UNIVERSITY OF VIRGINIA DARDEN SCHOOL OF BUSINESS
Winter 2017
SPREAD THE WORD
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TWO DARDEN LEGENDS CELEBRATE 50 YEARS
HUMILITY IS THE NEW SMART
EXHAUST AND ETHICS AT VW
MCKINSEY’S BARTON ON GEOPOLITICAL RISK
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Help Darden say “yes� to innovative programs and enrichment of the education experience by making a gift to the Annual Fund today. The possibilities for how your annual gift will move the School forward are truly endless. Darden is pleased to introduce a designated gifts process that enables you to design your impact by supporting an area of the School that matters the most to you: Area of Greatest Need Scholarships Faculty Excellence Global Impact
Your impact will help Darden deliver on its mission and achieve its 2017 Annual Fund goals of $5.5 million and 50 percent alumni participation.
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Make a gift today at alumni.darden.edu/givenow.
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Samantha Hartog Darden School Foundation, P.O. Box 7726, Charlottesville, Virginia 22906 USA hartogs@darden.virginia.edu // +1-434-982-2151
From the Editors
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 Beardsley Dean and Charles C. Abbott Professor of Business Administration Juliet Daum Executive Director, Communication & Marketing Editors: Jay Hodgkins, David Hendrick Designer: Susan Wormington Class Notes Editors: Angie Simonetti, Jenny Paurys Photography: Ian Bradshaw, Stephanie Gross, Sam Levitan, Andrew Shurtleff and Susan Wormington Cover Design: Tyla Gallegos
The Darden Report is published with private donations to the University of Virginia Darden School Foundation. © 2017t Darden School Foundation Winter 2017 Volume 44, No. 1
Powerful Ideas That Better Business and Society “Education is the most powerful weapon which you can use to change the world.”
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— Nelson Mandela
arden Professor Saras Sarasvathy never knows what is going to pop up in her inbox. Her groundbreaking ideas on entrepreneurship — a logic of thinking she dubbed “effectuation” — have inspired outreach from countless entrepreneurs, academics and incubators across the globe. Effectuation’s five principles have sparked books written by French, German and Danish authors and empowered startups from Brazil to India. Such is the power of Sarasvathy’s ideas that Darden’s Batten Institute for Enterpreneurship and Innovation has named 2017 “The Year of Effectuation.” This issue of The Darden Report salutes educators who, like Sarasvathy, are on a mission to build a better future. Legendary Professors John Colley — who will retire at the end of the academic year — and Alec Horniman this year celebrate 50 years at Darden. They came to the School when it, too, was a startup, and have between them developed and inspired thousands of alumni and executive leaders. We also pay tribute to Professor James Rubin, a gifted bassist, Henry Fielding Scholar and leading thinker in the field of Management Communication, who died suddenly last summer, just months before his new book, Rebuilding Trust in the Age of Social Media, would be published. At the heart of Darden are ideas and people who make business and society better. In a feature story on the Volkswagen emissions scandal, Professors Luann Lynch and Ed Freeman and two Darden graduates shine the bright light of ethics under the hood. In a Q&A, Professor Melissa Thomas-Hunt also explores how Darden is driving positive conversations on diversity at the School and in business. In 2017, we will bring you even more stories of how Darden is actively shaping the future of business in a new online companion version of The Darden Report magazine. In the meantime, visit the website Darden Ideas to Action (ideas.darden.virginia.edu) for a steady stream of powerful thought leadership with practical business applications.
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THE DARDEN REPORT / WINTER ’17 Investing Post-Election Following a contentious U.S. presidential election, students and investors flocked to the University of Virginia Investing Conference 10–11 November to discuss the impact of the surprising election of Donald Trump. Read insights made by keynote speakers at Darden events from this fall on page 8.
STAY CONNECTED www.darden.virginia.edu/news-events/social-media/
empreendedorismo • entrepreneurship • entreprenörskap • esprit d’entreprise • Unternehmertum • Ondernemerschap • entrepreneurskap • • empreendedorismo • entrepreneurship • entreprenörskap • esprit d’entreprise • • Unternehmertum • Ondernemerschap • entrepreneurskap • • empreendedorismo • entrepreneurship • entreprenörskap • • esprit d’entreprise • Unternehmertum • Ondernemerschap • entrepreneurskap • empreendedorismo • entrepreneurship • entreprenörskap • esprit d’entreprise • Unternehmertum • Ondernemerschap • • entrepreneurskap • • Unternehmertum • Ondernemerschap • entrepreneurskap • • empreendedorismo • entrepreneurship • entreprenörskap • esprit d’entreprise • Unternehmertum • Ondernemerschap • entrepreneurskap • • empreendedorismo • entrepreneurship • entreprenörskap • esprit d’entreprise • Unternehmertum • Ondernemerschap • entrepreneurskap • • esprit d’entreprise • • Unterneh • Ondernemerschap • entrepreneurskap
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Exhaust and Ethics
Spread the Word
Diversity Discussion
Professors Luann Lynch and Ed Freeman shine the bright light of ethics under the hood at Volkswagen, where an emissions testing scandal shook the company’s foundation.
The Darden faculty’s ideas for entrepreneurship are creating a global ecosystem of resources for entrepreneurs and sparking successful startups from Brazil to India.
Professor Melissa Thomas-Hunt answers questions about her role as global chief diversity officer and the value of diversity at Darden.
News Briefs
Profiles
4 Darden at the Concordia Summit
18 Faculty Spotlight: Alec Horniman
5 Online Education in Africa
23 Professor John Colley
5 Rocket EMBAs
32 Steve Voorhees (MBA ’80)
5 Recent Rankings
33 Jeffrey Yao (MBA ’01)
6 Student News
34 Gwen Mellor and Phil Romans (both EMBA ’13)
7 Faculty News
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8 Conference Round-up 9 McKinsey Leader Visits Darden 10 Humility Is the New Smart 11 Trending on Ideas to Action
Alumni News 28 In Memoriam: Darden Remembers Professor James Rubin
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30 Leadership Roundtable, Call for Charles C. Abbott Award Nominations 33 Alumni News and Class Notes 88 Corporate Partners 89 Leadership Boards
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20 Questions: Anton Periquet (MBA ’90) Anton Periquet is on a mission to spur development in the Philippines and grow Darden’s presence there. Learn more about his fascinating life and career in the Asia-Pacific region.
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Coming in winter 2017: The Darden Report online companion website.
PHOTO: CONCORDIA
News Briefs
From left to right, Blair Taylor, Carolyn Miles (MBA ’88), Martina HundMejean (MBA ’88) and Dean Scott Beardsley participate in a panel moderated by Yahoo Finance news anchor Alexis Christoforous at the Concordia Summit in New York City.
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The Power of Partnerships and the New MBA
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ARDEN WAS A LEADING VOICE at this year’s Concordia Summit in New York City, supporting the conference’s goal to foster effective public-private partnerships (P3s) in order to create a more prosperous and sustainable future. Held 19–20 September, the summit convened prominent business, government and nonprofit leaders from Warren Buffett to Madeleine Albright in order to examine the world’s most pressing challenges and identify avenues for collaboration. In a summit panel moderated by Yahoo Finance news anchor Alexis Christoforous, Dean Scott Beardsley, MasterCard CFO Martina Hund-Mejean (MBA ’88), Save the Children President and CEO Carolyn Miles (MBA ’88) and My Brother’s Keeper Alliance CEO Blair Taylor discussed how the evolving MBA is creating business leaders with the skills to partner broadly in order to tackle the most pressing global challenges. “It sounds like a mini-Silicon Valley,” Christoforous said after Beardsley described the resources, programs, experiences and courses Darden delivers to develop leaders who are adaptable and flexible enough for today’s complex business world.
THE DARDEN REPORT
Beardsley said top schools like Darden must help business leaders increase their options in an era of increasing volatility. “Many of the jobs and industries of tomorrow have yet to be created. If you look back 20 years, we couldn’t have imagined the Facebooks and Googles of today,” Beardsley said. Darden, Concordia and the U.S. Department of State Secretary’s Office of Global Partnerships also announced Project Nurture as winner of the third annual P3 Impact Award at the summit. The partnership between The Coca-Cola Company, the Bill & Melinda Gates Foundation and TechnoServe connected fruit farmers in Kenya and Uganda to better markets in order to address poverty in the region and supply-chain challenges for food and beverage companies. “Partnerships like Project Nurture clearly demonstrate that when organizations across sectors share the weight of complex social challenges — and then work together to address them — positive results follow,” said Darden Professor Mary Margaret Frank, who also presented a special session on social impact bonds at the summit.
Darden massive open online courses (MOOCs) have reached more than 1.1 million people since the launch of the School’s first MOOC in 2013. Through a partnership between Distance Education for Africa, the Darden School and Coursera, learners from seven African countries were recently awarded scholarships to take Darden’s five-course, online Business Strategy Specialization, taught by Darden Professors Mike Lenox and Jared Harris. The African Scholarship Cohort is completing the specialization with oversight from an online learning team at the University of Virginia. Students receive a certificate after completing each course and a specialization certificate following completion of all five courses. “[The students] are honored to be a part of the cohort, and they really put forth their best effort. It’s great to have this level of engagement,” said Dr. Kristin Palmer, director of online learning programs at UVA. “They are producing really interesting evaluations of different businesses that are located in sub-Saharan Africa.”
RANKINGS
Best Education Experience Six Years in a Row
PHOTO: NASA/JOEL KOWSKY
Darden Strategy MOOC Builds Bridges in Africa
Rocket Resupplying International Space Station Gets Boost From Darden Alumni On the first day of the 2013–14 school year, Mid-Atlantic Regional Spaceport Director Sean Mulligan (EMBA ’15) was participating in a meet-and-greet exercise with his fellow Darden Executive MBA students, ready to share the “fun fact” of the time he helped launch a rocket to the moon. His thunder was stolen, however, when classmate Kevin Ertmer (EMBA ’15), a manager in a key rocket program at Orbital ATK, went first and shared a remarkably similar story. Unbeknownst to each other, the EMBA Class of 2015 included not one but two engineers with deep connections to Virginia’s space industry. The pair realized they shared a web of professional connections and personal interests, with both playing key roles in the launch of rockets intended to resupply the International Space Station — efforts that came to successful fruition on 17 October when Orbital’s Antares rocket lit up the night sky across the Eastern Seaboard. The pair are looking forward to establishing a steady cadence of successful launches, potentially providing skyward entertainment for much of the East Coast as often as once every three months.
The Princeton Review’s 2017 rankings placed Darden in the Top 10 in six categories:
For the sixth year in a row, The
Economist named Darden the No. 1 education experience in the world. It also ranked Darden the No. 3 MBA program in the world.
In other ranking news, Bloomberg Businessweek rated the Darden MBA No. 12 in the U.S. and Financial Times ranked it No. 3 in the world for entrepreneurship.
No. 3 — Best Professors
No. 4 — Best Campus Environment
No. 5 — Most Competitive Students
No. 5 — Greatest Opportunity for Women
No. 7 — Best Career Prospects
No. 8 — Best Classroom Experience WINTER 2017
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STUDENT NEWS
By the Numbers | Students Darden’s Class of 2018 is full of superlatives and firsts, a historically diverse group that is also the first to feature an Executive MBA section in the Washington, D.C., area.
WELCOME
CL ASS OF
2018 MBA
345 MBA STUDENTS
39% WOMEN
EXECUTIVE MBA & GLOBAL EXECUTIVE MBA STUDENTS
28
AVERAGE GMAT
STATES REPRESENTED
36 COUNTRIES REPRESENTED
INTERNATIONAL
20%
DOMESTIC MINORITIES
61
EXECUTIVE MBA
120
Second Year Student Awards
712
33%
ROSSLYN, VIRGINIA, SECTION
CLASS SECTIONS
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CHARLOTTESVILLE, VIRGINIA, SECTION
By the Numbers | Executive Education EXECUTIVE EDUCATION
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SHORT COURSES SCHEDULED 6
THE DARDEN REPORT
William “Buzz” Becker (Class of 2017) was awarded the Samuel Forrest Hyde Memorial Fellowship.
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CUSTOM PROGRAMS SCHEDULED
Samuel Forrest Hyde Memorial Fellowship, honoring the Second Year who contributed the most to Darden as a First Year William “Buzz” Becker G. Robert Straus Marketing Award, honoring a Second Year who shows innovative thinking, the ability to develop unique solutions to realworld problems, flair and charisma in presenting ideas, and compassion for fellow students Manish Singh Rathaur C. Stewart Sheppard Distinguished Service Award, honoring students for exceptional service of a nonacademic nature Ester Barbuto Robert Duggan Sasha Keleman William Michael Shermet Award, honoring students who demonstrate academic excellence Dustin Albright Mitchell Beck Matthew Breen Robert Duggan Molly Duncan Alexander Hoffarth Stuart Jansen Stanley “Jay” Kraska Simonas Matulionis David Pena Manish Singh Rathaur Michael Russell Philip van der Made Adrian Viesca Trevino Huifei “Sophie” Xiong
FA C U LT Y N E W S
New Professors Bring Expertise in Ethics, Organizational Behavior and Entrepreneurship JAMES DETERT Professor of Business Administration AREA: Leadership and Organizational Behavior Detert’s research focuses on workplace courage, ethical decision-making and behavior. Prior to Darden, Detert taught at Cornell University’s Johnson School of Management, where he served as faculty director for Cornell’s leadership program.
MARY GENTILE Professor of Practice AREA: Strategy, Ethics and Entrepreneurship Gentile is the creator and director of Giving Voice to Values, a business curriculum for values-driven leadership. Gentile previously taught at Babson College and serves as a senior advisor at the Aspen Institute Business and Society Program.
DAVID TOUVE Director, W.L. Lyons Brown III i.Lab Touve came to Darden and the Batten Institute for Entrepreneurship and Innovation from UVA’s McIntire School of Commerce, where he served as director of the Galant Center for Entrepreneurship and helped launch the University’s minor in entrepreneurship.
Inside Look at Darden’s Newest Courses Maintaining the world’s best education experience is an exercise in constant creation. Here’s a look at a few of the new courses offered at Darden in the 2016–17 academic year that are helping develop leaders for a quickly changing, global business landscape.
