The Darden Report Spring Summer 2015

UNIVERSITY OF VIRGINIA DARDEN SCHOOL OF BUSINESS

Spring/Summer 2015

T H E DARDEN REPOR T GO

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The Richard A. Mayo Center for Asset Management presents the

UNIVERSITY OF VIRGINIA INVESTING CONFERENCE

Two days that will transform the way you think about investing.

12 – 13 November 2015 at the Darden School of Business

REGISTER NOW darden.virginia.edu/uvic

for special early rates

PLUS:

Darden @ Virginia Investing Challenge (DVIC) hosted by Darden Capital Management Networking Events | Speakers and More PRESENTED IN COLLABORATION WITH

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THE DARDEN REPORT

FROM T H E E D ITORS

Where are you going?

What’s next?

In his commencement address for the University of Virginia Class of 2015 graduation, Darden Dean Robert F. Bruner advised graduates, who at this time of year are peppered with questions about their future: “Go where you believe you can do your best work.”

In this issue of The Darden Report, “The Global Issue,” you will meet some of Darden’s newest group of responsible and entrepreneurial global leaders.

In these pages, we travel from Cuba, where Darden students visited shortly after the U.S. restored relations with the island nation, to China, where Darden hosted the second annual Shanghai Investing Summit in May in the sky-high financial district of Pudong.

As Dean Bruner finishes at a sprint his outstanding tenure, during which he has encouraged the world’s business schools to embrace globalization, we celebrate his accomplishments. We also get to know his successor, Scott Beardsley, who will become Darden’s ninth dean on 1 August. Those who attended Reunion in April, or watched his livestreamed address at the State of the School, got a sneak preview. The next year will bring numerous opportunities to get to know him. Watch this space: alumni.darden.edu.

A true global citizen who has lived in Belgium for 24 years and worked across the world for McKinsey & Co. for the past 26 years, Beardsley shares his passion in the Q&A in this issue for global business and education and his goal to help people realize their full potential.

As Darden graduates step out into the world, may they realize theirs.

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Register Now

PARIS LEADERSHIP FORUM Saturday, 12 September 2015

We invite you to meet Darden’s next dean, Scott Beardsley, in the City of Light.

THE DAY’S ACTIVITIES, ALIGNED WITH THE PARIS RESIDENCY OF THE DARDEN GLOBAL MBA FOR EXECUTIVES (GEMBA), INCLUDE: · A Parisian First Coffee · A case study with Professor Lynn Isabella and GEMBA students · Lunch with Darden faculty, including GEMBA Associate Dean Yiorgos Allayannis and GEMBA students, Global Advisory Council members and fellow alumni · Power, Luxury and Business in Paris: An Insider’s Walking and Metro Tour · An evening soirée at the Four Seasons Hotel George V

FOR MORE INFORMATION AND TO REGISTER: 4

THE DARDEN REPORT

alumni.darden.edu

CONTENTS

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Q&A With Dean Designate Scott Beardsley

The Future of Cuban Entrepreneurship

Meet the Darden Class of 2015

McKinsey & Co. senior partner and leadership development expert Beardsley looks forward to becoming Darden’s ninth dean on 1 August.

Professor Gregory B. Fairchild (MBA ’92) and 25 Darden students head to Havana, where they discover a surprisingly entrepreneurial capital city.

Eleven graduates from the three MBA formats get ready to become the world’s next generation of entrepreneurial and responsible leaders.

News Briefs 6 UVA and Presidential Precinct Host Prince Charles

7 The ‘I’ in Shanghai 8 Enhancing Online Education Globally

10 Spring Faculty Highlights 11 Trending Stories on Darden Ideas to Action

Profiles

Alumni News

16 36 37 38

32 Darden Reunion 2015 33 2015 Abbott Award Winner

Faculty Research: Tom Steenburgh Karen Edwards (MBA ’84) Lowell Simmons Ukrop (MBA ’89) Agustín Otero Monsegur (MBA ’06)

48 20 Questions: Michael O’Neill (MBA ’74), Chair, Citi

John Strangfeld (MBA ’77)

34 In Memoriam 35 Alumni News 45 Corporate Sponsors 46 Leadership Boards

12 Finishing at a Sprint: A Celebration of Dean Bob Bruner

14 Darden Worldwide 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

STAY CONNECTED

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

Robert F. Bruner Dean and Charles C. Abbott Professor of Business Administration and Distinguished Professor of Business Administration Locke W. Ogens Senior Executive Director of the Darden School Foundation and Strategic Relations Juliet Daum Executive Director of Communication & Marketing

Editors: Jay Hodgkins, Jacquelyn Lazo, Catherine Burton Designer: Susan Wormington Class Notes Editors: Shaele Culbreath, Grier McCain Cover Art: Journey Group The Darden Report is published with private donations to the University of Virginia Darden School Foundation. © 2015 Darden School Foundation Spring/Summer 2015 Volume 42, No. 2

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UVA and Presidential Precinct Host Prince Charles in Washington, D.C. HRH Prince Charles Discusses Rule of Law in the 21st Century at Magna Carta Global Issues Forum

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from 20 nations worldwide met with dignitaries and policy experts representing business, government, academia and civil society to grapple with issues about law, the economy, gender equality, climate change and conflict.

The day culminated in a roundtable dialogue between Prince Charles and young leaders on a range of issues related to the rule of law in their home countries.

The heir to the throne also toured the National Archives Rotunda for the Charters of Freedom and viewed the original 1297 iteration of the Magna Carta. The seminal document is on loan to the National Archives from its owner, David Rubenstein. Dean Robert F. Bruner described the loan as a shining example of Rubenstein’s patriotic philanthropy before the Caryle Group co-founder’s keynote address at the fourth annual Darden Private Equity Conference on 17 April (see Page 9).

PHOTO: PRESIDENTIAL PRECINCT

uring a three-day trip to the United States with his wife, Camilla, His Royal Highness Prince Charles spoke with global leaders at the Magna Carta 2015: Global Empowerment Through Rule of Law forum in Washington, D.C. The University of Virginia and its Presidential Precinct partners hosted the event, which took place 18 March.

Darden Professor Gregory B. Fairchild (MBA ’92), one of the academics present, moderated a panel discussion, Magna Carta of the Future: Challenges Emerging Leaders Face.

“Here we have an 800-year-old document, created by King John during a crisis, that became the legal basis for democracy,” said Fairchild.

“Using a Socratic approach, I led a discussion about the relevance of this document in contemporary society.”

Throughout the half-day forum, young leaders

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When Professor Fairchild heard Prince Charles was going to be attending the forum, he knew there would be significantly more energy and anxiety surrounding the event. “After the formal greetings, before escorting Prince Charles into the room, I said, ‘Everyone’s been thinking for weeks about the questions they’d love to ask you,’” said Fairchild. “He politely smiled, didn’t say a word, and gave me a nod and a look as if to say, ‘I do this all the time, young man.’

“And then we stepped into the room and he graciously charmed the crowd. It was cool to see and play a part,” Fairchild said.

LEFT: On 18 March, Professor Fairchild met with Prince Charles at the Magna Carta 2015: Global Empowerment Through Rule of Law forum held at the National Archives.

THE ‘I’ IN SHANGHAI: Investment and Innovation Darden alumni, students, faculty, staff and Dean Robert F. Bruner convened in Shanghai in May for three days of events on investing and doing business in China.

Shanghai Investing Summit

Global Leadership Forum

The main event occurred 8 May when Darden and the Antai College of Economics and Management at Shanghai Jiao Tong University hosted more than 175 professional investors, professors and students at the annual Shanghai Investing Summit.

Attendees tackled the summit’s theme — “CrossBorder Investing” — by discussing ways to invest in China such as new trading links between the Shanghai and Hong Kong stock exchanges, foreign direct investment and private equity. While China’s capital and M&A markets are maturing, rules regulating foreign investment and a quickly shifting landscape continue to make for a challenging investing environment.

At the concluding event of the 9 May forum, Locke Ogens, senior executive director of the Darden School Foundation and strategic relations, and Leslie Bowman, president of the Thomas Jefferson Foundation at Monticello, shared exciting news: the creation of the Thomas Jefferson Medal in Global Innovation. The medal, which will be jointly awarded for the first time in 2016 by the University of Virginia and the Thomas Jefferson Foundation, will be hosted by the Darden School of Business. It is only the fourth award of its kind, joining medals in architecture, law and citizen leadership. The medals are the highest external honors conferred

by U.Va.

Above: Keynote speakers at the Shanghai Summit included, from left to right: Ruyin Hu, chief economist of the Shanghai Stock Exchange, and Robert J. Hugin (MBA ’85), chair and CEO of the Celgene Corporation.

Below: Some of the members of the incoming Class of 2017 attended the Shanghai summit.

Family Business Going Global: Connecting Practice to Research Forum

PHOTOS: ZHOU JUNXIANG

At the Family Business forum, hosted by Darden on 7 May, participants discussed the challenges ahead for Chinese family-owned businesses as many prepare to transition from first-generation owners to their children. More than half of the businesses earning $1 billion-plus in Asia, the Middle East and Latin America are family-owned, but research shows that 56 percent of those businesses’ market value is lost during generational handover periods.

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Enhancing Online Education Globally DARDEN EXECUTIVE EDUCATION

A Case Study: A Blended Learning Marketing Solution for SAP

PHOTO: SAM LEVITAN

German multinational software corporation SAP recently turned to Darden Executive Education with a challenge: Design a custom online program to optimize SAP’s marketing performance and deliver it to a team of 30 experienced marketing professionals across multiple regions and time zones in just two weeks.

A Darden team, led by Senior Director for Executive Education Steve Schwartz, sprang into action. Professors Ronald T. Wilcox and Rajkumar Venkatesan — two of Darden’s marketing experts — created an innovative blended teaching program: an online series of seven courses titled Data-Driven Marketing Strategy. The courses leveraged the latest in marketing analytics to address the specific needs of SAP’s Services & Support Marketing team. The courses were delivered through a blended model, combining live distance-learning classes, online courseware and virtual group discussions. Topics addressed included: social marketing, buyer behavior, marketing resource allocation, short experiments, data-driven marketing, propensity models and the Internet of Things.

“Focused on SAP data-driven marketing and strategy, we leveraged a virtual format to deliver classes online for our worldwide marketing team,” said SAP Global Vice President of Marketing Shawn Reynolds. “The format worked great, the delivery by Professors Wilcox and Venkatesan was outstanding, and the team found the program to be both highly educational and thought provoking.”

This spring, SAP and Darden partnered on the delivery of an additional series of live classes.

Professor Yael Grushka-Cockayne

MOOCs on Demand This spring, Darden added its fifth massive open online course (MOOC) to its portfolio of free online courses available on the Coursera platform.

“Fundamentals of Project Planning and Management,” an introductory course on how to successfully plan, manage and analyze projects, was taught

by Darden Professor Yael GrushkaCockayne, who teaches in the area of quantitative analysis.

This year, Coursera introduced its new on-demand platform, which means that users can take a course at their own pace and convenience. The following Darden courses are now available on-demand:

MARKETING FACULTY RAJKUMAR VENKATESAN

AREAS OF EXPERTISE Customer Relationship Management Marketing Metrics Marketing Analytics

To learn more about Darden Executive Education’s custom solutions for organizations — designed to solve strategic business challenges, develop leaders and deliver results — go to: www.darden.virginia.edu/executive-education/custom Darden Executive Education is provided by the University of Virginia Darden School Foundation.

