Darden Report Summer 2016

UNIVERSITY OF VIRGINIA DARDEN SCHOOL OF BUSINESS

Summer 2016

T HE DARDEN REPORT

A CAPITAL VISION Darden Expands Presence in DC Area

SILICON VALLEY PIONEER WINS UVA’S HIGHEST HONOR

MEE T UNDER ARMOUR’S NEW CFO

GRADS RANK TOPS FOR EMPLOYMENT SUCCESS SUMMER 2016

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MY VISION IS THAT DARDEN ACHIEVES THE FULL POTENTIAL OF ITS MISSION TO IMPROVE THE WORLD

BY DEVELOPING AND INSPIRING RESPONSIBLE LEADERS AND

BY ADVANCING KNOWLEDGE.” — Dean Scott Beardsley

The Darden Annual Fund empowers Darden to reach the full potential of its mission so that our students, faculty and alumni can reach their full potential.

Through giving, Annual Fund donors support the world’s best education experience (The Economist, 2011–15) by providing unrestricted funds that benefit four top priorities: Scholarships, Faculty and Research, Curriculum and Technology Innovation, and Global Experiences.

Darden can make essential progress on these priorities with your help achieving the 2016 Annual Fund goals of $5.5 million and 50 percent alumni participation.

Make a gift today at alumni.darden.edu/givenow 2

THE DARDEN REPORT

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

From the Editor The Darden Report is published twice a year by the University of Virginia Darden School of Business Office of Communication & Marketing P. O. Box 7225 Charlottesville, Virginia 22906-7225 USA communication@darden.virginia.edu Scott Beardsley Dean and Charles C. Abbott Professor of Business Administration Locke Ogens Senior Executive Director, Darden School Foundation and Strategic Relations Juliet Daum Executive Director, Communication & Marketing Editors: Jay Hodgkins, David Hendrick Designer: Susan Wormington Class Notes Editors: Shaele Culbreath, Jenny Paurys Photography: Charles Barry, Ian Bradshaw, Ladi Carr, Stacey Evans, Stephanie Gross, Jared Soares, Sam Levitan, Sean Pavone, Andrew Shurtleff Cover Photo: Shutterstock/Orhan Cam

The Darden Report is published with private donations to the University of Virginia Darden School Foundation. © 2016 Darden School Foundation Summer 2016 Volume 43, No. 2

Darden Follows Jefferson’s Footsteps to Washington, DC

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he connection between UVA and Washington, D.C., starts — as is so often the case — with Thomas Jefferson. UVA’s founder served as then-President George Washington’s second in command in all matters concerning development of the capital, and the original copy of Pierre Charles L’Enfant’s design of the new capital city (depicted above) still includes faint notes from Jefferson.

Jefferson later became the first president inaugurated in Washington, D.C., and lived there throughout his presidency. Following in his footsteps more than 200 years later, Darden is also taking up residence on the banks of the Potomac River while maintaining its home in Charlottesville. Following years of study and preparation, Darden officially announced the launch of a D.C. area cohort for the Executive MBA earlier this year (“Capital Idea,” Page 14).

With more than 1,500 alumni, the D.C. area represents Darden’s largest concentration of graduates. Darden Executive Education and the School’s research Centers of Excellence provide a steady stream of programming in the area.

It’s also a valuable source of student talent for the MBA program.

With such a strong bond, the table was

set for Darden to make a move into its neighboring global gateway. Now it’s time to unwrap all of the work Darden has done to become a fixture in the D.C. area. It’s time to show why Washington, D.C., isn’t just for lawyers, politicians and bureaucrats. It’s a hotbed of entrepreneurial activity, a hub of business and a vibrant public policy ecosystem.

The cover story in this issue of The Darden Report showcases why the District merits a place as the centerpiece of Darden’s strategy, but there’s more to learn. The faculty has much to say about business and politics, as seen in our feature covering recent work from the likes of Dean Emeritus Bob Bruner, Professor Robert Carraway and Professor Kimberly Whitler. There’s a compelling feature about the Institute for Business in Society tapping into the world of policy inside the Beltway. There are also key people to meet like Professor Greg Fairchild, who will lead Darden’s efforts in the area, and local alumni.

Add it together, and the depth of Darden’s reach in Washington, D.C., might delight and surprise even the most engaged alumni.

Hopefully, it will have you dreaming of all the possibilities for what’s next.

SUMMER 2016

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THE DARDEN REPORT / SUMMER ’16 16

On the Potomac When Darden Executive MBA students step into the classroom for the first time in the School’s new facility on the banks of the Potomac River, it will mark the start of a new era for Darden in the Washington, D.C., area.

Professor Ron Wilcox leads a case discussion with prospective Executive MBA students in the Waterview building in Rosslyn, Virginia.

STAY CONNECTED

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

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A Policy of Partnership

Professors Eye Elections

Think private business and the public sector belong on opposite sides of the room? Think again. Professor Mary Margaret Frank shines a light on Darden’s role spurring multisector collaboration.

This election season, professors including Bob Bruner, Robert Carraway and Kimberly Whitler have kept their eyes on the intersections of politics and business in ways that might surprise.

News Briefs

Profiles

6 Awarding Innovation

24 Faculty Profile: Marc Lipson

7 Top Ranking for Employment

34 J. Byrne Murphy (MBA ’86), Digiplex and Kitebrook Partners

7 GivingToHoosDay Success 8 Student News 9 Faculty Appointments 10 Case in Point

35 Lawrence “Chip” Molloy (MBA ’95), Under Armour 36 Nicole Lindsay (MBA ’99/JD ’00), The Zoom Foundation

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34

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11 State of the School 12 2016 i.Lab Incubator 12 Awards and Accolades 13 Conference Round-up 14 Around the Globe

Alumni News 30 Reunion 2016 31 Abbott Award Winner 33 Alumni News, In Memoriam 44 Corporate Sponsors 45 Leadership Boards

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20 Questions: James Todd (MBA ’64) Over the past four decades, James Todd has worked as a real estate investor, developer and adviser. Learn more about what drives one of Darden’s Principal Donors.

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News Briefs A special dinner was held in the San Francisco Bay Area on 10 May to present Intel co-founder Gordon Moore with the inaugural Thomas Jefferson Foundation Medal in Global Innovation.

Gordon’s prediction that microchips made of silicon transistors would transform computing, making electronics powerful, cheap and accessible, has had a major impact on society.”

— Dean Scott Beardsley

AWARDING INNOVATION

Silicon Valley Pioneer Wins First Thomas Jefferson Foundation Medal in Global Innovation

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hen Intel co-founder Gordon Moore made a prediction about the exponential growth of computing power in the mid-1960s, he had no idea it would hold remarkably true for 50 years. “Moore’s Law,” as his prediction famously became known, has been a guiding principle for the electronics industry, been a springboard for innovation and spawned any number of corollaries for technology advancement in other industries.

For his pioneering work in semiconductor electronics that helped establish Silicon Valley and drive the digital age, Moore was awarded the inaugural Thomas Jefferson Foundation Medal in Global Innovation on 13 April by the University of Virginia and the Thomas Jefferson Foundation at Monticello.

Such medals are the highest honor bestowed by UVA, which awards no honorary degrees, at Jefferson’s bequest.

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THE DARDEN REPORT

“Gordon’s prediction that microchips made of silicon transistors would transform computing, making electronics powerful, cheap and accessible, has had a major impact on society,” Dean Scott Beardsley said. “He envisioned the replacement of clunky mainframe computers with sleek, new technologies that have led to global connectivity and groundbreaking tools, which have advanced the human experience.”

Moore recalled that his first silicon transistors sold for several dollars apiece. Now, he said, those same few dollars can buy a circuit with billions of transistors, representing a massive decrease in the cost of the building blocks of today’s electronics.

“That is the reason we have computers in everything, cell phones ubiquitously spread through society and many other electronic marvels,” Moore said. “It really has been a revolutionary

technology, and I have been happy to have been in a position to observe it as it developed.”

Reflecting on the medal he received, Moore quoted Jefferson as saying, “I am not of the school which teaches us to look back for wisdom to our forefathers. From the wonderful advances in sciences and the arts that I have lived to see, I am sure that we are wiser than our fathers, and that our sons — and daughters — will be wiser than we are.”

Moore hopes to see more technological booms like the one that he experienced.

“It is not over yet,” he said. “There are other technologies coming along today that offer similar kinds of opportunities. I would suggest that the students of today look at what is coming down the road as opportunities for significant innovation.”

The Thomas Jefferson Foundation Medal in Global Innovation, which is hosted by Darden, recognizes leaders who exemplify Jefferson’s principle that the creation and dissemination of knowledge and ideas will improve our world.

Darden Grads Get High Marks for Employment Success

880 GIFTS

$570K RAISED IN 24 HOURS

Darden Alumni Set Bar for UVA on GivingToHoosDay

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he U.S. News & World Report 2017 Best Grad School rankings of U.S. business schools show strong career success for Darden graduates.

Among the top 20 business schools, Darden ranked No. 1 for both the percentage of graduates employed at graduation and three months after. Among the Darden Class of 2015, 88.9 percent of graduates were employed at graduation and 95.3 percent were employed within three months after graduation.

Overall, the publication’s survey of 470 accredited U.S. schools ranked Darden No. 11, with the School advancing to No. 6 in the category of Management.

88.9% 95.3%

Darden alumni, faculty, staff, students and friends from around the globe led the field on UVA’s inaugural GivingToHoosDay 12 April, raising more than any other school at the University.

Through 880 gifts totaling $570,000, the Darden community set a school record for number of Darden Annual Fund gifts and dollars raised in a 24-hour period.

Due to the tremendous alumni support, the School won an additional $30,000 in challenge gifts from a $100,000 challenge pool established by UVA President Teresa Sullivan for: • First gift made on GivingToHoosDay (from a Darden donor in China) • Most gifts made by international alumni in an hour • Percentage of total gifts made to the University on GivingToHoosDay

EMPLOYED AT GRADUATION

• Percentage of total funds raised on GivingToHoosDay

EMPLOYED WITHIN THREE MONTHS OF GRADUATION

GivingToHoosDay was created as a way for the UVA community to come together for one common purpose: to celebrate the University through social media sharing and making gifts to support a favorite area.

SUMMER 2016

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News Briefs

STUDENT NEWS

IS CHINA IN A ‘BUNNY MARKET’?

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hat happens in China sends financial ripple effects across the globe. In the last 18 months, both a dramatic devaluation of China’s currency and a plunge on the Shanghai Stock Exchange sent shockwaves across the global capital markets.

To better understand what’s next for China’s volatile investing environment, Darden and the Pudong Institute of Finance on 13 May convened industry experts and practitioners for the third annual Shanghai Investing Summit and explored the theme, China: Finding Opportunities in an Uncertain Global Market.

Of the summit speakers and panelists, Richard Mayo (MBA ’68) perhaps said it best, quoting strategist James Paulsen: “Is this a bull market, a bear market or a bunny market? Like a bunny, it’s bouncing all over the place and going nowhere.”

Following the summit, Darden students and alumni gathered for a case discussion on Disney’s new theme park in Shanghai, led by Professor Elliott Weiss.

Case Closed: Darden Students Rack Up Competition Wins Darden students impressed this academic year with a series of wins in national and international B-school competitions, particularly flaunting their fluency in the case method in case-based competitions. Here’s a look at some of the accolades brought home by Darden students: ■ First place in the Deloitte National Case Competition, winning $20,000 in scholarship funds for devising the best growth strategy for the venture philanthropy fund New Profit ■ Anupam Singh (MBA ’16) was on a five-member team that won the IPADE Global Case Competition, taking home a $5,000 prize.

■ First place in case competitions sponsored by Amazon, E&J Gallo, Medtronic and Humana ■ Kristina Zambelli (Class of 2017) and Matt Loftus (MBA ’16) won the 2016 EDENS Retail Challenge for Rhoback, their line of active wear clothing.

School of Law students to take second place and $3,000 at the 2016 Game Day Sports Case Competition at UCLA. ■ Entrepreneur’s Choice award winners at the regional finals of the Venture Capital Investment Competition ■ Second place at the Morgan Stanley Sustainable Investing Challenge ■ Finalists in the Patagonia Eco Innovation Case Competition Missy Jenkins (MBA ’16)

■ Second place in the University of North Carolina Kenan-Flagler Marketing Case Challenge

Darden sets us up for success at case competitions because of the experience we have every day in the classroom.We are expected to prepare strategies for tackling real-life business problems, asked to collaborate with others to develop models and frameworks, and learn to feel comfortable sharing our opinions with those who may challenge our assumptions. If you think about it, every class session is a mini-case competition.”

