The Darden Report Winter 2016 by Darden School of Business

UNIVERSITY OF VIRGINIA DARDEN SCHOOL OF BUSINESS

Winter 2016

THE DARDEN REPOR T

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TECH JOBS AND THE FUTURE OF THE MBA THE INCUMBENT’S DILEMMA BLAZING FRONTIERS IN ONLINE EDUCATION WINTER 2016

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I invest in Darden Executive Education for my team because I have confidence we will see a real return, and because there’s no better way to show them they are valued.” — Aaron Myers, (EMBA ’15) Vice President, Allan Myers

THE DARDEN REPORT

Return to the lifelong learning journey that began with your MBA by investing in your and your team’s professional development through Darden Executive Education. Programs available in Charlottesville, Washington, D.C., and online. Discover programs to fit your needs. Contact us at Darden_ExEd@darden.virginia.edu.

www.darden.virginia.edu/executive-education

FRO M THE E D ITORS

A Road Paved by Technology, But Where Does It Lead? Look at the people on any busy street corner or your family members in your own home. What do you see? Odds are, they’re connected, using technology that didn’t exist 10 or even five years ago — smartphones, tablets, wireless-enabled devices of every kind. In the business world, new technology is often viewed as the catalyst to disrupt established industries. But technology today isn’t just disrupting companies, it’s disrupting our everyday lives — oftentimes for better; arguably other times for worse. There’s no question the world has fallen in love with technology, but we’re still anxious about which road tech is taking us down. A recent Pew Research Center survey found a majority of Americans fear many “futuristic” technology advances like skies filled with flying drones, driverless cars and robot doctors. The survey also revealed one widely held opinion that seems certain to come to pass: “The American public anticipates that the coming half-century will be a period of profound scientific change, as inventions that were once confined to the realm of science fiction come into common usage.” If profound change is inevitable, it will impact every corner of our world — Darden and other B-schools included. In fact, as you’ll read in this issue of The Darden Report, technology is already having a profound impact. From the “Wild West” of online learning to incubating more tech startups at the W.L. Lyons Brown III i.Lab at the University of Virginia to new courses that help students develop skills that are most attractive to the growing number of technology company recruiters, Darden is embracing the technology revolution. It’s exciting; it’s difficult. Change always is. But as Darden Professor Ed Hess warns us in this issue, technological change only creates two options: “Learn or Die.”

WINTER 2016

SAVE THE DATE: 3rd Annual Shanghai Investing Summit 13 May 2016 Shanghai, China

The Darden School of Business looks forward to hosting you at the 2016 Shanghai Investing Summit, sponsored by the Center for Global Initiatives and the Richard A. Mayo Center for Asset Management.

FOR MORE INFO: WWW.DARDEN.VIRGINIA.EDU/DCGI/SHANGHAI-INVESTING-SUMMIT

CONTENTS

Winter 2016

Tech and the New American Career Frontier for MBAs

Innovation in the Time of Disruptive Rule-Breaking

The Power and Promise of Online Learning

The rise of the technology industry, especially on the West Coast, is reshaping the American job landscape and opportunities for MBA graduates.

Technology startups don’t always follow the rules. They innovate and thrive on the disruption that follows. Can incumbent industries survive the chaos?

As Darden refines its strategy for online education, new massive open online courses have amplified the School’s global impact and are paying surprising dividends.

News Briefs

Profiles

Alumni News

6 Darden ‘Talks the Talk, Walks the Walk’ at Fall Events

26 Hoyoung Ban (MBA ’11): Lending a Hand to Stroke Rehab Patients in South Korea

32 2016 Abbott Award Nominations

7 MBA Rankings Unraveled 8 Darden in the News 9 Welcome, Class of 2017

GEMBA Bay Area Residency

10 New Faculty Hires 11 Awards & Accolades Faculty Books

28 Faculty Profile: Casey Lichtendahl (MBA ’98) 39 E. Mitchell Norville (MBA ’84) 40 James Su-Ting Cheng (MBA ’87) 41 Ro (MBA ’91) and Martin (MBA ’91) King

2015 Volunteer Leadership Roundtable

34 Alumni News

In Memoriam

44 Corporate Sponsors 45 Leadership Boards

48 20 Questions: Michael DeCola (MBA ’77)

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 Locke Ogens Senior Executive Director of the Darden School Foundation and Strategic Relations Juliet Daum Executive Director of Communication & Marketing

STAY CONNECTED

www.darden.virginia.edu/news-events/social-media/

Editors: Jay Hodgkins, David Hendrick Designer: Susan Wormington Class Notes Editors: Shaele Culbreath, Jenny Paurys Photography: Dan Addison, Tom Cogill, Stephanie Gross, Sam Levitan, Bruno Mazodier, Melody Robbins, Andrew Shurtleff, Susan Wormington Cover Photo: Getty Images/Anna Huber

News briefs

Darden ‘Talks the Talk, Walks the Walk’ at Fall Events To promote thought leadership on business topics around the world, Darden hosted speakers and events throughout the fall.

Paris Leadership Forum, 12 September “There is no better place than Paris to study luxury business. At age 41 and a widower at the time, [Thomas] Jefferson was mesmerized by the city and marveled at its art and architecture, the worldliness of its citizens and their commitment to the exploration of the mind. His time here would inspire him for the rest of his life.” — Dean Scott Beardsley addressing Darden alumni and friends and the 2016 Global MBA for Executives cohort, which was in Paris for its Europe residency.

University of Virginia Fall Convocation, 23 October

Leadership Speaker Series

“You are here to enrich the world, and you impoverish yourself if you forget this errand.”

“People who are effective leaders usually have a refined understanding of who they are. I know what my idiosyncracies are, and I tell people.” — HBM Holdings CEO Michael DeCola (MBA ’77), at the 6 October Leadership Speaker Series event. Fall speakers included the CEOs of HBM, WestRock Co., M&T Bank, ADT Corp., Elephant Auto Insurance and DaVita Kidney Care as well as top executives from PricewaterhouseCoopers, Bain & Co., and Johnson & Johnson.

— Professor Greg Fairchild (MBA ’92) quoting Woodrow Wilson during his 2015 Fall Convocation keynote address.

Concordia Summit, 1 October “At the University of Virginia Darden School, there’s the colloquial expression, ‘Talk the talk, walk the walk,’ and they do. What we’re talking about today [cross-sector collaboration] is infused in their students, it’s infused in their learning life.” — Andrew O’Brien, special representative for global partnerships at the U.S. Department of State

University of Virginia Investing Conference, 12–13 November “The cake is not baked yet, but the cake is in the oven and it’s set to 350.” — TIAACREF President and CEO Roger Ferguson discussing the likelihood of the Federal Reserve Bank raising federal interest rates.

Career Discovery Forums, 24–26 August Five pieces of advice for job seekers from keynote speaker Sarita T. Finnie (MBA ’01), senior director of wound care at Johnson & Johnson: 1. 2. 3. 4. 5.

Know your story. Stay resilient and agile. Trust your intuition. Experiences that inspire you may help clarify your passions. Discover your strengths and then focus on them.

FOR THE LATEST SCHOOL NEWS, GO TO DARDEN.VIRGINIA.EDU. 6

THE DARDEN REPORT

MBA Specialty Rankings No. 1 – Education Experience (The Economist, 2011–15) No. 1 – Personal Development and Educational Experience (The Economist, 2015) No. 1 – General Management (Financial Times, 2013–15)

MBA Rankings Unraveled

No. 1 – Most Satisfied Graduates (Forbes, 2015)

ankings are great for School pride and recognition of the Darden brand, but many people don’t know how truly important they are to the success of the School. High rankings ensure that top students and recruiters come to Darden, which then makes it easier for the School to continue rising. Increased scholarship funding is one of the top ways Darden supporters can impact the School’s rankings. In Forbes’ ranking, higher

No. 2 – Student Rating of Faculty (The Economist, 2015)

DARDEN’S RANK*

scholarship support creates greater return on investment for graduates, which directly improves a school’s position. Scholarship funding has a powerful indirect influence on every ranking because scholarships attract the most talented students, who are recruited by more companies and receive the strongest job offers. Student quality, recruiters, job placement and salaries, scholarship support — MBA rankings can be a confusing matrix of variables, so here is an inside look.

PUBLICATION

No. 5 – Opens New Career Opportunities (The Economist, 2015) No. 7 – Management (U.S. News & World Report, 2015) No. 11 – Executive MBA Program (U.S. News & World Report, 2015) No. 13 – Entrepreneurship (The Princeton Review for Entrepreneur magazine, 2016)

INFORMATION THE PUBLICATION COLLECTS

CRITERIA THE PUBLICATION EVALUATES

Surveys students and alumni; collects data on graduate salaries and other quantitative data provided in the school survey

Job placement, career services, faculty and student quality and diversity, recruiter industry diversity, salary changes from before to after degree

Surveys deans, B-school administrators and recruiters; collects other quantitative data provided in the school survey

Ratings from deans, administrators and recruiters; job placement success; student selectivity

Surveys students, alumni and employers; collects job placement and compensation data

Student employment three months after graduation; starting compensation for recent classes; survey ratings from students, alumni and recruiters

Surveys alumni about salaries; collects financial aid data

Return on investment using total salaries of alumni who are five years out divided by salaries lost while in school and cost of education, net of financial aid

Surveys alumni three years out; collects data on employment of recent graduates, diversity on campus and faculty research

Salary increases for alumni since preMBA; student employment three months after graduation; diversity on campus and international opportunities; published faculty research

16 *The Economist ranking is global, all other rankings are U.S. only.

WINTER 2016

News briefs

Darden in the News What Is Tail Risk? The Wall Street Journal Bank research reports frequently refer to “tail risk” for investors, but it isn’t always clear what it means and what to do about it. Broadly speaking, a tail risk is an event with a small probability of happening, says Bob Conroy, professor of finance at the University of Virginia Darden School of Business. “In every event there are tails; there are really, really good things that can happen and really, really bad things.”

Scott Beardsley, Darden School at the University of Virginia Financial Times

Although the university is steeped in tradition, the new dean believes it is always looking forward, citing its teaching methods. “We use the Socratic case method and believe very strongly in that,” says Dean Beardsley. Nevertheless, the school has been experimenting widely with technology-enhanced learning and online delivery. … Technology is a tool that can really help globalise the school, says the dean, connecting students from around the world.

Meet Virginia Darden’s MBA Class of 2017 Poets & Quants “There seems to be a clear positive relationship between my ability to successfully work through cases and my ability to climb a C-suite trajectory in my post-MBA career,” [said Kyle Coleman (Class of 2017)]. And he may be on to something. The 2014 class, for example, earned a $136,357 average starting salary and bonus. Over 20 years, Darden MBAs make $2,705,000 — a higher amount than [NYU] Stern or [Duke] Fuqua grads.

Business Schools With the Most Satisfied Graduates, Forbes The School with the most satisfied graduates is the University of Virginia’s Darden School of Business … “Trust the process” is Darden’s mantra and something students hear throughout their two years on campus. Students and alumni believe. The school has one of the most engaged alumni bases.

THE DARDEN REPORT

Welcome, Class of 2017 The world’s best education experience delivered by top faculty in Charlottesville and around the world continues to draw talented, diverse students to the Darden School MBA program. FORMAT

MBA

STUDENTS

RESIDENTIAL

334

GLOBAL

MBA MBA FOR EXECUTIVES FOR EXECUTIVES 28

62 RESIDENTIAL MBA IN FOCUS

706

35%

38%

Average GMAT

Women

Born Outside the U.S.

