UVA Darden Pillars Spring 2021 by Darden School of Business

PI L L A RS U N I V ER S I T Y O F V I R G I N I A | DARDE N SCH OOL OF BU SINE SS | ISSU E 25 | SPRING 2021

SCHOLARS, ENTREPRENEURS, INNOVATORS, STRATEGISTS, DISRUPTORS, PRAGMATISTS, LEADERS, DISSENTERS, THINKERS — DARDEN PROFESSORS

DARDEN’S LEGENDARY FACULTY

PAGE 4

School Strategy Update PAGE 3 Reimagining Scholarships PAGE 9 Inn Underway PAGE 10

UPDATE FROM DARDEN SCHOOL FOUNDATION LEADERSHIP

P U RP O S E M A K ES P RO G RES S

hen I reflect on this past year, I am reminded of our saying at Darden: Purpose makes progress. It’s the foundation for what we believe. It informs everything that we do to ensure Darden delivers on its promise to improve the world by inspiring responsible leaders through unparalleled transformational learning experiences. This issue of Pillars celebrates the progress that the Darden community has enabled through our shared purpose and the $400 million Powered by Purpose campaign. It highlights our collective goals to advance the faculty who set the world’s standard for teaching excellence, the students who put their why to work and the incredible Grounds that are more than a mere setting for the world’s best education experience. To date, an incredible $324.9 million has been raised during the campaign for the people and places that make the Darden experience unparalleled. As the School reaches the halfway point of the Darden Worldwide 2026 strategic plan, I invite you to read more on Page 3 about how our shared vision is moving forward. We aspire for Darden to be recognized as the most accessible and affordable top business school in the world and the best public business school in the United States. All of this would not be possible without you, and I could not be more grateful for your continued support. I hope this issue of Pillars will help you gain an appreciation for the incredible impact philanthropy has generated to honor those who walked before us (Page 4), support the students who will become the next generation of purpose-driven leaders and ensure Darden continues to welcome top talent in the future (Page 9). I also invite you to read more inspiring stories like these on our campaign website: giving.darden.virginia.edu. Thank you for your commitment to power the purposeful.

Progress Toward Purpose

81%

$324.9M

Sincerely,

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

As of 30 April 2021

$400 million by 30 June 2025

The incredible progress in the campaign demonstrates that Darden’s supporters recognize the importance of sustaining and enhancing the School’s transformational learning experience.” — Bob Hugin, chair, Darden School

Darden’s Powered by Purpose Campaign Priorities 1. Faculty, Thought Leadership & Curricular Innovation 2. Scholarships, Financial Aid & Student Experience 3. Grounds Master Plan, Technology & Innovation 4. Darden Annual Fund

Darden’s progress toward achieving the full potential of these priorities will accelerate as the School advances toward its fundraising goal for the campaign.

Foundation Board of Trustees

On the cover, from left: Professors Martin Davidson, Mary Margaret Frank, Bill Sihler and Roshni Raveendhran

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DARDE N WORLDWID E

Q&A WITH PROFESSOR MIKE LENOX, CHIEF STRATEGY OFFICER

LOO KING BACK AND LOO KING FORWAR D Darden 10-Year Strategic Plan Reaches Halfway Point BY DAVE HENDRICK

2016, after soliciting extensive input from faculty, alumni and the broader Darden community, Dean Scott Beardsley unveiled a 10-year strategic plan for the School, dubbed Darden Worldwide 2026. The goal is straightforward — to ensure that Darden remains one of the best business schools in the world — but the plan is multifaceted, touching on everything from student experience and scholarships to the state of Grounds. At roughly the halfway point, Darden Professor and Chief Strategy Officer Mike Lenox, who partnered with Beardsley and school leadership to develop the strategy, considers the path thus far and the road to 2026.

WHAT IS THE VISION LAID OUT IN THE DARDEN WORLDWIDE 2026 STRATEGY?