■ Jerry Wang (MBA ’16) joined two UVA

— MISSY JENKINS (MBA ’16), part of a team that took third place at the 2015 Game Day Sports Case Competetion

■ Second place in the National American Bankruptcy Institute Corporate Restructuring Competition

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THE DARDEN REPORT

FACULTY APPOINTMENTS

New Faculty Leaders Take Reins Darden this spring announced the appointment of Professors Ron Wilcox, Paul Simko and Greg Fairchild to new positions on the faculty team guiding the MBA program as the School embarks on a series of enhancements, including the launch of the integrated executive formats of the MBA in the Washington, D.C., area.

From left, EMBA Class of 2016 students Brendan Miniter, Phillip St. Ours, Richard Livingston, Andrew Zasowski and Generra Peck.

EXECUTIVE MBAs LEAVE LEGACY THROUGH NEW STUDENT INVESTMENT FUND

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ecent graduates Phillip St. Ours (EMBA ’16) and Brendan Miniter (EMBA ’16) call the MBA for Executives (EMBA) experience a transformational one — a two-year program that has led to lifelong friendships, an expanded skill set and new professional opportunities.

As Miniter and St. Ours made the transition to Darden alumni, they and many of their Class of 2016 colleagues left their imprint on the Executive MBA by establishing a first-of-its-kind Executive MBA Student Investment Fund that aims to be a permanent addition to EMBA’s offerings.

The fund will be a practical outlet for professionals interested in researching investment opportunities, managing assets and trading, but it’s also an explicit attempt to more closely bind the students in the executive format to future EMBA classes and the Darden community as a whole.

“In your Second Year, you not only recognize the mark the MBA program is having on you, but also the drive to leave a mark on the program itself,” said St. Ours, a Charlottesville-based developer with a background in asset management. “Ten years from now, this will be a bridge to connect to the future cohort.”

St. Ours said he found broad support and enthusiasm when pitching the idea to his

EMBA colleagues, with a majority quickly expressing interest in the concept. Professor Ron Wilcox, then serving as associate dean of EMBA, alerted the group to endowment funds from the EMBA Classes of 2008 and 2010 earmarked for innovation in the EMBA program and tasked the group with forming an independent study group to formulate the nuts and bolts of such an offering.

Eventually, the group settled on what seemed like three reasonable goals for the investment fund to achieve before the 2016 EMBAs graduated: ■ Raise at least $1 in additional funding to grow the funds for investment.

■ Make at least one trade.

■ Develop a leadership team in the next class of EMBAs who could “take the baton.”

They achieved all three goals, with roughly a dozen members of the EMBA Class of 2017 already expressing interest in the program.

“I absolutely see this as something that’s going to continue,” Wilcox said, noting that his only concern will be finding enough course spots for all of the interested students. “It’s going to work because these guys did a lot of work.”

Ron Wilcox will serve as senior associate dean for degree programs.

Wilcox, who has served as associate dean of the MBA for Executives (EMBA) format and on the degree program’s strategy committee for the past three years, will oversee all formats of the Darden MBA. Greg Fairchild will serve as associate dean for Washington, D.C., area initiatives and academic director of public policy and entrepreneurship. Fairchild will serve as a liaison and ambassador for Darden in the D.C. area and serve as the administrator of Darden’s Rosslyn, Virginia, office.

Paul Simko will serve as associate dean for the executive formats of the MBA. Simko, who served as associate dean of EMBA for the format’s first five graduating classes and served on the initial design team for the Global MBA for Executives, will guide the integrated Executive MBA. Wilcox, Fairchild and Simko join Professor Marc Lipson, associate dean of the residential MBA, and Professor Yiorgos Allayannis on the faculty team that guides Darden’s degree programs.

SUMMER 2016

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News Briefs

‘Case in Point’ Series Rolls Past 125 Entries For five years, Darden and The Washington Post have partnered to offer Post readers mini-case studies from Darden faculty experts on real-life business scenarios — many based on original cases from Darden Business Publishing. These excerpts from some of the most popular recent entries capture why the series has been such a long-running success.

CAN MICKEY MAKE IT BIG IN SHANGHAI? FEBRUARY 2016

By Gerry Yemen, Elliott Weiss and Steve Maiden

Disney and its investors are excited about Shanghai for good reason: demographics. The new resort will be located in the Pudong district of Shanghai, the wealthiest of all of China’s districts. And 330 million people live within a three-hour drive of the resort site, compared with 19.6 million near Disney’s most profitable park, Walt Disney World in Orlando. Construction complications have delayed the opening. Cost overruns and alterations have increased the final price of the project.

The Chinese economy has hit a rough patch since a stock market slump in summer 2015. Can the classic Disney theme park experience be delivered with the right cultural balance to appeal to its largely Chinese customers?

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THE DARDEN REPORT

CAN THE ‘LITTLE GUY’ GET A BREAK IN PRIVATE-EQUITY INVESTMENTS? AUGUST 2015

By Susan Chaplinsky

Since 2007, ordinary investors have been able to buy shares in Blackstone, Apollo, KKR and Carlyle, all formerly large buyout firms. Since going public, the firms have grown assets under management by purchasing fee-generating assets outside of their origins in private equity to become “asset managers.” Thus, their performance as public firms is less based on the private-equity investments that ordinary investors might have thought they were gaining access to by purchasing shares.

BY WALKING IN COMPETITORS’ SHOES, A COMPANY SAW WHAT ITS CUSTOMERS WANT JULY 2015

By Kimberly Whitler

The senior team visited several markets; dissected, analyzed and even wore their competitors’ shoes; and talked with customers. They wanted to know why loyal customers had abandoned Allen Edmonds.

They learned they had to recommit to the original brand positioning — as a classic, handcrafted American shoe company — while adding a contemporary and more casual twist. They brought manufacturing back to the United States, added more casual styles, revived four iconic ones and redesigned the stores to communicate the “Made in the USA” heritage. The results were strong.

GRADUATION 2016

Dean Scott Beardsley addresses hundreds of alumni gathered for his first State of the School address as dean on Saturday, 30 April, during Darden Reunion Weekend.

STATE OF THE SCHOOL IS ‘STRONG’

Delivering his first State of the School address as dean on a busy Saturday morning of 2016 Reunion Weekend, Dean Scott Beardsley reiterated his belief in the School’s “noble purpose,” saying he remained committed to — and inspired by — its mission to improve the world by developing and inspiring responsible leaders and by advancing knowledge.

Beardsley said the strength of the Darden network, and its ambition to help build a world-class school, would be critical components as the School navigated the competitive challenges ahead.

“Darden is a remarkable place,” said Beardsley. “But be aware: The environment in which we operate — the field of graduate management education — is changing rapidly, and we, too, need to evolve to maintain our status as a preeminent business school.”

Beardsley pointed to online courses and specializations, efforts to grow Executive Education, new collaborations with UVA, and further commitment to a global presence as ways the School’s leadership was developing strategies to meet various near- and long-term challenges. To deliver on those strategies, Beardsley called on the broader Darden community to continue helping the School achieve its full potential.

The 2016 Reunion classes were clearly willing to assist with their generosity, presenting the School with a check for $5,571,460.

“I believe each of you will be challenged to be an equilibriste. In French, this literally means a person in balance, but it actually refers to someone who walks the tightrope.

As you leave Darden, you begin a journey that will test you as an equilibriste on the tightrope of life.

— Dean Scott Beardsley, delivering his first commencement address at Darden graduation

More than 400 students received the honors of Honor 22 May at Darden’s 2016 graduation ceremony. Missy Jenkins (MBA ’16), Maurice Jones (EMBA ’16) and Jeremiah McCloud (GEMBA ’16) served as class speakers at graduation, delivering parting words of encouragement as their classmates prepared to step forward as the next generation of business leaders.

As they embark on careers as responsible leaders who improve the world, the graduating class has already left an impressive legacy with strong employment success, a record-breaking class gift of $339,872 and 93 percent class participation in the Darden Annual Fund.

• The residential MBA class raised $175,370.

• The EMBA class raised $111,162, with 100 percent participation.

• The GEMBA class raised $53,340, with 100 percent participation.

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Charlottesville was named the fastestgrowing venture capital ecosystem in the United States by the National Venture Capital Association.

Incubating an Ecosystem of Startups and Venture Capital

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harlottesville, Virginia: A quaint, historic town packed into a scant 10.3 square miles, surrounded by rolling countryside, known for its … bustling community of startups.

Not the first thing that comes to mind when picturing Charlottesville? The city’s image is getting a reboot with a burst of recent economic growth. It was named the fastest-growing venture capital ecosystem in the United States by the National Venture Capital Association earlier this year, and startups nurtured by the i.Lab at UVA and Batten Institute for Entrepreneurship and Innovation played a starring role drawing investments.

The i.Lab Incubator program, operated by Darden, looks to continue the upward trend, recently graduating a strong 2015 class, announcing a new 2016 class of more than 20 ventures and bringing on a new director.

Jason Brewster joined the i.Lab as program director of the incubator in January after previously serving as an i.Lab entrepreneur-in-residence.

Brewster brings a strong background in tech as a former CodeX Fellow at the Stanford Center for Legal Informatics and a co-founder of three startups.

To read about the full i.Lab Incubator 2016 class, visit www.ilabatuva.org.

JASON BREWSTER

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THE DARDEN REPORT

New ventures founded by Darden students and alumni 1787fp, founded by Jean Jacques Borno (EMBA Class of 2017), offers cutting-edge mobile and web technologies for financial planning, investment management and insurance services.

■ Janus.io, founded by David Maruna (GEMBA ’16), Isaac “Jon” Pomeraniec (MBA ’16) and John Greenfield (MBA ’16), is a data collection and visualization platform focused on radically improving the care of movement disorder patients.

■ Kinect, founded by Class of 2017 students Sam Boochever and Maximilian Huc, allows users to video chat directly with influencers like celebrities, athletes and musicians.

■ MyPallay, founded by Cristina Velez (Class of 2017), sources fashion brands that incorporate a social impact into their business model and connects them with consumers looking to shop with a conscience.

■ Respit Solutions, founded

by Seth Hooper (GEMBA Class of 2017), provides a revolutionary approach to managing humanitarian crises and displaced people.

■ Rhoback is a high-end brand of activewear for men founded by Kristina Zambelli (Class of 2017) and Matt Loftus (MBA ’16).

■ The Daily Demand is a corporate concierge platform founded by Dani Bchara (MBA ’16) and Neil Ferrini (MBA ’16) that enhances the lives of busy people by bringing products and services to them.

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FACULTY AWARDS & ACCOLADES

Professors Casey Lichtendahl and Yael Grushka-Cockayne were named Graduation Faculty Marshals.

Professor Tim Kraft received first place in the POMS College of Sustainable Operations 2015 Student Paper Competition and second place for Best Working Paper in behavioral operations management from the Institute for Operations Research and the Management Sciences Professor Jeanne Liedtka received the Distinguished Contributor award from the Academy of Management.

Professor Saras Sarasvathy was awarded the Jubilee Professorship in Technology Management and Economics at Chalmers University of Technology in Sweden.

Professor Sankaran “Venkat” Venkataraman was cited for an Outstanding Author Contribution in the 2015 Emerald Literati Network Awards for Excellence.

Professor Raj Venkatesan and a co-author won the inaugural ISBM-David T. Wilson-Sheth Foundation Award for long-term impact in B2B marketing for their 2004 paper, “A Customer Lifetime Value Framework for Customer Selection and Resource Allocation Strategy.”

CONFERENCE ROUND-UP

Events in Full Bloom Spring is the season for student-run conferences at Darden. Students routinely recruit influential keynote speakers and panelists, both from the dynamic Darden alumni network and the global business community at large. Here are highlights from several of the conferences organized by students this spring.

“The greatest challenge you will ever have as a leader is leading yourself.”

JOHN MACKEY, co-CEO and co-founder, Whole Foods

“Dive in and be curious about the culture and what the fabric of the country is before you try to do business there. Your interest in their country is invaluable.”

“Consistent, moderate success and a total absence of failure is the greatest achievement in the investment business. It’s not so easy.”

MARK TEMPLETON (MBA ’78), former CEO, Citrix

HOWARD MARKS, co-chairman and co-founder, Oaktree Capital Management

Darden Global Conference, 19 February Organized by: International Business Society, Asia Business Club at Darden, Darden African Business Organization, Darden South Asia Society, European Society and Latin American Student Association

“I think about, and continue to acknowledge, the different point of view I bring in any organization that I go into. … I’ve learned to speak up as an unapologetically AfricanAmerican business leader.”