17%

Countries Represented

U.S. States Represented

Domestic Minorities

Student Awards Class of 2016 Samuel Forrest Hyde Memorial Fellowship, honoring the Second Year student who contributed the most to Darden as a First Year Jessica Williams G. Robert Strauss Marketing Award Dana Clifford C. Stewart Sheppard Distinguished Service Award Travis Dezendorf Anshu Gupta Melissa Jenkins William Michael Shermet Award, honoring students who demonstrate academic excellence Cameron Cutro Travis Dezendorf Luke Forster Alexander Fuller Kelly Gerhardt John Greenfield Griffin Humphreys Trenton Murphy Travis Nixon Jamie Preusche Morad Erika Schwartz Charles Smith Ryan Soer Gregory Suellentrop Jessica Williams

GEMBA Bay Area Residency: A Tech All-Access Pass Starting April 2016, the first week of the sixth residency of Darden’s Global MBA for Executives will take place in the San Francisco Bay Area. Courses and experiential programming throughout Silicon Valley will enable unmatched access and insight into the topics of entrepreneurship, technology and leading strategic change. “The Bay Area is the world capital of innovation and entrepreneurship, and our GEMBA students will benefit greatly from the learning opportunities there,” said Dean Scott Beardsley. The students will participate in experiential activities formulated with the help of companies like Apple, Facebook, LinkedIn and Uber. They will also face a Shark Tank-style panel featuring Darden alumni from Silicon Valley venture capital firms.

Jessica Williams (Class of 2016) is the recipient of the Samuel Forrest Hyde Memorial Fellowship, as well as a Shermet Award.

WINTER 2016

Faculty news

Dardenâ&#x20AC;&#x2122;s Top Faculty Strengthened by New Hires In fall 2015, Darden welcomed four new professors to Grounds.

Manel Baucells joined Darden as an associ-

ate professor of Quantitative Analysis. Baucells has taught and held visiting research positions throughout the world. He holds a Ph.D. from the UCLA Anderson School of Management, and his research focuses on incorporating psychological realism into consumer behavior models.

Lalin Anik joined the Darden

Marketing area as an assistant professor. Anik focuses on the impact of social connections on consumer behavior and holds a doctorate of business administration in marketing from Harvard Business School.

Peter Belmi joined Darden as an assistant professor of Leadership and Organizational Behavior. Belmiâ&#x20AC;&#x2122;s research interests focus on inequality and its causes, consequences and persistence. He holds a Ph.D. from the Stanford Graduate School of Business.

Luca Cian joined Darden as an assistant professor of Marketing. Cian is an expert in the area of consumer behavior, with a focus on sensory marketing and social cognition. Cian holds a Ph.D. from the University of Verona in Italy and was a postdoctoral scholar in marketing at the University of Michigan Ross School of Business.

THE DARDEN REPORT

Faculty Awards & Accolades

Faculty Books

Professor Jared Harris was named a Master Teacher in Ethics at Brigham Young University’s Wheatley Institution.

Bridging the Values Gap: How Authentic Organizations Bring Values to Life

Professor Mike Lenox was recognized as a top 100 entrepreneurship professor by Hot Topics.

— Professor Ed Freeman and Ellen Auster

Professor Rajkumar Venkatesan was recognized as an Outstanding Area Editor for the Journal of Marketing and Outstanding Reviewer for the Journal of Retailing. Professor Saras Sarasvathy co-wrote the paper “Marketing Under Uncertainty: The Logic of an Effectual Approach,” which won the 2015 Gerald E. Hills Best Paper Award from the American Marketing Association. Professors Paul Farris and Rajkumar Venkatesan were among the authors of “Mobile Shopper Marketing: Assessing the Impact of Mobile Technology on Consumer Path to Purchase,” which was named an Outstanding Author Contribution in the 2015 Emerald Literati Network Awards for Excellence. Professor Morela Hernandez and Researcher Cristiano Guarana authored “Identified Ambivalence: When Cognitive Conflicts Can Help Individuals Overcome Cognitive Traps,” which was named Best Student Paper from the Managerial and Organizational Cognition Division, Academy of Management.

Rather than relying on statements of value that may not resonate or remain relevant, Freeman and Auster teach us how “Values Through Conversation” can ensure a workable, meaningful value set at every level of the organization.

Practical Time Series Forecasting with R — Professor Casey Lichtendahl and Galit Shmueli Lichtendahl and Shmueli offer an immersive introduction to quantitative forecasting of time series using the free and open-source software R.

63 Innovation Nuggets (for aspiring innovators) — George Barbee

Barbee (MBA ’67), a Batten Institute fellow and lecturer at Darden, believes that innovative thinking and action are within everyone’s grasp, and delves into the many useful forms innovation can take.

WINTER 2016

Tech and the New American Career Frontier for MBAs

hen the pulse of American capitalism increasingly seems to beat strongest on the West Coast, what are the implications for a business school in Charlottesville, Virginia? Corporations such as Facebook, Google and Apple have, by conventional measures, grown to new heights in recent years, increasing market share and market cap and nestling their products firmly into the lives of an ever-growing user base â&#x20AC;&#x201D; all while remaining widely beloved. Meanwhile, companies like Square that existed only on paper a few years ago continue to grow into massive, multibillion dollar enterprises.

THE DARDEN REPORT

Are you future-proof?

93% OF TECH COMPANIES WORLDWIDE PLANNED TO

HIRE MBAS IN 2015, ACCORDING TO DATA RELEASED BY THE GRADUATE MANAGEMENT ADMISSION COUNCIL.

Few places saw stronger economic momentum in recent years than Silicon Valley and the San Francisco Bay Area. While the broader U.S. economy inched upward in fits and starts, the Bay Area economy — driven largely by the booming success of tech companies — blossomed. This environment means attractive job opportunities for recently minted MBAs, as 93 percent of tech companies worldwide planned to hire MBAs in 2015, according to data released by the Graduate Management Admission Council. Notably, that figure is higher than the 84 percent of finance and accounting companies that planned to hire MBAs, feeding into an emerging narrative of Silicon Valley as the new heart of American capitalism.

Darden Goes to Silicon Valley Darden has made multiple strides to develop leaders fit for the West Coast technology world in recent years, establishing formal relationships with the Silicon Valley technology incubator Plug and Play, hosting events such as a West Coast Innovators Roundtable with top executives and taking regular “tech treks” to strengthen the recruiting pipeline for Darden students. In perhaps the most explicit embrace yet of the area, the Global MBA for Executives (GEMBA) Class of 2016 will hold part of its sixth and final residency in San Francisco in April. The final residency includes courses focused on innovation and entrepreneurship and exposure to Silicon Valley venture firms and technology companies, including Apple. San Francisco was the obvious spot to emphasize the focus on entrepreneurship, according to Professor Yiorgos Allayannis, associate dean for the GEMBA format. “It’s hard to understand a place or a sector like technology unless you experience it,” Allayannis said. “It’s more compelling to be in the environment that generates the source of ideas that become the basis for business — or even living.” Indeed, even if most of the GEMBA students do not go into technology jobs, they will almost certainly go into jobs working with technology, given the saturation of technology in the professional sphere. “Our students invariably are going to work with technology and they have to not just master it, but they have to have a view as to where these technological changes are going to

lead us,” Allayannis said. “It’s very difficult to do that unless you are equipped to understand where the world is going — and technology is shaping that world.” While the GEMBA residency in San Francisco is relatively brief, Allayannis and the broader Darden leadership view it as another bridge between Darden and the technology community, strengthening alumni bonds, recruiting pipelines and the recognition of the Darden name in the technology community.

Students Drawn to Technology Jobs Darden students have had great success in the job market after earning their MBAs. Better than 96 percent of the Class of 2015 had a job offer within three months of graduation, and those varied jobs had a mean base salary of more than $119,000. For a growing number of Darden students, technology jobs can offer the prospect of doing more meaningful work earlier in a career, according to Adrienne Brewbaker (Class of 2016), the president of the Darden Technology Club. “At these tech companies, there is usually less bureaucracy and fewer barriers to making impact, and I think that’s what’s so appealing to MBAs,” Brewbaker said. “You can get in there and provide value from the get-go, without having to work your way up the chain the way you may have to in more traditional companies.” Brewbaker, who came to Darden after four years in IT consulting at IBM, spent her summer interning at Microsoft in Seattle, working as a product marketing manager intern on the Surface team. Darden Professor James Freeland said he increasingly notes a desire among students to create something that people want to use. Whether myth or fact, the perception is that the technology world affords such opportunities. “It’s not a question of making more money, it’s a question of creating value for people,” said Freeland, who teaches about technology within the operations sphere. In technology, “people think they can do something that’s really interesting and can change the world.” The signs of the growing interest in technology and technology jobs around Grounds are easy to find. The Darden Technology Club has grown every year, with membership now at an all-time high of around 240

WINTER 2016

THE MORE DARDEN ALUMNI WE CAN GET INTO THE TECH INDUSTRY, THE GREATER OUR REPUTATION BECOMES, AND WE’VE ALREADY SEEN THAT START TO HAPPEN.” — Adrienne Brewbaker, Class of 2016

members. Roughly 15 percent of students in the Class of 2015 took jobs in the tech field and about the same percentage took internships in the sector in 2015. Amanda Panarese, who focuses on the technology space in her role as associate director of career education and advising at Darden, said the interest level is clearly growing among students. And the interest is reciprocal. Echoing an often-heard refrain, Panarese said the general well-roundedness of Darden students makes them appeal to technology companies. “I think our students bring a passion for the industry and combine that passion with their work ethic and ability to work across functions in a team environment,” Panarese said. “That combination of hard and soft skills makes our students especially strong in tech.” In a clear sign of the importance that Darden’s Career Development Center places on the area and the burgeoning interest it sees from students, technology was the only sector — as opposed to a discipline such as marketing or consulting — featured at the School’s 2015 Career Discovery Forums, which help introduce First Year students to the career opportunities an MBA will open to them.

Teaching for Tomorrow The Darden curriculum has long displayed technologyrelevant concepts such as design thinking, effectuation and entrepreneurship, and certain new courses are more explicit in their technology focus, such as Alex Cowan’s electives “Software Design” and “Software Development” or Casey Lichtendahl’s “Data Science in Business.” Cowan, a fellow at the Batten Institute for Entrepreneurship and Innovation who splits his time between the Silicon Valley area and Batten Fellow Alex Cowan

THE DARDEN REPORT

Charlottesville, says he and his colleagues are working to make the Darden MBA a must-have feature at technology companies. “You read a lot of cover stories about how the traditional MBA is in crisis, questioning its ability to help managers innovate,” Cowan said. “And yet in Silicon Valley, companies are rethinking and experimenting with core disciplines like product management and marketing.” Cowan thinks this paradox heralds a tidal shift, and a huge opportunity for a school like Darden. “The MBA [graduate] who’s a marriage of the brand manager at Nestle with in-demand digital innovation skills is a fantastic employee that I think everyone will covet,” Cowan said. “They don’t really exist in very large numbers, and I think we’re in a great position at Darden to produce that sought-after individual.” Cowan’s current course, “Software Design,” was capped at 40 but expanded to 49 students, given demand. It aims to equip would-be technology leaders with skills in applied product design and practical innovation. “To the extent the center of American capitalism is shifting, students need to learn product design skills, they need digital literacy and they need the creative confidence to engage on technical topics,” Cowan said. “That doesn’t mean becoming a career coder, but it does mean they need to know some things that most new students don’t know right now.” The inclusion of technology literacy into a Darden education need not come at the expense of Darden’s core offerings, said Cowan, noting that the general management skills the School has long excelled in teaching have enormous use for many technology firms, from startups to Fortune 500 companies.

