UNIVERSITY OF VIRGINIA DARDEN SCHOOL OF BUSINESS
Summer 2017
TH E DARDEN REPORT
BOB HUGIN (MBA ’85) Celgene
KARA GRUVER (MBA ’90) Bain & Co.
What Matters? Effective Leadership in Times of Unprecedented Change TOM BALTIMORE FRANK SANDS JR.
(MBA ’91) Park Hotels & Resorts
(MBA ’94) Sands Capital Management
FIVE PARADOXES OF BIG DATA 1 THE DARDEN REPORT
REVIVING TRUST IN INSTITUTIONS
DARDEN THRIVES IN WASHINGTON DC AREA
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Help Darden say “yes� to innovative programs and enrichment of the education experience by making a gift to the Annual Fund today. The possibilities for how your annual gift will move the School forward are truly endless. Support an area of the School that matters the most to you: Your impact will help Darden deliver on its mission and achieve its 2017 Annual Fund goals of $5.4 million and 50 percent alumni participation.
Area of Greatest Need Scholarships Faculty Excellence Global Impact
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Make a gift today at alumni.darden.edu/givenow.
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Samantha Hartog Darden School Foundation, P.O. Box 7726, Charlottesville, Virginia 22906 USA hartogs@darden.virginia.edu // +1-434-982-2151
Letter From the Dean
The Darden Report is published twice a year by the University of Virginia Darden School of Business Office of Communication & Marketing P. O. Box 7225 Charlottesville, Virginia 22906-7225 USA communication@darden.virginia.edu Scott Beardsley Dean and Charles C. Abbott Professor of Business Administration Juliet Daum Executive Director, Communication & Marketing Editor: Jay Hodgkins Writers: David Hendrick, Jay Hodgkins, Laura Longhine Copyeditors: Cat Burton, Dave Hendrick Designer: Susan Wormington Class Notes Editors: Laura Longhine, Angie Simonetti Photography: Tom Cogill, Stephanie Gross, Sam Levitan, Michael Paras, Andrew Shurtleff, Susan Wormington Cover Illustration: Alex Fine
The Darden Report is published with private donations to the University of Virginia Darden School Foundation. © 2017 Darden School Foundation Summer 2017, Volume 44, No. 2
Leaders, What’s Your WHY? As I stood in front of Darden’s roughly 400 graduates at Final Exercises for the Class of 2017, I asked them to contemplate a simple but powerful question: WHY? Given that our most recent graduates are likely to spend the vast majority of their waking hours working for the next 40 to 45 years, I asked them to periodically contemplate why they are doing what they are doing. To find their raison d’être … the noble purpose of their work. At Darden, we care about noble purpose and believe that it is possible to do something meaningful AND to achieve rewards, including financial ones. The cofounder of Infosys, Narayana Murthy, who you will meet on Page 4, is a fine example. So is alumnus Henri Termeer (MBA ’73), who died unexpectedly in May. He grew Genzyme into a global giant and built the biotech industry. He is credited with creating orphan drug treatments that saved more than 30 million lives. Those who knew him best knew him as a kind and generous leader, a mentor, a visionary and a family man. In this issue of The Darden Report, we explore leaders and leadership. There is a well-documented and tremendous shift impacting the dynamics of modern business, which is causing a rapid reassessment of what it means to be an effective leader. In our cover story (Page 12), four Darden leaders at the top of their fields share their views. Darden faculty also share theirs, including research on the leadership traits needed for the coming Smart Machine Age, the leadership styles of post-World War II presidents, and how leaders can build trust, which is at an all-time low. Professor Jim Detert reminds us (Page 22) that being a leader doesn’t always happen from the front. His work encourages students to practice “workplace courage” — to act courageously when it’s called for, no matter their rung on the ladder. I encourage you, readers and leaders, to have workplace courage and to periodically ask about your WHY. Learn more about what’s happening at Darden in support of our mission — our why — in the article “Darden Worldwide” on Page 6.
Scott C. Beardsley
Dean and Charles C. Abbott Professor of Business Administration
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THE DARDEN REPORT / SUMMER ’17
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Leadership: What Matters?
Reviving Trust in Institutions
The Big Missed Opportunity
Four Darden alumni working at the highest levels of their industries examine how leadership is changing in an era of rapid disruption and uncertainty, and how they are leading.
Trust in all institutions, including businesses, is at an all-time low. Darden professors explore how business leaders and the School can help lead institutions out of the rut.
Big Data isn’t a panacea for businesses unless they seize the opportunity. Professor Raj Venkatesan explores five paradoxes of Big Data and highlights five companies doing data right.
News Briefs
Alumni News
Profiles
4 Awarding Innovation
29 New Principal Donors
5 Class of 2017 Graduation
32 Reunion 2017
22 Faculty Research Spotlight: Jim Detert
6 Darden Worldwide
33 Abbott Award Winner
36 Bob Woodworth (MBA ’73)
8 Darden in the DC Area
41 In Memoriam
37 John (MBA ’79) and Dudley Macfarlane
45 Darden Leadership Boards
25 Faculty News 26 School News
40 Kevin Watters (MBA ’94)
28 What’s New in Charlottesville? 28 Best of Social Media
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20 Questions: Elizabeth Weymouth (MBA ’94) Elizabeth Weymouth is the first woman to serve as chair of the Darden School Foundation Board of Trustees, a role she takes on after 10 years at Riverstone Holdings where she led efforts to raise $25 billion of capital.
STAY CONNECTED
www.darden.virginia.edu/about/communication-marketing/social-media
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news BRIEFS
UVA’s Highest Honor
Legendary IT Icon Narayana Murthy Receives Thomas Jefferson Foundation Medal in Global Innovation
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From left: VN Dalmia (MBA ’86), Narayana Murthy, founder of Infosys, and Dean Scott Beardsley at Monticello
he University of Virginia bestows no honor higher than the Thomas Jefferson Foundation medals. In April, UVA and the Thomas Jefferson Foundation proudly presented the 2017 Thomas Jefferson Foundation Medal in Global Innovation, which is hosted by Darden, to an IT industry icon recognized as one of the greatest entrepreneurs of our time. Narayana Murthy co-founded Infosys in Bangalore, India, in 1981, before leading it as CEO and chair for 30 years. He is credited with creating the “global delivery model,” which became the foundation for the huge success in information technology services outsourcing from India. Murthy traveled to Charlottesville to deliver a public talk at Darden, to dine with other medal recipients and to accept the medal on 13 April as part of UVA’s Founder’s Day celebrations. In his public talk, a conversation with Dean Scott Beardsley, Murthy said he has put fairness above all else in his career. “I want a stone on my grave that says: ‘This was a fair person,’” Murthy said. “Fairness, to me, in every transaction, is extremely important.” A strong proponent of the social responsibilities of corporations, Murthy said every decision made by corporate leaders should first pass the basic filter of: “Will this decision of mine enhance respect for my company from society and will this decision of mine enhance respect for me from my employees?” If such questions became fundamental to corporate decision-making, society would be happier and healthier, said Murthy, who at one point defined success as “the ability to put a smile on the face of people when I enter a room.” Within the technology industry, Murthy looked ahead to a future of opportunity informed by the key trends of increased automation and consumer
The Thomas Jefferson Foundation Medal in Global Innovation, which is hosted by Darden, was awarded for the second time in April.
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Class of 2017 Graduation
demand to access technology-assisted content “anytime, anywhere, on any device.” While automation presents opportunities for companies at the presumed expense of huge numbers of employees, Murthy said he believed new solutions would emerge for workers. “I am a great believer in the power of the human mind,” Murthy said. “What appears impossible today will be made a convincing possibility because of the human mind, and we have seen how the human mind has transformed this world from the Stone Age to where we are today. I don’t think that’s going to end.” Watch highlights of Narayana Murthy’s public talk with Dean Scott Beardsley on ideas.darden.virginia.edu.
I want a stone on my grave that says: ‘This was a fair person.’ Fairness, to me, in every transaction, is extremely important.” — Narayana Murthy, recipient of the 2017 Thomas Jefferson Foundation Medal in Global Innovation ABOUT NARAYANA MURTHY
Professors Luca Cian, left, and Yael Grushka-Cockayne, right, led the procession of full-time MBA students at graduation as faculty marshals elected by the Class of 2017.
INSPIRED TO LEAD
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ore than 400 residential MBA and Executive MBA students received the honors of Honor 21 May at Darden’s 2017 graduation ceremony. Yousef Sajid (MBA ’17), Chris Haugen (EMBA ’17) and Aaron Flynn (GEMBA ’17) served as class speakers at graduation, delivering parting words of encouragement as their classmates prepared to step forward as the next generation of business leaders. Professors Luca Cian and Yael Grushka-Cockayne were elected by the class as faculty marshals. “Don’t just review your income statement, review your outcome statement,” Dean Scott Beardsley told the Class of 2017 during the ceremony. “Don’t just think about ROI, think about your ROY — the return on your ‘why.’ My experience is that a focus on ROY will lead to superior performance for you and your company.” As they embark on the next step in their careers, the graduates have already left an impressive legacy through strong job placement and a class gift of $205,139 to the Darden Annual Fund, with 96 percent class participation.
Co-founded Infosys with six others in a Bangalore apartment with their combined savings of $1,000
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CEO of Infosys from 1981–2002; chair from 1981–2011
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Recognized as one of the greatest entrepreneurs of our time and most admired business leaders by dozens of publications and organizations
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Awarded the Légion d’Honneur by France, the Commander of the Order of the British Empire by Great Britain and the Padma Vibhushan by India
The full-time MBA class raised $133,472 with 95 percent participation.
The EMBA class raised $53,842 with 98 percent participation.
The GEMBA class raised $17,825 with 100 percent participation.
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DARDEN WORLDWIDE Darden’s Vision for 2026 Soon after his arrival at Darden, Dean Scott Beardsley — who spent much of his 26 years at McKinsey consulting on strategy — set off to define a new, 10-year strategy for the Darden School. “Strategy is the integrated set of actions required to achieve a vision,” said Beardsley. “Our vision for Darden is to achieve the full potential of our mission to improve the world by developing and inspiring responsible leaders and by advancing knowledge.” Working with Professor Mike Lenox, senior associate dean and chief strategy officer, Beardsley
brought thousands of stakeholders — alumni, students, faculty, alumni and others — into the process by gathering ideas and feedback. In fall 2016, the team shared the emerging strategy, called Darden Worldwide, with the School’s faculty and leadership boards. Based on the hypothesis that a shakeout among business schools will send talent and resources to a small set of globally elite schools, Darden Worldwide articulates a strategic imperative for global impact and stature. The plan outlines five strategic priorities — each with a robust set actions — required to realize the full potential of the Darden School’s mission.
The 5 Strategic Priorities Charting Darden’s Course to 2026
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Attract and Nurture World-Class Talent
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Build Darden’s Global Brand, Infrastructure and Network
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Sustain and Enhance the World’s Best Educational Experience
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Support Global Thought Leadership on Important World Themes
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Develop Darden’s Resource Base to Support the School’s Strategic Priorities
Priority in Action: Revitalize and create new joint-degree programs. Continue growing global learning as part of the MBA experience, and create new resources that unleash curricular innovation with a focus on leadership, technology and experiential education.
Priority in Action: Enable faculty members to produce more — and more influential — research that is amplified through new and expanded research Centers of Excellence. Launch new cross-cutting research initiatives and grow the faculty’s presence in key areas such as innovation by expanding resources like the W.L. Lyons Brown III i.Lab at UVA.
Priority in Action: Meet the Darden Scholarship Challenge, growing scholarship support by $10 million per year, to compete for the world’s top student talent. Expand the faculty with top faculty talent and deliver best-in-class career services and professional development. Investment in faculty and student talent will be the cornerstone of Darden’s efforts to create a virtuous cycle of success.
Priority in Action: Invest in a major, global brand strategy campaign, leading to a fresh expression of the Darden brand that resonates with top students and business leaders and driving a rise in the School’s global stature. Renovate the Darden Grounds into a cutting-edge facility. Expand the School’s presence in Washington, D.C., with new facilities and staff support.
Priority in Action: Announce ambitious new goals for philanthropy that will be the fuel for executing Darden’s strategic priorities, in conjunction with the University of Virginia’s upcoming Third Century Campaign. Areas of focus for the campaign will be scholarships, faculty excellence, global impact, facility enhancements, career services and more, each in service of enhancing Darden’s global stature.
State of the School: Darden Pursues a Bold Future During the 2017 Darden Reunion Weekend, Dean Scott Beardsley delivered the annual State of the School address with the message that “Darden is very strong” but also a word of caution. “We have built on the great momentum of the past,” said Beardsley. “But I will also caution you that the environment we compete in is incredibly competitive. This area of graduate management education is among the most competitive spaces you can imagine.” During the State of the School address and previously in the April meeting of the Darden School Foundation Board of Trustees, Beardsley shared the Darden Worldwide
strategic priorities and the progress that is already being made toward them. Of the School’s plan for the future, Beardsley said, “It’s audacious, but I think it’s within our grasp.” The bold vision for Darden Worldwide will continue to roll out in line with UVA’s next capital campaign, which will begin in October in conjunction with the University’s Bicentennial Commemoration. “The bicentennial will tell the complete story of the University,” said Beardsley, “and Darden — now over six decades strong — plays an important role in that story.”
Highlights and Progress Toward the School’s Strategic Priorities
NEW COLLABORATIONS WITH THE UNIVERSITY OF VIRGINIA ■ Darden and UVA’s Data Science Institute have launched a new dual degree (MBA/ MSDS) to train the next generation of technology leaders. The first cohort will begin this summer.
in 2015. Donors have responded with almost $15 million in new commitments for merit-based scholarships. “Darden has a long way to go toward ensuring that it is affordable and accessible to top students from all walks of life, but it’s a strong start,” said Beardsley. The market cost of business education has skyrocketed over the past 30 years. At Darden, tuition, room, board and other expenses for the 2017–18 academic year will range from more than $88,000 for in-state students to $93,000 for international students.
■ Darden and UVA have entered into an innovative solar power partnership with Dominion Virginia Power. By supporting the solar energy project, Darden will reach carbon neutrality by 2020 and will be one of the only top-ranked business schools in the United States to realize this accomplishment.
NEW FACULTY HIRES
STRONG INITIAL RESPONSE TO THE CALL FOR SCHOLARSHIPS ■ Darden made a special call for scholarship funding, the Darden Scholarship Challenge,
■ Since 2015, Darden has hired 12 new faculty members, including five women and nine with international passports. “They are each incredible in their own right,” said Beardsley, bringing both teaching excellence and research productivity. Six of the professors are already teaching, and six will join Darden in August.