Darden Business in Society Week, 21–25 March

TAWANA BURNETT (MBA ’04), global client partner, Facebook

Organized by: Net Impact, Education Club at Darden, Darden Health Care Club, Darden Business & Public Policy Club, Emerging Markets Development Club and Darden Energy Club

28th Annual Black Business Student Forum Conference, 2 February Organized by: Black Business Student Forum

Darden Private Equity Conference, 31 March–1 April Organized by: Darden Private Equity Club

“Never, never, ever give up!”

J. BYRNE MURPHY (MBA ’86), CEO, Kitebrook Partners, and chairman, Digiplex Entrepreneurship Conference, 29 January Organized by: Entrepreneurship and Venture Capital Club

SUMMER 2016

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In Barcelona, Gaudí and Picasso Show Students Power of ‘Possibility Thinking’

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AROUND THE GLOBE

Vivid Backdrops Barcelona and Silicon Valley Among 50+ Student Global Offerings

amed Catalan architect Antoni Gaudí never saw a challenge he couldn’t overcome. Even when it came to planning his seminal work in the early 20th century — the breathtaking, and still-unfinished, Sagrada Familia church in Barcelona — Gaudí viewed his limitations as merely temporary.

“You look at the conditions, the constraints he decided to ignore — time, money, his own lifetime — and you walk into the Sagrada Familia, and it just inspires people,” Professor Jeanne Liedtka said. Gaudí’s mindset, according to Liedtka, illustrates the supreme importance of “possibility thinking” in life and in business — real breakthroughs occur when we actively seek to overcome perceived constraints and open up our imaginations.

Barcelona, arguably the design capital of the world, is the location of choice for Darden’s Global Business Experience exploring one of Liedtka’s favorite topics: the process of design thinking in business.

Gaudí’s vision for the future was informed not just by his ability to dream, but also his eagerness to experiment.

Using mathematics, plaster models and breakthrough design methods, Gaudí found ways to push boundaries while mitigating risk.

It’s a message that hits home for Rosie Ivanova (Class of 2017), who began her career in marketing in her home country of Bulgaria prior to Darden. As a marketer, Ivanova understands the importance of possibility thinking coupled with careful planning and experimentation.

“This really surprised me, how much effort these artists put into preparation,” said Ivanova. “We always hear about the importance of preparation in business, and in art it’s similar — experimentation and preparation helped them find the best solution.”

Beyond possibility thinking, the artistic process itself holds another lesson for would-be design thinkers: the critical importance of collecting experiences, seeking new influences and building a “repertoire.”

Here, Liedtka takes a page from Pablo Picasso’s playbook.

The painter’s commitment to constant learning, Liedtka said, is what set him apart.

“Look at Picasso’s interests and influences — everything from Matisse to African art,” Liedtka said. “You have these colliding kinds of motivations and inspirations that are uniquely their own and allow him to produce something no one else quite could.”

Top left: During a Global Business Experience in Barcelona, Darden students applied lessons from art and architecture to creative thinking in business.

Bottom left: UVA alumnus Greg Callman of Tesla gave the GEMBA Class of 2016 a tour through Tesla headquarters.

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THE DARDEN REPORT

Darden.Worldwide.

The lesson is clear, but often overlooked — a wide repertoire of influences and experiences augments how an individual views the world, and can dramatically improve a manager’s approach to complex business challenges.

Liedtka said you don’t need to travel to Spain to see these principles in action — from fast casual restaurants to software development, good design is everywhere.

“This trip forced me to look at things from a different perspective,” said Akhil Sharath (Class of 2017). “I’ve always thought of these two things as very separate, but the class provided a great link between the design elements of business and how they relate to a purely artistic process.”

— Ed Sykes (Class of 2017), Batten Media Fellow

Through the School’s truly global presence, Darden offered students learning opportunities in 53 locations across 26 countries in the 2015–16 academic year.

In Silicon Valley, GEMBAs Download Lessons on Innovation

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towering mural depicting a popular meme involving a 16-bit video game character on the wall of Tesla’s headquarters announces: “All our patent are [sic] belong to you.” Just across from a well-stocked bar, hip-hop blares out of a speaker that looks more like a painting in the chic office that serves as the home of early stage venture capital firm BlueRun Ventures. A ukulele player croons classic Hawaiian hits on the park-like roof of Facebook’s newest office building while employees play tugof-war.

Business in Silicon Valley must be experienced to be understood. That is exactly why Darden’s Global MBA for Executives (GEMBA) Class of 2016 traveled to San Francisco in April for an immersive week of courses and on-site company visits throughout the Bay Area.

Professors Raj Venkatesan and Martin Davidson led a course curriculum focused on innovation, technology and leading strategic change while the students visited company headquarters from Tesla to Facebook to Rocket Fuel.

Abhishek Kumar (MBA ’14) hosted the GEMBA visit to Rocket Fuel, where the cohort learned how “programmatic marketing” is disrupting the entire field of marketing by changing it from a craft of art to one of data science.

Noting the rapid move of advertising spend into online digital platforms, Rocket Fuel’s Roland Siebelink, head of quality and efficiency at the company, argued that programmatic marketing is the future of marketing because it uses the vast amount of data produced by consumers’ online activities to predict the best opportunity to deliver an ad “to just the right person in just the right place at just the right time.”

A trio of Class of 1993 Darden alumni and venture capitalists in Silicon Valley — Jonathan Ebinger of BlueRun Ven-

tures, Jackie Glynn of Glynn Capital Management and Sean Foote of Labrador Ventures — sat on a Shark Tank-like panel judging pitches made by the GEMBA students at BlueRun’s Menlo Park office.

Class of 2016 students Rob Albritton and Tom Hastain pitched their venture, LavaThreads, as a retail business providing products like bags and clothing made almost entirely from fibers made of basalt lava rock.

“It’s 66 percent cheaper than Gore-Tex. It’s also lighter and stronger,” Hastain said during the pitch. “And it’s cool. Who gets to wear lava?”

As the panel of VCs passed around a sample handbag, Ebinger said the idea might do well on the real Shark Tank television show. Foote even asked to buy one of the bags.

Ebinger, Glynn and Foote wrapped up the session by offering the GEMBAs general advice on how to succeed in the competitive world of startups and venture capital.

Foote told the cohort after the pitches that securing an investment was like a job interview — there’s no strict formula for how to get a job, but it’s imperative to come prepared to impress in all facets and keep the door open as long as it takes to secure a winning outcome.

— Jay Hodgkins

Professors Raj Venkatesan and Martin Davidson led a course curriculum focused on innovation, technology and leading strategic change while the students visited company headquarters from Tesla to Facebook to Rocket Fuel.

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CAPITAL IDEA

Darden Expands DC Presence

By Dave Hendrick 16

THE DARDEN REPORT

Rosslyn, Virginia, where Darden will offer Executive MBA and Executive Education classes and hold special events

I

t’s just an initial step, but one that could lead to an outsized impact.

Darden is planting its flag in the global gateway of Washington, D.C., bringing the MBA for Executives to the area and laying the groundwork for deeper engagement with the region.

The move plunges Darden into the nation’s capital region at a dynamic time, and will ultimately take advantage of the School’s largest alumni base, its deep ties to the government and public policy ecosystem, the region’s entrepreneurial community, and the proximity between Darden and Washington,

D.C. It also underscores how Darden continues to foster an expansive global vision for the School while strengthening bonds with an influential region just two hours north of Charlottesville.

“We’re about 100 miles away from a key global gateway and what is arguably the world center for political, social and business thought leadership,” said Dean Scott Beardsley. “As a business school with a charge to develop the next generation of globally minded, world-changing leaders, it just makes sense to take advantage of this incredible good fortune of proximity.”

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Darden in the DC Area Below: The view from Darden’s new classroom facility in Rosslyn, Virginia. Right: Professor Greg Fairchild, who will lead Darden’s efforts in the Washington, D.C., area, speaks during a Presidential Precinct conference.

Executive MBA Comes to DC

This August, a new group of Darden students will step into the classroom for the first time, excited and nervous about the transformational personal and professional journey on which they are about to embark.

The class will be like many that have gone before them, a diverse group soon to be united for life by the shared Darden experience.

The students in this particular Executive MBA cohort will also be unlike any section that has gone before them, however, as the first Darden students to be based in the Washington, D.C., area, attending classes in the Waterview building in Rosslyn, Virginia.

For Professor Ron Wilcox, Darden’s new senior associate dean for degree programs, much of the rationale behind the expansion of the program’s reach is straightforward: Many talented people are now clustered in the Washington, D.C., area.

“If you think about the places in the U.S. where talented people tend to go in disproportional amounts — places like New York and Silicon Valley — D.C. is a big magnet,” Wilcox said. “If you believe that, in many ways, Darden’s destiny lies in the number of talented people whose lives we’re able to help shape, then it makes eminent sense for us to be in a place where there are lots of talented people.”

While fully expecting to mine the deep well of talent in the D.C. area, the program’s designers have scheduled classes in such a way that students from nearby metropolitan areas should be able to attend monthly Friday to Sunday residencies with limited disruption to their professional lives.

Although establishing a physical location in the D.C. area was a critical component, Wilcox said proximity alone was not going to be enough to guarantee success or sufficiently advance Darden’s goals.

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Indeed, Wilcox said the Executive MBA team’s overriding charge was to “design a program that a lot of people want to take.”

To that end, the Executive MBA is being reborn in a more customizable, global and appealing format.

Beginning with the Class of 2018, students entering the Executive MBA will choose the D.C. area or Charlottesville as their base learning location, and opt for the traditional MBA for Executives (EMBA) or more globally intensive Global MBA for Executives (GEMBA) track. EMBA students will pick at least one global residency, and all students will have the opportunity to participate in an expanded list of Global Business Experiences, Global Consulting Projects and electives. For the first time, loans will also be available to international students seeking to join a Darden executive format.

Taken together, the actions represent both a dramatic expansion of the global footprint of the Executive MBA format and plant a clear flag in the global gateway of the D.C. market.

Wilcox, who called the move to the D.C. area the “biggest and most exciting thing” he’s been involved in during his time shepherding the EMBA format, said he had little doubt that the move would represent a win for both students and Darden in the short and long term.

“We are rightly protective of our MBA program and our student experience, and so we’re conservative with respect to changing any aspect of it,” Wilcox said. “So when we get something like this that is a true, big innovation, it’s very exciting. The students are going to love it; there’s just no doubt in my mind.”

For more information on Darden’s Executive MBA, visit www.darden.virginia.edu/emba

DC Area Activity Continues Across Darden

While Darden coming to the D.C. area in a physical fashion is a notable culmination of years of careful study, it’s far from the only iron in the capital region’s fire. Indeed, the ties between the School and the area are longstanding, strong and deep.

Darden maintains space at the Sands Capital Management offices in Rosslyn, nearby the Waterview classroom space, for a variety of Darden Executive Education programs such as the pre-MBA Darden Business Institute. Research centers such as the Institute for Business in Society and the Batten Institute for Entrepreneurship and Innovation have also forged relationships with key partners in the area. For instance: • Batten maintains a relationship with the startup incubator 1776 — offering workspace for Dardensupported entrepreneurs in the District and co-hosting events throughout the year. It also held an Innovator’s Roundtable event with senior innovation executives in April and co-hosted an entrepreneurship research conference with the University of Cambridge Judge Business School in May.

• The Institute for Business in Society continues to burnish its thought leadership through events in the area such as gathering executive thought leaders for CFO Roundtables, its partnership with the U.S. State Department and Concordia for the P3 Impact Awards, and the Tri-Sector Leadership Fellows Program, among other initiatives. (See “Blending Business,” Page 21)

• Executive Education offers an expanding suite of courses in the area, and maintains strong ties to the military community in the region through its nearly 40-year history developing courses with the U.S. Navy, Air Force and Army.

Darden is also planning events in the area to celebrate the School’s momentum in the D.C. market.

District of Darden Grads

Perhaps the biggest built-in advantage for Darden’s continued expansion can be seen via the well-worn path alumni have made from Charlottesville to the D.C. area, as the region is the metro area with the single largest concentration of both UVA and Darden alumni, with about 36,000 and 1,500, respectively.

Abby Ruiz de Gamboa (MBA ’04), the former co-president of Darden’s D.C. alumni chapter and a member of the Darden Alumni Association Board Abby Ruiz de Gamboa (MBA ’04) of Directors,

From left: Frank Sands Jr. (MBA ’94) and Frank Sands Sr. (MBA ’63), both members of the Darden School Foundation Board of Trustees, have been enthusiastic supporters of Darden. Thanks to their generosity and leadership, Sands Capital Management will play host to classes and activities for Darden in the D.C. area at their 1000 Wilson Blvd. location.

said D.C.-area alumni congregate in large numbers for events ranging from jazz at the National Gallery of Art to networking events with admitted students, but avenues for additional engagement remain.