Central to our strategy was a vision for Darden, in the words of Dean Beardsley, “to achieve the full potential of our mission.” Above all our peer business schools, we will be viewed as a positive force for the betterment of society, acting as an agent for change by developing and inspiring responsible leaders and by advancing knowledge. To this end, we envisioned a faculty that continues to be recognized as the best teaching faculty in the world, generating ideas that change society and raise Darden’s visibility, leading innovative programs on the forefront of business education, and ultimately delivering the world’s best educational experience across modalities — residentially, globally and virtually. Supporting this vision are the most active, successful, satisfied and passionate students and alumni in the world, a sustainable economic model and endowment that is proportionately among the Top 5 of business schools, and great people at a great place to work. Ultimately, Darden will be a values-based force for good at UVA, the Commonwealth of Virginia and beyond.

Continued on Page 15

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FAC U LT Y S U P P O R T

The campaign empowers Darden to nurture the outstanding faculty of the future and develop insights for leaders facing real-world business challenges.

HON OR DARDEN ’S MAST ER T EACHERS

Celebrating the Faculty Legends of Yesterday, Today and Tomorrow

John Colley, Bill Sihler, C. Ray Smith

B Y J AY H O D G K I N S

Pictured from left: Professors S. “Venkat” Venkataraman, Elena Loutskina, John Colley (1930–2020) and Luann Lynch

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— these names are synonymous with Darden’s reputation for excellence through decades of acts large and small, from years spent playing pick-up basketball games with students or attending student soirees to steering the School’s strategy and leading difficult cases in the classroom with a near-mythical level of precision. The fierce loyalty and strong bonds the first generation of Darden faculty engendered in their students made them obvious choices for alumni to honor through their giving to the School. In thanking their beloved teachers and mentors, former students have honored Darden’s future by naming physical spaces like C. Ray Smith Alumni Hall, creating scholarships like the William Wooding Sihler Scholarship and endowing faculty chairs like the John L. Colley Jr. Professorship in Business Administration, currently held by Professor Jim Detert. “While holding any endowed chair is a privilege, I feel even more honored to hold the chair named for a Darden legend,” Detert said. “Knowing the impact John

Colley had on so many students, for so many years, inspires me to pay it forward by working every day to make the same positive difference.” The strong desire among alumni to show appreciation for their favorite professors as they support the School’s future success led Darden to launch Honoring Faculty Legends, an initiative of the Powered by Purpose capital campaign. While many existing gifts have honored the School’s first generation of faculty, this initiative seeks to expand the lens to honor those faculty members who followed and became legends in their own right. There are many ways to honor faculty legends through giving, but the initiative is specifically focused on gifts in two areas: • Name spaces in the new UVA Inn at Darden and Conference Center for Lifelong Learning (see story on Page 10) or an existing building. • Support a faculty excellence fund or a Darden research Center for Excellence to advance the School’s faculty and thought leadership to match those of peer schools.

In the case of spaces, alumni can make gifts to name indoor and outdoor areas, ensuring their favorite professors’ names are literally etched in stone and directly supporting construction of Darden’s new facilities. In the case of support for research centers, Professor S. “Venkat” Venkataraman says alumni often ask him if research will detract from the faculty’s acclaimed teaching, to which he replies that great teaching comes from being close to the cutting edge of theory and practice. “It is not just about great teaching. It is also about teaching great things.” CASE IN POINT: THE ROBERT F. BRUNER DEAN’S FUND FOR FACULTY EXCELLENCE

The Robert F. Bruner Dean’s Fund for Faculty Excellence serves as a perfect example of how the Darden community came together to honor a faculty legend while empowering the next generation of faculty to make the same impact. When Bruner announced he would return to the faculty after 10 years leading the School as dean, nearly 50 alumni quickly responded to raise $11.5 million and create the fund. “When alumni ask me what they can do to bolster the future of Darden and its mission, I reply, ‘Talent is destiny.’ We are in an extraordinarily fierce competition to hire top talent for the next generation of Darden faculty members. We need A-level

