The Darden Report Winter 2022 by Darden School of Business

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

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TH E DARDEN REPOR T

7202 R E S P O N S I B L E C A P I TA L I S M

LEADERS

S U P P LY C H A I N R E S I L I E N C Y

ISSUES F C L I M AT E AC T I O N

LEADERSHIP KINDNESS

R I S E O F T H E M AC H I N E S

ACTIONS FOR THE

TO SHAPE THE A H Y B R I D WO R K F O R C E

DIVERSE LEADERSHIP

ALL.

T O G E T H E R .

N OW.

TOGETHER, THE DARDEN COMMUNIT Y IS

CREATING A BRIGHTER FUTURE FOR BUSINESS

AND SOCIET Y. YOUR SUPPORT FOR T HE D ARDEN

A N N U A L F U N D P R O P E L S T H E S C H O O L F O R WA R D .

Make your gift or pledge of any amount to the Darden Annual Fund today. giving.darden.virginia.edu

DARDEN AN N U A L FUND

LETTER FROM THE DEAN

Improving the World, and Improving Darden

he Darden School improves the world. Those are the first six words of our mission statement, and they guide everything we do. In this issue of The Darden Report, we examine how business and the world are doing on several key issues in dire need of improvement: responsible capitalism (Page 12), efforts to operate sustainably and fight climate change (Page 24), and plans to recalibrate to a “new normal” in the workplace after two years of life at work upended by the coronavirus pandemic (Page 18). These issues facing business and society are simply too big for us to fail to address them. If we do fail, the consequences are too grave. But in their size lies immense complexity, and that is why every organization must look within to ask: “What can we do to make a difference?” At Darden, we’re doing just that. Before the start of this academic year, Darden announced initiatives to advance inclusive excellence in support of its value to enable its global and diverse community members to collaborate and excel. The Darden School Foundation has since stepped forward to unveil new scholarship programs that strengthen this commitment, including the launch of the Impact Fellows program, which provides merit scholarships for women and underrepresented minorities in the Full-Time MBA, and the

Breakthrough Scholars program, which provides merit scholarships to women and underrepresented minorities pursuing careers in private equity and venture capital (Page 15). On the sustainability front, Senior Associate Dean and Chief Strategy Officer Mike Lenox is leading a new initiative to create a set of 2030 sustainability goals for the School (Page 27), which comes on top of Darden achieving net-zero carbon operations in 2018. We also navigated our return to Grounds this fall with minimal disruptions and maximum enthusiasm, led by our students’ fierce desire to return to in-person experiences. Our commitment to in-person learning continues this spring. Darden’s mission is to improve the world by inspiring responsible leaders through transformational education experiences. We cannot inspire if we do not lead by example. I hope you’ll agree that our progress is noteworthy, though much work remains to be done.

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

WINTER 2022

University of Virginia Darden School of Business Office of Communication & Marketing P. O. Box 7225 Charlottesville, Virginia 22906-7225 USA communication@darden.virginia.edu Scott C. Beardsley Dean and Charles C. Abbott Professor of Business Administration The Darden Report is published twice a year with private donations to the University of Virginia Darden School Foundation. © 2022 Darden School Foundation Winter 2022, Volume 49, No. 1

THE DARDEN REPORT

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

EDITOR Jay Hodgkins ART DIRECTION & DESIGN Tira Hightower FEATURES AND COVER DESIGN Ross Bradley WRITERS Anna Katherine Clemmons Dave Hendrick Jen A. Miller Sally Parker Ashley Rabinovitch

CLASS NOTES EDITOR Egidijus Paurys Kim McKean PHOTOGRAPHY Tom Cogill Tyla Gallegos Sarah Hedden Ali Johnson Sam Levitan Andrew Shurtleff Susan Wormington

T HE DA R D E N R EPO R T

/ Winter

2022

FE ATURE S

DERSHIP SUES 2022 Key Leadership Issues for 2022

AC T I O N S F O R

Business has a starring role to play in every major issue of our time, and the opportunities and risks leaders must navigate are significant.

THE PRESENT

FOR

R E S P O N S I B L E C A P I TA L I S M

HANGES in almost every facet

In recent years, many companies have been jettisoning the shareholder primacy model and have instead been embracing the stakeholder model of capitalism, in which they seek to create value for all stakeholders, including employees, customers, suppliers and wider society. While there’s been more interest in responsible capitalism than ever before, those promises on stakeholder value are now being put to the test as the COVID-19 pandemic scars economies across the globe. Professor Bobby Parmar sees the current mixture of tensions as the acid test for companies’ commitment to the stakeholder model. Those tensions include matters of health and safety, the stresses that accompany pandemic life, and issues of justice and equality, all of which touch the workforce and the workplace — even a virtual one.

year alone, and the change is — with good reason — the

ing humanity. In a torrent of

hers into stark focus and served

n evolving world.

role to play in every major issue

Finding Normal at Work ... and at Darden

sks in each are significant. Strong

s learn from the past, confront

ere, Darden professors consider

dressing — right now, in 2022.

Coronavirus variants, countless scrapped returnto-work plans and The Great Resignation have proven that returning to normal is anything but.

School News

Meet the Class

Faculty News

Career Tips

Q&A with Martina Hund-Mejean

TO SHAPE

ALUMNI NEWS

THE FUTURE

Some businesses see this moment in time as a chance not just to rebuild the economy but to build it back better and greener than before. “It is a fantastic opportunity,” says Parmar. “Companies that can use this energy will be in a great position to move forward.” The first step is to unearth a firm’s wider purpose beyond profits, he explains, and then embody those values authentically in terms of processes and products or services. Leaders of companies are being called upon to address issues far beyond the confines of the corporate world and step into society’s thorniest debates, from immigration to LGBTQ rights. “Ultimately, each of these large institutions of society, government and business has to do its part,” says Parmar. While business is feeling some of that pressure, it has to be a collective effort if we are to deliver on the promises of stakeholder capitalism.”

Letter From the Foundation President

Class Notes

Abbott Award Nominations

In Memoriam

Darden Leadership Boards

WINTER 2021

PROFILES

M A

AT WORK …

Faculty Spotlight: Kimberly Whitler

Ann Taylor (MBA ’85)

Naresh Kumra (MBA ’99)

Leslie Ladd Kime (EMBA ’20)

AND ATQuestions: DARDEN 20 Bill Shelton (MBA ’93) WINTER 2021

Climate Change DOOMSDAY Takes theFROM Stage. BusinessREPORTS Is inTOthe COMMITMENTS Spotlight.TO ACTION, CLIMATE With the race ramping up to decarbonize the global economy, the question remains: Can business save the planet?

CHANGE TAKES THE STAGE

THE DARDEN REPORT

ANDBUSINESS IS IN THE to www.news.darden.virginia.edu for SPOTLIGHTGo all the latest school news and updates. By Firstname Lastname

celerated some changes that

ALSO INSIDE

WINTER 2021

WINTER 2022

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

eedless to say, it was a very special fall at Darden. What’s old is new, as we welcomed our community of students, faculty and staff back on Grounds in full for the first time since early March 2020. Zoom gatherings continue, too, but Darden remains very connected as a community. We held a select few reunion events on Grounds, the first of what will be hopefully many more to come this spring on the traditional Darden Reunion Weekend. We celebrated our new Principal Donors in person for the first time since October 2019. We also hosted the Darden School Foundation Board of Trustees on Grounds once again in October. It has been wonderful to welcome alumni back. Darden Grounds just weren’t the same without you. When you return to Darden, it’s not just about nostalgia for the transformational education experience you received here. You energize the place. You are part of the daily heartbeat that makes Grounds so dynamic. When I toured the construction site of the UVA

Michael J. Woodfolk (TEP ’05)

Inn at Darden and Conference Center for Lifelong Learning with members of the board of trustees, I witnessed how their vision for its future started to take shape just as the building itself was taking shape around us. Experiencing what is going on here firsthand inspired our trustees to dream big with us, and their inspiration was returned to the School in the form of new ideas that will make Darden stronger. We want all of you to come back and see the amazing things happening on Darden Grounds in Charlottesville. Or at UVA Darden DC Metro, for that matter. It’s an exciting time. We want you to feel the energy. And we want the energy you give our students, faculty and so many others when you come home to Darden.

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

Progress Toward Purpose

88%

$353M

As of 31 December 2021

$400 million by 30 June 2025

THE DARDEN REPORT

On the heels of an $80 million fundraising year ended 30 June — the second highest in Darden history — the School’s alumni and supporters have carried the Powered by Purpose campaign to the brink of the $400 million milestone. Progress toward the goal stands at $353 million. The milestone was set as the original goal of the Powered by Purpose campaign, which runs through 30 June 2025. However, thanks to the incredible generosity of the Darden network, the School expects to surpass the initial mark well ahead of schedule. Thanks to this loyal support, the School will be able to pursue additional funding priorities that help Darden more fully realize the potential of its mission to improve the world by inspiring responsible leaders. Darden will celebrate this milestone and announce plans and priorities for a new phase of the Powered by Purpose campaign in 2022.

SCHOOL NEWS

UVA Darden DC Metro in the Rosslyn district of Arlington, Virginia

Darden Launches Part-Time MBA Format for Working Professionals Darden unveiled a new, flexible format of its MBA this summer. Based at UVA Darden DC Metro in the Rosslyn district of Arlington, Virginia, the Part-Time MBA is designed for working professionals, and the first class will begin in late summer 2022. The program will be delivered through a combination of in-person and virtual classes. Students are expected to remain employed while completing the program, making it an attractive option for professionals based in the Washington, D.C., metro area or nearby. The School believes the Part-Time MBA may attract candidates who are earlier in their careers than many students in the School’s Executive MBA program. In the Part-Time MBA, all students will complete a required core curriculum as part of a cohort. After that, students

will customize their own experiences via Darden electives. The program offers students the opportunity to speed up or slow down their course of study as their lives and schedules demand. The program can be completed in as few as 28 months or may take up to 48 months total. The most common path is likely to take 33 months. Courses will be offered primarily on weekday evenings. “The new Part-Time MBA format grew out of a desire to offer another option for students in the D.C. area to pursue the Darden MBA,” said Dean Scott Beardsley. “This format promises the transformational education experience of one of the world’s top business schools, led by the world’s top faculty, but in a format with maximum flexibility to allow professionals to keep advancing their careers, thereby enhancing accessibility.”

Top 10

MBA Rankings In The Princeton Review’s Best Business Schools 2022 ranking, Darden was ranked among the Top 10 in 11 of the ranking’s categories — achieving more Top 10s than any other school. Darden was named No. 1 for Best Professors for the fifth consecutive year, No. 2 for Best MBA for Management, No. 3 for Best Classroom Experience and No. 5 for Best Career Prospects. The Princeton Review does not issue an overall program ranking. In Bloomberg Businessweek’s Best B-Schools 2021–22 ranking of full-time MBA programs, Darden placed No. 9 in the United States and No. 2 among programs at public universities. Darden was ranked in the Top 15 in the categories of Compensation, Learning and Networking.

WINTER 2022

Darden Offers 16 New Courses for 2021–22 Academic Year The Darden course directory continues to evolve and expand to showcase faculty expertise and present students with in-demand offerings. New elective courses for the 2021–22 academic year span topics including marketing, supply chains and cybersecurity. “What Would I Have Done Differently?,” taught by Professor Greg Fairchild, offers Executive MBA students direct exposure to senior executives who led organizations during uncertainty. “Thinking of a Master Plan: Nonprofit Management, Metrics and Impact Making in the Field,” taught by Professor Toni Irving, considers the unique capabilities of the nonprofit organization, many of which are on the forefront of issues of economic opportunity, housing, education and workforce development. Additional new courses include: » “Analytics for Experiments, Forecasts and Growth,” taught by Professors Casey Lichtendahl and Eric Tassone » “Corporate Strategy,” taught by Professor Young Hou » “Cybersecurity & Privacy,” taught by Batten Institute Senior Director David Touve » “Digital Operations,” taught by Professor Tim Laseter » “Disruption, Response and Transformation,” taught by Professor Ming-Jer Chen » “Emerging and Frontier Markets,” taught by World Bank economist Ayhan Kose » “Foundations and Applications of FinTech,” taught by Professor Ting Xu » “Leading in Uncertainty and Crisis,” taught by Professor Vivian Riefberg » “Managing Innovation,” taught by Professor Panos Markou » “Managing Sustainability From the InsideOut,” taught by Professor Carolyn Miles » “Marketing Leadership,” taught by Marc Ruggiano » “Markets, Government and Society,” taught by Professor Dan Murphy » “Sustainable Global Value Chains,” taught by Professor Vidya Mani » “Telling Financial Stories,” taught by Meghan Murray

THE DARDEN REPORT

ME E T T HE C L A S S

New Classes Set Records for Academic Excellence and Diversity Darden welcomed several new classes of students to Grounds in August: the Full-Time MBA Class of 2023, the Executive MBA Class of 2023 and the Master of Science in business analytics (MSBA) Class of 2022. The theme across classes: record-setting levels of excellence drawn from a record number of applications.

