Darden Report Winter 2015

UNIVERSITY OF VIRGINIA DARDEN SCHOOL OF BUSINESS

Winter 2015

T HE DARDEN REPORT

DEAN OF THE DECADE ROBERT F. BRUNER

50 Years of Women in the MBA Program Faculty Experts Predict the Next Big Breakthroughs

GREAT LEADERS NEVER STOP LEARNING. SHORT COURSES FROM DARDEN. The world’s best learning experience, led by the world’s best business school faculty, at a top public university. That makes Darden the best choice for Executive Education — on Grounds, online or at your place of business. Our faculty, case studies, real-world simulations and experiential learning exercises will help you develop skills you can immediately put to work. www.darden.virginia.edu/ExecEd

UPCOMING SHORT COURSES: Design Thinking for Innovative Problem Solving (Online course)

19 January – 15 March

Executive Program in Bank Financial Leadership

23 – 27 February

The Women’s Leadership Program

15 – 20 March

Financial Management for Non-Financial Managers

22 – 27 March

Strategic Thinking and Action

23 – 27 March

Strategic Decision-Making 7 – 10 April Power and Leadership: Getting Below the Surface

12 – 17 April

Strategic Sales Management

20 – 23 April

Management Development Program: High-Performance Leadership

27 April – 8 May

2

THE DARDEN REPORT

FROM THE EDITORS

FINISH AT A SPRINT As the eighth dean of the University of Virginia Darden School of Business, Robert F. Bruner has offered guidance to tens of thousands of students and executives through his enlightening “Dean’s Blog.”

“Standing still is not an option,” he advised in a post for companies facing change. “Go where you believe you can do your best work,” he told student interns facing a career decision. “Finish at a sprint.”

After 10 action-packed years at the helm of the Darden School, Bruner announced he would return to the Darden faculty at the end of his second term, in July 2015. His “best work” as dean has been nothing short of transformational for the School. And it’s clear that he will finish his tenure at a full sprint, determined as ever to continue lifting Darden to the next level.

In this issue of The Darden Report, we celebrate Dean Bob Bruner as “Dean of the Decade.” We also applaud 50 years of women in the MBA program and look ahead for the next big breakthroughs in business.

2015 marks the Darden School’s 60th anniversary. The Darden community has come far — fast. Standing still will not be an option.

Join the Darden community as we honor Dean Bruner and celebrate his legacy. Share a favorite story or quote about him at communication@darden.virginia.edu.

WINTER 2015

1

CONTENTS

Winter 2015 www.darden.virginia.edu

Features

12

2o

23

50 Years of Women in the MBA Program

Dean of the Decade

The Next Big Breakthroughs

After serving as Darden’s dean for 10 years, Dean Bob Bruner will return to the faculty in July 2015. During his tenure, Darden has flourished.

Darden faculty members from each of the School’s nine academic areas weigh in on what to anticipate in the near future from their fields.

News Briefs

Profiles

Alumni News

4 Latest School Updates 6 Fall Faculty Highlights 8 Darden Student News 9 Quote/UnQuote 10 Optimism Abounds at the 7th

16 Faculty Spotlight:

32 Alumni News: Darden’s Lift

Annual University of Virginia Investing Conference

Gregory B. Fairchild (MBA ’92) “Let’s Talk About You”

34 Rear Admiral David R. Pimpo

(MBA ’97) First Darden Alumnus to Become a Navy Admiral

39 20 Questions:

Helen Boudreau (MBA ’93)

Executive Director of Communication & Marketing Juliet Daum Editor Jacquelyn Lazo

Locke W. Ogens Senior Executive Director of the Darden School Foundation and Strategic Relations

Leadership Roundtable 2014

34 In Memoriam Class Notes

36 Corporate Sponsors 37 Alumni Leadership

35 Fernando Mercé (MBA ’98)

Building Nestlé Purina’s Brands in Latin America

Robert F. Bruner Dean and Charles C. Abbott Professor of Business Administration and Distinguished Professor of Business Administration

From C-suite executives to entrepreneurs, Darden women are making a difference with their degrees.

Designer Susan Wormington Copy Editors Seamane Flanagan, Grier McCain Photography Ian Bradshaw, Tom Cogill, Stacey Evans, Sam Levitan, Andrew Shurtleff, Susan Wormington Cover Photo Michael Bailey

STAY CONNECTED

darden.virginia.edu/socialmedia

The Darden Report is published twice a year by University of Virginia Darden School of Business Office of Communication & Marketing P. O. Box 7225 Charlottesville, Virginia 22906-7225 USA communication@darden.virginia.edu The Darden Report is published with private donations to the University of Virginia Darden School Foundation. © 2015 Darden School Foundation Winter 2015 Volume 42, No. 1

NEWS BRIEFS: Latest School Updates

Professor Bobby Parmar (MBA/Ph.D. ’11) moderated the town hall meeting organized by the Darden Student Association.

Not on Our Grounds

The Seven Society, one of the University’s oldest secret societies, hung seven banners around Grounds, including one from Darden’s Saunders Hall. Each banner presented a poem from English poet John Donne.

Known for its behind-thescenes good works, the society made a donation to support programs like bystander intervention training.

Shock and outrage swept the University of Virginia following Rolling Stone’s publication of an article describing the alleged sexual assault of a University of Virginia First Year student at an undergraduate fraternity party. Rolling Stone subsequently issued an apology for discrepancies in the article. U.Va. President Teresa Sullivan called for a criminal investigation of the attack reported in the article, and the Attorney General of Virginia also commissioned an investigation.

Darden School alumni expressed their sentiments and recommendations on the issue in e-mails, phone calls and tweets. In his blog post, “To Strengthen a Community of Safety and Trust,” Darden’s Dean Bob Bruner urged, “We must collectively ‘take back the night’ of sexual misconduct, along with the indifference, cynicism and despair that nurture it.”

The Darden students also took action. The Darden Student Association (DSA) organized a “Not on Our Grounds” First Coffee and a special town hall meeting. Darden Professor Bobby Parmar (MBA/Ph.D. ’11) moderated the panel, which included the chair of the U.Va. Honor Committee; a representative of the U.Va. chapter of One in Four, an all-male sexual assault peer education group; the U.Va. program coordinator for prevention in the Office of the Dean of Students; and the president of the U.Va. Student Council.

“The purpose of the town hall was to further educate our community about the sexual assault

4 • THE DARDEN REPORT

policy,” said Second Year student Heidi Davies, DSA president, “as well as to hear from professionals and undergraduate student leaders about the initiatives they are undertaking to help generate awareness.”

Last fall, Darden students participated in high numbers in a U.Va. initiative to end sexual violence by taking the Not on Our Grounds pledge. Members of the Darden community are also involved with the Green Dot at U.Va. program, a bystander intervention education program that trains faculty, staff and students as leaders and presenters on safe strategies for intervention.

The panelists described several other ways members of the Darden community can help, including supporting the U.Va. Maxine Platzer Lynn Women’s Center and Counseling and Psychological Services, which offer counseling to students, or the Sexual Assault Resource Agency, which provides support to residents of the greater Charlottesville area.

As this magazine went to press, President Sullivan had outlined a series of changes at the University, including the naming of an Ad Hoc Group on Campus Climate and Culture to focus on three key issues: culture, prevention and response.

“The University remains first and foremost concerned with the care and support of our students and, especially, any survivor of sexual assault,” said Sullivan. “Our students, their safety, and their well-being, remain our top priority.”

Please visit UVA Today for updated University messages on this matter: https://news.virginia.edu.

HISTORIC MEETING OF DARDEN’S FIVE LEADERSHIP BOARDS For the first time in the School’s history, the five leadership boards of the Darden School of Business — the Darden School Foundation Board of Trustees, Corporate Advisory Board, Global Advisory Council, Dean’s Diversity Council and Alumni Board of Directors — met collectively at the Darden School.

On 23 October 2014, Dean Bob Bruner led a case discussion with the five boards focused on the future of the School in 2025.

Comprised of more than 150 alumni and friends, Darden’s leadership boards are an innovative force driving the global advancement of the School. The gathering also included a scholarship dinner, at which current and former scholarship recipients expressed their gratitude and underscored the importance of financial aid.

University of Virginia Darden School of Business and Shanghai Jiao-Tong’s Antai College of Economics and Management present

Shanghai Investing Summit www.darden.virginia.edu/shanghaisummit

CROSS-BORDER INVESTING “I can say without question that the Darden Jefferson Fellowship dramatically changed my life for the better and opened doors of opportunity I did not even know existed,” said Jenifer Andrasko (MBA ’10), above, practice manager at Bain & Company and former Naval aviator, during the Scholarship Dinner.

UPDATE

SEARCH FOR NINTH DEAN OF DARDEN The dean’s search committee, led by Professor Ken Eades, has been working with the University of Virginia’s Executive Search Group and the global search firm Korn Ferry since mid-July to identify potential candidates for the role of dean. In his blog post “My Transition to Come: Dean to Professor,” Dean Bruner discussed the School’s bright future. “I’m happy, and Darden is in a good place,” he wrote. “Darden has impressive talent and has good depth of leadership in its rising faculty and staff leaders. I’m confident that they will sustain Darden’s momentum and good direction.”

“The committee is pleased to announce that the international search has attracted an exceptional slate of global leaders in business education and industry,” said Eades. “We are extremely pleased with the quality of the candidate pool — a testament to Darden’s momentum and strengths as a leading business school. The impact of Dean

Bob Bruner’s 10 years as dean has been transformational, and we seek a visionary leader to build on the momentum and guide the School into the future.”

In November, the committee brought to Grounds a slate of four highly qualified candidates. Three of the candidates are former business school deans, and the fourth is a senior partner at a global company. The candidates spent a day at Darden meeting with key stakeholder groups.

The committee reviewed feedback from the various groups and made its recommendation to U.Va. Provost John Simon, who is responsible for hiring deans at the University of Virginia.

“Given the steady progress of the search, we feel confident that we are wellpositioned for a successful outcome,” said Eades.

Formal announcements related to the search will be delivered to the Darden Community by Provost Simon.

8 May 2015

IN AN UNCERTAIN GLOBAL ECONOMIC AND POLITICAL CONTEXT, INVESTORS ARE CHALLENGED TO UNDERSTAND NEW OPPORTUNITIES AND MANAGE RISK ACROSS NATIONAL BORDERS.

Sponsored by Darden’s Center for Global Initiatives and Richard A. Mayo Center for Asset Management.

UPCOMING 2015 EVENTS

24–26 April

Darden Reunion (Classes ending in 0s and 5s, and the Class of 2014)

8 May

2nd Annual Shanghai Investing Summit: “Cross-Border Investing” Shanghai, China

9–10 May

Darden Global Leadership Forum Shanghai, China

17 May

Darden Graduation WINTER 2015 • 5

DAN ADDISON

NEWS BRIEFS: Fall Faculty Highlights FACULTY AWARDS & ACCOLADES

Professor Horniman Receives Most Prestigious U.Va. Award

Professor Alec Horniman and U.Va. President Teresa A. Sullivan at Fall Convocation, held 31 October 2014.

During U.Va.’s Fall Convocation, Professor Alec Horniman, Killgallon Ohio Art Professor of Business Administration, received the highest honor given to the University’s faculty members. The Thomas Jefferson Award acknowledges professors who have exemplified in character, work and influence the principles and ideals of Jefferson, and have thus advanced the objectives for which he founded the University.

After almost five decades of teaching, Horniman is an icon in the classroom. He exudes warmth and energy, and inspires his students to engage and grow. As founder and first executive director of Darden’s Olsson Center for Applied Ethics, Horniman has attracted to Darden a cadre of world-class scholars in business ethics.

As his colleague and friend Professor Alan Beckenstein said in a speech at First Coffee honoring him, “Alec’s great service has now been officially linked forever with the spirit of the University’s founder.”

