion Evans was moderating for Darden’s Richard A. Mayo Center for Asset Management, someone commented on the homemade “Dad” sign sitting on the bookcase behind him. Evans made it clear that it was substantially more valuable to him than the many books sitting on the shelf. “My passion is my family,” Evans says. “Nothing else compares.” SUMMER 2022

2 0 2 2 R E U N I O N S MA S HES A LL-TI ME ATTENDA NCE RE CORD T h e 2 0 2 2 Da rde n R eu n ion Weeken d was th e f i r st i n - p er son r eun i on i n th r ee y ear s a n d set t h e al l - ti m e r ecor d for h i g h est al um ni attend an ce.

REUNION WE E KEND 2 9 A P R I L – 1 M AY 2 0 2 2 The Abbott Society 1957 1962 1967 1972 1977 1982 1987 1992 1997 2002 2007 2012 2017 2020 2021

Fo r m or e phot os , v i s i t Darden on Fl i ckr : f l i ckr. com/ photos/ darden-uv a

THE DARDEN REPORT

IN MEMORIAM

Darden Community Celebrates Life of Professor John Colley

n the auditorium of the University of Virginia’s Old Cabell Hall, just down the Lawn from where he once lived proudly in Pavilion VIII, friends and family celebrated the life and impact of the legendary Professor John Colley at a memorial event held 1 May. In his welcome, Dean Scott Beardsley set the stage for remembrances from family and friends, reminding attendees of Colley’s request that he would like people to remember that he was “singlemindedly focused on the development of a world-class, top business school.” One of many former students to offer reflections, Terry Daniels (MBA ’70) said Colley was one of only two teachers in his life who had a “profound influence” on him. Jim Walker (MBA ’75) said, “John Colley was the single most important influence in my life,” crediting Colley with making him a better father, husband and businessman. UVA basketball legend

and Associate Director of Athletics Barry Parkhill called Colley an “icon” at Darden and the University as a whole, placing him on UVA’s Mount Rushmore. Professor Jacqueline Doyle (MBA ’89; Ph.D. ’95) — Colley’s former student, colleague and co-teacher in class — said he “was the hero who guided us as we ventured forth, and encouraged, inspired, advised and redirected us along the way.” At the conclusion of the service, Darden School Foundation President Michael Woodfolk announced that the School and University had approved that the skylight dome located at the top of PepsiCo Forum in Saunders Hall will now be known as the Colley Cupola. The School will also raise funds in honor of Colley through the new Colley Faculty Excellence Fund. For more information and to support this effort in honor of Colley, contact Carter Hoerr at hoerrc@darden.virginia.edu

Top Left: Dean Scott Beardsley welcomed attendees to the memorial service. Top Middle: The Virginia Gentlemen sang one of Colley's favorite songs. Top Right: Attendees join the Virginia Gentlemen singing "The Good Old Song" at the conclusion of the memorial service. Bottom Left: The service took place in UVA's Old Cabell Hall. Bottom Right: Professor Jacquie Doyle delivered the closing keynote at the service.

John was the hero who guided us as we ventured forth, and encouraged, inspired, advised and redirected us along the way.” — PROFESSOR JACQUELINE DOYLE (MBA ’89; PH.D. ’95)

SUMMER 2022

CLASS NOT E S

401 Park Street Charlottesville, VA 22902

434.977.4005 lwoodriff@loringwoodriff.com

IDYLLIC, TURN-KEY COUNTRY ESTATE OVERLOOKING THE LYNCH RIVER

HOME TRACK FARM • $8,495,000 Home Track Farm is a rare, c. 1823 property that has been meticulously preserved & renovated. The main house, dependencies & grounds provide the ideal setting for large family gatherings, entertaining guests & corporate outings. The flow & positioning of the 220 acres provides unparalleled river & mountain views. Extensive trail system accesses a unique combination of rolling hills, pasture land, and incredibly beautiful, private Lynch River frontage. Majestic rock outcroppings & big vistas abound. Home Track is an aesthetic delight, rich in architectural heritage & design: A true, all-in-one private Virginia retreat just 10 mins to CHO airport, 20 mins to Charlottesville. MLS# 627362 c. 1856 T R E A S U R E I N G R E E N S P R I N G S H I S TO R I C A L D I S T R I C T

OAKLEIGH • $4,250,000 Circa 1856, Oakleigh is a beautifully renovated, turn-key country estate in the heart of the Green Springs Historic District. The property incl’ 144 manicured acres w/ 2 ponds. The home enjoys total tranquility & has been carefully modernized & renovated over the last 30 years by the current owners & incl’ 3 beds, 2.5 baths & endless charm. Other structures incl’ a smokehouse, horse or livestock barn, chicken coop, & large workshop/equipment shed. Wonderful boxwood ringed vegetable garden. Under Conservation easement w/ 1 division right. There is an excellent building site w/ mountain views & tucked well away from the main residence. 25 mins to Charlottesville & 40 to Richmond. Fiber optic! MLS# 627792