F U L L -TIM E M BA

351 STUDENTS

3.52 40 AVERAGE GPA (new record)

MEMBERS OF THE CONSORTIUM, an organization devoted to diversity and inclusion in global business education and leadership (new record)

138

STUDENTS (including 27 in the Global Executive MBA format)

INDUSTRIES (and 115 employers) represented

PERCENT WOMEN (a new record for any Darden program)

PERCENT U.S. MINORITY STUDENTS

PERCENT HOLD ADVANCED DEGREES

PERCENT U.S. MINORITY STUDENTS (new record)

PERCENT INTERNATIONAL CITIZENS, representing 40 countries (new record)

PERCENT FIRSTGENERATION COLLEGE STUDENTS (new record)

E XE C U TIV E M BA

24+ 46

PERCENT WOMEN (ties record)

M S BA

51 7

YEARS Average work experience

STUDENTS

PERCENT WOMEN

PERCENT U.S. MINORITY STUDENTS

PERCENT HOLD ADVANCED DEGREES

FAC U LT Y NE WS

RUSTAM ABUZOV

GABE ADAMS

TATIANA BATOVA

ALLISON ELIAS

YOUNG HOU

CAROLYN MILES

DWAI ROY

MELISSA THOMAS -HUNT

VERONICA WARNOCK

Rustam Abuzov joins the Finance area as an assistant professor. His research interests are in empirical corporate finance and financial intermediation. He received his bachelor’s and master’s degrees from the National Research University Higher School of Economics in Russia and his Ph.D. from the Swiss Finance Institute and HEC Lausanne in Switzerland.

Gabe Adams joins the Leadership and Organizational Behavior area as part of a joint appointment with Darden and the Frank Batten School of Leadership and Public Policy at UVA. She has taught courses on leadership, power and organizational politics; interpersonal and group dynamics; negotiations; and technology, innovation and entrepreneurship.

Darden Welcomes New and Returning Faculty Members Darden welcomed nine faculty members for the 2021–22 academic year, with a mix of new and familiar faces adding expertise in academic areas including Finance, Communication, Leadership and Organizational Behavior, Strategy, Operations, and Global Economies and Markets.

Tatiana Batova joins the Communication area as an associate professor. She previously was an associate professor in the College of Integrative Sciences and Arts at Arizona State University. A primary focus of her research is user experience: the ways people interact with technologies and how to make them more intuitive and more appealing by studying these interactions and their contexts of use. WINTER 2022

Allison Elias joins the Communication area as an assistant professor. She has been in the business school environment since 2012 when she began as a two-year research assistant at Darden. Her research interests are historical and contemporary issues of gender and diversity in organizations, social mobility, and careers. She received her bachelor’s, master’s and Ph.D. from the University of Virginia. Young Hou joins the Strategy area as an assistant professor. He recently completed his Ph.D. in the strategy unit at Harvard Business School. He is broadly interested in competitive strategy, nonmarket strategy and entrepreneurship. His research focuses on how firm positioning and resources dynamically interact in the context of competition. Carolyn Miles (MBA ’88) joins Darden as a professor of practice and also serves in the roles of senior adviser to the dean and executive fellow. In addition to teaching, she will advance Darden partnerships with foundations, advise students and faculty on engagement with the social sector, and bring her executive experience to the community. In 2020, Miles retired as president and CEO of Save the Children.

No.

Dwai Roy joins the Technology and Operations Management area as an assistant professor after recently completing his Ph.D. at the Carlson School of Management. He is particularly interested in studying the mechanisms through which government agencies establish and manage their sourcing relationships with small businesses. Melissa Thomas-Hunt joins Darden as the John D. Forbes Distinguished Professor of Business Administration with a joint appointment at the Batten School of Leadership and Public Policy. She returns to UVA from Airbnb, where she served as global head of diversity and belonging. In addition to advancing research and teaching, she will serve as a special adviser to the deans of the Darden and Batten schools in the areas of belonging and community. Veronica Warnock, who has taught at Darden for many years, has been appointed as a professor of practice. She is an economist with a background in forecasting, housing finance and development economics. Her research focuses on housing finance systems, bond market development in emerging markets and inclusive finance.

Ranked Best Professors for the fifth year in a row by The Princeton Review.

Congratulations, Darden faculty!

Faculty Awards and Accolades Professor Bob Bruner was a Case Centre Top 50 bestselling case author for 2020–21. Batten Institute Executive Director Sean Carr was a Case Centre Top 50 bestselling case author for 2020–21. Professor Ming-Jer Chen received the Most Influential Author award from the China Machine Press for his Selected Works of Ming-Jer Chen book series. Professor Rich Evans was awarded the Inquire Europe Research Grant for “Bundle Up — The Winter (and Spring) of MiFID II Discontent.” Professor Mary Gentile was named to the Thinkers50 Hall of Fame and was shortlisted for the Reimagine Education Awards. Professor Michael Schill and Jenny Craddock won the Case Centre Finance, Accounting and Control case award for their case, Ferrari: The 2015 Initial Public Offering. Schill was also a Case Centre Top 50 bestselling case author for 2020–21. Professors Roshni Raveendhran and Kimberly Whitler each received the Frederick S. Morton Faculty Award. Professor Laura Morgan Roberts was named a finalist for the Thinkers50 Talent Award and one of the Top 50 management thinkers for the year. Professor Bobby Parmar received the UVA Alumni Association Distinguished Professor Award.

Ming-Jer Chen

THE DARDEN REPORT

Mary Gentile

Bobby Parmar

Professor Ting Xu received the Best Paper Award at the China International Conference of Finance for his paper “Regulatory Costs of Being Public: Evidence From Bunching Estimation.” His paper “Individualism During Crises” received the INFORMS CIST Best Paper Award.

CAREERS

Record Career Outcomes Continue

$144,933

he Darden Full-Time MBA Class of 2021 reported stellar career results, highlighted by record salaries, bonuses and the percent of students employed at graduation. Darden’s most recent alumni will begin their post-MBA careers at 141 of the world’s top companies across a diverse array of industries. The top five hiring industries included consulting (32 percent), financial services (26 percent), technology (19 percent), health care (6 percent) and consumer packaged goods (5 percent). Building on the current momentum, the School released a new set of career-focused journey maps and curriculum guides ahead of the 2021–22 academic year, intended to help students navigate the School’s educational opportunities. The Darden Career Journey webpages and related Career Elective Guides display a suite of resources and offer suggestions for the most useful elective courses for students interested in careers in six popular career sectors: consulting, technology, investment banking, corporate finance, marketing and general management.

starting salary (new record)

$35,488

97% received job offers

average signing bonus

91% accepted a full-time offer by graduation (new record)

95%

accepted a full-time offer by 90 days after graduation

W H AT C A N DA R D E N D O F O R YO U T O DAY ? Darden powers your purpose for more than just two years on Grounds. Through Alumni Career Services, we support your career for life. • • • • •

Career/Transition Coaching Executive/Leadership Coaching Darden Hiring Network Darden Career Connection Teams Virtual Roundtables

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

WINTER 2022

Tips From Darden Alumni Career Services on Exiting Gracefully By Jen Coleman Executive Director, Alumni Career Services The job market is hot. And with a hot job market comes turnover. In Alumni Career Services, we are getting lots of questions from our clients about the best way to handle a departure. Ending on a positive note is essential. Here are some suggestions for ensuring a smooth transition.

4 Tips to Follow Before You Resign

1. Carefully review your noncompete clause. Make

sure that you are familiar with any restrictions or constraints that would preclude you from moving forward with your next opportunity.

2. Secure any nonproprietary files, information,

contacts, etc., that you want to take with you.

3. Make sure you have a legally binding, signed

agreement with your next employer before you resign.

4 Tips for Resigning

1. Tell your manager first. Schedule an

appointment, face-to-face, if possible, and work around your boss’ schedule.

2. Be thoughtful about a succession plan for your role, including the transition of clients, projects, etc., and prepare recommendations. Ensuring a smooth transition contributes to a positive professional reputation.

3. Be prepared for a counteroffer. It is

4. Prepare a resignation letter. This is a

4. Make sure you are comfortable with the amount of notice you are giving your current employer and are aware of any requirements. Many companies require two to four weeks’ notice. You also want to build in a break. An extra week or two to recharge your batteries is well worth taking.

amazing what an employer is suddenly willing and able to do to keep top talent when said top talent is ready to walk away. formality that most employers require for the record. Two sentences — one with the resignation statement and one with an end date — can suffice. In some industries, be prepared for the possibility that you’ll be asked to leave immediately, especially if you are going to a competitor. Do not take it personally; this may be standard company protocol.

5 Tips to Follow After You Resign

Notify your employees, colleagues and others. Keep in mind that, while many may be happy for you, your departure could be bad news for some. Be sensitive. Maintain your professionalism, remaining positive and engaged through your final days. Avoid complaining and stating grievances.

2. Update anyone who was helpful to you in your transition journey. Thank them again and 3.

reinforce the relationship. Offer to be helpful to them.

Find out from HR who the point of contact is for employment verification. That person could be a third party. Find out what their policies are about what they will disclose.

4. Prepare for an HR exit interview. Participation and responses to individual questions are 5.

completely voluntary. If you choose to be honest with constructive feedback, be professional and do not assume confidentiality. Inform your broader network. Update your contact information on LinkedIn, any associations and, of course, don’t forget the Darden Alumni Directory! Read more career tips and insights from the Alumni Career Services team at blogs.darden.virginia.edu/careercorner.

THE DARDEN REPORT

Q&A BOAR D OF TRU S TE E S CHAIR , FOR ME R MAS TE RCAR D CFO MAR TINA HUND - M EJEAN (M BA ’8 8)

artina Hund-Mejean (MBA ’88) spent more than a decade in the C-suite as CFO of Mastercard before retiring. Rather than slow down, she’s opened a second act in which she hopes to continue making a positive impact on business and society as a board member for international corporations and nonprofits. Among her board roles — which include seats on the boards of Royal Dutch Shell, Colgate-Palmolive, Prudential Financial and the Mastercard Impact Fund — Hund-Mejean began her tenure as chair of the Darden School Foundation Board of Trustees on 1 July 2021. She sat down in Flagler Court during a recent visit to Charlottesville to share the opportunities and challenges she sees for Darden, what Darden alumni can do to help, and advice for those navigating career transitions like the one she recently made. As you survey the School’s strategy, competitive position and the competitive landscape, what do you see as Darden’s biggest opportunities? We have the world’s best faculty and staff in business education, provide the best student experiences in the classroom and have a fantastic student body. But we have to invest more in faculty research, the ability to develop relevant case studies and ideas that can change the world. In addition, we have to continue to improve our facilities in order to provide transformational experiences for all of our programs. We have an opportunity to expand our programs and improve on the student experience, including providing more scholarships. We want to make Darden the best school where students want to invest one, two or even more years of their lives in our programs. What are your biggest concerns, and how can your fellow alumni help Darden overcome them? My biggest concerns are what students worry about and what companies that recruit at Darden want to see in our

students. First of all, most of our students spend a lot of money to get a first-class experience, but in order to get a good return on that investment — both financially and mentally — they have to get fantastic jobs when they finish their MBAs. Second, having had the experience of being an international student at Darden, it is not always easy to fit in and to immerse oneself in the Darden culture. One of the biggest things Darden alumni can do is to mentor and sponsor students during their time on Grounds and during their recruiting experience. In addition, Darden alumni can provide a terrific perspective to help our faculty enhance the curriculum or teach a class in order to get our students ready for the future. And, of course, it is critical to have Darden alumni support the Powered by Purpose campaign. Can you summarize what you hope the board can help Darden achieve? Providing focus, progressing the investments for the top priorities of the Darden School, advancing the campaign, and for the board to genuinely engage with faculty and students to the benefit of all. You serve on the boards of three multinational corporations and two nonprofits, including the Darden School Foundation. Why is board service a calling for you? I have 30-plus years of business and finance experience, and I believe that such experience enables me to give advice on strategy, growth, innovation, global execution, financial acumen, organization and striving for a culture of decency. I love the energy of boards, the incredible background and experiences of my fellow board members, and the ability to support a company in its endeavor to not only survive but thrive in the future. Each of the three companies I serve have a significant purpose in this world, and they align with my desire to make a positive impact on business and society. Royal Dutch Shell has a true commitment to foster an energy transition for a sustainable future. Prudential endeavors to protect the financial future for many. And Colgate-Palmolive makes products to