FACULTY BOOKS

WHY WE DON’T TRUST BUSINESS Three Darden professors tackle the issue of public trust.

THE ROBOTS ARE COMING: LEARN OR DIE Professor Hess’ new book tops the charts.

WHAT’S THE BIG DEAL WITH BIG DATA? Darden professors offer advice on how to harness big data.

“Public trust is an emerging topic of study and one that we know is important. There is a disconnect between the trust we have in a particular business (e.g., Google) and the trust we have in ‘business.’ Yet research suggests there are connections between these two ideas,” said Professor Andrew Wicks who, with Professor Jared Harris and Adjunct Lecturer Brian Moriarty, edited Public Trust in Business.

This new book seeks to explain how public trust in business works.

Due to the technological revolution, robots and artificially intelligent smart machines will soon replace human workers at a rapidly increasing clip.

Professor Edward D. Hess’ new book, Learn or Die: Using Science to Build a Leading-Edge Learning Organization, provides insights on how to compete successfully in this new environment.

The book is critically acclaimed: It made the Top 10 best business and personal finance list in Publisher’s Weekly and Amazon’s Top 10 Best New Release in Business Management and Leadership list.

In the world of “big data,” marketers must sift through mountains of information to decide how they will attract customers.

How can they target the best data to make the best decisions? The book Cutting-Edge Marketing Analytics: Real-World Cases and Datasets for Hands-On Learning by Professors Rajkumar Venkatesan, Paul Farris and Ronald T. Wilcox puts forth analytics as the engine that enables managers to harness big data to better predict the outcomes of their business and marketing efforts.

6 • THE DARDEN REPORT

PAUL MORSE

MORE AWARDS & ACCOLADES PROFESSOR R. EDWARD FREEMAN received the 2014 Lifetime Achievement Award from Humboldt University in Berlin for his contributions to stakeholder theory over a span of more than 30 years.

PROFESSOR MARY MARGARET FRANK received a 2014 Aspen Institute Faculty Pioneer Award for her work on a social media campaign that brings national debt awareness to millennials.

Professor Mary Margaret Frank spoke at the 2014 Concordia Summit held in New York City.

U.S. Department of State, Concordia and Darden Present P3 Impact Award On 29 September, Darden, Concordia and the U.S. Department of State Secretary’s Office of Global Partnerships announced the winner of the inaugural P3 Impact Award at the 2014 Concordia Summit in New York City.

The partners created the P3 Impact Award to recognize and honor the leading public-private partnerships (P3s) that are improving communities — and the world — in the most impactful ways. CocoaLink, a P3 that uses mobile technology to improve cocoa production and the livelihoods of African cocoa farmers, was selected as the inaugural winner. CocoaLink will receive a full scholarship to attend a week-long Darden Executive Education course.

NEW FACULTY MEMBERS

IN FALL 2014, DARDEN WELCOMED THREE NEW FACULTY MEMBERS.

MORELA HERNANDEZ joined the Leadership and Organizational Behavior area as an associate professor. Hernandez has taught a number of courses at Duke and London Business School.

Her research and interests focus on ethics and how cultural, racial and gender diversity can influence organizational decision-making and practices.

KIERAN J. WALSH joined the Global Economies and Markets area as an assistant professor. In 2014, he received his Ph.D. in economics from Yale University. His research focuses on the link between macroeconomics and finance.

KIMBERLY WHITLER joined the Marketing area as an assistant professor. Whitler has served as chief marketing officer for David’s Bridal and Beazer Homes and was vice president of marketing for PetSmart.

Whitler’s research focuses on the impact of C-suite roles, characteristics and decisions on the development of firm-level capability and performance.

PROFESSOR MING-JER CHEN received in August the Academy of Management’s 2014 Distinguished Educator Award in recognition of his achievements and contributions to teaching and developing effective business methods.

The case “Deutsche Bank and the Road to Basel III” by PROFESSORS YIORGOS ALLAYANNIS and ANDY WICKS, Senior Researcher GERRY YEMEN and alumnus MATTHEW DOUGHERTY (MBA ’12) was named best finance case

by The Case Centre, a nonprofit organization dedicated to supporting the case method of teaching in business education.

PROFESSOR ELENA LOUTSKINA received a 2014 Mead Endowment Award, which she will use to transform the stereotype of finance. She views finance as a vehicle for sustainable social change.

WINTER 2015 • 7

NEWS BRIEFS: Darden Student News

STUDENT AWARDS

Class of 2015 Darden Celebrates Standout Second Year Students G. Robert Strauss Marketing Award Adam D’Luzansky C. Stewart Sheppard Distinguished Service Award Brandon Chinn, Sasha Friedman and Stephen Reiff William Michael Shermet Award Jeffrey Allen Joyce Arcangeli Erica Breese Adam D’Luzansky Martin Erzinger Sasha Friedman Rohan Gupta Alex Hergenroeder About Scott Meadows The University Kazuki Nishiyama of Virginia Matthew DardenSculnick School of Business Bhavani Shankar Srinivasan delivers the world’s best Kyle Strong business education experience Matthew Thames Zachary Upcheshaw to prepare entrepreneurial,

Facts & Figures

Samuel Forrest Hyde Memorial global-minded and responsible Fellowship leaders through its MBA, Ph.D.

Martin Erzinger (pictured below and Executive Education with Dean Bob Bruner)

programs. Darden’s top-ranked

RANKINGS

Four Years in a Row: The Economist Ranks Darden the No. 1 Education Experience Worldwide In The Economist 2014 “Which MBA? ranking,” released in October, Darden climbed one position to No. 3 in the world — the highest ranking in the history of the School.

For the fourth year in a row, The Economist named Darden the world’s No. 1 education experience.

The School also received exceptional marks in the following categories: No. 1

Personal Development and Educational Experience

No. 1

Diversity of Recruiters

Opens New Career Opportunities Get to know us better.

No. 3 No. 4

Student Rating of Alumni Effectiveness

Student Body Class of 2016 MBA

practical business knowledge

32%

16%

International (born outside U.S.)

Women

Domestic Minorities

Class size

324 AVERAGE Age of Entry

faculty is renowned for teaching excellence and advances

36%

EMBA

27

GMAT Score

MBA for Executives

706

Undergraduate GPA

GEMBA

Global MBA for Executives

through research. Darden was

62

Class Size

31

established in 1955 at the

12

Average Years of Work Experience

13

University of Virginia, a top public university founded by Thomas Jefferson in 1819 in Charlottesville, Virginia.

42%

Advanced Degrees

42%

27–48

Age at Entry

28–52

570–720

GMAT Score

540–680

8 • THE DARDEN REPORT

Darden At-A-Glance

3.5

Alumni Network

Employers

QUOTE/UNQUOTE: Insights From the C-Suite Darden hosts numerous top executives on Grounds throughout the year.

Here’s a snapshot from the fall.

Go where the problems are. That’s where opportunity exists for leaders to make a difference and affect things in the most positive way.”

ROBERT J. HUGIN (MBA ’85) CHAIR AND CEO, CELGENE

“Leadership is about the quality of the relationship we have with the people with whom we work. The more authentic the relationship, the more productive it is.”

EDWARD L. MONSER PRESIDENT AND COO, EMERSON

“Don’t just stay with those people who are a little bit like you. Try to be as broad and far flung as possible.”

JANE NIELSEN CFO, COACH

“Dreaming big or small takes the same amount of energy, so we say to our people, ‘Why don’t we dream big?’”

CARLOS BRITO CEO, ANHEUSER-BUSCH INBEV

“We send out as many YouTube videos as possible to share our engagements, to make our engagements transparent so that others can say we’re doing things right or we’re doing things wrong.”

MARK BRZEZINSKI U.S. AMBASSADOR TO SWEDEN

“We spend a lot of time writing strategic plans for brands and for companies, but how many hours do you spend writing strategic plans for yourself?”

DENISE MORRISON PRESIDENT AND CEO, CAMPBELL SOUP COMPANY

WINTER 2015 • 9

UVIC 2014

“You pay 10 times more attention to negative news than to positive news. Is this the way the world truly is? I would posit it’s not.”

OPTIMISM ABOUNDS AT THE 7TH ANNUAL UNIVERSITY OF VIRGINIA INVESTING CONFERENCE Professional investors at the 7th Annual University of Virginia Investing Conference traded in a once dour outlook — spurred by the Great Financial Crisis and Great Recession — for downright optimism.

“Close the book on how you look at the world right now. It’s changing,” said Nancy Lazar, who leads Cornerstone Macro’s economic research team. She predicted that the strengthening U.S. economy would drive future global growth.

The “Investing in Innovation” conference, hosted by Darden’s Richard A. Mayo Center for Asset Management 13–14 November, invited leading thinkers to reflect on promising investment opportunities. Innovations in digital health care, exponential growth in information technology, and an energy renaissance emerged as key drivers of future market returns.

An energy panel described how new techniques for extracting oil from shale and the discovery of massive natural gas reserves will soon change America’s dependency on foreign energy sources.

“We’re not ready to export oil yet because of political issues, but America’s production will change the world’s supply and demand in a fundamental way,” said W. Barnes Hauptfuhrer (MBA/JD ’81), chief executive officer of Chapter IV Investors LLC. A digital health care panel described a world in which technology will capture data that will yield life-changing results for patients.

“The return in biology will be phenomenal,” said Bryan Johnson, founder of the OS Fund and Braintree.

Also driving exponential change and opportunity is information technology. An IT panel identified several sectors worth watching: the cloud, software as a service and cybersecurity.

Charles R. Cory, chair of global technology banking of Morgan Stanley & Co., noted, “CEOs will find funds for security.”

Read Dean Bruner’s blog post “Optimistic Investors” for more about UVIC 2014 at darden.virginia.edu/deansblog.

10 • THE DARDEN REPORT

— PETER DIAMANDIS, M.D. (left), chair and CEO of the X Prize Foundation, co-founder and vice chair of Human Longevity Inc. and co-author of the book Abundance: The Future Is Better Than You Think.

BARNES HAUPTFUHRER

PROF. ELENA LOUTSKINA

“Innovation starts with hardware and is complemented by cheaper and faster storage and cheap, ubiquitous connectivity.”

—NED HOOPER (MBA ’94) (right), founder and managing partner of Centerview Capital

PROF. KEN EADES AND KYLE BASS

NANCY LAZAR

“Cyber attacks can happen to anyone. An attacker only has to be successful once. The defender has to be successful every time.”

— KATHY WARDEN (left), corporate vice president and president of Northrop Grumman Information Systems

The conference included the Darden @ Virginia Investing Challenge, a stock pitch competition of 15 top business schools sponsored by the student club, Darden Capital Management. Columbia Business School won the top prize.

Find your inspiration When was the last time you dreamed big?

Saw things differently? Pushed the boundaries?

Great leaders do this every day. They move people by turning passion into purpose.

MWV believes we’re all capable of greatness.

It just takes a little inspiration.

@mwvpackaging mwvcampuscareers.com WINTER 2015 • 11

MICHAEL BAILEY

12 • THE DARDEN REPORT

DEAN OF THE DECADE “At first glance, Bob Bruner might appear to be a traditional U.S. business school dean. He is smartly dressed, bespectacled and affable, with degrees from Harvard and Yale under his belt. He has a penchant for research into corporate finance, with around 300 case studies to his name. … But it only takes a short conversation to realize that appearances can be deceptive.”

—Della Bradshaw, Financial Times, May 2013

In 2008, Dean Robert F. Bruner, dressed in academic robes, stood before the Class of 2008 — the first class admitted on his watch as dean of the University of Virginia Darden School of Business.

“As your dean, my parting message to you today is that you have more wisdom to get — you’ve acquired some wisdom at Darden, but don’t stop,” he said.

He then cited the ancient Greek philosopher, Aristotle, who ranked “practical wisdom” as one of the four cardinal virtues, along with justice, fortitude and temperance. Aristotle said the person with practical wisdom is like an expert archer who hits the mark exactly. He or she is effective, acts in the right way, at the right time, with the right emphasis, with regard to the right persons, and with keen appreciation for the circumstances.