“While the D.C. chapter has always been highly engaged with Darden, there is still more opportunity to take advantage of the strength of our alumni base in this area,” said Ruiz de Gamboa, a partner at Deloitte. “I think bringing the School to the area is a good starting point.”

Ruiz de Gamboa said she hoped Darden could “continue to capitalize” on the current energy in Washington, D.C., a city that is booming in a number of ways. The Darden grad said she had been heartened to see new alumni interested in engaging on many fronts. This includes networking and lifelong learning, as well as a new initiative to launch the D.C. Women’s Scholarship Fund, which seeks to raise funds for deserving D.C.-area women and create a “community and culture around bringing more top female talent to Darden.”

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FAST FACTS: DARDEN IN THE DC AREA

Darden in the DC Area Professors and attendees mix during a break at the 2016 Darden and Cambridge Judge Entrepreneurship and Innovation Research Conference held at the U.S. Institute of Peace in Washington, D.C.

PEOPLE PRESENCE • Professor Greg Fairchild is associate dean for the Washington, D.C., area and academic director of public policy and entrepreneurship.

Fairchild serves as a liaison and ambassador for Darden in the D.C. area as well as the administrator of Darden’s Rosslyn, Virginia, office.

• Jen Coleman, executive director of The Armstrong Center for Alumni Career Services; Katie Wiesel, senior director of Darden Executive Education; and Katherine Alford, associate director of Admissions, all provide a permanent staff presence for Darden in the area.

• With more than 1,500 alumni, the D.C. area represents Darden’s largest base of alumni. Stephanie Bennett (MBA ’09) and Katie O’Leary (EMBA ’13) serve as co-presidents of the D.C. alumni chapter.

Darden alumni have created a wellworn path from Charlottesville to the D.C. area. The metro area has the single largest concentration of both UVA and Darden alumni, with about 36,000 and 1,500, respectively.

Said Ruiz de Gamboa: “People are coming out of the woodwork who want to be engaged, and there are new opportunities for engagement. So we have to keep making those connections.”

The opportunities for engagement seem likely to only increase as the opportunities for Darden graduates proliferate.

Kristin Gunther (MBA ’09) came to the area with her Darden-grad husband, Matt (MBA ’10), to work in private equity and venture funding.

The company she works for, Revolution

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THE DARDEN REPORT

Growth, has found ample opportunities for investment in companies born out of the vibrant D.C.-area startup scene.

“D.C. is a great place for young companies to be given proximity to policymakers and access to universities, law firms, et cetera,” said Gunther. “The addition of incubators like 1776 has raised the profile of local startups and shows there’s enough entrepreneurial energy here to warrant a real infrastructure.”

Gunther said the expansion of Darden into the area was a logical move for the School as it seeks to further tap the region’s capabilities.

“Most people in D.C., at least in my world, have respect for the Darden name, but having a physical presence here can only strengthen Darden’s visibility among prospective students and employers,” Gunther said. “I expect the move will raise the already high bar for the Executive MBA, and that’s also great for everyone.”

• Numerous faculty members have interests in the region, from multisector collaboration and public policy to entrepreneurship and innovation.

PHYSICAL LOCATIONS • Darden Executive MBA and Executive Education classes and events will be offered in the Waterview building at 1919 N. Lynn St. in Rosslyn and the Rosslyn offices of Sands Capital Management at 1000 Wilson Blvd.

MARK YOUR CALENDAR • Darden will host an alumni/ admissions reception in September in the Washington, D.C., area.

• The School’s research Centers of Excellence hold regular events in the area, creating a strong pillar of thought leadership.

Learn more about Darden’s programs, events and thought leadership in the D.C. area online at www.darden.virginia.edu/dc

Blending Business & Policy Darden Programs Spur Multisector Collaboration

A Annie Medaglia (MBA ’15)

Above: The 2016 Tri-Sector Leadership Fellows met in Pavilion I, the home of Dean Scott Beardsley, on the UVA Lawn for a discussion of business and public policy.

nnie Medaglia (MBA ’15) came to Darden from the world of public policy with the goal of returning to the sector after earning an MBA, but with a deeper understanding of the private sector and the ability to lead by building bridges between sectors.

“I wanted a different way of thinking about how to solve various social and policy challenges,” said Medaglia, who worked for the U.S. Department of State in various capacities prior to Darden. “I knew how important the private sector was to economic development and to larger public policies. The public and private sectors are indispensable to one another, but not a lot of people understand how both sectors work.”

At Darden, Medaglia discovered like-minded professors and students working to advance multisector collaboration and pitched the idea of the Tri-Sector Leadership (TSL) Fellows Program, a cross-University effort to explore public, private and social sector issues in more depth. Darden’s Institute for Business in Society developed and manages the TSL Fellows program, which brings a group of UVA students selected from Darden, the Batten School of Public Policy and the School of Law together

to interact with leaders from public, private and social sectors.

“I was really excited to see the TSL Fellows happen,” said Medaglia, who now serves as deputy director of the Global Energy Center at the Atlantic Council. “Darden is just a great environment for supporting people who come up with ideas.”

Walking in Someone Else’s Shoes The best solutions to complex challenges are often only possible through multisector collaboration, but old barriers between sectors can often prevent those solutions from being realized.

For Professor Mary Margaret Frank, who serves as a faculty representative for the TSL Fellows and an academic director at the Institute for Business in Society, programs such as the TSL Fellows represent important first steps to break down silos and encourage understanding and collaboration across sectors.

“As a leader, being able to walk in someone else’s shoes is really valuable. Understanding your own incentives and being aware of your own situation is important, but it’s also critical to be aware of someone else’s — whether it’s SUMMER 2016

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someone within your own organization or an individual in another sector,” said Frank, a tax expert who previously taught a cross-University course on the national debt. “And being able to view situations from these multiple perspectives can be much harder when you’re just starting out.”

Entering its third year, the TSL program has proven to be an immediate hit with students, garnering far more interest than available spaces.

Applications for the third-year cohort increased more than 40 percent from the two prior years.

Frank believes the area of multisector collaboration may be of growing interest at Darden because students know they will do business in a globalized world with countries facing more constrained resources.

Public-private partnerships in non-traditional areas like education, technology and health care have emerged due to the demand for innovative thinking to facilitate economic development in emerging markets.

Beyond Grounds, Darden plays a key role in fostering multisector collaboration globally by partnering with the U.S. Department of State and Concordia to present the P3 Impact Award, an international award that honors a leading public-private partnership focused on social impact.

Such collaboration resonates at large Fortune 500 companies, with companies such as Microsoft and Hershey participating in previous winning partnerships.

Opportunities on Grounds At Darden, the opportunities abound for students interested in cultivating a collaborative approach to solving large societal issues. New electives on topics such as the economics of water, transforming society through markets and impact investing recognize the growing intersection of multiple sectors in the global economy.

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THE DARDEN REPORT

Professor Mary Margaret Frank believes the area of multisector collaboration may be of growing interest at Darden because students know they will do business in a globalized world with countries facing more constrained resources.

Stuart Cameron (MBA ’16), president of the Business and Public Policy Club last academic year, said the club serves as a way for students to explore an interest in public policy and understand how policy can both shape and be shaped by the private sector, in part by tapping into those already working in the space.

“Darden has alumni either serving in government or in broader policy roles, and we like to take advantage of that at the club to try to boost the knowledge of potential career paths,” said Cameron.

Cameron came to Darden from Public Financial Management, a private firm catering to the financial needs of public institutions, and is starting work in the public pensions group of Cambridge Associates after graduation, addressing a topic he calls “a crucial issue facing state and local governments in the next decade.”

Professor Alan Beckenstein’s “Business-Government Relations” course helped “solidify the foundation” that he had in the area, Cameron said, noting that he also gained public policy lessons from across the curriculum, even from more entrepreneurial-focused classes on venture capital and private equity, as well as from a Global Business Experience in Sweden.

“One of the things we do that might be different than our peers is we talk a lot about the different stakeholders of an organization, project or market,” Frank said. “Darden’s required First Year ethics program, for instance, is going to force you to think about the decisions you make and their impact on a variety of stakeholders. I take that same perspective in both of my Second Year electives that focus on the impact of taxes on business decisions and deal structure.”

New electives on topics such as the economics of water, transforming society through markets and impact investing recognize the growing intersection of multiple sectors in the global economy.

Anna Payne Fife (MBA ’14), who like Medaglia came to Darden from Capitol Hill with the intention of returning to the world of policy in some fashion, said learning to holistically consider how the pieces of an organization work was an unanticipated benefit of attending Darden.

“For people on the Hill who have been in these high-pressure offices where there is a lot of change and you’re dealing with complex legislation, having the suite of skills that you get with an MBA can really help you understand process and learn how people fit together,” Fife said. “That’s really valuable.”

Fife, one of two Darden grads who now works with the D.C.-based child hunger advocacy group Share Our Strength, said she left Darden with a much broader skill set, able to play key roles in strategy and project management.

“There are organizations that really value what an MBA has to bring, and Darden’s broad approach really fits Share Our Strength and others like it,” said Fife, who also worked to get the TSL program off the ground.

Building a Pillar of Business and Policy Thought Leadership With the School making more deliberate moves into the Washington, D.C., area, those involved in reaching across sectors say the opportunities are significant for Darden.

“Darden has been developing efforts on a number of fronts in the past several years where we are considering intersections between business and policy, so increased engagement in the D.C. area will enhance Darden’s thought leadership in the space,” said Lisa Stewart, director of the Institute for Business in Society.

Frank says she believes many of Darden’s research Centers of Excellence will benefit from the foundation set by having the broader Darden enterprise in the region. Faculty who

have interests in the area will find expanded avenues of collaboration — from experiential learning to case writing — and students will benefit from the exposure to so many practitioners.

Spearheading the effort to make sure Darden’s expanded presence in the D.C. area translates into emerging opportunities for the School’s research centers, faculty and students will be Professor Greg Fairchild, recently named associate dean for Washington, D.C., area initiatives and academic director of public policy and entrepreneurship.

Medaglia is among those who believe expanded activity will prove to be both smart and fruitful for the School.

“It’s such an incredible School and it’s so close to the nation’s capital,” Medaglia said.

“Why not use D.C. more?”

“DARDEN HAS ALUMNI EITHER SERVING IN GOVERNMENT OR IN BROADER POLICY ROLES, AND WE LIKE TO TAKE ADVANTAGE OF THAT TO TRY TO BOOST THE KNOWLEDGE OF POTENTIAL CAREER PATHS.” — STUART CAMERON (MBA ’16) PAST PRESIDENT OF THE BUSINESS AND PUBLIC POLICY CLUB

— Dave Hendrick

Darden partners with the U.S. Department of State and Concordia to present the P3 Impact Award, a way to recognize top public-private partnerships and grow the School’s thought leadership on multisector collaboraton.

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FACULTY PROFILE: MARC LIPSON

The Business of Storytelling F

or Marc Lipson, Robert F. Vandell Professor of Business Administration, one thing is clear about what it takes to succeed in business today: Aspiring leaders need to understand their story and how to tell it.

Helping others develop this ability — to identify, strengthen, and communicate their passion and viewpoint — unites Lipson’s varied professional roles. In addition to his own teaching and research as a professor of finance, Lipson serves as associate dean of Darden’s residential MBA and editor-in-chief of Financial Management, a global financial journal.

“A naïve view of an editor is that I simply select the best papers from those submitted,” Lipson said. “And a similarly naïve view of an MBA program is that it is all about who you admit, and after that it’s just a matter of execution. But I’ve learned that what I’m really doing as an editor and dean, and what is really deeply important to me as a person, is identifying opportunities to help someone be the very best that they can be.”

For Lipson, that means helping students and

scholars home in on their passion and develop their voice — their own way to communicate that passion clearly. “Building the ability to tell their unique story is at the heart of how you help authors and how you help students,” he said.

Lipson’s own story includes earning degrees in anthropology and accounting (both from UVA) before getting a Ph.D. in finance from the University of Michigan. His doctoral research focused on market microstructure — how markets work.

“In my early work on markets, I was drawn to theory and found the research intellectually engaging,” he said. “But I fell in love with market research when I spent a year at the New York Stock Exchange as their visiting economist.”

Being on the floor with traders, he said, helped him realize that research is uncovering something about the way people do things — how people act — which built on his fascination with the human side of decision-making. Eventually, his area of expertise became how large institutions affect the way markets function.

By Laura Longhine

For Professor Marc Lipson, associate dean of Darden’s residential MBA and editor-in-chief of Financial Management, professional pursuits are just one part of the job. An avid art enthusiast and musician, Lipson often plays in Darden’s faculty band and has helped bring the work of local artists to Darden’s walls.