THE DARDEN REPORT

WWW.LORINGWOODRIFF.COM

CHA RLES C. A BBOT T AWA RD Lewis (MBA ’72) Wins Highest Alumni Honor on 50th Reunion

Darden Alumni Association Board of Directors Chair Pat O’Shea (MBA ’86), Darden School Foundation President Michael Woodfolk (TEP '05), Lem Lewis (MBA '72), and Dean Scott Beardsley

emuel E. Lewis (MBA ’72) was recognized with the Charles C. Abbott Award 30 April during Darden Reunion Weekend, the first in-person reunion at Darden in three

years. The award is the highest honor the Darden School bestows upon alumni and is presented annually to recognize outstanding contributions of time, energy and talent. Lewis was lauded for his “distinguished achievements” in service of the School, for his willingness to engage with the Darden community in myriad ways and for his lasting contributions over decades of leadership. During his career, Lewis served as CFO of Landmark Communications and later founded LocalWeather.com. He has served on a number of corporate and nonprofit boards, including the UVA Board of Visitors and Darden School Foundation Board of Trustees. A 1969 UVA graduated and a member of the first class at Darden to include Black students, Lewis is one of the School’s Principal Donors, as well as a member of the Darden Society and Hickory Club. His generous support created the Lemuel E. Lewis Bicentennial Award for Global Leadership, awarded each year to a student who fosters a global perspective at the School. He and his sister, Brenda A. Lewis (MBA ’86), established the Charles J. Lewis Scholarship. Learn more about Lewis in the latest edition of “20 Questions” on Page 106.

PLAN YOUR LEGACY GIFTS OF SECURITIES — INCLUDING APPRECIATED STOCKS, BONDS OR MUTUAL FUNDS — OFTEN PROVIDE TAX ADVANTAGES AND INCREASE THE IMPACT OF A DONATION. BY DONATING APPRECIATED SECURITIES, YOU CAN AVOID CAPITAL GAINS TAX WHILE ALSO RECEIVING THE SAME TAX SAVINGS YOU WOULD RECEIVE IF YOU WERE TO MAKE A GIFT WITH CASH OR CHECK.

BUILD A BETTER TOMORROW. For more information on making a planned gift, contact Mary Katherine Barbour at BarbourM@darden.virginia.edu or +1-434-924-4783.

SUMMER 2022 2022 SUMMER

CLASS NOT E S

KINDERHOOK

$2,495,00

FOSTER FARM

$825,000

MLS 630710

Beautiful 207+ acre farm in a protected enclave of Madison County with incredible views of both the Blue Ridge and Southwest Mountains. The natural beauty and privacy are unparalleled. An attractive farmhouse with a c. 1804 section is perfect as a weekend getaway or guesthouse leaving numerous incredible building sites for a main residence. Additional improvements include a large pond with dock, pool, manager’s cottage, a center aisle stable with 8, 12 x 12 stalls and finished office space above, garage and good farm buildings and farm infrastructure An excellent candidate for conservation easement.

Charming Victorian privately situated in the heart of Somerset. This 3 bedroom, 2.5 bath home sits on almost 8 acres, with mature landscaping, and pasture for a few horses. The house retains all its original hardwood floors, woodwork, and 19th century craftsmanship. A rare opportunity to own a private period home in the Somerset/Gordonsville area of Orange County.

PETE R A . W IL EY

J U ST I N H . WI L E Y

Under Contract RAVENSWOOD

$525,000

434 422 2090

C H A R LOTTE S V I L L E VA

43 4 2 9 3 3 9 0 0

CUSTOM RESIDENCE $ 2 ,7 9 5 , 0 0

M LS 6 3 0 5 7 6

A rare, first-time offering. An exquisite, custom brick residence designed/built by the renowned team of Jay Dalgliesh, AIA, and Jeff Smith of Altera Construction. Only 6 miles west of Charlottesville and the University with incredible Blue Ridge views. Rooms flow together with an easy elegance, each showing off the high level of detail and materials for which the architect and builder are known. First and second floor master suites. One of the highest quality homes currently on the market. REPORT PE TE R A . W32 IL E Y THE | 4 3DARDEN 4 4 2 2 2 0 90

MLS 629648

O R A N G E VA

PARKVIEW DRIVE

$ 3 ,7 5 0 , 0 0 0

MLS 627607

A storied, 111-acre farm with brick manor home offering complete privacy, natural beauty and grand Blue Ridge views. This rare offering sits on the edge of Crozet with easy access to all its amenities. The 7,700 square foot is well-sited on the back of the property offering complete privacy and expansive mountain views to the West. The home offers 10 ft ceilings, well-proportioned rooms, a large family room/kitchen, wide plank floors, and heart pine millwork and doors. An excellent candidate for conservation easement. |