players who are not only thought leaders, but also stellar teachers and who can relate at ground level to business practitioners,” Bruner said. “The Dean’s Fund for Faculty Excellence has made a massive difference, and yet we have more shoes to fill. Replenishing funds will help us fill them with top talent.” The Bruner fund is one of Dean Scott Beardsley’s most essential tools to recruit, retain and develop the next generation of faculty legends, which is why the School now seeks to endow a new fund for faculty excellence. The opportunity to honor faculty legends couldn’t be more timely as the School navigates a wave of faculty retirements. In just the last few years, Darden has announced the retirements of professors who provided centuries of service to the School and thousands of students, including Professors Sam Bodily, Colley, Ken Eades, Paul Farris, Jim Freeland, Bob Landel and Phil Pfeifer. Professors Bob Conroy, Ed Hess, Alec Horniman and Elliott Weiss will retire this spring. The loss of a beloved professor can also spur a desire among former students to recognize the accomplishments and impact a professor had in life. While the ongoing COVID-19 pandemic has delayed a formal event, Darden plans to hold an in-person event and announce a donor-supported initiative to honor Colley, who died in 2020.

It is not just about great teaching. It is also about teaching great things.” — S. “Venkat” Venkataraman, MasterCard Professor of Business Administration and Senior Associate Dean for Faculty and Research, on the importance of resources the faculty needs to provide preeminent transformational learning experiences.

For more information about honoring a faculty legend, contact Carter Hoerr at HoerrC@darden.virginia.edu or University Professor and Dean Emeritus Bob Bruner

+1-434-243-5871.

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FAC U LT Y S U P P O R T

NEW PROFESSORSHIP ADVANCES DARDEN ’S VENTURE C APITAL FOOTPRINT

MacAvoy Professor of Business Administration John Glynn and his wife, Barbara

s Darden takes steps to expand its reach in the venture capital space, a pioneer in the field is creating a lasting impact by endowing a new professorship. Glynn Capital Management founder John Glynn and his wife, Barbara, recently made a $3 million gift to establish the John and Barbara Glynn Chair in Venture Capital. The gift was matched with $2 million from the UVA Bicentennial Professors Fund to create a total impact of $5 million that will support a professorship for a distinguished scholar and practitioner in the field of venture capital. Glynn, MacAvoy Professor of Business Administration and a member of the Darden School Foundation Board of Trustees, has taught a venture capital course at the School for more than 30 years. The course is popular among students and is the School’s largest elective. “After years of traveling back and forth from California to teach, I wanted to leave a legacy at the School that will further the study and practice of venture capitalism,” said Glynn, a UVA School of Law graduate. “I’ve seen the course’s direct impact on MBAs who now want to be entrepreneurs. This gift to create the first endowed chair in venture capitalism will benefit Darden students for years to come.” As students look for more resources to learn about and pursue careers in venture capital, the Glynns’ gift will enable the School to recruit an expert practitioner in the area. The professorship marks a significant step toward achieving Darden’s vision of establishing a center for venture capital. “John has made an incredible impact in the Darden classroom by leading the School’s efforts in the venture capital space,” said Dean Scott Beardsley. “By endowing this new professorship, he and Barbara have ensured that Darden is positioned to recruit and retain a faculty member who will extend the School’s tradition of excellence deeper into the area of venture capital.”

BY KRISTEN KEESEE

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B E A RI N G F RU I T Transformational Gift Yields Launch of Sands Institute, First Sands Professors BY DAVE HENDRICK

The impacts of the late Frank M. Sands Sr.’s (MBA ’63) transformational 2019

gift continue to percolate around Darden Grounds, with the School in 2020 formally launching the Marjorie R. and Frank M. Sands Sr. Institute for Lifelong Learning and announcing the first Frank M. Sands Sr. Professorships. Supported by $20 million from Sands’ $68 million gift, the Sands Institute powers Darden’s innovation in pedagogy and delivery of transformational lifelong learning experiences and outcomes — both in person and virtually — particularly in new programs for the working professional outside of the full-time MBA. Faculty support is a key tenet of Sands’ gift. The first Sands Professors include: • Professor Toni Irving as Frank M.

Sands Sr. Professor of Practice • Professor Lynn Isabella as Frank M.

Sands Sr. Associate Professor of Business Administration • Professor Paul Simko as Frank M.

Sands Sr. Associate Professor of Business Administration • Professor Scott Snell as Frank M.

Sands Sr. Professor of Business Administration • Professor Kimberly Whitler as Frank

M. Sands Sr. Associate Professor of Business Administration Before his passing, Sands Sr. elected to rename the three remaining Sands professorships in honor of his late wife, Marjorie; Julie Sands, the wife of Sands Sr.’s son Frank Sands (MBA ’94); and Dean Scott Beardsley.