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Lipson taught in the new First Year “Innovation, Design and Entrepreneurship in Action” course, which pairs students with corporations to solve real-world problems.

He took on the role of editor-in-chief of Financial Management four years ago, and became associate dean at Darden two years later.

As associate dean, Lipson helps ensure that the residential MBA is designed to prepare graduates to be authentic leaders. “In the past decade or so, there’s been a major shift in focus away from authority and toward what I think of as authenticity, which is the ability to effectively create passion and lead people,” he said. One of the most important elements of being an authentic leader, Lipson says, is developing one’s own vision — a way of looking at an organization that is deeply rooted and personal.

“To be an authentic leader, you really do need to have your voice and your viewpoint,” he said. “What a program needs to do, then, is to create a context in which you build your voice and your viewpoint — not an environment in which we tell you what to think and how to think.”

At Darden, he says, “You’re forced to communicate, to build solutions and defend them.”

Lipson also still teaches First Year core classes. “The thing that excites me is to see someone who didn’t understand at first how much they could learn and grow suddenly realize what they have achieved and, at that moment, recognize in themselves the magnitude of their potential,” he said. “I see that when I teach in the core.”

As an editor, Lipson helps authors develop this same sense of purpose and voice as they build their scholarship. The process begins with evaluating the potential of each submitted paper (the journal eventually publishes only about 10 percent of papers submitted). This initial evaluation is not an easy step.

“Not every author is skilled at making the impact of their research clear, or seeing their work in the broader context of other research,” Lipson said.

For papers that merit a closer look, he then selects external reviewers who can provide feedback on both the quality of the work and its potential impact. And he guides a review process meant to ensure that each paper is the best it can be.

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THE DARDEN REPORT

Toward that end, Lipson has introduced a new annual “writer’s workshop” sponsored by the journal, which solicits papers from scholars early in their careers who have completed papers they want to improve for publication. Lipson and his co-editor select eight papers and bring their authors together with a group of six top scholars. At the conference, these junior authors get training on research and the elements of a great paper, followed by an intensive workshop of their own papers.

“Something that’s very important to me personally is helping young scholars get a solid start to their careers with some early success,” Lipson said. “I’ve realized that very focused feedback is the most important way to move scholarship forward.”

Lipson also works extensively with all authors to refine their pitch — the all-important abstract that is printed with the work. “The abstract sells the paper,” he said. “Getting the pitch right often actually helps the authors get the work right.” And it helps position the paper so that it has the best chance of being noticed.

“With both authors and students, you want to nurture their story, help them understand their story and strengthen it, and then put them in a position where they can most effectively tell that story,” Lipson said.

“I think there is a natural progression from an early career focus on your own accomplishments to a later focus on the accomplishments of others, to a final focus on the accomplishments of the institution as a whole,” he said. “I’m at the point now where, naturally, I’m thinking about how I can improve the finance research community through a top journal, and how I can improve on Darden’s ability to execute its educational mission.”

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DARDEN DELVES INTO THE 2016 ELECTION

I

n a U.S. presidential election year, no magazine exploring the latest in Washington, D.C., could be complete without a look into American politics. Here’s a glimpse at how several members of the Darden faculty have been looking at and weighing in on the 2016 campaign season.

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THE DARDEN REPORT

How to Handle the Next Financial Crisis In an open letter to “the new U.S. president” published on Fortune.com, Dean Emeritus Bob Bruner proclaimed that not all market downturns are worth a president’s intervention. In part, he wrote: Today, the phrase “financial crisis” is used loosely to embrace a wide range of events: stock market crashes, bank panics, sovereign bond defaults, market closings, illiquidity, institutional collapse, and sharp currency declines.

But not all of these are worth your intervention. What should command the president’s time and attention is an event that threatens the safety and soundness of the national financial system and the real economy. Such instability is unambiguous, costly, and longer in duration.

Most financial crises are localized and have little long-lasting impact. The decline and bankruptcy of Enron in the fall of 2001 — in George W. Bush’s first year as president — potentially threatened the stability of financial and energy markets just one month after the 9/11 terror attacks. But Bush decided against any intervention. In 1998, a run on Long Term Capital Management, a hedge fund, threatened the stability of the financial system; the Fed, not President Bill Clinton, used its influence to organize an orderly liquidation of LTCM. President George H.W. Bush declined to intervene in the crash of the junk bond market following the indictment of Drexel Burnham Lambert in 1989. Various sharp but short stock market crashes in 1987 and 2010 elicited no presidential action. Thus, the staple response to smaller and more local events is for the president to do nothing and let the markets cure themselves, with appropriate regulatory oversight.

Read more about Bruner’s advice for the next U.S. president on Darden Ideas to Action (ideas.darden.virginia.edu).

Predicting Winners With More Data, Better Forecasts Mitt Romney believed he would win the presidency in 2012.

According to various post-election accounts, the former Massachusetts governor’s internal polling showed him easily winning a number of must-have swing states, including Florida and Virginia, putting him on a path to coast to victory as the 45th president of the United States.

The actual results, of course, told a far different story.

One enduring lesson from the election seems to be that, in an era of big data and literally hundreds of relevant polls, the days of relying on a single outlet or the advice or forecast of a lone expert are as antiquated as a landline telephone.

Indeed, Darden professors with backgrounds in strategic analysis and decision-making note the folly of ignoring the wisdom of the crowd in making forecasts, be they for elections or business. In most cases, even following the simple average of a group of experts leads to greater accuracy and fewer errors when making forecasts or key decisions.

Professor Casey Lichtendahl notes the concept of “bracketing the truth,” or using the average of two forecasts, or guesses, to ascertain a likeliest outcome. Considering its simplicity, it’s a remarkably durable construction and a valuable principle in many settings.

According to Lichtendahl, when faced with a high diversity of a value or opinion put forth by people with similar expertise, the crowd, or the average, should be followed. The opinion of the crowd is also best followed when presented with high diversity of values and a high dispersion of expertise. The wisdom of the crowd tends to fall apart, according to Lichtendahl, when presented with low diversity among forecast values and a high dispersion of expertise.

In this instance, said Lichtendahl, it’s best to pivot from the wisdom of the crowd and “chase the expert.”

Adds Darden Professor Yael Grushka-Cockayne: “The crowd can be beneficial and the expert can be beneficial. It really depends what kind of setting we’re in and how much diversity

What should command the president’s time and attention is an event that threatens the safety and soundness of the national financial system and the real economy. Such instability is unambiguous, costly, and longer in duration.

exists among those who are giving us their forecasts and what we know about their relative expertise.”

Professor Robert Carraway notes the use of both practices in the work of Nate Silver, who correctly called every state in the 2012 presidential contest — Dean Emeritus Robert Bruner on and may be the closest Fortune.com thing the country has to a celebrity statistician.

On his popular FiveThirtyEight blog, Silver is currently considering the input of more than 575 polls in both the Democratic and Republican primaries, weighting them based on a number of factors.

“They look at many polls with different methodologies, focus on different groups, and some of them have been really accurate in the past,” said Carraway. “At the end of the day, each contains some kind of information, and taking that information into account can help us come up with better forecasts.”

Carraway said that, in a world where more and more data is available, there are increasing ways for all sectors to take advantage of data to make better forecasts and improve operations, not just in politics.

“We can make better decisions and create even smarter options,” Carraway said. “We can further mitigate our exposure to the risk or add value by exploiting the uncertainty we face in an environment.”

Which Candidate Is Best at Branding?

From “Tippecanoe and Tyler, Too” in 1840 to “Change We Can Believe In” in 2008, the use of branding in presidential campaigns is almost as old as the U.S. itself.

Evaluating slogans used during primary-season campaigns, supporting campaign materials and speeches, Professor Kim Whitler this spring deconstructed the brand positioning of several leading presidential candidates to create a simple view of the brands the candidates hoped to create.

She found that Democratic candidate Bernie Sanders and Republican candidate Donald Trump both turned in strong performances during primary season, largely because their brands were best positioned to capture the sentiment about which their parties’ supporters were most passionate. Democratic candidate Hillary Clinton’s efforts were somewhat mixed, while Republican candidate Ted Cruz arguably succeeded establishing his chosen brand positioning, although that positioning was only effective for a small portion of the population. Trump also managed to drive the highest brand awareness at the lowest cost.

Read more about Whitler’s presidential candidate brand positioning analysis on Darden Ideas to Action (ideas.darden. virginia.edu).

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PHOTOS: STACEY EVANS, ANDREW SHURTLEFF, SUSAN WORMINGTON

2016 REUNION WEEKEND

29 April– 1 May

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THE DARDEN REPORT

CHA RLE S C. A BBOTT AWAR D

Knisely Awarded Top Alumni Honor

Known for his great counsel to School leaders and new members of the Darden School Foundation Board of Trustees, Philip Knisely (MBA ’78) was recognized this spring with the highest honor Darden bestows 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.

Currently an advisor to Clayton, Dubilier & Rice and chairman of Atkore International, Knisely has provided extraordinary leadership at Darden, including through nine years serving as a trustee, and two as chair. He designed the School’s process for selecting and recruiting new trustees while helping build the board’s Nominating & Governance Committee. He and his wife, Pattie, established the Philip W. Knisely Fellowship Fund in 2011 to support outstanding students.

“Over the years, my engagement has changed and deepened from recruiting to teaching in classes to my time on the board of trustees,” Knisely said via a video address during the State of the School program held during Reunion Weekend.

An official proclamation made in honor of Knisely’s recognition as the 2016 Abbott Award winner said he “personifies Darden’s mission, values and principles through his leadership.”

SUMMER 2016

31

RETURN ON

INVESTMENT, INVESTMENT ON RETURN SAVE

25%

FOR DARDEN ALUMNI AND THEIR TEAMS CONTACT US.

I invest in Darden Executive Education for my team because I have confidence we will see a real return, and because there’s no better way to show them they are valued.”

— Aaron Myers, (EMBA ’15) Vice President, Allan Myers

Return to the lifelong learning journey that began with your MBA by investing in your and your team’s professional development through Darden Executive Education.

Programs available in Charlottesville, Washington, D.C., and online. Discover programs to fit your needs. Contact us at Darden_ExEd@darden.virginia.edu.

www.darden.virginia.edu/executive-education

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

Lifetime Value On 22 May, we officially welcomed the 59th graduating class to the Darden alumni community. What you may not know is that the welcome party began even before the Class of 2016 arrived in Charlottesville.

In the summer of 2014, these individuals were invited to attend chapter receptions, engaging with alumni and Darden interns.

When they arrived on Grounds, I had the opportunity to ask an auditorium full of eager (and terrified) faces how many of them had spoken or met with Darden alumni before coming to Charlottesville. By quick visual count, I’d say 99.5 percent of hands were raised. That’s because of you — you warmly welcomed this class to the Darden community. Thank you.

We connect alumni back to the classroom to teach, with student clubs as conference speakers and with students going on exchange so they are warmly welcomed into a new country. Students appreciate your participation in student life. We encourage you to be involved.

Before students leave, we host them for an official send-off.

We tell them to come back and visit, attend events, use Alumni Career Services (alumni.darden.edu/acs), tap into the case collection, and stay connected to faculty. Before they get swept up in life, we bring them back to Darden one year later for their first Reunion, a program we started in 2010. We’re pleased that this early re-engagement has meant even higher attendance for five-year reunion classes. On average, participation in the fiveyear reunion was 37 percent until the addition of the one-year reunion. The classes of 2009 and 2010 each had 52 percent attendance, and 2011 broke a record this April with 57 percent attendance.

We hear time and again that Darden was a transformational experience, but graduates identify the alumni network as responsible for new jobs, new relationships, business partners and lifelong friends. As B-school graduates, you know all about ROI. Our goal is to offer you meaningful services and compelling and diverse ways to engage with the School and each other. We hope you will attend faculty webinars, Reunion, chapter events and use free career coaching.

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

Mr. Charles Barham III (MBA ’58) MG Thomas C. Brandt (TEP ’77)

Mr. Marc P. Bridenhagen (MBA ’81)

Mr. Leonard P. Brittain Jr. (TEP ’63) Mr. Charles A. Brown (TEP ’87)

Mr. Wilson J. Browning Jr. (MBA ’66)

Mr. Richard S. Buttermore (MBA ’76) Mr. Charlie W. Cherry (TEP ’74) Mr. William A. Cole (TEP ’89)

Mr. Charles A. Falkenhagen, Jr. (TEP ’79) Col. Bruce E. Green (TEP ’76) Mr. F. C. Gregory (TEP ’78)

Mr. Lane W. Goss (MBA ’57)

Mr. David C. Hasty (MBA ’79)

Mr. Ralph M. Hendricks (TEP ’60) Mr. Anthony C. Koones (MBA ’59) Mr. J. Turner Lloyd III (MBA ’59) Mr. J. F. Love Jr. (TEP ’67)

Dr. John A. Maher (TEP ’70)

Mr. Barry M. Miller (TEP ’87)

Mr. Michael T. Oliver (MBA ’67)

Mr. Charles N. Porter, Jr. (MBA ’68) Mr. Alan E. Riffer (MBA ’78)

Mr. Chester E. Shepperly (TEP ’66) Mrs. Judith M. Wood (MBA ’75) Mr. Roger N. Young (MBA ’70)

Your reinvestment in the Darden experience takes us to new levels, and we thank you! Giving back works both ways. Invest yourself in these offerings to take full advantage of the lifetime value that Darden offers you. Where to start? Visit us at alumni. darden.edu.