ACCELERATION OF GLOBAL ACTIVITIES ■ Darden is making headway toward the aspiration that every Darden student have a global experience. Since 2016, enrollment in Darden Worldwide Courses has almost doubled, and 72 percent of the Class of 2017 participated in global electives. Darden offered courses this year in 24 countries, in 46 locations on six continents.
A SUCCESSFUL LAUNCH IN THE WASHINGTON, D.C., AREA ■ Darden’s move into the D.C. area, through a presence in Rosslyn, Virginia, and the launch of an Executive MBA section in the area have been very successful. The pace of Darden’s activities in this global gateway is accelerating dramatically (See Page 8).
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Darden Thrives in DC Capital Area
By Dave Hendrick 8
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BIGSTOCK
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he Darden School has hit the ground running in the Washington, D.C., area. Since first announcing plans to expand into the Washington, D.C., area just over a year ago, the School has successfully launched a fully enrolled Executive MBA cohort, placed 10 staff members on location in newly leased office space, laid the groundwork for deepening Executive Education relationships and programs, collaborated on vital research and brought together top practitioners for a host of programming.
Professor Greg Fairchild, associate dean for Washington, D.C., area initiatives, makes clear that Darden is building for the long term in a market that is the eighth largest in the U.S. for corporate headquarters. “We’re doing more than just planting flags, we’re building relationships,” said Fairchild. “We want to be the preeminent business school at the nexus of business and public policy.” Here’s a look at some of Darden’s early efforts in the Washington, D.C., area.
Demand Grows for the Executive MBA Program in Rosslyn Darden had high hopes when expanding its Executive MBA program to the nation’s capital, convinced that conveniently scheduled classes taught by top professors in the booming Washington, D.C., area would prove to be a strong draw for exceptional learners interested in an MBA. Expectations were met and exceeded, with 61 students — the School had projected 50 — enrolling in the D.C. cohort as the Class of 2018. The students have a myriad of backgrounds. They are veterans, entrepreneurs, bankers and politicos, and they travel to class in Rosslyn, Virginia, from across town and across the world.
Meet Three Class of 2018 Executive MBA Students Meredith Aronson D.C. resident Meredith Aronson (Class of 2018) said the program coming to the area was a case of “right place, right time” for her, as she considered ways to grow in her role and accelerate her career. Aronson, who directs strategy and partnerships for the National Fitness Foundation, had recently transitioned out of a similar role with the Obama administration’s Council on Fitness,
Meredith Aronson and Ery Zaidir are both members of the Executive MBA Class of 2018 Rosslyn section.
Sports & Nutrition, and saw an opportunity with Darden to grow as a young professional. “This program gives me the perfect opportunity to take my government and nonprofit experiences into the business sector. I’m learning about what it takes to propel a business forward in an increasingly complex and global environment,” Aronson said. “Because of Darden, I’m confident in my ability to meaningfully contribute to a company’s brand, business and society.” Joe Spencer Joe Spencer (Class of 2018) makes the regular flight from Kansas City, Missouri, to Reagan National Airport to join his D.C. cohort. A father of 11 who is a senior director at Osmose Utilities Services, he aspires to run his own business one day. Spencer discovered Darden via his son, Joe Spencer Connor, who recently graduated from the (Class of 2018) McIntire School of Commerce at UVA. When picking up his son after graduation to help him move from Charlottesville to Washington, D.C., Spencer said his son told him he had to go see Darden on the way out of town. “I went by Darden and walked out into that beautiful quadrangle. It got me thinking again,” Spencer said. Spencer learned of the new cohort based in Rosslyn, Virginia, just across the Potomac from Washington, D.C., and a few months after first standing in Flagler Court, Spencer was being welcomed as a member of the Class of 2018. Ery Zaidir Ery Zaidir (Class of 2018) takes the prize for most airline miles logged with his commute from Jeddah, Saudi Arabia. He works in risk management for the National Commercial Bank of Saudi Arabia in Jeddah, travels 20 hours each way to the area, and wakes up for 2 a.m. classes delivered online twice a week. The Indonesian banker, whose enrollment at Darden was assisted by the Indonesia Endowed Fellowship Fund for Global Executive MBA Students, said he’s been particularly taken with the lessons gleaned from case studies involving why businesses fail. “The way I was taught in the past cannot be compared to the way they teach us at Darden,” Zaidir said. “If all the teachers and all the faculty members in Indonesia taught people the way they teach students at Darden, maybe we could compete with America.”
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With students, staff, facilities and research on location in the Washington, D.C., area, Darden’s presence around the nation’s capital is quickly coalescing. Shown below, Professor Peter Debaere discusses economics with students in the Rosslyn section of the Executive MBA.
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Darden Opens New Office in Rosslyn Darden now has 10 staff members spending all or much of their time in the D.C. area, with key personnel from the Executive MBA program, Executive Education, Career Development, Alumni Career Services, Admissions and Advancement now on the ground. The new facility includes three closed offices, but it is mostly an open, modern and modular space with flexible work stations and meeting spaces. Fairchild said it facilitates a startup-like culture as Darden grows in D.C. Left: Darden’s new office at 1100 Wilson Boulevard in Rosslyn, Virginia, is outfitted for flexibility and a startup culture.
Executive Education Expands Its Presence Darden Executive Education has longstanding ties to area companies and more than four decades of experience developing courses with the U.S. military, but sees additional opportunities with Darden’s expansion in D.C. The Executive Program, the flagship program of Darden Executive Education, is hosting a three-day residency in Washington, D.C., as part of the full three-week program in June. During the residency, executives will connect with policymakers and experts on subjects
such as trade policy, immigration, global markets and cybersecurity in order to better understand how to manage through uncertainty and change. In May, Executive Education hosted its second annual Innovation Summit in the Washington, D.C., area, a day of programming devoted to enabling and growing innovators, featuring Professor Ed Hess. Fairchild said the School is also considering programs for staffers on Capitol Hill, and hopes to make deeper
Professor Ed Hess at the Innovation Summit
inroads with the many privately held consulting firms that struggle to offer the training and development programs offered by some of their larger peers.
Creating a Nexus of Business and Public Policy
From left: Professor Greg Fairchild (MBA ’92), GE Aviation’s Peter Prowitt (MBA ’81) and White House Director of Legislative Affairs Marc Short (MBA ’04) discussed the advantages of an MBA in public policy with Darden alumni.
The D.C. location has made possible a host of great programming in a short period of time, bringing in government, business and public policy luminaries for up-close interactions with students and alumni. In March, White House Director of Legislative Affairs Marc Short (MBA ’04) and GE Aviation’s head of government relations Peter Prowitt (MBA ’81) joined Fairchild to discuss the role of the MBA in public policy jobs. Shortly thereafter, former Federal Reserve Chairman Alan Greenspan and NBC news correspondent Andrea Mitchell addressed the Executive MBA cohort. School leaders in May launched the Business Innovation and Climate Change Initiative, a nonpartisan, multidisciplinary
effort intended to inform policymakers in Washington, D.C. The project will include biannual Sustainability Innovators’ Roundtables, thought leadership events and ongoing research.
Former Federal Reserve Chairman Alan Greenspan addressed the Executive MBA cohort in Rosslyn.
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cover story
What Matters? 4 Darden alumni leading their industries discuss effective leadership in uncertain times There is a well-documented shift impact-
ing the dynamics of modern business, which is causing a rapid reassessment of what it means to be an effective leader. To
help understand what this reality looks like in the world of practice, Darden
tapped the expertise of four alumni who are executives at the top of their fields.
Illustrations by Alex Fine 12
THE DARDEN REPORT
Kara Gruver (MBA ’90)
Bob Hugin (MBA ’85)
Partner at consulting firm Bain & Co., managing director of Bain’s Boston office, and named one of Consulting magazine’s Top 25 consultants for 2017 for Excellence in Leadership
Executive chairman and former CEO of Celgene, a global biopharmaceutical company that focuses on the discovery, development and commercialization of products to treat cancer and other severe unmet medical needs
Frank Sands Jr. (MBA ’94)
Tom Baltimore (MBA ’91)
CIO and CEO of Sands Capital Management, a global investment management firm that uses a single growthoriented philosophy to identify long-term investing opportunities
Chairman, president and CEO of Park Hotels & Resorts, a real estate investment trust spun off from Hilton Worldwide that owns 67 premium-branded hotels and resorts with 35,000-plus luxury and upscale rooms
According to the 2016 KPMG CEO Outlook, four out of 10 CEOs expect to be running significantly transformed companies within a few years. Is this true for your business? BALTIMORE: The need for business transformation
GLOBALLY, WE HAVE
DOUBLED DOWN ON TWO MAIN THEMES THAT WE FEEL PASSIONATE ABOUT: EDUCATION REFORM AND ECONOMIC DEVELOPMENT. — Kara Gruver
is widespread and likely to expand, especially given the pace of technological change. In the hotel business, advances in technology impact the operational process of checking in guests. For years, guests would queue up in lines (sometimes long lines in periods of high demand) at the front desk and wait for an available front desk attendant. Today, the industry is advancing with various degrees of digital key initiatives, where guests can select a room and get a notification when the room is ready to be occupied. A guest can simply bypass the front desk and use her mobile device to unlock the room door instead of using a traditional key card. The implications across the business for staffing and other customer relationship management applications are huge and just the first of many initiatives to follow. GRUVER: At Bain & Company, we see a need to
drive continuous change as we grow and adapt to persistent evolutions in our business. This leads to new ways of working, new tools and new ways of solving client challenges. It also alters the way we attract and retain the next generation of talent to ensure that they have the opportunity to learn and grow and we have the right skill sets in place to meet our clients’ changing needs. Business transformation is also top-of-mind for all of our clients, and helping them successfully accelerate through these changes is a core part of Bain’s business. We are actively working with companies across many different industry sectors to give them a holistic picture of how their strategies have to change not just to react to technology changes but across their whole organizations. HUGIN: Celgene’s long-term success depends on
our ability to deliver transformational therapies to patients today while investing significantly in research and development to positively impact human health and solve some of society’s most serious challenges. In a highly technical, researchdriven industry with limited product exclusivity due to both patent life and technological competition, we are continually investing in the future and reinventing ourselves. It is critically important for us to be a leading force for change in the rapidly evolving health care environment. SANDS: We strive to continue to evolve, grow,
adapt and thrive — in other words, we are always in the process of business transformation. And transformation is often a source of investment for 14
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us, given that markets are dynamic and change is constant. With transformation, the need for trusted relationships and capable people and organizations only increases. Successful leaders must develop robust cultures with strong and time-tested values. And then they, too, must live the culture. This provides a great opportunity for those leaders who execute. How are unprecedented levels of continuous market disruption driven by technology, globalization or other factors impacting what is required of you and other executives at your company to lead successfully? SANDS: Disruption creates both challenges and
opportunities. As a knowledge-driven organization, we are constantly looking globally at trends, disruptions and changes in technology, science, politics, cultures and economics, and asking, “What matters?” We work hard to position our investments and our business to each be on the right side of change, to prepare for challenges and to exploit opportunities. We think continuous disruption only makes it more crucial that we stay true to our values, while also being aware of pre-existing biases and being flexible with our thinking and conclusions.
BALTIMORE: Very efficient and effective competitors
such as online travel agencies, notably Priceline and Expedia, continue to gain share with consumers as booking engines for airline, hotel and rental car reservations. As a result, our customer acquisition costs continue to rise and impact profitability. Our industry has to effectively compete and respond with strategies to control our product and encourage customers to book through brand channels that are more cost-efficient and provide more benefits to consumers. However, it is critically important for business leaders to aggressively fight against competitive threats and make the business case to alter consumer behavior. GRUVER: One of the ways Bain is addressing
continuous market disruption is through an agile mindset, which we believe is essential for success both internally and with our clients. Within Bain, we operate all of our internal teams in an agile fashion, starting with strong business hypotheses, and testing and learning from the results. We also bring an agile mindset to our client work, investing in Digital Hubs, for example, which provide more experiential and tailored digital advisory services, rooted in the nuance of local digital trends. HUGIN: Success in the global biopharmaceutical
industry is driven by an organization’s ability to disrupt the market and change treatment paradigms. Ensuring that we succeed requires our employees
to be curious and open to continuous learning. As a company that embraces risk to accelerate success, we relentlessly advance pro-patient and pro-innovation policies and regulations. How does the current environment of transformation impact the short- and long-term outlook for the growth of your company? HUGIN: In order to achieve long-term
success, we know that we must continue to provide transformational medicines. This is why we are committed to science and invest over 30 percent of our earnings in research and development of new therapeutics, including immunotherapies, epigenetics, protein homeostasis, cancer metabolism, genomics, proteomics, kinase inhibitors, cellular therapies and beyond. We are committed to providing a brighter future for patients. SANDS: We think of short term as the
next six to 12 months. Most of the transformation during that time, we can anticipate and specifically address with thoughtful planning and execution. As for long term, we think three, five and 10 years out. In that timeframe, we know both challenges and opportunities will present themselves, but what we don’t know yet are the specifics. So we continuously work to think creatively, anticipate, improve and enhance our culture, build team skills, expand firm knowledge, and deepen relationships. In short, we prepare.
BALTIMORE: In our business, we are facing
new competitive disruptors (e.g., Airbnb) and have weathered the longer-term threats such as high-speed rail and jet travel (allowing consumers to return home in the same day), conference calls and video conferencing. Our strong belief is that there is always the need for consumers to travel to meet and gather for business and leisure. Our mission is to create a sustainable value proposition where guests choose to stay in our hotels rather than the competition. GRUVER: In this current environment,
the rapid pace of change and the need for companies to transform and adapt has created significant opportunities for Bain with both new and existing clients. Globally, the firm has experienced doubledigit growth in each of the last five years.
Leadership in the Oval Office Professors Bruner and Hess Offer Leadership Advice to the Commander-in-Chief The fast-moving, uncertain world is changing the definition of effective leadership in the Oval Office, too. Professors Bob Bruner and Ed Hess each offered new research recently with direct implications for effective leadership from the President of the United States. In an op-ed published in The Washington Post, Hess cited research from his new book, Humility Is the New Smart: Rethinking Human Excellence in the Smart Machine Age, to warn President Donald Trump that he must address “the looming technology tsunami that will hit the U.S. job market over the next five to 15 years and likely destroy tens of millions of jobs.” Hess called on the president to
appoint a blue-ribbon commission to study and make recommendations about how the United States will prepare for that tsunami and “keep the American Dream alive in the Smart Machine Age.” Before Trump’s election last fall, Bruner penned commentary for Fortune pointing to his research that shows optimism as an essential characteristic of U.S. presidents since World War II. Past presidents used optimism as an instrument of leadership to “sustain the nation’s values and mission,” Bruner said during an alumni webinar in February. Bruner wrote in Fortune that “Trump would be wise to adopt a sunnier persona” than he maintained as candidate “if he truly hopes to ‘Make America great again.’”