Over his 10-year tenure as dean, Bruner has proven that he is not only an award-winning professor in the classroom, a teacher of teachers and a legend of the cold call — he also has plenty of practical wisdom. He hits the mark.

WINTER 2015 • 13

O

n Sunday, 17 May 2015, Bruner will stand before another graduating class — only this time, he’ll give two speeches instead of one. In addition to his annual address to graduates of the Darden School, he will speak to graduates of 10 schools of the University of Virginia, as well as the first graduates from U.Va.’s Data Science Institute.

A Darden faculty member since 1982 and the Charles C. Abbott Professor of Business Administration, Bruner has served as the eighth dean of the Darden School since 2005. During his tenure, Darden has flourished, exploring new frontiers in globalization, technology, diversity, sustainability, and entrepreneurship and innovation.

The School has attracted a rising caliber of students; there are now eight applicants for each available seat in the full-time MBA program. The School also launched two new formats of the Darden MBA program aimed at executives who wish to work full time while pursuing the degree — the MBA for Executives and the Global MBA for Executives. Of the School’s 70-member, all-star faculty, Bruner has personally recruited more than one in four.

Though Bruner is a fierce critic of the rankings — calling them “The Wolf at the Door” — under his leadership, the Darden School has received the highest ranking of its history.

In October, The Economist magazine ranked Darden’s MBA program No. 3 in the world and the world’s best education experience, for the fourth year in a row.

“We’ve finished much of what I hoped we would achieve when I accepted the deanship in 2005,” said Bruner, who recently turned 65 on Halloween, his birthday.

In April 2014, he announced that he would return to the faculty after completing his second term as dean on 31 July 2015.

“Darden has challenges and opportunities ahead — and the School is in great shape to meet them: the world’s best faculty (say several rankings); distinguished Grounds; devoted alumni; a transformational learning experience; awesome students; and a large endowment,” he wrote in his blog post, “My Transition to Come: Dean to Professor.” “I didn’t accomplish all that; the whole community did. I’m just pleased to have had a voice in the chorus.”

MISSION-DRIVEN LEADER During the worst economic environment in memory — marked by the Global Financial Crisis and the Great Recession — Bruner and his team, including five distinguished volunteer leadership boards and a small army of high-performing class agents and volunteers, persevered and raised $150 million for the Campaign for Darden, which concluded in April 2014 as part of the Campaign for the University of Virginia.

“The campaign significantly increased financial aid for students and faculty support and established new research Centers of Excellence, including the Richard A. Mayo Center for Asset Management and the Darden Institute for Business in Society,” said Locke Ogens, senior executive director of the

14 • THE DARDEN REPORT

Darden School Foundation and strategic relations.

Another key accomplishment of the Campaign for Darden was the launch of Darden’s innovative Global MBA for Executives (GEMBA) program in 2010, which was made possible by the generous support of private donors. Over 21 months, high-potential executives receive on-the-ground training in five regions around the world: Brazil, China, India, the United States and Western Europe. The program has spawned a new generation of global case studies and has transformed the world into a laboratory for learning for future business leaders.

Expanding Darden’s international reach has been paramount to Bruner during his tenure as dean. In 2011, he led a global task force of deans to conduct a comprehensive review of global management education for the Association to Advance Collegiate Schools of Business. The resulting book-length report, “The Globalization of Management Education,” urged educational leaders to rise to the challenges of globalization as they prepare their students.

“Bruner is leading the way when it comes to making an MBA a globally relevant degree,” wrote journalist John A. Byrne in his article naming Bruner “Dean of the Year” in 2011, which was published in CNN Money/Fortune and Poets & Quants, a media outlet dedicated to graduate business education.

A firm believer in Darden’s mission to improve the world by developing responsible leaders and advancing knowledge, Bruner has spent much of his tenure circling the globe. Each year for the past 10 years, he has traveled more than 150 days to meet with donors, prospective students, alumni, recruiting partners and the media.

“Bob set a vision for world-class impact and stature,” said Jim Cooper (MBA ’84), chair of the Darden School Foundation Board of Trustees. “He has worked tirelessly to advance the School.”

A MAN OF LETTERS Throughout his travels, Bruner has found time to write — and to write some more. A gifted communicator and a pioneer in social media, Dean Bruner has written more than 265 posts since 2006 for his ever-popular Dean’s Blog, in which he comments on current events and business topics and offers lessons on both leadership and life. He sources quotes and inspiration from a wide cast of figures, ranging from Johnny Cash and Mark Twain to Jerry Seinfeld and Henry Ford.

“After days on the road, most of us would fall asleep on the plane,” said Sara Neher, assistant dean of Admissions. “Bob would put on his headphones and get to work, crafting an insightful blog post, revising a case or writing a chapter for one of his books. I’m not sure he ever sleeps.”

His Twitter feed, @Bob_Bruner, also brims with content: photos of him with his wife, Bobbie, at their annual Thanksgiving dinner for international students, curated content from an array of international publications, and even a photograph of him standing by the hospital bed of 104-year-old

ROBERT F. BRUNER, Charles C. Abbott Professor of Business Administration and Eighth Dean of Darden 1949 Born in Chicago, Illinois, U.S.; raised in Racine, Wisconsin 1971 Graduated with a B.A. from Yale University 1974 Received an MBA from Harvard University 1982 Earned his DBA from Harvard Business School and joined Darden the same year as an assistant professor

IAN BRADSHAW

1993 Promoted to full professor 2005 Appointed as eighth dean of the Darden School

Above: Bruner presented a case review for Baltimore alumni in March 2007.

Darden Professor Emeritus John Forbes, as he recovered from a life-threatening event. “Strength to John!” Bruner tweeted.

A firm believer that “reading can save you from the School of Hard Knocks,” Bruner reads 30–40 books a year. His annual blog post listing the year’s best attracts thousands of readers.

And then there are the case studies and books that he has researched and authored. An expert in corporate finance, he has authored or co-authored some 300 case studies and several books, including Deals From Hell, Applied Mergers and Acquisitions, Case Studies in Finance and The Panic of 1907: Lessons Learned From the Market’s Perfect Storm.

“I entered academic life because I love to teach and write,” he said.

In a recent media interview, he offered three tips for leaders or deans who may wish to engage in social media, which are insights into how he thinks: • Always focus on the reader. Write about things that you believe your iconic reader will care to hear.

• Write from your values. Don’t deviate because whatever goes on the Internet stays on the Internet.

• Speak to things that are very of the moment and topics that are durable.

THE NEXT FRONTIER One such “of the moment” topic is technology, which promises to forever change higher education.

Bruner has long pointed to technology as a game changer in higher education. At Darden, he has encouraged leading-edge efforts, including the School’s delivery of distance learning,

its 2009 collaboration with Amazon to pilot e-readers in the classroom, and the 2013 and 2014 delivery of several massive open online courses on the Coursera platform. More than 600,000 people have registered for the courses.

“For several years in a row, we toured technology companies on the West Coast with Darden faculty. This ‘tech trek’ crammed in 17 companies and three alumni receptions in the space of three and a half days,” said Michael Lenox, Samuel L. Slover Research Professor of Business, Batten Institute for Entrepreneurship and Innovation academic director and associate dean for innovation.

“Bob’s insight was that these visits would help energize our own thinking and lead to innovation at the School, and they have.”

STAYING POWER In a climate where 10-year deans at business schools are increasingly rare, Dean Bruner is one of Darden’s longest-serving deans.

“Bob is a true servant leader,” said Sankaran “Venkat” Venkataraman, MasterCard Professor of Business Administration and senior associate dean for faculty and research. “His passion for finance and steadfast humility make him an exceptional teacher.”

At the conclusion of his second term in July 2015, Bruner will take a one-year, traditional leave of absence, and will resume his focus on teaching, research and writing. In 2016, he will return to the classroom, where his cold calls and generous heart will inspire the next generation of leaders.

Said Professor Emeritus C. Ray Smith, “Bob personifies the type of leader we at Darden would like to graduate from our School.”

—Juliet Daum WINTER 2015 • 15

ANDREW SHURTLEFF

FACULTY SPOTLIGHT

Let’s Talk About You Gregory B. Fairchild (MBA ’92) applies what he learns from disenfranchised, overlooked members of society to improve business and the world.

by Jacquelyn Lazo

16 • THE DARDEN REPORT

Gregory B. Fairchild began his career in fashion. A Virginia Commonwealth University graduate, he landed his first job at Saks Fifth Avenue’s flagship store in New York City. For two years, he managed the $11 million women’s couture dress department. Fairchild had aspirations of becoming a general manager, so his mentor — the senior vice president of Saks at the time — encouraged him to get an MBA degree to fast-track his management career.

After graduating from Darden in 1992, Fairchild accepted a position in marketing at Procter & Gamble’s cosmetics division.

Before long, he decided to heed the advice of several Darden faculty members who had encouraged him to get a Ph.D. They wrote recommendation letters for him when he applied to Columbia University. After earning his doctorate, he interviewed at various schools worldwide. “Jim Freeland was the dean of the Darden faculty at the time. He told me, ‘Go interview at all of the schools on your list. We will match any offer you receive.’

This was a humbling moment and a vote of confidence that I have never forgotten,” says Fairchild, who returned to Darden to teach in 2000. Today, he is an academic director for the Institute for Business in Society at Darden and the E. Thayer Bigelow Associate Professor of Business Administration.

B

efore we talk about me, let’s talk about you,” says Fairchild at the beginning of our interview. Then he leans forward, ready to listen.

This is how most conversations begin with Fairchild. He is passionate about people. As a researcher, he recognizes that his curiosity can teach him about the dynamics of business and society. “I study the value in the overlooked and underappreciated,” he says. “And with each additional case or research project, I learn more about the core of what business means in people’s lives, the impact that we can have.” Fairchild’s research often focuses on subjects who by most social standards would be considered outliers: bankers on Native American reservations, Pizza Hut workers in Russia, inmates in Virginia’s prisons.

“We often talk about how business can influence the social world,” Fairchild observes.

“Less discussed is how the social world influences the business world.” He learns how to apply big business principles to high-risk communities by going into those communities and getting to know the people who live there. Some of them are surprised by Fairchild, such as the New England fisherman he visited several years ago. “He asked me why I’d want to interview him,” Fairchild laughs. “I told him, ‘I’m learning.’”

The interviews, along with his other research, prove that even small changes — such as increasing the number of people who have bank accounts in a low-income area — have an immediate effect on the entire community, increasing property values and decreasing crime. “This thing that may seem disconnected from a community-level value — offering financial services to low-income populations — turns out to have a direct and very real impact,” he says.

Fairchild incorporates much of his research into his case studies. “I tend to bring my knowledge of how financial institutions operate and compete into cases that illustrate that finance is a set of tools that can be applied in a surprising number of places,” he explains. Fairchild’s skills in the field also help him in the classroom. “Certainly, the students are interested in understanding the tools presented, but they also learn about business in a context that they might not otherwise come across.”

Know Your Students “When he begins class, there’s a moment of sheer terror and enjoyment,” says Matthew Priest (MBA ’14), a former student of Fairchild’s.

“Greg likes to cold call people who have some odd connection to the case — whether it’s about the industry, the protagonist or even an odd fact about the town in which the case is set. I’m not even sure how he does it,” says Priest, who received the Frederick S. Morton Leadership Award in 2014 and, in turn, nominated Fairchild for the coveted Frederick S. Morton Faculty Award.

“Greg’s class feels like a close conversation, a chat among friends,” wrote Priest in the nomination letter. “And once walls are broken down and individuals feel comfortable with one another, these relationships foster better conversations and enhanced learning experiences.”

Fairchild is meticulously attentive to details.