ML S 6 27 3 19

140 beautiful acres, very private, yet conveniently located to both towns of Gordonsville, and Orange. This parcel consists of 35 acres in pasture, with numerous great building sites, and 105 wooded acres, which surrounds the open land. The parcel has numerous springs that flow into the White Oak Creek, which bisects the property, and there is natural area suitable for constructing a pond. Property is further enhanced by a recently updated driveway, long frontage on Mallory's Ford Road, and a deeded access out to Mountain Tract Road. J U ST I N H . WI L E Y

4 34 98 1 5528

4 3 4 9 81 5 5 2 8

WI L EY PROPERT Y.C OM

P E T E R A . WI L E Y

434 422 2090

540 672 3903

SOLITE FARM

$910,000

ML S 6 3 09 24

129 rolling acres minutes from the Village of Fork Union. The land is a mix of open crop/pasture, and hardwood forest, and is in two tax map parcels. The existing driveway enters the property from West Bottom road, and continues on past the beautiful two acre pond to a perfect elevated home site. The larger of the two parcel also has frontage on route 15, and has 11 acres zoned commercial. the open land is currently leased as crop land. Great farm property, or solid investment. J U ST I N H . WI L E Y

4 34 98 1 5528

Word has it that Charlottesville has another lawn (& vineyard) 15 minutes south of grounds. Pippin Hill Farm offers unforgettable Blue Ridge views with award-winning Virginia estate wines and cuisine. Host your next celebration, board meeting, or corporate retreat in our Reserve Room. Our culinary winery is ideal for wine dinners and receptions, private luncheons, rehearsal dinners, and cooking classes. 5022 Plank Road, North Garden, Virginia events@pippinhillfarm.com 434.202.8063 | pippinhillfarm.com

ENJOY TOWN and COUNTRY for the ULTIMATE CHARLOTTESVILLE EXPERIENCE

Red Pump Kitchen is top of the class for exclusive private events. Located on the historic downtown mall, our artisan menus featuring Regional Italian inspired dishes are designed to reflect our farm-totable philosophy. Locally-sourced seasonal ingredients star in our menus. Offering seated dinners for 60 or receptions up to 125. Red Pump Kitchen—where Wahoos wine and dine. 401 East Main St., Downtown Charlottesville events@redpumpkitchen.com 434.202.6040 | redpumpkitchen.com

SUMMER 2022

THE DARDEN REPORT

SUMMER 2022

ALUMNI PROFILE

ERIC CHEWNING (MBA ’08) Heeding the Call to Service and Leadership

n 2017, Eric Chewning (MBA ’08) was a partner at McKinsey & Co. when he left for the public sector, taking the role of deputy assistant secretary for industrial policy with the U.S. Department of Defense. For someone who had spent the better part of the previous decade climbing the ranks of the consulting industry, first at Booz & Co. and then at McKinsey, Chewning said the move felt like “winning the lottery.” It was also a natural extension of the interests and public service ethos that had powered Chewning’s career since graduating from the University of Chicago with a bachelor’s and master’s in international relations. After starting his post-collegiate career as an investment banker at Morgan Stanley, Chewning left finance following the September 11 attacks and enlisted in the U.S. Army, in which he served for four years. In the Army, the banker turned intelligence officer said he was fortunate to be a part of a particularly innovative unit in Iraq open to experimenting with new modes of operations. Specifically, Chewning said there was greater emphasis on engagement with the Iraqi people, which, for an intelligence officer, meant “going out and drinking a lot of tea.” “In that environment, understanding the human terrain was critical” said Chewning. “So my job was to meet people, build relationships and get to know what's going on in the community.” After the military, Chewning said an MBA was the obvious ticket to reacquaint himself

THE DARDEN REPORT

with the business world. Darden’s tightknit veteran community was a draw, as was the fact that his wife, Lauren Chewning (MBA ’04), now a senior vice president at Marriot International, had a positive experience just a few years prior. Themes from the Darden classroom have applied to every step of his career since. Specifically, Chewning said his effectiveness relies on an ability to “frame ambiguity in a way where people can understand the core problem and the potential paths to resolution.” As deputy assistant secretary for industrial policy, Chewning was in charge of ensuring the capabilities of the country’s defense industrial base, essentially handling all geoeconomic topics under the purview of the Pentagon. After more than a year in the role, Chewning was tapped to serve as chief of staff for the U.S. Secretary of Defense, helping Secretary Patrick Shanahan and then Mark Esper navigate a complex and sprawling bureaucracy. Now back at McKinsey serving as a colead of the firm’s aerospace and defense practice, Chewning said his role is to help corporate teams increase performance. “Teams appreciate the ability to bring a focus,” Chewning said. “You run into issues where there just isn’t the managerial bandwidth or specialization to effectively tackle issues, and you need a group of trusted partners who can come in and bring that attention and expertise.”