AS A KNOWLEDGE-DRIVEN ORGANIZATION, WE
ARE CONSTANTLY LOOKING GLOBALLY AT TRENDS, DISRUPTIONS AND CHANGES IN TECHNOLOGY, SCIENCE, POLITICS, CULTURES AND ECONOMICS, AND ASKING, “WHAT MATTERS?” — Frank Sands Jr.
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Darden Professors Advance Practice of Effective Leadership Darden faculty members write and speak frequently on the topic of leadership. Their thought leadership on some of the most pressing issues surrounding modern leadership is available on Darden Ideas to Action at ideas.darden.virginia.edu. “How Leaders Build Trust” by Professor Morela Hernandez Leaders wishing to enhance follower trust should invest more time in crafting and maintaining positive leader-follower relationships than projecting their own personal characteristics or transmitting the organizational mission. Masters of relational leadership: ●
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Actively listen to subordinates to understand what they’re saying and how they’re feeling about what they are saying.
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Solicit team input on important decisions and keep the team informed.
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Encourage team members to regularly share ideas and perspectives.
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Seek out and show respect and consideration for dissenting views.
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Deal fairly with everyone in the office, regardless of level or role.
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Give objective, specific, behaviorally focused feedback, both positive and negative.
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Understand team members’ career priorities, capabilities and place within the organization.
THE DARDEN REPORT
“Now Presenting: Leadership Presence” by Professor Lili Powell Although business communication encompasses all forms of media, none can compete with the power of an executive’s physical bearing and aura of conviction. Leaders communicate their expectations and priorities not only through words, but through their presence and actions. In short, a leader’s credibility and reputation can depend a great deal on how — and how much — he or she embodies the message. “To Excel in the Smart Machine Age, We Need Others” by Professor Ed Hess In the future, developing meaningful relationships and optimizing skills such as thinking, listening, relating and working with others will be increasingly key leadership traits as leaders work to bolster the skills that machines can’t do well. In the Smart Machine Age, it will be crucial to engage in the kind of teamwork and collaboration that leads to creativity and innovation. The bottom line is that in the Smart Machine Age, very few of us will succeed on our own. We’ll need the help of others, which means we’ll need to be the kind of people whom others will want to help.
Are millennials, both as consumers and a growing portion of the workforce, forcing a reevaluation of how you lead or how your company operates? GRUVER: Bain has not experienced a shift from
the influx of millennials in the workforce. We believe this is due in large part to our investment in Bain culture — one that ensures we’re delivering impact for our clients while also creating a highly supportive environment focused on encouraging and enabling our employees’ professional growth — and our commitment to continuous improvement. We invest heavily in training, mentorship and onthe-job coaching, which provides our employees with the right tools and experiences they need to not just succeed, but to thrive both personally and professionally. HUGIN: From an employment perspective and as an
innovative company, we embrace the ingenuity and creativity that the millennial generation has brought to the workplace and to solving business problems. We believe that greater application of data analytics and machine learning will transform the health care market. Millennials have shown that through their expertise and willingness to embrace information technology, they have been able to play a major role in transforming other businesses. We expect that these attributes will allow them to play a major role in bringing about greatly needed transformational change to health care. SANDS: No, but I enjoy the “snowflake” jokes they
generate.
BALTIMORE: Without question, millennials are
forcing us to rethink our business, both from a product as well as service standpoint. Millennials demand more efficient delivery systems, and mobile is a key component. Years ago, Wi-Fi in our hotels was optional and now is a mandatory offering with significant bandwidth. In terms of managing millennials, I think businesses over time will become less command-and-control driven with more emphasis placed on flatter organizations with transparency, collaboration and openness among associates. Do you believe that the role of business in society is shifting and, if so, how? BALTIMORE: Business has always played a vital role
in our educational system and advanced training programs. There are many young adults and underemployed older adults who can benefit from retraining to get the skills necessary to be productive in a technology-driven world. I strongly believe that this is an area where private-public partnerships, including the business community, can yield tremendous benefits to our economy. GRUVER: If companies want to truly compete
and thrive in today’s business environment, they have to be good corporate citizens. At Bain, social impact work is embedded in our culture. Globally, we have doubled down on two main themes that we feel passionate about: education reform and economic development. My passion for social change is deeply personal, and I’ve led several of these projects working with Teach for America and KIPP to ensure these organizations can continue to acquire the talent they need to improve the education of our next generations. HUGIN: The technological revolution that we are
just beginning to experience, enhanced by machine learning, has the potential to dramatically shift the relationship between our citizens and our businesses. We must consider and develop plans both as a business and as a society for adjusting to the dynamics of a new economy with potentially significantly less labor requirements. Dynamic companies will spawn the new industries and jobs that will capitalize on new technologies while creating exciting new employment opportunities. We at Celgene are indeed fortunate to be working in a company and industry whose mission is dedicated to the improvement in patients’ longterm health. SANDS: The role of business in society is to create
and deliver value-adding products and services in an efficient and humane manner and to continue to innovate and improve these products and services. In free and competitive markets, if a business does this, it should create profits, which in today’s world are often reinvested in growth and improvements. Once a business stops doing this, it will — and should — go out of business. While looking at history, there are all sorts of examples of businesses that have, at times, put profits ahead of all else. No business can do this long term. In short, the role of business in society remains the same.
THERE ARE MANY YOUNG
ADULTS AND UNDEREMPLOYED OLDER ADULTS WHO CAN BENEFIT FROM RETRAINING TO GET THE SKILLS NECESSARY TO BE PRODUCTIVE IN A TECHNOLOGY-DRIVEN WORLD. I STRONGLY BELIEVE THAT THIS IS AN AREA WHERE PRIVATE-PUBLIC PARTNERSHIPS, INCLUDING THE BUSINESS COMMUNITY, CAN YIELD TREMENDOUS BENEFITS TO OUR ECONOMY. — Tom Baltimore
WE EMBRACE THE INGENUITY AND CREATIVITY THAT THE MILLENNIAL GENERATION HAS BROUGHT TO THE WORKPLACE AND TO SOLVING BUSINESS PROBLEMS. WE BELIEVE THAT GREATER APPLICATION OF DATA ANALYTICS AND MACHINE LEARNING WILL TRANSFORM THE HEALTH CARE MARKET. — Bob Hugin
in U.S. society and created the highest standard of living in the world. Only here can women and men, from all walks of life, obtain a wonderful education and truly realize their dreams with hard work and perseverance. I am a living example! Having said that, there are ways that the business community can take a more proactive role in encouraging improvement SUMMER 2017
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ISTOCKPHOTO
As Trust Falls, How Can Businesses Help Pick It Up? T
hese are dark days for trust in the bedrock institutions of global society. While a general antipathy toward government and global business seemed to animate a series of surprising election results in 2016, recent surveys suggest that the already depressed state of the sentiment has fallen yet further. Global communications firm Edelman, for instance, reported in early 2017 that its annual Trust Barometer showed the largest-ever drop of trust in global institutions of business, government, non profits and media. Trust in leadership, too, has fallen to crisis-like
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levels, with CEO credibility falling to an all-time low of 37 percent. If one can find something like a bright spot in the Edelman research, it suggests that business continues to be held in some regard, with respondents calling the sector the only of the major institutions that can make a difference. Darden professors have long studied the issue of trust in business, informing significant portions of their work as well as the School’s Institute for Business in Society. Professors Andrew Wicks and Jared Harris and lecturer Brian Moriarty edited the book Public Trust in Business.
In their 2014 book, Wicks, Moriarty and Harris call low levels of trust in business an “enduring phenomenon,” which is currently exacerbated by a complex combination of factors. Noting globalization, rapid changes in connectivity brought about by the Internet and increased concentrations of wealth within companies, the authors describe public trust in business as “a complex knot consisting of various knots and threads that reflect an environment of dynamic change.” Little studied, the consequences of low levels of trust appear to be large and growing. The poorly trusted business invites additional and unwanted government scrutiny and regulation, finds increased difficulty in attracting and maintaining a talented workforce, and — perhaps of utmost concern to many business leaders — suffers reputation damage that has a clear correlation to valuation. “Trust in business is important in a number of areas,” said Moriarty. “Research showed that the overall trust in a society contributes to the economic well-being in that society.” Where Did It All Go Wrong? Although trust in business and government has been in a distressed state for generations, Moriarty is among those who trace the recent trough period to the Great Recession of 2008, and the exacerbation of income inequality and loss of opportunity that came in its wake. “For many people in the U.S., things have recovered pretty well, but for a lot of people, what haven’t recovered are the strong middle-class jobs,” Moriarty said. “A number of people have felt left behind in the economy, and I think there is a lot of confusion about what causes this and even more confusion about what to do about it and how to fix it.” The Darden lecturer and Institute for Business in Society director suggested increased levels of trust will be critical to move forward as the country grapples with a host of pressing issues. However, continued attacks on once-trusted sources of information — seen in the pitched battle over so-called “fake news,” for instance — may make the task more difficult. “Those types of approaches are very destructive of trust because what is key to
Businesses and nonprofits are far more likely to trust each other and partner on solving problems, which is the sort of collaboration that can ultimately play a role in fostering an environment in which the public sees fit to invest their trust. trust is building common ground and a shared map of reality,” Moriarty said. “It’s about how we work together with the best picture of reality so we can determine what the best path is going forward.” The shared map is particularly important, Moriarty said, given that the current landscape suggests a shift in societal expectations from government solving problems to some cooperative involving government, business and nonprofits, with each attempting to find their footing in the new space. “There is in a sense an emerging social contract that is yet to be codified by any of these institutions, although the weight of its presence is being felt by all of them,” Moriarty said. Although by some metrics trust in business is at a nadir, Moriarty said such multisector partnerships represent a hopeful sign amid the headwinds. Businesses and nonprofits, for instance, are far more likely to trust each other and partner on solving problems, which is the sort of collaboration that can ultimately play a role in fostering an environment in which the public sees fit to invest their trust. What Is Darden’s Role Improving Trust? The lessons of collaboration are instilled at Darden in courses and through initiatives like the Tri-Sector Leadership Fellows Program, and the School’s lived mission
of inspiring and developing responsible leaders can ultimately help play a role in fostering a world in which businesses are more trusted, Moriarty said. While Darden’s culture and core courses have a long history of instilling responsible actions in students and graduates, the School added to its capabilities in 2016 by bringing on Professor Mary Gentile and her influential Giving Voice to Values (GVV) pedagogical approach and curriculum, including a series of exercises, cases and teaching plans that give students and leaders the tools to act on their values. GVV has been put into practice at a number of multinational companies. Although the curriculum is often pegged as related primarily to individual actions, Gentile said she sees the material as helping to instill an ethical and trustworthy organizational culture. Ideally, the lessons have an impact for organizations and businesses both externally and internally. “That goes directly to trust,” Gentile said. “If I think I know what’s right, but I don’t think it’s possible in this organization to speak about it or that no one would be interested in listening to it, then my trust goes down the drain. What I’m trying to do with GVV is not to just talk about how an individual can be ethical but to help students and managers pre-script and rehearse how they can talk about these issues in a way that will make an impact on the larger organization.” Gentile, who notes that depressed levels of public trust are a longstanding topic in her field, described herself as a pragmatist on the topic, willing and eager to seek results within the current landscape. “I don’t think we’re headed in a good direction right now, but I’m not sure that at any point of time people would say we’re headed in the right direction,” Gentile said. “You can live your life assuming things are getting worse or you can live your life assuming things are getting better, but I think it’s important for each of us to figure out which set of assumptions will fuel our own ability to act, which mindset will motivate us to try and be a part of a movement and set of actions that is true to what we value. That is all we can do and, frankly, it is a lot.”
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The Big Missed Opportunity With Big Data By Dave Hendrick
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hen Professor Raj Venkatesan started teaching marketing analytics at Darden more than a decade ago, he had to write his own cases in order to have sufficient course material to teach in the newly emerging field. In the ensuing years, though, the scope and depth of the field of study boomed, as a seemingly endless trove of data derived from an increasingly connected consumer heightened the capability — and the stakes — of marketing analytics and the businesses it serves. However, in this new data-rich landscape, Venkatesan noticed something else. Data was everywhere, but most companies continued to operate as if it was business as usual. Game-changing capabilities took shape with predictive analytics, machine learning and artificial intelligence applications rapidly becoming reality, but companies simply weren’t taking advantage. “There is a lot of data, but nobody’s using it,” Venkatesan said. “Companies are struggling to make use of the data environment.” A recent McKinsey report affirms Venkatesan’s contentions. According to McKinsey in “The age of analytics: Competing in a data-driven world,” major sections of the U.S. economy are missing out, with manufacturing unlocking less than 30 percent of the value of Big Data and the health care sector under 20 percent. A relative outlier, retail has captured 30 to 40 percent of the possible value. While marketers are comparatively more adept at using Big Data than other sectors, their efforts remain sporadic.
disruptive Silicon Valley startup against the stuck-in-its-ways incumbent, it’s also a story with clear examples. Uber is crushing taxis in part due to its ability to deliver a seamless user experience using elements of Big Data. Netflix’s unique DVD-by-mail system may have attracted a critical mass of consumers away from Blockbuster, but it was an ability to tailor content derived from rigorously tracked consumer habits that made Netflix into a multibillion dollar company and drove Blockbuster out of existence. Increasingly, the companies that know how to use and prioritize the importance of Big Data seem to be winning, Venkatesan says. It is a foregone conclusion that a better understanding and application of Big Data will be key to long-term success in a variety of industries. Why then, have so many been slow to take advantage of the space? Venkatesan’s research seeks to identify organizational factors that enable an analytics orientation and uncover the processes adopted by firms that have harnessed the power of Big Data. For his most recent working research paper co-authored with Professor Kimberly Whitler, the professors interviewed senior business leaders around the world. The findings led to what Venkatesan and Whitler have termed “the five paradoxes of Big Data” — seeming contradictions with which even the most forward-looking, customer-centric companies that believe in the power of Big Data struggle.