Before class, he reviews his students’ resumes, mapping out ways in which their lives might intertwine with the case they’re studying. “You have to recognize that what happens within the class is only the beginning,” Fairchild says of his teaching approach. “Time spent getting to know where students are on their journeys is helpful in staying fresh.”

“Greg is very accessible,” says Alexander Sharif (MBA ’15), one of Fairchild’s students. “He will make time to sit down with us. He makes sure that he is available to talk about class, his research or anything that interests us.” Fairchild can often be found chatting and laughing with colleagues, students and staff members in the hallways of the Faculty Office Building. His modest, relaxed demeanor draws people to him. “If I had to describe him with one word, it would be energetic. He is always incredibly enthusiastic,” says Sharif.

We often talk about how business can influence the social world,” Fairchild observes. “Less discussed is how the social world influences the business world.”

A Celebrated Leader in His Field Fairchild’s colleagues admire him, as well. “Greg is the kind of academic many of us aspire to be,” says his colleague Professor Bidhan L. Parmar (MBA/ Ph.D. ’11). “He is driven by the belief that business has the potential to benefit all members of our society, including those groups that are rendered invisible or forgotten.”

Fairchild’s work in this area has earned him numerous accolades. In 2009, he received an Aspen

WINTER 2015 • 17

Institute Faculty Pioneer Award — dubbed “the Oscars of the business world” by Financial Times — for his “leadership and risk-taking in integrating ethical, environmental and social issues into the MBA curriculum.” That same year, he won an $850,000 grant from the John D. and Catherine T. MacArthur Foundation, the largest grant a Darden professor has received to date. The grant funded

number of accolades he receives,” says Parmar.

“Fundamentally, Greg’s work matters. His excellent teaching, groundbreaking research and deep engagement with business leaders serve to magnify the power that business has to make a positive difference in society.”

The Result of Resilience

Another overlooked group Fairchild studies is the growing ex-offender population reentering the workforce. Post-release, many of them have DID YOU KNOW? difficulty finding jobs, and they return to criminal ● Fairchild loves to cook. behavior as a last resort, which often lands them ● Darden Dean C. Stewart Sheppard’s widow, Maria, gave back in jail. In an effort to decrease recidivism him the former dean’s robe, and he wears it to every rates, Fairchild began the Prison Entrepreneurship Darden graduation.

Program. He, along with several Darden MBA ● He raises and trains homing pigeons with his sons. students, teaches entrepreneurship courses at the Dillwyn Correctional Center for Men and the Fluvanna Correctional Center for Women.

Fairchild’s hope is that harnessing their energy Fairchild’s study of community development and providing them with a broader perspective financial institutions, which offer financial services on business will aid them in their job search and to individuals and organizations in traditionally possibly inspire some of them to launch their own underserved areas. businesses. As of 2014, a total of 44 inmates have In 2010, Financial Times named Fairchild one received entrepreneurship certificates through this of five high-impact research professors. In 2012, program.

CNN/Fortune recognized him as one of the Top 10 Regardless of who Fairchild works with, his goal B-School Professors in the World. is always the same: find new ways of using business Despite his myriad commendations, Fairchild to positively affect society. “Business is one of the remains grounded. “I think his core belief best means for change,” he says. “I’m on a journey, about how society impacts business is what and my job on that journey is to try to learn some has allowed Greg to persevere through difficult things about how businesses operate, to learn from times and remain humble amid the growing people, and then to pass that on to other people.”

This year, Fairchild was featured in the documentary Spent: Looking for Change. Produced by Academy Award‑winning filmmaker Davis Guggenheim, director of An Inconvenient Truth and Waiting for “Superman,” and directed by Derek Doneen, the film illustrates the growing problem of the financially underserved and explores solutions emerging through technology, innovation and education that could lead these individuals to a more financially secure future.

“The cost of this troubling trend is far too great not to take action,” says Fairchild. “We aim to shed some light on this issue and propose some workable and innovative options that can lessen this burden upon the financially underserved and upon our economy.” Fairchild appears briefly in the film and recently served on a panel that discussed the documentary at the U.S. Treasury Department.

18 • THE DARDEN REPORT

Right now, Darden alumni in our Commercial Leadership Development program are working to make a difference.

Where will your path take you?

Eastman is proud to support the Darden School of Business. As a global specialty chemicals company, we’re honored to invest in programs that help find practical solutions to complex issues.

Today, the world depends on our insights to create materials that are in just about everything—from the screen on your PC tablet to the sheen on your aspirin tablet. To continue to do so, we must nurture good leadership.

At Eastman—like at Darden—good leaders are catalysts. They don’t just direct; they inspire. And to do so, they must be inspired themselves.

Find your inspiration at www.eastman.com.

Eastman and The results of insight are trademarks of Eastman Chemical Company. © 2014 Eastman Chemical Company EMN-HR-042 | 10/14

WINTER 2015 • 19

DARDEN FACULTY LOOK TO THE FUTURE: RAJ VENKATESAN

SAMUEL E. BODILY

ELENA LOUTSKINA

MARKETING

Q U A N T I TAT I V E A N A LY S I S

FINANCE

“The marketing world (and the enterprise) is faced with new data about customers, competition and collaborators. In this scenario, the winners are the firms that can convert data into successful strategies. But strategy is about both formulation and execution. Hence, firms are interested in building a sustainable data-oriented culture.

The challenge is to have a culture where every individual in the organization — from the analyst to the C-suite executive — values insights from data and is adept at using data-driven insights in their decisions. This is going to be a long process of organizational change. However, the technology and market trends are moving much faster than any organization’s appetite.”

In collaboration with new Darden faculty member Kimberly Whitler (see page 7).

20 • THE DARDEN REPORT

“People sometimes joke that ‘it takes a decade to become an overnight sensation.’ And this is true of the next breakthrough — the use of probabilistic forecasting and modeling everywhere — in models of consumer purchasing, investment, supply chain management, strategy, energy exploration, revenue management, collaborative decision-making, warfare and anti-terrorism, pricing, biopharmaceutical development, insurance, text analytics, machine learning, artificial intelligence and risk management. The methods have been in development for several decades (the roots, even centuries).

What is new is the immense amount and granularity of data, the pervasiveness and speed of computing power, and the mobility of both. Last but certainly not least, the skill of analysts and managers to do the calculations and make use of the results is a big breakthrough.”

“Impact investing is a new, emerging alternative asset class aimed to both generate a financial return and benefit society. Acumen Fund, a nonprofit global venture fund, has been operating in this domain for 15 years, but during the past three years, the idea has gained tremendous momentum. In 2013, some experts estimated that impact investors dispersed $9 billion. The range of investors and companies operating in this field is very broad, from very typical return-oriented venture capital funds with social benefit objectives to NGOs [non-governmental organizations] issuing social bonds for community redevelopment projects.

A number of wealthy individuals and estates are actively shifting away from supporting pure society-driven charity channels to directly investing in financially sustainable social enterprises.

MBA programs need to proactively think about preparing new specialists for this field, those who would understand the unique opportunities and challenges investors face in the impact investment landscape.”

WHAT ARE THE NEXT BIG BREAKTHROUGHS? RAUL CHAO

MORELA HERNANDEZ

ELIZABETH POWELL

TECHNOLOGY AND O P E R AT I O N S M A N A G E M E N T

LEADERSHIP AND O R G A N I Z AT I O N A L B E H AV I O R

MANAGEMENT C O M M U N I C AT I O N

“Innovation and growth have always been top-of-mind issues for investors, entrepreneurs and senior executives in large organizations.

The next breakthrough in innovation management will be focused on how these organizations deliver innovation rather than what or who is the focus of innovation. Rather than conduct market tests, work on developing a product and then launch a new product once per year, managers and entrepreneurs will focus on iterative and continuous innovation. That is to say, they will sell live, working ‘prototypes’ to customers and then develop innovations to the product on a monthly, weekly or even daily basis. This will require a shift in the way companies organize for innovation, the way processes within the organization are designed and the manner in which customers are included in the innovation process.”

“The ever-growing complexity and global reach of modern organizations has increasingly made obsolete a top-down, single decision-maker model of leadership. Research at the nexus of leadership and ethics suggests that leaders who can actively engage, collaborate and learn from a broad range of stakeholders can reap the benefits of more effective, deliberate decision-making; foster a sense of responsibility and ownership; and ultimately improve long-term financial performance and growth.

Therefore, the next big breakthrough in management is likely to emerge from an understanding of how individuals navigate uncertainty by leveraging diverse social networks to serve not only the interests of their organizations, but the external world in which the organizations exist and the stakeholders it impacts.”

“Leading mindfully is an emerging topic that resonates with executives who recognize that learning that is more centered, reflective and self-aware helps them show up, act and lead more effectively. While many wisdom traditions have long advocated contemplative practices of various kinds, new research in neuroscience and psychology is persuasively validating their benefits. In the context of leadership, leading mindfully can help individuals reduce stress, improve problem-solving and decision-making, and improve leaders’ ability to be more present, connected and inspirational with those whose help they need to accomplish difficult goals. The newest conversations and research on this topic extend to the benefits of organizing mindfully to shape and fulfill the social missions of existing and new businesses. Academic interest at Darden is currently being fueled through the pioneering work of U.Va.’s recently established Contemplative Sciences Center in partnership with Darden’s Batten Institute for Entrepreneurship and Innovation.”

WINTER 2015 • 21

ELIZABETH A. DEMERS

KIERAN J. WALSH

MICHAEL LENOX

ACCOUNTING

GLOBAL ECONOMIES AND MARKETS

ST R AT E G Y , E T H I C S A N D ENTREPRENEURSHIP

“The field of accounting and financial reporting doesn’t experience too many ‘revolutions,’ but I think an important trend to watch for in the future will be an increase in the amount of integrated reporting being done by corporations around the world. The notion here is to create a reporting system that captures not only financial capital, but also intellectual, human, social/ relationships and other sources of capital that enhance value to shareholders and are relevant to other stakeholders of the firm. Currently, much of this is either not captured, or is poorly captured, by the traditional financial accounting system. Even when the information is tracked and reported, this tends to occur through separate communication channels targeted to particular audiences.

As perspectives on the role of business in society continue to evolve, we should expect to see increasingly holistic reporting systems, with more of this stakeholder-relevant nonfinancial information being measured and reported side-by-side with traditional financial metrics.”

22 • THE DARDEN REPORT

“The 2008 financial crisis and subsequent Great Recession have led many to question the validity and usefulness of much of modern macroeconomics. While the crisis and downturn appeared closely linked with the U.S. housing industry and global financial markets, the canonical models of the American economy used in classrooms and in government either ignored or greatly simplified domestic and cross-border trade in financial assets, especially complicated ones like mortgage-backed securities.

“Since the crisis, however, much of macroeconomics has focused on expanding the canonical framework to include, for example, realistic financial markets, trade in assets amongst different players in the global economy, housing markets, default and unconventional monetary policy. The next big breakthrough in the field of macroeconomics will be a data-driven model that definitively establishes how and when housing market cycles, securitization and financial market fluctuations lead to high unemployment and prolonged slowdowns.”

“Scholars across the fields of strategy, entrepreneurship and ethics are increasingly recognizing the rich interplay between their areas of research. The big breakthrough emerging from these fields is the identification of robust structures and institutions to jointly leverage established organizations and entrepreneurial ventures — both private and public — to address pressing societal challenges. Scholars are exploring how best to achieve collaborative innovation through mechanisms such as design thinking, open innovation, public-private partnerships, social entrepreneurship, corporate sustainability efforts and entrepreneurial ecosystems. The key is to design robust systems of engagement among the various players in a community or region.”

1965–2015

50

YEARS OF WOMEN IN THE MBA PROGRAM Fifty years ago, the first woman graduated from the University of Virginia Darden School of Business. Two women graduated in the 1960s, and by the 1970s, Darden’s female applicant pool expanded significantly. In 1978 alone, Darden conferred the MBA degree on 39 women.