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PHOTO: SUSAN WORMINGTON

Bank of America Research Professor of Business Administration

• “Grow to Greatness: Smart Growth for Private Businesses, Part I” with Darden Professor Edward D. Hess • “Grow to Greatness: Smart Growth for Private Businesses, Part II” with Darden Professor Edward D. Hess • “New Models of Business in Society” with Darden Professor R. Edward Freeman • “Foundations of Business Strategy” with Darden Professor Michael Lenox For more information, please visit coursera.org.

“Darden has deep bench strength in entrepreneurship and innovation, which is energized by its research center the Batten Institute,” said Scott A. Snell, senior associate dean for Executive Education.

September, a Specialization in Design Thinking and Innovation.

Composed of four courses each lasting five weeks, including Liedtka’s design thinking course (divided into two parts), the program is designed to empower participants with a systematic approach to innovation. Taught by Darden faculty members and design thinking practitioners, the courses will include: • “DESIGN THINKING PART I: INSIGHTS TO INSPIRATION” with Darden Professor Jeanne M. Liedtka

Online Specialization in Design Thinking and Innovation As they wrestle with messy business problems, executives across the globe yearn for a novel, systematic approach to innovation and problem-solving.

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hrough Darden Executive Education’s first fully online short course, Professor Jeanne M. Liedtka — an expert in the field of design thinking — has equipped more than 1,000 professionals across the globe with a new approach that offers not only insights but solutions.

“Design Thinking for Innovative Problem Solving: A Step-byStep Project Course” invited the participants, who hailed from all corners of the globe, to bring a messy challenge and to solve it online, using mentors and feedback from peers.

“The four cohorts included people working in health care, government and the private sector,” said Liedtka. “As we taught them the fundamentals of design thinking and worked through their projects, they taught us how to accelerate and empower learning online. We see tremendous potential.”

Building on the course’s success, Darden Executive Education announced it will launch a new online program in

• “DESIGN THINKING PART II: IDEAS TO ACTION” with Darden Professor Jeanne M. Liedtka • “ADVANCED DISCOVERY TOOLS” with Tim Ogilvie, CEO of Peer Insight • “THE INNOVATIVE WORKPLACE” with Professors Kristin J. Behfar, Jeremy Hutchison-Krupat and Alexander B. Horniman “Darden has deep bench strength in entrepreneurship and innovation, which is energized by its research center the Batten Institute,” said Scott A. Snell, senior associate dean for Executive Education. “This new online specialization will broaden Darden’s global reach and make our knowledge about the critical topic of innovation accessible to people across the globe.”

Registration for each course is now open and can be accessed via www.darden. virginia.edu/executive-education/ certificates/innovation-specialization/. To earn the specialization, students must earn the Statement of Accomplishment in all four courses. Darden Executive Education is provided by the University of Virginia Darden School Foundation.

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PROFESSORS LARSON AND SIHLER RETIRE

Faculty Awards & Accolades University of Virginia All-University Teaching Award: Professor Yael GrushkaCockayne Graduation Faculty Marshals: Professors Mary Margaret Frank and Bidhan L. Parmar

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rofessors Andrea Larson (left), and William W. Sihler (right), retired from Darden this school year.

Darden has benefited significantly from the expertise and research of both professors throughout their tenures at Darden.

Andrea Larson, associate professor emeritus of business administration, was a member of the Darden faculty for more than 25 years.

As one of the first women on the faculty, Larson helped address some of the early diversity issues facing the School and worked with female students to create the first women’s student organization.

Students in the School’s MBA and Executive Education programs have benefited from Larson’s courses in the areas of entrepreneurial innovation and sustainable business. She has also taught at Stanford and Columbia on these topics.

As a researcher, Larson is committed to education on leadership at the intersection of entrepreneurial innovation and sustainability. Larson created the original executive program on innovation and sustainability at Darden and was first to teach the topics to First Year MBA students when electives were introduced.

As an professor emeritus, Larson is continuing her work developing innovative new knowledge about competitive, leadingedge ideas that drive business as a positive

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THE DARDEN REPORT

PHOTO: SUSAN WORMINGTON

PHOTO: IAN BRADSHAW

Honorary Graduation Faculty Marshals: Professors Andrea Larson and William W. Sihler

force for raising the quality of people’s lives in global society.

William W. Sihler, Ronald Edward Trzcinski Professor Emeritus of Business Administration, joined Darden’s Finance area in 1967.

Sihler, who earned his bachelor’s degree, his MBA and his DBA from Harvard University, began his career as an assistant professor at Harvard Business School before coming to Darden.

A consummate educator for students and mentor for new faculty members, Sihler has written more than 175 cases, and numerous books and articles. His publications include Building Value With Capital-Structure Strategies, which he cowrote with Henry Davis, Cases in Applied Financial Management and Financial Service Organizations: Cases in Strategic Management.

Sihler has taught courses on commercial banking and financial management of small enterprises to students in the residential MBA and MBA for Executives formats as well as numerous Executive Education courses. In 1982, Sihler was awarded the Darden Alumni Association Distinguished Professor Award.

In his retirement, Sihler looks forward to spending time on his wide-ranging interests, including the Jaguar car owners’ club, stamp collecting and wine.

The Society of the Purple Shadows Gordon F. Rainey Jr. Award for Vigilance to the Student Experience: Professor John L. Colley Jr. The Case Centre 2015 Outstanding Case Teacher Award: Professor Kenneth C. Lichtendahl Jr. (MBA ’98) Journal of Advertising Research Best Academic Paper: Professor Paul W. Farris for “How Corporate Cultures Drive Advertising and Promotion Budgets: Best Practices Combine Heuristics and Algorithmic Tools” Gregory Chow Best Paper Award: Professor Dennis T. Yang, at the 2015 Chinese Economist Society North America conference Aspen Institute Faculty Pioneer Award: Professor Mary Margaret Frank, for her innovative work at the intersection of the public and private sectors in real-world problem-solving and value creation

Wells Fargo Awards for Outstanding Research Publications Significant Publication in Book Form Professor Edward D. Hess Learn or Die: Using Science to Build a Leading-Edge Learning Organization, published by Columbia Business School Publishing Significant Publication in a PeerReviewed, Discipline-Based Journal Professor Pedro Matos “Are U.S. CEOs Paid More? New International Evidence,” published in The Review of Financial Studies Professor Kristin J. Behfar “The Directness and Oppositional Intensity of Conflict Expression,” published in the Academy of Management Review

CARLYLE GROUP CEO HIGHLIGHTS DARDEN PRIVATE EQUITY CONFERENCE

PHOTO: SAM LEVITAN

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he fourth annual Darden Private Equity Conference, hosted in April by the student-run Darden Private Equity Club, drew more than 200 students and industry professionals, thanks in no small part to keynote speaker David Rubenstein, cofounder and co-CEO of The Carlyle Group. Rubenstein was the highlight of a busy program that included an analysis of the state of the capital markets as well as panels on the impact of alternative lending platforms on private equity, real-world case studies, and opportunities and challenges in private equity investing.

As one of the most respected and successful figures in the leveraged buyout world, Rubenstein’s insights and prognostications on private equity were highly anticipated. He said his sector must do three things well to thrive or else “wither on the vine”: • Continue producing higher returns than the broader market average.

• Stay on the good side of the government, particularly international governments.

• Change the industry’s image for the better by convincing people private equity does not destroy companies, but instead adds value.

Carlyle Group CEO David Rubenstein spoke to more than 200 students and professionals at the 2015 Darden Private Equity Conference.

Rubenstein also recognized several opportunities for the field of private equity, including emerging markets, reaching currently nonaccredited investors and sharing industry expertise to help make national economies better. He pointed to carbon-related energy and health care as areas ripe for investing.

However, Rubenstein’s most important message to the students in attendance applied far beyond the private equity and investing landscape.

“You shouldn’t view an MBA as a license to make money, but a license to make a difference,” Rubenstein said.

DARDEN IDEAS TO ACTION

Darden Ideas to Action shares business knowledge — research, analysis and commentary — from faculty and partners of the University of Virginia Darden School of Business.

Visit ideas.darden.virginia.edu to read more.

11 Key Characteristics of a Global Business Leader

Lays Potato Chips: The Crunch Is On

Trending on

JAMES G. CLAWSON “Are you willing to eat raw fish?

Snake? Raw monkey brains?

Can you adjust your eating and sleeping habits to match the local executives’ routines and patterns?

In other countries, seemingly minor things can be off-putting, such as sticking your chopsticks in your rice or touching someone with your left hand.”

Living Lean: How to Save Time and Money by Using Principles of Lean Thinking in Everyday Situations ELLIOTT N. WEISS “As they say, everything I learned about 5S (sort, simplify, shine, standardize, sustain — loosely translated from the Japanese), I learned in preschool. Objects are color-coded. There’s a place for everything. Kids too young to read can tell where toys belong from photographs on the bins. This is smart, lean thinking in action.”

JARED D. HARRIS “Frito-Lay leaders proactively defended their market share against competitors through storytelling — shaping a narrative to help stakeholders better understand their company’s mission and products.”

Clash of the Teammates: How the Ideal Team Works Through Conflict KRISTIN J. BEHFAR “Because conflict happens in all teams (even the most effective ones), the presence of conflict has little bearing on whether one team is more successful than another. The factor most important to team success is how teams handle conflict when it does arise — and there are clear and reliable patterns associated with (in)effective conflict management.”

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Finishing at a Sprint Q. Perhaps of equal importance, what has remained the same?

In an interview with UVA Today, Dean Robert F. Bruner recently looked back at Darden’s accomplishments over his tenure as dean and to what lies ahead. Here are a few highlights from the Q&A, which can be read in full online at www.news.virginia.edu.

Q. In your 10 years as Darden’s dean, what changes strike you as the most pronounced or significant?

A. The global financial crisis and recession, which was the worst in many years. The accelerating adoption of new technologies is surprising to everyone. Only 10 or 15 years ago, we were still focused on the personal computer; now the digital delivery of learning experiences has shifted from large-screen, fixed devices to very mobile devices. Coming over the horizon is the Internet of Things — new devices, smart watches and measurement devices of all kinds that I think will continue to change how people interact with educational institutions.

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Portrait of Dean Bruner by Charlottesville artist Rob Browning, unveiled on 23 April

PHOTO: ANDREW SHURTLEFF

PHOTO: MELODY ROBBINS

A. Our students have a desire to learn from each other. That’s no surprise. It’s what we tell the world, and so we attract people who are willing to engage with others rather than sit and take notes for two years. We attract people who are willing to buy into the U.Va. honor code, which sets a demanding standard of personal integrity, not everyone’s cup of tea. We have students who have a keen appetite for the practical world of business, disproving a common criticism that business school students are very good at analyzing things, but cannot tell you what the analysis means. That’s not us; our students are very focused on taking action.

Q. What is your biggest hope for your successor, Scott Beardsley?

A. My big hope is that he has a very successful transition into the dean’s office. There is really no clear training that you can take to become a dean.

You have a learning experience in the first year that is really phenomenal.

He’s a wonderful man. I think he brings extraordinary life experience and perspective that can help the Darden School raise its game. We need to listen to him and we need to help him understand what is unique about Darden and what needs to be strengthened.

Q. What are you looking forward to about the next stage of your career?

A. I am looking forward to returning to the classroom. That is what drew me into this career in the first place. I love case teaching, I love the interaction with students, I love seeing how they grow across the course experience. One of the things I love the most about teaching is the look of “aha!” in the eyes of students as they get a point.