SUMMER 2016

33

Alumni Profiles

J. BYRNE MURPHY (MBA ’86)

Embodying the Entrepreneur’s ‘Never Give Up’ Attitude J. Byrne Murphy has made a successful career by repeatedly overcoming seemingly insurmountable obstacles.

Murphy, the CEO of Kitebrook Partners and Chairman and founder of Digiplex, preaches unwavering perseverance in pursuit of an entrepreneurial vision, telling would-be and current business owners that a successful entrepreneur must “Never, never, ever give up.”

Certainly, most would have forgiven Murphy if he had given up at various junctures in his career, as his work exporting the American concepts of outlet centers, data centers and private residence clubs to countries across Europe met with all manner of obstacles over the years, including vindictive politicians, extortion attempts, economic collapses and mafia interference, to cite just a few.

(Murphy chronicled his adventures attempting to open outlet centers across Europe in his award-winning 2008 memoir, Le Deal.)

Despite the radically different products offered by each of his primary ventures, in each case Murphy ultimately succeeded in what he refers to as “playing the product lifecycle.”

Murphy took concepts that, while relatively new in the United States, had almost no presence in Europe, making him confident in the steep upside for his untested products. Critically, Murphy also believed in the use cases of all of his ventures.

“If you are pioneering a really good concept in a new market, how much of real consequence can really go wrong?” Murphy asks, somewhat in jest, given all that did go wrong in his ventures. “Everyone wants Dior at half-off!”

Murphy credits what he described as broadly American attributes of pragmatism, optimism and realism for his success, but also cites the specific skills honed at Darden.

Indeed, Murphy describes classes in analysis and communication and organizational behavior, respectively, as among his most important classes, in hindsight.

As an entrepreneur seeking to create an engaging company culture, those who are deficient in “people skills and communication skills” will be at a severe disadvantage, Murphy says.

Encouraging others to pursue their entrepreneurial leanings despite the odds and obstacles, Murphy notes that while the born entrepreneur will never regret having tried and failed, he or she would bitterly regret never having tried.

— Dave Hendrick

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THE DARDEN REPORT

LAWRENCE “CHIP” MOLLOY (MBA ’95) Former Top Gun Fighter Pilot Glides Into His New Job as Under Armour CFO

“I

t’s like flying a plane while learning how to fly the plane,” Lawrence “Chip” Molloy (MBA ’95) said of his new role as Under Armour’s CFO. The former Navy fighter pilot knows a thing or two about how to fly under pressure, and he is taking it all in stride.

“I’m learning the sportswear business as fast as I can,” said Molloy, who previously worked as the CFO of PetSmart from 2007–13. In 2011, he was named Institutional Investors’ CFO of the Year for Specialty Retail. “I listen to my new team so I can understand their needs, and I’m working hard to establish relationships with my peers.”

Raised by a single mom, Molloy attended the “blue-collar Catholic school of Baltimore,” Mount Saint Joseph High School, where his passion for wrestling earned him a spot at the U.S. Naval Academy. The Navy ultimately financed his Darden education.

Molloy’s listening skills and his innate curiosity have been instrumental as he’s advanced his career. After working at Deloitte and Capital One, he joined Circuit City, where he catapulted into the C-Suite as the CFO of retail after only two years with the company.

Remaining acutely attuned to his moral compass has also been a key. “When you’re a service person, integrity is part of your DNA,” he said. After 10 years in the Navy, Molloy entered the business world and was surprised by the lack of authenticity he witnessed.

“I need to be able to look in the mirror at the end of the day and feel like I did the right thing,” said Molloy. “If someone doesn’t want to employ me because I’m telling the truth, then that’s not where I want to work.”

He quickly knew Under Armour would be a great fit for a myriad of reasons. “The brand has a ton of momentum around it, and Kevin [Plank, founder and CEO of Under Armour] is an intoxicating human being,” said Molloy, who is delighted to be back in his hometown of Baltimore. “I also appreciate how Kevin is changing the landscape of the city in a positive way.”

— Jacquelyn Lazo Fernstrom

SUMMER 2016

35

Alumni Profiles

NICOLE LINDSAY (MBA ’99/JD ’00)

Climbing Mountains for the Sake of Courageous Conversations

“W

hen you’re hiking 12 hours a day with a 40-pound pack, what else can you do but talk?” said Nicole Lindsay (MBA ’99/JD ’00), who embarked on a seven-day leadership trek with 13 Darden MBA students, Professor Yael Grushka-Cockayne and three guides in January 2014.

“There I was, standing in the dark with my headlamp on, eating mystery meat in the Arizona Galiuro Mountains with strangers,” said Lindsay, who recently became the deputy director at the ZOOM Foundation, a family foundation that focuses on effecting social change through philanthropy. “I didn’t train. We didn’t shower for seven days. And I don’t even like bugs.”

Although she was physically out of her element, Lindsay was in her psychological sweet spot. At the time, she was writing The MBA Slingshot for Women: Using Business School to Catapult Your Career, “a gender-based roadmap for developing the knowledge, skills and relationships to succeed in business school and beyond.” The wilderness seemed as good a place as any to initiate the kinds of honest conversations she encouraged in her book.

“Everyone talks about diversity, but we don’t always have a shared vision of what it means,” said Lindsay. For her, the solution lies in changing how we promote diversity to address specific challenges faced by distinct groups of people.

A former MBA admissions officer and corporate MBA recruiter who is a member of the Darden School Foundation Board of Trustees, Lindsay has also thought a lot about what it means to develop principled leaders at the School.

“At Darden, we talk about how to be a leader when you don’t know the most but you are in charge, how to have courageous conversations and how to find a space in which to have them, which became immediately relevant on the hike,” said Lindsay, whose confidence, poise and sense of humor make her a natural leader.

When Lindsay returned from the hike, she had no feeling in her big toes for two months. She’s looking forward to her next Darden adventure, but laughed and said, “Next time, I think I’ll opt for China or France.”

— Jacquelyn Lazo Fernstrom

36

THE DARDEN REPORT

401 Park Street Charlottesville, VA 22902

434.977.4005 lwoodriff@loringwoodriff.com

WALK TO UVA/DOWNTOWN FROM A “CITY ESTATE” ON FOUR ACRES

Four Acres, c. 1910 Sited on the most expansive, private parcel in the city, abundant with arboretumquality specimens, 1314 Rugby Road is truly unparalleled: an estate-scale offering within walking distance of The University & Downtown. Dramatic, expansive rear terraces of French limestone, with historically accurate balustrade widths, constructed to overlook the rear lawns, gardens, pool and seasonal mountain views. A beloved, c. 1910 residence restored and expanded to unmatched standards of excellence. MLS# 544554

A RESIDENTIAL COMPOUND ON 121 ACRES

WILLOW CREEK • $2,295,000 Breathtaking main house surrounded by panoramic views &complete with 24 foot ceilings, exposed beams and 2 fireplaces in the great room.

Across a pool and gardens from the main house is the 2 bedroom/2 bathroom guest house. Equipment garage, 3 bedroom farm manager’s house, green house and restored chestnut barn. MLS# 542112

EXPANSIVE PRIVACY IN FARMINGTON

HOME TO FORMER DEAN OF UVA LAW SCHOOL

STEPS TO THE CLUB – KESWICK ESTATE

1975 OLD MILL ROAD • $2,995,000 Tucked away at the end of a lane, this classic 1950’s Georgian set in total privacy on 4 acres adjacent to the golf course offers dramatic formal & informal living space. 4-5 bedrooms suites with tastefully renovated baths, 4 fireplaces and the most glamorous kitchen, butler’s pantry, breakfast & powder rooms in town! MLS# 544954

1115 HILLTOP ROAD • $1,795,000 This stately residence on one of the city’s most desirable streets offers 6 bedrooms, 5.5 baths and 4 fireplaces and endless 1930’s character and construction quality. Comprehensive renovations just completed including a new eat-in kitchen with fireplace, plus a just created, detached home office space or teen recreation area. MLS# 542484

756 CLUB DRIVE • $1,395,000 Expansive, one-level brick home constructed by Rinehart offers a lightdrenched, open floor plan with premium, tasteful finishes throughout.

Slate roof, 3 fireplaces, 3-car garage, wonderful covered porch for outdoor entertaining, ultra-luxe master bath & walk-in closet, all 7 bathrooms are marble or subway & herringbone tile. MLS# 545670

IMMACULATE CLASSIC IN KESWICK ESTATE

WITH HORIZON POOL ON A 5 ACRE PARCEL

TOTAL PRIVACY IN KESWICK ESTATE COUNTRY

1037 CLUB DRIVE • $1,595,000 This 4-5 bedroom, Randy Rinehart-built brick home boasts an excellent floor plan including 1st floor master, kitchen open to casual living, 3 car garage, bluestone terraces and an expansive, almost level rear lawn.

Endless fine detailing, including wainscotting, striking marble & tile selections throughout, high ceilings & excellent light. MLS# 542410

2353 OWENSVILLE ROAD • $1,248,000 Moments to town and Meriwether Lewis. 1st & 2nd floor masters, large, open, sunny eat-in kitchen with adjacent family room, dramatic sunroom overlooking the expansive, private parcel. Extensive woodwork and built-ins, 4 fireplaces, 2-car garage, tremendous flow between outdoor and indoor living spaces. MLS# 543347

HOMESTEAD FARM, c. 1800 • $1,995,000 On 90 rolling acres, 20 minutes East of town, this Keswick property offers a beguiling 18th century residence updated & expanded for modern living, charming log guest house and full complement of equestrian improvements. A lovely creek wraps the pastures and paddocks. Conservation Easement potential in hunt country!

GEORGIAN ON 5 ACRES IN FARMINGTON

1007 rugby roAd, c. 1928 $2,995,000

720 COVEY HILL • $3,950,000 Surrounded by stone walls & boxwoods, this residence features Chesney fireplaces from England, Gaston & Wyatt cabinetry & millwork, English brass hardware, & mahogany windows. Exceptional 1st floor design offers great flow for entertaining & casual living, 4 fireplaces, and a chef’s kitchen. Sally Neill (434) 531-9941. MLS# 545289

WALK TO UVA FROM ALMOST 3 ACRES

Belvoir is truly a rare offering: a city property of estate scale, with almost 3 acres of level lawn, formal gardens (original design by Gillette enhanced by Stick when 2nd parcel purchased) and private outdoor living spaces. Interiors showcase some of, if not the finest millwork & plasterwork in a private Charlottesville home, from the walnut paneled library to the ornate ceiling plasterwork in the living and dining rooms. The current owners comprehensively renovated the residence & significantly improved garden and lawn design during their stewardship. Today this c. 1928 grand dame is in pristine condition. MLS# 542474

WWW.LORINGWOODRIFF.COM

MARIAH - Situated along a country lane, this 75 acre property is simply spectacular.

Panoramic mountain views, sweeping countryside, and a residence that embodies the best features and materials available. 7 bedrooms, gourmet kitchen, formal living and dining rooms, tap room, elevator, and beautiful in-ground pool. Morning and evening porches provide sunrise and sunset views. Guest House, equestrian barn, paddocks and trails.

Additional land available. MLS#543655. $5,995,000 Frank Hardy 434.296.0134

MORLAND - Early 20th century estate with over 11,000 sq. ft. of living space in the Manor House, Boy’s Cottage, River House and Caretaker’s Cottage; all completely renovated with the finest of materials. Property consisting of 159+ acres and 1,100 ft. of frontage on the Potomac River. Sand beach, pool & pool house. Grounds include gardens,fountains, brick terraces, and the oldest known Hemlock Hedge in the Commonwealth. Very private. 1-1/2 hours to DC or Richmond by boat or car. MLS# 536006 $8,000,000 Frank Hardy 434.296.0134

LINDEN RIDGE - An exceptional 70 acre property with a prime location in the Keswick Hunt. This meticulously maintained home has had numerous recent improvements.