Today, 30 percent of Darden’s MBA students are female, and the School is building a vibrant culture and network of female leaders. With the help of alumni and friends, Darden hopes to create women’s scholarships and recruit the next generation of female leaders from around the world, whose efforts will help close the gender gap.

In 2015, the School honors the courageous women who joined Darden in the early years and all of the thousands of women since then who have earned their MBA degrees at the School. To capture all of their stories in this issue would be impossible. Instead, we have compiled a few stories of successful alumnae — one from each decade — who, as entrepreneurs, intrepreneurs and C-suite executives, have stepped forward to conquer business challenges and improve the world.

— Jacquelyn Lazo

WINTER 2015 • 23

Integrating Budgets and Ballet Shoes

MICHAEL PARAS

How Susan Sobbott (MBA ’90), president of Global Corporate Payments at American Express and working mother of two, decided to replace work/life balance with work/life integration.

“Yesterday, my daughter Leah asked if she could come to work with me, so I brought her in,” said Susan Sobbott (MBA ’90) of her 9-year-old. “Leah sharpened about four boxes of pencils and sat through some meetings with me. She said she had the ‘very best day.’ Last night, she asked what time we were leaving for work this morning.”

As president of Global Corporate Payments at American Express, a wife and a mother, Sobbott knows about the challenges of managing a family and a career. At home, she raises her two children, Leah and Jeremiah, with her husband, Keith.

In her current position, she is responsible for all of the products that serve the company’s corporate payment clients around the world, including the Corporate Card and Corporate Purchasing Solutions. A leader in the corporate payments arena, American Express operates in nearly 200 countries and serves 62 percent of Fortune 500 companies. Since she started working for the company more than 20 years ago, Sobbott has established herself as a leader who spearheads creative marketing strategies, uncovers pockets of untapped growth and cares deeply about her customers.

24 • THE DARDEN REPORT

Sobbott’s downtown Manhattan office, which overlooks the Statue of Liberty, is full of family photographs coupled with several awards she’s won, including a Corporate Leadership Award from the United Way of New York City, the Office Depot Corporate Visionary Award, B2B Magazine’s Best B2B Marketer of the Year Award and the Women of Achievement Award, given by Girls Inc. Her life outside of American Express is deeply intertwined with her professional career, which is what she prefers. “When my children spend time with me at my office or work events, they are able to see that I have other responsibilities beyond my role as Mom,” she wrote in a Huffington Post 2013 blog post.

Why Balance Isn’t the Right Term “My life and my work have to be integrated because I can’t find another way to do it,” Sobbott said. “Honestly, it’s very practical.

Balance implies that I have two separate parts of my life. I would have to get them on an equal level, and to me, nothing competes with my family. I believe if you ever ask a person to make a choice between their work and their family, you’re always going to lose. It

has to be their family.”

Sobbott decided that if she isn’t willing to compromise, her employees shouldn’t have to, either. She formalized her integrated approach at American Express by creating a Project Resource Team for employees who need more flexibility. The Project Resource Team is a program that “gives employees who want to work part time the opportunity to continue their careers.” Team members work on a rotational basis — to fill in for someone on maternity leave, for example, or to lead a special project.

The team had an immediate impact on American Express and its employees. “It transformed the way the entire team looked at work/life integration,” Sobbott said. “It allows individuals who would have opted out to stay in, to stay connected. It is a small way to make life more palatable and a little bit easier, which can make a big difference.”

Giving her employees more flexibility also made them more well-rounded. “These employees become super heroes because they have rotational experience that rounds them out as executives,” Sobbott explained.

“They’re often highly sought after when they rotate back in.” Team members average about two to three years and then decide whether they want to return as full-time employees or continue on a part-time basis. The idea has been successfully adopted by several other American Express departments.

Sell With Confidence Another key to Sobbott’s success is her leadership style, which she credits Darden for teaching her. “My business and leadership philosophy emerged from my Darden roots of an integrated learning process. Just like the curriculum, nothing gets to be siloed. We have a business ‘ecosystem.’ No one gets to go off and do their own thing. Everything is mutually reinforcing,” said Sobbott.

At Darden, she also learned about the power of confidence, which she considers a critical asset for leaders. “You could have the best solution to the world’s most dramatic problem, but if you are unsure of yourself, no one is going to have confidence in you,” Sobbott said.

Darden’s cold call environment and study groups taught her how to solve problems and obtain the right resources. “The other side of the confidence issue is communication,” Sobbott observed. “The ability to communicate clearly in a compelling way is so important. It’s perhaps the most important skill I learned at Darden, and it serves me every day.”

Small Businesses, Big Results Prior to her current role, Sobbott served as president of American Express OPEN. During her 10-year tenure, she transformed it into the leading credit card issuer for small businesses, launching more than 20 successful card products, increasing revenues more than 50 percent, and doubling profits. The daughter of a business owner, she has always had a passion for helping small businesses, which is part of why she created Small Business Saturday. Every year, over Thanksgiving weekend, consumers are encouraged to shop at small,

independent businesses. In 2013, American Express engaged elected officials in all 50 states and Washington, D.C. — including President Obama and many senior government officials — almost 200 corporate partners and 1,400 neighborhoods across the country. Small Business Saturday has won dozens of awards, including a Grand Prix award at the Cannes International Festival of Creativity and an Effie Award from the American Marketing Association.

Sobbott’s pioneering work at American Express has helped women entrepreneurs across the country. In 2013, her company created OPEN for Women, a CEO boot camp for female business owners offering training, tools and support to advance their businesses. At the events, Sobbott shares what she and others have learned about women in business in the hope of helping them succeed. “Women tend to start businesses out of a passion or a need they see in their lives,” said Sobbott. “We try to help them marry their passion with profits.”

Modern Female Leadership In addition to her other roles, Sobbott is a highly engaged alumna who serves on the University of Virginia Darden School Foundation Board of Trustees. She cares deeply about how the School can help both women and men become better leaders.

She also serves on the boards of Red Ventures and the New Jersey Performing Arts Center.

“I think some of the most valued characteristics in modern leadership are typically considered to be female traits,” Sobbott said. “Whether or not they are embodied in a male or female executive, the notion of creativity, of connecting disparate pieces of information, nonlinear thinking and creating a highly collaborative environment … tend to be more associated with female traits.” She believes that Darden could attract more women to the School if it explored this theme more fully and brought out “female” leadership traits, “that are critical to success in our fastpaced world of innovation,” said Sobbott.

A Practical Way to Make It All Work Sobbott is amicable and energetic. She spends time getting to know her employees. Talking to parents on her team was how she originally decided to create the Project Resource Team. She observes those around her, and meets their needs as best she can, all while juggling a daunting to-do list.

“I have my list of things to accomplish this week,” Sobbott said.

“We’re planning the budget, and I have to get Leah’s ballet shoes.

They’re both on my priority list. One is no more important than the other.”

So how does she manage to get it all done? She said her yoga practice helps keep her grounded, though she does not consider herself a yogi. She also recognizes her challenges. “My integrated approach is just a practical way for me to make it all work, because let me tell you, it’s hard. Anybody who thinks it’s not clearly has not done it.”

At the end of the day, however, positively impacting others is what matters most to Sobbott. “Success for me is not measured in money or status. It is measured in meaning. In my mind, success is understanding how you serve others and doing it really well.”

WINTER 2015 • 25

Marketing With a Big Heart

MICHAEL PARAS

How one chief marketing officer, Katie Bisbee (MBA ’04), is making a difference at DonorsChoose.org by inviting millennials to join the conversation.

At the age of five, Katie Bisbee (MBA ’04) was serving meals at soup kitchens with her family.

“Social impact has always been in the forefront of my mind. My parents taught me that is how you should live your life,” she said. This sentiment has stayed with Bisbee, who turned her passion for helping others into a career.

She was several years out of college when she started working at a nonprofit and quickly realized her limiting factor. “I figured if I wanted to make an impact in the social sector, I had to have a really strong business grounding,” she explained.

She promptly applied and was accepted to Darden.

As a First Year student, Bisbee worried that her class contributions were subpar, but she quickly began to notice the opposite: Her nontraditional background as a marketer actually added value to the classroom dynamic. “I think I offered a fresh set of eyes that was helpful for my classmates. I asked questions other people probably wouldn’t think to ask because they knew the material so well,” she recalled.

26 • THE DARDEN REPORT

A “very proud member of Section A,” Bisbee was reticent to leave the Darden Grounds but enthusiastic to apply what she learned to her next job. She entered the corporate world and worked for a home furnishings company for a year before she decided to launch a business within Red Ventures, a customer acquisition firm that was ranked on the Inc. 500 list as one of the nation’s top 20 fastest growing companies.

“I would recommend spending some time in the corporate world after B-school,” Bisbee said, noting that her experience broadened her skillset, though it also reminded her of how much she enjoyed working in the nonprofit arena.

A Crowdsourcing Charity to Meet Teachers’ Needs After Bisbee left Red Ventures, she returned to the social sector to join DonorsChoose.org, a nonprofit that connects donors with teachers who need classroom supplies and funding, as CMO. She educates teachers about how to fundraise on the

Katie Bisbee, CMO of DonorsChoose.org, earned the Hyde Fellowship at Darden. In 2010, she was named to Charlotte Business Journal’s “40 Under 40.”

organization’s website, launched 14 years ago by a former public school teacher before online crowdsourcing was popular.

Bisbee also introduces new donors to the concept of the nonprofit: Anyone can donate any amount of money to fund projects posted by teachers. During her tenure, she has successfully engaged more than 2 million donors and teachers to support public school classrooms across America.

When she’s not busy with her marketing responsibilities for DonorsChoose.org, Bisbee spends her time mentoring young millennials — many of whom are women — at her organization.

“When they need to ask for promotions or resources, I’m available,” she said. “It’s not an official part of my job, but I love doing it.”

Giving back is not something Bisbee thinks about consciously. She just does it, organically.

Making Room for the Millennials When DonorsChoose.org relocated to the garment district of Manhattan last year, the new space was based on an open floor plan design. Bisbee affectionately describes the office as “part tech startup hub, part schoolhouse.” In the center is the classroom, with two dozen white desks and chairs surrounded by a series of chalkboard walls decorated by a local artist.

The rest of the space is full of long, communal wooden tables that employees and executives share. Bisbee and Charles Best, the company’s founder and CEO, sit side-by-side with their team members. The company consensus is that the arrangement creates a supportive, friendly work culture.

“With this setup, you have to get to know each other personally, and that’s what the millennial generation wants,” said Bisbee, though she admits that transitioning from structured office space to an open floor plan was a big adjustment. “This generation has opinions, and they want to be heard,” observed Bisbee, who views the millennial workforce as an opportunity rather than a challenge. She even created an open staff listserv for her employees to submit creative concepts to the organization.

“Some of our greatest ideas have come from people a year out of college on the operations team with suggestions for a marketing campaign,” Bisbee said, noting that harnessing the next generation’s energy through the right system can benefit companies immensely.

When Gratitude Adds Up On average, 70 percent of DonorsChoose.org projects, which range “from pencils for poetry to microscopes for mitochondria,” are funded. No matter the size of the donation, however, every contributor is personally acknowledged. “Even if

someone gives $5, they get a thank you from a teacher,” Bisbee said. “The teachers love teaching gratitude to their students when they’re writing letters, and we love thanking our donors.”

Under Bisbee’s direction, DonorsChoose.org has perfected the art of expressing appreciation. One fourth of the organization’s space is reserved for teachers who come by after school to craft thoughtful thank you notes. Supplied with brightly colored paper and pencils, they write stacks of original letters that the nonprofit then mails to contributors.

“Some people say we shouldn’t have to exist,” Bisbee remarked. “And I agree with that. We shouldn’t have to, but given that teachers on average are spending between $400 and $1,000 on supplies each year, they won’t get the supplies they need unless we’re around.”