“Maximizing Leadership Potential in Sports and Business” Dean Scott Beardsley and Brian Boland, head coach of the three-time national champion UVA men’s tennis team, led this fall Socratic seminar in which Darden Second Years and undergraduate students analyzed effective models of leadership from a variety of organizations like businesses and sports teams.
“Lessons of the Post-Watergate U.S. Presidents” Dean Emeritus and University Professor Bob Bruner returned to Darden this fall offering a dive into the leadership of modern presidents in this special topics seminar. Bruner also developed a new special topics seminar focused on the Great Depression.
“Deviant Marketing” Professor Lalin Anik has created a nontraditional marketing course that will explore current trends in consumer preferences and demands, which will help students understand how to incentivize consumers to make improved decisions.
DA RDEN. WORLDWI DE . C OU R S ES
Global Immersion Course: Costa Rica Professor Melissa Thomas-Hunt will take students “beyond just ecotourism” in Costa Rica to examine the indigenous people, immigration, education and commerce in one of the wealthiest and most economically competitive countries in Latin America.
Global Immersion Course: Belgium, Holland and the European Economy Dean Scott Beardsley will lead students through critical hubs of the global economy, with participants learning from key political and business leaders during a time of significant change in some of Europe’s largest economies.
Global Topic Course: “Global Capital Markets” (United Kingdom) Professor Yiorgos Allayannis will take students through an immersive tour of the global capital markets in London. The course will give students an up-close view of a key global market as it contemplates its future following the Brexit vote.
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CONFERENCE ROUNDUP
Darden Fall Events: Discussing Simplicity, Terrible Forecasting and ‘Nirvana’
Stars of the business world came to Darden for events this fall, sharing their insights on hot topics affecting business and leadership around the world.
“WE SEE THE WHOLE ECONOMY, AND THE ECONOMY IS NOT BAD. THIS IS ACTUALLY REAL ESTATE NIRVANA.”
BARRY STERNLICHT, CHAIRMAN AND CEO, STARWOOD CAPITAL GROUP University of Virginia Investing Conference, 10 November
“ Simplicity is more difficult to achieve than complexity; to make a straight line is very difficult.” DR. ULRICH BEZ, FORMER CEO, ASTON MARTIN Leadership Speaker Series, 9 November
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“ We met our [Chase Sapphire Reserve] first-year forecast in the first two weeks. In hindsight, that launch combined brilliant marketing and terrible forecasting.”
“ My hope for all of us, myself included, is that we can all enjoy the leap. Sometimes this will feel like falling, but on the really good days, it will feel like flying.”
KEVIN WATTERS (MBA ’94), CEO,
KRISTIN VAN OGTROP (UVA alumna), FORMER EDITOR-IN-CHIEF, REAL SIMPLE MAGAZINE Graduate Women in Business Conference, 23 September
JPMORGAN CHASE CARD SERVICES Leadership Speaker Series, 12 September
Geopolitical risk has become a top issue.” DOMINIC BARTON, GLOBAL
MANAGING PARTNER, MCKINSEY & CO. Leadership Speaker Series, 8 September, shown here with Dean Scott Beardsley on the Lawn
McKinsey’s Barton Sees Global Tradewinds Blowing in Change
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ARDEN DEAN SCOTT BEARDSLEY recently sat down with Dominic Barton, global managing partner of consulting powerhouse McKinsey & Co., during a Darden Ideas to Action C-Suite Insights interview at the School. Barton leads the firm’s focus on the future of capitalism and the role of business leadership in creating social and economic value. Below are Barton’s insights on global business trends, the importance of a global mindset, and exciting and worrisome issues in the world today.
GLOBAL BUSINESS TRENDS There are many global business trends right now corresponding to big, underlying shifts in the world. Four of significance are: business model redesign, as organizations really rethink how they add value at a fundamental level; organization change, as companies de-layer and flatten; the introduction of advanced analytics and digital capabilities; and an emphasis on building resilience in business. GEOPOLITICAL UNCERTAINTY AND SHIFTING MODELS OF SOCIETY Businesses need to be prepared for shifting scenarios and geography. If something goes pear-shaped in one area, you’ve got to be able to have a supply chain, for instance, that works somewhere else. For example, Ford has done an excellent job in South Korea, but if something happened with North Korea to affect its business there, the company could quickly shift its supply chain. Geopolitical risk has become a top issue, and societal issues are also preoccupying CEOs around the world. The Brexit vote was a pivot point; it shocked people. It’s a societal shift, and that’s happening in lots of places.
LEADERSHIP DEVELOPMENT There are several key traits we need to nurture that are key to successful business leaders. One is global mindset. Even when you’re dealing with localization, you have to understand what’s happening in different parts of the world. You also have to understand that in different cultures, people act and operate in different ways, as well as think and make decisions in different ways. You must be comfortable swimming in those different waters. Second, it’s important to develop a global network. You need to build relationships with people in the places you do business. You don’t have to visit them all the time and they don’t necessarily represent you, but you keep in communication with them. You can also be global locally — get to know someone in your part of the world who comes from another. And, finally, the other part of being a global leader has to do with character. You need to be resilient, you need to have purpose, you need to be able to compartmentalize issues, you need to think in the short-term and the long-term at the same time. These are different types of leadership muscles that you need in this volatile world — the level of volatility we’re seeing is quite different than it has been in the past 20 years. SOURCES OF OPTIMISM AND SOURCES OF WORRY Though there is a lot of volatility, there’s much to make us optimistic. Technology stands to unleash even more creativity in humans. Digitization will allow more people to gain financial inclusion and education and participate in the global economy. If you think about the potential of Indonesia alone: If we can educate another 30 million people, we may find seven Einsteins in that population. There’s a huge demographic boom from markets like Africa, Indonesia and India. We’re going to basically triple our human computing power, which is profoundly exciting. As for what’s worrisome in the world, it is concerning that our institutions, globally, may not be fit for their purpose. And with the huge amount of opportunity we see, how do we share prosperity? In the context of democracy, are we able to pick leaders who can lead? It’s very difficult to be a politician — it’s hard to be long-term — so it takes really brave leaders to be able to really do something, and we don’t have a lot of those. WINTER 2017
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LEADERSHIP IN THE SMART MACHINE AGE:
The 4 Es BY PROFESSOR ED HESS
In the next five to 10 years, we will see businesses of all sizes impacted and challenged by a combination of technology advances, including artificial intelligence, global digital connectivity, the Internet of Things, Big Data, increasing computer power, Cloud AI SaaS Services, 3-D manufacturing, smart robotics and the beginning of artificial emotional intelligence. These technology advances combined will likely: • Transform how most businesses are staffed, operated and managed • Change the nature and availability of work in our society • Infuse smart technology and data science into every business function • Commoditize operational excellence • Make innovation and human performance the primary value creation differentiators Another likely result is the demise of the dominant business and leadership model built for the Industrial Revolution — the factory model of business, with the inputs being materials and people managed generally by a command and control hierarchy, and leadership model designed to direct and produce high efficiency, standardization and reliability. Technology will reduce the human headcount in many companies, but human beings will be needed to do the type of work that technology won’t be able to do well. That is, at least for the near future: higher order critical, innovative and creative thinking 10
THE DARDEN REPORT
and high emotional engagement with other humans. The challenge for humans is that for most of us, it is very hard to excel at those skills by ourselves — we need to collaborate with others to do them well. And that requires a different system than the one built for the factory model of business. Yes, technology will dehumanize businesses through headcount reductions. But, ironically, for those humans still needed in business, technology will require businesses to become much more humanistic — much more people-centric environments designed on psychological principles and the science of learning to enable the highest levels of human cognitive and emotional performance. And that will require leaders who excel at the desired mindsets and behaviors and who model the types of thinking, emotional engagement and collaboration — the team play — that will be needed. Those effective leaders will not be domineering, all-knowing, elitist or self-absorbed. They will be leaders who are comfortable with “not knowing” because they know how to effectively navigate and operate in environments characterized as VUCA (that is, with conditions of volatility, uncertainty, complexity and ambiguity). I believe they will be leaders with quiet egos and high emotional intelligence who embrace and enable “otherness” — connecting, relating and engaging with other stakeholders in the pursuit of a meaningful, purposeful organizational mission. Those will be the leaders who can enable, orchestrate and inspire the highest levels of human cognitive and emotional performance that will be needed in the Smart Machine Age.
THE 4 ES LEADERS MUST MODEL IN THE SMART MACHINE AGE ENGAGE the world with a quiet ego and as a lifelong learner. EMBRACE uncertainty, ambiguity and complexity like a courageous scientist. EXCEL at managing self and “otherness.” ENABLE the highest levels of human development and performance.
— Ed Hess is co-author of the forthcoming book: Humility Is the New Smart: Rethinking Human Excellence in the Smart Machine Age. Hess will share his expertise with alumni at Hickory Club book tour events this winter, including New York City on Monday, 6 February, and Washington, D.C., on Monday, 13 February.
TRENDING ON Darden Ideas to Action Visit ideas.darden.virginia.edu to read more.
Consumer Pokénomics: Go-Time for Augmented Reality Lalin Anik
Pokémon Go created a new, ‘in-between’ place where gameplay flows into regular life. Unlike traditional gaming, in which a player has typically been isolated (in front of a TV and a console), players in Pokémon Go physically move around in their communities, capturing Pokémon and incubating eggs, among other tasks. It piggybacks on Fitbit-style monitoring of physical goals, but adds in novelty.
Darden Ideas to Action shares business knowledge — research, analysis and commentary — from faculty and partners of the Darden School. It now reaches more than 200,000 readers around the world.
A Special Bond: How to Generate Social and Financial Returns Mary Margaret Frank
Partnerships need to be very careful about how they structure returns … Structuring the appropriate return for the risk taken is still in its infancy. The more social impact bonds that are started, the more we learn about how to structure them appropriately, the more comfortable people will become with this type of financing — thus reducing the uncertainty to investors and lowering the return they require.
How Leaders Build Trust morela hernandez
If trust is vital to leadership, how do leaders — particularly new leaders — build it? Hernandez advises demonstrating relational leadership first. That means showing you respect your team, will seek their input on important matters and will treat them fairly. “The relationshipfocused mindset is a very important piece,” Hernandez says. “It’s the conduit or lens through which all other actions will be interpreted.”
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Exhaust and Ethics
EXHAUST&ETHICS Professors Luann Lynch and Ed Freeman Press the Ignition on New Ethics Discussion in Light of VW Emissions Scandal
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ow could employees at Volkswagen get away with cheating on U.S. emissions tests? Why didn’t even one of the company’s thousands of employees speak up? What can executives do to prevent such a massive breakdown in business ethics? Students at Darden are answering those questions through a new case study on the Volkswagen scandal, written by Professor Luann Lynch and Darden graduates Elizabeth Bird (MBA ’16) and Cameron Cutro (MBA ’16). The trio decided to write the case after reports last year that Volkswagen deliberately installed software that enabled its diesel cars to pass U.S. emissions tests while actually emitting up to 40 times the legal limit of hazardous gases. The cheating could affect as many as 11 million vehicles, and news reports brought Volkswagen sales to a screeching halt, sent shock waves through the
BY CAROLINE NEWMAN
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THE DARDEN REPORT
business world and set business schools abuzz. “I always tell my students that the bar for Darden students is not just to go out and run a profitable business,” said University Professor Ed Freeman, who teaches business ethics at Darden. “The bar for them is to go out, run a profitable business and make the world better.” Lynch’s students will examine Volkswagen’s failure to meet that mission, looking at how company culture could contribute to ethical breakdowns and how they — as future executives and managers — can prevent such fissures. Lynch will focus on three key factors: internal and external pressure points, opportunities or loopholes that enable cheating, and employees’ ability to rationalize ethics violations. “Those three factors make up a framework that public accounting firms apply when they are doing audits,” Lynch said. “The combination of those three will typically lead to a slippery slope with
“AS OUR STUDENTS GO THROUGH THEIR CAREERS, WE CANNOT FORESEE THE ETHICAL ISSUES THAT WILL ARISE. WE NEED TO GIVE THEM THE TOOLS TO HELP THEM THINK THROUGH THEIR VALUES AND THE LOGIC OF DEALING WITH TOUGH ISSUES.” — PROFESSOR ED FREEMAN the temptation to misrepresent information.” In the case study, which is based on publicly available information, Lynch outlines several pressure points affecting Volkswagen employees. The company had set a goal to become the world’s largest automaker by 2018. To make that happen, Volkswagen needed to succeed in the U.S. market while meeting increasingly stringent emissions regulations and competing with fuel-efficient hybrids. The CEO at the time, Martin Winterkorn, was known for being an exacting boss, and Volkswagen had staked both its reputation and its national pride on the tagline, “The Power of German Engineering.” “Volkswagen was the darling of Germany and such an economic engine in that country that one could see how it felt like it held the country on its shoulders,” Lynch said. The emissions testing process also had a loophole: tests were conducted in the lab, not on the road. This enabled an unknown number of Volkswagen employees to write a “defeat device” into their software code to make lab results appear more favorable than vehicles’ actual road performance. The cheat itself was hard to detect because it was embedded in millions of lines of code that would be fully intelligible to only a handful of employees. “Combined, those factors presented an opportunity for an employee to rationalize what they were doing, given the pressure they were under,” Lynch said. Lynch’s class will discuss how executives can decrease pressure on employees; eliminate opportunities for cheating; and make sure that the reality of a company’s culture reflects the value statements, codes of conduct and other tools used to create an ethical workplace. “If leaders can design the right systems up front, develop the right corporate culture and alleviate unnecessary pressure, they can be proactive in deterring breakdowns, rather than just reacting to them,” Lynch said. Perhaps most importantly, the leaders themselves must have a strong sense of ethics. In his business ethics course, Freeman asks Darden students to think long and hard about their
personal ethics and develop a set of five or six questions to use when ethical conflicts arise in their careers. Then, he presents them with a series of complicated case studies to test that framework. “It is not a matter of teaching them to be ethical or unethical,” Freeman said. “I learned ethics at my grandmother’s knee. As our students go through their careers, we cannot foresee the ethical issues that will arise. We need to give them the tools to help them think through their values and the logic of dealing with tough issues.” More than 20 years ago, Darden was among the first business schools to make ethics a formal curriculum requirement. Today, it is home to the Olsson Center for Applied Ethics and the Institute for Business in Society research centers, which bring together corporate leaders, faculty and students working on ethical and social justice issues. Freeman, an academic director of the Institute for Business in Society, hopes that such sustained efforts in business education will help counter the prevailing narrative that business is inherently unethical — an idea that comes up repeatedly when scandals like the Volkswagen debacle hit the news. “Our culture has this idea that business is a morally neutral or amoral thing, and because of that, we don’t always frame business decisions in ethical terms,” Freeman said. “It becomes easier to rationalize and think, ‘Oh, I’m just doing my job.’ “That is what we are trying to change at Darden,” he said. “We try to put business and ethics together in everything that we do.”