A Growing Tech Pipeline Cowan’s vision of Darden as an ideal incubator of tech industry talent is similar to that of the technology club’s Brewbaker, although the former Microsoft intern suggests that the

Professor Ed Hess

pipeline is already organically solidifying. While Brewbaker admitted that certain networking opportunities are harder to come by at Darden simply due to geography, figures show that Darden places an increasing number of interns and graduates in major West Coast tech companies each year, seeding the field for future growth. The School is also supporting the growth of emerging tech-centered entrepreneurial hubs in Washington, D.C., and Charlottesville so that graduates don’t necessarily have to go West to get into tech. “The more Darden alumni we can get into the tech industry, the greater our reputation becomes, and we’ve already seen that start to happen,” Brewbaker said. Indeed, Amazon and Microsoft were tied for third place among landing spots for members of the Class of 2015, with only McKinsey & Co. and Boston Consulting hiring more Darden MBAs. Over the last two years, Amazon has hired 22 new Darden graduates and Microsoft another 17. Helena Kim (MBA ’15) came to Darden after holding both finance and technology jobs after college in California. While the initial financial services and asset management positions were rewarding, Kim said she realized she loved the world of information technology, and particularly solving problems using technology. In her current role as an enterprise marketing senior adviser for digital marketing and strategic event planning at Dell, Kim said she draws on her Darden education every day. Said Kim: “[Darden graduates] can bring a lot of benefits to a tech company. They can envision, create and share the bigger picture.” —David Hendrick

Future-Proofing Your Career

t will be hard to train students for the jobs of the future if the robots take all the jobs first. A hyperbolic forecast, perhaps, but one that seems increasingly grounded in reality as “smart” machines become smarter and artificial intelligence powers unprecedented operational efficiencies. Darden Professor Ed Hess, who refers to artificial intelligence as the most important discovery since fire, is among those who see the professional enterprise of tomorrow as one poised for dramatic disruption. “The organization of the future is going to be staffed by some combination of smart robots or smart machines and people,” Hess says. “The smart machine revolution will be as transformational as the industrial revolution.” To hear Hess and other futurists tell it, few industries will be untouched by the looming changes. Truck drivers? Replaced by driverless vehicles. Accountants? One of the first groups to be displaced. Physicians? IBM’s Watson is already in use at the Cleveland Clinic. “Dr. Watson can diagnose patients far better than the best doctors in the world,” Hess says. “He can look at types of cancer and diagnoses and bring back a list of potential treatments based on the best research and best hypotheses.” Moreover, the rise of smart machines and their place in the workforce is not some dystopian vision of a distant future.

It is happening now as companies, driven in part by the relentless pace of quarterly financial reporting, seek to wring out every possible efficiency. Rather than submit to our future robot overlords, however, Hess — the author of the recent book Learn or Die: Using Science to Build a Leading-Edge Learning Organization — says the workers of tomorrow can safeguard their places in an organization by developing the traits that smart machines have not yet mastered. Technology will almost invariably beat its human counterpart in data-driven tasks or jobs that require the rote repetition of certain functions. And no person has a better memory or sharper research skills than a connected smart machine. The human worker — and the Darden MBA student — can win in other ways, however. By developing innovative thinking skills, honing creativity and shifting one’s “mental models” to more readily accept information that challenges innate assumptions, the worker of tomorrow will be far likelier to add value to an organization. Hess encourages Darden School students to tame their egos and accept and embrace humility as a way to help navigate an uncertain future. Being able to work through those knotty problems that may trip up the machines will add value to an organization, Hess says, and adding value is future-proof.

WINTER 2016

INNOVATION IN THE TIME OF DISRUPTIVE

RULE-BREAKING The humble home thermostat reimagined.

Former luminaries from Apple unleashed the breakout Nest Learning Thermostat on the market about five years ago with a slick design and slicker smart technology features. Reviews were rave and the Nest, against all reasonable expectations, started a consumer frenzy that felt more like the launch of a new iPhone. Honeywell, long dominant in the thermostat space, responded with a patent lawsuit that Nest CEO Tony Fadell said was intended to strangle his young upstart out of business. Fadell’s response to the industry giant’s tactic? He didn’t blink. “Honeywell is worse than a patent troll,” Fadell told The Verge reporter Nilay Patel in a 2012 interview. The suit is still pending and may be for years to come, but in the meantime Nest was acquired by an apparently unconcerned Google in 2014 for $3.2 billion. Nest is one example in a sea of innovative startups ignoring barriers established by incumbents — and often even local, state and federal laws, for that matter.

THE DARDEN REPORT

Are you future-proof?

IT ONLY TAKES ONE [STARTUP] TO BE WILDLY SUCCESSFUL TO DISRUPT AN INDUSTRY. WE REMEMBER THE SUCCESSES, NOT THE COUNTLESS FAILURES.” — Mike Lenox, Tayloe Murphy Professor of Business Administration and Darden’s senior associate dean and chief strategy officer

ber has disrupted the taxi industry by harnessing the power of the crowd through an app that can connect anyone with a car to anyone in need of a ride. Heavily disaggregated, taxi drivers and their trade associations have unleashed a slew of lawsuits against Uber around the country. A similar story is unfolding for Airbnb, which is cutting into hotel profits around the world while a fragmented hotel industry, cities and states levy lawsuits and struggle to stop thousands of local citizens from renting spare living space to strangers.

ven one of the most powerful, highly regulated industries in the United States is feeling the pinch. Regulated electric utilities have enjoyed state-mandated monopolies across much of the country for decades, but new distributed energy technologies like solar panels are going “behind the meter” controlled by the utility to slice into the utilities’ usage revenues. The threat is so existential to utilities that its own trade agency, the Edison Electric Institute, wrote a 2013 report warning that the industry faces a “cycle of decline that has been previously witnessed in technology-disrupted sectors (such as telecommunications).” In other words, a death spiral. When new technology makes an industry ripe for disruption, a leading wave of innovators simply pursue the possible. As consumers embrace their new choices, the trailing wave of popular demand means incumbents are better served preparing for the future than digging in

to protect the old paradigm. Adapt or die, to borrow an idea from Charles Darwin. But adapting is hard for incumbents, as Clayton Christensen so famously detailed in his book The Innovator’s Dilemma. Darden Professor Mike Lenox says disruptive insurgents are imbued with advantages like superior nimbleness. In addition, Lenox says the sheer number of entrepreneurs — those Bill Gates-esque “guys in the garage” — means that countless new solutions are attempting disruption from every direction. “It only takes one to be wildly successful to disrupt an industry,” Lenox said. “We remember the successes, not the countless failures.”

o far, electric utilities have been largely successful pushing back against disruption with a complex and coordinated defense to preserve their industry business model. Lenox calls tactics like those, as well as the efforts of Honeywell and the hotel and taxi industries, “non-market strategies.” For their part, Lenox notes that solar power providers, Uber, Airbnb and many other emerging companies have responded with aggressive non-market strategies of their own. While those strategies can’t be ignored, they’re not what he focuses on with students or his business clients. Non-market strategies often skirt tricky ethical boundaries and can work against the noble pursuit of serving customers’ best interests. Instead, Lenox focuses on how established companies can position for ongoing success in a fast-changing business world.

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While incumbents face some disadvantages trying to innovate, Lenox stressed that they risk even more by failing to try. “Innovation requires two things,” Lenox said. “Creativity and appropriability — appropriating the gains from an innovation by locking it up with patents and other intellectual property protections.”

He says successful incumbents often suffer because core capabilities petrify into “core rigidities,” which can be fatal if a new technology renders the core obsolete. Before digital camera technology wiped out demand for film cameras, Kodak saw the change coming and started investing in digital in the early 1980s. However, it failed to compete in the digital camera age, which Lenox speculates might have been due to Kodak’s difficulty letting go of the past. While incumbents face some disadvantages trying to innovate, Lenox stressed that they risk even more by failing to try. “Innovation requires two things,” Lenox said. “Creativity and appropriability — appropriating the gains from an innovation by locking it up with patents and other intellectual property protections.” The new generation of tech giants like Google, Amazon and Facebook are all religiously committed to innovation, and compete furiously against the sea of startups innovating around them. George Geis, a fellow of the Batten Institute and a professor at the UCLA Anderson School of Management, said during a presentation at Darden that Google has pursued a “semi-organic growth strategy” focused on “acqui-hires,” buying dozens of companies for the top creative talent that helps it keep pace with rapid change. Geis’ presentation showed how Amazon and Facebook have also used frequent M&A to remain on the winning side of disruption.

THE DARDEN REPORT

Despite the tactics available to incumbents, disruptive innovation will likely always steal the crown off the heads of unprepared blue chip companies. Sears and Blockbuster are recent victims, but Lenox digs deeper into the history books, pointing to the dominance of Remington typewriters and Studebaker Brothers horse-drawn carriages in the time before word processors and automobiles. With today’s accelerated competitive lifecycle, even disruptors are finding themselves disrupted within a generation. Just look at the mobile phone industry, Lenox says, in which Palm, Blackberry, Nokia and Motorola all fell to the rise of Apple and Samsung smartphones before the smoke had even cleared from the decimation of the wires and poles phone business. “Disruption isn’t new; it’s been around since the beginning of markets,” Lenox said. “But it feels like disruption is occurring more quickly in technologies around software and in high technology. There’s strong anecdotal evidence when you look at the growth of companies like Uber or Facebook.” To learn more about how to prepare for disruptive innovation, visit www.darden.virginia.edu/online/ to register for Professor Mike Lenox’s on-demand Business Strategy Specialization. —Jay Hodgkins

Prepare for disruption with vision and planning.

How to Thrive as an Incumbent in an Era of Disruption Darden Professor Mike Lenox says incumbents are not defenseless when disruption comes knocking at their door, but preparing for disruption requires vision and planning. Lenox encourages his corporate clients to do two things to increase their chances of being in the right position when disruption occurs: ▪ Study when and how disruption is likely to occur in their markets. ▪ Prepare for disruption by thinking through how it affects the current strategy. Several business strategies can also protect incumbents from disruption, Lenox says: ▪ Leverage capabilities that are complementary to startups, such as manufacturing capacity and distribution networks. In biotech, pharmaceutical giants use the power of their unparalleled distribution systems to secure lucrative licensing agreements with innovative startups developing promising new drugs.

▪ Lead in capital intensive sectors. GE has survived through generations of technological disruption because manufacturing things like large turbines and engines requires so much capital. Entrepreneurs have struggled to find ways to innovate past those capital-intensive solutions and face an intimidating funding gap when they do. ▪ Follow fast. First-mover advantages are well documented, but there are also “second-mover advantages,” which cashrich incumbents are primed to seize. As first movers fight in the fog of an untested market, corporations can wait until a winning solution emerges, then use their resources to build or buy into the nascent market before a shakeout of weaker competitors allows any player to establish a dominant position.

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startup spotlight

Quick Pivot for Two Tech Startups in the i.Lab Early-stage startup is a fast-moving time for entrepreneurs. Alexander Bazhinov (MBA ’15), founder of DreamPower, and Kevin Eisenfrats (Engineering ’15), founder of Contraline, discovered that truism firsthand during the 10-week 2015 summer i.Lab Incubator. Though the businesses are distinct, both finished the Incubator pitching a much different story than when they entered.

DreamPower: Lowering the Power Bill For DreamPower, the shift was born of opportunity. The energy efficiency services company offers a fixed monthly fee for electricity to businesses that is guaranteed to be lower than their existing power bills. In exchange, DreamPower makes energy efficiency improvements at its customers’ buildings, driving down their energy costs even further and allowing DreamPower to profit on the difference between monthly fee and actual cost. In conversations with his current and prospective customers, Alexander Bazhinov

Alexander Bazhinov (MBA ’15)

THE DARDEN REPORT

discovered the traditional circuit breaker box was a major opportunity to drive more energy savings. If he and his customers could more easily control when and where electricity was flowing in buildings, they could eliminate a lot of energy waste. And so the CircuitBot was born — Bazhinov’s prototype of a smart circuit box. CircuitBot’s design is appealing, easy to use and functional, doing what all circuit boxes do while also including smart technology features like energy usage tracking, programming to control lights and home appliances, energy usage spike alerts, and even the ability to integrate with other smart devices like a Nest Thermostat to maximize energy savings. Bazhinov was able to come up with such a comprehensive suite of features by listening to the problems his customers wanted to solve. Now, he is working with the UVA School of Engineering and Applied Science to further develop and refine the prototype. He is also working with UVA to secure patents for the technology. Unlike the energy efficiency services offered by DreamPower, the CircuitBot will require serious capital to develop, which is why he’s currently seeking investors.