U.Va. President Teresa A. Sullivan named Dean Bruner a University Professor.

Reunion. Graduation. State of the School.

Alumni Global Leadership Forum in China.

One celebratory reception in his honor after the next. Dean Bruner’s busy spring schedule proved he was taking his own advice, delivered in a blog post, by finishing at a sprint. Here are a few highlights of his recent activities and honors before the start of a one-year research leave and return to the faculty for the 2016–17 academic year.

Dean of the Decade Celebration

“Bob is the kind of leader many of us aspire to be — humble, passionate and driven.” Those were the words of James A. Cooper (MBA ’84), chair of the Darden School Foundation Board of Trustees, as he kicked off the Dean of the Decade celebration in Dean Bruner’s honor on 23 April. During the event, an audience composed of alumni and guests from around the University learned that one of Dean Bruner’s final priorities — raising $10 million for the Dean’s Fund to support faculty — had not only been met but surpassed, reaching $11.6 million. Dean Bruner also learned the fund had been renamed the Robert F. Bruner Dean’s Fund for Faculty Excellence to commemorate his indelible mark on Darden.

PHOTO: ANDREW SHURTLEFF

The Darden School Foundation announced the naming of the Robert F. Bruner Dean’s Fund for Faculty Excellence.

PHOTO: DAN ADDISON

QUOTABLE

PHOTO: STACEY EVANS

On 17 May, thousands of students, faculty, alumni, family and friends packed the Lawn as Dean Bruner (above left), became the first faculty member to deliver a U.Va. commencement address in many years. Later, as the swollen clouds threatened to burst, about 1,500 packed the North Grounds Recreation Center and hundreds more family and friends watched live from Darden classrooms as he delivered his ninth and final Darden commencement speech as dean.

Dean Bruner spoke at the State of the School on 25 April.

University Professor

There was one more surprise for Dean Bruner at the Dean of the Decade event.

U.Va. President Teresa A. Sullivan spoke to commend his “extraordinary leadership” of Darden, but also to announce that Dean Bruner had been named a University Professor. This prestigious honor has only been granted to about 20 of the more than 2,200 faculty at the University. University Professor status means Dean Bruner may teach courses in any school at U.Va., but that doesn’t mean he plans on straying from Darden when he returns to teaching next year.

State of the School

At the 25 April State of the School program, more than 300 alumni in Abbott Center Auditorium and many more viewing via live stream watched as Dean Bruner accepted a check from the 14 Reunion classes totaling more than $7.2 million. Though it was not yet an official changing of the guard, Dean Bruner also thanked the entire Darden community for its support over the years before handing the stage over to Dean Designate Scott Beardsley, who shared his thoughts on the School’s future.

GO WHERE YOU CAN DO YOUR BEST WORK From Dean Bruner’s U.Va. commencement speech

“To get a life is not about getting a job; it is about getting a calling. This is hard work: It takes courage, wisdom, strength and grace. Making a living is hard enough. Making a calling is even harder — and more fulfilling. It is gained by going where you can do your best work.”

THE HAT YOU WEAR From Dean Bruner’s Darden commencement speech

“Most of you probably own a baseball cap. And most of you will probably leave behind your [graduation cap] as you leave Darden today. Keeping one hat and leaving the other is a troubling metaphor to me. Will you keep the action-taking and leave the discipline of ideas and critical thinking? Let that not be so. Take both hats with you, at least in spirit: a hat of thinking, and a hat of doing. Never leave either one behind.”

To read the speeches, go to his blog: blogs.darden.virginia.edu/deansblog

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Darden Worldwide Global Academic Programs for the academic year 2014–15

268

student participants in global academic programs in 21 different countries

8 Global Business Experiences in 8 Countries:

13 Global Field Experiences in 10 Different Countries:

5 Global MBA for Executives International Residencies:

Cuba, Brazil, China, South Africa, Argentina, France, Israel and Sweden

Argentina, Belgium, China, Mexico, Nepal, the Netherlands, Philippines, South Africa, Sweden and the United Kingdom

Brazil, China, Germany, France and India

12 Darden students went on exchange programs at one of Darden’s partner institutions in nine different countries.

1 MBA for Executives International Residency: China

Global Reach *as of current fiscal year 2015

8%

increase in the number of Executive Education custom programs delivered outside the U.S. between fiscal year 2014 and 2015 14

THE DARDEN REPORT

109

countries reached through academic programs, student programs, alumni engagement and other activities

66,000 25 students in 190 countries and territories have registered for Darden’s massive open online courses (MOOCs)

academic partners in 22 countries

22

exchange students hosted from 12 different countries

2014–15 Class Profiles Class of 2016

Class of 2015

33%

55%

36%

100%

of the students in the Class of 2015 had a global academic experience by graduation.

spent at least one month or more outside of their home country prior to coming to Darden.

of the students in the Class of 2016 were born outside the U.S. and collectively represent 36 countries.

Class of 2016

of all students in the MBA for Executives and Global MBA for Executive formats participated in a global academic program.

/ Class of 2015

Residential MBA 324 / 316 enrolled 706 / 706 average GMAT score 3.52 /3.51 average GPA

MBA for Executives 62 / 68 enrolled 42% / 32% with an advanced degree 12 / 10 average years of work experience

Global MBA for Executives 31 / 30 enrolled 39% / 40% with an advanced degree 13 / 13 average years of work experience

Alumni Network

15,000+ 16 alumni in 86 countries

domestic chapters

3 regional networks 7 community groups

11

international chapters

18 community groups

44%

of all degreed alumni living outside the U.S. live in Asia

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FACULTY R ES E A RC H

Step Up Sales

by Jacquelyn Lazo

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THE DARDEN REPORT

Professor Thomas J. Steenburgh investigates why so many new product launches fail and how to motivate your sales force from the bottom up.

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ore than 65 percent of new product launches within established companies failed in 2010, costing companies $260 billion.

Given these statistics, how can companies sell new products more effectively? Questions like this compelled Thomas J. Steenburgh, Paul M. Hammaker Professor of Business Administration at Darden, and his colleague, Michael Ahearne, to co-found the Thought Leadership on the Sales Profession Conference. The biennial event, which was first held at Harvard Business School, helps connect leading academics with senior managers on critical product and sales issues.

As a former practitioner at Xerox, Steenburgh is keenly aware of the disconnect between researchers and practitioners. “The challenge for academics is you get so used to talking to other academics that basic practical ideas get lost,” said Steenburgh.

To create “an open discussion between the two groups,” Steenburgh and Ahearne, a professor at the University of Houston C.T. Bauer College of Business and executive director of the Sales Excellence Institute, organize a two-day program where people can interact in interesting ways. For example, the academics present their research in the areas of professional selling and sales force management using “a TED-style approach,” and a panel of practitioners respond with key insights and suggestions for further research.

Two New-to-Market Sales Approaches What Steenburgh and Ahearne discovered during the conference led them to do further research on why selling new-to-market products is different from selling existing products. “What we’ve found is that if you ask sales reps if they want to sell new products, they all say ‘yes,’” said Steenburgh. “But if you look at how they approach selling new products, most salespeople try to go back to existing relationships first. That can be a terrible idea.”

Existing customers are often the wrong customers to approach with a new product because, while they may patiently listen to the sales pitch, they often won’t buy. “For instance, let’s say you’re selling a new Oracle database,” said Steenburgh.

“For the buyer to make the database worthwhile, he or she has to change the way people at their company do business. If I’m the manager, it will be a lot of work for me to make this happen.

I also could be putting my career on the line, so this kind of change can represent a big risk to me personally.”

There are two different types of salespeople: those who are driven by relationships and those who are driven by transactions.

“As the salesperson, if I develop a relationship with the customer, I really care about what happens to that person. I might even become overly protective,” said Steenburgh. Relationshipdriven salespeople tend to think new products “threaten their

relationships with Learn more on sales with customers” because Thomas J. Steenburgh customers have to alter 1. THIRD BIENNIAL THOUGHT LEADERSHIP ON their businesses to put the product in place and THE SALES PROFESSION CONFERENCE, 16-17 June 2016, Stanford University. For those interestbenefit from it. ed in learning more about the intersection between In contrast, academics and practicing managers related to salespeople who critical product and sales issues, visit are driven more by salesthoughtleadership.org. transactions tend to be more successful when 2. DARDEN EXECUTIVE EDUCATION it comes to selling new STRATEGIC SALES MANAGEMENT course, products. “The primacy 11-14 April 2016, Washington, D.C. area of the relationship is Visit www.darden.virginia.edu/executiveabout the sale itself,” said education/short-courses/strategic-salesSteenburgh. This sales management for more information. group tends to perform better when selling new products because they are more willing to seek out new contacts.

But one approach is not necessarily better than the other, Steenburgh warned. “You just have to think about how you coach the two different types of reps.” He advises companies to train their sales teams to talk to different parts of their bases where they don’t have existing relationships. “If I’m a rep with a $2 million quota, I might have five to 10 customers with whom I do 80–90 percent of my business,” he explained. “Then I’ve got 300 prospects with whom I rarely interact. Pitch new products to those prospects.”

Motivating From the Bottom Up Even before he left Xerox, where he was developing the U.S. sales incentive strategy, Steenburgh was already fascinated by how to energize salespeople.

One Harvard Business Review article, “Motivating Salespeople: What Really Works,” that he co-authored with Ahearne delves into how general managers can most effectively motivate all of their employees — from star performers to “laggards.”

Steenburgh and Ahearne argue the key is to incentivize each group using different techniques.

▪ Star Performers

Capping commissions for future rainmakers through “quota ceilings” only makes them “hold sales under the ceiling.” Either keep commissions where they are or offer overachievement commissions, which Steenburgh and Ahearne have proven motivates stars to continue pounding the pavement late in the fiscal year — “often a period in which customers are most ready to buy.”

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Go Where Your Skills Are Valued Steenburgh said many of his residential MBA students have preconceived notions of which industry they’d like to work in post-Darden.

The trouble is, many of them do not yet have the right skills to get into that industry. As course head for First Year Marketing in the residential MBA program, he has challenged them to consider their choices through an exercise in which they pitch themselves to their classmates.

Not surprisingly, most students focus on their inner strengths. “The goal in interviews is to stand out. If you’re going there to show them how smart you are, that’s probably a losing cause. You’re competing against 19 other kids who are just as smart as you are,” said Steenburgh, whose wife used to recruit at Harvard Business School and the MIT Sloan School of Management. “You have to stand out relative to the competition. Design your whole elevator pitch around things you’re really good at relative to other people and that the customer cares about.”

When one of his students wanted to transition from finance to health-care marketing, Steenburgh helped her reframe the discussion by highlighting her quantitative skills and recast them in a way that would explain how she could provide value to a marketing firm. “Her brother had amyotrophic lateral sclerosis (ALS) so she was highly motivated, and she had done an internship in health care. Those were two ways to recast her story,” said Steenburgh, who warns his students not to oversell themselves.

“Acknowledge that you may not be the company’s ideal candidate, and then show them what you’ve done to prove you’re motivated.”

Steenburgh’s exercise helps students “who are constantly interviewing” learn the importance of developing an external focus based on customer needs. “I’ve had lots of students come to me and say, ‘This was good because I realized I shouldn’t be in investment banking or I shouldn’t be in marketing,’” said Steenburgh.

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PHOTO: STEPHANIE GROSS

▪ Laggards

Low performers can be motivated by social pressure, such as the “man-onthe-bench” effect, which Steenburgh and Ahearne discussed in a recent article. Steenburgh explained the effect as “similar to the pressure that secondstring quarterbacks place on starters in football.”