Case in Point
When researchers curious about why diesel technologies appeared cleaner in the United States than in Europe discovered the defeat devices, the fallout was brutal. Regulators across the world opened investigations. Volkswagen halted sales of its 2015 models. [CEO Martin] Winterkorn resigned. Senior managers were suspended or put on leave. VW stock plunged. The lesson: Three key factors — severe pressure to succeed, opportunities or loopholes that enable cheating, and employees’ ability to rationalize ethical violations — can lead to a slippery slope in which employees engage in undesirable behavior. — LUANN LYNCH, from The Washington Post “Case in Point” series.
Professors Ed Freeman and Luann Lynch
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dedorismo • entrepreneurship • entreap • esprit d’entreprise • Unternehmertum nemerschap • entrepreneurskap • • emdorismo • entrepreneurship • entreprenörskap d’entreprise • • Unternehmertum • merschap • entrepreneurskap • • emdorismo • entrepreneurship • entreprenörskap razilian entrepreneur Helena esprit d’entreprise • Unternehmertum • On- Casanovas Vieira was recently in the Washington, D.C., area for a conference on social rschap • entrepreneurskap • empreendedoentrepreneurship and made a point to entrepreneurship • entreprenörskap • espritdetour to Darden. The co-founder and human develrise • Unternehmertum • Ondernemerschapopment director at the Brazil-based nonprofit Aliança Empreendedora, or the Entrepreneurial Alliance, wanted to visit entrepreneurskap • Unternehmertum • the unofficial home of effectuation — the of ideas that changed how her organinemerschap • entrepreneurskap • em• set zation helps tens of thousands of low-income micro-entrepreneurs across Brazil. dorismo • entrepreneurship • entreprenörskap The interest from a group like Aliança Empreendedora is just one indication d’entreprise • Unternehmertum • Ondernemerof the growing power of entrepreneurial ideas at Darden, a school where entreentrepreneurskap • empreendedorismo • preneurship and venture creation have become leading strengths — the culminareneurship • entreprenörskap • esprit d’entretion of years of effort on the part of many. nternehmertum • Ondernemerschap • entre-As the entrepreneurship scene blossoms at Darden, UVA and Charlottesville, is one of the prime Dardenkap • esprit d’entreprise • Un• • effectuation born entrepreneurial ideas finding enthusiastic converts in all corners of the world. Ondernemerschap • entrepreneurskap
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Enterpreneurship for All The Growing Global Reach of Darden Ideas on Entrepreneurship Sparks the ‘Year of Effectuation’
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The accessible and flexible approach to entrepreneurial logic uncovered by Professor Saras Sarasvathy gives would-be entrepreneurs easy-to-understand tools to navigate the uncertainty of the venture creation environment. The five principles of the deceptively simple framework are influencing the work of entrepreneurs, academics and incubators across the world.
Darden Ideas Go Global So how did an idea morph into a movement? “Somehow, the validity of the research and the rich texture of the material combined to give it an extra boost inside academia,” Sarasvathy said. “Then, when we took that to practice and teaching, because of the richness of the data and the stories,
they took fire very easily. It was much more accessible academic research.” Sarasvathy’s shelves are lined with books about effectuation authored by others. There’s a book from a French author who runs a popular online course on effectuation. Another is by a German author who has developed a program in Germany for teaching entrepreneurship via effectuation to refugees — it was deemed the best management book of the year when published, Sarasvathy said. An author of a Dutch book has just started teaching the practices to the Netherlands-based multinational Rabobank. A book published in Denmark shares the stories of student entrepreneurs at Copenhagen’s Aarhus University, and how each one has used effectuation principles for venture creation. Sarasvathy recently heard about separate papers about effectuation for R&D managers and social media. “People are doing things that sometimes I have no idea about,” Sarasvathy said. “I never know what’s going to pop up in my inbox.” Many discover the concept through the website of the Society for Effectual Action, an organization supported by Darden’s Batten Institute for Entrepreneurship and Innovation. The site serves as a central hub for researchers, educators and entrepreneurs and arms them with the tools they might need to create ventures or further the concepts of effectuation. “People who just want a couple of tools in building a venture — they can find something. People who want to teach can find something. People who want to challenge the ideas — any ideas that have to do with entrepreneurship today — they can go back and forth,” said Sarasvathy. “A lot of researchers like to argue.” The site fulfills part of Sarasvathy’s goal to teach entrepreneurship to all, ideally making the concept as common as science or math for students. Sarasvathy wants people to view entrepreneurship not as “the ultimate backup option,” but as a means for better living. “The beauty of entrepreneurship is everybody in life has to brush up against it,” Sarasvathy said. “We are all going to encounter entrepreneurship, and the
PROF. SARAS SARASVATHY
Effectuation, the accessible and flexible approach to entrepreneurial logic uncovered by Professor Saras Sarasvathy gives would-be entrepreneurs easy-to-understand tools to navigate the uncertainty of the venture creation environment and has proven to be one of the Darden School’s most popular exports.
issue is to see this as a tool to build a better future for ourselves, whether individually or as a society.” The fervor around effectuation and entrepreneurship is such that Sarasvathy finds herself increasingly declining invitations to discuss her work at conferences or events, although opportunities to address educators, particularly those outside of the U.S., are often difficult to pass up. Sarasvathy even recently introduced the concepts to attendees of a creative services conference in Las Vegas, after which participants presented proposed ventures to entrepreneurs Kevin Harrington and Daymond John of Shark Tank fame. “From Day One, I came to Darden to do this because this was the only place where I felt that I could do research, teaching and practice, and they could all feed off of each other in a positive way and all of it was valued,” said Sarasvathy. “That’s one of the most wonderful things about Darden.”
Darden’s Entrepreneurial Ecosystem
Sankaran “Venkat” Venkataraman, Darden’s senior associate dean for faculty and research, said Darden has always had faculty and students interested in entrepreneurship, but it became a clearer focus of attention for the School upon the formation of the Batten Institute in 2000. “That was a transformational event for the School, and we’ve gone from strength to strength from there,” Venkataraman said. “To a point where I would say, today, we are a leading school and entrepreneurship is in the air both at Darden and in the broader community.” Spurred on by the Batten Institute, Venkataraman said a combination of “professors, subjects, ideas, the local ecosystem, the W.L. Lyons Brown III i.Lab and the venture capital environment” coalesced into a tipping point around 2010. Today, the Batten Institute supports the work of a number of leading professors in the area of innovation and entrepreneurship, including Raul Chao, Ed Hess, Jeremy Hutchison-Krupat and Mike Lenox. Meanwhile, Professor Greg Fairchild has blazed trails in areas such as entrepreneurship skill-building for dis-
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The Five Principles of Effectuation Effectuation is one of the leading lights of Darden’s growing influence in the areas of entrepreneurship and innovation. This logic of thinking used by expert entrepreneurs is defined by five principles.
1. Means Bird-in-Hand Principle
2. Leverage Contingencies Lemonade Principle
3. Co-Creation Partnerships Crazy Quilt
When expert entrepreneurs set out to build a new venture, they start with their means: who I am, what I know, and whom I know. Then, the entrepreneurs imagine possibilities that originate from their means.
Expert entrepreneurs invite the surprise factor. Instead of making “what-if” scenarios to deal with worst-case scenarios, experts interpret “bad” news and surprises as potential clues to create new markets.
Expert entrepreneurs build partnerships with self-selecting stakeholders. By obtaining precommitments from these key partners early on in the venture, experts reduce uncertainty and co-create the new market with interested participants.
DARDEN’S YEAR OF EFFECTUATION EVENTS FROM CLASSROOM TO BOARDROOM (AND THE JOURNEY IN BETWEEN): EFFECTUATION THEORY MEETS PRACTICE Darden School of Business 1 August Keynote: LendingTree Chairman and CEO Doug Lebda (EMBA ’14) Open to all alumni 5TH ANNUAL EFFECTUATION CONFERENCE Darden School of Business 2–3 August Keynote: Professor Sankaran “Venkat” Venkataraman EFFECTUATION WORKSHOP Roll Up Your Sleeves: Effectuation in Startup, Corporate and Public Sector Settings Washington, D.C. Fall 2017 Open to all alumni
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advantaged groups and Professor Jeanne Liedtka is advancing design thinking as a tool for innovation. As Batten continues to make good on its vision to become a leading center for the creation and dissemination of knowledge in the fields of entrepreneurship and innovation — both within companies and in new ventures — the institute is closely associating itself with effectuation, calling it one of the most powerful ideas in the field of study. The year ahead will be filled with entrepreneurship competitions, conferences and thought-leadership events, and Darden plans to formally declare 2017 “The Year of Effectuation.”
A New Way Forward in Brazil
Vieira’s organization has long offered business support to micro-entrepreneurs, but she said the traditional approach to entrepreneurship, with a focus on business plans and forecasts and pricing structures, showed middling success with the nonprofit’s clients. Then in 2012, Vieira came across the concept of effectuation, with its implied messages
of empowerment and focus on the entrepreneur first and venture second, and the lightbulb went off. “We threw away all of our methodologies and we built everything with this theoretical basis,” Vieira said during her recent trip to Darden to meet with Sarasvathy. “We changed the focus. We want to see how the entrepreneurs are developing — not the business. If the business comes together, that’s awesome, but it’s not the focus.” Vieira, whose organization has supported more than 30,000 entrepreneurs across 21 states in Brazil, said effectuation’s core message has been particularly well-suited to her mostly low-income clients, who generally start their businesses using modest resources. “We now work helping them to find who they are, the people they know and the things they already know in order to start a business,” Vieira said. Vieira said the decision to travel to the spiritual home of effectuation was an easy one. “I thought it would be awesome, because we talk a lot about Saras,” Vieira said. “Her picture is in all of our materials.”
4. Affordable Loss Focus on the Downside
5. Worldview Pilot-in-the-Plane Principle
Expert entrepreneurs limit risk by understanding what they can afford to lose at each step, instead of seeking large all-or-nothing opportunities. They choose goals and actions where there is upside, even if the downside ends up happening.
By focusing on activities within their control, expert entrepreneurs know their actions will result in the desired outcomes. An effectual worldview is rooted in the belief that the future is neither found nor predicted, but rather made.
The Making of a Venture
Effectuation is helping Darden successfully incubate startups on Grounds, too. Teddy Jones (MBA ’12) in many ways represents the newer wave of Darden entrepreneurs: someone who came to the School with a vision for starting a company and then used the specialized instruction and dynamic environment to attempt venture creation, even if that meant accepting periodic failure and letting go of his initial vision. Although he “fully committed” to the entrepreneurial process at Darden from the start, Jones, a two-time participant in the i.Lab Incubator program, said it wasn’t until his Second Year that he was able to start putting the pieces of successful entrepreneurship together, when “everything started clicking and I started seeing opportunities where I didn’t see them before.” Jones and classmate Jon Carrier (MBA ’12) founded 501 Auctions, a fundraising platform for nonprofit organizations that now employs more than 65 people and has sought no outside investment beyond the incubator program stipend.
“We drank the Darden entrepreneurial Kool-Aid, which is all about effectuation and making use of the resources at your disposal and really plunging into it without risking more than you can afford,” said Jones. “I don’t think that I or my co-founder would have approached it that way — taking small bets and going in the direction of what people wanted — were it not for our experience at Darden and the wisdom imparted by folks like Saras Sarasvathy and Jeanne Liedtka.” Jones also associates the venture environment at the School with attributes that are not always associated with the demanding and potentially high-stakes world of venture creation, saying Darden helped him and his partner achieve their goals in part due to the overwhelming warmth and positivity of the atmosphere. “You will seldom find yourself in an opportunity like this where there is that much care and energy in the room,” Jones told an audience of new First Years at a career discovery forum in August. “It is such an incredible place to embark on an entrepreneurial journey and one of the few times where you will have the energy and resources at your disposal to commit to it fully.”
WHAT MAKES DARDEN’S ENTREPRENEURIAL ECOSYSTEM SOAR? • $1 million in full-tuition scholarships for entrepreneurially oriented MBA students, $1.3 million for faculty, $150,000 in research grants and $100,000 in entrepreneurship competition prizes from the Batten Institute each year • Leading-edge faculty, whose work in entrepreneurship and innovation includes breakthrough ideas on effectuation and design thinking • 27 entrepreneurship and innovation MBA courses and ongoing curricular innovations • Venture incubation and acceleration, hosted by Darden at the W.L. Lyons Brown III i.Lab at UVA • 44 venture mentors and the Virtual i.Lab to support entrepreneurs around the world • A venture internship program, supporting MBA students to join startups or venture capital firms • Online courses designed for entrepreneurs • Tight linkages with entrepreneurial hubs in Silicon Valley and Washington, D.C. • Entrepreneurship-focused global courses for students, previously set in cities such as Stockholm and Barcelona • Charlottesville named United States’ fastest-growing venture capital city (The National Venture Capital Association) and No. 4 in the U.S. for best cities for entrepreneur’s (Entrepreneur) • No. 3 ranked MBA program in the world for entrepreneurship (Financial Times)
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Fa cult y P r o f i l e
ALEC HORNIMAN 50 Years Later: Still Defining Culture and Conversations at Darden
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y his own admission, Professor Alec Horniman’s academic career path is impossible to duplicate. It’s a journey that began without a defined goal in mind, and without even the intention of making a career out of teaching. “I came down and just stayed,” Horniman said from his famously Spartan office, adorned with little more than a table and chair. “I had no aspiration of being a faculty member or professor.” Horniman came to Darden in 1967, one of a trio of young professors — along with John Colley and Bill Sihler — who would go on to leave indelible marks on the School, aiding its rise from a regional business school to a globally recognized leader in graduate business education. Prior to making the journey to Virginia, Horniman worked on the pioneering edge of space technology at North American Aviation, watching as the Apollo was built in the office next to his and pursuing a doctorate at Harvard. It was at Harvard that Horniman got the call that would help define much of his professional life, when Darden Dean Charles Abbott asked if Horniman would come teach at the upstart business school in the Leadership and Organizational Behavior area.