— Dave Hendrick

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

503 Faulconer Drive Charlottesville, VA 22903 434.295.1131 homes@mcleanfaulconer.com

MCLEAN FAULCONER INC. Farm, Estate and Residential Brokers ◆ GREENFIELDS FARM ◆

ROUND HILL ◆ $5,450,000

Magnificent panoramic views of the Blue Ridge Mountains and scenic Rivanna Reservoir frontage is offered from this spectacular 120-acre Albemarle County estate featuring a 5 bedroom manor home. Excellent location close to the city limits and the Charlottesville-Albemarle airport! MLS#625402

STONY POINTE ◆ $2,850,000

Meticulously maintained home on 57 private and protected acres, 6 miles northeast of Charlottesville. Residence features 4-6 BR, 5 full and 2 half BA, large open floor plan on the main level with generous master suite. Panoramic views of the Southwest Mtns. and to the west are winter views of the Blue Ridge Mtns. MLS#626941

Circa 1904, Greek Revival-style manor home set on 763 acres of Virginia’s most beautiful countryside. The meticulously updated, 8,600 sf residence exudes character and southern charm with a grand center hall floor plan. Farming and/or recreation opportunities with the ideal mix of woodland, pastureland and cropland along with streams and ponds. Equestrian facilities include: 48-stall horse barn, indoor riding arena, fenced paddocks, riding trails, and more. Tranquil setting 25 miles from Charlottesville and UVA. MLS#623792 $6,295,000

GREY OAKS ◆ $$3,965,000

Spectacular country estate offering complete privacy and total serenity from over 53 acres in Free Union with Blue Ridge views. The heart of the property showcases a stunning custom-designed residence with 6 BR, 6.5 BA. 1,800 sf barn. Approximately 15 miles NW of the University of Virginia and Charlottesville. MLS#617485

WOOD’S END ◆ $1,195,000

Striking residence on 5+ acres in the heart of Keswick. Architecturally-designed with numerous high-end custom features. Gracious one level living. The front entrance opens into a light-filled, vaulted ceiling great room with chef ’s kitchen and spacious living area. Minutes from the world class Keswick Hall, Charlottesville, UVA and Pantops. MLS#626196

◆ RIVANDALE FARM ◆

An oasis of tranquility and fine country living within 20 miles of Charlottesville. Magnificent 177 acres privately situated in Somerset Estate Region, featuring circa 1901 classic Virginia farmhouse, completely remodeled and updated to create a comfortable and elegant, 4-bedroom and 4.5-bath home. Covered and screened porches, open terraces, large gunite pool, and expertly landscaped gardens. Improvements include 12-stall stable, 2 detached garages, barn and sheds, all land is fenced and 3 ponds. MLS#626933 $3,475,000

BROOMFIELD FARM ◆ $495,000

Fabulous 29 acres fronting Blenheim Road and being a part of Broomfield Farm a small agricultural and residential subdivision with CCR’s, but NO HOA. 2 buildable lots, with an historic red barn and silo, and an 8-stall stable. Driveway in place, underground power, well and water, and several building spots with mountain views. MLS#624834

WWW.MCLEANFAULCONER.COM SUMMER 2022

ALUMNI PROFILE

DR. SANDHYA CHHABRA (EMBA ’17)

Darden, Pandemic, Family Collide to Help Doctor Diagnose Her Professional Purpose

s an endocrinologist with a successful private practice in Charlottesville, Dr. Sandhya Chhabra (EMBA ’17) has established a successful first act of her career. Not long after her graduation, however, the COVID-19 pandemic struck, radically shifting the health care landscape for medical professionals. It required a strategic reset. Once again, she looked to Darden to help her navigate. In April, Dr. Chhabra completed the six-week Life Design Lab workshop for alumni, sponsored by Darden’s Armstrong Center for Career Services. The workshop helped her rethink and redesign her career goals, drawing on her background in medicine, her interest in global health and her entrepreneurial bent. “I’m very fulfilled in my professional life,” said the owner of Albemarle Endocrinology, “but I’m at this phase where my journey got interrupted by the pandemic, and I don’t want to pick back up exactly where I left off.” After finishing her MBA in 2017, Dr. Chhabra said she found herself moving through the world “with Darden goggles on.” Everywhere she looked, she could see inefficiencies and missed opportunities. Darden “changes the way you see — not just businesses but the way you see the world.” That mindset empowered her as she worked for several years as a consultant on a project to optimize the medical manage-

THE DARDEN REPORT

ment of diabetes in low-income patients residing in rural areas. “That’s exciting to me — to touch the underserved population. It’s one of the reasons most physicians go into medicine, to reach people who don’t have access to the kind of health care that many of us take for granted,” Dr. Chhabra said. The consulting experience, combined with additional work-life flexibility and family connections, have whet her appetite to pursue a higher purpose with patients on a more global level. “I never would have pictured doing work outside of the U.S. five years ago, because I couldn’t just up and go be in another country with my husband and kids committed to this area,” she said. She’s still in the early phases of this self-discovery process but, she says, “I don’t think I’m alone on this bizarre post-pandemic journey.” Instead, she has the support and opportunities that come with being part of the Darden alumni network. “I’m more interested in meaningful change than in just monetizing a good idea,” she said. “I was pleasantly surprised that so many people at Darden just wanted to make more meaning of their life, and not just make more money in their life.” — Melissa Castro

SUMMER 2022

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

IN MEMORIAM

The Darden School offers its condolences to the families of the following individuals whose deaths have been reported to us.