The research completed by Steenburgh and Ahearne demonstrated that hiring an inactive “benched” salesperson to replace the lowest performer on the team created “cohesive groups bonded together to fight off an outside threat,” leading to a 5 percent increase in team performance. Their research also indicated that establishing pace-setting goals and maintaining quarterly bonuses are beneficial with this group.

▪ Core Performers

Motivating the middle, or the core performers, is often the hardest and most overlooked incentive strategy, but it can also make or break overall sales results for businesses. For this largest demographic in the company, Steenburgh and Ahearne suggest creating multi-tier targets, which they have proven have a “profound effect” on performance. The two researchers also found that another key to motivating core performers is offering gift — not cash — prizes.

The Sales Evolution Has Arrived Although Steenburgh described teaching executives as “fundamentally different” from teaching residential MBA students, the faculty chair for Darden Executive Education’s Strategic Sales Management program said much of the content he teaches applies to both groups because the sales industry is changing at an exponential rate. “A fundamental change in selling is that buyers just have a hell of a lot more information than they used to have,” he said. As a result, they get into the sales process and buying cycle much later than they used to. Steenburgh, who works with sales managers in the automobile industry, explained that 10 years ago, only very motivated buyers knew car invoice prices.

“Now the buyer does a whole lot of research before they ever get to the car dealership,” said Steenburgh. “By the time the salesperson gets to them, they have to figure out how far along the customer is in the buying process and how much room they have to negotiate.

“This new era shifts the balance of power from the seller to the customer,” said Steenburgh, “and salespeople hate it.”

But, as the future unfolds, there may be a silver lining for salespeople. “Companies will be changing their websites to help customers move through the early sales phases so that when they show up, they are already pretty well sold,” predicted Steenburgh, “and from a sales perspective, that makes your job a little easier.”

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

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12–23 October

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25–30 October

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28–30 October

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1–6 November

Darden Executive Education is provided by the University of Virginia Darden School Foundation.

Full Potential

A Q&A With Dean Designate Scott Beardsley

O

n 1 August 2015, Scott C. Beardsley will assume the role of ninth dean of the University of Virginia Darden School of Business.

Currently a senior partner at McKinsey & Company, Beardsley has taken a running start to his next role as Darden’s dean. This spring, he met individually with each of the Darden School’s 70 faculty members, attended Darden Days with admitted students, greeted alumni at Reunion Weekend and spoke at the 2015 State of the School with Dean Robert F. Bruner.

As Beardsley prepares for his next chapter and his “greatest calling” — helping others realize their full potential — he shares thoughts on his life’s journey, his passion for global business and developing talent, moving to Charlottesville, and becoming Darden’s ninth dean.

Before discussing your past, first things first: Of all the business schools, why Darden?

by Juliet Daum photo: Stephanie Gross

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I believe it was a serendipitous and wonderful opportunity that I never dreamed I would be able to pursue. Sometimes, what you want to do doesn’t emerge at exactly the right time. But in this case, when I saw that Virginia was looking for a new dean, I dared to believe that there would be a potential fit. There were two parts for me to this question: Was my profile acceptable for U.Va. and Darden, and did I want Darden? My first worry was that Darden wouldn’t want me simply because I was a nontraditional candidate, out of a different mold. But, as far as what I wanted, by the end of the search process, when I had to decide if this was the right place for me, I was so impressed with the community, the quality of people I met, the Jeffersonian tradition of excellence, the ambition

level, and Darden’s mission to change students’ lives and transform them into responsible, global leaders who are going to improve the world. This mission fits very well with my own value system. Darden is known for providing the world’s best educational experience, and I couldn’t think of any other place I would rather be. The fact that my wife, Claire, was enthusiastic was the clincher.

You were born in Maine, and raised in Vermont and Alaska. What was your first job?

My first job was picking blackberries at age 10 in Maine that I would sell at the local supermarket.

Then, my jobs morphed into shoveling driveways and mowing lawns. I had my own landscaping business that helped me pay my way through college. I delivered pizzas. I delivered newspapers.

In college at Tufts University, I was a TA who taught physics and a fundraiser for the advancement office.

After college, my first job was in Silicon Valley, working in strategic sales for a semiconductor company called Advanced Micro Devices.

When you graduated magna cum laude from Tufts with a B.S. in electrical engineering, what were your aspirations?

My aspirations leaving Tufts were first to try and get out of debt — because I had a lot of it — and to as quickly as possible learn the basics of business so that I could go to business school and get out of engineering, which I found to be too narrow. While an undergrad, I had applied to business school and been accepted to several programs, including the MIT Sloan School of Management. I accepted deferred admission to MIT so that I could first get some practical work experience, but I was eager to get to business school.

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Dean Designate Scott Beardsley stopped for an impromptu photo with the Student Admissions Committee during the 2015 Darden Days, during which he spent the weekend meeting with admitted students.

What difference did earning an MBA make for you?

Beyond building lifelong friendships, I first and foremost learned a vocabulary about business and some of the basic functional toolkits. As an engineer, I had never been able to take classes related to business. I had never even taken an economics class.

I had only learned about business from my past employment.

What I really needed was a combination of functional skills, the vocabulary and a credential that allowed me to change tracks fundamentally, and move from a branded engineer to a generalist or a manager candidate. I think business school acted as a trampoline for me.

What is the best advice you’ve ever received?

To believe in myself and the good in people. My parents and Nana (grandmother) instilled this in me. They gave me self-confidence, which is a very fragile commodity for many people. They taught me to be optimistic and to find the strengths and goodness in others and myself. I was often hard on myself, but they believed in me, so the advice was really important to me as I tried to persevere in life and lead others.

Along the way, what’s motivating you? What does success look like for you?

I define my own success often by how I make other people successful. I find my greatest calling in life is to help others achieve their full potential. I view life as a fragile opportunity.

You have to try to make the most of it, every day. What motivates me is knowing I only have a limited number of seconds on this earth and that I better not waste any of them.

In your most recent leadership role at McKinsey, you developed the talent and capabilities of the firm’s more than 12,000 professionals. What did you teach them?

We teach them a variety of things. We use a framework: being, knowing and doing, which combines “knowing”— hard skills related to a function or sector — and also softer skills related to how you do certain things within the craft of consulting, whether it’s giving advice, listening or writing. We want to give them a greater sense of what motivates them — what are the character traits and values that drive you as a human being and give your life meaning? We help people get in touch with their strengths and underlying motivations because people who are pursuing noble purpose achieve far greater results than people who are pursuing abstract outcomes or purely extrinsic targets.

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McKinsey Global Managing Director Dominic Barton described you as one of their “best values-driven people developers.”

What does that mean?

McKinsey is a values-driven firm. The values are written and instilled in our people from the day they join. I believe Dominic means I have approached developing people by putting values in the center of thinking about what leadership is all about.

Having integrity, upholding the obligation to dissent, creating a nonhierarchical environment are examples of values at McKinsey, and I tried with my colleagues to treat them as a skillset when developing our people. Dominic is probably also referring to the fact that I’m a bit of an idealistic person and that I place a great deal of value on the nonharder skill side of people’s development.

I am very proud of the fact that many colleagues that I mentored and worked with have had great success in the firm.

How has your time at McKinsey prepared you for your role as Darden’s next dean?

Only time will tell. In many ways, I am grateful to McKinsey for allowing me to develop as a leader and as a person. The firm has allowed me to stretch myself for 26 years and to build capabilities that have ultimately helped me get to where I am at Darden.

Perhaps the greatest aspect of my McKinsey training that will help me is that, internally, McKinsey operates in many ways like a university. The partnership is closely knit, and partners have to have a great deal of knowledge. We have an incredible number of folks with terminal degrees — roughly 1,300 Ph.D.s, 200 M.D.s, 250 J.D.s, in addition to many thousands of master’s degrees. Running McKinsey is a bit like working in an academic environment because there is shared governance and a tenure process, and knowledge expertise is required in order to advance to partner. Also, McKinsey is tied together by a set of values — much like universities are. That being said, McKinsey is forprofit and universities are not-for-profit, so there are some differences, too.

You have been described as a global citizen. How has your time living in Europe and working in the Middle East, Africa, Asia, Europe, Latin America and the U.S. changed your outlook?

It’s made me realize that if you want to be a global leader and institution — as I and Darden aspire to be — you have to have an appreciation for all the forms of diversity that exist on this planet. The business world is increasingly interconnected and technology is accelerating this further. As someone who was

unable to travel very much as a kid, I realized that my view of the world was extremely limited and biased by the sources of information I had. It served me well to go to places where I felt like a minority or where I had no knowledge of the culture or language. It gave me a greater appreciation for how the United States is viewed in the world and even often misunderstood, just as U.S. citizens often misunderstand the rest of the world.

Oftentimes, the dialogue focuses on the differences of people, but there are many things that unite humanity across all cultures.

If you can become more aware of what’s out there, there’s great opportunity for understanding and making the world a better place. I’m still learning. It’s a lifelong journey. The amazing diversity that exists in the world can never be fully appreciated because there’s too much to know, but I do appreciate that every culture and country has something interesting to offer.

You are passionate about education and you come from a family of educators. What was the first thing they said to you when you told them you got the job as Darden’s next dean?

They said it’s the best move I could ever make because all I ever talk about is education. My uncle, a former college president, said that the University of Virginia is one of the world’s best universities and that I would love its Jeffersonian tradition of excellence. My children, father, brother and sister told me that it’s fantastic and that they are proud of me. Our children were, of course, a little bit sad about us leaving our home in Belgium, where they have lived their whole lives and where they are citizens, but they think that it’s a great fit for me and Claire, and a wonderful place for us to focus for the next chapter of our lives.

When you take office 1 August, what are some of the first things you plan on doing?

Some of the things I plan on doing I have already started, which is meeting people, listening and trying to understand the different points of view. I will meet with students, faculty, staff and alumni, and I plan on starting a process to think through where we want to go for the next five to 10 years. If certain areas are ready for decisions, I will listen to the different alternatives and make a decision to move forward. But my initial plan is to step into the rhythm of the calendar, to get involved in all aspects of Darden, to get to know my team and to start to work through a collective agenda.

What are your first impressions of Charlottesville?

It’s a wonderful place, and the weather is way better than Belgium! The countryside is beautiful, the people are nice and say

Beardsley and his wife, Claire Dufournet, will move into Pavilion I on the Lawn this summer.

hello when you walk down the sidewalk (which doesn’t always happen in Europe). The tennis culture — particularly at U.Va. — is outstanding, and there’s a great restaurant scene. I am really looking forward to meeting the wonderful people of this great state.

Can you share any great advice you’ve received about being a successful dean?

I have received the advice to make sure I get to know the faculty members because they are the lifeblood of this institution, along with the students and staff. In a shared governance environment, the faculty has a lot to add. The time I have spent this spring getting to know members of the community has been enormously helpful to me, and in many ways uplifting because I have met some amazing people. I have also asked Dean Bruner for lots of advice behind the scenes, and he has been generous with his time and wisdom. He has been very successful, and I hope to continue the good momentum.