Kevin Eisenfrats (Engineering ’15)

Contraline: Rethinking Contraception The endgame for Contraline was always to offer nonsurgical contraception for men. Kevin Eisenfrats just thought that providing a more humane alternative to neutering male dogs and cats would serve as a promising first market for the product. Demand was there from pet owners, but he didn’t account for one important stakeholder: veterinarians, who have been profitably neutering animals for decades with little incentive to adopt alternatives. “Following the principles of lean startup, the market research should be done before product development,” said Eisenfrats. “It was our fault for not doing enough market research.” That setback didn’t change the fact that Contraline provides a unique product with tremendous potential. It blocks the vas deferens, and thus blocks the flow of sperm, like other contraceptive polymer gels, but is also “echogenic” — the gel can be imaged using ultrasound devices so that doctors and nurses can check its stability and ongoing effectiveness. Contraline can also be applied “percutaneously,” which means no surgery — a major advantage over traditional vasectomies. It is effective for years but can be reversed at any time. The question, then, was how to fund Contraline through years of research and development for

humans without a market for dogs and cats producing revenue. Fortunately, Dr. John Herr, director of the UVA Health System’s Center for Research in Contraceptive and Reproductive Health, had teamed with Eisenfrats as a partner in the venture and had some ideas. Herr knew of a Holy Grail for nonsurgical animal sterilization — the Michelson Prize. The incredible $25 million prize will be awarded to the first entity to provide a qualifying low-cost, permanent, nonsurgical sterilant for male and female cats and dogs. Eisenfrats is also leading an effort to secure about $400,000 in seed funding from angel investors while Herr uses his contacts to introduce partnership opportunities. “Kevin is a force of nature. He is able to absorb a lot of information,” Herr said. “The reason this really has a chance is because Kevin understands the business plan changes every day; that he needs to be extremely flexible and adaptive.”

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Are you future-proof?

THE DARDEN REPORT

The Power and Promise of Online Learning

rofessor Jared Harris stands in front of a giant green screen, takes one more glance at his notes, looks into the camera and nods. From the UVA Darden School of Business studio control room, producer Kyle Niehoff is readying to capture one of the final sections on Harris’ forthcoming massive open online course (MOOC) on strategy. “OK, good energy. Smiles. Take it away,” Niehoff says, as he hits record. Harris walks his future students, who will join him from all parts of the globe, through an acquisition analysis, what he terms “one more tool in your toolkit that can be extremely valuable when you consider acquisition as a growth strategy.” After roughly five minutes of nailing his talking points, Harris decides to run through the material again to streamline the message and shave off a valuable minute or so. The class will soon be posted online. From there, an aspiring MBA student from Russia like Zhdan Shakirov, a young mother in Sri Lanka like Dilrukshi Gamage or anyone with an Internet connection will have the opportunity to engage with a highly regarded Darden professor. Education wasn’t always like this.

From Moscow to Charlottesville

Shakirov (Class of 2017) was working as the head of the economic and planning office at an elite university in Moscow, engaged in a strategic review of various core processes in higher education, when he decided to further pursue his own education via an MBA at a top university in the U.S. While researching the best place for his further study, Shakirov came across a school whose name he had never heard: Darden.

Intrigued by what he read on the Darden website, Shakirov decided to take the “Foundations of Business Strategy” MOOC taught by Professor Mike Lenox. The appeal was immediate, he said. “I thought, if these guys could create something very interesting and of that quality, and deliver it online in a very good way and do it for free, then my hypothesis was that on Grounds they could do something even more interesting,” said Shakirov, who also connected with several Darden alumni to help inform his decision. Shakirov enrolled in the School, and is pursuing a dualdegree MBA/M.Ed. program with UVA’s Curry School of Education. In the U.S. for just a few months, Shakirov said he could not be more pleased with his decision, one he owes in large part to a well-constructed online course that a professor recorded in the Darden studio some months prior. “It’s very hard to understand from the outside perspective, but the MOOC helped me,” said Shakirov. “It was the kickoff that helped me learn more.”

Brave New World

In certain ways, the classroom experience at Darden remains much as it has for 60 years. At its core, top faculty lead top students through case studies and experiential learning that convey the skills and knowledge needed to excel as a responsible business leader on the global stage. It is a system imprinted on the School’s soul, and one to which Darden leaders, faculty and students remain fiercely committed. But in critical ways over the last few years, the Darden of today has adapted to a changing 21st century model of

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I THOUGHT, IF THESE GUYS COULD CREATE SOMETHING VERY INTERESTING AND OF THAT QUALITY, AND DELIVER IT ONLINE IN A VERY GOOD WAY AND DO IT FOR FREE, THEN MY HYPOTHESIS WAS THAT ON GROUNDS THEY COULD DO SOMETHING EVEN MORE INTERESTING.” — ZHDAN SHAKIROV (CLASS OF 2017)

education and continues to position itself to best engage in the business conversation of the future. Perhaps nowhere is the embrace of what’s next more evident than in the growth of online learning. Through its MOOCs, Executive Education offerings, custom courses for organizations like Anheuser-Busch InBev, and distance learning courses in the MBA for Executives and Global MBA for Executives, Darden now produces a robust and growing array of online courses, each with specific purposes and audiences. “By designing learning experiences that range from MOOCs to higher-touch, project-based courses, we’ve been able to see many new possibilities for extending our thought leadership around the world,” said Joanne Meier, Darden’s executive director of instructional design and assessment. “The feedback from our students and from our Executive Education clients has been overwhelmingly positive.” The MOOCs, for instance, serve as something of a global

welcome mat for the School, having introduced Darden thought leaders and concepts to people like Shakirov and more than a million others since the faculty first began exploring the platform in 2013.

Expanding Reach and Recognition

For the creator of the strategy MOOC, Shakirov’s story shows the platform working about as well as possible. “When you think about that global reach, it can be very important for a school like Darden, which doesn’t necessarily have the global brand recognition of some of our peers,” said Lenox, who keeps a chess set as a gift from a group of Mongolian businessmen who took the course as a cohort. While the MOOCs get the lion’s share of the attention and debate, the courses are just one outlet for online content that can be repurposed in countless ways. “I think where we are, and where a lot of schools are, is

DIGITAL COURSES AT DARDEN: A HISTORY

> Darden launches its first MOOC on Coursera: Professor Ed Hess’ “Grow to Greatness: Smart Growth for Private Businesses.” 70,000 participants enroll by the start date.

> Professors Jeanne Liedtka, Mike Lenox and Ed Freeman share their thought leadership by developing additional MOOCs.

• 2012

• 2013

THE DARDEN REPORT

> Darden expands its online platforms, bolstering the degree program and initiating plans for offerings in Executive Education. > Joanne Meier joins Darden as executive director of instructional design and assessment, focused exclusively on online learning.

• 2014

> Darden launches its first online Executive Education course, Liedtka’s “Design Thinking for Innovative Problem Solving: A Step-by-Step Project Course.” 250 participants from 40 countries sign up for Darden’s first higher-touch, project-based course.

trying to understand multiple ways we can leverage content that is created for the online environment,” said Lenox, who has written extensively about the power and promise of online education. “Current standards of very short, chunked content lend well to repackaging and pulling and mixing modules as needed for whatever learning program you’re in, be it a degree program, Executive Education or the MOOCs.” While Darden is among many schools seeking to determine the best use for online education, Lenox said the School has a pair of built-in advantages. The first is the large, modern studio on Grounds, which allows for the nimble production of high-quality videos. The second is the approach to student interaction common among the Darden faculty, particularly an emphasis on excellent teaching. “The types of skills that we nurture and select for among our faculty actually translate well to the online environment,” Lenox said. “We specialize in the case method in the Darden classroom, but those same beliefs and values and skills lend themselves to designing any kind of educational engagement.” With over a million people enrolled in Darden MOOCs, not all students walk away from a course with a meaningful experience. Still, Darden professors continue to hear surprising and inspiring stories regarding the power of these enormous courses. Dilrukshi, for instance, was home in Sri Lanka with a newborn daughter when she first discovered MOOCs. Darden Professor Jeanne Liedtka’s “Design Thinking for Business Innovation” course, in particular, struck a chord, and Dilrukshi, a student at the University of Moratuwa in Sri Lanka, said she found the new concept of journey mapping a “great way to innovate.” Dilrukshi said she used the concepts as she put together what she called an e-learning workshop in Sri Lanka, spreading the story of Darden MOOCs to students a world away from Charlottesville. “MOOCs brought me fortune,” Dilrukshi said. Her research now focuses on improving the effectiveness of e-learning. It is an area of research Darden, and much of the world of higher education, remains focused on, as well.

Evolution of a MOOC Building on the successful “Foundations of Business Strategy” online course, Darden recently launched a five-course Business Strategy Specialization. The specialization, launched through online education partner Coursera, is based on Darden’s core First Year MBA course “Strategy” and will be led by Darden Professors Mike Lenox and Jared Harris. A culminating capstone project puts the skills learned in the first four courses to use as students complete a strategic plan for an existing business or a venture of their own. Darden’s massive online open courses, or MOOCs, have proved enormously popular, with more than 1.1 million people from over 220 countries participating. Visit www.darden.virginia.edu/online/ to learn more

—David Hendrick

PROFESSOR JARED HARRIS FILMING AN ONLINE COURSE.

> Executive Education begins devising custom online content for a variety of companies and organizations. > Professor Yael Grushka-Cockayne develops a MOOC, “Project Planning and Management.” > Darden pilots a certificate program for MOOCs, in partnership with Coursera. For a small fee, users receive a course certificate after successful completion of a course.

• 2015

> Executive Education launches the multi-course Specialization in Design Thinking and Innovation, an expansion of Liedtka’s online design thinking course. > Darden partners with Coursera to launch a multi-course Specialization in Business Strategy, developed by Professors Mike Lenox and Jared Harris. > Professor Raj Venkatesan’s MOOC, “Marketing Analytics,” debuts in November.

> Future MOOC launches include a specialization in agile for software and IT development, led by Batten Fellow Alex Cowan.

• 2016 WINTER 2016

alumni in tech

New Technology Lends a Hand to Stroke Rehab Patients in South Korea

he rehabilitation road back from a stroke or traumatic brain injury can be long and expensive. The exercises and strengthening activities that can be critical to recovery are often tedious, repetitive and best practiced under the care of a medical professional. As a result, many patients simply never take full advantage of the help they need. South Korean inventor Hoyoung Ban (MBA ’11) saw the need for a better system in his home country firsthand, as the Darden graduate’s father and two uncles all suffered strokes. His father passed away following the stroke

Hoyoung Ban (MBA ’11)

THE DARDEN REPORT

while Ban was an undergraduate student at the Korea Advanced Institute of Science and Technology. In the case of his uncles, effective rehabilitation therapy proved financially infeasible due to the high cost of care in South Korea. With the help of a partner, Ban formed the company Neofect in Yongin, South Korea, just south of Seoul, and led a team that helped design and bring to market the Rapael Smart Glove, a wearable device that connects to various digital training programs for relatively low-cost, varied workouts. A patient in a stroke rehab program might wear the glove while performing a task such as throwing a ball or pouring a glass of water — in real life or via simulated video. The Rapael system monitors the patient’s abilities, analyzing and adjusting tasks that aim to improve the patient’s “neuroplasticity.” The Web-connected device also records rehab session data for review by patient, caregiver or medical professional. An engineer by training, Ban came to Darden not long after founding Neofect with a desire to hone his management and operational skills following the dissolution of the Internet TV company he started to bring Korean television programming to Korean speakers living in the U.S. “What I had to learn was general management skills and to build my knowledge for starting a company from scratch,” Ban said. “Darden was the best choice for this. Studying cases and discussing them in class gave me a chance to experience the conditions of what could happen in the real world.” Ban said he applied lessons learned at his first company and at Darden when attempting to break into a new field. Critically, Ban said he and his co-founders attempted to

keep a tighter grasp on technical development. “The entire process, from founding to closing my [Internet] TV service company, made me think again about the issues of starting a company,” Ban said. “The biggest issue we faced was the lack of technical knowledge on the team, which leads to an excessive reliance on outsourcing project work.” When starting Neofect, Ban and his team made sure to have a core internal technical development team that could nimbly react to market dynamics. Certainly, the market for potential customers for Neofect’s core product is evident, as stroke is considered a leading cause of disability in the world. Ban said breaking into a field known for its conservative approaches to treatment has not been easy, but credits the work of medical professionals on his team who can help explain the product’s benefits to health systems. The company said a number of major Korean health systems have now incorporated the device into their rehabilitation programs. With a solid background in technology, Ban said it was the other, “softer” skills acquired at Darden that put him in a place to succeed, noting case-study derived lessons in negotiation, communication and decision-making as critical for the successful launch of his company. “The curriculum at Darden is very helpful in real business,” said Ban. —David Hendrick