“We’re like an entrepreneurial startup with a really big heart,” said Bisbee. “We care so much about public school teachers.” DonorsChoose.org is working to creatively fulfill its mission, thanks in large part to Bisbee’s dedication and enthusiasm.

MISSION CRITICAL IN MOORE, OKLAHOMA At 2:56 p.m. on 20 May 2013, a deadly tornado tore through Moore, Oklahoma, killing 24 people, injuring 377 others and destroying an estimated 1,150 homes, totaling $2 billion in damages. Students and teachers in the local schools desperately sought safety as winds exceeding 200 mph ripped roofs off of buildings and decimated walls around them.

The funnel cloud flattened Briarwood Elementary and heavily damaged Plaza Towers Public School. After the winds finally died down, parents held an all-night vigil as rescuers searched the rubble for survivors. Seven schoolchildren died.

Within 24 hours, Katie Bisbee (MBA ’04) and her team of 65 colleagues at DonorsChoose.org had raised almost $1 million from companies and individuals. They met with teachers in Moore and immediately funded all the teachers’ requests with the money they’d raised.

By the first day of school, DonorsChoose.org had replaced the destroyed supplies, furniture and technology so that when the students returned, their classrooms were the same as they had been before the tornado. “We replaced the reading nook students were familiar with and felt comfortable in the year before,” Bisbee said. With the help of DonorsChoose.org, Moore started to rebuild after the disaster.

“When I came back from Moore, Oklahoma, I said to Charles [Best, CEO and founder of DonorsChoose.org], ‘our model works,’” said Bisbee.

WINTER 2015 • 27

Buy a Bar, Feed a Child Veneka Chagwedera (MBA ’13) turned her kitchen hobby into an entrepreneurial enterprise.

While working for a Southeast Asian nonprofit, Veneka Chagwedera (MBA ’13) started making healthy energy bars to keep her going during her field trips to remote areas. When she returned to the United States to begin business school, she continued experimenting with ingredients, with the aim of crafting a satisfying snack bar without preservatives or added chemicals.

Chagwedera soon realized her “kitchen hobby had business potential.” With a grant from the University of Virginia i.Lab Business Incubator (housed at Darden) and support from Darden alumni and faculty, she launched NOURIBAR as a Second Year student in 2012. Having never run a business before, she relied on the guidance of several entrepreneurial faculty experts, including Professors Saras Sarasvathy and Jeanne Liedtka.

“Everything I learned at Darden in my classes has been pivotal to helping me grow the business, from operations and finance to marketing, leadership and strategy,” said Chagwedera. “Running a business while I was a full-time student helped me integrate my understanding of the classroom material with real-world experience.”

Two years later, Chagwedera’s startup has received much acclaim.

Touted by the likes of Dr. Mehmet Oz and First Lady Michelle Obama — whose “Let’s Move” campaign presented NOURIBAR with the AKA Stamp of Approval award — Chagwedera’s business is growing rapidly.

By the end of 2015, she hopes to expand the school feeding program to reach children worldwide.

Veneka Chagwedera Growing up in Harare, Zimbabwe, Chagwedera witnessed firsthand the indelible ties between food security and education. She watched children drop out of school so they could find jobs to supplement their families’ incomes. This was the impetus for NOURIBAR’s social mission. For every bar sold, the company donates a portion of the proceeds to its partner companies, which work on the ground in developing countries to source local food for children in need.

In 2014, the company provided more than 89,220 meals to children on four continents.

28 • THE DARDEN REPORT

First Female Student Reflects on Her Darden Days Nancy Milton didn’t shy away from the opportunity to get her MBA, even though she was the only woman in the classroom at the time.

This past spring, Nancy Milton’s classmates encouraged her to return to Grounds for induction into the Abbott Society to celebrate their 50th reunion milestone. Although she spent only one year at Darden, she received a standing ovation when she joined her Class of 1964 classmates on stage for the ceremony.

Dean Charles Abbott was the person who convinced Milton to apply to Darden as the first female student. She interviewed at the University after having been discouraged by a senior Louisville banker, who informed her that even though she was completing an economics degree at the University of Louisville, she would “never be considered for a serious position in banking in the South,” she said. She was accepted into the Darden MBA program in 1962.

NEW TO GROUNDS U.Va.’s undergraduate program was still all male when Milton arrived on Grounds, which she says didn’t concern her at the time.

When she was applying for internships, Dean Abbott advised her to work for J.P. Morgan. “I was happy working [there],” she said, “so I asked if I could become a permanent employee.”

Milton secured the job and did not return to Darden. For the next 10 years, she worked in M&A, moving to White, Weld & Co. Inc. after J.P. Morgan.

Then, when her husband was transferred to Houston, she returned to school, passed the CPA exam in Texas and earned her Master in Accounting at the University of Houston.

The couple eventually returned to New York City, and Milton worked in financial planning and accounting for the remainder of her career. In the 1980s, she was the comptroller at the Morgan Library (now known as the Morgan Library & Museum), where she computerized their entire accounting system. She left the library to work for another Morgan family member at Morgan Lewis Githens & Ahn. She was a vice president at the company.

Today, Milton takes contemporary art classes that visit galleries around the city. Avid travelers, she and her husband have taken two- to three-week trips to Europe, Asia and Israel for the past 20 years.

From Corporate Capitalism to Conscious Commerce Karen Yelick (MBA ’81) transitions from Wall Street investment banker to CEO of a Rwandan nonprofit.

“I ran what was called the War Room — conflicts clearance for investment banking, and it was a 24/7 job,” recalled Karen Yelick (MBA ’81), a mother of three. After 24 years with Merrill Lynch (which Bank of America acquired in 2009), in 2011 she decided to transition into the social sector. “I had always wanted to do something in the social enterprise space related to women and education. It was time,” said Yelick.

She found “the perfect fit” with Indego Africa, a nonprofit that partners with Rwandan women artisans to sell their handmade products in the United States market. Profits from sales coupled with donations fund education programs for the artisans. “I wanted to join a group that was on the verge, to help take it from a startup to the next level,” said Yelick, who is now Indego Africa’s CEO.

Indego Africa’s brand and product line have grown, and its products are sold online (indegoafrica.org) and to retailers, including Anthropologie, J. Crew, Nordstrom and TOMS. Matt Mitro, who now works for Google, founded the nonprofit seven years ago, and the mission is still the organization’s driving force.

RWANDA’S RISE FROM THE ASHES After the 1994 genocide, 70 percent of Rwanda’s population was female. “The rebuilding of Rwanda was driven by the energy of women,” explained Yelick. “If a road needed to be built from a small town to Kigali, women built it. This country literally rose from the ashes.”

As the country rebounded, a culture of reconciliation evolved. “Among our artisan partners, you see Hutus and Tutsis working alongside one another. It’s very

cohesive,” said Yelick.

Indego Africa offers women artisans the resources and opportunities to help them lift themselves and their families out of poverty by giving them access to the global marketplace and education. “We work with 600 women, most of whom have, on average, five children. That means we’re impacting more than 3,000 people a year,” said Yelick.

On 1 October 2014, Indego Africa launched a Leadership Academy in Kigali, Rwanda, which provides free advanced business education to 25 women each semester. Based on her positive learning team experience at Darden, Yelick decided to create study groups at the end of each lesson, which have been effective for the students — who are from 12 different artisan cooperatives — to learn from each other.

WINTER 2015 • 29

Want Peace?

Teach Net Ethics Worldwide.

Mala Bawer (MBA ’79) devotes her life to educating children in America, Africa and Qatar about how to use the Internet effectively and responsibly.

In 2011, the Ministry of Information and Communications (formerly ictQATAR) in Qatar enlisted Mala Bawer’s (MBA ’79) help to develop a multimedia digital learning program for their country.

A seasoned digital education expert, Bawer knew she was up for the challenge. After Darden, she worked for several media companies devoted to initial Internet exploration, where she anticipated the future need for digital literacy. “Schools needed to be prepared, and they were not. That was very clear to me,” she said.

As a result, Bawer co-founded CyberSmart! Education to teach students 21st century skills and prepare them for today’s digital society. “The whole idea was to instill young students with the sense of excitement about the Internet and to empower them to use the technology effectively and responsibly,” explained Bawer.

CyberSmart! was the first company to create a digital literary curriculum program and deliver it at no cost to millions of students in grades K-12 across the United States.

TEACHING PEACE THROUGH THE INTERNET To fulfill the ministry’s request, Bawer worked with local teachers and students to create a multimedia program that reflected Qatar’s culture and practices.

The final product, as Bawer describes it, “empowers young people from a country that controls much of the world’s wealth to use the Internet in positive ways in today’s globalized world. The program is about how to be considerate, kind and responsible online.”

Bawer arrived at Darden in 1977, after backpacking through Europe for almost two years on $5 a day. When she left Darden, she used her business savvy to build a successful international organization. “This project was my opportunity to make an impact,” said Bawer. “I really hope the Internet will bring us all closer together.”

Qatar hopes to distribute the digital learning program Bawer developed throughout the rest of the MENA region, which includes North Africa and the Middle East.

IN 2012, BAWER PRODUCED THE AWARD-WINNING FILM, TALL AS THE BAOBAB TREE, WITH HER SON, JEREMY TEICHER, A STUDENT ACADEMY AWARD-NOMINATED DIRECTOR. THE FILM IS ABOUT THE LIFE-CHANGING POWER OF EDUCATION. 30 • THE DARDEN REPORT

Women@Darden In the summer of 2014, the Darden School created Women@Darden, a group of alumni, faculty and staff that is examining and recommending actions to improve the quality of the Darden experience for prospective and current female students and alumnae.

The goals of the group are to: •Develop and inspire responsible leaders •Empower Darden’s female students and alumnae •Support the School’s diverse, vibrant community by attracting a growing number of qualified female applicants In an effort to reach the latter goal, Women@Darden aims to create women’s scholarships. “The percentage of women in the full-time Darden MBA program has hovered around 30 percent for the last seven years, a marked improvement from 25 percent in prior years,” said Sara Neher, assistant dean of Admissions. “To get to the next level, the Darden School Foundation aims to create a pool of scholarships for women,” said Neher.

As vice chair of the Women@Darden steering committee, Sally Genster Robling (MBA ’82) explained why she was inspired to join the group. “Darden was life-changing — I gained knowledge and became part of a community that enabled my success in business and in life. I’ve devoted much of my time to mentoring, coaching and championing women, but I was convinced I could do more. Naturally, I turned to Darden, where I found a clear way to address this opportunity.”

In the coming months, the members of Women@Darden will identify strategic goals related to student recruitment, student experience and alumnae engagement.

S:8.5�

Inspiring us all to reach higher.

Johnson & Johnson is proud to support

the Darden School in all their continued efforts

ŠJohnson & Johnson Services Inc., 2011

to build smarter, more dedicated,

and principled leaders for tomorrow.

Darden’s Lift Michael J. Woodfolk (TEP ’05) Senior Executive Director, Engagement Strategies What do all Darden alumni have in common? The answer is clear: It is the lift they received from the Darden experience and, in turn, the unmatched support they selflessly give back to the School.

UNMATCHED SUPPORT What do I mean by “unmatched support”? Quite simply, Darden alumni define commitment. In October, Dean Bruner convened all five of the School’s leadership boards for meetings, which was followed by Leadership Roundtable, which included class and chapter leaders. This remarkable corps of volunteers came together for a deep conversation about Darden’s future — not because they had something to gain from doing so, but because they had something to give.

Nearly 150 alumni discussed both the opportunities and challenges that lie ahead, as well as how each person might play a role in helping Darden reach new heights. They read case studies,

and identified top priorities and action items. Everyone left feeling motivated, empowered and ready to act on behalf of the School.

CONTINUITY OF ALUMNI SUPPORT Dean Bruner will complete his tenure as Darden’s eighth dean at the end of this academic year. When he set out in this role 10 years ago, he offered a rallying call to alumni: Get involved, speak up for Darden, recruit students, offer support and take a leadership role.