Untapped Opportunity
Key aspects of Venkatesan and Whitler’s research is reinforced by recent findings from The CMO Survey, a biannual survey of nearly 400 marketing executives conducted by the American Marketing Association, Deloitte and Duke University. The survey found that less than a third of marketing leaders are using analytics before making a decision, and not due to a lack
That Big Data represents an area of enormous opportunity is clear, and many companies are starting to make use of troves of consumer data to great effect. For example, witness the proliferation of location-based functionality in scores of apps. While it’s an oversimplification to paint the data-savvy,
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Breaking Silos, Changing Mindsets
“THERE IS A LOT OF DATA, BUT NOBODY’S USING IT. COMPANIES ARE STRUGGLING TO MAKE USE OF THE DATA ENVIRONMENT.” Professor Raj Venkatesan
RONALD TRZCINSKI PROFESSOR OF BUSINESS ADMINISTRATION
of analytics. Instead, the primary factor preventing executives from using data or analytics to inform decisions was a lack of process or measurement tools around the data, followed closely by a lack of personnel capable of bridging the gap between marketing analytics and marketing practice. On the latter point, Venkatesan and Darden may have a solution to empower cross-functional data experts of the future. Darden recently partnered with UVA’s Data Science Institute to offer a unique dual-degree program, in which students will complete an MBA/Master of Science
in Data Science (MBA/MSDS) over the course of two years. Venkatesan, who serves as the faculty lead for the new program, envisions graduates of the program as precisely the sorts of transformative business leaders who will be able to work across silos and break through the paradoxes of Big Data. “Transformation requires more than technology, as the technology is there,” said Venkatesan. “Instead, the values and mindsets around Big Data and analytics need to be changed.”
THE FIVE PARADOXES OF BIG DATA
MARKET SUCCESS
UNCERTAIN OUTCOMES
PROBLEM COMPLEXITY
SCIENCE BUT NO CURATION
PERFECTION PURSUIT
in which companies see little incentive to explore new territory during successful times. Companies that wish to stay on top must resist this complacency.
in which a disrupted market and new key performance metrics scare people away from using new data.
in which large, complex problems are spread across groups, or silos, making it less likely that a common language of expertise exists. Rapid prototyping and developing may help solve this problem.
which involves using data to help understand the past, present and future of a business. Analytics should be a form of curation.
in which the pursuit of an impossibly perfect outcome prevents companies from engaging in the sorts of rapid protoyping and iterative design that are essential to making use of Big Data.
Five Companies Successfully Making Use of Big Data NETFLIX: The company has gone beyond simply using data capabilities to recommend movies consumers might like, and now uses them in creative pursuits, including to inform what content the company — which once served exclusively as a distributor — chooses to create. NATIONWIDE INSURANCE: The company collaborated with Ohio State University Fisher College of Business to build the Nationwide Center for Advanced Customer Insights, which offers faculty and students from a variety of disciplines access to Nationwide research data in the pursuit of state-of-the-art predictive models and data-mining techniques. ZILLOW.COM: The company’s great innovation was to collect publicly available data and produce its own Zillow price, or “Zestimate,” for all real estate. The move represented a dramatic shift in power from former information brokers like real estate agents to consumers. COMPARE.COM: CEO Andrew Rose (MBA ’03) has helped build a company that he describes as “ridiculously obsessed with data.” The company uses data, analyses, forecasting and testing merged across silos consistently to make strategic decisions. From the first advertising campaigns to their current challenge of improving the questionnaire completion rates of their customers, Compare has built an intensive test-and-learn culture. Some of these tests have led to insights about customers that put into question long-held beliefs about Compare customers. DUNIA FINANCE: When embarking on an ambitious plan to double business growth, the Abu Dhabibased financial services company pivoted to an analytics-heavy culture and relied on proprietary behavioral and demographic data on each of its clients to pitch consumercentric products. New hires with a strong combination of technical and business skills were hired, and the company incubates analytics talent across the organization. SUMMER 2017
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Climbing the Courage Ladder
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faculty research PROFILE:
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JI M D ET ER T
hen Professor Jim Detert used to think of workplace courage, he pictured “whistleblowers” — individuals who spoke up publicly about illegal or immoral behavior after leaving their organizations. Yet, as he began to research the topic, he came to a surprising conclusion. “A lot of these really spectacular people whom others pointed to as courageous were not people who left their organizations and faced the consequences of blowing the whistle from outside,” he said. “They were people who said ‘I love this place, I care about this place, and I want to stay in this place, but it needs to be different or better. And, therefore, I’ll accept the social or economic or other risks involved in trying to create positive change here.’” Detert, who joined the Darden faculty in 2016 after nearly a decade at Cornell’s Johnson School of Management, hopes to help Darden students work on developing their capacity for workplace courage while they’re still in school. In a new course called “Defining Moments,” he aims to put students in “mini-crisis moments,” where they will have to decide what to do and how to do it skillfully. “The purpose of the class,” he said, “is to say, ‘Let’s put you in some of these incredibly difficult situations now — when the consequences only involve feeling a bit uncomfortable and uncertain — and practice.’ ” Over the last five years, Detert has collected close to 1,000 courage stories, as well as survey data from another 6,000 to 7,000 people about specific aspects of workplace courage. He’s used this data to develop, with Ph.D. student Evan Bruno, a taxonomy he calls the Workplace Courage Acts Index, which maps how much courage people perceive it takes to do particular behaviors in their organization and
how frequently those behaviors occur. The current index includes 35 behaviors, from straightforward management tasks like providing a subordinate with negative feedback to confronting a boss about illegal or unethical behavior. Back before his research, Detert used to tell students in leadership classes: “It doesn’t matter how many arrows you have in your quiver if, when the key moments come in your career to use them, you won’t — you’re afraid to or you won’t put some greater good above self-interest.” That insight resonated with students, who consistently asked in their course evaluations for more about workplace courage. When he checked the literature, he found there was extremely limited research or curricula directly about workplace courage. So Detert, who has a master’s in sociology and a Ph.D. in organizational behavior in addition to his MBA, decided to take the subject on himself. Detert realized that creating change from the inside requires a much broader set of skills than being a whistleblower. He came to believe that helping people develop those skills and understand how to be “competently courageous” within the workplace would help a greater percentage of people than focusing on isolated cases of whistleblowing. These insights led him to develop what he calls the Competent Courage Framework, which is intended to help people develop the skills to be courageous at work, but also be effective when doing so. Developing effective workplace courage involves everything from the ways people create the conditions for successful action to their behavior in actual courage episodes to how they follow up afterwards. In helping people use the framework, he often employs the metaphor of “climbing your courage
By Laura Longhine Illustration: Brian Stauffer SUMMER 2017
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faculty research PROFILE:
J IM D ETERT
“We have this tendency to think that some people are born skillfully courageous, and I think that’s wrong. We would be better off assuming that all of us have the capacity to act courageously, and that all of us have to work on it.” — JIM DETERT PROFESSOR OF BUSINESS ADMINISTRATION, LEADERSHIP AND ORGANIZATIONAL BEHAVIOR AREA
ladder.” He encourages people to write out a list of actions, alongside a ladder image, starting with something that might take a bit of courage but feels doable, and working up to an action that feels important but is almost impossible to contemplate doing right now. “A big part of the reason why people don’t act courageously is that most people tend to think of things that are near the top of their ladder, and that feels overwhelming,” he said. “You have to help people start by tackling something at the lower rungs of the ladder. They need to be willing to do it, and they need to have a reasonable shot at success to develop some efficacy that will support them as they take actions that require more courage.”
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Courage, he says, is like a muscle, and we need to use it regularly to make it stronger and more effective. “We have this tendency to think that some people are born skillfully courageous, and I think that’s wrong,” he said. “We would be better off assuming that all of us have the capacity to act courageously, and that all of us have to work on it. “Each of us fears different things, and each of us has a different set of skills and areas for improvement,” he added. “As [psychiatrist] Scott Peck once said, the only people who have no fear are those with some kind of brain damage.” Many of the cases in Detert’s class, which students will read and decide on in real time, are based on stories provided by Darden alumni and include both moments they are proud of and moments they regret. “Most people don’t regret their courageous acts, no matter how they turned out, but they do have doubts that linger for years when they don’t act and they think they maybe should have,” Detert said. “To me, what’s also interesting in our own research is that, while almost nobody reports regret for acting, they report what I would call ‘how’ regret. They say, ‘I’m glad I acted, but I wish I had done some things differently.’” Detert’s work is aimed at minimizing both kinds of regret. The Competent Courage Framework, as well as his “Defining Moments” class and other experiential learning opportunities he hopes to develop at Darden, are meant to help people recognize their tendencies, be more willing to act courageously when called for and build the skills they need to do so competently. It goes back to his growing conviction that skillfully courageous leaders are made, not born. As he continues to write and present on the subject, Detert says he focuses a light on “extraordinary acts by ordinary people.” “We all love to read about the Ghandis and the Mandelas, but I think it’s actually quite important to see people of all educational backgrounds and job titles and levels demonstrating workplace courage,” he said. “The goal is not to have people just armchair read, but instead think, ‘Oh, I could do that.’ And then actually go and do it.”
faculty NEWS Awards & Accolades Professor Ed Freeman was named the Verizon Professor at Bentley University. Professor Mary Gentile was named one of the 2017 “Top Minds” by Compliance Week magazine. Professors Yael Grushka-Cockayne and Casey Lichtendahl were among the authors on the paper “Vungle Inc. Improves Monetization Using Big-Data Analytics,” which was a finalist for the 2016 Daniel H. Wagner Prize for Excellence in Operations Research Practice. Professor Bob Harris’ co-authored paper “How Do Private Equity Investments Perform Compared to Public Equity?” was the winner of the Markowitz Award for the best paper published in the Journal of Investment Management in 2016. Professors Melissa Thomas-Hunt and Kieran Walsh received this year’s Wells Fargo Award for Excellence in Research. Thomas-Hunt was honored for her paper “Condoning Stereotyping: How Awareness of Stereotyping Prevalence Impacts Expressions of Stereotypes,” published in the Journal of Applied Psychology. Walsh received the award for “The Double Power Law in Consumption and Implications for Testing Euler Equations,” published in the Journal of Political Economy. Professor Raj Venkatesan received a grant from 3M to support his work on building a sustainable analytics orientation. Professor Kimberly Whitler and her co-authors received the Robert D. Buzzell MSI Best Paper award for their working paper “When and How Does Board-Level Marketing Experience Impact Firm Performance?” Professor Dennis Yang was named to the Chang Jiang Scholar Chair Professorship at Shanghai Jiao Tong University.
Retiring Pfeifer Found Fun Amid the Figures
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ongtime Quantitative Analysis Professor Phillip Pfeifer, the wellregarded direct marketing and decision analysis expert, retired this spring after 37 years at the Darden School. Pfeifer, who came to Darden on the front end of the so-called second faculty generation, leaves behind a rich academic legacy, having authored more than 80 cases, 50 journal articles and books like the influential Marketing Metrics: The Definitive Guide to Measuring Marketing Performance, which he co-authored with Professor Paul Farris and two others. The antithesis of a dry academic, Pfeifer’s colleagues and students said the instructor will be remembered both for his accessibility and his occasionally eccentric auxiliary pursuits. “If you know Phil, you love him, but you also recognize that he’s a little unconventional,” longtime friend and Darden Professor Jim Freeland said at an event honoring the retiring professor. Freeland and colleagues described a fun-loving professor and doting lacrosse dad who played on sports teams with students and co-workers, traced the perimeter of the United States in a pickup truck hauling a teardrop trailer and created a home bar so elaborate it needed its own Facebook page (Longtime UVA football fans can groan in unison at its name: The Rondé Bar). Pfeifer is also remembered with both fondness — and heartbreak — for his participation in Darden’s Luckiest Student Contest, which brought high stakes and real money to a 2007 “Decision Analysis” class.
Via a series of contests involving chance and luck, hundreds of students were winnowed down to a single contestant who had the chance to win $17,500 donated anonymously by picking the correct briefcase. The stunt, which brought media coverage from national outlets like Bloomberg News and The Washington Post, was repeated the following year after the first student picked the wrong final briefcase. While Pfeifer and his co-conspirator, Professor Sam Bodily, highlighted the contest’s “Decision Analysis” lessons, Pfeifer also confessed to an equally compelling motivation. “Part of this is to have fun,” Pfeifer told The Washington Post. “It’s February.” An award-winning, student-centric teacher, Pfeifer’s legacy was further cemented via the creation of the Data Analysis and Optimization Webpage of Fame. The initiative encouraged returning Second Year students to submit reports detailing how they used the tools learned in Pfeifer’s “Data Analysis and Optimization” class to make a difference in their summer internships. Each year, the best submissions are inducted into the webpage of fame, which was recently rechristened the Phil Pfeifer Data Analysis and Optimization Webpage of Fame — a small remembrance for an educator who won’t soon be forgotten by the Darden community. “There are lots of smart people at Darden and lots of people who are fun, but the overlapping set is exemplified by Phil,” said Farris.
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school NEWS
CEO Leads Professors in a Case Study on Digital Marketing
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nce a Darden student, Compare. com President and CEO Andrew Rose (MBA ’03) joked that he was fulfilling a dream when he returned to the classroom to teach marketing professors about his company’s data-driven marketing approach at the Theory + Practice in Marketing conference in May. Darden hosted the conference, which was co-chaired by Professors Tom Steenburgh, Raj Venkatesan and Kimberly Whitler. An auto insurance shopping service, Compare.com is essentially “Kayak for auto insurance,” according to Rose. Compare’s commitment to using a data-driven approach to iterate toward successful digital marketing has impacted decisions as fundamental as the company’s name. Compare is a sister company of Confused.com. Both are owned by financial services giant Admiral Group, and Confused.com is a market-leading auto insurance comparison service in the United Kingdom. In its early startup days, Rose said the company also considered using Confused.com in the United States.
US-China Relations Top Shanghai Investing Forum Discussions
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ith the 2017 CEIBS Private Wealth Investment Forum coming the day after United States President Donald Trump and President Xi Jinping of China conducted their first face-to-face meeting, U.S.-China relations were on everyone’s mind in April. Darden and the China Europe International Business School cohosted the forum in Shanghai this spring, bringing together investors, industry leaders and academics to discuss global market trends and investing opportunities. Francisco Aristeguieta, CEO of Citigroup Asia, said he sees China moving in a
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Compare.com CEO Andrew Rose (MBA ’03) presented to marketing researchers at the 2017 Theory + Practice in Marketing conference hosted by Darden.