Martina Hund-Mejean (MBA ’88)

enable a healthier future for people, pets and the planet. I’m also the board chair of the Mastercard Impact Fund. It supports Mastercard’s Center for Inclusive Growth, which is focused on advancing equitable and sustainable economic growth and financial inclusion around the world. Congratulations on completing your tenure as CFO of Mastercard. What advice do you have for Darden alumni who are transitioning to a new stage in their careers? Take your time to think about your goals and objectives for the next five to 10 years. Don’t jump on anything immediately because people will call you as soon as they know that you are ready for a transition. You have to really think about what you want to give your attention to, something that you feel passionate about, that is energizing, and that has a purpose for you and perhaps your family and friends. One of the biggest issues will be to find some balance, as we are all used to being busy 24/7. Suddenly, no one is calling you to ask for advice, you don’t have a staff to interact with. This kind of situation feels very uncomfortable for many of us. Our tendency is to jump too quickly into an engagement in order to get busy again. Read a book. Read the newspaper. Travel. Talk to your kids and family and friends. It will open doors and perspectives. Most importantly, enjoy the time of exploring new endeavors. WINTER 2022

LEAD ISSU

Presented by Darden Executive Education & Lifelong Learning

The world has seen profound changes in almost every facet of business and society in the past year alone, and the change is ongoing. Though

it’s taken center stage — with good reason — the pandemic isn’t the only urgent issue facing humanity. In a torrent of contemporary challenges, COVID-19 accelerated some changes that were inevitable, brought the need for others into stark focus and served as a backdrop for the constant flux of an evolving world. The business community has a starring role to play in every major issue of our time, and the opportunities and risks in each are significant. Strong leadership will be essential as companies learn from the past, confront urgent issues and plan for the future. Here, Darden professors consider seven key issues leaders need to address — right now, in 2022.

THE DARDEN REPORT

RSHIP S 202 AC T I O N S F O R

FOR

THE PRESENT

RESPONSIBLE CAPITALISM

In recent years, many companies have jettisoned the shareholder primacy model and have instead embraced the stakeholder model of capitalism, in which they seek to create value for all stakeholders, including employees, customers, suppliers and wider society. While there’s been more interest in responsible capitalism than ever before, those promises on stakeholder value are now being put to the test as the COVID-19 pandemic scars economies across the globe. Professor Bobby Parmar sees the current mixture of tensions as the acid test for companies’ commitment to the stakeholder model. Those tensions include matters of health and safety, the stresses that accompany pandemic life, and issues of justice and equality, all of which touch the workforce and the workplace — even a virtual one.

TO SHAPE

THE FUTURE

Some businesses see this moment in time as a chance not just to rebuild the economy but to build it back better and greener than before. “It is a fantastic opportunity,” says Parmar. “Companies that can use this energy will be in a great position to move forward.” The first step is to unearth a firm’s wider purpose beyond profits, he explains, and then embody those values authentically in terms of processes and products or services. Leaders of companies are being called upon to address issues far beyond the confines of the corporate world and step into society’s thorniest debates, from immigration to LGBTQ rights. “Ultimately, each of these large institutions of society, government and business has to do its part,” says Parmar. “While business is feeling some of that pressure, it has to be a collective effort if we are to deliver on the promises of stakeholder capitalism.”

WINTER 2022

SUPPLY CHAIN RESILIENCY

The COVID-19 crisis exposed the fragility of global supply chains. The pandemic meant halts and delays to manufacturing and transport, closed borders, heightened geopolitical tensions and workers stuck at home. Companies have for decades chased the holy grail of ever greater efficiency, sacrificing resilience and robustness. Professor Doug Thomas argues that executives’ focus must shift to a renewed commitment to resiliency. “Intentional action led to historical cost efficiencies as well as the vulnerabilities that are being exposed by COVID-19,” he says. Take the shortage of computer chips that car plants rely on to make infotainment systems, power steering and brakes. The chip crisis forced automakers to cut production and is expected to cost the global industry $110 billion, laying bare the danger of relying on “just-in-time” production. One response to vulnerabilities has been to source from more suppliers internationally in order to mitigate supply chain risk. Thomas sees merit in this method, but he cautions that diversification could be prohibitively expensive, especially in complex industries like auto-making. Another approach to overcoming vulnerabilities has been to bring production back home, something politicians are pushing for. An additional aspect of supply chains for corporations to consider is due diligence when it comes to suppliers, especially regarding their ESG standards. Even if selecting suppliers based on ethical considerations raises prices in the short term, Thomas sees sustainable sourcing as a competitive advantage. There is a wider societal consideration when it comes to thinking about supply chains. Thomas points out that freer cross-border flows of people along with goods, capital and information have lifted many hundreds of millions of people out of poverty. Yet globalization has meant stagnant wages and worsening inequality for many. A mixture of global and local production seems the most likely way for companies and society to reap the benefits.

CLIMATE ACTION

Climate change has come into sharp focus since the United Nations-led Paris Agreement of 2015, which roused multilateral action to limit the average rise in global temperatures to 2 degrees Celsius above pre-industrial levels. Achieving a net-zero carbon emissions future is a massive challenge and will only be possible with help from business, says Professor Mike Lenox. He says the commercial sector is the engine of innovation that will invent the technologies that bring down emissions, citing electric cars, renewable energy, green cement and sustainable agriculture. 14

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“There are huge opportunities either for incumbent companies or entrepreneurs to innovate new tech that can lead the march to a clean future,” Lenox says. Lenox calls on companies to commit to targets such as sourcing renewable energy and electrifying their vehicle fleets. If companies don’t voluntarily move toward net-zero targets, regulators are likely to force their hands using market mechanisms to discourage behaviors that lead to carbon emissions — which could wipe significant value from corporations. Companies that don’t pursue a net-zero goal also risk reputational harm and reduced access to capital markets, Lenox points out. Read more about efforts to achieve environmental sustainability, from global business to home on the Darden Grounds, on Page 24.

LEADERSHIP KINDNESS

A series of cascading crises in global health, employment, social justice and political divisions has laid bare for many leaders just how porous the borders between life and work really are. On a very large scale, this has been a moment of truth for choosing to respond with “business as usual” or with leadership kindness. “For many leaders I’ve listened to, the relatively sudden impact of the lockdown brought to the fore their awareness of our common humanity,” says Professor Lili Powell. A challenge in any crisis is managing one’s own stress response and reactivity in order to see clearly and choose wisely, Powell says. Leading mindfully is very much about showing up with an optimal balance of grit and grace, in which “grit” represents the focus and determination that mindful practices foster and “grace” represents the calm and kindness developed through compassion practices.

“For many leaders I’ve listened to, the relatively sudden impact of the lockdown brought to the fore their awareness of our common humanity.” — PROFE SSOR LILI P OWE LL

Powell believes that the context for leadership has fundamentally shifted and that a “going back to normal” mindset would be a mistake. Instead, she sees the opportunity for defining a “next normal” during which leaders have a chance to intentionally craft a new blend of grit and grace in their own leadership skills repertoire, one that fits the new and evolving circumstances. Training in mindfulness and compassion outside of critical moments can help build the experiential inner work muscles to notice, shift and respond more mindfully and compassionately in the moment. “Compassion is a skill, one that individuals can cultivate in themselves, and it can be baked into organizations,” Powell points out. She advises leaders to grow compassion as a competitive advantage that improves a number of measures, such as employees’ sense of psychological safety and trust, which translate into reduced levels of burnout, error and turnover as well as increased levels of productivity, creativity and innovation.

Darden Rallies Resources and Programs to Boost Inclusive Excellence

hrough the introduction of several initiatives this academic year, Darden is striving for inclusive excellence and to live its value as a community that enables its global and diverse members to collaborate and excel. The School’s goal is to be at the forefront of increasing diversity, equity and inclusion within business education and business leadership.

this challenge with a solution.’ If you’re a woman or underrepresented minority, we will help you through a scholarship that gives you distinction in the industry and by building on your interest and developing your knowledge.” Learn more at darden.virginia.edu/mba/tuition-financial-aid/ scholarships/competitive-scholarships/breakthrough-scholars.

IMPACT FELLOWS Through the Darden School Foundation’s new Impact Fellows program, an annual cohort of top Full-Time MBA students from a range of backgrounds will be supported with scholarships, mentorship and leadership development. The program will focus on those who have traditionally been underrepresented in both top business schools and the ranks of senior management. The program launched with a group of 19 students in the Full-Time MBA Class of 2023, including 15 women and four men. Support for the Impact Fellows includes: • A Darden alumni coach, who will offer support and mentorship • Ongoing programming sponsored by the Darden School Foundation, including small faculty-led group gatherings and conferences and speakers on topics such as leadership development • Complimentary Darden Executive Education & Lifelong Learning opportunities after graduation Learn more at news.darden.virginia.edu/2021/10/26/ darden-foundation-impact-fellows.

BREAKTHROUGH SCHOLARS A 2020 study conducted by Women in VC found that 4.9 percent of venture capital partners in the U.S. are women. Only 0.2 percent are Hispanic women and another 0.2 percent are Black women. Darden hopes to change that, in part through its Breakthrough Scholars. The Breakthrough Scholars program offers scholarships and mentorship to a cohort of women and underrepresented minorities seeking to pursue careers in venture capital (VC), private equity (PE) and other forms of alternative investing. Up to 12 Breakthrough Scholars will be chosen for the scholarship each year. They will receive individualized counseling through a program that matches them with mentors in the field and be offered a special independent study opportunity. “Private equity and venture capital tend to get money from three sources: high net-worth individuals, pension funds and university endowments. Those funders are pressuring the funds to become more diverse,” says Professor Greg Fairchild, who oversees the Breakthrough Scholars program. “Darden has stepped in to say, ‘We want to help all the stakeholders in

Full-Time MBA students hosted the Graduate Women in Business Conference at Darden this fall.

WOMEN@DARDEN A renewed initiative called Women@Darden aims to sustain and grow the School’s momentum attracting top female students and to ultimately make Darden the graduate business school of choice for female leaders across the world. Initial efforts include: • Attracting more female applicants to all formats of the Darden MBA and supporting their development as leaders while at Darden and after graduation (Darden Admissions is hosting a number of female-focused events with professors and student leaders this academic year) • Innovations in the MBA experience, including diversity of protagonists within assigned cases, more opportunities for honest community conversations, resources for allyship across the organization and more • The launch of new scholarships for women from the Darden School Foundation, including through the Impact Fellows and Breakthrough Scholars programs • A new Women@Darden web presence focused on forging connections between prospective and current students, faculty and alumni • Ongoing thought leadership from the Darden faculty Learn more at darden.virginia.edu/about/women-at-darden. For more information on these programs and ways to support them, contact Jen Oliver at OliverJ@darden.virginia.edu or +1-434-982-3696.

WINTER 2022

RISE OF THE MACHINES

Machine learning is permeating the business world, and all companies need to be nimble and adapt to new customer standards of delivery and delight. These days, consumers expect companies to make their lives easier by understanding, predicting and delivering preferences they might not even know they have. “To survive, companies need a customer-centric, strategic plan for how to deliver a unique buying experience to every customer at every juncture of their buying journey — and do it at scale,” says Professor Raj Venkatesan. “Machine learning offers a variety of sophisticated tools that produce deeper customer insights much faster than any group of humans could achieve.” While consumer expectation and business strategy have changed the way the workforce delivers goods and services through technology, the other side of the coin is that machine learning and AI are changing what is needed from the workforce itself. “We’re likely to offer the same types of services with fewer human employees in the future,” predicts Professor Anton Korinek. The risk of lost jobs is not limited to lowerpaid positions. Middle management positions in data-driven, white-collar sectors of the economy — such as finance, accounting, law and information technology — are especially susceptible to more sophisticated automation. The jobs that are currently under less threat of automation are those that require uniquely human “soft skills” like planning, people management and strategic decision-making. Roles that require human traits like empathy, creativity and motivation are the ones that provide an opportunity to reshape the future of work for now. In the short term, Korinek says it would be helpful for companies to invest in training programs to reskill workers for the jobs AI is creating.