Robert C. Barnes (MBA '70)

William W. Hartz (MBA '65)

Harvey W. O'Conor (MBA '66)

Carl J. Bocek (TEP '92)

Richard J. Higgins (MBA '61)

Marvin J. Pinson, Jr. (TEP '69)

Richard J. Bertheaud (MBA '87) Thomas E. Boldt (MBA '95)

Charles C. Broun, Jr. (MBA '64) J. Norton Cabell (MBA '70)

Charles C. Chewning, Jr. (MBA '73) Herman L. Cook, Sr. (TEP '69) Robert L. Cross (MBA '63)

Dianna R. Dennis (MBA '81)

Bernard A. Downey, Jr. (MBA '62) Mickey W. Dry (TEP '76)

Carolyn C. Eskridge (MBA '84) James C. Farley, Jr. (MBA '73)

Stephen C. Fogleman (MBA '77) C. Jeffrey Grogan (MBA '87)

Timothy P. Hagan (MBA '66) Yacov Y. Haimes (TEP '90)

K. Gardner Hammond (MBA '59)

Karen R. Henry (MBA '83)

Walter B. Howell, Jr. (MBA '68) Richard H. Howk (MBA '67) Leah H. Johnson (MBA '92) Bruce D. Jolly (MBA '67)

Peter C. Kallop (MBA '75)

James M. Kissane (TEP '85) Robert P. Kyle (MBA '82) C. Jay Lambe (PHD '98)

Christopher H. Langbein (MBAJD '07) Edward A. Leake, Jr. (TEP '68) Ian D. Lindsay (TEP '68)

Donald W. Lohin (MBA '73)

W. Wallace McDowell, Jr. (MBA '63)

John McGrath, US Army (Ret) (TEP '88) Leigh B. Middleditch, Jr., Esq. (TEP '58) R. James Newman III (MBA '68)

James H. Patterson, CFA (MBA '69) Joel S. Pulliam (MBA '91)

George B. Reid (TEP '89)

Richard B. Robertson (MBA '71) Francis E. Sage (TEP '85)

J. Hamilton Scherer, Jr. (MBA '66) C. L. Schultz (TEP '84)

Sylvan J. Sewell (MBA '85)

Virgil B. Simpson (TEP '81) John W. Sinwell (MBA '60)

Jeffrey B. Thomas (MBA '73)

Dewey L. Trogdon, Jr. (TEP '70)

Gordon W. Wallace, Jr. (MBA '92)

Roberdeau W. Wallenborn (MBA '62) Todd P. Whiting (MBA '04) James B. Windle (MBA '87)

SUMMER 2022

CLASS NOT E S

Darden Leadership Boards

DARDEN SCHOOL FOUNDATION BOARD OF TRUSTEES

David M. LaCross (MBA ’78) Risk Management Technologies

ALUMNI ASSOCIATION BOARD OF DIRECTORS

CHAIR Martina T. Hund-Mejean (MBA ’88) Former CFO, Mastercard

Douglas R. Lebda (EMBA ’14) LendingTree

CHAIR Patrick A. O’Shea (MBA ’86) ICmed LLC

The five leadership boards

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

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. (Listing as of 30 June 2022)

VICE CHAIR Frank M. Sands (MBA ’94) Sands Capital

Elizabeth H. Lynch (MBA ’84) Evercore

Kristina M. Alimard (MBA ’03) University of Virginia Investment Management Co. Yiorgos Allayannis University of Virginia Darden School of Business Christine P. Barth (MBA ’94)

Paul Mahoney University of Virginia School of Law

J. Andrew Bugas (MBA ’86) Radar Partners

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

Sandhya K. Chhabra (EMBA ’17) Albemarle Endocrinology PLC

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

Sachin J. Mehra (MBA ’96) Mastercard

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

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

Jerome E. Connolly Jr. (MBA ’88) J. Connolly Financial Consulting LLC

Guillaume M. Cuvelier (MBA ’91) Davos Brands LLC Robert G. Doumar Jr. (MBA/JD ’88) Park Square Capital LLP Frank S. Edmonds (MBA/JD ’95) Panning Capital Management LP Karen K. Edwards (MBA ’84) Boyden Global Executive Search Arnold B. Evans (MBA/JD ’97) J.P. Morgan Chase Richard B. Evans University of Virginia Darden School of Business John D. Fowler Jr. (MBA/JD ’84) Wells Fargo Securities LLC Catherine J. Friedman (MBA ’86) Independent Consultant John W. Glynn Jr. Glynn Capital Management Kirsti W. Goodwin (MBA ’02) Tower 3 Investments Peter M. Grant II (MBA ’86) Anchormarck Holdings LLC Yael Grushka-Cockayne University of Virginia Darden School of Business