FAST FACTS: DEAN DESIGNATE SCOTT C. BEARDSLEY Departing McKinsey & Company after 26 years, most recently serving as senior partner and an elected member of McKinsey’s global board of directors Led the management consulting firm’s global talent development at “McKinsey University” Redesigned McKinsey’s learning curriculum for values and co-led the McKinsey Values Task Force Led major research efforts on topics such as technology trends, the knowledge economy, regulation, IT productivity, performance transformation and broadband Served as a lecturer at IAG’s Belgian MBA program and, prior to McKinsey, as editor and marketing manager at the MIT Sloan Management Review Received his doctorate in higher education management with distinction from the University of Pennsylvania in May Lived in Brussels, Belgium, for the last 24 years Holds dual citizenship from the U.S. and France Has three sons who are now at university in the U.S. Will move into Pavilion I on the Lawn this summer with his wife, Claire Dufournet; their golden retriever, Java; and many French and Belgian traditions

Beardsley chatted with many alumni during Dean Bruner, left; Professor John Colley, center; the Saturday, 25 April, cocktail hour and and Beardsley enjoy a moment together at the Darden Society Breakfast during Reunion weekend. throughout Reunion weekend.

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The Future of Cuban Entrepreneurship L

ess than a month after President Obama announced policy changes to normalize diplomatic ties with Cuba, 25 Darden students landed in Havana with Professor Gregory B. Fairchild (MBA ’92) for a six-day special topics seminar, “Entrepreneurship in Cuba.”

As their bus sped down the Malecón along the coast toward the colonial Old Havana district, they passed abandoned shells of buildings and old posters with slogans supporting the revolution. “It was almost post-apocalyptic,” said Anne Marie Brown (MBA ’15).

But amid the derelict architecture, the group saw clear signs of entrepreneurship. During their trip, they toured Cuba Emprenda, a training center that provides Cuban entrepreneurs with the resources they need to start or scale their ventures. They visited ArteCorte, a successful salon that doubles as a social and cultural project. Since 2002, micro-entrepreneur Gilberto Valladares Reina has gathered barbers, hairdressers, artists and historians together to organize exhibitions and art festivals. ArteCorte worked out an agreement with the government to make their street an auto-free zone, which encouraged other small businesses to migrate to the area. The group has also formed a cooperative to beautify the neighborhood and improve facilities for senior citizens.

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The resourcefulness and ingenuity of Cuban entrepreneurs astounded John Fryback (MBA ’15). “Their socialist system does not provide for the people’s most basic needs. As a result, Cubans have found all sorts of ways around the rules,” he said.

Even the taxi drivers in Havana are entrepreneurial.

For a mere $100 per hour, nostalgic tourists can cruise the island in mid-century, jewel-toned American Fords and Chevys. Fairchild predicted the rate would double when American tourists start pouring in.

Measuring the Opportunity

The question is whether or not Cuba can handle an influx of Americans. “Their tourist infrastructure still needs some work — restaurants are slow to serve, exchanging currency is an expensive and arduous task that involves long lines at banks or hefty fees at hotels, and activities are frequently canceled or changed without much notice,” said Brown, who worked for a luxury destination startup before enrolling at Darden.

The loosening of travel and trade rules by the Obama administration opened up big business possibilities for American entrepreneurs, but there are many hurdles impacting the normalization process. “We are still far away from Cuba being in a place in which it will be secure, profitable and advantageous to launch ventures there as Americans,” Brown added. “Right now, there

are too many rules and regulations to navigate.”

If reforms do move ahead, the progress in Cuba will be incremental, said Sonja Pedersen-Green (MBA ’15). But, as she pointed out, any progress is great. “Right now the burden of the embargo falls on everyday people, not on the Castro regime.”

Cuban Reality

Fryback saw firsthand the toll the 54-year-old embargo has taken on his 63-yearold Cuban cousin, Eduardo. Eduardo, who lives in the small town of Palmira in a dilapidated house built by his great-grandfather in 1894, epitomizes the Cuban reality.

He is a physics and astronomy professor at the University of Cienfuegos and teaches at the local school. His monthly salary equates to $24.

“As a result, when something happens like the third floor of the house falling in or his mother getting sick, he has had to sell off the family heirlooms,” said Fryback. “He has been a professor his whole life, and has written many textbooks, but as he said, he has nothing.

“Despite how depressing that all seems, Eduardo was not at all downbeat,” said Fryback. “As he explained to us, the Cuban mindset is to live every day to the fullest and to be thankful for all they have.”

Top left: Classic automobile in Old Havana (Museum of the Revolution in the background) Lower left: Visit in Old Havana to Quisicuaba, a traditional Cuban religious guild. Seated in front are students from left: Laura Redden, Jeremy Seeley, Alexander Sharif, Elizabeth Kidder, Jose Aguirre, Annie Medaglia Upper right: Darden students Jeremy Seeley and Alexander Sharif on a farm tour Lower right: Darden students Jose Aguirre and Laura Redden shopping in a Cuban community open-air market photos: Greg Fairchild

The Future of Cuba

The hopeful attitude most Cuban entrepreneurs have about the future will help them gain ground. They will benefit from the reforms, according to Fairchild, which will mean they “have more money than ever before. More money. More power. More voice.”

The country needs certain skills now, though, said Fairchild. “Cuba needs people trained in economics and the global markets. They need new talent to roll in.” And while Cubans may have plenty of entrepreneurial spirit, that may not be enough.

“They have enough desire. But do they have enough knowledge?” Fairchild asked.

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MEET THE CLASS OF 2015 The Next Generation of Entrepreneurial and Responsible Global Leaders More than 400 students graduated from the University of Virginia Darden School of Business in May. From former competitive ballroom dancers to blackjack dealers to Israel Defense Forces commanders, the Class of 2015 is full of fascinating, rich and diverse student stories. The following pages profile a cross section of the graduates, who are prepared to join the world’s next generation of leaders.

DEREK REY HOMETOWN: Vallejo, California FIRST JOB: Interned at a nonprofit that planned leadership retreats and events for inner-city middle school children POST-DARDEN JOB: Investment Banker, Technology, Media and Telecommunications, Barclays

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PHOTO: SAM LEVITAN

Derek Rey (MBA ’15) served as an infantry officer in the United States Marine Corps for seven years before Darden. During one yearlong deployment, Rey worked closely with other military service members from the U.S., Iraq and the United Kingdom. He even went “underway” with the Iraqi Navy and Iraqi Marines, conducting security operations aboard offshore Iraqi oil terminals in the Persian Gulf. When he found out his wife, Elizabeth, was expecting their first child, he decided to “pivot from the military” and begin a business career.

PHOTO: ANDREW SHURTLEFF

ZACH MAYO

SARAH RUMBAUGH

HOMETOWN: Chattanooga, Tennessee FIRST JOB: Summer camp counselor POST-DARDEN JOB: Co-founder, RelishMBA

HOMETOWN: Takoma Park, Maryland FIRST JOB: Coach, instructor and counselor at a summer sports camp POST-DARDEN JOB: Co-founder, RelishMBA

As the son of two business professors, Zach Mayo (MBA ’15), a Batten Scholar, grew up surrounded by MBA students and decided to become one himself after starting a business.

Prior to Darden, the University of Virginia philosophy major stayed in Charlottesville, Virginia, and spent six months working on a political campaign. Next, he traveled to eastern Congo, where he was a hospital volunteer for three months. Mayo then joined the Peace Corps and worked for two years in rural Uganda, teaching computer classes to children and hosting a radio show. After that, he started a business — Argania1640 — that sold hand-pressed Argan oil from rural Morocco. When he got to Darden, Mayo met Section A classmate Sarah, and together they started a new business venture, RelishMBA.

Living in Indonesia in second grade was “similar to the Darden experience, truly transformative,” according to Sarah Rumbaugh (MBA ’15). Rumbaugh earned a dual degree (B.S. in business management, B.A. in communications and rhetorical process) from the University of Pittsburgh before joining Booz Allen Hamilton, where she helped develop cybersecurity solutions. “Out of college, I wanted to work in business, but wasn’t sure how, so pursued consulting,” she said. Rumbaugh launched RelishMBA — an online hiring platform for MBA students, the employers who recruit them and career services offices — with her classmate Zach in 2013. In April, RelishMBA won the $25,000 “Courageous Women Award” at the “Super Bowl of student startup competitions,” the Rice Business Plan Competition.

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VIDA ASIEGBU HOMETOWN: Duluth, Georgia FIRST JOB: Prom dress model POST-DARDEN JOB: Investment Banking Associate, Citi

Duluth, Georgia, native Vida Asiegbu (MBA ’15) graduated from New York University with a bachelor’s degree in economics and business in 2008. Her goal was simple: to make her parents, who emigrated from Nigeria, proud. “They imbued my brother and me with a great sense of ownership over our destiny and my accomplishments are in gratitude for all they have done to support me,” said Asiegbu, who worked for RaceTrac Petroleum before coming to Charlottesville in 2013. After graduating in May, she moved to Chicago to pursue her passion as an investment banking associate at Citi.

GAL AVRAHAMY HOMETOWN: Tel Aviv, Israel FIRST JOB: Israel Defense Forces commander POST-DARDEN JOB: Online Product Manager, The Home Depot

An avid world traveler who has been to more than 25 countries, Gal Avrahamy (MBA ’15), a Batten Scholar, wanted to live and work outside of his native Israel. After completing three years of mandatory service in the Israel Defense Forces, Avrahamy and his future wife took a seven-month backpacking trip to Central and South America. He worked as a CPA for Ernst & Young in Tel Aviv before coming to Darden, where he served as president of the Darden Technology Club. Avrahamy has joined the Home Depot online division to create online strategies for the DesignConnect team after graduation.

PHOTOS: SAM LEVITAN

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SONJA PEDERSEN-GREEN

RYAN TAFT GIN

HOMETOWN: Plymouth, Minnesota FIRST JOB: Swim instructor and lifeguard POST-DARDEN JOB: Strategy and Business Development, Cargill

HOMETOWN: San Luis Obispo, California FIRST JOB: Grocery bagger at Albertson’s POST-DARDEN JOB: Strategy Consultant, Everest Group

Having lived in six states and the District of Columbia, Sonja Pedersen-Green (MBA ’15) ) has developed a fondness for travel.

Adventurous by nature, the Middlebury College political science graduate traveled to North Africa during the Arab Spring in 2011 with her mother for “a family vacation.” Her passion for travel, strategy and solving problems served her well during her career before Darden at the U.S. Department of Defense and will continue in her new role at Cargill. Pedersen-Green also enjoys running, cooking, and eating Mexican and Middle Eastern food.

To pay his way through college at the University of Oklahoma, Ryan Gin (MBA ’15) dealt blackjack at the Riverwind Casino just outside town. Eventually Gin “swapped card suits for business suits” and began working for small businesses struggling with turnarounds. After helping nine car dealerships and his family’s construction business improve their operations, he got “frustrated with Googling business terms” and decided to enroll in Darden’s MBA program. After graduation, Gin moved to Dallas, Texas, to work for the Everest Group, a boutique strategy firm.

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DAVID R. BOBBITT HOMETOWN: Bedford County, Virginia FIRST JOB: “As a teenager, I loaded hay bales on a farm for a nickel per bail.”

ALISON AGÜERO DOOLEY

POST-DARDEN JOB: President, The SCORE Foundation

As a child, Alison Agüero Dooley (MBA ’15), whose parents emigrated from Peru just before she was born, spent her elementary school years in a Japanese immersion program. Knowing Japanese came in handy when she vacationed in Japan years later and became an extra in a made-for-television movie. After graduating from the University of Virginia in 2008 with a B.S. in systems engineering, the self-proclaimed “nerd at heart” joined Accenture’s IT Strategy practice in Washington, D.C. After graduation, Dooley joined Google’s gTech Ads division.