“When I came here, I was an assistant professor and tutored the two full professors on teaching the case each day,” Horniman said. “They were full professors, evaluating me for promotion, and I tutored them for two years — if there’s not a catch-22 there!” Although he succeeded in walking that particular tightrope, Horniman doubts he could have carved out a similar career as a young teacher at today’s Darden, claiming that he never established himself as a top-notch researcher. Instead, it was in course development and the classroom that Horniman would find his professional passion and interest, teaching, as he puts it, “everything that moved.” Over the course of his career, Horniman has taught all facets of the Darden MBA and Executive Education, as well as undergraduates studying psychology at UVA. He also regularly leads sessions with professional support staff across the University. “In my work with students, executives and grad students, I’m able to bring to the classroom the most relevant research that’s out there, and so I think my research contribution is not what I created, but how I have integrated contemporary work today in a way that benefits students in my class,” Horniman said.
B Y DAV E H E N D R I C K PHOTOS: JACKSON SMITH WINTER 2017
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Teaching to Think Differently
Although he semi-jokingly rejects the notion that the classroom experience should be “fun,” Horniman cares deeply about creating a comfortable environment where students are open to thought and the free exchange of ideas. “My role in the classroom is to invite other people to think differently than they would have thought had I not asked the question,” Horniman said. “If we can challenge our students to be willing to think and be willing to be as engaged as possible, then we can make a contribution back to business.” Horniman’s keen interest in various branches of the neurosciences — and the interplay between those subjects and leadership — has led to a number of courses that became mainstays of the Darden curriculum over the years, including “Managerial Psychology,” “Leading Strategic Change” and “Leadership, Diversity and Leveraging Difference,” among others. Horniman, who eschews formal lesson plans, says he’s never taught the same class twice. “I try to create a conversation for mutual learning,” Horniman said. “I learn something and hopefully they learn something.”
A Tireless Proponent of Executive Education Ethical Beginnings
As the first executive director of the Olsson Center for Applied Ethics, Horniman played a founding role in setting the direction of a center that was doing what was then novel work. In time, ethics would grow to become a hallmark of the Darden curriculum. “It’s part of our school,” Horniman said. “If you are coming to Darden, you’re going to have an exposure to business ethics, which I think is both practical and quite valuable.” When teaching ethical concepts, Horniman said he tries to encourage students to understand that every behavior has an ethical and moral dimension — that every action, no matter how small, has a consequence. “If you are going to talk to someone and you’re not going to look at them and you’re not going to listen to them, then you’re treating them as a means, not as an ends,” Horniman said. “In every exchange, we treat people as ends of worth and dignity or we treat people as mere means.” The philosophy informs his interactions across the School. Every year when new staff are welcomed to Darden, it’s Horniman who is tasked with welcoming and thanking the new employees for their contributions.
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Another hallmark of Horniman’s worldview of the Darden School is a deep belief in the importance and value of Darden Executive Education. The professor believes educating practitioners and helping them understand what it takes to manage and lead effectively is foundational to the School’s mission and purpose, and a key differentiator from peer schools. “The challenges for us as a school are to deliver a learning experience second to none, and when we are in that classroom as a faculty teaching, I don’t think anyone can do it any better,” Horniman said. “From an executive learning perspective, the kind of total experience offered at Darden is something we do better than anyone.” Executive Education enriches the broader Darden ecosystem, Horniman believes, as the students bring a wealth of personal and professional experience into case discussions that often illuminate cases in previously unexplored ways. Even 50 years into a Darden career that unfolded in what he describes as something of a happenstance — enriching both Darden and thousands of students in the process, Horniman said he still grows restless during time away from students and eagerly awaits the start of the cycle that has defined his professional life each fall. “I found last summer, in particular, was very challenging,” Horniman said. “I look forward to the new year.”
D ISCO V E R W H AT’S
BT H EE YH OOR INZ ODN The Executive Program
Leverage what you learned at Darden Join senior leaders from around the world to expand your perspective and propel your organization, or recommend this transformational program to your senior leadership. The Executive Program: Strategic Leadership from the Top (TEP) is a unique opportunity to explore universal challenges and solutions, helping leaders succeed in today’s complex, global marketplace. •
Immediately apply program insights through the “Back Home Challenge”
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Be prepared to drive change across organizations
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Broaden global perspective to better understand the impact of the changing business, political and economic landscape around the world
•
Maintain peak performance with a focus on wellness, energy management and resilience
TEP is reserved for senior-level executives with at least 12 years of experience, currently at C-Suite level or within one to two reporting relationships of the CEO.
Apply Now
TEP 2017 4–23 June
Admission is by application only. Contact Program Director Casey Floyd (FloydC@darden.virginia.edu) to apply or nominate someone from your executive leadership team today.
Rare opportunity to step out of your regular life to learn, reflect and engage with a diverse group of people on how to create value where it matters most.” - Kristen Hege (TEP ‘16) Corporate Vice President Translational Development, Celgene Corp.
“It is a life-changing experience for any executive who considers themselves a change agent.” - Poobalan Pillay (TEP ‘16) Group Transformation Executive Aveng Group
“[TEP] provided me with a more diverse understanding of business through classmates from across the world, inspiring and engaged professors, and activities that built a cohesive team.” - Kathy Esch (TEP ‘15) Senior Vice President Distribution Analytics Manager, Wells Fargo
www.darden.edu/TEP • 434-243-4400 • FloydC@darden.virginia.edu
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The notion of leveraging our diversity is only good if everyone feels that they have a voice. When we get to the larger societal stage, conversations begin to unravel when there’s a sense that some groups are being left behind.” — PROFESSOR MELISSA THOMAS-HUNT
LET’S TALK ABOUT DIVERSITY
A Conversation With Darden’s Global Chief Diversity Officer B Y J AY H O D G K I N S
PROFESSOR MELISSA THOMAS-HUNT was named senior associate dean and Darden’s global chief diversity officer in early 2016. In her first year on the job, she’s seen incredible progress at Darden — the residential MBA Class of 2018 is the School’s most diverse ever with 33 percent international students, 39 percent women and 20 percent minority students — but with ample worldwide turmoil in the backdrop. Issues of immigration, religion, gender identity and race have all taken center stage in sometimes heated U.S. and global conversations. She took a moment to explain how her role helps advance Darden’s mission and its core value to nurture a supportive and diverse community that encourages its members to collaborate and excel.
Can you tell us a bit about your role as global chief diversity officer and what you hope to accomplish? I think about this role as the person who is most focused on culture and community engagement across students, staff, faculty and alumni. I’m very committed to our mission that we want to improve the world and nurture and grow global and responsible leaders. To do so, we have to create a context in which each and every individual
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who encounters Darden can experience the full potential of the Darden community, the wealth of knowledge that’s here, the potential relationships and coaching that are provided. That’s what I see as my goal — to maximize people’s ability to engage in the Darden community. To take from it, to give back to it, to learn from one another.
Through your role, how do you hope to help the Darden community have constructive discussions in an era of heated national and global debates? As we try to have a broader representation of voices and perspectives, the extent to which certain groups feel left behind doesn’t do any good. The notion of leveraging our diversity is only good if everyone feels that they have a voice. When we get to the larger societal stage, conversations begin to unravel when there’s a sense that some groups are being left behind. There are lots of people who want to have real conversations and understand things with which they have no experience or knowledge. And what gets in the way are people’s fears. They fear that their questions are going to be misinterpreted, and that attributions are going to be made about them. So they don’t ask the questions. Then, when the questions don’t get
asked, other people feel as though people don’t care. Thinking and doing things differently can feel like more, and so we have to be realistic about what we’re asking and where the extra capacity is going to come from. So a lot of my strategy has been — as I am listening and meeting and sometimes making suggestions — to offer my help. It makes people feel like there’s a little more capacity. When I meet with people, I say I’m there to help. I want to understand the challenges. I have some suggestions, but I’m not here to impose anything. I want to know, how does this work in your environment? What I’m finding is this is really relational work. This is work that can be done when people trust you and believe you have their best interests at heart, and you respect the work they’re doing and are trying to help them do it better.
What’s your vision of how the Darden community can benefit at the School, in business and in society through valuing diversity? My broad vision is that all alumni anywhere in the world can feel like they have a pulse on what is going on at Darden. Their contributions are wanted and they want to contribute. That any students who walk through our doors, in any format, feel like they can fully contribute. They are valued. They can maximize their experience. For faculty and staff, it means that not only do they feel they have the resources to do their job, but they understand how it contributes to the larger mission. They feel valued in doing their work and they feel supported.
From the Beginning: A Tribute to John Colley as He Approaches Retirement
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ow does one tell the story of a man who, over the course of 50 years, became synonymous with the Darden experience? Someone who left behind a lucrative and gamechanging career in the private sector to help an upstart regional business school grow to greatness — and largely achieved his aims.
Someone who has won seemingly every teaching award and plaudit — often many times over — and inspired untold sums of philanthropy from former students eager to give back in their favorite professor’s name. Someone about whom former students still tell tall tales, stories of athletic feats and classroom and social hijinks that are too perfect to be true, and yet probably are. From the beginning. Professor John Colley came to Darden in 1967, part of a trio of new, young professors who would help define the School in the ensuing half century. Before he was a beloved and occasionally feared teacher and mentor, Colley made a name for himself researching in the private sector, applying his novel concepts for optimizing production in high-tech factories using computer-assisted predictive analytics for the Hughes Aircraft Co. “It was an unbelievable success,” Colley recalls. “It became the modus operandi.” When the research — which would become the subject of Colley’s dissertation at the University of Southern California — became influential and was adopted as standard practice at many major manufacturers around the world, the young professor with the big ideas could have gone anywhere, but Darden Dean Charles Abbott convinced him that his impact at Darden could be profound. Colley says he decided to come to Darden after a single meeting with Darden’s first dean. In Colley’s telling, Abbott said he needed Colley’s help to build something special — not just another state business school — in large part by attracting and graduating the very best students.
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“He replied that as a startup, we had to admit the best, strongest class and weed out the weakest students,” Colley says. “I decided to come to Darden that day.” Friend of the Students Although he expected excellence in the classroom, Colley helped set a friendly and informal tone for faculty-student interaction at Darden that continues to the present day. Coming from a graduate program where students were “scared to death” of their professors, Colley did not so much break down walls between faculty and students as he simply failed to erect any. He left his door open at all hours, rarely missed First Coffee, joined students at their parties, called them at home to make sure they understood the day’s case, and took all comers who would challenge Professor Alec Horniman and him on the Memorial Gymnasium basketball court. On the latter point, Colley says he would regularly challenge students to foul-shooting competitions, with the loser buying lunch, and claims to have lost to only one student ever. “It was just a way of putting a little humanity into things,” Colley says of his time spent with students outside of the classroom. “Taking out some of the rigor.” The upshot of that kind of contagious devotion to students was generations of young people who graduated from the School with a special bond with Darden and Colley. Many repaid their thanks by returning to Colley’s classes to teach and share lessons from the real world and by donating to scholarships or other initiatives in Colley’s honor. Speaking at a recent Darden event honoring Colley and his efforts to bolster the Darden Jefferson Fellowships, John Macfarlane (MBA ’79) noted that while he had “the misfortune” of never taking a course with Colley, the professor nevertheless “learned my name and my personal interests along with those of virtually all of my classmates.”
Macfarlane, who went on to become a devoted contributor to Darden and UVA, said he struck up a 40-year friendship with Colley, and routinely sought his counsel in subsequent years. “I think it’s fair to say that even Charlie Abbott could not have anticipated the extent to which John Colley contributed to the University,” said MacFarlane. Darden Professor Jacquie Doyle (MBA ’89) is among those who cite the Colley influence as formative for her professional life. After her first year at Darden, Doyle spent her summer as a research assistant for Colley, writing cases and working on various projects. As her MBA career drew to a close, Doyle says Colley suggested she consider Darden’s Ph.D. program. She listened, and Colley later served as her dissertation chair. After teaching at the UVA McIntire School of Commerce, Doyle returned to Darden at Colley’s urging and began a process she likens to something of an apprenticeship in Operations and General Management instruction. “He taught, then we co-taught, then I taught and he started sitting in the back of the room like the color commentator on Monday Night Football,” Doyle says. “I was the professor, but he had all the stories and experience.” Doyle says that arrangement carried on for roughly 15 years. Eventually, the former student took the baton on onetime Colley-led courses, including the perennially popular “General Managers Taking Action” and “Reading Seminars in Management,” both of which routinely bring Colley’s former students back to Darden to teach. Now roughly three decades into a professional collaboration, Doyle says her career lends credence to the notion that “once you work for John Colley, you always work for John Colley.”
DARDEN THROUGH THE YEARS 1970 — Professor
Eleanor May becomes Darden’s first female faculty member.
1972 — David Epps 1972 — C. Stewart (left) and Lemuel Lewis (right) become the School’s first two African-American graduates.
Eleanor May
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Sheppard becomes the second dean of the Darden School. His tenure included overseeing the growth of the residential MBA student body from 240 to 480 and naming the School the Colgate Darden Graduate School of Business.
C. Stewart Sheppard
1975 — The School
moves from Monroe Hall on Central Grounds to a new home on North Grounds
Monroe Hall
1977 — Efforts to
attract more women to the School begin to take flight, with women comprising 25 percent of the School’s First Year class.