Acreage features lovely perennial gardens, rolling pastures, and two bold streams. The 4 bedroom home includes an expansive 1st floor master suite with attached sunroom, gourmet kitchen, stone patio for outdoor entertaining. Guest cottage, entertainment barn and 16 stall stable. MLS 541181. $2,950,000. Ann Hay Hardy 202.297.0228

BLANDEMAR FARM ESTATES - Sitting on 42 acres, this french inspired manor has water and mountain views. A home with both indoor and outdoor entertaining spaces, complete with Bluestone porches, pool and covered loggia with outdoor fireplace. Built

by Alexander Nicholson, no expense was spared with features like copper guttering, slate roof and mahogany doors. 1st floor master. Open gourmet kitchen. 2500sf+ finished basement. MLS 540501 $4,250,000 Ann Hay Hardy 202.297.0228

SPOTSWOOD - Extraordinary brick Georgian home, completely renovated and updated with modern convenience in a private country setting of 72 acres only 8 miles from Charlottesville. The residence, in superb condition, combines a modern feel throughout with a thoughtfully designed floor plan, featuring a fabulous gourmet kitchen and spacious first floor master suite with 3 additional bedrooms on the second floor. A restored log and frame guest cabin, 3 stall center aisle barn board fenced paddocks, and mountain views complete this offering. MLS# 539939 $2,950,000 Frank Hardy 434.296.0134

SLAM GATE ROAD - Wonderful home built by Shelter built home by Shelter Associates with panoramic mountain views in Western Albemarle. Over 65 pastoral acres with a bold creek running through. Classic design with cedar shake roof. Superior quality craftsmanship is evident in every room with features such as white oak flooring, crown molding and wall trim. Property includes a 2500sf log guest house, workshop and other outbuildings. Great views abound from every corner. MLS 543646 $1,985,000 Frank Hardy 434.296.0134

frankhardy.com

KESWICK ESTATES - Perfectly located, private lot overlooking lake with breathtaking views of golf course, woodlands and mountains in the distance. Low maintenance home is relaxing as well as perfect for entertaining with a beautiful billiard room, home theater, and outdoor kitchen. State of the art security system, whole house audio, and Lutron lighting throughout with 5 zoned heating/cooling; exceptionally well crafted.

MLS# 540446 $4,395,000 Frank Hardy 434.296.0134

MOUNT AIR - Extraordinary estate offering 870 acres of flawless natural beauty with dramatic views of the Blue Ridge Mountains and frontage along the Lynch River. The elegant 4-story brick main residence overlooks a lake and adjoins the indoor pool. The property provides a full complement of farm buildings and 4 additional residences, including the original farm house. The land is well suited for livestock, horses, a vineyard or agricultural operations. MLS# 528320 $12,800,000 Frank Hardy 434.296.0134

LOWER BUNDORAN - A well-proportioned Federal period farmhouse with panoramic pastoral and mountain views. The residence sits on a 42-acre equestrian lot in the heart of Bundoran farm with miles of hiking and riding trails and fiber internet. A shed row barn with 4 stalls is connected to a handsome carriage house. 15 min. to Charlottesville.

Additional acreage avail. MLS # 544780 $1,650,000 Peter Wiley 434.422.2090

BOXBERRY - A costum-renovated brick residence (Bloomfield Rd.) with one-level living overlooking a neighboring estate with uninterrupted pastoral views.The 4,707 s.f. home has 5 bedrooms and 4.5 bathrooms with one level living has a keen attention to detail and sophisticated appointments throughout the property. Excellent proximity to all points in Charlottesville located a few minutes west of town. Murdoch Matheson 434.981.7439

U RED

CED

Each Office is Independently Owned and Operated.

LUXOR TERRACE - Only 10 miles from Charlottesville in desirable Western Albemarle, this private manor offers outstanding mountain and water views. Land consists 23.6 acres that can be divided. There are two stocked ponds and two streams.

The exquisite brick custom brick home has many high end finishes with 7 bedrooms and 5.5 baths. A true masterpiece in the heart of the country. MLS 542228 $1,950,000 Ann Hay Hardy 202.297.0228

HUNT COUNTRY LANE - Custom built Prairie style home on 21 aces w/ a 6 acre stocked pond. 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 and Viking range. $1,495,000 MLS# 530802 Ann Hay Hardy 202.297.0228 Each Office is Independently Owned and Operated.

CLASS NOT E S 503 Faulconer Drive Charlottesville, VA 22903 434.295.1131 homes@mcleanfaulconer.com

MCLEAN FAULCONER INC. Farm, Estate and Residential Brokers

RABBIT RUN ◆ $3,400,000

Brick-and-slate residence sited on 3.5 serene acres in Farmington. Renovated by noted local architect and showcasing a formal living room with gallery, first-floor master suite, and a professional kitchen.

Additional features include inviting gardens and lawns, pavilion with fireplace, and a 3-car garage.

MLS# 543292

SOUTH IVY ◆ $1,585,000

Classic, brick Georgian on 3, park-like acres in Ivy. This superbly built, 4-bedroom home showcases a family-friendly floorplan with premium finishes, chef ’s kitchen, 1st-floor master suite, media room, and great outdoor spaces for entertaining. Prime location and excellent schools.

MLS# 540799

WARREN MILL ◆ $1,100,000

This circa 1792, brick mill house is now a spectacular, 5 bedroom, 3.5 bath residence with 5,100 finished square feet, and an adjacent 2-bedroom guest cottage over detached garage.

Mostly open, 11.71 acres on Ballinger Creek with a beautiful waterfall! Minutes from Scottsville, VA. MLS# 544145

GRASSDALE ◆ $5,950,000

Historic and noteworthy, 851-acre estate that showcases: a finely detailed, circa 1860, Italianatestyle residence with exceptional scale; barns and other outbuildings; and fertile, fenced and crossedfenced pastures dotted with ponds. Just 20 minutes east of Charlottesville and UVA. MLS# 543076

MEADOWBROOK RD. ◆ $995,000

This beautiful home is in a great location and features 4,800+ square feet with formal living and dining rooms, large eat-in kitchen and adjoining family room, 5–6 bedrooms, 4.5 baths, oversized garage, central vacuum, and security and intercom systems.The yard is delightful and easy to maintain.

MLS# 543025

DROVERS REST ◆ $895,000

Two, circa 1827, Colonial homes nestled side by side in a gorgeous valley on 150 acres in the heart of North Garden, VA. Many, original features have been preserved in the 4-bedroom main house and 3-bedroom second home. The private land has a year-round creek and several out-buildings.

MLS# 543965

EARLYSVILLE ◆ $1,795,000

Dramatic and superbly built, 4-bedroom, postand-beam contemporary situated on 21, mostly wooded, private acres with panoramic Blue Ridge views. This home boasts a beautifully appointed kitchen, huge windows, vaulted ceilings, and mainlevel master. Only 10 min. to grocery and airport.

MLS# 543410

IVY AREA ◆ $2,095,000

This magnificent estate property on 22 acres with panoramic Blue Ridge views is private, yet only 10 miles from Charlottesville. Exceptional quality and construction with a 6,500 square foot, Europeanstyle main house, a 2,300 square foot guest home, and a 3-bay garage. A must see!

MLS# 541887

WWW.MCLEANFAULCONER.COM 40

THE DARDEN REPORT

ROUND HILL FARM ◆ $7,250,000

Exquisite, circa 1940, estate on 120 acres has been extensively modernized and enlarged. Wonderful mix of pristine pastures, hay fields, and hardwood forests with streams, a small pond, and hiking trails.

Panoramic Blue Ridge views and minutes from Charlottesville. www.roundhillfarmvirginia.com MLS# 541223

P rivate G ated e questrian e state C ommunity n estled within the J efferson s ea P ri va t e G a t e d e q ue st ri a n e st a t e C o mmuni t y n e s t le d w i t hi n t he J e ffe rso n s e a

Private Gated equestrian Community nestled within the Jefferson sea

21+ aCre estate ParCels startinG at $179,000

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vP of sales & marketinG vP of sales & marketinG (434)566-5562 434.566.5562 info info@ @turkeyrunCville turkeyrunCville.Com .Com

Crown Jewel of Albemarle Charlottesville, Virginia 4500 Acres

Private, secure, and self sustaining estate minutes from the University of Virginia and Thomas Jefferson's beloved home, Monticello. Gently rolling pastures, lakes (one 40 acres), ponds, forests, historic mansions, stables, lodges, miles of interior paved roads, fiber optic, and every amenity of country living. The ideal legacy property. $60M.

Visit www.EdenofAmerica.com JimBonner.com LuxuryCharlottesville .com +1 434-951-5102 jim@jimbonner.com

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THE DARDEN REPORT

SPRING 2016

42

V

CLASS NOT E S

irginia

Cobb Island Station The last great Coast Guard facility on the historic barrier islands of the Eastern Shore. Decommissioned in 1964, the station was loaded on a barge by The Nature Conservancy in 1998 and brought to its present setting on Brockenberry Bay at the Village of Oyster where it was impeccably restored at a cost of over double the current asking price. Today, Cobb Island Station is impeccably maintained and surrounded by conservation easements. Cobb’s waterfront is open to kayaking channels up and down the Barrier Islands with deep water access and the potential for a private dock is available. Offered fully furnished. $3,950,000

Mistwood

Cowherd Mt. Farm

With 235 acres on the Rapidan River in the Bull Run Hunt. Sublime contem- 272 acres of pasture and forest near James Madison’s Montpelier in Orange porary of stone & cedar with copper roof. Pool, stables, cottage, broad Blue County. Great Keswick Hunt location with beautiful views and 1920’s farmRidge views and more. $3,400,000

house. Conservation easement candidate with potential tax benefits. $1,875,000

Call Joe Samuels (434) 981-3322

Please visit our website for information on these and others.

SAMUELS Jos. T.

Over 100 Years Of Virginia Real Estate Service

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

43

THE DARDEN REPORT

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

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

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

44

THE DARDEN REPORT

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

LEADERSHIP BOARDS The six leadership boards of the Darden School of Business are composed of more than 170 distinguished leaders who collectively serve as an innovative force in the advancement of the Darden School throughout the world.

(Listing as of 30 June 2016) Darden School Foundation Board of Trustees, April 2016

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) J. Michael Balay (MBA ’89) Retired, Cargill Inc. Scott C. Beardsley (Dean) University of Virginia Darden School of Business J. Andrew Bugas (MBA ’86) Radar Partners Susan J. Chaplinsky (Faculty) University of Virginia Darden School of Business Jerome E. Connolly Jr. (MBA ’88) Charles R. Cory (MBA/JD ’82) Retired, Morgan Stanley & Co. Inc. Vidyanidhi (VN) Dalmia (MBA ’84) Dalmia Continental Pvt. Ltd. Jonathan R. Ebinger (MBA ’93) BlueRun Ventures Karen K. Edwards (MBA ’84) Kosiba Edwards Associates Arnold B. Evans (MBA/JD ’97) SunTrust Bank Jennifer McEnery Finn (MBA ’00) Capital One Financial Corporation

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

Willard L. McCloud III (MBA ’04) Cargill Inc.