Kim B. Morrish (MBA ’93) Ground Control Ltd. J. Byrne Murphy (MBA ’86) DigiPlex Group Cos. Adair B. Newhall (MBA ’09) Greenspring Associates Patrick A. O’Shea (MBA ’86) ICmed LLC G. Ruffner Page Jr. (MBA ’86) O’Neal Industries Zhiyuan “Jerry” Peng (MBA ’03) Sands Capital C. Evans Poston Jr. (EMBA ’17) Hunton Andrews Kurth LLP James E. Ryan University of Virginia Erik A. Slingerland (MBA ’84) EAS International SA Robert W. Smith (MBA ’87) T. Rowe Price Co. Shannon G. Smith (MBA ’90) The Abundant Power Group Susan Sobbott (MBA ’90) Ogilvy Mark J. Styslinger Altec Inc. Bruce R. Thompson (MBA ’90) Bank of America

Michelle B. Horn (MBA ’95) Delta Air Lines

Joaquin Rodriguez Torres (MBA ’01) Princeville Global

Robert L. Huffines (MBA ’92) J.P. Morgan Chase

Lilo Simmons Ukrop (MBA ’89) University of Virginia Darden School of Business

David B. Kelso (MBA ’82) Retired, Aetna Rosemary B. King (MBA ’91) Global Heritage Fund Mark J. Kington (MBA ’88) Kington Management LLC Naresh Kumra (MBA ’99) JMATEK Ltd.

THE DARDEN REPORT

Nicole McKinney Lindsay (MBA ’99/JD ’00) Mastercard

Scott C. Beardsley University of Virginia Darden School of Business

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

Lemuel E. Lewis (MBA ’72) IVMedia LLC

Steven C. Voorhees (MBA ’80) Former President and CEO, WestRock Elizabeth K. Weymouth (MBA ’94) Grafine Partners

Mary Buckle Searle (MBA ’86) Strategic Thought Partners

Andrew G. Crowley (MBA ’11) Markel Corp. Richard P. Dahling (MBA ’87) Fidelity Investments Christian Duffus (MBA ’00) Fonbnk Inc. Warren F. Estey (MBA ’98) Deutsche Bank 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 Kristina F. Mangelsdorf (MBA ’94) Visa Taylor H. Meyer (MBA ’13) Goldman Sachs DeMario Moore (Class of 2022) President, Darden Student Association 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 David A. Simon (MBA ’03) SRS Capital Advisors Inc. Jason Sinnarajah (MBA ’07) Buffalo Bills Henry F. Skelsey Jr. (MBA ’15) Connected Travel LLC David L. Tayman (MBA/JD ’99) Tayman Lane Chaverri LLP

To update your contact information, call +1-434-243-8977 or email alumni@darden.virginia.edu. Shaojian Zhang (MBA ’99) CITIC Capital

CORPORATE ADVISORY BOARD CHAIR Michelle B. Horn (MBA ’95) Delta Indy Adenaw (MBA ’08) Management Leadership for Tomorrow Danielle Eesley Amfahr 3M Company Stuart C. Bachelder (MBA ’06) DaVita Kidney Care Mazen G. Baroudi EY Kelly Becker (MBA ’08) Schneider Electric Mark S. Bower (MBA ’02) Bain & Company Adam P. Carter (MBA ’02) WestRock William S. Cohen (MBA ’07) Bank of America Private Bank Robert E. Collier (MBA ’10) ChemTreat Sean M. Corrigan (MBA ’05) The Walt Disney Company D. Lynnette Crowder (EMBA ’10) U.S. Silica Company Daniel A. Dougherty (MBA ’94) Wells Fargo Richard C. Edmunds (MBA ’92) Strategy & PwC Sarita T. Finnie (MBA ’01) Bayer Consumer Health Joseph B. Folds (MBA ’91) OFD Foods Theresa O. Frankiewicz (MBA ’87) Crown Community Development Ivy L. Ghatan (MBA ’09) LinkedIn Sunil K. Ghatnekar (MBA ’92) Prescient Marcien B. Jenckes (MBA ’98) Comcast Cable Harry A. Lawton III (MBA ’00) Tractor Supply Company Marguerite M. Longo (MBA ’08) Johnson & Johnson H. Whit McGraw IV (MBA ’07) S&P Global Market Intelligence Fernando Z. Mercé (MBA ’98) Melissa & Doug LLC Diem H. D. Nguyen (MBA ’01) Xalud Therapeutics, Inc. Ann H. S. Nicholson (MBA ’01) Corning Daniel E. Polk Humana

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

GLOBAL ADVISORY COUNCIL

Joseph V. Schwan (EMBA ’13) Baxter International Inc.