You answered the call. More than 600 graduates hold formal volunteer roles, while others recruit top talent, teach in the classroom, write cases with faculty, and mentor and support fellow alumni.

EXPRESSING OUR GRATITUDE Darden will always give back to you. Please take advantage of the services and networking opportunities offered, including Alumni Career Services, webinars, book clubs, events, legacy admissions support, connections to Darden students and faculty, and visits to Grounds. Find more information at alumni.darden.edu.

We hope to see you in April for Reunion, if not before.

Alumni Volunteer Leadership Roundtable, 24–25 October 2014

LEFT: Alumni Board member Chris Duffus (MBA ’00), Class Agent and Alumni Association Board of Directors member Jerry Connolly (MBA ’88) and Class Agent Jim Mixter (MBA ’75) MIDDLE: Professor Yiorgos Allayannis and Class Agent Cherbury Hunt (MBA ’05) RIGHT: Class Agent Mary Buckle Searle (MBA ’86) with Class Secretary Supriya Desai (MBA ’95)

LEFT: Class Secretary Rob Hanckel (MBA ’88) and Class Agent Martha Shenkenberg (MBA ’88) MIDDLE: Class Secretary Jackie Grace (MBA ’10) (middle) with husband Melvin Pope Jr. and their son Ryan Pope. RIGHT: Class Agent Gary Wilhite (MBA ’84) achieved Highest Reunion Dollar Total ($1,530,695), Highest Reunion Annual Fund Dollar Total ($395,680) and the High Achievement Award (greater than 50 percent Darden class participation). He is pictured with (from left to right) Senior Executive Director of Engagement Strategies Michael Woodfolk, Alumni Association Board of Directors Chair Karen Edwards (MBA ’84) and Dean Bob Bruner.

32 • THE DARDEN REPORT

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Alumni Profile

DAVID PIMPO (MBA ’97) First Darden Alumnus to Become a Navy Admiral

A

native of Strongsville, Ohio, Rear Admiral David R. Pimpo (MBA ’97) attended the United States Naval Academy in 1986, after which he went on to earn his MBA degree at Darden. He then served as assistant supply officer aboard the USS John C. Stennis, an aircraft carrier that circumnavigated the globe.

On his second sea tour aboard the aircraft carrier USS Ronald Reagan, he served as supply officer before assuming the role of operations officer for Naval Supply Systems Command.

In 2012, Pimpo was selected to become an admiral and assumed command of the Defense Logistics Agency Land and Maritime in Columbus, Ohio, for which he garnered many well wishes and much support from his fellow Darden alumni.

To date, Pimpo is the only Darden alumnus to become a Navy admiral.

INTIMIDATING FIRST DAYS OF DARDEN In 1995, Pimpo arrived on Grounds for his first day at Darden.

The experience caught him off guard. “I remember being in class and getting a little overwhelmed,” he admitted. The subjects were challenging. The approach to learning was rigorous. Many of Pimpo’s classmates were already well versed in the various business concepts because of their professional backgrounds. “I looked around, and I thought, ‘Wow! These guys are impressive.

I’m still trying to make sense of this,’” he reflected.

Pimpo quickly realized that given his military experience and his effective decision-making skills, he could offer a distinct perspective in course discussions, particularly when the class was discussing leadership. “I’d read the cases and made

34 • THE DARDEN REPORT

decisions that were different from [those of] my classmates,” he said. “Some of my classmates would come up with unbelievable solutions to complex, technical problems, and I always wished I could contribute in that way,” said Pimpo. “Then, during one of our classes, I was called on and had a very different take.

Afterwards, some of my classmates said they liked my solution.

It was then that I realized they were just as interested and impressed with my way of thinking as I was impressed with their approach, and I realized I brought value to the class,” he said. “I realized I did belong at Darden.”

A DIFFERENT DARDEN MISSION In the summer of 2014, Pimpo returned to Grounds, this time for the “Navy Strategic Thinking” course, which is part of Darden’s Executive Education custom program for the U.S. Navy. The experience broadened his thinking on a global scale.

Getting a chance to revisit Darden’s case method was also appealing to Pimpo. “We had several cases to read and discuss.

I fought to remind myself not to approach the scenarios as a Navy admiral, but as a person in the case,” he said.

Pimpo is not only grateful for the opportunity to continue learning at Darden, but he also considers himself blessed to have been an MBA student at the School.

“There are many instances in my career when I’ve thought about things my Darden professors have said or the ways in which they handle situations in class, and I think it’s really made me a better officer than if I hadn’t come here.”

— Abena Foreman-Trice

Alumni Profile

To update your contact information, call +1-434-243-8977 or e-mail dardenalum@darden.virginia.edu.

FERNANDO MERCÉ (MBA ’98) Building Nestlé Purina’s Brands in Latin America Fernando Mercé (MBA ’98), president of Nestlé Purina, Latin America and Caribbean, grew up with a global perspective.

The son of an expatriate, Mercé lived in Brazil, Chile, Venezuela, Switzerland and the United States. Back then, he never imagined leading in a corporate setting. Today, however, Mercé doesn’t direct employees from his headquarters in St. Louis, Missouri. Instead, he collaborates with associates.

“There is a fundamental difference between associates and employees,” said Mercé. “An associate, as we define it, works for the vision and the mission of the company.

An employee works for his or her boss. I constantly seek to create an environment where people are treated and expected to behave like associates.”

Together, Mercé and his colleagues set out to appeal to a growing customer base throughout Latin America and the Caribbean. They didn’t just introduce American pet food brands into different cultures; they created new brands tailored to individual tastes and customs.

“Until recently all pet food brands in Brazil were based on North American concepts,” Mercé said. “We had the opportunity to create something that captures the essence of being Brazilian and that resonates at a deeper level with pet owners from that country.”

So Mercé and his team developed Purina Revena, a brand manufactured in Brazil, and represented by colors found in the Brazilian flag. Revena also contains Brazilian ingredients, such as jabuticaba (a tart, grape-like fruit) and acerola (a small, cherry-like fruit).

“The brand has been incredibly successful,” Mercé said.

WHY MERCÉ CHOSE DARDEN Mercé decided to attend business school after working for four years as an industrial engineer in various Nestlé factories throughout the world. His work experience taught him that strong leaders are willing to challenge the prevailing

logic (even if it is their own) and encourage open dialogue from and with their teams. “Darden was a perfect place to develop these skills,” said Mercé.

“I knew I wanted a different style of teaching for my MBA,” continued Mercé. “I completed a few joint classes with Kellogg in my engineering program at Northwestern University, so I had a flavor of what the case method was like. Darden is well-known for its case study method, which is not an add-on, but a central component to its program.”

Upon visiting the School’s Grounds, he quickly fell in love with U.Va. and its Jeffersonian tradition. Once a student at Darden, he found working within a learning team quite valuable.

“The challenge for good leaders is to lead successful innovation with the majority of the people in your organization. Rarely do you get the chance to change the players,” Mercé said. “In my learning team, we had to make things work.”

PHILOSOPHY FOR SUCCESS Mercé joined Nestlé USA after graduating from Darden and became the director of marketing for Nestlé Purina’s Frisky Cat brand in 2001. By 2007, he had worked his way up to deputy vice president for North America.

During his journey, he developed his own personal philosophy, which includes living life to the fullest and understanding that the best days are still ahead.

Mercé’s biggest passion is spending time with his wife, Kelly, and their two young sons, Sebastian and Coleman.

Through it all, he maintains a positive outlook.

“Be excited for tomorrow and the day after tomorrow,” said Mercé. “Every day will keep getting better, and you have to keep your eyes open for that.”

—Abena Foreman-Trice WINTER 2015 • 35

Corporate Sponsors: 2014–15 The Darden School of Business wishes to thank all of our corporate sponsors for their support during the 2014–15 academic year. For more information about corporate sponsorship, contact the office of Corporate Relations at +1-434-243-4400 or corporaterelations@darden.virginia.edu.

Visionary Level ($25,000+) Corning Incorporated Eastman Chemical Company

Principal Level ($15,000+) Danaher Corporation Johnson & Johnson MeadWestvaco Corporation

Leader Level ($10,000+) Accenture Deutsche Bank J.P.Morgan Wells Fargo Securities

Associate Level ($5,000+) Bain & Company, Inc. Barclays Capital, Inc. Chevron Citigroup, Inc. Credit Suisse Deloitte Emerson Electric Co. General Mills, Inc. Goldman Sachs Group, Inc. Harris Williams & Co.

36 • THE DARDEN REPORT

Jefferies LLC Morgan Stanley Nomura Group Piper Jaffray Companies PricewaterhouseCoopers LLP Progressive Corporation SunTrust Banks, Inc. T. Rowe Price Associates, Inc. Target Corporation

DARDEN SCHOOL FOUNDATION BOARD OF TRUSTEES CHAIR James A. Cooper (MBA ’84) Thompson Street Capital Partners VICE CHAIR Elizabeth K. Weymouth (MBA ’94) Riverstone Holdings LLC Kirby C. Adams (MBA ’79) Trans-Tasman Resources Limited (TTR)

ALUMNI LEADERSHIP The five leadership boards of the Darden School of Business are composed of more than 130 distinguished leaders who collectively serve as an innovative force in the advancement of the Darden School throughout the world.

(Listing as of 30 October 2014) New Members Elected to the Darden School Foundation Board of Trustees, October 2014 Nicole M. Lindsay (MBA ’99/JD ’00) Director of Leadership Development, ZOOM Foundation

Elizabeth H. Lynch (MBA ’84) Evercore Consulting

Jonathan D. Mariner Executive Vice President and Chief Financial Officer, Major League Baseball

W.L. Lyons Brown III (MBA ’87) Altamar Brands LLC Robert F. Bruner Dean, University of Virginia Darden School of Business Susan J. Chaplinsky (Faculty) University of Virginia Darden School of Business G. David Cheek (MBA ’79) The Meridian Group James Su-Ting Cheng (MBA ’87) New Richmond Ventures VN Dalmia (MBA ’84) Dalmia Continental Pvt. Ltd. Karen K. Edwards (MBA ’84) Kosiba Edwards Associates Louis G. Elson (MBA ’90) Palamon Capital Partners LLP Arnold B. Evans (MBA/JD ’97) SunTrust Robinson Humphrey John Fowler Jr. (MBA/JD ’84) Wells Fargo Securities LLC Catherine J. Friedman (MBA ’86) Independent Consultant Donald W. Goodman (MBA ’84) Retired, The Walt Disney Company Kirsti Goodwin (MBA ’02) Gordon Grand III (MBA ’75) Russell Reynolds Associates Inc. Edwin B. Hooper (MBA ’94) Centerview Capital Robert J. Hugin (MBA ’85) Celgene Corporation Martina Hund-Mejean (MBA ’88) MasterCard Worldwide William I. Huyett (MBA ’82) McKinsey & Company Philip W. Knisely (MBA ’78) Clayton, Dubilier & Rice Lemuel E. Lewis (MBA ’72) Local/Weather.com Nicole M. Lindsay (MBA ’99/JD ’00) ZOOM Foundaton

Elizabeth H. Lynch (MBA ’84) Evercore Consulting Luann J. Lynch (Faculty) Darden School of Business Jonathan D. Mariner Major League Baseball Carolyn S. Miles (MBA ’88) Save the Children Douglas T. Moore (MBA ’80) Med-Air Homecare Michael O’Neill (MBA ’74) Citigroup Richard M. Paschal (MBA ’89) Coach Inc. Zhiyuan (Jerry) Peng (MBA ’03) Tranlin Inc. and Four Seas Capital Management Scott A. Price (MBA/MA ’90) Walmart Stores Inc. Admiral Gary Roughead Stanford Hoover Institution Frank M. Sands Sr. (MBA ’63) Sands Capital Management Frank M. Sands Jr. (MBA ’94) Sands Capital Management John Simon Executive Vice President and Provost, University of Virginia Henry F. Skelsey (MBA ’84) PRC Venture Partners LLC Richard P. Shannon, M.D. University of Virginia Susan Sobbott (MBA ’90) American Express John R. Strangfeld Jr. (MBA ’77) Prudential Financial Inc. Teresa A. Sullivan President, University of Virginia George S. Tahija (MBA ’86) PT Austindo Nusantara Jaya (ANJ) Bruce R. Thompson (MBA ’90) Bank of America William P. Utt (MBA ’84) Retired, KBR Inc. Thomas R. Watjen (MBA ’81) Unum Group Roger L. Werner Jr. (MBA ’77) Outdoor Channel Holdings Inc.