“The Brits have a very different sense of humor. Confused.com worked brilliantly,” Rose said. But when they tested the name in the U.S., Confused. com placed last out of 40 options. “American consumers hated it. … It doesn’t work for American egos.” After launching in 2013 and investing heavily in digital marketing to get early traffic to the company’s website, Compare began to aggressively iterate its advertising campaigns. They tried computer generated talking apples — as in “apples to apples comparison,” Rose said — but data proved those ads as failures. Ultimately, Compare settled on a campaign featuring futuristic settings, a young male protagonist and humor because data showed those ads performing vastly
better than the existing baseline. Today, Rose said Compare’s data-driven digital advertising approach is so granular and responsive that executives literally “switched off” a campaign targeting a subset of consumers in South Carolina at a recent daily meeting because data showed it wasn’t performing to expectations. The Theory + Practice in Marketing conference convened academics and practitioners in the field of marketing to more closely connect academic marketing research with the practice of marketing and substantive business problems. It was highlighted by presentations of academic research as well as keynotes and panels featuring executives from CarMax, Capital One, Coca-Cola, Google, WillowTree and more.
different direction than the United States, and that China’s influence is likely to increase. “China has been extremely effective at capturing the space that others leave unoccupied, particularly the United States,” Aristeguieta said. “We see China reaching out, Richard Mayo (MBA ’68), second from left, and Professor Dennis Yang, secconnecting with the rest of ond from right, participated in a panel at the Shanghai investing summit. the world, engaging with capital flows around the rest Professor Dennis Yang, academic director of the world.” of Darden’s Asia Initiative, also shared Haibin Zhu, chief China economist observations about macro-economic and head of Greater China economic performance variables. He sees growth research at JPMorgan, said talks rates for U.S. wages and salaries as an between the Chinese and United States early indication that the labor market is administrations may eventually reach more becoming tight. He also predicted “inflation of a compromise around jobs, as well may rise at a faster pace because the economy is near full capacity.” as energy and economic partnerships.
Sound Bites Darden hosted business luminaries this spring who shared their insights on investing, teamwork, the state of free-market capitalism, the water crisis in Flint, Michigan, and more at School conferences and events.
“The moment you start talking ‘I’ versus ‘we,’ you’re done. We’re going to work as a we.” BARBARA BYRNE, VICE CHAIRMAN, INVESTMENT BANKING, BARCLAYS Leadership Speaker Series, 27 March
“We don’t live in a free market in the United States. It’s not capitalism.” JOHN ALLISON, FORMER CHAIRMAN AND CEO, BB&T Liberty Week hosted by the Darden chapter of the Adam Smith Society, 4 February
“We try to force ourselves to find the one or two times out of 10 where everyone wants to go to the left and we go to the right.”
JONATHAN COSLET, CIO, TPG CAPITAL Darden Private Equity Conferece, 7 April
Visit news.darden.virginia.edu/topic/leadership for more news and videos featuring executive insights.
“If it’s underground or unseen and you’re not personally affected by it or it doesn’t affect someone you know, a lot of our elected officials don’t necessarily focus on it.” RUFFNER PAGE JR. (MBA ’86), PRESIDENT AND CEO, MCWANE Flint, Two Years Later: Water Quality, Infrastructure and Social Justice (part of Darden Net Impact Week and UVA World Water Events), 13 April
SUMMER 2017
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GLIMPSES FROM DARDEN’S
GLOBAL SOCIAL NETWORK CHECK OUT SOME OF THE TOP SOCIAL POSTS ABOUT DARDEN’S NETWORK AROUND THE WORLD OVER THE PAST ACADEMIC YEAR. TWITTER
What’s New in Charlottesville?
Darden School at UVA @DardenMBA Darden #MBA students are braving the cold (-15F!) in #Moscow to learn about adapting business models to an emerging market! #DardenGlobal
Many alumni returned to Darden for the first time in years for the 2017 Reunion Weekend, only to discover a vibrant scene blossoming in Charlottesville. Has it been a while since you’ve been back to Grounds? Here’s a quick look at what’s new.
AT UVA The UVA Rotunda, Central Grounds After two years of construction, a massive renovation of the Rotunda was completed this year and Thomas Jefferson’s masterpiece is once again open to the public. The Rotunda is open daily from 9 a.m. to 5 p.m., and historical tours are available free of charge during the academic year. UVA Bicentennial Commemoration The University will mark the 200th anniversary of the laying of its cornerstone at Pavilion VII on 6–7 October, and continue the commemoration of its bicentennial through the anniversary of the University’s charter on 25 January 2019.
Chris Long, New England Patriots defensive end, joined Darden MBA students in their Global Economics of Water class to discuss his organization, Waterboys, which brings together NFL players and fans to help provide clean drinking water to rural communities in East Africa.
AROUND TOWN Brasserie Saison, 111 East Main St. Brasserie Saison is a restaurant and brewery that pairs Belgian and other European-style beers with cuisine from the same region. Specialties include the house saison, which is the signature farmhouse style of beer brewed in the French-speaking region of Belgium, and the house-style steamed mussels. Hardywood Pilot Brewery & Taproom, 1000 West Main St. One of Richmond’s leading craft brewers has opened a new taproom in Charlottesville. The new location, which includes a beer garden, focuses on experimental on-site brewing. Try one of the Hardywood draft beers featured in the taproom and give back to Charlottesville in the process — Hardywood donates $2 per barrel produced to local organizations. Vitae Spirits, 715 Henry Ave. If luxury libations distilled within Charlottesville’s city limits sound appealing, look no further than Vitae Spirits, run by former UVA microbiology professor Ian Glomski, who left his day job to start producing craft rum and gin. Near downtown, visit Vitae for its light and dark rums and variety of cordials.
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THE DARDEN REPORT
UVA Darden School of Business
dardenmba dardenmba Darden students kicked off their Darden Worldwide Course in Bangalore, India, learning about #entrepreneurship and data science at @nasscomstartups 10K Warehouse! #WhyDarden #DardenGlobal
alumni NEWS
6 New Members Welcomed to Principal Donors Society Darden’s Principal Donors include many of the key benefactors responsible for the School’s establishment, history and facilities. At a ceremony held on Grounds 27 April, the School welcomed six new members — including one anonymous donor — and their families to the society that represents Darden’s highest designation for lifetime giving.
Bob Smith (MBA ’87) — Smith served in many executive
roles for T. Rowe Price until his retirement in 2016 and serves on the board of MGM Growth Properties. He has provided strong leadership for and support of the Richard A. Mayor Center for Asset Management, and he also supports scholarships and the Annual Fund.
Bill Coogan (MBA ’82) — Coogan served as chairman
Bruce Thompson (MBA ’90) — Thompson is vice chairman
John Fowler (MBA ’84) — Fowler is vice chairman of
Bill Utt (MBA ’84) — Utt is chairman of the board of
and CEO of aerospace defense manufacturing company Firstmark Corp. until June 2015. He recently supported the creation of a John L. Colley Jr. Darden Fellowship through the Jefferson Scholars Foundation. He also supports faculty and research priorities and the Darden Annual Fund.
investment banking at Wells Fargo Securities. He currently serves on the Darden School Foundation Board of Trustees and previously served as chair of Darden’s Corporate Advisory Board. Gifts from his family have supported scholarships, faculty and research initiatives, and the Annual Fund.
at Bank of America Corp. and chairman of Global Acquisition Finance and Capital Commitments. Thompson serves on the Darden board of trustees, supports scholarships and faculty and research priorities, and provides unrestricted support for the Annual Fund and endowment.
directors at Cobalt International Energy, Teekay Corp. and Teekay Offshore Partners. He is a member of the Darden board of trustees and leads the Darden Worldwide Course in Normandy, France. His gifts have contributed to scholarships; faculty and research initiatives; physical infrastructure; the Darden Partners Association; and the Annual Fund.
UVA Honors Alumna for Ethic of Service
Carolyn Miles (MBA ’88), president and CEO of Save the Children
For her compassionate and successful efforts serving as president and CEO of the global nonprofit Save the Children, Carolyn Miles (MBA ’88) was named the 2017 Distinguished Alumna by UVA’s Maxine Platzer Lynn Women’s Center. The center presented the award to Miles at a 26 April reception in Charlottesville. “There is no more powerful way to demonstrate that Darden is achieving its mission than through graduates like Carolyn,” Dean Scott Beardsley said at the event. “She is the embodiment of a responsible leader who is improving the world through her willingness to tackle its most challenging issues.” Under Miles’ leadership, the number of children Save the Children reaches has more than doubled to 165 million in 120 countries. Its programs provide nutrition, health, education and other services. Miles travels regularly to be involved directly with aid efforts in places such as Syrian refugee camps in Europe and the Middle East. SUMMER 2017
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401 Park Street Charlottesville, VA 22902
434.977.4005 lwoodriff@loringwoodriff.com
TIMELESS APPEAL ON 13 ACRES IN FARMINGTON
2155 DOGWOOD LANE $7,375,000 Sited on one of Farmington’s largest, most arresting parcels, ‘Treetops’ is a classic, center hall Georgian constructed in 2001 to uncompromising standards. The distinguished 6-bed, 8-bath residence enjoys panoramic Blue Ridge views & 13 acres of privacy. Remarkable features incl’ triple-hung windows, 4 wood burning fireplaces & remarkable millwork at every turn by Gaston & Wyatt. Light-flooded floor plan ideally balances formal & casual living spaces. Charming, immaculate guest cottage. Timeless & pristine in Farmington. MLS# 560048
SOMERSET EQUESTRIAN ESTATE - 144 ACRES
ADAVEN • $3,495,000 Country estate set privately in Somerset with mountain & pastoral views. Understated residence with the finest new, reclaimed materials & enhanced by a dramatic 2-bed, 2-bath guest house, vaulted nanny/ in-law quarters, saltwater pool with pool house, center-aisle barn, & regulation dressage arena. Every inch is turn-key. MLS# 556651
STUNNING RENOVATION IN WHITE GABLES
SHOWCASE SOMERSET ESTATE ON 63 ACRES
WALK TO THE UNIVERSITY - JUST UNDER 2 ACRES
425 WHITE GABLES LANE, #203 • $845,000 Completely remodeled 2 BR, 2.5 BA condo incl’ reclaimed white oak floors, gourmet kitchen, state-of-the-art lighting, & custom woodwork throughout. Spacious wrap-around covered porch is ideal spot for enjoying views. Adjacent to Farmington & mins to UVA. Owner/Agent. Kathy Hall (434) 987-6917. MLS# 559318
ANNANDALE • $2,445,000 Classic c. 1804 Virginia estate w/ renovated, modernized Federal manor home sited dramatically to overlook a 4 acre lake & the rolling hills of the Piedmont. 12 ft ceilings, 4 fireplaces & luxurious 1st flr master. Lovely pool, 2 guest houses, stunning lake & Sears dairy barn. 25 min to Cville, 1 hr to Richmond. MLS# 551607
1007 RUGBY ROAD c. 1928 • $2,695,000 Designed after Gunston Hall, this totally restored & modernized 5-bedroom residence is set on just under 2 magnificently landscaped acres within walking distance of UVA & Downtown. Charles Gillette gardens later enhanced by Charles Stick, 5 fireplaces, fine millwork and plasterwork. MLS# 558482
BEST VALUE IN KESWICK ESTATE
MOUNTAIN VIEWS AT THE ROCKS IN IVY
METICULOUS CRAFTSMANSHIP DOWNTOWN
1037 CLUB DRIVE • $1,389,000 Set privately in Keswick Estate, this 4-5 bedroom, Randy Rinehartbuilt brick home boasts an excellent floor plan incl’ 1st & 2nd flr masters, kitchen open to family room w/ fireplace, finished basement w/ abundant natural light, 3-car garage, bluestone terraces & an expansive, level rear lawn. 12 mins to Downtown. MLS# 542410
565 ROCKS FARM DRIVE • $1,295,000 Wake up to the Blue Ridge Mountains! Beautifully sited on almost 5 acres & protected by Bear Den Mountain, this classically updated 5 bedroom, 4½ bath residence offers breathtaking views and country living. Mins to UVA & Downtown. 1st floor master, home office & 3-car garage. Kathy Hall (434) 987-6917. MLS# 559609
DETACHED BROWNSTONES • C&O ROW Highly anticipated C&O Row is now under construction. Meticulous craftsmanship & timeless details in all brick detached homes w/ 2-car garages, private elevators & roof top terraces with views. 3,200 fin sq ft, high ceilings, tall windows, large gourmet kitchen & luxurious master suite. Lindsay Milby (434) 962-9148.