70s Women
“It’s been a great thing for me, but I hope for him, too, to be able to pass on his legacy,” says Doyle. An Eye for General Management Another of Colley’s great contributions to Darden was to focus some of the School’s energies on general management. Colley recalls seeing peer schools abandoning the study of the enterprise in favor of flashier disciplines and saw an opportunity for Darden to own the general management space. He did his part to bolster an area that would become one of Darden’s great strengths by teaching courses and writing cases focused on large, multidivisional companies where the business leader needed to understand how the pieces fit together. “We focused on the whole,” Colley says. “Ideas are worth nothing unless you can implement them.” That focus has brought global renown to Darden, with the Financial Times in 2016 again naming the School the world’s best MBA for general management. While Colley’s devotion to the Darden School is unimpeachable, he says his professional life has always played second fiddle to his personal. Indeed, for someone who is perceived to have given all to the School, Colley says spending time with his family was and is the greatest pleasure of his life. When the school year wrapped, Colley says generations of Darden administrators
knew not to expect to see him in Charlottesville anytime soon, as he’d be spending all summer at Wrightsville Beach in North Carolina with his family. “I’ve been here 49 years and not one dean out of the nine has ever asked me to be here one day during the summer,” says Colley. It was part of the unwritten, understood rules. Darden would get all of Colley during the school year, but summers were for family. As Colley stares down the end of his Darden career, he is pleased to recount highlights. Not because he wants to see another story of his deeds or accolades, but because he thinks it’s important that current and prospective students have a sense of the School’s history, and understand where the School came from to better understand where he believes it needs to go. To Colley’s mind, Abbott’s vision of building the School by attracting the very best students remains as relevant today as it was in the late 1960s. A man with no professional or personal regrets, Colley is excited about the still-unfolding Darden story and pleased with the role he’s played in Darden’s history. Says Colley, “I would like for people to remember that I was single-mindedly focused on the development of a world-class, top graduate business school.”
ABOVE: Colley often treated students to breakfast at the Tavern. BELOW: In his 50th and final year at Darden, John Colley continued to champion Darden Jefferson Fellowships at a special dinner in his honor.
A LOT HAPPENS IN 50 YEARS! HERE’S A SAMPLING OF NOTABLE OCCASIONS DURING THE TENURES OF PROFESSORS JOHN COLLEY AND ALEC HORNIMAN, WHO CAME TO DARDEN IN 1967.
1983 — The Darden
Student Association initiates the Darden Cup competition, a tradition that continues to present day.
Early Darden Cup
1996 — The School
moves to its current home on the William H. Goodwin Jr. Grounds.
1999 — Frank Batten Sr.
makes an unprecedented $60 million gift to the Darden School, helping to found the Batten Institute for Entrepreneurship and Innovation and enhance the School’s entrepreneurial offerings.
Saunders Hall, 1996
2011 — The
Economist ranks Darden No. 1 in education experience, a title the school has maintained in every subsequent ranking.
Frank Batten Sr.
2016 — Darden
admits the most diverse, academically accomplished residential MBA class in School history.
Class of 2018
WINTER 2017
25
NORTH WALES ◆ Price Upon Request
Extraordinary, circa 1718, 1,466-acre Virginia estate featuring an impressive Georgian-style manor house, a two-story Georgian Revivalstyle stone carriage house, farm & equestrian improvements, a guesthouse, additional residences & a shooting preserve. On National and Virginia Historic Registers, under a preservation easement, and is a rare offering of a national treasure. Steve McLean 434.981.1863
LOWFIELDS ◆ $2,295,000
Magnificent 251-acre farming estate with extensive James River frontage in lovely protected setting, 30± miles from Charlottesville! Beautiful, rolling land, 3,600± sq. ft. main house, charming guest cottage, equipment barn with bunk house, multiple barns/outbuildings—all in excellent condition! Under conservation easement. MLS#547364
REDCLIFFE ◆ $5,850,000
Classic, circa 1902 manor in estate location just 3 miles from Downtown Charlottesville and UVA on 45 acres with jaw-dropping Blue Ridge Mountain views. 5 bedrooms, 4 baths, 6 fireplaces, professional kitchen/family room with English oak moldings and 15’ ceilings, lovely porches, saltwater pool, 4-car garage, and cottage. MLS#541726
BRAMBLEWOOD ◆ Price Upon Request
Just listed, private and spectacular 522-acre country estate in famed Keswick Estate neighborhood, approx. 12 miles northeast of Charlottesville. French Country stone residence, c. 2008, with over 11,400 finished sq.ft., designed and built with superb quality craftsmanship, materials and details, in “like new” condition. Two other homes, barn, two ponds. PRICED WELL BELOW RECENT APPRAISAL. Jim Faulconer 434.981.0076
GRASSDALE ◆ $5,950,000
Historic and noteworthy 851-acre estate showcasing a finely detailed, circa 1860, Italianate-style residence with 12’ ceilings and exceptional scale, just 20 minutes east of Charlottesville and UVA. Great mix of open and wooded land, lush pastures, rich cropland, ponds, barns, and other outbuildings. Under V.O.F. easement. MLS#543076
ELK MOUNTAIN LODGE ◆ $4,750,000
Top of Blue Ridge Mountains. 1,000+ acres, circa 1928, 9,000 sq. ft. stone, lodge-type home, also 3-bedroom stone guest home. Fronting Blue Ridge Parkway and George Washington National Forest, panoramic views of Rockfish and Shenandoah valleys. Just 3 miles off Rt. 250 & I-64. Website: www.elkmountainlodgeva.com MLS#546756
WWW.MCLEANFAULCONER.COM
THE CHIMNEYS ◆ $5,900,000
Spectacular 300-acre country estate next to Blue Ridge Mountains, most magnificent views, 9,000 square foot residence with amazing rooms, completely renovated and enlarged. Farm in excellent condition. 2 guest homes, 2 barns, 2 lakes. Visit: www.thechimneysfarm.com MLS#554020 Jim Faulconer 434.981.0076
FARMINGTON ◆ $1,125,000
French-inspired home with lovely public and private areas. Main level has dramatic great room, sun room, eat-in kitchen, library with fireplace, and master suite. Walkout lower level with 3 BR, 2 BA, family room—could be in-law quarters or guest suite. Attractive and private near the end of a cul-de-sac on 5.4 beautiful acres. MLS#554241
503 Faulconer Drive Charlottesville, VA 22903 434.295.1131 homes@mcleanfaulconer.com
MCLEAN FAULCONER INC. Farm, Estate and Residential Brokers
OAKENCROFT ◆ Price Upon Request
Exceptionally rare 253+ acre estate parcel five minutes west of Charlottesville and the University of Virginia offering unparalleled privacy and serenity in a highly sought-after location. Nestled amid the rolling hills of Virginia’s Piedmont, Oakencroft showcases breathtaking views of the surrounding vineyards, countryside, and Blue Ridge Mountains. There are numerous majestic building sites enhanced by towering hardwoods, barns, streams, and a 4-acre pond. Several adjacent properties are protected by easements that provide additional privacy and protection. This is a once-in-a-lifetime opportunity to purchase such an extraordinarily diverse property so close to the City of Charlottesville and all the area has to offer. Steve McLean 434.981.1863
TIMBERNECK FARM ◆ $15,600,000
Situated along the southern shore of Virginia’s Middle Peninsula, Timberneck Farm presents a rare opportunity to acquire 644± acres in an area steeped in history and rich in agricultural and maritime traditions. This distinct property is extremely diverse with fertile cropland, protected forestland, long leaf pines, oyster reefs, abundant wildlife, and magnificent views of the York River. These resources offer unmatched agricultural, equestrian, recreational, and residential development opportunities, and unlimited potential for a private estate. Located in Gloucester County, just 15 minutes from historic Yorktown and 30 minutes from Williamsburg. For additional information, visit www.timberneckfarm.com MLS#553130 Steve McLean 434.981.1863
WWW.MCLEANFAULCONER.COM
I n Memor i a m
“James studied the great satirists of the 18th century, including Fielding and Swift; he also loved 20th-century English satirists like Waugh and Orwell,” said Rubin’s wife, Jane Perry, who met him when they were both graduate students of UVA’s English department. “Satirical humor depends on the discrepancy between the world as it ought to be, and the world as it is. I think that perspective appealed to James’ deep sense of irony.” At Darden, he became an expert in strategic communication and corporate reputation in business. As a faculty colleague, he could be shy and introverted, yet he was also a beloved and loquacious professor.
Film producer Kelly Thomas (MBA ’03) recalls Rubin as a “beacon of humanity and humanities” who became a friend and important professional mentor.
Professor James Rubin led Darden’s Management Communication area, but was also an accomplished musician.
A Literary Scholar, a Musician, a Teacher:
James Rubin Remembered
T
he 2016–17 school year began at Darden with a notable absence: Professor James Rubin. The longtime Management Communication professor died in July following an accident at his home, stunning and saddening family, friends and a Darden community who recall Rubin as a unique individual and visionary instructor who laced his genius with an understated wit. Most would agree that Rubin was a one-of-a-kind figure at Darden. He came to the School from the University of Virginia’s English department as a Henry Fielding and 18th-century British literature scholar. B Y DAV E H E N D R I C K
28
THE DARDEN REPORT
“James was different, which made him a really interesting and unconventional professor,” said friend and colleague Professor Lili Powell, who describes how the “Woody Allen-type” academic helped bring sweeping changes to the way the School thought about — and taught — Management Communication. Powell bonded with Rubin when they were both relatively new Darden professors hailing from atypical backgrounds in the humanities. “Initially, Darden felt like a strange place to be,” said Powell. “But we spoke a similar humanist language, and we were curious to see what we could do with that in the business world.” The pair set about revamping a course then known as “Analysis and Communication,” updating the curriculum to be more reflective of a world of rapidly proliferating communication channels and expanding global cultures. They believed that managers could no longer get by with only tips and tricks for presenting and writing in homogeneous organizations. They needed a more sophisticated understanding of communication strategy. “James was really a visionary on that,” Powell recalled. “We wanted students to learn how to use communication strategy. That meant using their judgment to craft messages that took into account the interaction and conflicts that occur among speaker objectives, audience perceptions, cultural contexts and the limits of communication channels.”
The pair would continue to iterate on the course, and subsequently developed a strong corporate communication component. This perspective would help students understand how corporate messages create contexts for what a manager can say, but also how what a manager says reflects what people think a company is all about. In effect, each manager is always a de facto spokesperson, which carries broader practical and ethical responsibilities than students may imagine. A 2005 column in The Wall Street Journal lamenting a lack of corporate communication instruction in MBA programs approvingly quotes Rubin, who explains the centrality of the communication function to the modern corporation. Rubin also built enduring relationships with executives who appreciated his acumen, integrity and affable nature. Darden Lecturer Brian Moriarty recalls watching Rubin work in his distinctive manner when the pair were in Atlanta working on a case about The Coca-Cola Co. “James would sit quietly and enjoy the flow of discussion and then would have these incredibly insightful questions that would really move the conversation forward,” said Moriarty. Rubin was also known as a friend to students, and was the first recipient of the Frederick S. Morton Award, which recognizes a Darden student for excellence in leadership and the faculty member who contributed most to that student’s experience. Film producer Kelly Thomas (MBA ’03) recalls Rubin as a “beacon of humanity and humanities” who became a friend and important professional mentor. “He gave me the courage to follow my instincts and pursue a film career when every other data point (like salary and stability) said I was irrational,” Thomas wrote. “Moreover, he was kind, considerate and funny as hell.” Rubin was a bassist who continued to ply his trade in a Darden faculty band. Powell speculates that his musical training informed his classroom techniques, where extremely high standards coincided with what she describes as the “patience of a music teacher.” Shortly before his death, the Henry Fielding-scholar-turned-corporate-communications-expert had just submitted the final chapter for his book, Rebuilding Trust in the Age of Social Media, which incorporates his 20-plus years of research in the communication field. In it, Rubin suggests that many companies are unprepared for the new level of transparency imposed by the age of social media. This phenomenon has exposed a gap between how companies conduct business and the public’s expectations of how business should be conducted. Rubin’s book provides a framework for coping with this “expectations gap” and rebuilding trust with stakeholders. The book is scheduled to be published in 2017.
Alumni The Darden School offers its condolences to the families of the following individuals whose deaths have been reported to us in the past six months. Mr. Stephen E. Arnold (MBA ’76) Mr. Joseph G. Baker Jr. (TEP ’91)
Mr. Morris L. Benatar (MBA ’81) Mr. Francis J. Brennan (TEP ’65) Mr. Donald M. Brown (TEP ’74)
Mr. Edward W. Cather II (MBA ’66) Mr. Larry H. Clark (TEP ’82)
Mr. Donald D. Curtis Jr. (MBA ’70) Mr. Daniel L. Gothie (MBA ’64) Mr. John J. Haggerty (TEP ’79)
Mr. Charles W. Hall (TEP ’74) Mr. James S. Harris (MBA ’07) Mr. Hugh K. Leary (TEP ’79)
Mr. Richmond T. Leeson (MBA ’64)
Mr. Clayton M. Martin (MBA ’86) Dr. John P. Morley (MBA ’81)
Mr. F. Linton Patterson III (MBA ’60) Mr. Charles R. Talley (TEP ’74) Mr. Brian F. Thomas (MBA ’88)
Mr. B. Walton Turnbull (TEP ’62)
Mr. Michael P. Turner Jr. (MBA ’12) Mr. Morton D. Williams (MBA ’60)
WINTER 2017
29
Alumni Volunteer Leadership Roundtable, 21–22 October 2016 LEADERSHIP ROUNDTABLE is a weekend event during which Darden brings alumni volunteers back to Grounds to celebrate the great accomplishments of the previous year, share best practices and plan for the future. Highlights included engaging with Dean Scott Beardsley and Darden professors, networking with other volunteers, enjoying the Volunteer Celebration Dinner, tailgating at Dean Beardsley’s Pavilion on the UVA Lawn, and cheering on the Hoos at the Virginia football game.