A HYBRID WORKFORCE

The coronavirus pandemic ignited a permanent shift in working practices, with many corporations now planning for a hybrid approach that sees employees split their work hours between home and the office in the longer term. That means workplaces will probably shrink and become destinations for collaboration, innovation, networking, coaching and socializing. But there are risks that come with hybrid working, says Professor Lynn Isabella. Potentially, teams and processes could disintegrate as workers set their own schedules. And in some cases, two-tier workforces may form, with remote workers left out of decision-making and informal water cooler conversations. Complete freedom is counterproductive, argues 16

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Isabella, who advocates instead for some degree of harmony as the office becomes more about collaboration than focused work. “Rather than setting any old schedule indiscriminately, there needs to be some thought given to ‘community hours’ when everyone is together, so you can have those kinds of interpersonal connections and managers can ensure accountability,” she says. The design of office space is also going to have to change to accommodate hybrid work. Pre-pandemic, Isabella says the trend was open-plan offices for individual work and meeting rooms for collaboration. That design is likely to reverse as employees use open offices for collaboration and use private spaces when it’s time for focused work. The onus will be on managers to make it all work. “In a hybrid workforce, leaders become more like coaches and facilitators than command-and-control generals,” she says. “That shift has already started. The focus now is on making sure people feel psychologically safe and that we appreciate all members of the organization, independent of where they come from and where they are.”

DIVERSE LEADERSHIP

Many companies in recent years have taken to the public stage to proclaim their stance on issues of racial equity and justice. Professor Martin Davidson, however, urges business leaders to address inequalities in their own institutions first. Some of the world’s biggest companies have set hiring and promotion targets, and they have also been forthcoming with their workforce data, reporting detailed demographic information that has highlighted the lack of diversity among senior officials and managers. Yet other companies have resisted such disclosures, raising concerns over their lack of transparency. “It’s clear now the best thing companies can do is create systems and structures that put in place people and resources to do the work, and also hold people accountable for getting the job done,” says Davidson. The state of women at work has been among the unexpected consequences of the COVID-19 pandemic. As of February 2021, women’s participation in the U.S. workforce was at 57 percent — the lowest it had been since 1988. “If women are experiencing greater levels of responsibility for their families, their interest in remote and more flexible work is very high,” says Professor Vivian Riefberg. “The question for management going forward is going to be: What do I offer, how do I manage it, and what do I think about going forward?” To increase diversity through hiring, companies need to start with a diverse pool of candidates when interviewing, including recruiting outside of the “standard” go-to places, Professor Carolyn Miles, former CEO of Save the Children, says. Building on that, current leaders need to identify diverse high-potential team members and ensure they have opportunities to develop and move up. “There’s not a lot of magic to it. It’s intentionality and thinking it through,” Miles says. “You also have to continually talk to people inside the organization in lots of different forums.” Mentorship, allies and sponsorship are also critical. “It’s one thing to say, ‘I want to help.’ It’s another to actually take overt actions to help people,” Riefberg says.

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O R

M A

BY JAY HODGKINS

AT WORK …

AND AT DARDEN WINTER WINTER 2022 2022

“RETURN

TO NORMAL” has been an

at Microsoft, spoke at Darden’s Leadership Communications Council annual meeting, led by Professors June West and Steve Soltis, this fall. He believes the future of the workplace is all about experimentation. For example, Microsoft is discovering that employees like working at home and are more productive but are suffering from higher levels of burnout. They’re experimenting to figure out how to refresh people, support their mental health and develop the concept of “regenerative performance.” Piggybacking the theme of experimentation, Martin offered one prediction about the uncertain future of work: “It’s going to be a mess, but that’s OK. There’s not a textbook for this,” Martin said. Companies that press people back to the office may lose employees and need to find new hires who are a better fit. Those that try the hybrid workplace will face some logistical nightmares. “We all have to remember: We have to try stuff. What we can’t sacrifice is that employees believe you have their best interest at heart. People will recognize when you are trying to take care of them.”

optimistic catch phrase at workplaces around the world as managers have tried to set plans for life after the COVID-19 pandemic. Yet emerging variants, scrapped or modified return-to-work plans, and a giant wave of job-quitting deemed The Great Resignation have proven that returning to normal is anything but. Reality has shifted the goal posts to a desire to find a new normal, based on what employees and employers have collectively learned through the past two years of pandemic-impacted life. A recent Glassdoor report revealed that 70 percent of employees surveyed wanted to split the week between home and office, 26 percent wanted to work from home full time and only 4 percent wanted to fully return to the office. As Professor Lynn Isabella said in her article “The Hybrid Workforce” on Darden Ideas to Action, companies can’t put the genie back in the bottle. “We’ve turned a corner, and it’s going to be hard to go back to the way things were,” she said. “There are many things people have come to like about remote Traditions New and Old working, including the reduced commutes Blend as Darden Returns that make it easier to balance their professional and personal lives.” to Grounds “Our prior routines are scrapped and we At Darden, students were eager to return have greater exposure to the people who to the in-person education experience they matter most to us — our families. We’re sought when they chose the School. waking up to the trade-offs we made against Despite the delta variant’s prominence in them before the pandemic,” said Professor the U.S., UVA and Darden were able to keep Sean Martin, whose research explores how the promise of “a more normal fall,” with — PROFESSOR SEAN MARTIN organizational culture and societal contexts 100 percent of scheduled in-person classes affect leaders and followers. “People are for the Full-Time MBA, Executive MBA and asking: What are my habits going to be Master of Science in business analytics held at full capacity. going forward? Where do I want to spend my time? People “I’m really happy with where we are. There’s a huge are questioning if their investment of time with a business is sense of relief among students and faculty about being back worth it.” in person,” said Professor Tom Steenburgh, senior associate Martin suggests businesses would do well to meet employdean of the Full-Time MBA. “Last year, students were feeling ees where they are. a bit alone and we didn’t have a lot of international students. “If a business wants to retain employees, it needs to listen This year, we have a bumper crop of globally diverse students to them and be flexible,” Martin said. “For those that are who are very engaged.” inflexible and say, ‘Get back to the office,’ that’s defensible if To make up for the fact that Full-Time MBA Class of 2022 they really believe it’s best for the business. But you have to students never got to spend time in class with the entirety realize some people may say ‘no.’” of their sections during First Year core — a hallmark of the Desmond Dickerson, director of Future of Work Marketing Darden experience, Steenburgh said professors came up with

“OUR PRIOR ROUTINES ARE SCRAPPED AND WE HAVE GREATER EXPOSURE TO THE PEOPLE WHO MATTER MOST TO US — OUR FAMILIES. WE’RE WAKING UP TO THE TRADE-OFFS WE MADE AGAINST THEM BEFORETHE PANDEMIC.”

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a new class called “Core 2.0” that brought sections together in their Second Year to explore their professional passions and grow the crucial section bonds. “The Core 2.0 idea, and our willingness to engage with students about the idea and willingness of the faculty to pull it off, highlights a lot of what is good about Darden,” Steenburgh said. Steenburgh said the School also plans to bring back Darden Worldwide Courses this year, traveling to places where COVID-19 restrictions and adequate access to health care allow. In fact, Executive MBAs completed the first Darden global academic experience of any kind since the start of the pandemic with a global residency in Finland and Estonia. Professor Ron Wilcox, associate dean of executive degree programs, said the return to full-capacity, in-person classes has also been welcomed by Executive MBA students. Wilcox said the Class of 2022 built an incredible bond last year, which has made its ability to finally come together this year a “big win.” Wilcox credited the relatively limited disruption to the Executive MBA experience to the program’s format. “These students in normal times are used to evening Zoom classes. We kept a normal cadence of online learning during the week and some weekends. We were fundamentally more practiced in that environment, so the adaptation was there.” Just as important as classroom learning for students, club and social activities have returned in full force this academic year. Darden Student Association (DSA) Vice President for Social Amanda Wear (Class of 2022) highlighted the incredible energy at a welcome back barbecue in August, when 700 First and Second Years

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came together to celebrate the start of the year — many meeting in person for the first time. She said the DSA paid special attention to kicking off the year for Second Years this fall, given they did not experience any of the traditional start of school year events last year. “We held a formal reception in PepsiCo Forum,” Wear said. “I don’t think anyone had seen their classmates dressed up. It was a really nice cocktail hour.” Wear said normal activities have had an exciting amount of energy, too, such as the daily First Coffee, with students once again flooding PepsiCo Forum for a chance to connect. Wear said the DSA has gone to great lengths to reestablish old traditions, even holding Zoom calls with the Class of 2018 to understand how events the classes of 2020 and 2021 didn’t get to organize should be run. “They answered everything. What is it supposed to look like? What are we supposed to do? How do we do it?” However, current students are also taking the opportunity to establish new traditions discovered during the pandemic, such as small section mixers and a progressive Halloween trick-ortreating party, that emphasize more intimate connection. “There’s a positive of not having a strict playbook,” Wear said. “We can take what we liked last year and morph it to this year to make the experiences what we want.” Importantly, however, Wear wants alumni to know one thing has not changed: “There’s a very big Darden community culture. I’m in Section E, and we are still an absolute cult. Section B still wears orange Hawaiian shirts on Thursdays. The rivalry among sections is still friendly and alive. We’re preserving what was passed down to us.”

UVA DARDEN IDEAS TO ACTION

U V A

Race as a Resource: Strategies to Assert the Asset of Racial Identity

Insights from Professor Marc Modica

Insights from Professor Laura Morgan Roberts

Two-party negotiations are much more likely than multilateral negotiations to end in win-win outcomes, says Professor Marc Modica. He offers four pillars that can help you think through the quality of an agreement:

Can minority racial identities be used as an asset in the workplace? A landmark study by Professor Laura Morgan Roberts suggests that they can. Roberts and Sandra Cha of Brandeis University explored how Asian American and African American journalists proactively utilize their ethnicities to their advantage — mobilizing their identities to build positive images, challenge negative stereotypes, build bridges and even do their jobs better. They identified four “identity mobilization” strategies that cultural minorities use to leverage their identityrelated experiences, perspectives and insights as a potential advantage in the workplace. 1. Leverage a unique lens: Many study participants used their ethnic identity-based experiences, perspectives and insights to enhance their own work. 2. Challenge negative stereotypes: One editor drew upon his own racial insights and awareness of stereotypes to broaden his readers’ understanding of African Americans living in public housing. 3. Build positive relationships across difference: Respondents reported using “identity references” to bridge cultural divides. 4. Construct a positive image: Some in the study reported taking the opportunity to confirm some of the more positive stereotypes around their racial identity.

1. Outcome: Each side should be materially better off than with the respective alternatives. While we often second guess whether we might have done better, we simply need to confirm that we are better off for having made a deal. 2. Process: Gratifying processes lead to more gratifying contractual outcomes! And better outcomes leave us happier about the process. They are mutually reinforcing — and they set the stage for future negotiations. 3. Relationships: Some negotiations are convivial and creative; others are confrontational and hard-fought. Either process can result in a strong relationship, in which both parties leave with mutual respect, reputations intact and a willingness to engage in future negotiations. 4. Sustainability: Is it a deal that’s built to last? In all transactional conversations with an agreed upon resolution, the outcomes, the processes and the relationships make an agreement truly sustainable and successful.

Darden Ideas to Action shares business knowledge — research, analysis and commentary — from faculty and partners of the Darden School. VISIT IDEAS.DARDEN.VIRGINIA.EDU TO READ MORE. WINTER 2022

D A R D E N

IDE AS TO ACTION

The 4 Pillars of a Successful 2-Party Agreement

FROM DOOMSDAY REPORTS TO COMMITMENTS TO ACTION,

CLIMATE CHANGE TAKES THE STAGE

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By Anna Katherine Clemmons

ANDBUSINESS IS IN THE SPOTLIGHT

t the Leaders’ Summit on Climate in April, U.S. President Joe Biden announced that the United States would cut emissions by at least 50 percent from 2005 levels by 2030, an ambitious target that nearly doubles the level set by the Obama administration at the onset of the United Nation’s Paris Agreement in 2015. Biden followed up on those statements in November, when he signed into law a $1 trillion-plus infrastructure bill that includes initiatives in clean transportation infrastructure, clean water infrastructure, clean power, the remediation of legacy pollution and more. But amid the global race to achieve net-zero greenhouse gas emissions in the global economy, the question remains: Can the world take action in time? Scientists have predicted catastrophic climate impacts in warning about the world’s potential to warm to 3-degrees Celsius this century. And not all global citizens — including large and small businesses — agree on what action is needed. Even when there is consensus, change often happens slowly, based on size, scope and accessibility.