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THE DARDEN REPORT

PHOTOS: SAM LEVITAN

HOMETOWN: Herndon, Virginia FIRST JOB: Waitress at an American Café restaurant POST-DARDEN JOB: gTech Ads Division, Google

Born in rural Virginia, David Bobbitt (GEMBA ’15) was the first person in his family to attend college. He was a Jefferson Scholar at the University of Virginia and later worked for then-United States Senator Chuck Robb. Since then, Bobbitt has led fundraising and strategy efforts to help found Florida Polytechnic University, the 12th public university in Florida, and to support the New York Genome Center in Manhattan, a new high throughput genomic sequencing and bioinformatics organization. Bobbitt, who is passionate about biomedical research, LGBT rights, higher education and entrepreneurship also became a new father during his time at Darden.

MARGARITA SAITGAZINA HOMETOWN: Kishinev, Moldova FIRST JOB: Ballroom dance tutor POST-DARDEN JOB: Strategy Consultant, Accenture

Rita Saitgazina (MBA ’15), a competitive ballroom dancer for more than 10 years, had one wish as a young child: She dreamed of seeing Aerosmith perform live in concert. When she relocated to the United States, that dream came true, and so did another one: earning a marketing degree at the University of Minnesota. Postcollege, Saitgazina worked at Delta Air Lines as a Six Sigma Black Belt. This summer, she moved to Atlanta, Georgia, with her husband, Maks (profiled below), to pursue her interest in project management at Accenture.

MAKSIM SAITGAZIN

PHOTO: ANDREW SHURTLEFF

HOMETOWN: Chelyabinsk, Russia FIRST JOB: Pizza delivery driver POST-DARDEN JOB: Corporate Strategy Division, Kimberly-Clark Corporation

Twelve years ago, Maks Saitgazin (EMBA ’15), who is from Chelyabinsk, Russia (“think Siberia,” he says), came to the United States on a work and travel program with $500 in his pocket and “about as many English words in my vocabulary.” He left Russia before finishing college, so when he arrived in the U.S., he worked a lot of jobs so he could finish his degree at the University of Minnesota. After college, he joined Kimberly-Clark Corporation, where he designed and pitched a new product — the single-pouch hand sanitizer. The product was commercialized under the Kleenex brand. Saitgazin returned to Kimberly-Clark Corporation in Atlanta after graduation and hopes to use his innovative mindset to start a financial consulting business in the future.

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PHOTOS: STACEY EVANS, ANDREW SHURTLEFF, SUSAN WORMINGTON

REUNION WEEKEND

24–26 April

2015

32

THE DARDEN REPORT

CHARLES C. ABBOTT AWARD

Prudential CEO Strangfeld Awarded Top Alumni Honor

J

ohn R. Strangfeld Jr. (MBA ’77) has a passion: supporting veterans of the American Armed Forces as they transition into civilian professional careers.

His achievements recruiting talented military officers to Darden and supporting them while enrolled, including establishing the John and Mary Kay Strangfeld Military Scholarship Fund in 2005, were key in the School recognizing Strangfeld with the highest honor it bestows on alumni: the Charles C. Abbott Award. The award is presented annually to a graduate of the Darden MBA program or The Executive Program for outstanding contributions of time, energy and talent.

Strangfeld, who has served for 12 years as a member of the Darden School Foundation Board of Trustees, including two as president, said he finds Darden’s mission the most motivating factor driving his commitment to the School. His decadelong effort to support military veterans has opened Darden up to — and allowed the School to benefit from — a previously untapped group of high-caliber military leaders.

“This was a group of people who were particularly well suited [to transition] from successful leadership roles in military life to successful leadership roles in business life through an MBA at Darden,” said Strangfeld, chair and CEO of Prudential Financial Inc. Thanks to his efforts, 20 to 30 military students enroll at Darden each year.

From left: Dean Bob Bruner; Karen Edwards, chair of the Alumni Association Board of Directors; Mary Kay Strangfeld; John R. Strangfeld Jr.; Dean Designate Scott Beardsley; and Michael Woodfolk, senior executive director of engagement strategies.

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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.

Thomas G. Allen (MBA ’66) Richard C. Chewning (MBA ’58) Col. James L. Fowler (MBA ’60) Wilson B. Garnett (TEP ’58) Glenn Ireland II (TEP ’58) Roy A. Johnson Jr. (TEP ’78) Horry H. Kerrison Jr. (MBA ’90) Barry D. Koval (MBA ’70) Leroy O. Lochmann (TEP ’76) N. Tucker Mattox (TEP ’71) Clifton S. Miller Jr. (MBA ’58) Robert L. Miller (TEP ’76) Svetlana Shepelin Shtivelband (MBA ’11) James B. Sommers (MBA ’64) J. Larry Tignor (TEP ’92)

34

THE DARDEN REPORT

ALUMNI NEWS

Be Part of the Sauce MICHAEL J. WOODFOLK (TEP ’05) Senior Executive Director, Engagement Strategies What is the recipe for Darden’s secret sauce? Don’t you wish we could write down that recipe and bottle what it is that makes Darden special? But we can’t.

You can only feel it, and you know when you do.

More than 800 alumni returned to Darden Grounds in April to celebrate Reunion among classmates and faculty. Reunion committee volunteers are critical to this success, spending hours reaching out to friends to encourage their attendance. The Class of 1965, celebrating their 50th Reunion, had 35 percent attendance, a 76 percent increase over five years ago and the most classmates together in more than 30 years. The 2010s, at their five-year celebration, had nearly 53 percent attendance, an 81 percent increase over their one-year reunion — that’s a remarkable 170 classmates!

Those classes and all the ones in between make Darden better by bringing their energy and passion back to the School, and Darden back to their business. Thank you for making Darden a priority in your spring schedule; we are grateful for you.

On the other side of the world and a couple of weeks later, alumni, faculty and students gathered in China for the Shanghai Investing Summit and the Global Leadership Forum for the fourth year running. It is always our great pleasure to take Darden on the road … to tell the Darden story beyond the walls of Charlottesville.

We are eager for more people to experience the secret sauce. Not just you — our alumni — but also your friends, your families and your colleagues. The Office of Engagement Strategies launched a Friends & Families program this fall with an event and case discussion with Professor Bobby Parmar so that parents and partners could truly experience Darden. It’s simple: We need more people to share the story, help build Darden’s brand, recruit Darden graduates and speak with current students. In return, and going forward, your friends and family will have an opportunity to experience the secret sauce at regional events with world-renowned faculty, at conferences and through Darden’s content like Ideas to Action.

Get in touch. Tell us how you want to be involved. Tell us about a friend or family member who wants to get to know Darden a little better. Be part of the sauce. We’re all better for it.

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PHOTO: ANDREW SHURTLEFF

Alumni Profile

KAREN EDWARDS (MBA ’84)

Cultural Curiosity Leads to Successful Consulting Career

A

s an undergraduate at Carleton College, Karen Edwards (MBA ’84) began her future career in finance in an unusual way: as a French language and literature major.

“I wanted to go to France,” said Edwards, whose parents moved to Germany

while she was in college. “Majoring in French literature seemed like the easiest way to get there.”

Thirty years later, the chair of the Darden School Alumni Association Board of Directors

and CEO of Kosiba Edwards Associates cites her curiosity about other cultures as key to her success.

“As an investment banker, I was always fascinated to learn about different companies and cultures and what made them successful,” said Edwards. “If I had to raise capital or do a merger, I wanted to hear what made a particular company unique and valuable.”

Today, Edwards serves on public company boards as well as consults in strategy and finance for privately held companies. “I feel very fortunate to have benefitted from participating in a capitalist society, and part of how I think I can give back is serving in a director capacity to make sure that we continue to have trust in our corporations and institutions,” she said.

Edwards’ initiation into the value of capitalist leadership began when she enrolled to earn her long-awaited MBA in 1982.

“I decided it was time to go and learn all the things I felt I needed to know to be better as a stockbroker,” said Edwards. “I remember going into my first day of class, and on my left I saw a CPA with a briefcase full of sharpened pencils. On my right was a nuclear engineer with ‘log-log’ paper. He always used to nudge me and get me to speak up in finance class.”

After graduation, Professor John Colley introduced Edwards to Tom Duke (MBA ’71), who hired her to perform business valuations for savings and loan institutions at Trident Financial Corporation.

Edwards’ family has flourished in tandem with her career. Her oldest daughter was just nine months old when Edwards was recruited to create the investment bank at Friedman Billings Ramsey. Two decades later, she said she still works “with the hope that my children and grandchildren can benefit from the freedom I have enjoyed throughout my career.”

— Elizabeth Derby 36

THE DARDEN REPORT

PHOTO: STEPHANIE GROSS

Alumni Profile

LOWELL SIMMONS UKROP (MBA ’89)

I

Former Engineer Follows Passion to Nonprofit

n 1987, Lowell “Lilo” Simmons Ukrop (MBA ’89) was a few years out of college, working as a reservoir engineer for Exxon in New Orleans. But she was looking to do more than mechanical engineering. “At the time, women in engineering were kind of pigeon-holed,” she said. “I knew if I wanted to grow as a leader, I had to find another path.”

Darden, Ukrop said, was life-changing. “I came in relatively unprepared, but was immediately embraced by the community. There was always the sense that the faculty — particularly, for me, Professors John Colley, Elliott Weiss and Bob Bruner — wanted us to succeed.”

Ukrop gravitated toward classes in operations, strategic analysis and planning, and after graduation she got a job in strategic planning and market development at the Tredegar Corporation in Richmond, Virginia. After marrying a Darden classmate, Scott Ukrop (MBA ’89), and starting a family, she shifted her focus to nonprofit work.

As senior warden at St. James Episcopal Church in Richmond, Ukrop led a $10 million capital campaign. She later served on a variety of boards, including St. Christopher’s School, Westminster Canterbury Foundation and the Virginia Museum of Fine Arts, helping with strategic and financial planning.

Ukrop has opened a downtown deli called Fresh Express and started a residential design services company and several real-estate related companies with her husband, but she has always been the most passionate about her work in the nonprofit sector. “I felt like I could do more as a leader and make more of an impact in the nonprofit world,” said Ukrop.

Now that their children are grown, Ukrop and her husband have gotten more involved with Darden. The couple supported the Robert F. Bruner Dean’s Fund for Faculty Excellence and recently hosted a dinner for Richmond alumni, which will become an annual event.

“At the heart of it, the Darden community’s like family to me,” Ukrop said. “I think that’s why my husband and I are excited to be re-engaged there. It’s important to help Darden so that it remains relevant for the next 50 years. It’s made such a difference in our lives, and we want to help Darden continue to foster lives of service and leadership in the future.”

— Laura Longhine

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PHOTO: RAFAEL WOLLMANN

Alumni Profile

AGUSTÍN OTERO MONSEGUR (MBA ’06)

A

Sailing the Winds of Change in Argentina

s an incoming member of Darden’s Global Advisory Council, Agustín Otero Monsegur (MBA ’06) champions Darden in South America, especially in Argentina.

“Darden is probably one of the best kept secrets in the world,” said Monsegur.

“We have a mission to make the secret known. We need to get Darden more in touch with South America. We need to make management in South America to have a global perspective and adopt modern management techniques.”

Monsegur, who was born in Buenos Aires, discovered Darden through friends who had attended the School. “They counseled me and my wife to visit Darden,” he said. “We fell in love with it at a glance. My wife said there was no better place to be a student than at Darden because of the way the Darden community spirit works. It’s a transformational experience.”