11 AMAZING ACRES IN MURRAY DISTRICT
3660 COLSTON DRIVE • $1,375,000 Meticulously maintained home on 11 diverse acres that incl’ Blue Ridge & Ragged Mountain views, level lawns galore, extensive flower & vegetable gardens, specimen hardwoods, rolling hay field, & pool w/ pool house. 10 mins to town. Large terraces, heart pine floors, custom cabinetry & built-ins, vaulted sunroom. MLS# 556450
CLOUDS HILL ON 35 ACRES $3,695,000
ENTRALLING COUNTRY ESTATE IN IVY
This significant Ivy estate comprised of 35 acres lives more like 4x the amount of property. Clouds Hill incl’ sweeping lawns shaded by massive hardwoods, pool, pool/guest house by Jay Dagliesh, whimsical garden created of curving stone walls, kitchen garden & greenhouse, stable complex, fields fenced & crossed fenced, rolling hills embraced by mtn views & a pond. Brilliant reinvention of the residence by Bethany Puopolo from c. 1870 structure. Spacious floor plan incl’ many artistic, handcrafted flourishes. 8 minutes to town. MLS# 558846
WWW.LORINGWOODRIFF.COM
alumni NEWS
Nostalgia
T
here is palpable excitement and anticipation felt at the Darden School each April. The blooming dogwoods and fresh cut grass create a dramatic backdrop for students as they cherish every last cold call, group project, First Coffee and casual conversation with favorite faculty members. While we celebrate with the students as they prepare to leave this special place, we’re simultaneously preparing to welcome Michael Woodfolk (TEP ’05) back alumni and their families for a spectacular Reunion Weekend. Whether alumni experienced their last class at Monroe Hall, North Grounds or Saunders Hall, our hope is that reconnecting with classmates and faculty during Reunion will awaken the nostalgia and bring you right back where the Class of 2017 is emotionally — not wanting this experience to end. The last weekend in April, we hosted our Darden School Foundation Board of Trustees, recognized our most generous donors during the Principal Donors celebration and hosted a spectacularly sunny Reunion Weekend. In the dizzying swirl of activity, it’s easiest to focus at the highest level: detailed board meeting preparation and execution, exquisite decorations and thoughtful recognition of our highest designation donors, and a record number of alumni (860) and the highest percentage of
alumni (33.6 percent) in history at Reunion. But if you pause the swirling and really watch, it’s the individuals that make Darden special. The UVA Women’s Center named Carolyn Miles (MBA ’88) as its 2017 Distinguished Alumna. She graciously received this award at a reception surrounded by her board member peers. The Class of 2012 gathered in the courtyard just five years after graduation where they celebrated the life of Mike Turner, a classmate gone too soon. Members of Darden’s first class, 1957, walked proudly through the building wearing their “Fearless First” hats, celebrating their 60th reunion. And while the Grounds were chaotic with alumni returning from brunch and colleagues preparing for the next event, a few of us sat with Frank Sands Sr. (MBA ’63) and his family in the quiet solitude of Dean Scott Beardsley’s office. Thirty minutes later, he would be named Darden’s most distinguished alumnus and receive the 2017 Charles C. Abbott Award. But first, we toasted him. He toasted his family. We stopped and we remembered what makes Darden transformational for so many people and why so many people give back. I hope all of you feel nostalgic about Darden. I hope you do something about it. Come back to Grounds. Introduce others to Darden. Get to know students and reconnect with classmates. Don’t let that feeling go and make a point to ignite it in others. — MICHAEL WOODFOLK (TEP ’05) President, Darden School Foundation
PHOTOS: STACEY EVANS, ANDREW SHURTLEFF, SUSAN WORMINGTON
2017 REUNION WEEKEND
28–30 April
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THE DARDEN REPORT
CHA RLE S C. A BBOTT AWAR D
Frank Sands Sr. Receives Highest Alumni Honor
S
ands Capital Management Founder Frank Sands Sr. (MBA ’63) was recognized this spring with the Charles C. Abbott Award, the highest honor the Darden School bestows upon alumni. The 25th recipient of the award, Sands was lauded as a “remarkable friend” to Darden for his devotion to the School. “This is a very special place, and Charlie Abbott set the tone,” Sands said, referring to Darden’s first dean and namesake of the Abbott Award, during his speech accepting the honor. “He was a man on a mission, and I wish he could be here today to see what that mission has amounted to.” The official award proclamation declares that Sands serves as “a leader in his field and his community, personifying Darden’s mission, values and principles through his actions.” The Darden School Foundation trustee was also an early champion of the Richard A. Mayo Center for Asset Management and is a board member of the center. He has been instrumental in Darden’s growth and is recognized as a Principal Donor, the highest designation for giving to the School. Sands has also greatly aided the School’s move to the Washington, D.C., area, donating office and event space in the Sands Capital offices in Rosslyn, Virginia, for multiple Darden functions.
Save the Date! Reunion 2018 3s and 8s 27–29 April 2018 SUMMER 2017
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401 Park Street Charlottesville, VA 22902
434.977.4005 lwoodriff@loringwoodriff.com
385 SERENE ACRES IN THE HEART OF FREE UNION
5214 PONT ROUGE FARM $3,945,000 A striking 5 bedroom, 5.5 bath residence constructed by Shelter & Associates forms the centerpiece of Pont Rouge & there is a charming log guest cottage adjacent to main house. This noteworthy farm incl’ 385 serene, protected & private acres in Free Union & the 2 residences overlook stunning, fenced & crossed fields, a large, deep pond and staggering mountain views. Horse barn and board & batten equipment barn. The only covered bridge in Albemarle County welcomes visitors at the entrance. Extraordinary quality & immaculate. MLS# 558099
WALK TO UVA FROM A CITY ESTATE
FOUR ACRES, c. 1910 Sited on the largest parcel in the city, one can walk Downtown or to UVA from Four Acres’ doorstep. Nat’l & VA Historic Registers. The residence provides every luxury suited to modern living. The 4 season garden has mtn views, arboretum quality specimens, & an acre of woodland. Horizon pool, carriage house. MLS# 544554
NEW TOWNHOMES NEXT TO FARMINGTON
WALK TO THE BOAR’S HEAD INN
398 ACRES WITH HISTORIC COURTYARD STABLE
624 EIGHT WOODS LANE • $699,000 Don’t miss this unique opportunity to obtain a newly constructed stately, brick townhome featuring the finest finish details located mins to UVA, Boars Head & Farmington in “Kenridge.” Only six townhome lots remain. 3-level living incl’ elevator & generoussized rooms. Tommy Brannock (434) 981-1486. MLS# 560138
525 KELLOGG DRIVE • $649,000 Ednam property with 3 en-suite bedrooms, wood floors throughout most of the ground floor, & 2-car garage. All new Hardiplank siding and Anderson Windows in 2014. Mins to Farmington Country Club. Conveniently located near UVA & medical facilities. Quiet, yet convenient! Bunny French (434) 996-1029. MLS# 558663
NYDRIE STUD • $3,850,000 With the stunning, c. 1891 brick stable with interior courtyard as centerpiece, Nydrie Stud could again be a breathtaking equestrian estate or productive vineyard w/ event venue. With 25 division rights, Nydrie is a strong conservation easement candidate. About 235 acres of rolling meadow with the balance in mature hardwoods.
STUNNING CUSTOM BUILD IN SOUTH IVY
UNDER 6 MINUTES TO WESTERN SCHOOLS
AMAZING CITY PARCEL - VENABLE
2228 CAMARGO DRIVE • $1,550,000 Impeccable craftsmanship & high-end finishes: brick/Hardiplank exterior, reclaimed old barn wood floors, custom-designed & hand-painted Albion cabinetry, marble countertops, 3 fireplaces, covered & screened porches, gourmet kitchen & finished terrace level. Christine Lisle (434) 825-7446. MLS# 558708
5 HANDLEY WAY • $495,000 This 22 acre parcel might have it all: epic mountain views from an elevated home site that also overlooks a private pond & the parcel’s gently rolling meadows. Ideal for horses, with most of the acreage open & laid out below the house site. The home site enjoys select hardwoods which enhance privacy & provide shade. MLS# 555963
1311 HARROW ROAD • $749,000 Conveniently located home in the Venable Elementary district with architecturally designed addition on .62 acre level lot abutting the wooded green space of Greenleaf Park. Stunning studio/bonus room w/ vaulted ceiling. 4000 sq ft, 4 beds, 3.5 baths, detached garage, patio w/ outdoor fireplace. Erin Garcia (434) 981-7245. MLS# 557743
IMMACULATE GEORGIAN IN FARMINGTON
BOXWOOD HILL • $3,500,000 Sited on 5 private acres accented by stone walls & boxwoods, this outstanding Georgian showcases custom interior features 4 Chesney fireplaces from England, Gaston & Wyatt cabinetry & millwork, English brass hardware, mahagony windows, & limestone foyer. Expansive lawns. Sally Neill (434) 531-9941. MLS# 559135
BOGOTA, c. 1845 $3,200,000
EPIC SHENANDOAH VALLEY ESTATE
Bogota, one of the Valley’s most noted properties, includes a magnificent, comprehensively renovated, brick residence, restored bank barn & stables, former slave quarters, smoke house/garage & guest house, on 165 acres of fertile acreage fronting the Shenandoah River. Staggering moutain views embrace the property on 3 sides. Bogota has been the home of respected landscape architect Rachel Lilly for decades. 45 mins to Charlottesville, under 2 hours to Richmond. Under easement with one division right and wonderful additional building site. Enthralling! MLS# 557539
WWW.LORINGWOODRIFF.COM
V
irginia
wolftrap Farm Here is a beautiful 115 acre horse farm in Albemarle. The main house dates to 1850 and now has a cedar exterior with a metal roof. There are 35 stalls in 2 stables including a courtyard design and 3 riding arenas. Fenced paddocks are plentiful. $675,000
With 96 acres near the Farmington Hunt Club in Free Union. A modern
Pig Mountain
farmhouse of spirited character and exquisite detail. Pasture, forest, 27’ deep spring-fed pond. Beautiful mountain views. $1,250,000
Somerset Hunt Box
The Tavern
This ideal small horse farm is in the heart of Keswick Hunt on 7.6
Dating to 1835 this character-rich gem stands at a once thriving cross-
acres. With quality-built brick home of 3 bedrooms, 2 1/2 baths, de-
roads. Today, ancient boxwood conceal a tranquil setting for this gracious
tached garage, 5 stall barn, board fence and training ring. $485,000
home overlooking renowned Barboursville Vineyard. $349,000
Please visit our website for information on these and others.
Jos. T.
SAMUELS Over 100 Years Of Virginia Real Estate Service
Charlottesville, VA u www.jtsamuels.com u (434) 981-3322
Alumni PROFILE
BOB WOODWORTH
JIM OLVERA
(MBA ’73)
I
The Media’s Good Citizen
t was the height of interview season, with tensions running high as classmates competed for jobs, when Bob Woodworth (MBA ’73) set his sights on finding a smaller company that was truly entrepreneurial. He asked Professor Dan Newton, renowned for his intimidating presence in the classroom, if he knew of any such companies. Newton knew of one: Capital Cities Communications. Before long, Woodworth had an interview and “was smitten.” He accepted a position and spent much of his career at the small, public company that shocked the media industry when it acquired the much larger American Broadcasting Company (ABC) in 1985. Woodworth later became president and CEO of Pulitzer Inc., which operated newspapers, television stations and radio stations. In 2005, he helped lead the sale of the company. The uncompromising ethical principles Woodworth learned to appreciate at Darden formed the underpinning of his future success. “There was really a clear expectation that ethical issues were an inviolate part of the Darden culture,” he said. “I might have been a bit of a wild hare when I arrived at Darden, so it definitely created a strong impression.” Woodworth grew up in Kensington, Maryland, a quiet suburb of Washington, D.C. He quickly learned to fend
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THE DARDEN REPORT
for himself after his father passed away when he was 14, and his mother suffered from serious health problems. To make ends meet, he waited tables, poured concrete, tarred roofs and worked in a warehouse, all of which taught him how to work collaboratively with others. Looking back, he said he was “raw and unpolished” and lacked the financial wherewithal to afford a graduate education. “Darden’s Dean John Snook really went to bat for me. He understood my position,” said Woodworth, who attended the School thanks to scholarships and financial aid. “I feel a great deal of loyalty to Darden.” That loyalty has led Woodworth and his wife to make a $1.5 million bequest to the School. “We’re betting on the future generation of brains” to be “good corporate and community citizens,” he said, quoting an old Capital Cities mantra. And in the age of “fake news” and “alternative facts,” the retired media veteran encourages the next generation to “follow the course that you intuitively believe is right” when faced with a challenging decision, particularly when it involves ethical issues. “It may be different than what you can get approved or what others are encouraging,” he said. “It’s seldom easy and often unpopular, but it pays off in the long run.”
Alumni PROFILE
JOHN (MBA ’79) & DUDLEY MACFARLANE
J
Making Asset Management a Strength for Darden
ohn Macfarlane III (MBA ’79) and his wife, Dudley, keep a full plate. They actively support their undergraduate institutions, HampdenSydney College for John and Hollins University for Dudley. John serves as managing member of the Arrochar Group and Dudley is a leader in the equestrian community. They both serve on numerous boards, with John currently a member of the University of Virginia Board of Visitors. And yet, with all of their interests and loyalties, they’ve worked together to make Darden one of the Macfarlane family’s philanthropic priorities. “We are a committee of two and it has to be unanimous,” John said. “Dudley is always supportive because of the role Darden has played in our lives.” The Macfarlanes were married while John was a student at Darden, and their fond memories of Charlottesville combined with two children choosing to attend UVA led them to buy a home in the area. The Macfarlane’s top priority at Darden has been to raise its stature and impact in the field of asset management. They provided support to help found Darden’s Richard A. Mayo Center for Asset Management, and later increased their gift to fund the John G. Macfarlane Family Professorship of Business Administration.
The Macfarlane Family Professorship was established to create an endowed chair for the academic director of the Mayo Center. Darden Professor Pedro Matos was recently named the center’s first permanent academic director, and John says he is “extremely excited” with the choice. “Pedro is extremely gifted and well-connected in the asset management community. His research is practically oriented and recognized on a global level, so he has the ability to raise the profile of the center to the level to which we aspire.” He also believes that if Darden can provide students with specific skills and experiences like those developed through Darden Capital Management and the Mayo Center, it will give them a leg up entering the extremely competitive field of asset management. As Darden continues to build its reputation in asset management, the Macfarlanes have set the stage for the family to stay engaged in the School’s growth. In fact, John and Dudley added the word “Family” to the professorship as a signal to their children that, if compelled, they, too, may engage with Darden one day.
SUMMER 2017
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“I graduated from the university. took a job in dc. worked in london, denver. houston. toronto. chicago. for 30 years, i’ve been working to come back to charlottesville.” Andrew, ‘83, ‘84
Come home, hoos. You’ve earned it. Blenheim Farm Manor 25 Acres, 5400 sq ft $795,000
Aventador Manor 12,000 sq ft. Starting at 39 acres for $2,795,000
(434)566-5562
Open houses 9-5 Saturday & Sunday Private tours available
info@turkeyruncville.com
twenty traffic-free minutes from uva. luxury vineyard homes starting at $795,000 21+ acre estate parcels starting at $179,000 residents enjoy preferred access to the tasting room at mount ida reserve
Crown Jewel of Albemarle Charlottesville, Virginia 4500 Acres
To update your contact information, call +1-434-243-8977 or email alumni@darden.virginia.edu.