THE MANY FACES OF THE BUSINESS RESPONSE TO CLIMATE CHANGE

So what will these agreements and policy changes mean for businesses, domestically and worldwide? Even that question, according to Professor Vidya Mani, is too broad. “We get a little bit lost when we think of business as one monolith,” Mani says. “It’s different for a mom-and-pop store versus a large business. In general, many companies are talking about being responsible and sustainable, because that’s what they know will improve their operations. Becky Duff, senior research associate at Darden’s Batten Institute, worked as a consultant for the U.S. Environmental 26

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Protection Agency and has worked in the sustainability field for two decades. “For the longest time, corporations treated sustainability like, ‘Here’s this group over here that will focus on and address these issues, separately,’” Duff says. “Now we are seeing a trend at the corporate level where they are merging sustainability with other divisions within the organization. They are starting to realize that you need to be looking at sustainability and the risks of climate change throughout the company. It can no longer be a separate endeavor.” In their new book, The Decarboniza-

U.S. investment in electric vehicles by any automotive manufacturer), there’s still the issue of removing combustion engine cars from the road, which can’t happen overnight. Renewable energy is another growing business sector that can make a major impact. In some regions, solar and wind energy have achieved cost parity with natural gas-fueled energy. But a common problem with renewable energy is intermittency: The sun is not always shining, the wind is not always blowing. Thus, a modernized smart grid requiring years and billions of dollars to upgrade will be

“IF WE DO NOTHING, WE ARE HEADED TOWARD DOOMSDAY. IF WE CONTINUE WITH WHAT WE ARE DOING, THERE’S ENOUGH RESEARCH THAT SAYS WE ONLY DELAY IT, NOT CORRECT IT. IT’S SUCH A BIG PROBLEM THAT EVERYONE HAS STARTED DOING THINGS WITHIN THEIR AREAS OF INTEREST AND CONTROL, WHICH IS GOOD. BUT THAT CAN ONLY GO SO FAR.” – PROFESSOR VIDYA MANI

tion Imperative: Transforming the Global Economy by 2050 (Stanford Business Books, 2021), Duff and Professor Mike Lenox analyze what the monumental effort to achieve net-zero carbon emissions and true climate sustainability might look like for specific sectors of the world economy. They examine the agriculture, industrial, building, energy and transportation sectors, and identify major obstacles to introducing a paradigm shift in each one. Take, for example, transportation. As Lenox points out, the electrification of vehicles is still nascent, but forecasts suggest a major disruption. But change is gradual, particularly at the policy and large-scale business level. So even if all new vehicles sold could be electric starting tomorrow (in January, GM pledged to stop making gasoline-powered passenger cars, vans and sport utility vehicles by 2035; Ford announced plans in September to make the largest ever

necessary to operate more distributed and intermittent energy generation reliably. “There’s a vision of a world in which we all have electric vehicles in the garage, solar panels on the roof, and a dynamic grid that is constantly buying and trading electricity from producers that can be you and me in our homes,” Lenox says. “But it’ll take a huge investment in infrastructure. I’m optimistic, but there’s still a lot that needs to be done.”

THE ROLE OF INNOVATION AND DISRUPTION IN ACHIEVING SUSTAINABLE BUSINESS

Convincing some businesses and corporations to go green is not always simple. “The notion that Exxon Mobil, for example, will suddenly become a renewable energy business strikes me as folly,” Lenox says. The markets are fundamentally different: an oil company selling to oil markets is not the market for solar

panels. Those transitions will happen, Lenox says, through technology disruption, as the old businesses are rendered obsolete by newer technologies (landline phones and VCRs, anyone?). And again, the speed of those transitions is not a known quantity. Large corporations not directly economically impacted by the generation of emissions can opt to aid in accelerating the necessary transitions. Amazon and Microsoft, for example, could mandate that they won’t build a new data center unless it’s powered by renewable energy. Still other businesses may view the cost of being more sustainable as too high a price tag. Steel and cement production, for example, emit greenhouse gases by the very nature of the processes. And while there are efforts to design green cement as a substitute, Lenox says, and to make cement that absorbs carbon dioxide as it’s curing, those are not marketready yet, and the cost is still relatively high.

CHANGE FROM WITHIN IS POSSIBLE

One major push across the global businesses landscape is for sustainability, accountability and transparency. Most major corporations publish social responsibility reports annually. Many have hired chief sustainability officers or are adding sustainability teams. Ultimately, whether driven by government action, policy enforcement, societal pressures, corporate innovation or technological disruption, each business’ approach to sustainability is different. A key to success will be a system-level approach by businesses and corporations as a collective, rather than individual choice. According to Lenox, “the speed at which these transitions have to happen is going to require substantial effort from a lot of stakeholders and players. Business and markets have to be a part of the solution.” Lenox acknowledges it will be “incredibly hard” for nations to hit the targets set in the Paris Agreement. However, there’s little choice, which businesses increasingly understand impacts their financial sustainability, too. “We’re quite literally playing with fire if we don’t address the emissions equation.” Mani says she balances “being hopeful and realistic.” “If we do nothing, we are headed toward doomsday,” she says. “If we continue with what we are doing, there’s enough research that says we only delay it, not correct it. It’s such a big problem that everyone has started doing things within their areas of interest and control, which is good. But that can only go so far.”

THEORY AND PRACTICE: SUSTAINABILITY AT DARDEN Darden advances sustainability in two major ways: in the classroom and in the School’s own practices. Heightened student interest in sustainability, coupled with faculty expertise, have led to important curriculum additions. “I’ve been having a lot of conversations with our students, and I think there’s a real desire to learn about sustainability and how they might use it in their career paths,” Senior Research Associate Becky Duff says. “I think it’s important that we don’t educate them just on sustainability topics, but also on how — no matter what career path you choose — you look at future challenges and problems through a sustainability lens.” Darden’s Business Innovation and Climate Change Initiative cultivates students’ expertise and understanding of sustainability and climate change. Several courses speak directly to this educational pursuit. Professor Carolyn Miles teaches the elective “Managing Sustainability From the Inside Out.” The course looks at sustainability from a corporate perspective to help students understand why it’s relevant to their future business careers, how to decide where to focus their efforts and whether they personally are creating shared long-term value for their stakeholders. “I believe that every Darden student, whether in marketing or finance or consulting, will be affected by sustainability,” Miles says. “The employees within their firms will demand this; so will their customers, their investors. It’s already happening in a big way. As future managers in these companies, new leaders need to understand what sustainability is, how you measure it, how you market it and why you should care.” Professor Vidya Mani will teach “Sustainable Global Value Chains” in the spring semester. Through the course, she will focus on what is meant by sustainability as it relates to global supply chains, as well as where and how it creates value. “If we don’t understand that, and how much of the value goes to different stakeholders, we won’t get out of this constant churn,” Mani says. “These different risks are interrelated. We need coordinated moments and we need to be talking to each other. Whether you are conscious of it or not, you are part of a chain. And if you see the whole picture, at least you know what’s happening.” Outside of the classroom, Darden is also greening its own operations. “If we teach students about these ideas and operations, we need to practice them ourselves,” Professor Mike Lenox says. In 2018, Darden achieved net-zero carbon operations after entering into an agreement to purchase power from Dominion Energy’s Hollyfield Solar Plant. A team at Darden is also writing a new set of sustainability goals for 2030 to further focus on sustainability practices.

WINTER 2022

FAC ULTY P RO F ILE PROFESSOR KIMBERLY WHITLER

Helping Students and CEOs Build Their Brands by Jen A. Miller

hile working on her MBA, Professor Kimberly Whitler took a class in marketing and “loved it,” she said. “It was a class that focused on an enterprise-wide view of growth. My mind expanded in a way that no other class had allowed it to expand. And of course, the professor was dynamic and brought the real world into the classroom.” That led to an internship with Procter & Gamble (P&G), where she worked in brand management, global strategy and international marketing for nine years. There, she learned that brands don’t become household names by accident. They “engineer growth,” she said. “They were constantly conducting research to improve processes and create greater value for consumers, in an effort to unlock profitable growth.” P&G also had “a deep respect for the capability of their competitors,” she said, having witnessed other once-major brands sink from being dismissive or arrogant. Despite her early success in corporate marketing, it came at a cost: She was working all the time. A pastor noticed, and suggested she read Halftime by Bob Buford. From that book, she learned that most people have a midlife crisis “because they live the first few decades of their lives chasing money, 28

THE DARDEN REPORT

fame, fortune — shallow, superficial things,” she said. “People get to the middle of their lives and see that this is not fulfilling.” Instead of continuing down that path, she decided to “plan for my midlife crisis,” she said. Her goal was to save as much as she could so that, at 40 years old, she could “pivot and do what I wanted to do, regardless of income.” Instead of sitting on a beach doing nothing (which she joked was on the early list of potential options until she spent 10 days doing this and was bored), she decided to get her Ph.D. in marketing and go into academia “to feed my own brain and spend time helping young people.” In her work, she strives to bring an upper-echelons perspective to marketing strategy, helping boards, CEOs, CMOs and top management teams “better understand and leverage marketing for their firm’s advantage,” she said.

Brand Positioning for Strategic Advantage That is exactly what she hopes to achieve on a broad scale with her new book Positioning for Advantage: Techniques and Strategies to Grow Brand Value (Columbia Business School Publishing, 2021), a how-to guide for creating, building and executing effective brand strategies. She wrote it with the

goal of bridging the divide between the academic and business worlds. “On the practitioner side, many books are filled with interesting stories and anecdotes. On the academic side, you have important theory and textbooks STUDENTS WANT often filled with a lot of vocabulary. This is a critical foundation, but there TO UNDERSTAND is what I call a ‘theory-doing gap.’ HOW TO IDENTIFY Students want to understand how A DIFFERENTIATED to identify a differentiated market position that leads to superior market MARKET POSITION share. This book introduces tools — THAT LEADS TO repeatable processes and systematic, data-based approaches — that can help SUPERIOR MARKET bridge the theory-doing gap,” she said. SHARE.” It helps address the question aspiring C-level marketers and executives often – PROFESSOR KIM WHITLER ask: What is the science behind identifying a superior market position?

Athlete Branding for a New Era of College Sports Whitler is a huge fan of UVA men’s basketball. “My favorite

time of year is coming up,” she said during an interview this fall while her dog, Maddie, tried to jump into her lap. That might seem obvious for a professor at UVA, but it’s also become part of her work. Whitler is helping student-athletes, who can now financially profit off their name image and likeness (NIL), build brands of their own without making a misstep. While new opportunities around NIL open new doors for student-athletes, they also invite new risks. “These student-athletes are young and have varying degrees of knowledge of business. They can easily be taken advantage of,” she said. Whitler, who was recruited by the United States Air Force Academy to play golf in college, created a kind of roadmap for student-athletes. Through a partnership with the UVA athletics department, she and McIntire School of Commerce alumnus Jay Hodgkins created a workbook that will help athletes design, activate and monetize their brands to achieve their goals and take advantage of the NIL landscape. The book will be out this spring from Darden Business Publishing. Agencies are pitching themselves to schools as partners to help students navigate the landscape, “but we don’t know which of these agencies are going to be reputable five years from now.” Plus, she added, student-athletes are busy. “They have zero time between sleep, school and athletics. Now we want to introduce the opportunity to ‘go spend time monetizing your brand?’ If they’re not directed in the right way, they could end up spending five, six, 10 hours a week trying to monetize their brand, when the best way long term may be through commitment to their sport and academics.” The workbook walks student-athletes through four steps: one, setting a vision and goals; two, designing their brands; three, activating their brands; and four, monetizing their brands. For example, one chapter addresses the risks and rewards of different marketing channels. “If you sign autographs, that’s very low risk,” she said. “If you smile and shake hands, I doubt you’re going to say something controversial.” Social media, on the other hand, can be very high risk. Tweet the wrong thing, and a person’s brand can be destroyed in a flash. But when done right, it can net greater “annuity-like” rewards than just signing autographs, which is a one-time income generating activity. Whitler is hoping that the book empowers student-athletes and “gives them agency to be able to control their own destinies.” From undergrad student-athletes to Darden MBAs to corporate executives, Whitler has made a habit of helping people unlock the power of brand building to do just that. WINTER 2022

401 Park Street Charlottesville, VA 22902

434.977.4005 lwoodriff@loringwoodriff.com

RARE BELLAIR GEM 1ST TIME ON THE MARKET

35 OLD FARM ROAD $2,699,000 This stunning Milton Grigg design combines classic proportions & fine details w/ extensive wainscoting, crown moldings, arched doorways, shaded terraces & porches, formal & informal spaces. Mins to UVA on 2 private park-like acres adorned w/ mature trees, flowering shrubs & perennial gardens. Eat-in kitchen opens to mudrm & attached garage. 1st flr primary bedrm & 3 add’l 2nd flr bedrms. Walkout terrace level has 5th bedrm w/ full bath & family rm. Punkie Feil (434) 962-5222 or Elizabeth Feil Matthews (434) 284-2105. MLS# 622944