Call for Abbott Award Nominations
Alumni volunteers were recognized for their outstanding leadership during the previous year.
The Charles C. Abbott Award is named in honor of the first dean of the University of Virginia Darden School of Business. The award is presented annually to a graduate of the Darden School or The Executive Program whose contributions of time, energy and talent are outstanding. The Alumni Association recognizes the recipient as an individual who: • Demonstrates a strong level of interest in and concern for Darden’s mission • Commits a generous amount of time, energy and funds to Darden • Brings initiative and persistence to projects and responsibilities
LEFT: Alumni volunteers enjoyed being back on Grounds and participating in a case on the Volkswagen emissions scandal taught by Professor Luann Lynch. MIDDLE: Dean Scott Beardsley chats with alumni and guests at Friday evening’s volunteer celebration. RIGHT: Christian Duffus (MBA ’00) chats with Steve Hassett (MBA ’89) at Friday evening’s event.
LEFT: Dot Kelly (MBA ’92), Jerry Connolly (MBA ’88) and Elizabeth Aycock (MBA ’02) work with fellow alumni during Professor Mike Lenox’s strategy session. RIGHT: Distinguished alumnus Harry Lewis (MBA ’57) with his wife, Dearing Johns, as well as Kara Mullins, Doug Moore (MBA ’80) and Michael Woodfolk (TEP ’05). Lewis was recognized as the inaugural Distinguished Service Award recipient, an award which will be named the Harry N. Lewis Distinguished Service Award moving forward. This high honor is bestowed to an alumni leader who has dedicated exceptional, longtime volunteer service to the School, a class or an alumni chapter; demonstrates passionate and creative commitment to engaging more alumni in the ongoing life of the School; and provides loyal financial support.
30
THE DARDEN REPORT
• Is regarded by other stakeholders as an outstanding contributor Please nominate a fellow alumna or alumnus at alumni.darden.edu/ abbottnomination. You will be asked to provide the nominee’s name and an explanation of why you identify this person as a strong candidate for the award. The nomination deadline is 27 January 2017. The Abbott Award will be presented to the recipient during Reunion weekend on 29 April 2017. Please direct your questions to the Office of Engagement at +1-434-243-8977 or alumni@darden.virginia.edu.
Alumni News Lyons Brown (MBA ’87) passionately addressed students during the “Drinks in the Dome” event.
From Day 1 to Year 60, Your Commitment to Community Never Stops In August, 465 residential and Executive MBA students stood in PepsiCo Forum, sipping coffee while carrying their new backpacks and looking around for a familiar face. Every alumnus of the School has been there — as nervous and excited as one can be, waiting for their transformational experience to begin. The days and weeks unfold, and unbeknownst to them — amid sleepless nights, Darden Cup competitions and learning team case prep — they are building connections and relationships that will last them a lifetime. Fast forward to October when the First Year students were invited to the second floor of Saunders Hall above PepsiCo Forum to meet the Engagement and Advancement teams. During an event called “Drinks in the Dome,” Lyons Brown (MBA ’87) passionately addressed students from the balcony and encouraged their lifetime connections to one another, to the School and to alumni in 60 classes preceding them. Students enjoyed the opportunity to pause and reflect on the community that they are a part of, recognizing that Darden is bigger than 70 professors, 21 months and a whole lot of cases. It’s about a network of 15,000 alumni and the opportunity to make a difference in the world.
Just a couple of weeks later, we welcomed 70 class and chapter volunteers back to Grounds for the Leadership Roundtable. They were eager to get back into the classroom with a case taught by Professor Luann Lynch, a strategy update with Professor Mike Lenox and a discussion with Dean Scott Beardsley. Most importantly, the volunteers were celebrated and thanked for the time they dedicate to Darden. For those who were unable to attend, please know our hats are tipped to you, as well. You are key contributors to the strength of this network. It was also our great pleasure, in partnership with the Alumni Association Board of Directors, to name Harry Lewis (MBA ’57) as the inaugural winner of the Darden honor that will henceforth be known as the Harry N. Lewis Distinguished Service Award. Harry is a deserving and humble leader whem we owe much gratitude for 60 years of loyal and generous dedication of his time. Please join me in thanking him. (See photo and caption on page 30) Never hesitate to reach out. Each of you has a gift to offer the School. We want to hear from you. — Michael Woodfolk (TEP ’05) Senior Executive Director, Office of Engagement
Alumni Profile
STEVE VOORHEES (MBA ’80)
CEO OF WESTROCK CHAMPIONS THE CASE METHOD
W
hen Steve Voorhees (MBA ’80) was a Darden student, the School occupied what is now the UVA Law School Grounds. Voorhees hadn’t set foot on the new Darden Grounds, which opened in 1996, until four or five years ago. But when he did, he instantly felt at home. “The feel of the School was unchanged from when I had been there — even though it was a totally different physical campus,” he said. “The culture of Darden is just remarkable.” That culture, rooted in the case method approach of tackling real business problems, was what Voorhees was looking for when he came to Darden for an MBA in 1978, and what motivates him to continue supporting the School today. As an undergraduate at Northwestern, Voorhees burned out on the lecture and exam style of teaching, and came to Darden specifically to be educated in the case method. “I think it’s a better way to learn, a more fun and engaging way,” he said. Currently CEO of WestRock, a multinational paper and packaging company, Voorhees started out in corporate planning and then rose
32
THE DARDEN REPORT
through the ranks at Sonat, a diversified energy company, and RockTenn, a predecessor of WestRock. His Darden training has served him along the way, he said. In fact, Voorhees is such a fan of the case method that he and his family sponsored a learning team room at Darden in its honor. With his generous gift to the Dean’s Discretionary Endowment Fund, a study room on the first floor of the Classroom Building was officially named the Voorhees Study Group Room and dedicated “In Honor of the Case Method and the Darden Learning Experience.” As it happens, it’s the room where Voorhees’s son Paul (MBA ’14) spent many hours during his own First Year at Darden, working on cases with his learning team. Paul is now a senior financial analyst at Opel, General Motors’ European subsidiary, and the family plans to continue supporting Darden’s future. “Darden provided me the transformational educational experience of my lifetime,” Voorhees said. “It’s very easy to give back.” —Laura Longhine
Alumni Profile
JEFFREY YAO (MBA ’01)
INSPIRED BY A NEW MINDSET
A
fter five years as an auditor, Jeffrey Yao (MBA ’01) came to Darden looking for a transition. “I didn’t want to spend my life looking at things that happened in the past,” he said. “I wanted to do something more forward-looking and proactive.” Darden not only gave him the skills and knowledge base to move into other industries, he said, it gave him an entirely new mindset. A natural introvert, Yao grew up in China steeped in Confucian values that emphasized group harmony over standing out from the crowd. At Darden, the case method approach, combined with the supportive atmosphere from teachers and fellow students, taught him to think on his feet and voice his ideas. “The confidence I got from Darden, and the communication skills, that was tremendous,” he said. He drew on both a few years later when he made the leap to join a private Chinese iron-ore trading company. Yao had no background in shipping, but Darden had trained him to get up to speed quickly in a new field. He immersed himself in the industry and in the problem he’d been called on to solve — how to deal with extremely volatile shipping rates.
Within a year, he and a fellow Darden classmate had established a shipping derivatives trading desk at the company. Sensing an opportunity in China’s wave of urbanization, the team quickly expanded the business into proprietary freight trading and became a top player in the market. A few years ago, Yao moved to London for another new venture — founding his own alternative investment fund. “What I learned at Darden, about how to value things, how to think differently — I still call on that today,” he said. Last year, he endowed the Yuyan scholarship at Darden in honor of his grandfather, a “born entrepreneur” who ran a successful small business in his hometown in China and later rebuilt it in Shanghai. Now, Yao wants to help others succeed. “I always think, if I can help the School in any way, I will do it, because I had a life-changing experience there,” he said. “I want somebody else to benefit from the experience as well.” —Laura Longhine
WINTER 2017
33
Alumni Profile
GWEN MELLOR AND PHIL ROMANS (EMBA ’13)
FINDING MORE THAN THEY EXPECTED
G
wen Mellor and Phil Romans (both EMBA ’13) credit their time at Darden with changing the course of their lives — in more ways than one. The couple, who met as classmates on the same learning team in their First Year, were married 23 November. And while they came from very different professional backgrounds, both sought to develop new skills through the Executive MBA and found the experience transformative. “People over the last several years have remarked on how changed I am as a colleague and a leader,” Mellor said. A lawyer, she sought out the Executive MBA when she was offered a management position at the Podesta Group, a global public affairs firm. “Lawyers are trained exclusively on how to think,” she said. “I had no idea really what it meant to manage and lead.” Mellor said the insights she gained at Darden caused her to change her approach. “I look for ways to connect with people and to learn about them, and then leverage that insight to help them be successful,” she said. During her studies, Mellor took advantage of the opportunity to work with an executive coach, and she found it so helpful that she went on to
34
THE DARDEN REPORT
become a coach herself. Today, in addition to her role as managing principal at the Podesta Group, she maintains a private coaching practice. She is currently working with students in Darden’s Executive MBA and Global Executive MBA formats. Romans, an engineer who’d spent most of his career in manufacturing, came to Darden to expand his horizons and explore the business side of his company, Micron Technology. Now the director of Micron’s New Product Integration division, Romans said his MBA training taught him to be a leader with an enterprise perspective of the company as well as the people within the company. “I have a different view of what people need and what I can do to help them be successful,” he said. “When you say you’re going to business school, people think you’re going to learn about business, and that’s true,” Romans said. “But the secret to Darden is you’re really learning about yourself — as a person, a colleague and a leader.” Now, Romans and Mellor are eager to give back to the School they say offered them so much. “I describe Darden as a magical place,” Romans said. “I want it to continue.” —Laura Longhine
401 Park Street Charlottesville, VA 22902
434.977.4005 lwoodriff@loringwoodriff.com
SHOWCASE SOMERSET ESTATE ON 63 ACRES
ANNANDALE, c. 1804 $2,445,000 The centerpiece of this classic c. 1804 Virginia estate is a comprehensively & tastefully renovated, modernized Federal manor home sited dramatically to overlook a 4 acre lake and the rolling hills of the Piedmont. The Annandale residence features 12 foot ceilings, 4 fireplaces and a luxurious first floor master suite. Notable dependencies and improvements include a lovely pool shaded by massive hardwoods, 2 guest houses, and Sears dairy barn converted beautifully into stables. 25 mins to Charlottesville, 1 hour to Richmond. MLS# 551607
93 ACRES IN KESWICK HUNT COUNTRY
LAFAYETTE • $2,795,000 Set in privacy and tranquility, residence showcases modern floor plan enhanced by beautiful millwork and details - multiple piece cornices, paneled columns, and coffered ceilings. Covered porch with herringbone stone fireplace. First and second floor masters, stunning library. Billie Magerfield (434) 962-8865. MLS# 551980
IMMACULATE IN EDNAM FOREST
WALK TO UVA FROM A CITY ESTATE
NESTLED AMONG HUNT COUNTRY ESTATES
508 ROOKWOOD PLACE • $1,295,000 Spacious, updated 5-bedroom contemporary on nearly 2 acres. Twostory great room with floor-to-ceiling windows. 1st floor master, 3 bedrooms up, & guest suite on the terrace level. Top-of-the-line chef ’s kitchen opens to peaceful shaded screened porch. 3 wood burning fireplaces. Kathy Hall (434) 987-6917. MLS# 543127
FOUR ACRES, c. 1910 IN THE CITY Sited on the largest parcel in the city, one can walk Downtown or to UVA from Four Acres’ doorstep. Nat’l & VA Historic Registers. The residence provides every luxury suited to modern living. The 4 season garden has mtn views, arboretum quality specimens, & an acre of woodland. Horizon pool, carriage house. MLS# 544554
4196 BALLARDS MILL ROAD • $1,995,000 The 35 acre property is a combination of open and wooded acreage with trails and creeks. The Main House features 5 bedrooms, 4.5 baths, great room, study, and a chef ’s kitchen with gathering room and stone fireplace. Plus, a guest cottage and writer’s studio. Suzie Hegemier (434) 962-8425. MLS# 545083
AN IMMACULATE FARMINGTON ESTATE
DOWNTOWN PENTHOUSE REDUCED $100K
WALK TO THE UNIVERSITY FROM 3 ACRES
BOXWOOD HILL • $3,500,000 Outstanding Georgian residence on one of the most private lots in Farmington. Showcase custom interior featuring Gaston & Wyatt cabinetry & millwork, chef ’s kitchen, limestone foyer, Vermont slate roof, elevator - truly noteworthy details & finishes at every turn. Sally Neill (434) 531-9941. MLS# 545289
200 GARRETT STREET #601 • $1,045,000 6th floor penthouse end unit offers city & mountain views. Open floor plan features wonderful natural light, bamboo floors & striking contemporary touches like poured concrete & stainless counters in the kitchen, a remarkable poured concrete vanity in the powder room, and a large terrace overlooking the views. MLS# 552214
1007 RUGBY ROAD c. 1928 • $2,995,000 Designed after Gunston Hall, this totally restored & modernized 5-bedroom residence is set on 3 magnificently landscaped acres within walking distance of UVA & Downtown. Charles Gillette gardens later enhanced by Charles Stick, 5 fireplaces, exceptionally fine millwork & plasterwork throughout. Extra, buildable parcel. MLS# 542474
INCREDIBLE VALUE IN GLENMORE
3076 HYDE PARK PLACE • $1,499,000 Tucked away on a quiet cul-de-sac, this home has outstanding winter mountain views, as well as a year-round view down to the Rivanna River. All brick construction, 1st floor master, 4-car garage, 5 fireplaces, & elevator. Finished, walk-out basement could easily be set up as an in-law suite. Sally Neill (434) 531-9941. MLS# 543467
4068 & 4054 GARTH ROAD $2,095,000
22 ACRES ON THE MOORMANS RIVER
This dramatic Jay Dagliesh-designed home features soaring ceiling, generous proportions & an ideal balance of open formal & casual living spaces sited in total privacy above the Moormans River. The property is enhanced by an early 1900’s barn in excellent condition & a charming 3 bed/2bath 1950’s cottage that was totally renovated in 1995. The main house has 3 bedrooms and 2.5 bathrooms. There is a wildflower meadow behind the home, rose gardens at the house and a front field next to the barn that could easily be fenced for horses or other animals. MLS# 551895
WWW.LORINGWOODRIFF.COM
CLASS NOT E S
Winter 2016
THE
of New York
VIRGINIA CLUB Winter in New York City can be a drag, but not for UVA alumni who become members of the Virginia Club, in residence at the historic Yale Club of New York City. Clubhouse members can find a home away from home in our beautiful club, equipped with a full-service hotel, a gym with swimming pool and squash courts, three restaurants and bars, and a gorgeous library. o Stop by or call our office for a tour and to learn more. Membership is available to all undergraduate alumni as well as graduate school students and alumni. Give the gift of Virginia Club membership to the Wahoo in your family this holiday season!