Catherine J. Friedman (MBA ’86) Independent Consultant

Carolyn S. Miles (MBA ’88) Save the Children

Kirsti W. Goodwin (MBA ’02)

Douglas T. Moore (MBA ’80) Med-Air Homecare

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

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

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

Michael E. O’Neill (MBA ’74) Citigroup

Edwin B. Hooper (MBA ’94) Centerview Capital

Richard M. Paschal (MBA ’89)

Robert J. Hugin (MBA ’85) Celgene Corporation Martina T. Hund-Mejean (MBA ’88) MasterCard Worldwide William Irvin Huyett (MBA ’82) McKinsey & Company David B. Kelso (MBA ’82) Kelso Advisory Services Rosemary B. King (MBA ’91) K&B Fund Philip W. Knisely (MBA ’78) Clayton, Dubilier & Rice Lemuel E. Lewis (MBA ’72) LocalWeather.com Nicole McKinney Lindsay (MBA ’99/JD ’00) ZOOM Foundation

Zhiyuan (Jerry) Peng (MBA ’03) Tranlin Inc. Scott A. Price (MBA/MA ’90) Walmart International, Walmart Asia Frank M. Sands Jr. (MBA ’94) Sands Capital Management Inc. Frank M. Sands Sr. (MBA ’63) Sands Capital Management Inc. Richard P. Shannon, M.D. University of Virginia Henry F. Skelsey (MBA ’84) 3QU Media LLC Shannon G. Smith (MBA ’90) Abundant Power Teresa A. Sullivan President, University of Virginia

Elizabeth H. Lynch (MBA ’84) Evercore

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

Luann Johnson Lynch University of Virginia Darden School of Business

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

Jonathan D. Mariner Major League Baseball

SUMMER 2016

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ALUMNI ASSOCIATION BOARD OF DIRECTORS CHAIR Douglas T. Moore (MBA ’80) Med-Air Homecare PRESIDENT Jerome E. Connolly Jr. (MBA ’88) Kristina M. Alimard (MBA ’03) University of Virginia Investment Management Co. Yiorgos Allayannis University of Virginia Darden School of Business Keith F. Bachman (MBA ’89) Bank of Montreal Christine P. Barth (MBA ’94) Harren Equity Partners LLC Andrew G. Crowley (MBA ’11) Markel Corporation Richard P. Dahling (MBA ’87) Fidelity Investments Christian Duffus (MBA ’00) LEAF College Savings LLC Karen K. Edwards (MBA ’84) Kosiba Edwards Associates Jonathan D. England (MBA ’06) J.P. Morgan & Company Inc. Warren F. Estey (MBA ’98) Deutsche Bank Securities Inc. Michael J. Ganey (MBA ’78) House-Autry Mills Inc. Ira H. Green (MBA ’90) Simmons & Company International

Richard J. Parsons (MBA ’80) Shelley Reese (MBA ’08) Booz Allen Hamilton Elvis Rodriguez (MBA ’10) Adelante Capital Management LLC Abigail Ruiz de Gamboa (MBA ’04) Deloitte Nancy C. Schretter (MBA ’79) The Beacon Group Henry F. Skelsey Jr. (MBA ’15) A.T. Kearney, Inc. David L. Tayman (MBA/JD ’99) Tayman Lane Chaverri LLP Shaojian Zhang (MBA ’99) Tungray Group

BATTEN INSTITUTE ADVISORY COUNCIL CHAIR Shannon G. Smith (MBA ’90) Abundant Power Group LLC VICE CHAIR Jonathan R. Ebinger (MBA ’93) BlueRun Ventures Scott C. Beardsley Dean, University of Virginia Darden School of Business W. L. Lyons Brown III (MBA ’87) Altamar Brands LLC Sean D. Carr (MBA ’03) University of Virginia Darden School of Business

Owen D. Griffin Jr. (MBA ’99) Madison Hill Partners

James S. Cheng (MBA ’87) New Richmond Ventures, Blue Heron Capital, Lee & Hayes PLLC

Evan A. Inra (EMBA ’08) Ernst & Young Corporate Finance LLC

Alexander Cowan Leonid Systems

Kendall Jennings (MBA ’12) IBM

Martin J. Curran (MBA ’84) Corning Inc.

Bruce D. Jolly (MBA ’67) Lighthouse CFO Partners

Wayne L. Delker The Clorox Company (former)

Harry N. Lewis (MBA ’57) Lewis Insurance Agency Inc.

Gregory B. Fairchild (MBA ’92) University of Virginia Darden School of Business

Dariush P. Maanavi (MBA/JD ’94) Trysail Advisors LLC

Frank E. Genovese (MBA ’74) The Rothbury Corporation

Matthew J. Markee (MBA ’01) Recast Energy, LLC

John W. Glynn Jr. Glynn Capital Management

Betsy M. Moszeter (EMBA ’11) Green Alpha Advisors

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

Nikhil Nath (MBA ’00) Standard Chartered Bank

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

Pat O’Shea (MBA ’86) Former BB&T Capital Markets

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

Colleen L. Owens (MBA ’16)

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THE DARDEN REPORT

Adam R. Healey (MBA ’05) Borrowed & Blue Edward D. Hess University of Virginia Darden School of Business Archie L. Holmes Jr. University of Virginia Edwin B. Hooper (MBA ’94) Centerview Capital Arnon Katz (MBA ’09) Walmart eCommerce Douglas R. Lebda (EMBA ’14) Lending Tree Michael J. Lenox University of Virginia Darden School of Business Jeanne M. Liedtka University of Virginia Darden School of Business Rosema F. Nemorin (MBA ’08) Lend Street Financial Inc. Zhiyan (Jerry) Peng (MBA ’03) Tranlin Inc. Ian W. Ratcliffe (MBA ’94) Asterand Bioscience Harry T. Rein (MBA ’73) Retired, Foundation Medical Partners Sarah F. Rumbaugh (MBA ’15) RelishMBA Saras D. Sarasvathy University of Virginia Darden School of Business Michael P. Straightiff University of Virginia Licensing & Ventures Group S. “Venkat” Venkataraman University of Virginia Darden School of Business

CORPORATE ADVISORY BOARD CHAIR Richard M. Paschal (MBA ’89) VICE CHAIR J. Michael Balay (MBA ’89) Retired, Cargill Inc. Danielle Amfahr 3M Company Helen M. Boudreau (MBA ’93) FORMA Therapeutics Mark S. Bower (MBA ’02) Bain & Company Ray Butler Danaher Corporation Kevin C. Clark (MBA ’01) Amazon David L. Couture (MBA ’95) Deloitte Consulting LLP Donna Lynnette Crowder (EMBA ’10) WestRock

LEADERSHIP BOARDS Martin J. Curran (MBA ’84) Corning Incorporated

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

Murray R. Deal Eastman Chemical Company

Kevin P. Watters (MBA ’94) JPMorgan Chase

Paul H. Donovan (MBA ’95) Microsoft Corporation

M. Reaves Wimbish (MBA ’97) Accenture

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

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

Elisabeth J. Frost (MBA ’05) General Mills

DEAN’S DIVERSITY ADVISORY COUNCIL

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

CHAIR Willard L. McCloud III (MBA ’04) Cargill Inc. Nicola J. Allen (MBA ’10) Danaher Corporation Paige T. Davis Jr. (MBA ’09) T. Rowe Price Jonathan P. Englert (MBA ’10) Deloitte Consulting LLP Teresa A. Epperson (MBA ’95) AlixPartners Ray R. Hernandez (MBA ’08) NewComLink Andrew C. Holzwarth (EMBA ’09) Stanley Martin Companies Allison Linney (MBA ’01) Allison Partners LLC Octavia G. Matthews (MBA ’89) Aramark Uniforms Tawana Murphy Burnett (MBA ’04) Facebook Michael A. Peters (MBA ’09) COMCAST Corporation

GLOBAL ADVISORY COUNCIL CHAIR Rosemary B. King (MBA ’91) K&B Fund VICE CHAIR Zhiyuan (Jerry) Peng (MBA ’03) Tranlin Inc. James R. Chapman (MBA ’00) Dominion Resources Halsey M. Cook Jr. (MBA ’91) Sonepar USA Vidyanidhi (VN) Dalmia (MBA ’84) Dalmia Continental Pvt. Ltd. Louis G. Elson (MBA ’90) Palamon Capital Partners LLP Clelland Peabody Hutton (MBA ’75/JD ’77) Ajia Partners Cave Naresh Kumra (MBA ’99) JMATEK Group, La Rochelle Ventures Ltd. Richard K. Loh (MBA ’96) Ploh Group Pte. Ltd. Elie W. Maalouf (MBA ’89) InterContinental Hotels Group Agustin Otero Monsegur (MBA ’06) Humus Capital LLC Antonio U. Periquet Jr. (MBA ’90) Pacific Main Holdings, Campden Hill Group Vincent M. Rague (MBA ’84) Catalyst Principal Partners Fiona Roche (MBA ’84) Estates Development Co. Pty. Ltd., Adelaide Development Company

Alex R. Picou (MBA ’89) JPMorgan Chase

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

Reynaldo Roche (MBA ’07) Delta Air Lines Inc.

Erik A. Slingerland (MBA ’84) Egon Zehnder

William B. Sanders (MBA ’06) Korn/Ferry International

Ichiro Suzuki (MBA ’84) Nomura Asset Management

Rhonda M. Smith (MBA ’88) Breast Cancer Partner

George S. Tahija (MBA ’86) PT Austindo Nusantara Jaya (ANJ)

Jeffrey W. Toromoreno (MBA ’06) Citigroup

Jing Vivatrat The Asia Group LLC

Daniele M. Wilson (MBA ’11) Johnson & Johnson

Wenyong (Winston) Wang (MBA ’03) Shipston Group Limited Jianzhong (Jimmy) Wei (MBA ’02) KPCB China Baocheng Yang (MBA ’04) Huanghe Science and Technology College

Steven A. Sonnenberg (MBA ’79) Emerson

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THE DARDEN REPORT

SUMMER 2016

47

20

Questions With

James W. Todd (MBA ’64)

O

ver the past four decades, James Todd (MBA ’64) has worked as a renowned real estate advisor, developer and investor. His experience includes residential, retail, office, industrial, recreational and mixed-use communities throughout the United States and Canada.

As president of JWT Inc., Todd provides consulting and advisory services for the strategic planning of real estate assets. Prior to his current role, he served as president of The Peterson Companies, one of the largest private development companies in the Washington, D.C., area. He is also managing partner of TFP Investments, a private investment partnership. Todd served as president of two other development companies — Gulf Reston and Mobil Land Development — both of which developed the town of Reston, Virginia, for which they received the 1989 Urban Land Institute Award of Excellence.

He is a life trustee of the U.S. Urban Land Institute, a past president of the Northern Virginia chapter of the National Association of Industrial and Office Parks and former board member of the Northern Virginia Building Industry Association.

Todd has also served on the Fairfax County Economic Advisory Commission, as a director of the Washington Airports Task Force and as vice chair of the Fairfax County Economic Development Authority.

Todd is a double Hoo, having received his bachelor’s degree from the University of Virginia’s McIntire School of Commerce in 1960. An emeritus trustee of the Darden School Foundation Board of Trustees and Principal Donor, Todd pledged $1 million to the School in 1999 to support case method research and the Batten Institute for Entrepreneurship and Innovation.

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THE DARDEN REPORT

What was your first job?

I delivered newspapers — The Washington Post and the [Washington] Evening Star.

What’s the best advice you have ever received?

Tell the truth.

When and where do you do your best thinking?

At home, when it is quiet.

What’s your favorite book of all time — about business or otherwise?

The Hunt for Red October by Tom Clancy Which four living business person(s) would you like to bring together for a private dinner with you? Why? Donald Trump, Jeff Bezos, Bill Gates and Jack Welsh. All of them have been “change agents” in our business society.

What’s your motto?

Remember living under the honor system as your guide.

What characteristics do you look for in people?

Honesty, friendliness and integrity.

How do you measure success?

Accomplishing one’s objectives so that they do not harm others and are positive.

Which natural talent would you most like to have? Why? The ability to communicate well and positively in person and in writing. There is no substitute for clear communications in business and personal life.

What do you consider your greatest achievement?

That is for others to decide.

Tell us about a treasured possession?

My family and friends, above all.

What music are you listening to lately?

A favorite is Andrea Bocelli.

What do you do to manage your energy and remain balanced?

I walk and play golf with my wife, Sharon, and I play tennis twice a week with regular partners.

What are your favorite causes?

University schools I attended, local causes that help institutions and people who are beneficial to our society.

What’s next?

I want to maintain an active and healthy life full of family and friends.

Which class at Darden impacted you the most?

Professor Paul Hammaker’s classes on marketing and business in general. His business experience and his teaching of most any course was strong.

Which Darden professor influenced you the most?

Paul Hammaker and Almand Coleman How has the case method been applicable to your business as a real estate developer in the United States and Canada?

The case method taught me a fundamental process of how to approach most business problems with an analytical method followed by a strong presentation of my conclusions, written or oral. It is the best method for teaching many subjects, especially business.

What was your most memorable challenge you faced while developing the town of Reston?

The two most significant challenges were developing uses that met the market need and convincing both the general public and the elected officials of the wisdom of such uses.

What’s the most valuable lesson you’ve learned in real estate that could apply to anyone?

Honesty, above all, in your work and life. It has no substitute.

• A DECADE OF INNOVATIVE IMPACT •

Since 2006, the Jefferson Trust has provided more than $5.5 million to support innovative new projects at the University of Virginia.

DARDEN IMPACT VENTURES This student-run impact venture fund furthers education in venture capital and impact investing.

With initial funding from the Jefferson Trust, the group hosts intra-University speaker series and seminars; conferences and competitions; and connects students from across Grounds.

For more information or to make a gift, please contact us at: JEFFERSONTRUST.ORG SUMMER 2016434-243-9000 49

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

alumni.darden.edu/reunion

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REUNION WEEKEND

2017

28–30 April

CHARLOTTESVILLE

50

WASHINGTON DC AREA

SAN FRANCISCO

SHANGHAI

Operating in key global locations worldwide, the UVA Darden School of Business pursues its mission THE DARDEN REPORTthe world by developing and inspiring leaders and by advancing knowledge. to improve