IV Y CONTEMPORARY W/ SWEEPING VIEWS

3024 MECHUM BANKS DRIVE • $2,345,000 This large contemporary in Ivy on 8 private acres incl’ soaring ceilings, arresting views, incredible light quality & architectural drama. Outside are incredible gardens in bloom throughout the year, stunning Mechums frontage, & wonderful flow from indoors to out. 1st flr master, large laundry rm, separate mud rm, 2-3 office spaces, plenty of storage. MLS# 622093

PRISTINE RANDY RINEHEART CLASSIC

LAST PARCEL IN IVY CREEK

21 ACRES W/ POOL 7 MILES WEST OF UVA

795 FRAYS RIDGE ROAD • $1,595,000 This 5-6 bedroom is sited on 21 totally private acres about 15 mins northwest of town. Lovely pool area w/ slate surround, hot tub, & trex deck overlooks a fire pit. Acreage incl’ mountain views & expansive stretches of both level & rolling lawns. Chef ’s kitchen opens to a sunny eat-in area, as well as to the family room w/ deck access. MLS# 622244

0 PALLAS HILL LANE • $1,495,000 Idyllic 5 acre parcel w/ strong Blue Ridge view potential plus frontage on a bold creek offers the opportunity to build a country estate tucked away on Nature’s doorstep yet adjacent to Farmington, moments to UVA & Downtown. No road noise here... truly, tranquility reigns at Ivy Creek. Last lot available in Ivy Creek! MLS# 604575

245 BLUE SPRINGS LANE • $2,600,000 Hickory Hill offers convenience & privacy w/ year-round mtn views. The home is filled w/ light & features 3 fireplaces & antique heart pine floors throughout. Pool w/ pavilion features fireplace, full bath, laundry, dishwasher, ice maker & TV. Picnic area w/ stone fireplace & incredible sunset view! Bunny Gibbons (434) 466-9940. MLS# 619395

COV ETED W HITE GABLES CONDO

QUINTESSENTIAL FARM LIVING ON THE JAMES

STATELY CHAR M - WA LK TO U VA

415 WHITE GABLES LANE #201 • $749,000 This much sought after White Gables condo incl’ a master suite & add’l bedroom suite, gracious foyer, large open living space overlooked by the kitchen & expansive wrap-around deck accessed from both bedrooms & the living area. 2 garage parking spaces & storage room. Quick access to UVA, Downtown, Boar’s Head & Farmington. MLS# 622359

258 RIVER ROAD • $1,950,000 Bent Creek Farm offers jaw dropping views on 250 acres w/ over 1 mile of James River frontage. Property incl’ spacious main house, farm house, caretaker’s cottage, multiple outbuildings, equipment barn w/ lift, gym, riding arena & run in sheds, plus pool, skeet pulls, man-made lake, natural pond, spring fed lakes. Tommy Brannock (434) 981-1486. MLS# 619339

2109 MORRIS ROAD • $1,595,000 Stately brick home just a stone’s throw from UVA. Perfect blend of cozy charm & modern upgrades, incl’ “Karen Turner” custom kitchen, open concept floor plan w/ add’l private spaces & spectacular backyard, perfectly hardscaped patio & stone fire pit. Terrace level offers media rm & private entrance suite. Tommy Brannock (434) 981-1486. MLS# 621849

SECLUDED BUNDORAN PARCEL W/ VIEWS

H12 HIGHTOP DRIVE • $775,000 The home site of this parcel is secluded yet provides sweeping, panoramic mountain & pastoral views. The wooded portion of the acreage incl’ many massive hardwoods & provides a privacyprotecting backdrop to take in the views. Electric & fiber optic internet to the lot. 15 mins from Charlottesville & UVA. MLS# 610554

105 EDNAM PLACE $1,250,000

TRADITIONAL COLONIAL IN EDNAM FOREST

This home sits on an almost level lot w/ gorgeous backyard & nestled into a quiet cul-de-sac. Formal living room & dining room, & a sunny, spacious family room off of a large eat-in kitchen. The upstairs master bedroom & 3 add’l bedrooms are spacious & full of light. Hardwood floors & built-ins throughout, plus screened porch, copper roof, high-quality weatherboard exterior, new air handlers, & generator. Walkout basement w/ plenty of windows, & 5th bedroom & full bath. Marcela Foshay (540) 314-6550. MLS# 623713

WWW.LORINGWOODRIFF.COM

ALUMNI NEWS

R E UNION WE E KE ND 2 9 A P R I L – 1 M AY 2 0 2 2

The Abbott Society 1957 1962 1967 1972 1977 1982 1987 1992 1997 2002 2007 2012 2017 2020 2021

Call for Abbott Award Nominations

PLAN YOUR LEGACY

The Charles C. Abbott Award is named in honor of the first dean of the University of Virginia Darden School of Business. The award is presented annually to a graduate of the Darden School or The Executive Program whose contributions of time, energy and talent are outstanding. The Alumni Association recognizes the recipient as an individual who:

YOUR PL A NNE D GI F T S LAY T HE F OUNDAT I ON F OR DA RDE N’ S F UT URE.

• Demonstrates a strong level of interest in and concern for Darden’s mission • Commits a generous amount of time, energy and funds to Darden • Brings initiative and persistence to projects and responsibilities • Is regarded by other stakeholders as an outstanding contributor

Explore strategies that help you make charitable plans for the future.

Please nominate a fellow alumna or alumnus at alumni.darden.edu/ abbottnomination. You will be asked to provide the nominee’s name and an explanation of why you identify this person as a strong candidate for the award. The Abbott Award will be presented to the recipient during Darden Reunion Weekend. Please direct questions to the Office of Engagement at +1-434-243-8977 or alumni@darden. virginia.edu.

BUILD A BETTER TOMORROW. There are many opportunities to make an impact at Darden. The Darden Office of Advancement stands ready to discuss your philanthropic interests and creative plans to support them. CHARITABLE GIFT ANNUITIES CHARITABLE REMAINDER TRUSTS LIFE INSURANCE GIFTS OF REAL ESTATE RETIREMENT ACCOUNT ASSETS WILLS, TRUSTS & ESTATES AND MORE For more information on making a planned gift, contact Carter Hoerr at HoerrC@darden.virginia.edu or +1-434-243-5871.

WINTER 2022

CLASS NOT E S

VERULAM

| CHARLOTTESVILLE, VA

Preeminent Virginia estate. Elegant Classical Revival

on 503-acre estate include a charming guest house

nestled in the Blue Ridge foothills, 4 miles from UVA

and restored dairy barn turned grand event venue.

and Charlottesville amenities. Fine architectural

The farm abuts 2,000 additional acres of protected

details and craftsmanship, bucolic grounds with

land including the 1,000-acre Ragged Mountain

beautiful mountain views, Charles Gillette gardens,

Reservoir Natural Area. Easy access to major travel

handsome pool complex. Tree lined drive, 20’ boxwood—a peaceful and private yet distinguished WILEY PROPERT Y. C O M

PROSPECT HILL

setting just minutes from town. Additional amenities

thoroughfares, direct flights to most major US cities. $ 1 3 , 9 0 0, 0 0 0 | JU ST IN WIL E Y | 4 3 4 98 1 5 5 28 | MLS 6228 4 4

BUNDORAN FARM

| LOUISA, VA

| NORTH GARDEN, VA

18th century Virginia living at its finest. Historic main residence with 5

42 ACRES • WINSOME ORCHARD LANE

bedrooms, 5 baths, 2 half on main floor. Eight additional bedroom suites

Spectacular mountain and valley views in Bundoran Farm! Easy access to

in the dependencies, rich with character and historical charm—all with

miles of trails, fiber optic internet, complete serenity all within 15 minutes

fireplaces, modern baths and current mechanical systems. Green Springs

of Charlottesville. Equestrian parcel, allowing owner to have horses.

Historic District, 20 minutes east of Charlottesville, 40 from Richmond. $1, 950, 0 0 0 | PET ER W I LE Y | 434 42 2 2 0 9 0 | M LS 6 1 8 1 6 6

$ 6 1 5 , 0 0 0 | P E T E R W IL E Y | 4 3 4 4 2 2 2 0 9 0 | M L S 6 0 4 5 3 4

THE DARDEN REPORT 13 2 E MAI N ST SU I T E A , O R A N G E , V I R G I N I A 2 2 9 6 0

5 40 67 2 3 9 0 3

5 0 3 FAU LC O N E R D R S U IT E 6 , C H A R LOT T E S V IL L E , V IR GIN IA 2 2 9 0 3

4 3 4 2 93 3 900

ALUMNI PROFILE

ANN TAYLOR (MBA ’85) Pursuing a New Chapter of Purposeful Work

nn Taylor (MBA ’85) received a call in 2019 from Dr. Neal Kassell, MD, the University of Virginia’s former co-chair of neurosurgery, asking her to join the medical technology nonprofit he founded — the Focused Ultrasound Foundation. She had recently wrapped up a combined 24 years at the Thomas Jefferson Foundation, which owns and operates Monticello. For Taylor, who had worked most of her career in museum and university development, early stage medical technology was new terrain. But she had personal reasons to be interested: a young coworker and a close family member had recently died of cancer-related causes. She sensed an opportunity to do meaningful work while learning something new. “Having purposeful work and making an impact is an important part of who I am,” says Taylor, now chief relationship officer for the Charlottesville-based foundation. The venture is the global hub for medical research, patient advocacy and education related to focused ultrasound — a highly disruptive, noninvasive therapeutic technology with the potential to transform the treatment of many medical disorders by using ultrasonic energy to target tissue deep in the body without incisions or radiation. With FDA approval for seven different indications (and 30 regulatory approvals worldwide), the technology is now in various stages of research and development for more than 150 uses, including cancer and neurological disorders such as brain tumors, Alzheimer’s and depression.

Taylor conveys enthusiasm for the clinicians and scientists who are expanding the boundaries of focused ultrasound. “The time it can take for a game-changing, breakthrough medical technology to go from the laboratory bench to widespread patient care can be positively glacial. It can take decades,” she says. “Every month we shave off that process will help improve the lives of literally millions around the world.” Taylor is used to taking on new challenges. A UVA graduate in government and foreign affairs, she was working in advertising when she decided to earn an MBA and switch to finance. Darden was “an intense experience,” she recalls. “I was a poet. I didn’t have much quantitative experience in advertising. Being able to test myself was a fantastic opportunity for me.” “The Darden faculty are champions for the students,” she adds. “They are truly the main reason that alumni are so fiercely loyal to Darden. I had the good fortune to be both a student and later a colleague with the amazing Darden faculty.” What motivated Taylor’s career — a fascination with the lessons of the past — fuels her work at the Focused Ultrasound Foundation today. “History is not preordained. Things never had to happen the way they did. They happened because people had a vision to change things for the better,” she says. “It’s the same with focused ultrasound.”

— Sally Parker

WINTER 2022

THE DARDEN REPORT

WINTER 2022

CLASS NOT E S

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

ALUMNI PROFILE

NARESH KUMRA (MBA ’99)

Inspired by Entrepreneurship That Is Great and Good

he guidance Naresh Kumra (MBA ’99) provides entrepreneurs to build their business ventures has roots in Rajpura, a small town in Punjab, India, where he grew up. Only a handful of students there went on to university at the time, and Kumra was one of them. While good grades and determination helped him gain admission to the Indian Institute of Technology (IIT), he says luck also played a role. He wants younger generations coming up to have more opportunities. “Given my experience, I am most motivated by reducing the luck factor for the many talented students from small towns who may not have the same chances,” he says. “So education, equal opportunity and entrepreneurship are big themes for me.” Kumra has counseled younger students from his town and elsewhere for decades about education and careers. Through La Rochelle Ventures Ltd., an investment firm he founded in 2012, Kumra also became an angel investor in Asia-based companies that target global markets, with a goal to help young entrepreneurs achieve their dreams. More recently, Kumra has begun incubating ventures, helping young professionals become business owners in consumer tech, B2C brands and ecommerce. He says he learns a lot from the creative ways the entrepreneurs solve problems. “They usually have insights that aren’t commonplace. They are just made different — the way they look at things and analyze, their courage, tenacity, passion, humility, learning mindset. In nearly every interaction,

THE DARDEN REPORT

I walk away thinking I got more out of it than I gave as an adviser,” he says. After earning a bachelor’s degree in computer science and engineering from IIT Delhi, he worked in Europe and India with Schlumberger. His next move was a risky one. He was established as a cross-functional manager, married and starting a family. But Kumra wanted exposure to fresh ideas and opportunities. He chose to pursue an MBA at Darden for its great reputation, intimate size and case method approach. Two of his courses had a lasting impact. “Consumer Marketing” with Professor Paul Farris helped him switch from a 20-year B2B career into consumer markets, he says, “which I now enjoy so much more.” And “Acquisition of Closely Held Enterprises” helped him to later close a management buy-in at JMATEK. At Darden, Kumra found the small community he was hoping for. His learning teammates smoothed his transition from India and France. And long, almost-daily walks with classmate Kumar Iyer (MBA ’99) allowed him to test his ideas and weed out the bad ones. Now based in Hong Kong, Kumra is encouraged by a growing emphasis among young entrepreneurs to create a business case for making life better for others — from the local community to the planet as a whole. “I am most inspired and excited about the economic and social impact that good entrepreneurship generates,” he says.