. berships Sign up.. ial mem se & Soc ailable online Clubhou v a ns are applicatio i ontact... Exheverr Please c r, Juliana e Directo nyc.org a tiv v u u c @ e Ex nyc 4) at uva (CLAS ‘1
P. (212) 716-2142 E. uvanyc@uvanyc.org 36
THE DARDEN REPORT
50 Vanderbilt Avenue New York, New York 10017
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irginia
Marsh Run On 208 acres near James Madison’s Montpelier, this elegantly restored c. 1940 Four-Square neo-Classical manor offers incredible views of the Blue Ridge mountains. Dependencies include Old Marsh Run (a restored c. 1825 residence), a guest cottage, and a 2002 center aisle stable with studio apartment. The land is fenced and transected by two bold streams. In the Keswick Hunt and the MadisonBarbour Rural Historic District. MLS#549352 $3,250,000 Joe Samuels (434) 981-3322 or Julia Parker Lyman (540) 748-1497
Foothill Farm
Kenwalt
With 208 acres in Albemarle County’s Keswick Hunt, here are panoramic
722 acres on the Rapidan River, also near James Madison’s Montpelier, here
Blue Ridge views 4 miles from Charlottesville and UVA. Designed by Bill
is rolling pasture, rich bottomland, harvestable timber, and superb mountain
Atwood, AIA, and built in 1980, the contemporary manor of scale and light
views. Improvements include well-maintained ag buildings and miles of live-
is clad in cedar and capped with a standing seam roof. Wonderful privacy,
stock fencing, a spring-fed pond, and a c.1900 farmhouse. In the Keswick Hunt.
pool, garage & secondary quarters. MLS#552318
This is an exceptional candidate for a conservation easement. MLS#530091
$2,750,000 Joe Samuels (434) 981-3322
$5,400,000 Julia Parker Lyman (540) 748-1497
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Charlottesville, VA u www.jtsamuels.com u (434) 981-3322
Representing Owners and Purchasers of Virginia ’s Most Noted Properties
FAIRWAY DRIVE - Private, fully furnished and turn-key lakefront home on 2.6 acres in gated community. Low maintenance country home with tumbled marble flooring, chef’s kitchen, 5 bedrooms, beautiful billiard room, wonderful home theatre, wine cellar, and outdoor kitchen. One level living with plenty of room to expand when you have guests.
MOUNT AIR FARM - Extraordinary estate offering 870 acres suited for livestock, vines, or agri-business, with dramatic views of the Blue Ridge Mountains and frontage along the Doyles River. The handsome brick main residence overlooks a lake and adjoins the indoor pool. Full complement of farm buildings and 4 additional residences, including the original farm house and tenant dwellings.
MOUNT PLEASANT, c.1886 – History abounds throughout this restored Victorian, renovated to marry the past with the present, giving a true nod to a bygone era. Meticulously updated, the residence sits amidst mature landscaping and grounds on over 46 acres in the Northern Neck;The National Register of Historic Places, and Virginia Landmarks Register.
1120 CHAPEL LANE - Large family home surrounded on two sides by the Piankatank River. The original, historic warehouse has been fully restored; 4 bedroom 3.5 bath home, with water views. The kitchen and baths were renovated in 2015. This exceptional, 34 acre riverfront property was once a regular feature during Historic Garden Week in Virginia.
LOCUST HILL - Gorgeous Virginia farmhouse, privately situated on 36 acres with frontage on the James River; copper roof, cedar siding, hardwood floors and traditional materials throughout. There is an original cook house and smoke house surrounded by pasture and woodland. Wildlife and game make it ideal for weekend sporting retreat or waterfront family estate.
APSARA FARM - Gracious Georgian Manor home built in 2006. Exceptional quality and attention to detail is evident throughout the home with 12 - 13’ ceilings, custom woodwork, and 6 interior fireplaces. On 448 acres with 2 stocked ponds, well-maintained pastures, meadows and woodland. Additional buildings include the original Rin Ran home as well as 3 tenant houses and a barn.
FRANKHARDY.COM
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Frank Hardy Sotheby’s International Realty is pleased to announce the recent sale of Quail Ridge, a spectacular custom brick manor with the finest of materials throughout, including custom millwork and beautiful reclaimed pine floors. The 98 acres enjoys panoramic views of the Blue Ridge, Mechums River frontage and complete equestrian facilities (indoor and outdoor arenas, newly built barn, and numerous paddocks).
MERRIMAN WAY - Smith Mountain Lake - 3080’ of shore on private 11 ac. peninsula; beautiful grounds and 5 BR Mediterranean style manor with exquisite finishes throughout. Inviting windows and french doors beckon you outside to enjoy the decking, pool, lakeside pavilion, pool house, and 3 covered boat slips.
CLOVERFIELDS - 212 pristine, private acres with stone and shingle residence, which naturally melds into the landscape and boasts protected panoramic views. 2-car garage, lake with a dock, a horse barn, a pony barn plus a riding arena, paddocks and run-in sheds. In close proximity to The Homestead, with numerous amenities for recreation and fine dining.
MARIAH - This property is simply spectacular. Panoramic mountain views, sweeping countryside, and a residence that embodies the best features and materials available and includes 7 bedrooms, exceptional indoor and outdoor spaces, with beautiful in-ground pool. Guest House, equestrian barn, paddocks and trails all on 75 acres.
THREAVE HOUSE - Private, elevated setting of 69 acres with incredible views, the estate is ideal for year-round living or family retreats. The home provides ample indoor and outdoor space for entertaining. There is a historic log cabin as well as a guest cottage available for additional overnight guests. Within 5 miles of The Homestead.
© MMXV Sotheby’s International Realty Affiliates LLC. All Rights Reserved. Village at Maurecourt used with permission. Sotheby’s International Realty® is a licensed trademark to Sotheby’s International Realty Affiliates LLC. An Equal Opportunity Company. Equal Housing Opportunity . Each Office Is Independently Owned And Operated.
space to play...
space to live.
Experience the freedom of countryside living with the convenience of modern amenities, including high-speed internet and optional estate maintanence. One stoplight from Charlottesville’s 5th Street Station, Turkey Run residents enjoy access to major shops, including Wegmans and Field & Stream. Nearby Scottsville is home to several historic sites and destination restaurants, while Trump, Blenheim and First Colony wineries offer year-round entertainment. Convenient access to the University of Virginia- without sitting in traffic.
21 acre lots starting at 179k
www.TheFarmsatTurkeyRun.com
(434)566-5562 info@turkeyruncville.com
Luxury Homes starting at 795k Open Houses: Saturdays 9-5 at 5105 Blenheim Road
Where Hoos Say “I Do.� To update your contact information, call +1-434-243-8977 or email alumni@darden.virginia.edu.
Mount Ida Farm & Vineyard
Located just south of Charlottesville, Virginia on a secluded 5,000-acre sanctuary, Mount Ida Farm & Vineyard is the perfect destination for weddings and private events. Guests have the choice between two distinct venues: The Lodge and The Event Barn. Spectacular scenic vistas, vibrant vineyards, historic homes, private lakes, tree-lined drives, lake or stable-side cocktail parties, and historic plantation accommodations all combine to create the venue of your dreams. info@mountidafarm.com
(434) 566-5562
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mountidafarm.com
CORPORATE PARTNERS PROGRAM 2016–17 The Darden School of Business wishes to thank all of our corporate partners for their support. Their annual, unrestricted gifts to Darden support various academic, student life and recruiting activities.
LEADER LEVEL ($10,000+)
ASSOCIATE LEVEL ($5,000+) Bain & Company Inc. Barclays Capital Inc. Chevron Credit Suisse Deloitte General Mills, Inc. Goldman Sachs Group Inc. Harris Williams & Co. Jefferies LLC Morgan Stanley Piper Jaffray Companies PricewaterhouseCoopers LLP Progressive Corporation Wells Fargo Securities For more information about corporate opportunities, contact the Office of Corporate Partnerships at +1-434-924-7898 or corporaterelations@darden.virginia.edu.
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THE DARDEN REPORT
LEADERSHIP BOARDS 2016–17
The six leadership boards of the Darden School of Business are composed of more than 170 distinguished leaders who collectively serve as an innovative force in the advancement of the Darden School throughout the world.
(Listing as of 31 December 2016)
DARDEN SCHOOL FOUNDATION BOARD OF TRUSTEES CHAIR Elizabeth K. Weymouth (MBA ’94) Riverstone Holdings LLC VICE CHAIR Robert J. Hugin (MBA ’85) Celgene Corp. IMMEDIATE PAST CHAIR James A. Cooper (MBA ’84) Thompson Street Capital Partners Kirby C. Adams (MBA ’79) Retired, Trans-Tasman Resources Ltd. J. Andrew Bugas (MBA ’86) Radar Partners Susan J. Chaplinsky University of Virginia Darden School of Business Charles R. Cory (MBA/JD ’82) Retired, Morgan Stanley & Co. Inc. Karen K. Edwards (MBA ’84) Kosiba Edwards Associates Arnold B. Evans (MBA/JD ’97) SunTrust Bank Jennifer McEnery Finn (MBA ’00) Capital One Financial Corp. John D. Fowler Jr. (MBA/JD ’84) Wells Fargo Securities Catherine J. Friedman (MBA ’86) Independent Consultant Kirsti W. Goodwin (MBA ’02) Gordon Grand III (MBA ’75) Retired, Russell Reynolds Associates Inc. Peter M. Grant II (MBA ’86) Anchormarck Holdings LLC Edwin (Ned) B. Hooper (MBA ’94) Centerview Capital
Martina T. Hund-Mejean (MBA ’88) MasterCard Worldwide William Irvin Huyett (MBA ’82) McKinsey & Company Inc. David B. Kelso (MBA ’82) Aetna Life Insurance (Former) Lemuel E. Lewis (MBA ’72) LocalWeather.com Nicole McKinney Lindsay (MBA ’99/JD ’00) ZOOM Foundation Elizabeth H. Lynch (MBA ’84) Evercore Luann Johnson Lynch University of Virginia Darden School of Business Carolyn S. Miles (MBA ’88) Save the Children J. Byrne Murphy (MBA ’86) DigiPlex Group Companies Michael E. O’Neill (MBA ’74) Citigroup Zhiyuan (Jerry) Peng (MBA ’03) Vastly Scott A. Price (MBA/MA ’90) Walmart International Frank M. Sands Jr. (MBA ’94) Sands Capital Management Frank M. Sands Sr. (MBA ’63) Sands Capital Management Henry F. Skelsey (MBA ’84) 3QU Media LLC Shannon G. Smith (MBA ’90) Abundant Power Bruce R. Thompson (MBA ’90) Bank of America William P. Utt (MBA ’84) Retired, KBR Inc.