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faculty profile CASEY LICHTENDAHL (MBA â&#x20AC;&#x2122;98)

Eleanor F. and Phillip G. Rust Professor of Business Administration

THE DARDEN REPORT

CRACKING THE CODE UNLOCKING THE POWER OF DATA SCIENCE IN BUSINESS

oday’s businesses can collect an ever-increasing amount of data. But what data do you collect, and how do you use it? The field of data science has emerged to help address those questions. For business leaders, understanding data science is increasingly important, so Darden Professor Casey Lichtendahl decided to build a course around it. “Data Science in Business,” introduced two years ago, focuses on how computer science, statistics and business knowledge intersect in the world. The popular Second Year elective expanded this fall and is now being co-taught by Lichtendahl and Eric Tassone, a data scientist at Google who holds a Ph.D. in biostatistics. According to Lichtendahl, the course developed from seeing how important data science has become to companies in Silicon Valley. “They are on the leading edge. They’re pioneering a lot of the applications of these concepts to business,” Lichtendahl said about companies like Google, Facebook and the next generation of emerging tech companies. “It’s exciting, and they’re making huge profits on this. And they’re hiring lots of our students.”

As a class, “Data Science in Business” is something of a hybrid. “We’re actually trying to teach MBA students how to code, but we’re doing it in the context of trying to solve and talk about a real business problem,” Lichtendahl said. “It’s this marriage of case method and coding.” Lichtendahl presents starter code with each case, and students must gradually complete more of the code themselves as the class progresses. That unique approach helped him win Outstanding Case Teacher 2015 in the Case Centre Awards, which recognize excellence in case writing and teaching in business education. One judge commented that mixing traditional cases with coding was “something that is unusual and yet poised to become more important as schools learn to teach students how to use big data.” Tassone was an instructor for the “Statistics in the Courtroom” course at Duke before moving to Google in 2007, and he missed being in the classroom. The 1998 UVA School of Law graduate was particularly excited about the prospect of teaching students who were challenging themselves to go outside the typical knowledge base of their fields. “This elective is an opportunity for the students to really challenge them-

selves with cutting-edge, real-world methods and technologies,” Tassone said. Lichtendahl said Tassone’s expertise as a leading practitioner in the world of time-series forecasting makes the course stronger and also gives students exposure to an elite company like Google. “Now I’m learning from Eric how this stuff actually gets put into practice and what is more and less meaningful,” Lichtendahl said. “For him to be here and be a voice for Google in terms of recruiting our students, I think that’s consistent with Google’s mission. And it’s certainly consistent with our mission here at Darden, to have practitioners who can really help these MBA students become leaders in the world.” The course includes five modules: • Data visualization • Time series • Advanced regression techniques • Machine learning • Text analysis With Tassone on board, the two expanded some course content and added new cases, including one using data from Google Trends, which allow users to enter any search term and see its search volume over time. Written with Darden Professor Yael Grushka-Cockayne and Xiaojia Guo, a graduate

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IF THIS COURSE [“DATA SCIENCE IN BUSINESS”] CAN HELP OUR STUDENTS HAVE THE ABILITY TO UNDERSTAND THE WHOLE PROCESS, I THINK THEY’RE GOING TO HAVE A REAL EDGE IN THE WORKPLACE,” —ERIC TASSONE, (RIGHT) A DATA SCIENTIST AT GOOGLE WHO HOLDS A UVA LAW DEGREE AND A PH.D. IN BIOSTATISTICS, CO-TEACHES “DATA SCIENCE IN BUSINESS.”

student at University College London, the case has served as a springboard for an ongoing research project aimed at better predicting the lifecycles of social media companies. “If you look back at a once-prominent company like MySpace, its search volume on Google of course exploded but then came down,” Lichtendahl explained. “If you go back and look at the hundred or so social media companies that started up over the last 15 years, they follow these similar rise and fall patterns.” “There really aren’t good statistical models that can put together and capture the pattern we see in these lifecycles,” he added. “So we’re trying to develop a better model.” Though still in development, their model has been proving more accurate than some other competing models, Lichtendahl said. In the course, the case study on Google Trends is meant to teach students about the data science process — from forming a good question and making hypotheses to actually collecting the data. They use a technique called Web scraping to collect the data from Google Trends, and work with it in R — a free, open-source statistical computing language that students use throughout the course. “I realized that students may want to learn R; that people in practice are actually using it like they use Excel — even on Wall Street, there’s a growing contingency of folks who are treating R like it’s Excel in the ’80s or ’90s. It’s their core analytical workhorse,” Lichtendahl said. For their final projects, students work in groups to build their own case — they propose a problem, collect a data set, build a model and make predictions, and then report back on how well their model did. “We look at who asked a really hard question, who found a really great data set to answer that question, and how did

THE DARDEN REPORT

answering that have an impact on business,” Lichtendahl said. “Did it help somebody think about a new business, or a better way to do something that already exists?” While some students are seeking to master technical skills, for others the course’s value is in exposure to the way data scientists work. Bridging the gap between such scientists and people with business expertise is a challenge in current business practices, Lichtendahl said. He and Tassone believe it is one MBAs can meet if they have enough exposure to the workings of data science. “If this course can help our students have the ability to understand the whole process, I think they’re going to have a real edge in the workplace,” Tassone said. “The data itself is growing, the data scientist role is growing, “If you look back at a and data analyst jobs once-prominent company are growing. If they can develop the ability to like MySpace, its search thoughtfully critique and volume on Google of push back on this work, it’s going to be a better course exploded but environment for everythen came down,” Lichtbody.” endahl explained. “If — Laura Longhine

you go back and look at the hundred or so social media companies that started up over the last 15 years, they follow these similar rise and fall patterns.”

J u li a n a D ir e c to r, 5

E c h e v e rr

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Call for Abbott Award Nominations

he Charles C. Abbott Award is named in honor of the first dean of the University of Virginia Darden School of Business. The award is presented annually to a graduate of the Darden School or The Executive Program whose contributions of time, energy and talent are outstanding. The Alumni Association recognizes the recipient as an individual who: • Demonstrates a strong level of interest in and concern for Darden’s mission • Commits a generous amount time, energy and funds to Darden • Brings initiative and persistence to projects and responsibilities • Is regarded by other stakeholders as an outstanding contributor Please nominate a fellow alumna or alumnus at alumni.darden.edu/ abbottnomination. You will be asked to provide the nominee’s name and an explanation of why you identify this person as a strong candidate for the award. The nomination deadline is Friday, 29 January 2016. The Abbott Award will be presented to the recipient during Reunion weekend on 30 April 2016. Please direct your questions to the Office of Engagement at +1-434-243-8977 or alumni@darden.virginia.edu.

Alumni Volunteer Leadership Roundtable, 23–24 October 2015

LEFT: Richmond Chapter Co-President-Elect T.J. Childress (MBA ’12) and Richmond Chapter Co-President Joe Basar (EMBA ’12) enjoy the Ubernomics case taught by Professor Peter Rodriguez. LEFT MIDDLE: Volunteer award recipients (left to right), Harry Lewis (MBA ’57); Tom Tichenor (EMBA ’11); C. Ray Smith (MBA ’58); Gary Wilhite (MBA ’84); Harry Benner (MBA ’66); Jim Mixter (MBA ’75); Dot Kelly (MBA ’92); Tom Taylor (MBA ’85); Tom Cordle (MBA ’65); Don Hobson (MBA ’70); Dean Scott Beardsley; Dave Schmidle (EMBA ’11); Evan Inra (EMBA ’08); Michael Woodfolk, senior executive director, Office of Engagement; Bruce Jolly (MBA ’67); Doug Moore (MBA ’80), Alumni Association Board of Directors chair; Jerry Connolly (MBA ’88), Alumni Association Board of Directors president; Dick Dahling (MBA ’87); and Ty Eggemeyer. (MBA ’89) RIGHT MIDDLE: Alumni Association Board of Directors Chair Doug Moore (MBA ’80) applauds volunteer award recipients. RIGHT: Alumni Association Board of Directors members and Class Agents Chris Piorkowski Barth (MBA ’94) and Bruce Jolly (MBA ’67) with Class Agent Scott Headd (MBA ’12)

LEFT: Harry Lewis (MBA ’57) and C. Ray Smith (MBA ’58), recipients of the High Performance Award, with Michael Woodfolk and Dean Scott Beardsley. A special thanks to C. Ray’s son, Tony Smith (MBA ’87), for hosting the awards celebration at Afton Mountain Vineyards. MIDDLE: Charlotte Chapter President Marie Loudin (MBA ’10) and Jacki Thompson (MBA ’10), class agent and Richmond Chapter co-president-elect, reunite during the volunteer awards celebration. RIGHT: Class Agent Dot Kelly (MBA ’92) and Professor Yiorgos Allayannis with 1984 Classmates Darden School Foundation Trustee VN Dalmia (MBA ’84), Alumni Association Board of Directors member Karen Edwards (MBA ’84) and Class Agent Gary Wilhite (MBA ’84).

THE DARDEN REPORT

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

401 Park Street Charlottesville, VA 22902

434.977.4005 lwoodriff@loringwoodriff.com

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OCTOBER FARM • $1,449,000 A distinguished, classical brick residence set in the heart of 21 gently rolling, open acres with Blue Ridge views, a large pond, a stable with paddocks, and regulation-size dressage ring. Large eat-in kitchen opens to the den’s casual living space, a covered porch, & inviting courtyard patio. Billie Magerfield (434) 962-8865. MLS# 533691

2006 PINE TOP LANE • $1,875,000 Fabulous location in arguably the City’s most beautiful neighborhood. Spacious floor plan features spectacular Kitchen and remarkable Master BR Suite (both) overlooking unusually private back yard (once in Garden Week), formal and informal spaces plus separate Guest or au pair Suite. Tommy Brannock (434) 981-1486. MLS# 533281

DISTINCTIVE MERIWETHER LEWIS CAPE REDUCED

2107 REIVERS RUN • $799,000 This handsomely renovated Cape offers 4 bedrooms, 4 full & 2 half baths, plus a pleasing guest cottage with 2 bedrooms & 2 baths! Comprehensive ‘09 renovation including all baths & kitchen. Original charms, including ornate mantels, beamed ceilings, herringbone brick floors, and remarkable original hardware. MLS# 530688

NYDRIE STUD, c. 1891 • $3,465,000 Neighboring other historic, permanently protected estates and with 23 division rights, Nydrie is undoubtedly a strong conservation easement candidate. About 150 acres of rolling meadow with the balance in mature hardwoods. It could again be an equestrian estate or productive vineyard with arresting event venue. MLS# 522723

THE DARDEN REPORT

1975 Old Mill ROad $3,195,000

RENOVATION PERFECTION IN FARMINGTON

This classic 1950’s Georgian set in total privacy on 4 acres offers dramatic formal & informal living spaces throughout. After a total renovation, the 1st floor flows perfectly for entertaining, inside & out. A large, bluestone terrace accessed via French doors flanks the rear of the home & overlooks formal gardens, sweeping lawns, endless English boxwood & specimen trees. The breathtaking, multi-faceted parcel even offers views of a pond. 4-5 bedrooms suites with tastefully renovated baths, 4 fireplaces & the most glamorous kitchen, butler’s pantry, breakfast & powder rooms in town! Striking design details & finishes at every turn. MLS # 533353