— Sally Parker

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

MCLEAN FAULCONER INC. Farm, Estate and Residential Brokers GREENFIELDS FARM $6,295,000

Impressive 763-acre country estate with extensive equestrian facilities, 25 miles south of Charlottesville. The property showcases a stately, 8,600± sf manor home, built circa 1904, with well-proportioned interior spaces, stunning architectural details, 8 fireplaces, 15’ ceilings, and tons of character both inside and out. Includes manager’s house, 3 guest apartments, 48-stall horse barn, indoor riding arena, additional farm improvements, ponds, and a creek. Under VOF easement. MLS#623792

HAPPY HOLLOW ◆ $2,500,000

12-acre country estate, west of Charlottesville. The 2-story, 5-BR, 4.5-BA manor home is surrounded by lovely mature gardens, plantings, trees, and a beautiful spring-fed pond. This is truly a rare offering with unsurpassed beauty, tranquility, and country living. MLS#617622 www.hollyhollowva.com

BEECH HILL ◆ $2,375,000

Contemporary residence on 14.3 acres. Situated between Ivy and Crozet. Open floor plan, 20 ft. high stone fireplace, kitchen/breakfast room, master suite with spa bathroom. 4-5 bedrooms, 4 full baths, 1 half bath. Whole house generator and heated pool. High speed fiber optic internet! MLS#623368

GALLISON HALL ◆ $8,450,000

This Historic Register gem is set on 43 park-like acres in the highly sought-after community of Farmington. The property showcases a stunning brick Georgian, built 1931-1933, with beautiful architectural details, indoor pool and tennis facilities, spectacular Blue Ridge Mountain views, total privacy. Just 3 miles west of UVA. MLS#617686

WOODFIELD ◆ $949,000

Rare opportunity to purchase an architecturallydesigned brick residence with 4 BR, 3 BA on a secluded 4.59 acres in the heart of Garth and Owensville Road. The well-designed floor plan offers comfortable living with an abundance of natural light. Such privacy, yet only a few minutes to Charlottesville and UVA. MLS#623814

MOORELAND $985,000

Classic Virginia brick home, circa 1855, situated on 22 acres just off Route 29 South, less than 10 minute drive to Charlottesville and the University of Virginia. This home has mountain views, and is surrounded by large trees and mature landscaping, including numerous perennial and vegetable gardens. Other improvements include a two bedroom guest or rental cottage, several outbuildings and shared ownership on a large lake. The home has four bedrooms and three full baths on three levels.

GREY OAKS ◆ $4,165,000

In the heart of this exceptional country estate is an immaculate, custom-designed and built 6-bedroom, 6.5-bath home offering outstanding views overlooking a 2-acre lake to the Blue Ridge Mountains. Total tranquility, over 53 rolling acres, wonderful outdoor spaces and a multi-functional 1,800 square foot barn. MLS#617485

WWW.MCLEANFAULCONER.COM WINTER 2022

CLASS NOT E S

THE DARDEN REPORT

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

ALUMNI PROFILE

LESLIE LADD KIME (EMBA ’20)

Moving the Ball Down the Field for Women in Sports

tarting a sports consulting firm in February 2020 easily could have backfired. For Leslie Ladd Kime (EMBA ’20), it was the perfect time to take the leap. The Lexington, Kentucky, native learned to love football as soon as she could walk. “I grew up accompanying my father to games at the University of Kentucky,” she remembers. “That’s where my passion took root.” An undergraduate internship with the Houston Texans confirmed her longstanding interest in working for the NFL, and she spent eight years scouting for the Jacksonville Jaguars. Ladd’s unflagging enthusiasm for evaluating talent and building teams propelled her forward in a heavily male-dominated industry, but she couldn’t ignore the barriers that persisted. “When I started, there were only a handful of women in the league,” she says. “I definitely wasn’t naïve about the fact that I needed an advantage.” To that end, she decided to pursue an Executive MBA (EMBA) at Darden. “What appealed to me about Darden was that there was no ‘MBA lite,’” she says. “I had to take the same rigorous classes with the same professors as a FullTime MBA student.” While she entered the program intending to climb the NFL ladder, she emerged with a vision for creating her own firm, LLK Consulting. “I had some tunnel vision before Darden,” she says, “but my EMBA experience opened my eyes to the endless possibilities on the horizon.” When the pandemic hit, Ladd paired her NFL

experience with her Executive MBA skillset to manage a $47 million contract for the Southeastern Conference (SEC)’s return-toplay COVID-19 initiative. For the next year and a half, she oversaw the distribution of nearly 200,000 COVID-19 tests and worked closely with teams to handle outbreaks. “I was a small part of a big win for the SEC,” she says. Ladd credits her time at Darden with imparting the mindset and skills she needed to tackle a daunting first project as a solo practitioner. “In football, everyone is fairly similar in professional background,” she says. “The opportunity to learn strategy and management techniques alongside high-level executives from a variety of industries expanded my range. Without my EMBA, managing that SEC contract would have gone very differently.” As she closes out the contract, Ladd looks forward to helping more collegiate and professional football programs build cultures and strategies that support successful teams. While Ladd’s star is rising within her industry, she acknowledges the glass ceiling that remains intact at workplaces like the NFL. The NFL has made considerable strides in hiring more women over the past decade, but it has yet to hire a woman for a general manager or director-level role. “Whether I return to the NFL or land somewhere entirely unexpected, I want to be part of the effort to move the ball down the field, a few yards at a time,” she says. “There is still work to be done.” — Ashley Rabinovitch WINTER WINTER2022 2022

CLASS NOT E S

IN MEMORIAM The Darden School offers its condolences to the families of the following individuals whose deaths have been reported to us in the past six months. Mr. Thomas E. Boldt (MBA ’95)

Mr. Charles C. Broun, Jr. (MBA ’64)

Mr. Charles C. Chewning, Jr. (MBA ’73) Mr. Robert L. Cross (MBA ’63)

Ms. Dianna R. Dennis (MBA ’81) Mr. Mickey W. Dry (TEP ’76)

Ms. Carolyn C. Eskridge (MBA ’84) Mr. James C. Farley, Jr. (MBA ’73)

Mr. Stephen C. Fogleman (MBA ’77) Mr. Dean A. Glenn (MBA ’71)

Mr. Timothy P. Hagan (MBA ’66) Mr. William W. Hartz (MBA ’65)

Mr. Richard J. Higgins (MBA ’61)

Mr. Walter B. Howell, Jr. (MBA ’68) Mr. Bruce D. Jolly (MBA ’67)

Mr. Peter C. Kallop (MBA ’75)

Mr. Christopher H. Langbein ( JDMBA ’09) Mr. Thomas O. Maher (MBA ’61)

Mr. W. Wallace McDowell, Jr. (MBA ’63)

John McGrath, US Army (Ret) (TEP ’88) Leigh B. Middleditch, Jr., Esq. (TEP ’58) Mr. James M. Overbey (MBA ’59)

James H. Patterson, CFA (MBA ’69) COL Richard A. Platt (TEP ’85) Mr. Joel S. Pulliam (MBA ’91)

Mr. George B. Reid (TEP ’89)

Mr. Richard B. Robertson (MBA ’71)

Mr. J. Hamilton Scherer, Jr. (MBA ’66) Mr. John W. Sinwell (MBA ’60)

Mr. Dewey L. Trogdon, Jr. (TEP ’70) Dr. Sidney E. Veazey TEP ’78)

Mr. Gordon W. Wallace, Jr. (MBA ’92) Mr. James B. Windle (MBA ’87) 40

THE DARDEN REPORT

DARDEN CAREER CENTER SPONSORS The Arnold Group E&Y InCode Bain Liberty Mutual Alix Partners AMEX BCG Triangle Insights PwC Deloitte ZS Associates Accenture LEK McKinsey Alvarez & Marsel EY-P DaVita Danaher Emerson Vanguard MMC Harris Williams Fortive Hershey Envista Accenture 3M Cigna GM Dell Bank of America Houlihan Walmart DuPont Medtronic E&J Gallo Hershey Liberty Mutual Bank of America Houlihan Lokey Harris Williams Cigna

Thank you.

Corporate Partners Program

2021-22

The Darden School of Business wishes to thank all of our corporate partners for their support. Their annual, unrestricted gifts to Darden support academic, student life and recruiting activities. EXECUTIVE LEVEL ($25,000+)

DIRECTOR LEVEL ($15,000+)

MANAGER LEVEL ($10,000+)

ASSOCIATE LEVEL ($5,000+)

For more information about corporate partnerships, contact Casey Floyd at FloydC@darden.virginia.edu or +1-434-243-4400. WINTER 2022

Darden Leadership Boards The five leadership boards of the Darden School of Business are composed of more than 150 distinguished leaders who collectively serve as an innovative force in the advancement of the Darden School throughout the world. (Listing as of 31 December 2021)

DARDEN SCHOOL FOUNDATION BOARD OF TRUSTEES

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

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

Naresh Kumra (MBA ’99) JMATEK Ltd.

VICE CHAIR Frank M. Sands (MBA ’94) Sands Capital IMMEDIATE PAST CHAIR Robert J. Hugin (MBA ’85) Retired, Celgene Corp. Kirby C. Adams (MBA ’79) Retired, Tata Steel Europe Scott C. Beardsley University of Virginia Darden School of Business J. Andrew Bugas (MBA ’86) Radar Partners Wesley G. Bush Retired, Northrop Grumman Corp. H. William Coogan Jr. (MBA ’82) Retired, Firstmark Corp. James A. Cooper (MBA ’84) Thompson Street Capital Partners Charles R. Cory (MBA/JD ’82) Retired, Morgan Stanley & Co. Inc

Lemuel E. Lewis (MBA ’72) IVMedia LLC Nicole McKinney Lindsay (MBA ’99/JD ’00) Mastercard Worldwide

Elizabeth K. Weymouth (MBA ’94) Grafine Partners

ALUMNI ASSOCIATION BOARD OF DIRECTORS CHAIR Warren F. Estey (MBA ’98) Deutsche Bank

Elizabeth H. Lynch (MBA ’84) Evercore

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

Paul Mahoney University of Virginia School of Law

Kristina M. Alimard (MBA ’03) University of Virginia Investment Management Co.

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

Yiorgos Allayannis University of Virginia Darden School of Business

Sachin J. Mehra (MBA ’96) Mastercard Worldwide

Christine P. Barth (MBA ’94)

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

Mary Buckle Searle (MBA ’86) Strategic Thought Partners

Kim B. Morrish (MBA ’93) Ground Control Ltd.

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

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

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

Adair B. Newhall (MBA ’09) Greenspring Associates

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

Patrick A. O’Shea (MBA ’86) ICmed LLC

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

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

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

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

Arnold B. Evans (MBA/JD ’97) Truist

Alex R. Picou (MBA ’89) J.P. Morgan

Richard B. Evans Darden School of Business

C. Evans Poston Jr. (EMBA ’17) Hunton Andrews Kurth LLP

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

James E. Ryan University of Virginia

Catherine J. Friedman (MBA ’86) Independent Consultant

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

John W. Glynn Jr. Glynn Capital Management

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

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

Shannon G. Smith (MBA ’90) PointGuard

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

Susan Sobbott (MBA ’90) American Express

Yael Grushka-Cockayne University of Virginia Darden School of Business

Mark J. Styslinger Altec Inc.