WINTER 2015 • 37

ALUMNI ASSOCIATION BOARD OF DIRECTORS CHAIR Karen K. Edwards (MBA ’84) Kosiba Edwards Associates PRESIDENT Douglas T. Moore (MBA ’80) Med-Air Homecare Kristina Alimard (MBA ’03) University of Virginia Investment Management Company George (Yiorgos) Allayannis (Faculty) University of Virginia Darden School of Business Keith Bachman, CFA (MBA ’89) Bank of Montreal Christine Piorkowski Barth (MBA ’94) Snowbird Capital Jerry Connolly (MBA ’88) Nomura Securities International Richard P. Dahling (MBA ’87) Fidelity Investments Heidi L. Davies (Class of 2015) Darden Student Association Christian Duffus (MBA ’00) LEAF College Savings LLC Jonathan D. England (MBA ’06) J.P. Morgan & Company Inc. Warren F. Estey (MBA ’98) Deutsche Bank Securities Michael Ganey (MBA ’78) House-Autry Mills Inc. Owen D. Griffin Jr. (MBA ’99) Dominion Enterprises Kendall Jennings (MBA ’12) IBM Bruce Jolly (MBA ’67) Tatum CFO Partners LLP Harry N. Lewis (MBA ’57) Lewis Insurance Agency Inc. Dar Maanavi (MBA/JD ’94) Trysail Advisors LLC. Matthew Markee (MBA ’01) Recast Energy LLC Jay McDonald (MBA ’71) Middleton McDonald Group Inc. Melissa Monk (EMBA ’08) Equifax Inc. Betsy M. Moszeter (EMBA ’11) First Affirmative Financial Network Nikhil Nath (MBA ’00) Macquarie Capital Advisors Shelley Reese (MBA ’08) Booz Allen Hamilton Elvis Rodriguez (MBA ’10) Goldman Sachs Group Inc. Abby A. Ruiz de Gamboa (MBA ’04) Deloitte Consulting LLP

38 • THE DARDEN REPORT

Nancy Schretter (MBA ’79) The Beacon Group Stephanie Scuderi (GEMBA ’14) Centennial Bank Shaojian Zhang (MBA ’99) Tungray

DEAN’S DIVERSITY ADVISORY COUNCIL CHAIR Allison Linney (MBA ’01) Allison Partners LLC VICE CHAIR Willard McCloud (MBA ’04) Cargill Inc. Nicola Allen (MBA ’10) Danaher Corp.

Tawana (Murphy) Burnett (MBA ’04) Pfizer Consumer Healthcare Paige Davis (MBA ’09) T. Rowe Price Jonathan Englert (MBA ’10) Deloitte Consulting LLP Teresa Epperson (MBA ’95) AlixPartners Ray Hernandez (MBA ’08) NewComLink Drew Holzwarth (EMBA ’09) Stanley Martin Companies Marguerite (Furlong) Longo (MBA ’08) Johnson & Johnson Octavia Matthews (MBA ’89) Aramark Uniforms Michael Peters (MBA ’09) COMCAST Corporation Reynaldo Roche (MBA ’07) Delta Air Lines Inc. William (Ben) Sanders (MBA ’06) Korn/Ferry International Rhonda Smith (MBA ’88) Breast Cancer Partner Jeffrey Toromoreno (MBA ’06) Citicorp Daniele Wilson (MBA ’11) Johnson & Johnson

GLOBAL ADVISORY COUNCIL CHAIR Scott A. Price (MBA/MA ’90) Walmart Stores Inc. VICE CHAIR Zhiyuan (Jerry) Peng (MBA ’03) Tranlin Inc. and Four Seas Capital Management Ed Casey (MBA ’84) Serco Inc. Jim Chapman (MBA ’00) Dominion Resources

Halsey Cook Jr. (MBA ’91) Sonepar North America VN Dalmia (MBA ’84) Dalmia Continental Pvt. Ltd. Louis G. Elson (MBA ’90) Palamon Capital Partners LLP Leslie Grayson University of Virginia Darden School of Business Clelland Peabody Hutton (MBA/JD ’75) Ajia Partners Rosemary King (MBA ’91) K&B Fund Richard K. Loh (MBA ’96) Ploh Group Pte. Ltd. Elie Maalouf (MBA ’89) McKinsey & Company Anton Periquet (MBA ’90) Pacific Main Holdings, Camden Hill Group Vincent Rague (MBA ’84) Catalyst Principal Partners Fiona Roche (MBA ’84) Estates Development Co. Pty. Ltd. Henry F. Skelsey (MBA ’84) PRC Venture Partners LLC Erik Slingerland (MBA ’84) Egon Zehnder International Gmbb.

Ichiro Suzuki (MBA ’84) Nomura Asset Management George S. Tahija (MBA ’86) PT Austindo Nusantara Jaya (ANJ) Jimmy Wei (MBA ’02) KPCB China Baocheng Yang (MBA ’04) Huanghe Science and Technical University

CORPORATE ADVISORY BOARD CHAIR John Fowler Jr. (MBA/JD ’84) Wells Fargo Securities LLC VICE CHAIR Richard M. Paschal (MBA ’89) Coach Inc. Michael Balay (MBA ’89) Cargill Inc. Helen Boudreau (MBA ’93) FORMA Therapeutics Mark Bower (MBA ’02) Bain & Company Ray Butler Kollmorgen Kevin Clark (MBA ’01) Amazon David Couture (MBA ’95) Deloitte Consulting LLP

R. Scott Creighton (MBA ’82) Johnson & Johnson Consumer Products Martin Curran (MBA ’84) Corning Incorporated Murray Deal Eastman Chemical Company Paul Donovan (MBA ’95) Microsoft Corporation Richard Edmunds III (MBA ’92) Strategy& Paul Farris (Faculty) Darden School of Business Elisabeth Frost (MBA ’05) General Mills Kecia Howson (MBA ’99) SunTrust Robinson Humphrey John Bernard Jung Jr. (MBA ’84) BB&T Capital Markets Matthew Kaness (MBA ’02) Urban Outfitters Inc. Mary Lou Kelley (MBA ’91) Best Buy Harry Lawton III (MBA ’00) The Home Depot Charles Leddy (MBA ’03) Presidian Harold McGraw IV (MBA ’07) S&P Capital IQ Daniel L. McKeon (MBA ’08) Marriott International Inc. Fernando Mercé (MBA ’98) Nestlé Purina L. Michael Meyer (MBA ’92) Route 66 Ventures Maurice A. Milikin AB InBev William J. O’Shea Jr. (MBA ’84) Campbell Soup Company Thomas Poole (MBA ’99) Capital One Thomas W. Reedy Jr. (MBA ’91) Carmax Inc. James Schinella (MBA ’93) Manilla Linda V. Schreiner MWV Steve Sonnenberg (MBA ’79) Emerson Scott A. Stemberger (MBA ’04) The Boston Consulting Group M. Reaves Wimbish (MBA ’97) Accenture

BLAKE FITCH

20

Questions With

Helen Boudreau (MBA ’93)

W

ith more than 25 years of global experience in finance, strategy and operations within the pharmaceutical, commercial banking and consumer sectors, Helen M. Boudreau (MBA ’93) is chief financial officer (CFO) of FORMA Therapeutics, a privately held biotechnology company. Before joining FORMA Therapeutics, Boudreau held a variety of positions at Novartis Corporation, including CFO, responsible for treasury, tax, insurance, finance shared services, investor relations and financial management for all United States corporate entities. Previous to that role, she was vice president of investor relations, responsible for North America, and served as vice president and CFO for Novartis Oncology, a fully integrated global business unit with sales in excess of $10 billion, where she oversaw finance, IT, strategic sourcing and innovation, quality and productivity.

Earlier in her career, Boudreau spent 10 years at Pfizer Inc., where she last served as vice president of finance for the customer business unit and commercial operations.

Previously, she held a series of other leadership roles with Pfizer, including in global R&D finance, research finance and procurement, financial planning and strategic analysis and strategic management. She also worked in strategic planning in the restaurant division of PepsiCo/YUM Brands and as an engagement manager at McKinsey & Co. Boudreau began her career in commercial and retail banking at Bank of America. She received a Bachelor of Arts in economics from the University of Maryland.

Boudreau serves on Darden’s Corporate Advisory Board.

1. What was your first job?

I was a waitress at Pizza Hut. 2. What’s the best advice you have ever received?

Network, network, network!

3. Do you prefer numbers or words?

Both. They each have their own magic.

4. What motivates you?

Having a positive impact.

5. When and where do you do your best thinking?

Early in the morning, anywhere quiet.

6. What’s your current state of mind?

I’m excited to be in biotech!

7. What are you reading these days?

At the moment, it’s mostly legal documents, presentation decks and CVs. 8. What technology can you not live without?

Electricity. I prefer to have power. Light and heat — just the basics.

9. What’s your motto?

Be true to your values.

10. How do you deal with conflict?

I try to stay focused on the desired outcomes.

11. What characteristics do you look for in people?

Honesty, commitment, sound thinking and a sense of humor.

12. What have you recently uploaded onto your iPod? I haven’t actually seen it in a few years. I’m not a big fan of ear buds.

13. How do you unwind?

Walking, reading and watching movies.

14. What is your idea of perfect happiness?

Being with family and friends, and all of them enjoying good health. Those are gifts.

15. If you could live anywhere, where would it be?

Virginia!!

16. What do you lose sleep over?

People issues.

17. Who’s your favorite action hero?

Groot.

18. What’s your favorite food and beverage?

Dessert and red wine.

19. Which class at Darden impacted you the most?

I loved “Quantitative Analysis,” but “Organizational Behavior” is the most useful in the long run.

20. Describe a moment when you realized the true value of your Darden education.

Darden was a life-changing experience for me — from what I learned and the people I met, to the doors it opened career-wise. The return on investment was and is enormous in every way.

WINTER 2015 • 39

Annual Fund

YOUR DARDE N

Service to our society. Integrity in our work. Leadership that makes a difference. These are the ideas on which Darden was built and that are personified by Darden alumni.

2015

Darden is making a bigger impact every day, advancing a vision that was put in place 60 years ago. That impact is changing the world, one leader at a time.

Dean Robert F. Bruner will return to the faculty in July 2015 after leading the Darden School for 10 years. His contributions have helped shape the direction of management education, improved Darden’s global stature and increased the value of the Darden degree.

During his decade as dean, one of his top strategic priorities has been to build a financial resource base that will enable Darden to fulfill its aspirations.

Your contributions or multiyear pledge to the Darden Annual Fund will honor the dean’s service, celebrate his impact and extend his legacy.

WAYS TO GIVE: • Visit www.darden.virginia.edu/supportdardenannualfund.

• Mail a check payable to Darden School Foundation, P.O. Box 7726, Charlottesville, Virginia 22906 USA. • Transfer stock — instructions available on our website.

THE NO. 1 EDUCATION EXPERIENCE IN THE WORLD — THE ECONOMIST, 2011–14

www.darden.virginia.edu/reunion

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

REUNION WEEKEND

2015 24–26 April

TM

The Abbott Society (1957–64) 1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 2014