EX-OFFICIO TRUSTEES J. Michael Balay (MBA ’89) Wiswell Advisors LLC Scott C. Beardsley University of Virginia Darden School of Business Jerome E. Connolly Jr. (MBA ’88) Credit Agricole Jonathan R. Ebinger (MBA ’93) BlueRun Ventures Rosemary B. King (MBA ’91) K&B Fund Jonathan D. Mariner Willard L. McCloud III (MBA ’04) Cargill Douglas T. Moore (MBA ’80) Med-Air Homecare Richard M. Paschal (MBA ’89) Varsity Brands Inc. Richard P. Shannon, M.D. University of Virginia Teresa A. Sullivan University of Virginia
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LEADERSHIP BOARDS ALUMNI ASSOCIATION BOARD OF DIRECTORS CHAIR Douglas T. Moore (MBA ’80) Med-Air Homecare PRESIDENT Jerome E. Connolly Jr. (MBA ’88) Credit Agricole Kristina M. Alimard (MBA ’03) UVA Investment Management Co. Yiorgos Allayannis University of Virginia Darden School of Business Keith F. Bachman (MBA ’89) Bank of Montreal Christine P. Barth (MBA ’94) Harren Equity Partners LLC Andrew G. Crowley (MBA ’11) Markel Corp. Richard P. Dahling (MBA ’87) Fidelity Investments Christian Duffus (MBA ’00) LEAF College Savings LLC Molly Duncan (Class of 2017) Darden Student Association Jonathan D. England (MBA ’06) JPMorgan Chase & Co. Warren F. Estey (MBA ’98) Deutsche Bank Securities Inc. Michael J. Ganey (MBA ’78) House-Autry Mills Inc. Ira H. Green Jr. (MBA ’90) Simmons & Company International Owen D. Griffin Jr. (MBA ’99) Dominion Enterprises Evan A. Inra (EMBA ’08) Ernst & Young Corporate Finance LLC Kendall Jennings (MBA ’12) IBM Bruce D. Jolly (MBA ’67) Lighthouse CFO Partners Harry N. Lewis (MBA ’57) Retired, Lewis Insurance Agency Inc. Dariush P. Maanavi (MBA/JD ’94) Trysail Advisors LLC Kristina F. Mangelsdorf (MBA ’94) PepsiCo Betsy M. Moszeter (EMBA ’11) Green Alpha Advisors Nikhil Nath (MBA ’00) Standard Charter Bank Patrick A. O’Shea (MBA ’86) ICmed LLC Richard J. Parsons (MBA ’80) Elvis Rodriguez (MBA ’10) Adelante Capital Management
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THE DARDEN REPORT
2016–17 Nancy C. Schretter (MBA ’79) The Beacon Group David A. Simon (MBA ’03) SRS Capital Advisors Henry F. Skelsey Jr. (MBA ’15) A.T. Kearney Inc. David L. Tayman (MBA/JD ’99) Tayman Lane Chaverri LLP Lowell Simmons Ukrop (MBA ’89) Corrugated Partners Shaojian Zhang (MBA ’99) Tungray Group
BATTEN INSTITUTE ADVISORY COUNCIL CHAIR Shannon G. Smith (MBA ’90) Abundant Power Group LLC VICE CHAIR Jonathan R. Ebinger (MBA ’93) BlueRun Ventures Scott C. Beardsley University of Virginia Darden School of Business W.L. Lyons Brown III (MBA ’87) Altamar Brands LLC James Su-Ting Cheng (MBA ’87) New Richmond Ventures, Blue Heron Capital, Lee & Hayes PLLC Alexander Cowan Synapse Partners Martin J. Curran (MBA ’84) Corning Inc. Wayne L. Delker Retired, The Clorox Company Gregory B. Fairchild (MBA ’92) University of Virginia Darden School of Business Frank E. Genovese (MBA ’74) The Rothbury Corporation John W. Glynn Jr. Glynn Capital Management Peter M. Grant II (MBA ’86) Anchormarck LLC John E. Greenfield (MBA ’16) PsiKick Thomas R. Harrington Jr. (MBA ’04) Darwin Marketing Adam R. Healey (MBA ’05) Borrowed & Blue Edward D. Hess University of Virginia Darden School of Business Archie L. Holmes Jr. University of Virginia Edwin (Ned) B. Hooper (MBA ’94) Centerview Capital
Arnon Katz (MBA ’09) Walmart eCommerce Douglas R. Lebda (EMBA ’14) Lending Tree Michael J. Lenox University of Virginia Darden School of Business Jeanne M. Liedtka University of Virginia Darden School of Business Rosema F. Nemorin (MBA ’08) Lend Street Financial Inc. Zhiyuan (Jerry) Peng (MBA ’03) Vastly Ian W. Ratcliffe (MBA ’94) Sands Capital Management Harry T. Rein (MBA ’73) Retired, Foundation Medical Partners Sarah F. Rumbaugh (MBA ’15) RelishMBA Saras D. Sarasvathy University of Virginia Darden School of Business Michael P. Straightiff UVA Licensing & Ventures Group EX-OFFICIO Sean D. Carr (MBA ’03, Ph.D. ’13) University of Virginia Darden School of Business Sankaran (Venkat) Venkataraman University of Virginia Darden School of Business
CORPORATE ADVISORY BOARD CHAIR Richard M. Paschal (MBA ’89) Varsity Brands VICE CHAIR J. Michael Balay (MBA ’89) Wiswell Advisors LLC Danielle Amfahr 3M Stuart C. Bachelder (MBA ’06) DaVita Kidney Care Joseph P. Balog (MBA ’88) PricewaterhouseCoopers LLP Mazen Baroudi Accenture Helen M. Boudreau (MBA ’93) FORMA Therapeutics Mark S. Bower (MBA ’02) Bain & Company Inc. Ray Butler Fortive Kevin C. Clark (MBA ’01) Great Global Adventures
Robert E. Collier (MBA ’10) ChemTreat, a Danaher Company David L. Couture (MBA ’95) Deloitte Consulting Donna Lynnette Crowder (EMBA ’10) WestRock Co. Paul H. Donovan (MBA ’95) Microsoft Corp. Richard C. Edmunds (MBA ’92) Strategy& Elisabeth J. Frost (MBA ’05) General Mills Inc. Sunil K. Ghatnekar (MBA ’92) The Coca-Cola Co. Michelle B. Horn (MBA ’95) McKinsey & Company Inc. Kecia E. Howson (MBA ’99) SunTrust Robinson Humphrey Marcien B. Jenckes (MBA ’98) Comcast Cable John B. Jung Jr. (MBA ’84) BB&T Capital Markets Harry A. Lawton III (MBA ’00) eBay Inc. Marc L. Lipson University of Virginia Darden School of Business Bonnie K. Matosich (MBA ’92) The Walt Disney Co. Harold W. McGraw IV (MBA ’07) S&P Global Market Intelligence Daniel L. McKeon (EMBA ’08) Marriott International Inc. Fernando Z. Mercé (MBA ’98) Nestle Purina L. Michael Meyer (MBA ’92) Middlegame Ventures Maurice A. Milikin Anheuser-Busch InBev Diem H.D. Nguyen (MBA ’01) Pfizer Ann H. S. Nicholson (MBA ’01) Corning Inc. William J. O’Shea Jr. (MBA ’84) Campbell Soup Co. Ellison M. Pidot (MBA/JD ’01) Medtronic Thomas W. Reedy Jr. (MBA ’91) CarMax Inc. Kleber Santos (MBA ’01) Capital One Financial Corp. Linda V. Schreiner Markel Corp. Colin P. Smyth (MBA ’04) Johnson & Johnson Steven A. Sonnenberg (MBA ’79) Emerson Electric Co.
Scott A. Stemberger (MBA ’04) The Boston Consulting Group Inc. Jennifer L. Stewart Eastman Chemical Co. Kevin P. Watters (MBA ’94) JPMorgan Chase & Co. Gary R. Wolfe (MBA ’92) Wells Fargo Securities
DEAN’S DIVERSITY ADVISORY COUNCIL CHAIR Willard L. McCloud III (MBA ’04) Cargill Nicola J. Allen (MBA ’10) Danaher Corp. Tawana Murphy Burnett (MBA ’04) Facebook Paige T. Davis Jr. (MBA ’09) T. Rowe Price Teresa A. Epperson (MBA ’95) A.T. Kearney Inc. Ray R. Hernandez (MBA ’08) The Advisory Board Co. Andrew C. Holzwarth (EMBA ’09) Stanley Martin Cos. Allison Linney (MBA ’01) Allison Partners LLC Octavia G. Matthews (MBA ’89) Aramark Uniforms Michael A. Peters (MBA ’09) Comcast Corp. Alex R. Picou (MBA ’89) JPMorgan Chase & Co. Reynaldo Roche (MBA ’07) Delta Air Lines Inc. William B. Sanders (MBA ’06) Korn/Ferry International Rhonda M. Smith (MBA ’88) Breast Cancer Partner Jeffrey W. Toromoreno (MBA ’06) Citigroup Daniele M. Wilson (MBA ’11) Johnson & Johnson
GLOBAL ADVISORY COUNCIL CHAIR Rosemary B. King (MBA ’91) K&B Fund VICE CHAIR Naresh Kumra (MBA ’99) JMATEK Group, La Rochelle Ventures Ltd.
James R. Chapman (MBA ’00) Dominion Resources James Su-Ting Cheng (MBA ’87) New Richmond Ventures, Blue Heron Capital, Lee & Hayes PLLC Halsey M. Cook Jr. (MBA ’91) Sonepar USA Vidyanidhi (VN) Dalmia (MBA ’84) Dalmia Continental Pvt. Ltd. Tahmina Day (GEMBA ’14) International Finance Corp. Murray R. Deal Eastman Chemical Co. Louis G. Elson (MBA ’90) Palamon Capital Partners LLP David R. Frediani Ironshore Inc. Anthony J. Hobson (MBA ’74) James Dyson Group Ltd. Clelland Peabody Hutton (MBA ’75/JD ’77) Orion Partners Richard K. Loh (MBA ’96) The Ploh Group Pte. Ltd. Elie W. Maalouf (MBA ’89) InterContinental Hotels Group Agustin Otero Monsegur (MBA ’06) Humus Capital LLC Pascal Monteiro de Barros (MBA ’91) MAB Partners Zhiyuan (Jerry) Peng (MBA ’03) Vastly Antonio U. Periquet Jr. (MBA ’90) Pacific Main Holdings, Campden Hill Group Hagen Radowski (MBA ’91) MGP Americas Inc. Vincent M. Rague (MBA ’84) Catalyst Principal Partners Fiona Roche (MBA ’84) Estates Development Co. Pty. Ltd., Adelaide Development Co. Henry F. Skelsey (MBA ’84) 3QU Media LLC Erik A. Slingerland (MBA ’84) Retired, Egon Zehnder Ichiro Suzuki (MBA ’84) George S. Tahija (MBA ’86) PT Austindo Nusantara Jaya Jing Vivatrat Wenyong (Winston) Wang (MBA ’03) Shipston Group Ltd. Jianzhong (Jimmy) Wei (MBA ’02) iBridge Capital Baocheng Yang (MBA ’04) Huanghe Science and Technology College
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What characteristics do you look for in people? Integrity, intelligence, passion and fortitude. A sense of humor is always a plus.
Questions With
How do you measure success? Being able to look back at one’s life and say, “I wouldn’t change anything.”
Anton Periquet (MBA ’90)
How do you unwind? With a single malt at the end of the day. What is your favorite cause? To help turn the Philippines into a First World country. Call me a dreamer.
A
former financial analyst, Antonio “Anton” Jose Periquet (MBA ’90) spent the early part of his career after Darden doing equity research, sales and trading for several firms in London before joining Deutsche Bank as the head of the Asian Equities desk. In 2000, he returned to his native Manila to establish Deutsche Regis Partners, a joint-venture with Deutsche Bank, which went on to become the largest stockbroker in the Philippines. In 2010, he retired from the sell-side and set up the Campden Hill Group, a family partnership, to oversee his investments, including that in Deutsche Regis Partners. In addition to investing, Periquet also sits on several publicly listed Philippine company boards: ABS-CBN Broadcasting Corp., Ayala Corp., the Bank of the Philippine Islands, DMCI Holdings, Philippine Seven Corp. and the Max’s Group, the country’s largest casual dining restaurant company. Additionally, he is a director of the Singapore-run Albizia ASEAN Tenggara Fund and the Straits Wine Co., Southeast Asia’s leading wine exporter. Under former president of the Philippines Benigno Aquino III, Periquet also served on three government boards: the Development Bank of the Philippines, the DBP Leasing Corp. and The Metro Rail Transit Corp. On the nonprofit side, he is a trustee of the Lyceum of the Philippines University, a member of the finance committees of the Ateneo de Manila University and the Philippine Jesuit Provincial, and he serves on the Dean’s Global Advisory Council at Darden. Periquet earned a bachelor’s in economics from the Ateneo de Manila University and a master’s in economics from Oxford University. In his spare time, he plays guitar in a rock band with some old friends.
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If you could live anywhere, where would it be? Manila, closely followed by London and Charlottesville. What do you lose sleep over? The safety and future of my three children, all of whom will soon be on their own. What was your first job? I was an economic researcher at a Manila-based think tank called the Center for Research and Communication. Back in the 1980s, the Philippines had just defaulted on its foreign loans and the official economic authorities had lost all credibility. Hence, the public was willing to listen to just about any alternative source of economic wisdom. What’s the best advice you have ever received? Play the long game. Do you prefer numbers or words? Words. I do numbers out of necessity, but I’ve always been a right-brained sort of guy. What motivates you? Winning the war. Which means knowing which battles one is willing and can afford to lose along the way. What’s your current state of mind? Comfortable. What are you reading these days? Lessons from Dad by Lance Gokongwei. The author, a friend, is five years my junior and runs one of my country’s largest conglomerates. His father built the business from scratch and on his young shoulders fell the task of growing and preserving its value for future generations. What technology can you not live without? My iPad. What’s your motto? “It is not our abilities that show what we truly are. It is our choices.” — Albus Dumbledore in Harry Potter and the Chamber of Secrets. How do you deal with conflict? I look for a “win-win.” If it doesn’t exist, I assess whether it is worth going for the outright win or giving in for the sake of the longer-term goal.
Which class at Darden impacted you the most? I’m tempted to say “Corporate Finance,” because Bob Bruner and Bob Harris were such excellent teachers. But I just might pick “Organizational Behavior.” I work with a lot of conglomerates. And while I find that executives easily develop the skills in finance, marketing and operations on the job, the nuances of corporate governance, organizational structure and management incentives are often overlooked, yet mastering these are essential to running a large company properly. Describe a moment when you realized the true value of your Darden education. The moments occur constantly up to this day, when I catch myself telling analysts, bankers and financial managers, “Forget what the spreadsheet says. Is this a good business or a bad one?” I suspect that few business schools train their students to integrate knowledge from each discipline the way Darden does. Why have you been so actively promoting and supporting Darden in the Philippines? Twenty-six years later, I realize that I got a truly special business education at Darden and met some terrific people. The School is underrated in my country and deserves a higher profile. What is your vision for Darden in the Philippines? For the School to be known for what it offers — the best educational experience in the world. As a member of several boards, what are the biggest challenges and benefits of being a board member? Asian conglomerates are still family-controlled. The biggest challenge lies in helping them transition to a governance framework that promotes efficient capital allocation and enduring shareholder value creation. The benefit is the experience itself — participating in the human drama and watching the share price react.
• A DECADE OF INNOVATIVE IMPACT •
Since 2006, the Jefferson Trust has provided more than $5.5 million to support innovative new projects at the University of Virginia.
DARDEN PRISONER REENTRY EDUCATION Since an initial grant award in 2013, a group of more than 117 Darden alumni instructors have taught entrepreneurship to prisoners reentering society, with the goal of increasing likelihood of post-release employment. Under the leadership of Associate Professor Greg Fairchild, this program has successfully graduated 228 inmates to date, and has attracted additional long-term funding for continued program development and expansion to both state and federal prison systems across the Commonwealth. For more information or to make a gift, please contact us at: JEFFERSONTRUST.ORG 434-243-9000
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University of Virginia Darden School Foundation P.O. Box 7726 Charlottesville, VA 22906-7726
alumni.darden.edu/reunion
Change Service Requested
REUNION WEEKEND
2017
28–30 April
CHARLOTTESVILLE
WASHINGTON DC AREA
SAN FRANCISCO
SHANGHAI
Operating in key global locations worldwide, the UVA Darden School of Business pursues its mission to improve the world by developing and inspiring leaders and by advancing knowledge.