WWW.LORINGWOODRIFF.COM

WINTER 2016

Alumni News Michael J. Woodfolk (TEP ’05) Senior Executive Director, Office of Engagement

New Leaders Help Darden Reach For Our Full Potential Dean Scott Beardsley was no stranger to Darden when he set up his office on 1 August, having attended his first Reunion last April and traveled to Charlottesville several times to meet with every faculty member. After arriving this summer, he attended multiple events across the globe and spoke with many of you who illustrated how Darden was transformational in your life. Just a few short months into his tenure, he says with confidence that his vision for Darden is to achieve the full potential of its mission “to improve the world by developing and inspiring responsible leaders and by advancing knowledge.” The Economist’s ranking celebrating Darden as the number one MBA educational experience in the world for the fifth consecutive year reinforces our positive momentum. There are many opportunities ahead of us with this momentum, new leadership and clear vision. More than 1,500 of you responded to the dean’s strategy survey in September, and 35 percent said they would like to engage more deeply with Darden. Please consider this an invitation — a direct ask — for you to join the ranks of more than 650 alumni volunteers, to attend events, refer top students and recruit top talent. Call us and tell us how you want to get involved. I am extremely pleased to announce new leadership in the Armstrong Center for Alumni Career Services (ACS). Jennifer Coleman joined the Engagement team in November as executive director for ACS and will maintain residence in Washington, D.C., where more than 13 percent of the alumni base lives. Jen is eager to speak with you as she works with the dean and me to devise a strategy to fulfill the ACS mission, which is to provide quality Jennifer Coleman career management to all Darden graduates. Beyond one-on-one coaching, she is keen to deliver programming that will meet your career management needs, including those for alumni in mid- and late-career stages. We are energized by the limitless possibilities to enhance one of Darden’s greatest value propositions for alumni. Benjamin Franklin said, “When you’re finished changing, you’re finished.” This is a reminder that Darden cannot rest on its laurels. You, our most valuable and important stakeholder group, are instrumental in helping Darden achieve the full potential of its mission. How have you achieved your full potential? How are you changing the world? Tell us your story and get involved. Darden needs you.

THE DARDEN REPORT

In Memoriam The Darden School offers its condolences to the families of the following individuals whose deaths have been reported to us in the past six months.

Mr. D. Kent Anderson (MBA ’64) Mr. James A. Bridenbaugh (TEP ’90) Mr. Barry J. Case (TEP ’82) Mr. Robert H. Digges (MBA ’61) Mr. James A. Dudley (MBA ’80) Mr. Dean S. Flemming (TEP ’72) Mr. Barry Garnham (TEP ’94) Mr. William E. Hardy (MBA ’85) Mr. Orby G. Kelley, Jr. (TEP ’66) Mr. William A. Kindricks (TEP ’77) Mr. Wayne B. Kingsley (MBA ’71) Mr. Anthony C. Koones (MBA ’59) Mr. Robert E. Lee (TEP ’80) Mr. Carl W. Mangum (TEP ’76) Mr. Harold D. Moy (TEP ’78) Mr. Leo A. Roach, Jr. (MBA ’72) Mr. Michael P. Sheehan (MBA ’80) Mr. Richard Shropshire (MBA ’92) Ms. Angela E. Stewart (MBA ’90) Mr. Adrian Strath (TEP ’93) Mr. Marvin C. Tweedy (TEP ’60) Mr. Henry T. Wilson (MBA ’86)

irginia

Mistwood, on the Rapidan River, is stone, cedar & copper on 235 acres in the Bull Run Hunt of Orange Co. Pool, cottage, stables. $3,400,000

Windsor Farm is 400 acres on the Rapidan River near Madison’s Montpelier in the Keswick Hunt. Farmhouses, barns, beautiful views. $1,950,000

Kenwalt Farm is 722 Acres on the Rapidan River near Madison’s Montpelier in the Keswick Hunt. Farmhouse, barns, beautiful views. $5,700,000

Brook Hill is brick and slate in Farmington Country Club. Exquisite space with modern kitchen, 4 fireplaces, pool, lawn & garden. $2,250,000

Neala dates to 1840 and resides on 209 acres in Madison with beautiful views. Impeccable renovation complete. Motivated Seller. $1,995,000

On Foal Lane just outside the City near UVA is a well maintained 4 BR, 3 baths family home with full basement on 2 acres in desired neighborhood. $535,000

Fox Run is an elegant manor of superb detail and craftmanship on 20 acres in the Keswick Hunt. First floor master suite, pool, gardens, cottage & stables. $1,600,000

On Colridge Drive Near Boar’s Head, Farmington Country Club and UVA 5000+ sq. ft. of luxury Main level Master suite - $979,000

The Old Rectory c. 1880 on 3 parklike acres in the Rapidan Historic District. Completely restored with tall ceilings and 3 fireplaces. Stunning mountain views.- $625,000

Please visit our website for information on these and others.

SAMUELS Jos. T.

Over 100 Years Of Virginia Real Estate Service

Charlottesville, VA u www.jtsamuels.com u (434) 981-3322

STONE’S THROW ◆ $825,000

Circa 1952, 3 bedroom, 2.5 bath, mostly one-level, 3,000 square foot brick and glass home designed by renowned 20th century contemporary architect, Edward Durell Stone, who also designed the Kennedy Center. His “international modernism” style is very evident in this home. It is now for sale for the first time. Great location near Barracks Road and the University of Virginia. MLS#538547

PARK HILL ◆ $1,148,000

Over a century of elegant city living now for sale. Recently renovated, 5 BR historic home, designed by noted architect, Eugene Bradbury. The private 2-acre site offers gardens, swimming pool, and spectacular specimen trees. Located off Park Street, “Park Hill” is within easy walking distance of the Downtown Mall. MLS#536517

CEDAR SPRING ◆ $2,479,000

36-acre, luxurious country estate with panoramic Blue Ridge view and river frontage. Highest quality design, craftsmanship, and materials. Currently a home and country inn; ideal as a spacious, manageable home in a pastoral setting. Property includes pool, spa, woods, trails, and 1840s log cabin. MLS#529384

RUGBY ROAD ◆ $2,750,000

Designed by Eugene Bradbury, this meticulously updated, c. 1913 residence occupies two lots of just under 2.5 acres on one of Charlottesville’s most prominent streets within walking distance to UVA. 6 BR, 5.5 BA, heart pine flooring, 5 fireplaces, formal and informal spaces, incredible professional kitchen, library and wine cellar! Exquisitely restored gardens, extensive walkways, brick garden walls, and 2 small ponds. MLS#530390

WATERHOUSE

Waterhouse is Charlottesville’s premier upscale condominium community located just one block from the Historic Downtown Mall. Waterhouse offers 15 residences ranging in size from 956 to 4,268 sq. ft. each distinguished by a one-of-a-kind floor plan & superior custom finishes throughout. Visit: www.waterhousecharlottesville.com

RUGBY ROAD ◆ $1,999,000

Walk to Jefferson’s Rotunda from this 5 bedroom, circa 2012 luxury home. Exceptional quality including: extensive use of reclaimed wood; stone walled study; beautiful gourmet kitchen with Viking/Bosch appliances and huge island; spacious main level master suite; fabulous sunroom; 2 family rooms; 3 wood-burning fireplaces, and 2-car garage.

WWW.MCLEANFAULCONER.COM

AVENTADOR ◆ $4,250,000

Magnificent Georgian home with expert craftsmanship, fine details throughout, gracious style, modern amenities. Over 10,000 finished square feet including 6 bedrooms, 6 full and 3 half baths, main level master, eat-in kitchen. Guest home, and 100 acres with panoramic pastoral and mountain views. MLS#517436

IVY FARMS ◆ $1,195,000

Beautiful park-like setting, large pond, 5 acres, and 3.5 miles west of Charlottesville. European influence in this beautifully-built, traditional brick residence with great interior and exterior spaces including several covered porches. Features include a huge kitchen/dining/family room and detached guest house with garage below. MLS#529174

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

MCLEAN FAULCONER INC. Farm, Estate and Residential Brokers ROUND HILL FARM $7,250,000

OLD WOODVILLE ◆ $3,300,000

Exceptional 166+/- acre historic estate nestled in southern Albemarle is being offered for sale for the first time in over 75 years. Circa 1796 main residence with original details. Complete with pool, guest cottage, barns, equipment storage, and other outbuildings. Bucolic setting with rich farmland, springs, and 5-acre lake. MLS#529026

FARMINGTON ◆ $2,850,000

Elegant 4 BR brick home, over 6,400 finished square feet on two levels, completely renovated and enlarged 10 years ago with superb quality construction, materials, and finish details. Spacious living room & family room, superb kitchen, and wonderful porch overlooking beautifully landscaped grounds, pool, and golf course. MLS#532683

Exquisite, 120-acre Virginia estate, extremely convenient location near Charlottesville. Superb circa 1940 brick manor home that has been extensively modernized and enlarged. Wonderful mix of pristine pastures, hay fields and hardwood forests with streams, a small pond and hiking trails. Panoramic views of the Blue Ridge Mountains and frontage on the scenic Rivanna Reservoir. For additional information, visit: www. roundhillfarmvirginia.com

CLOUD HILL FARM ◆ $3,900,000

Spectacular, circa 1870 barn with magnificent wooden beams has been transformed into a stunning, updated 6 BR residence on 35 acres. Gardens and peaceful sitting areas abound. Pool house and horse barn. A magical property with close proximity to Charlottesville and the University of Virginia. MLS#533616

GREYSTONE ◆ $3,850,000

A remarkable country estate set amid 312 mostly open, gently rolling acres enhanced with 200-year-old oaks, a 5-acre lake stocked with year-round trout, professionally-designed, competition sporting clay and 3D archery courses, two cottages, gunite pool and equestrian facilities. 12 minutes east of Charlottesville. MLS#538352

IVY CONTEMPORARY $1,145,000

Spectacular, world-class Blue Ridge views 10 minutes to town from this extraordinary Jim Tuley designed contemporary. Totally unique, beautifully built, and dramatic in every way, this distinct property is extremely livable and attractive. Abundant outdoor space complements the cathedral ceilings and light-filled interior space. Lush gardens, privacy, and quality construction accompany the other attributes of this one-of-akind property. MLS#533291

THE CHIMNEYS ◆ $7,250,000

Magnificent, 300-acre estate at the base of the Blue Ridge Mountains offers spectacular views in all directions along with a completely renovated, 9,000 sq. ft. main residence, 2 guest homes, 2 barns, and 2 lakes. Additional information available, please visit: www.thechimneysfarm.com MLS#533883

WWW.MCLEANFAULCONER.COM

CLASS N OT E St ry L iv ing on YouTube C oun

Frank Hardy SIR is now offering videos of our most exclusive properties. If you are looking for country property in Virginia, please take a look at these short videos.

QUA I L R I D G E

M A R IA H

Please visit: www.youtube.com/frankhardysir

Each Office is Independently Owned and Operated.

THE DARDEN REPORT

frankhardy.com

MORL AND

Alumni Profile

E. MITCHELL NORVILLE (MBA ’84) From Packing Ice to Developing Properties, Hard Work Pays Off

aised in a blue-collar family in Charleston, South Carolina, E. Mitchell Norville (MBA ’84) began working odd jobs at age 14, including selling shoes and packing ice.