CHAIR Naresh Kumra (MBA ’99) JMATEK Ltd.

Thomas J. Steenburgh University of Virginia Darden School of Business

VICE CHAIR Joaquin Rodriguez Torres (MBA ’01) Princeville Global

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

Marcos P. Arruda (MBA ’02) Zilor

Eric M. Swanson (MBA ’08) Amazon

Jennifer E. Chick (MBA ’08) Hilton Worldwide

Edward W. Valentine (MBA ’93) Harris Williams & Co.

Christine H. Davies (MBA ’09) Poligage

Gerrud Wallaert (TEP ’18) RWE Renewables Americas LLC

David R. Frediani Ironshore Inc.

Meghan A. Welch (MBA ’10) Capital One

Janeth Gomez Gualdron (GEMBA ’17) Capital One Financial Management

Steven D. Williams (MBA ’06) Delta Air Lines Gary R. Wolfe (MBA ’92) Wells Fargo Securities LLC

DEAN’S DIVERSITY ADVISORY COUNCIL CHAIR Nicole McKinney Lindsay (MBA ’99/JD ’00) Mastercard William S. Chichester III Microsoft Paige T. Davis Jr. (MBA ’09) T. Rowe Price Co. Jacqueline Grace (MBA ’10) Caesars Entertainment Corporation Ray R. Hernandez (MBA ’08) Northrop Grumman Octavia G. Matthews (MBA ’89) Aramark Uniforms Tiffani C. Moore (EMBA ’16) Federal Housing Finance Agency Alex R. Picou (MBA ’89) J.P. Morgan Caroline D. Schoenecker (MBA ’11) Deloitte Rhonda M. Smith (MBA ’88) California Black Health Network Cynthia K. Soledad (MBA ’02) Egon Zehnder Deborah Thomas (MBA ’89) Somos Inc. Daniele M. Wilson (MBA ’11) Google

Wei Jin (MBA ’99) Prudential Financial Corporation Shawn Liu (MBA ’05) DAO Investments 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) March Capital Pascal Monteiro de Barros (MBA ’91) Stirling Square Capital Partners Nikhil Nath (MBA ’00) NSQ Advisory Agustín Otero Monsegur (MBA ’06) OM Invest Antonio U. Periquet Jr. (MBA ’90) Pacific Main Holdings, Campden Hill Group Hagen Radowski (MBA ’91) Porsche Consulting Inc. Yudhono Rawis (GEMBA ’16) PT Ringan Teknologi Indonesia Mayra A. Rocha (GEMBA ’16) Project M Media Arpan R. Sheth (MBA ’96) Bain & Company Nishal Sodha (GEMBA ’17) Global Hardware Ltd. Alok Vaish (MBA ’97) Jubilant Life Sciences Ltd. Jing Vivatrat Golden Gate Capital Jeffrey J. Yao (MBA ’01) Profision Shipping Capital Management Ltd. Hai Ye (MBA ’04) McKinsey & Company

Thank you to our alumni and volunteer leaders for a record year of support for Darden. SUMMER 2022

ALUMNI PROFILE

20 QUESTIONS

LEM LEWIS (MBA ’72)

emuel E. “Lem” Lewis (MBA ’72) doesn’t consider himself a trailblazer at the University of Virginia or the Darden School. As one of the first Black students at UVA when he arrived as an undergraduate in 1965 and a member of the first class to include Black students at Darden in 1970, he says he is a product of fortunate timing in an era when “there were many Lem Lewises ready to walk through that door.” But through a successful career and decades of tireless support for Darden, he has proven there’s no one quite like him. Lewis rose to executive vice president and CFO at Landmark Communications before joining its board in 2006. Since then, he has served as chairman of the Board of the Federal Reserve Bank of Richmond and has also served on the boards of Markel Corp, Dollar Tree Inc. and Owens & Minor Inc. In 2008. Lewis founded Localweather.com. At Darden, he is a Principal Donor, serves on the Darden School Foundation Board of Trustees and created the Lemuel E. Lewis Bicentennial Award for Global Leadership. The award supports Darden students who foster a global perspective and deep understanding of the cultures of others, including political, religious, social and economic systems. On this, his 50th reunion year at Darden, Lewis answers 20 questions to share his story.