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

THE THE DARDEN DARDEN REPORT REPORT

Douglas R. Lebda (EMBA ’14) LendingTree

Guillaume M. Cuvelier (MBA ’91) Davos Brands LLC

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

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

Steven C. Voorhees (MBA ’80) Former President and CEO, WestRock

Bruce R. Thompson (MBA ’90) Bank of America Joaquin Rodriguez Torres (MBA ’01) Princeville Global

David B. Kelso (MBA ’82) Retired, Aetna

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

Rosemary B. King (MBA ’91) Global Heritage Fund

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

Andrew G. Crowley (MBA ’11) Markel Corp. Richard P. Dahling (MBA ’87) Fidelity Investments Christian Duffus (MBA ’00) Fonbnk Inc. Michael J. Ganey (MBA ’78) GaneyNPD Ira H. Green Jr. (MBA ’90) Simmons Energy Owen D. Griffin Jr. (MBA ’99) OSHAKits.com Evan A. Inra (EMBA ’08) Amazon Web Services Kendall Jennings (MBA ’12) Accenture Kristina F. Mangelsdorf (MBA ’94) Visa Taylor H. Meyer (MBA ’13) Goldman Sachs DeMario Moore (Class of 2022) President, Darden Student Association Douglas T. Moore (MBA ’80) Goedeker’s Betsy M. Moszeter (EMBA ’11) Green Alpha Advisors Richard J. Parsons (MBA ’80) Elvis Rodriguez (MBA ’10) Bank of America Nancy C. Schretter (MBA ’79) The Beacon Group

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

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

Jason Sinnarajah (MBA ’07) Buffalo Bills

Diem H. D. Nguyen (MBA ’01) Xalud Therapeutics, Inc.

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

Ann H. S. Nicholson (MBA ’01) Corning

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

Daniel E. Polk Humana

Shaojian Zhang (MBA ’99) CITIC Capital

Abby A. Ruiz de Gamboa (MBA ’04) Deloitte Consulting LLP Joseph V. Schwan (EMBA ’13) Baxter International Inc.

CORPORATE ADVISORY BOARD CHAIR Michelle B. Horn (MBA ’95) Delta

Thomas J. Steenburgh University of Virginia Darden School of Business

Daniele M. Wilson (MBA ’11) Google

GLOBAL ADVISORY COUNCIL CHAIR Naresh Kumra (MBA ’99) JMATEK Ltd. VICE CHAIR Joaquin Rodriguez Torres (MBA ’01) Princeville Global Marcos P. Arruda (MBA ’02) Zilor Jennifer E. Chick (MBA ’08) Hilton Worldwide

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

Christine H. Davies (MBA ’09) Poligage

Eric M. Swanson (MBA ’08) Amazon

David R. Frediani Ironshore Inc.

Danielle Eesley Amfahr 3M Company

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

Stuart C. Bachelder (MBA ’06) DaVita Kidney Care

Gerrud Wallaert (TEP ’18) RWE Renewables Americas LLC

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

Mazen G. Baroudi EY

Meghan A. Welch (MBA ’10) Capital One

Kelly Becker (MBA ’08) Schneider Electric

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

Mark S. Bower (MBA ’02) Bain & Company

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

Indy Adenaw (MBA ’08) Management Leadership for Tomorrow

Adam P. Carter (MBA ’02) WestRock William S. Cohen (MBA ’07) Bank of America Private Bank

DEAN’S DIVERSITY ADVISORY COUNCIL

Robert E. Collier (MBA ’10) ChemTreat

CHAIR Alex R. Picou (MBA ’89) J.P. Morgan

Sean M. Corrigan (MBA ’05) The Walt Disney Company D. Lynnette Crowder (EMBA ’10) U.S. Silica Company Daniel A. Dougherty (MBA ’94) Wells Fargo Richard C. Edmunds (MBA ’92) Strategy & PwC Sarita T. Finnie (MBA ’01) Bayer Consumer Health Joseph B. Folds (MBA ’91) OFD Foods Theresa O. Frankiewicz (MBA ’87) Crown Community Development Ivy L. Ghatan (MBA ’09) LinkedIn Sunil K. Ghatnekar (MBA ’92) Prescient Marcien B. Jenckes (MBA ’98) Comcast Cable Harry A. Lawton III (MBA ’00) Tractor Supply Company Marguerite M. Longo (MBA ’08) Johnson & Johnson H. Whit McGraw IV (MBA ’07) S&P Global Market Intelligence

Wei Jin (MBA ’99) Prudential Financial Corporation Shawn Liu (MBA ’05) DAO Investments Richard K. Loh (MBA ’96) Ploh Group Pte. Ltd. Todd R. Marin (MBA ’89) Blue Ox Ventures Lois M. McEntyre (MBA ’95) General Motors Corp. Rajan J. Mehra (MBA ’93) March Capital Pascal Monteiro de Barros (MBA ’91) Stirling Square Capital Partners

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

Nikhil Nath (MBA ’00) NSQ Advisory

William S. Chichester III Microsoft

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

Paige T. Davis Jr. (MBA ’09) T. Rowe Price Co. Jacqueline Grace (MBA ’10) Caesars Entertainment Corporation

Agustín Otero Monsegur (MBA ’06) OM Invest

Hagen Radowski (MBA ’91) Porsche Consulting Inc. Yudhono Rawis (GEMBA ’16) PT Ringan Teknologi Indonesia

Ray R. Hernandez (MBA ’08) Northrop Grumman

Mayra A. Rocha (GEMBA ’16) Project M Media

Octavia G. Matthews (MBA ’89) Aramark Uniforms

Arpan R. Sheth (MBA ’96) Bain & Company

Tiffani C. Moore (EMBA ’16) Federal Housing Finance Agency

Nishal Sodha (GEMBA ’17) Global Hardware Ltd.

Caroline D. Schoenecker (MBA ’11) Deloitte

Alok Vaish (MBA ’97) Jubilant Life Sciences Ltd.

Rhonda M. Smith (MBA ’88) California Black Health Network

Jing Vivatrat Golden Gate Capital

Cynthia K. Soledad (MBA ’02) Egon Zehnder

Jeffrey J. Yao (MBA ’01) Profision Shipping Capital Management Ltd.

Deborah Thomas (MBA ’89) Somos Inc.

Hai Ye (MBA ’04) McKinsey & Company

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

Questions With Bill Shelton (MBA ’93) 3. Whom do you most admire? Andrew Vachss. He is a lawyer, a best-selling author and a warrior protecting children. He is the visionary behind the foundation I co-founded, the Legislative Drafting Institute for Child Protection at Southern University’s Law Center (a historically Black college). 4. What motivates you? Being the best I can be every day and being consistent in that effort, no matter my mood, health or job that I am doing. 5. When and where do you do your best thinking? After my morning workout.

ill Shelton (MBA ’93) is the co-founder of EOS and Parity, agencies providing services, consulting and products for elite athletes with the goal of helping them become elite professionals. Parity’s mission is to improve the lives of women athletes, in part by helping them grow their miniscule share of a multibillion athlete sponsorships and endorsements market dominated by men. Through Parity, Shelton helps represent more than 630 elite women athletes — including a number of Olympic gold medalists — from 40-plus sports, many of whom have large social media followings but don’t have an agent. With a background in finance at J.P. Morgan, Goldman Sachs and Deutsche Bank, Shelton is a self-described “numbers-driven feminist” whose fight for gender equity, love of sports and expertise in business all intersect in his latest endeavors. Learn more about his mission and what motivates him in this edition of 20 Questions. 1. What was your first job? My first job was as a diversity management trainee at Borden Chemicals & Plastics in Geismar, Louisiana. It was an interesting experience as they were looking for a diverse hire but didn’t address the underlying culture at the southern chemical plant. On my first day, I was threatened because of the color of my skin. Ironically, I got the job because I was Black but paid a tax (figuratively) for my color at the job. 2. What’s the best advice you have ever received? To whom much is given, much will be required (Luke 12:48). 44

THE DARDEN REPORT

6. What’s been on your mind lately? The visceral disagreements in our country. Rather than engage and look for solutions, people would rather bunker down and call the other side stupid (or worse). For the first time in my life, I can see how Americans got into a civil war. 7. What are you reading these days? Michael Lewis’ The Premonition, Andrew Vachss’ That’s How I Roll and Stephen King’s Billy Summers 8. What technology can you not live without? Uber 9. What’s your motto? It’s corny but, “Be the best you can be.” 10. How do you deal with conflict? Directly, nonemotionally and nonpersonally. That translates to addressing the behavior or action that caused the conflict and not the underlying motivations (or my perception of the motivations). 11. What characteristics do you look for in people? Intelligence and authenticity. 12. What is your “superpower”? Persistence and strength. Colleagues call it Shelton’s “Harlem Water Torture” (I live in Harlem). 13.How do you unwind? Competing and training (Masters Track/400 meters) and trips to small Caribbean islands, particularly Mustique and Petit St. Vincent. 14. What cause is most important to you? I am most motivated to protect children from sexual predators. 15. If you could live anywhere, where would it be? Malibu, California

16. What do you lose sleep over? The amount of evil that society glosses over in the pursuit of “feeling good” about themselves and their community. 17. Which class at Darden impacted you the most? “International Financial Accounting” because it gave tangible evidence and results of how different cultures impact financial accounting rules and practices. For example, a country with more conservative cultural values can see those values exhibited through a shorter amortization period for a fixed asset. 18. What’s your favorite Darden memory? Getting the C. Steward Sheppard Leadership Award. I considered myself an outsider at Darden and to be recognized as a leader in my class was unexpected and fulfilling. 19. You serve on Darden’s Racial Equity Advisory Cabinet. What progress do you see at Darden and what challenges remain as the School strives for racial equity? I see progress at Darden, and in society, in the opportunities available for the cream of the crop of racial minorities. President Barrack Obama is a perfect example, as he would not have been elected president 40 years ago. The challenge is that people look at the former president and see that as evidence that things are better. Things are better, but only at the top. Things are worse for the rank and file. You can see that in the widening wealth gap between Blacks and whites. Gains have also been made in attitudes. I believe Darden stakeholders have a more constructive attitude on dealing with racial crises. For example, the response to George Floyd’s murder was treated much differently than the outcome of the trial of the officers that beat Rodney King (which happened while I was a student at Darden). I was devastated after the LA police were not convicted, but I don’t even think it was an item discussed in class. 20. Social media and new technologies seem to be changing the world of athlete sponsorships. What might surprise the average sports fan who still thinks of Michael Jordan and Nike or Roger Federer and Rolex? A shift in power from institutions (leagues, teams, distribution) to the individual creator (athlete, in this case). A tangible example is the collective bargaining agreements between owners and players. I think over the next 20 years there will be big changes and more money for the players.

Darden Executive Education & Lifelong Learning

SPRING 2022 OPEN PROGRAMS NAME

Live Virtual

Online

DATES

FEE

Certificate in Business Strategy (3-program noncredit certificate)

21 February – 31 July

$2,400

Online

Financial Management for Non-Financial Executives

13–18 March

$9,450

Charlottesville, VA

Management

Managing the Corporate Aviation Function

20–25 March

$9,950

Charlottesville, VA

Corporate Aviation

4–8 April

$9,450

Charlottesville, VA

Leadership

4–27 April

$3,450

Live Virtual

Leadership

4 April–13 May

$2,700

Live Virtual

Digital Transformation

Servant Leadership: Leading With Humanity

2–6 May

$9,450

Charlottesville, VA

Communication Strategies in Times of Industry Disruption and Business Transformation

16–18 May

$5,999

Washington, DC, Metro Area

Leading Teams for Growth and Change

6–10 June

$9,450

Charlottesville, VA

Certificate in Business Strategy (3-program noncredit certificate)

6 June – 24 October

$2,400

Online

Women in Leadership Program Leading Mindfully Introduction to Digital Transformation

DELIVERY/LOCATION

In-Person

Online

CATEGORY Strategy

Leadership

Management

Leadership

Strategy

Live Virtual The Executive Program: Strategic Leadership at the Top

16 Oct. 2022 – 5 May 2023

$39,950

Charlottesville, VA & Washington, DC, Metro Area

Comprehensive Management

DARDEN ALUMNI RECEIVE A 30% DISCOUNT. USE ALUMNI30 WHEN YOU SIGN UP ONLINE. For up-to-date information on upcoming programs, please visit darden.edu/ee-spring22

Darden Executive Education & Lifelong Learning is provided by the University of Virginia Darden School Foundation. For more information, contact: WINTER 2021 Darden_ExEd@darden.virginia.edu • +1-434-924-3000 • www.darden.virginia.edu/executive-education WINTER 2022

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NONPROFIT ORG. U.S. POSTAGE PAID PPCO University of Virginia Darden School Foundation P. O. Box 7726 Charlottesville, VA 22906-7726

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The Darden School improves the world by inspiring responsible leaders through unparalleled transformational learning experiences.

THE DARDEN REPORT

The Darden Report Winter 2022

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