Monsegur, who now runs Humus Capital — a private equity fund based in Buenos Aires — is also a member of the boards of SA San Miguel, Ganagrin SA and Nutrifrost SA. He credits Darden for teaching him how to perform under pressure.

The 38-year-old advises American investors that his native country is ripe for investing. “I think it is possible to do good business in Argentina. But connecting with a savvy, local partner is the key to being successful in South America, especially Argentina,” he said.

Though Argentina is beset by debt and inflation woes, Monsegur noted that the country will start a new path to stabilization. “Moods are changing, and all of the prospective presidential candidates are looking to go back to the international markets,” said Monsegur, who co-founded Argentina Debate, a nonprofit organization that aims to bring the first presidential debate in Argentina to life. It was formed by politicians, businessmen, labor unions, members of the media and academics in Argentina along with international organizations such as the National Democratic Institute from the U.S. “The election will have a major impact on how the economy is being handled, and therefore it’s crucial to know the candidates’ plans. This will open the opportunity window for a country that’s been out of market for the last 12 years.”

Those years, Monsegur admitted, have been difficult. “It’s been hard, and to have some wind of change is definitely good news.”

Monsegur and his wife, Maria Miguens, have four children: Nicolas, 11; Luisa, 8; Violeta, 5; and Beltran, 2.

— Carlos Santos

38

THE DARDEN REPORT

Inviting Darden Alumni and Their Companies to Make Boar’s Head the Venue for Their Next Corporate Meeting.

Call 855.477.9348 or e-mail meet@boarsheadinn.com today.

BOARSHEADINN.COM Owned and Operated by the University of Virginia Foundation

C ountry L i ving i n Vi rginia

QUAIL RIDGE - Spectacular custom brick manor with the finest of materials throughout, including custom millwork and beautiful reclaimed pine floors, spacious rooms and exquisite finishes. 98 gently rolling acres with views of the Blue Ridge Mountains and Mechums River frontage.

Ideal country property for equestrians with indoor and outdoor arenas, a newly built barn, and numerous paddocks just west of Charlottesville.

Frank Hardy 434.296.0134

HUNT COUNTRY LANE - One of a kind contemporary home off Garth Road. 21 acres of rolling hillside with water views. Elegantly landscaped and private. Brick home features an open floor plan with vaulted ceilings, arched entryways and carved wood railings. 1st floor master suite and full finished basement with home office and dark room. Kitchen features granite island, custom colored Birch cabinets and Viking range. Ann Hay Hardy 202.297.0228

RED

UC

ED

CLIFTON, c. 1782 - A setting of mature trees and landscaping is home to this historic gem. Meticulously updated and restored, Clifton provides modern convenience while maintaining a perfect blend of history and charm. Equestrian enthusiasts will love this property with 260 acres, a wellappointed 13 stall stable, outdoor riding ring and great pastures for turnout as well as other outbuildings. Frank Hardy 434.296.0134

BLANDEMAR FARM ESTATES - Stately brick home in Albemarle County. 25 acres with pond. Over 8000sf, with formal limestone foyer, 1st floor master suite, and fully finished basement. Copper guttering, mahogany thresholds and custom moldings are just a few of the many details given to this Greer Associates built property. Ann Hay Hardy 202.297.0228

GLENDOWER - Classic Virginia estate on 525 acres south of Charlottesville with a handsome brick and slate manor; grand, spacious rooms, high ceilings, beautiful moldings and fireplaces.

Schoolhouse and historic guest cottage, c. 1776. Rolling pastures and woodland with streams. Frank Hardy 434.296.0134

FOX ACRES - Charming brick cape cod set in a picturesque country setting. Gently rolling pastoral and pond views. 6,800sf home with 5 bdrms and 7 bthrms. High vaulted ceilings and 1st floor master suite. Country style kitchen has granite island and wood beamed ceilings. Formal living and dining room, family room and library. The perfect country home, complete with pool and artist studio. Ann Hay Hardy 202.297.0228

Frank Hardy, Inc. is pleased to announce it has joined the Sotheby’s International Realty® network, representing distinctive properties in Virginia. Frank Hardy, Inc. will now be doing business as Frank Hardy Sotheby’s International Realty.

Frank Hardy Sotheby’s International Realty serving two locations in Virginia: Charlottesville 434.296.0134

Piedmont 540.672.3903

frankhardy.com © MMXV Sotheby’s International Realty Affiliates LLC.All Rights Reserved. Sotheby’s International Realty® is a licensed trademark to Sotheby’s International Realty Affiliates LLC.An Equal Opportunity Company. Equal Housing Opportunity . Each Office Is Independently Owned And Operated. Breton Landscape, used with permision.

JAMES W. FAULCONER

434.981.0076 cell | 434.295.1131 office jfaulconer@mcleanfaulconer.com

JAMES RIVER

$1,295,000

Charming c. 1920 5BR farmhouse, pool, guest cottage, 118 acres, elevated land percfect for animals or vineyard, plus bottomland & long frontage on James River.

Very scenic, private, mt. views.

CAAR MLS# 507998

SPOTSWOOD

$2,950,000

THE CHIMNEYS

$7,250,000

IVY FARMS

$1,295,000

Magnificent 300 acre estate at base of Blue Ridge Mountains, fabulous views, 9,000 sq.ft. residence, 2 guest homes, 2 barns.

Additional information available, please visit: www.thechimneysfarm.com

Classic Virginia Georgian home privately situated tranquil 72 acre setting. Pastures, woods, trails, streams, mountain views only 8 miles from town. Spacious residence, excellent condition, with contemporary fresh flair throughout. Beautifully appointed guest home, 3-stall stable and paddocks.

CAAR MLS# 525850

CEDAR SPRING

$2,479,000

European -style home, private, park-like setting, 5 acres, large pond, 3.5 miles west off Garth Road. Over 5,600 finished sq.ft., numerous covered and open porches and terraces, guest cottage. PRICED TO SELL!

36 ac. luxurious country estate, panoramic Blue Ridge view, river frontage. Highest quality design, craftsmanship & materials. Currently a home & country inn, ideal as a spacious, managable home in pastoral setting.

CAAR MLS# 529174

CAAR MLS# 529384

ROUND HILL FARM

THE GLEN

$4,500,000

$7,950,000

Exquisite 120 acre Virginia estate, extremely convenient location near Charlotesville. Superb c. 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 hikinng trails. Panoramic views of the Blue Ridge Mountains & frontage on the scenic Rivanna Reservoir.

400 acre farming estate in a lovely protected Blue Ridge Mountain setting, next to Park, completely updated farmhouse, lake, barn, one of the most picturesque farms you will ever see!

CAAR MLS# 529868

ACOURT $1,495,000

Charming 6 bedroom restored residence, circa 1795, 171 acres near Shenandoah National Park and Blue Ridge, fronts upper Rapidan River (trout stream). Superb offering!

CAAR MLS# 520773

$1,395,000

Panoramic Blue Ridge view & water view from this meticulously maintained 5 BR luxury home. Private 21 acre hilltop sanctuary, heart of Farmington Hunt Country, 10 miles NW of Charlottesville.

CAAR MLS# 529756

RAPIDAN RIVER

STONE HILL

$2,595,000

French inspired, custom designed, stone residence, tucked away inconspicuously on over 20 completely fenced acres.

Copper covered turrets, blue stone porches and terraces add an additional organic feel to the rugged, yet elegant, exterior.

Inside there are many beautiful custom designed features.

CAAR MLS# 530692

AVENTADOR

$4,250,000

Magnificent Georgian home with over 10,000 finished sq. ft., 6 BR, 6 full & 3 half baths, main level master, eat-in kitchen.

Guest home & 100 acres with panoramic pastoral & mountain views.

CAAR MLS# 517436

WWW.MCLEANFAULCONER.COM

STEPHEN T. MCLEAN

434.981.1863 cell | 434.295.1131 office smclean@mcleanfaulconer.com

BLOOMFIELD ROAD

$2,595,000

KESWICK ESTATES

Impressive 7,400+ sq.ft. brick home sited on 21 acres, minutes west of Charlottesville & UVA. 4BR/5.5BA, timeless architectural details, 12’ ceilings. Magnificent pastoral & Blue Ridge Mountain views!

CAAR MLS# 524788

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. 6BR/5.5BA, heart pine flooring, 5 fireplaces, stunning kitchen, library, wine celler & so much more.

$1,825,000

Exquisite English Country home on 2.5 acres with lovely views of the golf course & mountains in the distance. Architecturally designed 7000+ sq.ft. residence with highest quality materials & workmanship.

CAAR MLS# 451592

CAAR MLS# 530390

BRADFORD HALL

$2,695,000

IVY CONTEMPORARY

Magnificent 180-degree Blue Ridge Mtn views abound from this wonderful 93 ac. estate nestled in the heart of Farmington Hunt Country. Quality-built brick home, bucolic setting, streams & pond.

$1,895,000

Distinct Shank & Gray designed contemporary offers bright open interior spaces, game room, tennis court, spectacular sunsets & breathtaking Blue Ridge views ideal for families & entertaining.

CAAR MLS# 528477

CAAR MLS# 520463

FARMINGTON

$2,850,000

Elegant 4BR brick home, over 6,700 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, wonderful porch overlooking beautifully landscaped grounds, pool and golf course.

INGLECRESS

$1,048,000

CAAR MLS# 532683

UNIVERSITY AREA

CAAR MLS# 529146

CAAR MLS# 529193

OLD WOODVILLE WALK ABOUT FARM

$1,975,000

180+ gently rolling acres in the heart of Batesville. Quality-built 4,900 sq.ft. residence, 5BR, great family room w/FP. Bucolic setting, gorgeous mtn. views, creeks & frontage on Mechums River.

CAAR MLS# 526238

$839,000

Classic residence just off Rugby Road and three blocks from the Rotunda. There is an adjacent cottage and small apartment for guests, home office or rental income. Private yard with lovely and mature gardens.

Beautiful brick residence on 3.27 parklike acres, minutes west of Charlottesville.

Over 4,400 finished sq.ft., 4BR, 3.5BA, 1st floor master & Florida room offering spectacular Blue Ridge Mountain views.

$3,300,000

Being offered for sale for the first time in over 75 years, this magnificent 166+/- acre historic estate includes a timeless c.

1796 main residence w/original details, pool, guest cottage, barns, equipment storage & other outbuildings. Picturesque setting, rich farmland, 5-acre lake.

CAAR MLS# 529026

CHESTNUT HILL

$885,000

Perched on a knoll, this character-rich 3-4 BR home, with c. 1800 log addition, enjoys privacy & dramatic views of the Blue Ridge Mtns.

Quality craftsmanship, heart pine flooring, stone fireplace. Tranquil setting, 28 ac., streams.

CAAR MLS# 528425

WWW.MCLEANFAULCONER.COM

As Life Members,

AN ONNGROUNDS HOTEL AND CONFERENCE PROPERTY e Inn at Darden is home to 177 charming guest rooms and is ideally located near the John Paul Jones arena, University of Virginia Athletic Facilities and Barracks Road Shopping Center. e Inn at Darden is also a premier wedding destination with venue and reception facilities, along with a world-class culinary team to create an unforgettable experience.

ALUMNI SAVE 15% o current rates (Based on Availability)

+1-434-243-5000 www.innatdarden.com

INN AT DARDEN | 100 DARDEN BOULEVARD | CHARLOTTESVILLE, VA 22903

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

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

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

Leader Level ($10,000+) Accenture Deutsche Bank J.P.Morgan Chase & Co. United Technologies Corp.