THE DARDEN REPORT

1. What was your first job? From the 8th grade through the 12th grade, I worked part time as a porter at a pawn shop in Lynchburg, Virginia. I now realize that this job helped me to understand and appreciate human behavior and was a very important part of my early development. 2. What is the best piece of advice you have ever received? Take the time needed to know people and establish trust. 3. Whom do you most admire? In addition to my mother and father, I admire greatly Martin Luther King Jr. Fast forward to today and his statement, “We must learn to live together as brothers and sisters or perish together as fools,” is as meaningful today as it was in the ’60s. 4. What motivates you? I want to share with others the lessons I have learned during my journey and to give back. 5. When and where do you do your best thinking? As a kid, I had a shortwave radio and was always fascinated by foreign broadcast stations. Later I became a ham radio operator and continued my interest listening and talking to people around the world. To accomplish this, I had to often get up at 2 a.m. to reach certain parts of the world. For the past 40 years, I get up at 4 a.m. to start my day. Thus, I have become a morning person, and I am at my best between 4–7 a.m. 6. What has been on your mind lately? The assault on and weakening of democracy in America. 7. What are you reading these days? I am reading a book by J. Douglas Holladay entitled Rethinking Success. I flunked retirement. My first attempt was when I retired from Landmark

at 59. Instead of relaxing, I got “all boarded up” on both public company and nonprofit boards. Although I truly enjoyed my last 16 years, this time I really want to go in a different direction. 8. What technology can you not live without? My cell phone. 9. What’s your motto? “Low aim, not failure, is a sin.” — Dr. Benjamin Mays 10. How do you deal with conflict? First, I try to avoid it. If I cannot avoid it, I try to listen to what the other party really wants. If I can meet their wishes and it makes sense, I will make every effort to do so. If not, I state my best position and then I stick with it. 11. What characteristics do you look for in people? An open mind, a willingness to listen and a good value system. 12. What is your superpower? I am “Old School.” I was raised in the Baptist church in which my father was a deacon. We went to church every Sunday and it was not optional. As I enter this final stage of my life, giving back and making a difference in the lives of others is part of my Baptist upbringing. God has blessed me and my family with good health and the resources to help others and that is what we plan to do. 13. How do you unwind? Ham radio and antique cars. I still own my very first car: a 1966 VW bug. 14. If you could live anywhere, where would it be? I was born in Virginia, and I will die in Virginia. 15. Which class at Darden impacted you the most? Professor Alec Horniman said one day in Organizational Behavior class that “the course you will use the most in your careers is the course you spend the least amount of time on.” Although the majority of my career was in finance, Alec Horniman was right. My experience is that it takes 10 minutes to figure out the problem, but days, weeks, months to get it done through people. 16. What’s your favorite Darden memory? Prior to starting Darden, I worked for one year as assistant director of financial aid at UVA. As a staff member, I received a staff/faculty parking sticker which allowed me special parking privileges. The first day of class at Darden, I arrived at Monroe

Hill at approximately 7:45 a.m. for an 8 a.m. class. Out front of the main entrance to Monroe Hill was a special parking section for staff and faculty. As I approached the parking area, I could see that there was only one parking place left and I also saw another car coming from the opposite direction towards this same parking space. Driving my little VW, I quickly went into action and adroitly out maneuvered the other driver, thus winning this sacred spot. Feeling very smug, I got out of my car and went into the building for my first day of classes at the Darden School. At 8 a.m., there was no one there to kick off the session. Finally, around 8:20 a.m., Neil Borden, faculty adviser to the First Year class and professor of marketing arrived and apologized for being late. He said that someone had taken his parking space, thus causing him to be late. He looked directly at me when he made this statement. Not exactly the best way to start your studies! After class, I approached Professor Borden and assured him I understood that although we both had the same parking decal, in some cases they may not be equal. He laughed and I found another parking space. 17. What is your No.1 tip for current Darden students? Take advantage of this rare opportunity, especially outside of class where you get a chance to meet great people from all corners of the globe. Many of your classmates will be starting or running major organizations around the world. Don't miss this chance to interact and to learn about different cultures, religions, and economic and political systems. 18. It is your 50th reunion year as a Darden graduate. What stands out to you as the most important way the School has changed and stayed the same since you graduated? Darden has always had an outstanding faculty. They are not only excellent teachers, they are also great people. The biggest difference is in the student body. In 1970 in our class, we had several African Americans and one female. Fast forward to today and Darden has a very diverse student body with students from many countries. What a rich learning environment. 19. What are you professionally passionate about right now? My current interest is helping young people to not only get an academic education but to also learn how to appreciate people, ideas and cultures that are different from their own. If you look at the divisions that exist in our country today, whether they be around politics, culture, race or economics, somewhere along the way America has become more divided than at any time that I can remember. My giving back has been dedicated to helping, both financially and through mentoring, young people to understand and appreciate the differences of others. The future is global, and as a nation, if we are going to be successful, our appreciation of the differences of others has to reflect this. 20. Do you have any advice for Darden alums who might be thinking about transitioning to a second (or third) act? Go for it! I am still learning at age 75, and I hope I have at least one half of an act left in me. SUMMER 2022

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The Darden Report Summer 2022

Articles inside

School News

Faculty News

Reunion

Darden at a Glance

Letter From the Foundation President

Graduation Highlights