Private and pristine 4500 acre estate, neighboring (2) World Heritage sites, the University of Virginia, and Thomas Jefferson’s beloved home, Monticello. Historic manor homes, river frontage, lakes (one 40 acres), ponds, stables, vineyards, fiber optic, sparkling event facility & incredible Blue Blu Ridge Mountain views. The ideal self-sustaining property. Offered at $60M. Visit www.EdenofAmerica.com
JimBonner.com LuxuryCharlottesville.com +1 434-951-5102 jim@jimbonner.com
Quandary Farm
Old Orchard Farm
Circa 1860, 100 AC homestead near Trump and Blenheim Vineyards. Private compound w/ pro sound studio, pond, guest house & cabin. $995,000 MLS #550247
Circa 1850, Excellent value of 231 acres in Scottsville. Vintage dependencies, new horse barn with indoor pool. $1,250,000 MLS #550309
West Farm
Holly Springs Farm
Extraordinary home circa 1850 on 16+ acres. Classic finishes, vaulted ceilings, above garage apt & rolling pastures in a private setting. $559,000 MLS #555704
(434) 951-5102 jim@jimbonner.com
Immaculate home on 31+ acres boasting privacy, tranquility and your own private lake! $975,000 MLS #558881
Luxury International
Charlottesville
Ednam Hall • 1100 Dryden Lane • Charlottesville, VA 22903
SUMMER 2017
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Alumni PROFILE
KEVIN WATTERS (MBA ’94)
A Big Easy Decision
N
ew Orleans was calling. Kevin Watters (MBA ’94) could hear it, even from his office as CEO of Chase Card Services in New York City. After 18 successful years rising through the ranks at JPMorgan Chase, including turns leading the company’s internet banking, mortgage banking and the Chase credit card businesses, the call started sounding like sweet music. “My wife and I planned to move to New Orleans at some point,” Watters said. “She started going to Jazzfest before we got married, and she said she’d only marry me if I promised we’d go every year. We’ve only missed one in 21 years.” With his eldest daughter, Emma, now a freshman at Tulane University and two high school-age children, Mary and Seamus, Watters made a decision that surprised many — to retire from JPMorgan to spend more time with his family before his children move out. Watters said he honestly hasn’t thought about what’s next in his career. Instead, he’s focused on taking at least a year off while the family remains in New York until his two youngest finish high school. During that time, he said he’ll take on more family responsibilities, help coach a local running team and spend more time with the family at
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THE DARDEN REPORT
their second home in New Orleans. Watters expects they’ll take in plenty of concerts in the Big Easy. He enjoys the unique style of musicians like Kermit Ruffins and The Revivalists and the pure diversity of music available in the Crescent City. He also expects to run “one or two marathons and an ultramarathon.” Watters has come within two minutes of breaking his goal to finish a marathon in less than three hours. Watters looks back at his time at JPMorgan fondly. He’s most proud of the talented people he helped bring to the bank. “When I look around at key leadership positions in Chase and throughout the firm, I’ve been able to recruit and train and retain some very talented individuals,” Watters said. A member of Darden’s Corporate Advisory Board, he credits the School with helping him become a critical thinker and understand how an area like talent development is essential to the success of the whole enterprise. If Watters had to point to one business success, he’s most proud of the turnaround he led as CEO of JPMorgan’s mortgage banking unit. After the financial crisis, it had hemorrhaged $17 billion over four years. During his leadership from 2012–15, Watters led a turnaround that not only took the business off life support, but made it a “great business for JPMorgan for as far as the eye can see.”
To update your contact information, call +1-434-243-8977 or email alumni@darden.virginia.edu.
In Memoriam The Darden School offers its condolences to the families of the following individuals whose deaths have been reported to us in the past six months. Joseph G. Baker Jr. (TEP ’91)
E. Lee LeCompte (MBA ’57)
Philip R. Berlinicke (TEP ’71)
A. Mark McLaughlin (MBA ’08)
Theodore H. Beller (TEP ’79)
William J. Blanchard Jr. (TEP ’69) Ralph A. Brenneman Jr. (TEP ’70) James S. Butner (TEP ’85)
A. Eugene Crotty (MBA ’57) John B. Ensor (TEP ’80)
James C. Gabriel (TEP ’80)
Dorothy G. Garner (MBA ’95) Hugh Gourlay (TEP ’72)
Baxter W. Graham (TEP ’97) Charles W. Hall (TEP ’74)
Michael G. Heavener (MBA ’67)
Austin Alexis Herr III (MBA ’91) Mary Ann Krome (PhD ’03)
R. Reaves Louthan (MBA ’74) Joseph B. Means (TEP ’67)
Donald P. Metzger (MBA ’60)
Charles M. Montgomery (TEP ’82) Col. John J. Norris (TEP ’71) Andrea J. Oliver (MBA ’83) David W. Qualls (MBA ’75)
E. Stuart Quarngesser (MBA ’57) Donald C. Robinson (TEP ’72)
Kirsten P. Shanfield (MBA ’92) Henri A. Termeer (MBA ’73) Govert R. Van Dis (TEP ’68) Stanley A. Walsh (TEP ’75) F. L. Wilson Jr. (MBA ’72)
SUMMER 2017
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OLD WOODVILLE ◆ $2,450,000
Offered for sale for the first time in over 75 years, this magnificent 166± acre estate is nestled among other notable farms and estates in the historic and picturesque Green Mountain District of southern Albemarle County. Historic, circa 1796, main residence with original details. Pool, guest cottage, barns, equipment storage, and other outbuildings. Virginia and National Historic Registries. MLS#560539
VERULAM ◆ $15,800,000
Landmark estate just minutes west of UVA on 500 acres. Classic home of the highest standards with elegant indoor and outdoor spaces, 5 bedroom suites, formal gardens, pool and pool house, cottage, event barn, full equestrian facilities, and bold mountain views all create a unique offering. MLS#558698
BLANDEMAR ◆ $3,485,000
Beautifully constructed and designed English Country-style home, built in 2007, with over 8,800 finished sq.ft., overlooking a 6-acre pond to the Blue Ridge Mountains beyond. Room for horses or livestock. 42 gently rolling acres, complete privacy, breathtaking setting—all within minutes from town! MLS#556879
SOLLIDEN ◆ $3,450,000
Breathtaking 260-acre Virginia estate showcases an attractive, English Country-style main residence surrounded by 7 acres of world-class gardens carefully designed to take advantage of the vistas and natural terrain. Complementary dependencies include a charming stone guest house, a stone barn, and a meticulously renovated 1800s log house. 20 miles southwest of Charlottesville & I-64. MLS#560478
MOUNTAINTOP HOME ◆ $1,245,000
Complete privacy and tranquility yet only 10 minutes from town and UVA. Over 15 acres showcasing a solid-brick Tommy Craven designed home with walnut study, kitchen with soapstone counters and custom cabinetry, high ceilings, hardwood floors, 3 fireplaces, soaring ceilings, and finished terrace level. MLS#546300
GREEN PLAINS ◆ $5,480,000
Historic Mathews County, Virginia, waterfront estate dating to circa 1798. Set on over 617 acres with extensive frontage on the North River and showcases a classic, 3-story, brick Georgian main residence, 5 cottages, equestrian facilities, and other outbuildings. Spectacular waterfront, wonderful privacy and delightful views. MLS#549288
WWW.MCLEANFAULCONER.COM
KESWICK ESTATE ◆ $2,395,000
Exquisite, 4-bedroom home depicts understated elegance and gracious spaces, premium finishes, 10’ ceilings, 1st-floor master suite, home theater, wine room, infinity pool, and a charming guest house. Also with bluestone porches, pergolas, and professionally designed gardens on a 2.14-acre lot. MLS#556917
BELLEVUE ◆ $5,800,000
Classic Greek Revival manor, National Historic Registry, meticulously renovated 8,200 sq. ft., 6-bedroom, 6-bathroom floor plan, 10 fireplaces, 10’ ceilings, formal gardens, bold mountain views, full equestrian facilities, 18-stall barn, indoor arena, 2 cottages, minutes west of Charlottesville. MLS#537630
To update your contact information, call +1-434-243-8977 or email alumni@darden.virginia.edu.
503 Faulconer Drive Charlottesville, VA 22903 434.295.1131 homes@mcleanfaulconer.com
MCLEAN FAULCONER INC. Farm, Estate and Residential Brokers BRAMBLEWOOD $9,900,000
ALICENT FARM◆ $2,250,000
Classic Virginia brick home with slate roof, circa 1920, privately situated on 121 acres, adjoining easement property and 502-acre Mint Springs Park at base of Blue Ridge Mountains, offering panoramic mountain and pastoral views. Perfect grazing farm or vineyard property. www.alicentfarm.com MLS#559536
IVY AREA ◆ $2,500,000
181-acre sanctuary just 8 miles west of Charlottesville with dramatic residence and guest cottage by Shelter Associates featuring open floor plans, stone fireplaces, vaulted ceilings, and Big Blue Ridge views. Land boasts pastures, river frontage, miles of trails, plus excellent building site. www.twincreeksva.com MLS#559202
Stunning, 522-acre private sanctuary in the Southwest Mountains and heart of Keswick—a renowned estate area just east of Charlottesville. Property features: impressive grounds, farm and manor home, built circa 2008 with the highest quality craftsmanship and unique materials, with great attention paid to every detail. Over 14,000 finished square feet of elegant living space, with two other large homes and a barn. For full details, please go to: www.bramblewoodva.com
IVY AREA ◆ $1,925,000
Exceptional, European-style manor home of 6,500 square feet with a guest cottage with conference room, and a 3-bay garage with upstairs office, on a 22-acre private and elevated setting boasting panoramic Blue Ridge views, river frontage, and a large pond. Only 10 miles out from Charlottesville. MLS#558286
FARMINGTON ◆ $2,400,000
Traditional brick Georgian residence and spacious guest home on an elevated 2-acre site with commanding panoramic views of the golf course and Blue Ridge Mountains. This is a well constructed, 3-bedroom, 2-bath home in a spectacular setting and within walking distance to all Club facilities. MLS#557448
CEDAR SPRING $2,195,000
35-acre NW Albemarle estate with privacy, Blue Ridge views, and a stunning residence built with highest quality materials, craftsmanship, and architectural achievement using heart pine, stone, reclaimed beams, abundant glass doors and windows. Over 7,000 finished square feet including beautiful eat-in kitchen, 2 master suites, and attached guest quarters. Property includes creek, river, pool, spa, pastures, woods, trails, and 1840s log cabin. MLS#560404
BELLO CORTE ◆ $1,250,000
Stately Keswick residence on 36 private acres with a stocked pond and Southwest Mtn. views. 7,000+ finished square feet includes gracious living and dining rooms, kitchen with breakfast area, family room with fireplace & sunroom, master suite, 3 additional bedrooms, and two detached garages. www.vafarms.net MLS#557603
WWW.MCLEANFAULCONER.COM SUMMER 2017
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THE DARDEN REPORT
DARDEN LEADERSHIP BOARDS
The six leadership boards of the Darden School of Business are composed of more than 170 distinguished leaders who collectively serve as an innovative force in the advancement of the Darden School throughout the world.
(Listing as of 30 June 2017)
DARDEN SCHOOL FOUNDATION BOARD OF TRUSTEES CHAIR Elizabeth K. Weymouth (MBA ’94) VICE CHAIR Robert J. Hugin (MBA ’85) Celgene Corp. IMMEDIATE PAST CHAIR James A. Cooper (MBA ’84) Thompson Street Capital Partners Kirby C. Adams (MBA ’79) Retired, Trans-Tasman Resources Ltd. J. Andrew Bugas (MBA ’86) Radar Partners Susan J. Chaplinsky University of Virginia Darden School of Business Charles R. Cory (MBA/JD ’82) Retired, Morgan Stanley & Co. Inc. Karen K. Edwards (MBA ’84) Kosiba Edwards Associates Arnold B. Evans (MBA/JD ’97) SunTrust Bank Jennifer McEnery Finn (MBA ’00) Capital One Financial Corp. John D. Fowler Jr. (MBA/JD ’84) Wells Fargo Securities Catherine J. Friedman (MBA ’86) Independent Consultant Kirsti W. Goodwin (MBA ’02) Gordon Grand III (MBA ’75) Retired, Russell Reynolds Associates Inc. Peter M. Grant II (MBA ’86) Anchormarck Holdings LLC Edwin (Ned) B. Hooper (MBA ’94) Centerview Capital
Martina T. Hund-Mejean (MBA ’88) MasterCard Worldwide William Irvin Huyett (MBA ’82) McKinsey & Company Inc. David B. Kelso (MBA ’82) Aetna Life Insurance (Former) Lemuel E. Lewis (MBA ’72) LocalWeather.com Nicole McKinney Lindsay (MBA ’99/JD ’00) ZOOM Foundation Elizabeth H. Lynch (MBA ’84) Evercore Luann Johnson Lynch University of Virginia Darden School of Business Carolyn S. Miles (MBA ’88) Save the Children J. Byrne Murphy (MBA ’86) DigiPlex Group Companies Michael E. O’Neill (MBA ’74) Citigroup Zhiyuan (Jerry) Peng (MBA ’03) Scott A. Price (MBA/MA ’90) Walmart International Frank M. Sands Jr. (MBA ’94) Sands Capital Management Frank M. Sands Sr. (MBA ’63) Sands Capital Management Henry F. Skelsey (MBA ’84) 3QU Media LLC Shannon G. Smith (MBA ’90) Abundant Power Group LLC Bruce R. Thompson (MBA ’90) Bank of America William P. Utt (MBA ’84) Retired, KBR Inc.