He learned at an early age the value of hard work and determination, and, in 1980, he became the first in his family to graduate from college. After earning his bachelor’s degree in engineering from Clemson University, Norville accepted a job with Exxon in Texas. Within the first six months, he started collecting MBA application forms and talking to people about graduate school. Although one former professor argued that earning an MBA was like getting a degree in “common sense,” Norville applied to three business schools — Darden, Harvard and North Carolina. “In some respects, my professor was right,” said Norville, who received his Darden acceptance letter shortly after marrying his high school sweetheart, Carla. “A lot of good business is about doing the right thing and not getting too caught up in theories and analyses.” Norville thought he wanted to build his own business after Darden. However, when he joined Boston Properties in 1984, he realized the small company offered him the entrepreneurial environment he desired and allowed him to explore his burgeoning interest in the real estate market. Over the next 28 years, Norville played a crucial role in growing Boston Properties into one of the largest self-managed real estate investment trusts in the United States, with offices and properties across the country. During that time, he and Carla raised three children. When he retired in 2012 as chief operating officer, Boston Properties had leased more than 40 million square feet of office property and Norville led more than 700 employees. Norville has supported Darden throughout the years and recently contributed to the Robert F. Bruner Dean’s Fund for Faculty Excellence. “Philanthropy wasn’t something I grew up with, but I know the value of giving back,” he said. Norville and his wife live in Greenville, South Carolina, where he recently realized his dream of becoming an entrepreneur when he founded a small real estate development company, Atlantic South Development Inc.

— Jacquelyn Lazo Fernstrom

WINTER 2016

Alumni Profile

JAMES SU-TING CHENG (MBA ’87) Chief Balancing Officer Finds His Center

ames Su-Ting Cheng (MBA ’87), an angel investor and entrepreneur with more than 20 years of experience in information technology and government contracting, has adopted another title, according to his LinkedIn profile: chief balancing officer. “I’m trying not to do everything all at once,” he said of his responsibilities. Cheng and his wife, Jeanette Wang, are raising their first child, 3-year-old Joshua. In addition to fatherhood, Cheng juggles five part-time jobs, ranging from adviser to investor to adjunct professor. “I get a little of everything,” he said. “I am very fortunate that I don’t have to have just one job.” From 2010 to 2014, Cheng worked as Virginia’s secretary of commerce and trade, managing 13 agencies, including economic development, export, tourism, small business, housing, mining and energy. Cheng never imagined he would go into politics as a computer science major from Old Dominion University. “I was always a tech guy,” he said. After graduation, he joined his father’s company, and in 1994, decided to create his own firm. Cheng grew Computer & Hi-Tech Management Inc. from five employees to 550 employees, with annual revenues skyrocketing from $300,000 to $90 million by the time he sold it 11 years later. The key to entrepreneurship, as Cheng tells his students, is to solve a pain point. “It might be something they don’t even know exists,” he said. As technology advances, Cheng is confident that it will enable all of us to achieve more balance in our lives. “I am always looking for the next greatest thing,” he said. “Balance is it.” Cheng says the skills he gained at the Darden School of Business have been the cornerstone of his success, so it only seemed right to him to create the $1 million James Su-Ting and Jeannette Wang Cheng Scholarship Fund to support students from East Asia. A Principal Donor who served on the Darden School Foundation Board of Trustees from 2008 until the summer of 2015, Cheng lives in Charlottesville with his wife and son. He is currently working on a new angel fund for University of Virginia alumni called CAV Angels. — Jacquelyn Lazo Fernstrom

THE DARDEN REPORT

Alumni Profile

RO AND MARTIN KING (MBA ’91) Looking Back, the Road Seems Clear

hile she worked in the early days of big data at Signet Bank, he learned management and people, starting on the factory floor. On the night shift at the Richmond, Virginia, headquarters of cigarette-maker Philip Morris, he wore steel-toed shoes and earplugs. These were the first jobs of Rosemary “Ro” and Martin King after they graduated from Darden in 1991. For the last 24 years, they have crisscrossed the globe and settled this fall in Hong Kong. Martin is president of the Asia Region of Philip Morris International, his ninth major career move for the company. Along the way, Ro, with partners, has built and sold a Charlotte, North Carolina, data-based marketing firm, lectured widely on global customer experience management, supported Indonesian Heritage, become a certified sommelier and now serves as chair of the UVA Darden School of Business Global Advisory Council. The couple’s journey together began in the mid-’80s at Harvard University. Soon after marrying, they were lured to Darden for its value and reputation and Martin’s Virginia family roots. Ro was drawn to quantitative analysis, while Martin, a Shermet Scholar, was deeply influenced by Professor John Colley, who sparked his interest in operations. Following their first jobs in Richmond came Charlotte, New York and Lisbon, Portugal. Professor Emeritus Les Grayson influenced their decision to go global. Beijing was next. Said Ro, “I plugged into the Darden alumni network in China. They are amazing. They oriented me.” Indonesia soon came calling, when Martin was asked to lead a $5 billion acquisition there — the biggest ever for Philip Morris and Indonesia. In 2009, they left the tropics for Swiss efficiency, when Martin was transferred to Lausanne, Switzerland, headquarters of Philip Morris International. There, they bought and renovated a house, and Ro received a Diplôme de Sommellerie en vin and Diplôme de Juré Expert at L’École d’Ingénieurs. Then came New York (again) and now Hong Kong. Together, they have traveled many roads. “When we left Charlottesville, there was no way in our wildest dreams that we could have ever predicted our life,” said Ro. “Yet, when you look back, the road seems clear. It all makes sense, and it all connects to Darden.” — Juliet Daum

WINTER 2016

• A DECADE OF INNOVATIVE IMPACT •

CLASS N OT E S

Since 2006, the Jefferson Trust has provided more than $4.8 million to support innovative new projects at the University of Virginia.

THE NATIONAL DEBT PROJECT

Supported by a grant from the Jefferson Trust, Darden professor Mary Margaret Frank has created an innovative new course on the national debt that involves students from across Grounds. Students learn from various speakers about the history and formation of our national debt and the consequences of its continued growth, particularly for young adults.

For more information or to make a gift, please contact us at: 42

THE DARDEN REPORT

JEFFERSONTRUST.ORG 434-243-9000

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Corporate Sponsors: 2015â&#x20AC;&#x201C;16 The Darden School of Business wishes to thank all of our corporate sponsors for their support during the 2015â&#x20AC;&#x201C;16 academic year. For more information about corporate sponsorship, contact the Office of Corporate Relations at +1-434-924-7898 or corporaterelations@darden.virginia.edu.

Visionary Level ($25,000+) Danaher Corporation WestRock Company Principal Level ($15,000+) Eastman Chemical Company Johnson & Johnson Leader Level ($10,000+) Accenture Corning Incorporated Deutsche Bank J.P.Morgan Chase & Co. PricewaterhouseCoopers LLP

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

THE DARDEN REPORT

Harris Williams & Co. Jefferies LLC Morgan Stanley Nomura Group Piper Jaffray Companies Progressive Corporation SunTrust Banks, Inc. Wells Fargo Securities

DARDEN SCHOOL FOUNDATION BOARD OF TRUSTEES

Philip W. Knisely (MBA ’78) Clayton, Dubilier & Rice

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

Nicole M. Lindsay (MBA ’99/JD ’00) ZOOM Foundaton

VICE CHAIR Elizabeth K. Weymouth (MBA ’94) Riverstone Holdings LLC Kirby C. Adams (MBA ’79) Trans-Tasman Resources Limited (TTR) J. Michael Balay (MBA ’89) ▪* Cargill Inc. Scott C. Beardsley (Dean) ▪* University of Virginia Darden School of Business Susan J. Chaplinsky (Faculty) University of Virginia Darden School of Business Jerome E. Connolly Jr. (MBA ’88) ▪* Nomura Securities International Charles R. Cory (MBA/JD ’82) ▪ Morgan Stanley & Co. Inc.

LEADERSHIP BOARDS

Vidyanidhi (VN) Dalmia (MBA ’84) Dalmia Continental Pvt. Ltd. Arnold B. Evans (MBA/JD ’97) SunTrust Bank

The five leadership boards of the Darden School of Business are composed of more than 130 distinguished leaders who collectively serve as an innovative force in the advancement of the Darden School throughout the world. (Listing as of 31 December 2015)

Jennifer McEnery Finn (MBA ’00) ▪ Capital One Financial Corporation John D. Fowler Jr. (MBA/JD ’84) ▪ Wells Fargo Securities LLC Catherine J. Friedman (MBA ’86) Independent Consultant

Lemuel E. Lewis (MBA ’72) Local/Weather.com

Elizabeth H. Lynch (MBA ’84) Evercore Luann J. Lynch (Faculty) University of Virginia Darden School of Business Jonathan D. Mariner* Major League Baseball Willard L. McCloud III (MBA ’04) ▪* Cargill Inc. Carolyn S. Miles (MBA ’88) Save the Children Douglas T. Moore (MBA ’80)* Med-Air Homecare J. Byrne Murphy (MBA ’86) ▪ DigiPlex Group Companies Michael O’Neill (MBA ’74) Citigroup Richard M. Paschal (MBA ’89)* Zhiyuan (Jerry) Peng (MBA ’03) Tranlin Inc. Scott A. Price (MBA/MA ’90) Walmart International, Walmart Asia Frank M. Sands Jr. (MBA ’94) Sands Capital Management Frank M. Sands Sr. (MBA ’63) Sands Capital Management

Kirsti W. Goodwin (MBA ’02)

Richard P. Shannon, M.D.* University of Virginia

Gordon Grand III (MBA ’75) Russell Reynolds Associates Inc. (retired)

Henry F. Skelsey (MBA ’84) 3QU Media LLC

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

Shannon G. Smith (MBA ’90) ▪ Abundant Power

Edwin B. Hooper (MBA ’94) Centerview Capital

Susan N. Sobbott (MBA ’90) American Express

Robert J. Hugin (MBA ’85) Celgene Corporation

Teresa A. Sullivan (President)* University of Virginia

Martina T. Hund-Mejean (MBA ’88) MasterCard Worldwide

Bruce R. Thompson (MBA ’90) Bank of America

William I. Huyett (MBA ’82) McKinsey & Company

William P. Utt (MBA ’84) KBR Inc. (retired)

David B. Kelso (MBA ’82) ▪ Kelso Advisory Services Rosemary B. King (MBA ’91) ▪* K&B Fund

▪ New Board Member for 2016 * Ex-Officio Trustees

WINTER 2016

ALUMNI ASSOCIATION BOARD OF DIRECTORS CHAIR Douglas T. Moore (MBA ’80) Med-Air Homecare PRESIDENT Jerome E. Connolly Jr. (MBA ’88) Nomura Securities International Kristina M. Alimard (MBA ’03) University of Virginia Investment Management Co. Yiorgos Allayannis (Faculty) University of Virginia Darden School of Business Keith F. Bachman (MBA ’89) Bank of Montreal Christine P. Barth (MBA ’94) Harren Equity Partners LLC Richard P. Dahling (MBA ’87) Fidelity Investments Christian Duffus (MBA ’00) LEAF College Savings LLC Karen K. Edwards (MBA ’84) Kosiba Edwards Associates Jonathan D. England (MBA ’06) J.P. Morgan & Company Inc. Warren F. Estey (MBA ’98) Deutsche Bank Securities Inc. Michael J. Ganey (MBA ’78) House-Autry Mills Inc. Owen D. Griffin Jr. (MBA ’99) Madison Hill Partners Kendall Jennings (MBA ’12) IBM Bruce D. Jolly (MBA ’67) Tatum CFO Partners LLP Harry N. Lewis (MBA ’57) Lewis Insurance Agency Inc. Dariush P. Maanavi (MBA/JD ’94) Trysail Advisors LLC Matthew J. Markee (MBA ’01) Recast Energy, LLC Betsy M. Moszeter (EMBA ’11) Green Alpha Advisors Nikhil Nath (MBA ’00) Macquarie Capital Advisors Pat O’Shea (MBA ’86) ▪ Former BB&T Capital Markets Colleen L. Owens (Class of 2016) ▪ Darden Student Association President Shelley Reese (MBA ’08) Booz Allen Hamilton

▪ New Board Member for 2016 * Ex-Officio Trustees 46

THE DARDEN REPORT

Elvis Rodriguez (MBA ’10) Interactive Data

Arnon Katz (MBA ’09) Walmart eCommerce

Abigail Ruiz de Gamboa (MBA ’04) Deloitte

Douglas R. Lebda (EMBA ’14) Lending Tree

Nancy C. Schretter (MBA ’79) The Beacon Group

Michael J. Lenox (Faculty)* University of Virginia Darden School of Business

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

Jeanne M. Liedtka (Faculty) University of Virginia Darden School of Business

Shaojian Zhang (MBA ’99) Tungray Group

Rosema F. Nemorin (MBA ’08) Lend Street Financial, Inc.