Wells Fargo Securities

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

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

SPRING/SUMMER 2015

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

LEADERSHIP BOARDS 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 1 June 2015)

New Members Elected to the Darden School Foundation Board of Trustees (beginning 1 July 2015) Charles R. Cory (MBA/JD ’82) Chairman of Global Technology Banking, Morgan Stanley & Co. Inc. Jennifer McEnery Finn (MBA ’00) Vice President of Marketing Operations, Capital One Financial Corporation John D. Fowler Jr. (MBA/JD ’84) Vice Chair of Investment Banking, Wells Fargo Securities LLC Peter M. Grant (MBA ’86) Founding Partner, Anchormarck Holdings, LLC J. Byrne Murphy (MBA ’86) Chairman and Co-Owner, DigiPlex Group Companies Shannon G. Smith (MBA ’90) President & CEO, Abundant Power Ex-officio Members Michael J. Balay (MBA ’89) Head of Global Strategy, Cargill Inc. Ro King (MBA ’91) Managing Director, K&B Fund Jerome E. Connolly Jr. (MBA ’88) Executive Director, Nomura Securities International

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THE DARDEN REPORT

W.L. Lyons Brown III (MBA ’87) Altamar Brands LLC Robert F. Bruner* Dean, University of Virginia Darden School of Business Susan J. Chaplinsky (Faculty) University of Virginia Darden School of Business G. David Cheek (MBA ’79) The Meridian Group James S. Cheng (MBA ’87) New Richmond Ventures VN Dalmia (MBA ’84) Dalmia Continental Pvt. Ltd. Karen K. Edwards (MBA ’84)* Kosiba Edwards Associates Louis G. Elson (MBA ’90) Palamon Capital Partners LLP Arnold B. Evans (MBA/JD ’97) SunTrust Robinson Humphrey John Fowler Jr. (MBA/JD ’84)* Wells Fargo Securities LLC Catherine J. Friedman (MBA ’86) Independent Consultant Donald W. Goodman (MBA ’84) Retired, The Walt Disney Company Kirsti W. Goodwin (MBA ’02) Gordon Grand III (MBA ’75) Russell Reynolds Associates Inc. Ned Hooper (MBA ’94) Centerview Capital Robert J. Hugin (MBA ’85) Celgene Corporation Martina T. Hund-Mejean (MBA ’88) MasterCard Worldwide William I. Huyett (MBA ’82) McKinsey & Company Philip W. Knisely (MBA ’78) Clayton, Dubilier & Rice Lemuel E. Lewis (MBA ’72) Local/Weather.com Nicole M. Lindsay (MBA ’99/JD ’00) ZOOM Foundaton

Elizabeth H. Lynch (MBA ’84) Evercore Luann J. Lynch (Faculty) Darden School of Business Jonathan D. Mariner* Major League Baseball Carolyn S. Miles (MBA ’88) Save the Children Douglas T. Moore (MBA ’80)* Med-Air Homecare Michael O’Neill (MBA ’74) Citigroup Richard M. Paschal (MBA ’89)* Coach Inc. Zhiyuan (Jerry) Peng (MBA ’03) Tranlin Inc. Scott A. Price (MBA/MA ’90) Walmart Stores Inc. Admiral Gary Roughead Stanford Hoover Institution Frank M. Sands Sr. (MBA ’63) Sands Capital Management Frank M. Sands Jr. (MBA ’94) Sands Capital Management Richard P. Shannon, M.D.* University of Virginia John Simon* Executive Vice President and Provost, University of Virginia Henry F. Skelsey (MBA ’84) 3QU Media LLC Susan Sobbott (MBA ’90) American Express John R. Strangfeld Jr. (MBA ’77) Prudential Financial Inc. Teresa A. Sullivan* President, University of Virginia George S. Tahija (MBA ’86) PT Austindo Nusantara Jaya (ANJ) Bruce R. Thompson (MBA ’90) Bank of America William P. Utt (MBA ’84) Retired, KBR Inc. Thomas R. Watjen (MBA ’81) Unum Group Roger L. Werner Jr. (MBA ’77) Outdoor Channel Holdings Inc. *Ex-Officio Trustees

ALUMNI ASSOCIATION BOARD OF DIRECTORS CHAIR Karen K. Edwards (MBA ’84) Kosiba Edwards Associates PRESIDENT Douglas T. Moore (MBA ’80) Med-Air Homecare Kristina M. Alimard (MBA ’03) University of Virginia Investment Management Company George (Yiorgos) Allayannis (Faculty) University of Virginia Darden School of Business Keith F. Bachman, CFA (MBA ’89) Bank of Montreal Christine Piorkowski Barth (MBA ’94) Harren Equity Partners LLC Jerome E. Connolly Jr. (MBA ’88) Nomura Securities International Richard P. Dahling (MBA ’87) Fidelity Investments Heidi L. Davies (MBA ’15) Darden Student Association Christian Duffus (MBA ’00) LEAF College Savings LLC Jonathan D. England (MBA ’06) J.P. Morgan & Company Inc. Warren F. Estey (MBA ’98) Deutsche Bank Securities Michael J. Ganey (MBA ’78) House-Autry Mills Inc. Owen D. Griffin Jr. (MBA ’99) Dominion Enterprises 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 Jay M. McDonald (MBA ’71) Middleton McDonald Group Inc. Melissa M. Monk (EMBA ’08) Equifax Inc. Betsy M. Moszeter (EMBA ’11) Green Alpha Advisors Nikhil Nath (MBA ’00) Macquarie Capital Advisors Shelley S. Reese (MBA ’08) Booz Allen Hamilton Elvis Rodriguez (MBA ’10) Interactive Data Abby A. Ruiz de Gamboa (MBA ’04) Deloitte Consulting LLP

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

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

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

GLOBAL ADVISORY COUNCIL CHAIR Scott A. Price (MBA/MA ’90) Walmart Stores Inc. CO-VICE CHAIR Zhiyuan (Jerry) Peng (MBA ’03) Tranlin Inc. CO-VICE CHAIR Ro King (MBA ’91) K&B Fund

Ed Casey (MBA ’84) Serco Inc. Jim Chapman (MBA ’00) Dominion Resources Halsey Cook Jr. (MBA ’91) Sonepar USA VN Dalmia (MBA ’84) Dalmia Continental Pvt. Ltd. Louis G. Elson (MBA ’90) Palamon Capital Partners LLP Clelland Peabody Hutton (MBA/JD ’75) Ajia Partners Cave Richard K. Loh (MBA ’96) Ploh Group Pte. Ltd. Elie Maalouf (MBA ’89) McKinsey & Company Anton Periquet (MBA ’90) Pacific Main Holdings, Camden Hill Group Vincent Rague (MBA ’84) Catalyst Principal Partners Fiona Roche (MBA ’84) Estates Development Co. Pty. Ltd. Adelaide Development Co. Henry F. Skelsey (MBA ’84) PRC Venture Partners LLC Erik Slingerland (MBA ’84) Egon Zehnder International Gmbb.

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

CORPORATE ADVISORY BOARD CHAIR John Fowler Jr. (MBA/JD ’84) Wells Fargo Securities LLC VICE CHAIR Richard M. Paschal (MBA ’89) Coach Inc. Michael Balay (MBA ’89) Cargill Inc. Helen Boudreau (MBA ’93) FORMA Therapeutics Mark Bower (MBA ’02) Bain & Company Ray Butler Danaher Corp.

Kevin Clark (MBA ’01) Amazon David Couture (MBA ’95) Deloitte Consulting LLP

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

SPRING/SUMMER 2015

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20

MICHAEL O’NEILL (MBA ’74)

F

or more than two decades, Michael E. O’Neill (MBA ’74) has been a leading C-suite executive at some of the world’s most prestigious banks, including Citigroup Inc., Barclays and Bank of America. He currently serves as chair of the board of Citi, a role he has held since 2012. He was elected to the board in 2009, and during his tenure, he has served on numerous committees.

Prior to joining Citi’s board, O’Neill was chair and CEO of Bank of Hawaii Corporation from November 2000 to September 2004. He was elected CEO of Barclays PLC in February 1999, but resigned shortly thereafter due to an illness from which he has completely recovered.

O’Neill was vice chair and CFO of Bank of America in San Francisco from 1995 to 1998 after he served as CFO of Continental Bank for two years. After graduating from Princeton University in 1969, O’Neill served in the Marine Corps from 1969 to 1972.

O’Neill is on the advisory board of FTV Capital Partners, a private equity firm, and he is a trustee of the Honolulu Museum of Art. He also serves on the Darden School Foundation Board of Trustees.

MICHAEL PARAS

Questions With

What was your first job?

The summer after my freshman year in high school, I was a very ineffective janitor in a garden apartment development.

What’s the best advice you have ever received?

Lead a well-balanced life, and smell the roses along the way. I haven’t followed it.

Do you prefer numbers or words?

I’ve always preferred words. I was terrified at the prospect of “Quantitative Analysis” when I entered Darden. Fortunately, my professor Curt Tompkins took pity on me (and several other classmates who’d been liberal arts majors).

What motivates you?

My career has consisted principally of workouts and restructurings. I like getting involved in situations that more sensible people avoid.

When and where do you do your best thinking?

Just after waking up, and after exercising.

What’s your current state of mind?

Hopeful.

What are you reading these days?

I just finished The Storied Life of A.J. Fikry and am now plowing through Trent, an historical account of the Council of Trent.

What technology can you not live without?

Apple products, although I’ll pass on the iWatch.

What’s your motto?

Good plans lead to good outcomes.

How do you deal with conflict?

Directly.

What characteristics do you look for in people?

Intelligence, commitment and integrity. A sense of humor is not essential but is certainly a plus.

48

THE DARDEN REPORT

How do you measure success?

Fleetingly. I don’t bask in my accomplishments.

I find it more productive to analyze my failures.

How do you unwind?

Through exercise and art collecting.

What is your favorite cause?

My wife, Trish, has been involved in the Future Light Orphanage in Cambodia for three decades.

We sponsor promising graduates of the orphanage at the University of Hawaii.

If you could live anywhere, where would it be?

Having lived in more than 20 cities, there’s no one place we’d want to live in exclusively. Our favorites are London, Hong Kong, New York and Honolulu.

What do you lose sleep over?

Where do I begin!

Who’s your favorite action hero?

Manu Ginobili.

What’s your favorite food and beverage?

A good red wine with a nice steak or roast duck is hard to beat.

Which class at Darden impacted you the most?

“Sales Force Management” taught by Dan Newton. I learned two principles in the course that have served me well: One, nothing happens in business until somebody sells something and, two, getting incentive plans right is crucial, as poor ones drive aberrant behavior and unintended consequences.

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

Whenever I’ve confronted problems that require an integrated approach to their resolutions, I’ve applied methods I learned at Darden. Forty years on, I still remember actual cases we studied in business strategy and the important takeaways.

Annual Fund

YOUR DARDEN Dean Robert F. Bruner

2015

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

During his decade as dean, one of his top strategic priorities has been to build a financial resource base that will enable Darden to fulfill its aspirations. Your contributions or multi-year pledge to the Darden Annual Fund will honor the dean’s service, celebrate his impact and extend his legacy.

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

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

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

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

S AV E T H E D AT E

Change Service Requested

REUNION WEEKEND

2016

29 April–1 May