EX-OFFICIO TRUSTEES J. Michael Balay (MBA ’89) Wiswell Advisors LLC Scott C. Beardsley University of Virginia Darden School of Business Jonathan R. Ebinger (MBA ’93) BlueRun Ventures Warren F. Estey (MBA ’98) Deutsche Bank Securities Inc. Rosemary B. King (MBA ’91) K&B Fund Naresh Kumra (MBA '99) JMATEK Limited, La Rochelle Ventures Ltd. Jonathan D. Mariner Willard L. McCloud III (MBA ’04) Cargill Douglas T. Moore (MBA ’80) Med-Air Homecare Richard M. Paschal (MBA ’89) Varsity Brands Inc. Richard P. Shannon, M.D. University of Virginia Teresa A. Sullivan University of Virginia
SUMMER 2017
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DARDEN LEADERSHIP BOARDS
ALUMNI ASSOCIATION BOARD OF DIRECTORS CHAIR Douglas T. Moore (MBA ’80) Med-Air Homecare PRESIDENT Warren F. Estey (MBA ’98) Deutsche Bank Securities Inc. Kristina M. Alimard (MBA ’03) UVA Investment Management Co. Yiorgos Allayannis University of Virginia Darden School of Business Keith F. Bachman (MBA ’89) Bank of Montreal Christine P. Barth (MBA ’94) Harren Equity Partners LLC Jerome E. Connolly Jr. (MBA ’88) Credit Agricole Andrew G. Crowley (MBA ’11) Markel Corp. Richard P. Dahling (MBA ’87) Fidelity Investments Christian Duffus (MBA ’00) LEAF College Savings LLC Molly Duncan (MBA ’17) Darden Student Association Jonathan D. England (MBA ’06) JPMorgan Chase & Co. Michael J. Ganey (MBA ’78) House-Autry Mills Inc. Ira H. Green Jr. (MBA ’90) Simmons & Company International Owen D. Griffin Jr. (MBA ’99) Dominion Enterprises Evan A. Inra (EMBA ’08) Ernst & Young Corporate Finance LLC Kendall Jennings (MBA ’12) IBM Bruce D. Jolly (MBA ’67) Lighthouse CFO Partners Harry N. Lewis (MBA ’57) Retired, Lewis Insurance Agency Inc. Dariush P. Maanavi (MBA/JD ’94) Trysail Advisors LLC Kristina F. Mangelsdorf (MBA ’94) PepsiCo Betsy M. Moszeter (EMBA ’11) Green Alpha Advisors Nikhil Nath (MBA ’00) Standard Charter Bank Patrick A. O’Shea (MBA ’86) ICmed LLC Richard J. Parsons (MBA ’80) Elvis Rodriguez (MBA ’10) Adelante Capital Management Nancy C. Schretter (MBA ’79) The Beacon Group
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THE DARDEN REPORT
David A. Simon (MBA ’03) SRS Capital Advisors Henry F. Skelsey Jr. (MBA ’15) A.T. Kearney Inc. David L. Tayman (MBA/JD ’99) Tayman Lane Chaverri LLP Lowell Simmons Ukrop (MBA ’89) Corrugated Partners Shaojian Zhang (MBA ’99) Tungray Group
BATTEN INSTITUTE ADVISORY COUNCIL CHAIR Shannon G. Smith (MBA ’90) Abundant Power Group LLC VICE CHAIR Jonathan R. Ebinger (MBA ’93) BlueRun Ventures Scott C. Beardsley University of Virginia Darden School of Business W.L. Lyons Brown III (MBA ’87) Altamar Brands LLC James Su-Ting Cheng (MBA ’87) New Richmond Ventures, Blue Heron Capital, Lee & Hayes PLLC Alexander Cowan Synapse Partners Martin J. Curran (MBA ’84) Corning Inc. Wayne L. Delker Retired, The Clorox Company Gregory B. Fairchild (MBA ’92) University of Virginia Darden School of Business Frank E. Genovese (MBA ’74) The Rothbury Corporation John W. Glynn Jr. Glynn Capital Management Peter M. Grant II (MBA ’86) Anchormarck Holdings LLC John E. Greenfield (MBA ’16) PsiKick Thomas R. Harrington Jr. (MBA ’04) Darwin Marketing Adam R. Healey (MBA ’05) Borrowed & Blue Edward D. Hess University of Virginia Darden School of Business Archie L. Holmes Jr. University of Virginia Edwin (Ned) B. Hooper (MBA ’94) Centerview Capital Arnon Katz (MBA ’09) Walmart eCommerce Douglas R. Lebda (EMBA ’14) Lending Tree
Michael J. Lenox University of Virginia Darden School of Business Jeanne M. Liedtka University of Virginia Darden School of Business Rosema F. Nemorin (MBA ’08) LendStreet Financial Inc. Zhiyuan (Jerry) Peng (MBA ’03) Ian W. Ratcliffe (MBA ’94) Sands Capital Management Harry T. Rein (MBA ’73) Retired, Foundation Medical Partners Sarah F. Rumbaugh (MBA ’15) RelishMBA Saras D. Sarasvathy University of Virginia Darden School of Business Michael P. Straightiff UVA Licensing & Ventures Group EX-OFFICIO Sean D. Carr (MBA ’03, Ph.D. ’13) University of Virginia Darden School of Business Sankaran (Venkat) Venkataraman University of Virginia Darden School of Business
CORPORATE ADVISORY BOARD CHAIR Richard M. Paschal (MBA ’89) Varsity Brands Inc. VICE CHAIR J. Michael Balay (MBA ’89) Wiswell Advisors LLC Danielle Amfahr 3M Stuart C. Bachelder (MBA ’06) DaVita Kidney Care Joseph P. Balog (MBA ’88) PricewaterhouseCoopers LLP Mazen Baroudi Ernst & Young Helen M. Boudreau (MBA ’93) FORMA Therapeutics Mark S. Bower (MBA ’02) Bain & Company Inc. Ray Butler Fortive Kevin C. Clark (MBA ’01) Great Global Adventures Robert E. Collier (MBA ’10) ChemTreat, a Danaher Company David L. Couture (MBA ’95) Deloitte Consulting LLP Donna Lynnette Crowder (EMBA ’10) WestRock Co. Paul H. Donovan (MBA ’95) Microsoft Corp.
Richard C. Edmunds (MBA ’92) Strategy& Elisabeth J. Frost (MBA ’05) General Mills Inc. Sunil K. Ghatnekar (MBA ’92) The Coca-Cola Co. S. Caribou Honig (MBA/JD ’96) QED Investors Michelle B. Horn (MBA ’95) McKinsey & Company Inc. Kecia E. Howson (MBA ’99) SunTrust Robinson Humphrey Marcien B. Jenckes (MBA ’98) Comcast Cable John B. Jung Jr. (MBA ’84) BB&T Capital Markets Harry A. Lawton III (MBA ’00) eBay Inc. Marc L. Lipson University of Virginia Darden School of Business Bonnie K. Matosich (MBA ’92) The Walt Disney Co. Harold W. McGraw IV (MBA ’07) S&P Global Market Intelligence Daniel L. McKeon (EMBA ’08) Marriott International Inc. Fernando Z. Mercé (MBA ’98) Nestle Purina L. Michael Meyer (MBA ’92) Middlegame Ventures Maurice A. Milikin Anheuser-Busch InBev Diem H.D. Nguyen (MBA ’01) Pfizer Ann H. S. Nicholson (MBA ’01) Corning Inc. William J. O’Shea Jr. (MBA ’84) Campbell Soup Co. Ellison M. Pidot (MBA/JD ’01) Medtronic Thomas W. Reedy Jr. (MBA ’91) CarMax Inc. Abby A. Ruiz de Gamboa (MBA ’04) Deloitte Consulting LLP Kleber Santos (MBA ’01) Capital One Financial Corp. Linda V. Schreiner Markel Corp. Colin P. Smyth (MBA ’04) Johnson & Johnson Steven A. Sonnenberg (MBA ’79) Emerson Electric Co. Scott A. Stemberger (MBA ’04) The Boston Consulting Group Inc. Jennifer L. Stewart Eastman Chemical Co. Katherine Vega Stultz Celgene Corp.
Eric M. Swanson (MBA ’08) Amazon.com Inc. Kevin P. Watters (MBA ’94) JPMorgan Chase & Co. Gary R. Wolfe (MBA ’92) Wells Fargo Securities
DEAN’S DIVERSITY ADVISORY COUNCIL CHAIR Willard L. McCloud III (MBA ’04) Cargill Nicola J. Allen (MBA ’10) Danaher Corp. Tawana Murphy Burnett (MBA ’04) Facebook Paige T. Davis Jr. (MBA ’09) T. Rowe Price Teresa A. Epperson (MBA ’95) A.T. Kearney Inc. Ray R. Hernandez (MBA ’08) The Advisory Board Co. Andrew C. Holzwarth (EMBA ’09) Stanley Martin Cos. Allison Linney (MBA ’01) Allison Partners LLC Octavia G. Matthews (MBA ’89) Aramark Uniforms Michael A. Peters (MBA ’09) Comcast Corp. Alex R. Picou (MBA ’89) JPMorgan Chase & Co. Reynaldo Roche (MBA ’07) Delta Air Lines Inc. William B. Sanders (MBA ’06) Korn/Ferry International Rhonda M. Smith (MBA ’88) Breast Cancer Partner Jeffrey W. Toromoreno (MBA ’06) Citigroup Daniele M. Wilson (MBA ’11) Johnson & Johnson
GLOBAL ADVISORY COUNCIL CHAIR Rosemary B. King (MBA ’91) K&B Fund VICE CHAIR Naresh Kumra (MBA ’99) JMATEK Limited, La Rochelle Ventures Ltd.
Halsey M. Cook Jr. (MBA ’91) Sonepar USA Vidyanidhi (VN) Dalmia (MBA ’84) Dalmia Continental Pvt. Ltd. Tahmina Day (GEMBA ’14) International Finance Corp. Murray R. Deal Eastman Chemical Co. Louis G. Elson (MBA ’90) Palamon Capital Partners LLP David R. Frediani Ironshore Inc. Anthony J. Hobson (MBA ’74) James Dyson Group Ltd. Clelland Peabody Hutton (MBA ’75/JD ’77) Orion Partners Richard K. Loh (MBA ’96) The Ploh Group Pte. Ltd. Elie W. Maalouf (MBA ’89) InterContinental Hotels Group Agustin Otero Monsegur (MBA ’06) Humus Capital LLC Pascal Monteiro de Barros (MBA ’91) MAB Partners Zhiyuan (Jerry) Peng (MBA ’03) Antonio U. Periquet Jr. (MBA ’90) Pacific Main Holdings, Campden Hill Group Hagen Radowski (MBA ’91) MGP Americas Inc. Vincent M. Rague (MBA ’84) Catalyst Principal Partners Fiona Roche (MBA ’84) Estates Development Co. Pty. Ltd., Adelaide Development Co. Henry F. Skelsey (MBA ’84) 3QU Media LLC Erik A. Slingerland (MBA ’84) Retired, Egon Zehnder Ichiro Suzuki (MBA ’84) George S. Tahija (MBA ’86) PT Austindo Nusantara Jaya Jing Vivatrat Wenyong (Winston) Wang (MBA ’03) Shipston Group Ltd. Jianzhong (Jimmy) Wei (MBA ’02) iBridge Capital Baocheng Yang (MBA ’04) Huanghe Science and Technology College
Marcos P. Arruda (MBA ’02) Topico James R. Chapman (MBA ’00) Dominion Resources James Su-Ting Cheng (MBA ’87) New Richmond Ventures, Blue Heron Capital, Lee & Hayes PLLC
SUMMER 2017
47
MICHAEL PARAS
20
Questions With
Elizabeth Weymouth (MBA ’94)
W
hen Elizabeth Weymouth (MBA ’94) became chair of the Darden School Foundation Board of Trustees last summer, she became the first woman to lead the board in its history. Blazing new trails is nothing new for Weymouth, who has built an impressive career in finance and investing. Weymouth was a partner at Riverstone Holdings LLC for 10 years from 2007–17. She was responsible for limited partner relations and capital raising at the $34 billion private investment firm focused on the energy industry. She led the firm’s efforts to raise over $25 billion of incremental capital and served on the board of directors of two Riverstone portfolio companies, Pattern Energy Group and Dynamic Offshore Holdings. Prior to joining Riverstone, Weymouth served as managing director and head of investments at J.P. Morgan Private Bank for the U.S. Northeast region. Weymouth earned a bachelor of arts from UVA in 1989. She has been a member of Darden’s board of trustees since 2007, previously serving as vice chair and chair of its Investment and Engagement committees. She was also a member of the Darden Corporate Advisory Board from 2001–07. At Darden, she has mentored students in Darden Capital Management, teaches in the MBA classroom as a visiting executive lecturer, and was a featured speaker at both the Darden Private Equity Conference and the University of Virginia Investing Conference.
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THE DARDEN REPORT
What was your first job? Since the age of 14, I have worked during summers, part time during college. My first post-university professional job at 21 years old was as an insurance broker working in Lloyd’s of London, negotiating insurance contracts for Fortune 50 energy companies. What’s the best advice you have ever received? 1) “You can do anything to which you set your mind.” 2) “There is no substitute for hard work.” 3) “Be present.” When and where do you do your best thinking? Driving and when taking long walks What’s your favorite book of all time — about business or otherwise? Fiction: The Great Gatsby Business: Malcolm Gladwell’s Outliers Which four living business people would you like to bring together for a private dinner with you? Warren Buffett, Jamie Dimon, Jeff Bezos and Sheryl Sandberg What characteristics do you look for in people? Sincerity, integrity, passion and a sense of humor How do you measure success? The ability to significantly impact others’ lives in a positive way What do you consider your greatest achievement? Being married for 20 years to a wonderful husband and having three fantastic sons Tell us about a treasured possession? The medals awarded to my father from D-Day and the Battle of the Bulge in WWII (Bronze Star and Purple Hearts) What music are you listening to lately? Dave Matthews Live Trax. It reminds me of seeing them play live at Trax in Charlottesville when I was at Darden. What do you do to manage your energy and remain balanced? Yoga and meditation What’s your favorite cause? Education
What’s your favorite food and beverage? Sushi and red wine, but not together Which class at Darden impacted you the most? Professor Sherwood Frey’s “Bargaining and Negotiating” Which Darden professor influenced you the most? Bob Bruner What’s exciting about Darden in 2017? Darden is moving from strength to strength and continues to attract extraordinarily talented students and faculty. Today, Darden Worldwide — particularly the Washington, D.C., initiative — is a game changer in extending Darden’s impact beyond Charlottesville. What are your goals as chair of the board of trustees? It is a pivotal moment for Darden as we maintain the defining elements that have secured our position as a top business school while innovating to address the evolving needs of 21st century business education. As chair, my goals are to ensure we maintain the strength of the Darden School Foundation; to collaborate with our talented trustees to manage the endowment and key business units, such as Executive Education and Hospitality; to promote philanthropic support for the School; and to partner with Dean Beardsley to execute his strategic priorities. As a double ’Hoo, my goal is for Darden to collaborate with other world-renowned schools across Grounds to provide innovative programs for students. You are the first woman to hold the chair. What is the significance of that for you? It is an honor to lead the Darden School Foundation board. I hope that a byproduct of my leadership will be to inspire more women to seek an MBA. I believe this [education] will accelerate the advancement of women leaders who will make a difference in the world. You come back to Darden frequently to guest lecture. What do you get out of the classroom experience? It is incredibly energizing to engage with the current students. I probably get more out of the experience than they do! What’s next for you? Building and leading a firm in the alternative asset management space
• A DECADE OF INNOVATIVE IMPACT •
Since 2006, the Jefferson Trust has provided more than $6.3 million to support innovative new projects at the University of Virginia.
SPREAD THE WORD: DARDEN ENTREPRENEURSHIP Darden Impact Ventures, a student-run impact venture fund, furthers education in venture capital and impact investing. With initial funding from the Jefferson Trust, the group hosts intra-University speaker series and seminars; conferences and competitions; and connects students from across Grounds.
For more information or to make a gift, please contact us at: JEFFERSONTRUST.ORG 434-243-9000
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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Operating in key global locations worldwide, the UVA Darden School of Business pursues its mission to improve the world by developing and inspiring leaders and by advancing knowledge.