BATTEN INSTITUTE ADVISORY COUNCIL Scott C. Beardsley (Dean) University of Virginia Darden School of Business W. L. Lyons Brown III (MBA ’87) Altamar Brands LLC Sean D. Carr (MBA ’03) (Faculty)* University of Virginia Darden School of Business James S. Cheng (MBA ’87) Commonwealth of Virginia (former) Alexander Cowan Leonid Systems Martin J. Curran (MBA ’84) Corning Inc. Wayne L. Delker The Clorox Company (former) Jonathan R. Ebinger (MBA ’93) BlueRun Ventures Gregory B. Fairchild (MBA ’92) (Faculty) University of Virginia Darden School of Business Frank E. Genovese (MBA ’74) The Rothbury Corporation

Zhiyan (Jerry) Peng (MBA ’03) Tranlin, Inc. Ian W. Ratcliffe (MBA ’94) Asterand Bioscience Harry T. Rein Foundation Medical Partners (retired) Sarah F. Rumbaugh (MBA ’15) RelishMBA Saras D. Sarasvathy (Faculty) University of Virginia Darden School of Business Shannon G. Smith (MBA ’90) Abundant Power Group LLC Philippe L. Sommer (Faculty)* University of Virginia Darden School of Business Michael P. Straightiff University of Virginia Licensing & Ventures Group S. “Venkat” Venkataraman (Faculty)* University of Virginia Darden School of Business

CORPORATE ADVISORY BOARD CHAIR Richard M. Paschal (MBA ’89)

John W. Glynn Jr. Glynn Capital Management

VICE CHAIR J. Michael Balay (MBA ’89) Cargill Inc.

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

Danielle Amfahr ▪ 3M Company

John E. Greenfield (Class of 2016) University of Virginia Darden School of Business

Helen M. Boudreau (MBA ’93) FORMA Therapeutics

Thomas R. Harrington Jr. (MBA ’04) Darwin Marketing

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

Adam R. Healey (MBA ’05) Borrowed & Blue

Ray Butler Danaher Corp.

Erika K. Herz (MBA ’01)* University of Virginia Darden School of Business

Kevin C. Clark (MBA ’01) Amazon

Edward D. Hess (Faculty) University of Virginia Darden School of Business

David L. Couture (MBA ’95) Deloitte Consulting LLP

Archie L. Holmes Jr. University of Virginia

Donna Lynnette Crowder (EMBA ’10) ▪ WestRock

Edwin B. Hooper (MBA ’94) Centerview Capital

Murray R. Deal Eastman Chemical Company

Paul H.Donovan (MBA ’95) Microsoft Corporation

M. Reaves Wimbish (MBA ’97) Accenture

Richard C. Edmunds III (MBA ’92) Strategy&

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

Elizabeth J. Frost (MBA ’05) General Mills Sunil K. Ghatnekar (MBA ’92) ▪ Coca-Cola Company Kecia E. Howson (MBA ’99) SunTrust Robinson Humphrey John B. Jung Jr. (MBA ’84) BB&T Capital Markets Harry A. Lawton III (MBA ’00) eBay Inc. Marc L. Lipson (Faculty) ▪ University of Virginia Darden School of Business Bonnie K. Matosich (MBA ’92) The Walt Disney Company Harold W. McGraw IV (MBA ’07) S&P Capital IQ Daniel L. McKeon (MBA ’08) Marriott International Inc. Fernando Z. Mercé (MBA ’98) Nestlé Purina L. Michael Meyer (MBA ’92) Middlegame Ventures Maurice A. Milikin Anheuser Busch InBev Ann H.S. Nicholson (MBA ’01) ▪ Corning Incorporated Diem H.D. Nguyen (MBA ’01) ▪ Pfizer William J. O’Shea Jr. (MBA ’84) Campbell Soup Company Ellison M. Pidot (MBA/JD ’01) ▪ Medtronic Thomas S. Poole (MBA ’99) Capital One Financial Corporation Thomas W. Reedy Jr. (MBA ’91) Carmax Inc. James D. Schinella (MBA ’93) Fyber Linda V. Schreiner Markel Company Colin P. Smyth (MBA ’04) ▪ Johnson & Johnson Steven A. Sonnenberg (MBA ’79) Emerson Scott A. Stemberger (MBA ’04) The Boston Consulting Group, Inc. Kevin P. Watters (MBA ’94) ▪ J.P. Morgan Chase

DEAN’S DIVERSITY ADVISORY COUNCIL CHAIR Willard L. McCloud III (MBA ’04) Cargill Inc.

GLOBAL ADVISORY COUNCIL CHAIR Rosemary B. King (MBA ’91) K&B Fund VICE CHAIR Zhiyuan (Jerry) Peng (MBA ’03) Tranlin Inc. James R. Chapman (MBA ’00) Dominion Resources

Nicola J. Allen (MBA ’10) Danaher Corp.

Halsey M. Cook Jr. (MBA ’91) Sonepar USA

Tawana (Murphy) Burnett (MBA ’04) Facebook

Vidyanidhi (VN) Dalmia (MBA ’84) Dalmia Continental Pvt. Ltd.

Paige T. Davis Jr. (MBA ’09) T. Rowe Price

Louis G. Elson (MBA ’90) Palamon Capital Partners LLP

Jonathan P. Englert (MBA ’10) Deloitte Consulting LLP

Clelland Peabody Hutton (MBA/JD ’77) Ajia Partners Cave

Teresa A. Epperson (MBA ’95) AlixPartners Ray R. Hernandez (MBA ’08) NewComLink Andrew C. Holzwarth (EMBA ’09) Stanley Martin Companies Allison Linney (MBA ’01) Allison Partners LLC Marguerite (Furlong) Longo (MBA ’08) Johnson & Johnson

Naresh Kumra (MBA ’99) ▪ JMATEK Group, La Rochelle Ventures Ltd. Richard K. Loh (MBA ’96) Ploh Group Pte. Ltd. Elie W. Maalouf (MBA ’89) InterContinental Hotels Group Agustin Otero Monsegur (MBA ’06) ▪ Humus Capital LLC

Octavia G. Matthews (MBA ’89) Aramark Uniforms

Anton U. Periquet Jr. (MBA ’90) Pacific Main Holdings, Camden Hill Group

Michael A. Peters (MBA ’09) COMCAST Corporation

Vincent M. Rague (MBA ’84) Catalyst Principal Partners

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

Fiona Roche (MBA ’84) Estates Development Co. Pty. Ltd. Adelaide Development 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

Henry F. Skelsey (MBA ’84) 3Q Media LLC Erik A. Slingerland (MBA ’84) Egon Zehnder International Gmbb. Ichiro Suzuki (MBA ’84) Nomura Asset Management George S. Tahija (MBA ’86) PT Austindo Nusantara Jaya (ANJ) Jing Vivatrat ▪ The Asia Group LLC Wenyong (Winston) Wang (MBA ’03) ▪ Shipston Group Limited Jianzhong (Jimmy) Wei (MBA ’02) KPCB China Baocheng Yang (MBA ’04) Huanghe Science and Technology College

▪ New Board Member for 2016 * Ex-Officio Trustees WINTER 2016

Questions With

Michael DeCola (MBA ’77)

Michael A. DeCola (MBA ’77) is CEO of HBM Holdings, a St. Louis-based, privately held company that acquires, builds and operates middle-market businesses. He has also served as CEO of HBM subsidiary Mississippi Lime Company since 1999 and sits on the boards of both companies. DeCola has been a champion of Darden since graduation. A highly engaged Class Agent and emeritus member of the Darden School Foundation Board of Trustees, DeCola serves on the Advancement Committee and acts in an advisory role for the Darden Annual Fund, of which he is a perennial supporter. Last spring, DeCola’s company established the HBM Holdings Scholarship Fund to support future generations of students. He is also a regular visiting lecturer at Darden. DeCola earned a bachelor’s degree in economics from Franklin and Marshall College, where he serves on the President’s Regional Advisory Board. He is also on numerous advisory boards, including the Metal Exchange Corporation, the Holland Construction Company, the Enterprise Financial Services Corporation, the United Way of Greater St. Louis and the St. Louis Sports Commission. In 2015, DeCola received the Raven Award from UVA’s Raven Society in recognition of his service and contribution to the School. He resides in St. Louis, Missouri, with his wife, Lee. 48

THE DARDEN REPORT

What was your first job? I actually began working as a caddie at 14. I knew nothing about golf, and as a kid, I didn’t get out enough to justify the long drive for my mom to take me to the golf course. After about a month, I got a job as a busboy at a pretty nice restaurant near my home. What’s the best advice you have ever received? Hard work always pays off. Where do you do your best thinking? In the early mornings, while on bike rides, runs or in my den. What’s your favorite book of all time — about business or otherwise? Foundation by Isaac Asimov What’s your motto? Treat everyone with respect and dignity. What characteristics do you look for in people? Integrity and drive. How do you measure success? Through measurable impact — by leaving things better than I found them. Which natural talent would you most like to have? Why? I’d like to be a better guitarist. I was an aspiring musician when I was younger, but clearly didn’t have the talent to make it a career (thank God). What do you consider your greatest achievements? Marrying way over my head and raising two phenomenal kids. What music are you listening to lately? Mostly country, but my last download was “Uptown Funk.” What do you do to manage your energy and remain balanced? I have a fairly disciplined workout schedule that

both builds my stamina and provides the mental downtime I need to recharge. My various civic activities help me maintain focus on the need to improve the world, not just HBM Holdings. I stay connected with my friends and family almost constantly, thanks to technology. I have no delusions about being balanced. I’m not, and I have a very understanding family. What are your favorite causes? Darden and the United Way. Darden changed my life, and the United Way changes the lives of millions of others. It’s an honor to be able to give some of myself to both institutions. What’s your favorite food and beverage? Pizza and Diet Pepsi. I need portion control for both. What’s next? Continuing to execute our new strategy at HBM Holdings and preparing to transition the organization to a new leader. We’re simultaneously transitioning the board from a generational standpoint. It’s very exciting and challenging. Which class at Darden impacted you the most? “Managing Change.” Which Darden professor influenced you the most? John Colley, and he still does. What was your favorite experience returning to Darden as a classroom speaker? I like getting input from current students about issues facing HBM Holdings. What do you most enjoy about being a class agent? I appreciate the opportunity to stay in touch with my classmates and help them understand how they can contribute to Darden’s future.

Dean Scott Beardsley, First Year Welcome Speech, August 2015

MY VISION IS THAT DARDEN ACHIEVES THE FULL POTENTIAL OF ITS MISSION TO IMPROVE THE WORLD BY DEVELOPING AND INSPIRING RESPONSIBLE LEADERS AND BY ADVANCING KNOWLEDGE.” The Darden Annual Fund empowers Darden to reach the full potential of its mission so that our students, faculty and alumni can reach their full potential. Through giving, Annual Fund donors support the world’s best education experience (The Economist, 2011–15) by providing unrestricted funds that benefit four top priorities: Scholarships, Faculty and Research, Curriculum and Technology Innovation, and Global Experiences. Darden can make essential progress on these priorities with your help achieving the 2016 Annual Fund goals of $5.5 million and 50 percent alumni participation.

THE NO. 1 EDUCATION EXPERIENCE IN THE WORLD. — THE ECONOMIST

Make a gift today at alumni.darden.edu/givenow WINTER 2016

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

alumni.darden.edu/reunion

Change Service Requested

REUNION WEEKEND

2016

29 April–1 May

The Abbott Society (1957–66) 1961 1966 1971 1976 1981 1986 1991 1996 2001 2006 2011 2015 50

THE DARDEN REPORT