Toni Irving

Lynn Isabella

Paul Simko

Scott Snell

ADDITIONAL EARLY RETURNS ON THE GIFT CAN BE SEEN IN A NUMBER OF KEY AREAS Course innovation and digital enhancements — Darden Executive Education

& Lifelong Learning has advanced the gift’s aims in a number of ways, notably executing a virtual pivot in the face of the coronavirus pandemic, building new certificate offerings and launching a specialization in future-ready leadership, among other initial steps. UVA Inn at Darden and Conference Center for Lifelong Learning — The Sands

gift has enabled the start of construction of the UVA Inn at Darden and Conference Center for Lifelong Learning (see more on Page 10), which began in January 2021. New degree offerings — The Sands Institute will support Darden’s growth in new degree offerings for the working professional, ensuring the School’s transformational education experience and outstanding teaching extends to all formats. “We are excited to continue to unleash innovation in our curriculum and lifelong learning experiences, making Darden an indispensable partner for professionals and organizations across the globe,” said Ashley Williams, CEO and chief learning officer of Darden Executive Education & Lifelong Learning, and leader of the Sands Institute. “In these uncertain times, the need to accelerate lifelong learning to support the leaders of tomorrow to successfully grow and lead has been further cemented.”

New Sands Professors Kimberly Whitler

DONORS UNLOCK $24M FROM UVA BICENTENNIAL PROFESSORS FUND TO CREATE NEW PROFESSORSHIPS

Matching funds from the UVA Bicentennial Professors Fund for gifts to establish new endowed faculty chairs have created a tremendous opportunity for donors to amplify their impact in support of Darden’s faculty. The generosity of the School’s donors not only supports the faculty members who deliver the world’s best education experience today but those who will carry the tradition forward in the future. Support for Darden professorships during the Powered by Purpose campaign includes: • $44.2 million raised to create endowed

professorships • $24 million in matches through the

Bicentennial Professors Fund • $68.2 million total impact to Darden • 28 new professorships endowed since

the start of the campaign One final match opportunity remains to endow the dean’s chair. Contact Carter Hoerr at HoerrC@darden.virginia.edu or +1-434-243-5871 for more information.

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SCHOLARSHIPS

Campaign support creates scholarships and an unmatched student experience that sparks a virtuous circle in which top student talent draws top faculty, top rankings and top resources.

A S C H O L A RS H I P ’S T RU E I M PACT Katie Winebarger (Class of 2022), recipient of the Warren M. Thompson Scholarship, spoke this fall at a virtual edition of Darden’s annual Scholarship Dinner. The Warren M. Thompson Scholarship was established to support students who demonstrate a commitment to diversity, and she shared what receiving it meant to her.

y journey to Darden began in December 2014, when business school wasn’t even on the roadmap. I was working in Germany, preparing to start a doctor of physical therapy program at the Medical University of South Carolina (MUSC). Then, I learned that my dad had been diagnosed with multiple system atrophy. I deferred my acceptance to MUSC and moved back to Greenville, South Carolina, to take care of my dad. My family and I moved into a new apartment, and I started working two jobs. Even though we managed for a time, it became clear it wasn’t sustainable. Even with two jobs and 100-hour work weeks, my minimum wage paychecks and waitress tips couldn’t support the burden of student loans, medical bills and everyday expenses.

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I gave up my spot at MUSC to look for a permanent career. With copious help from my employers in Germany, who advised how to market my “business organization and leadership skills” gained as their au pair, I received an associate offer from Refinitiv, which changed my life. It exposed me to the intricacies of the global financial system and provided the opportunity to learn everything I could about investment management. In turn, I taught my brother how to build a 401(k) and worked with my mom to structure my dad’s care while planning for her future. After a couple of years, we were able to buy a home for my dad. The myth I grew up with, that providing for one’s future meant earning good grades and finding a good job, had been forever shattered. In its place was the reality that adequate health care and in-

surance, diversified investments, adequate knowledge of healthy credit use, and a heaping amount of good luck mattered more. The more I observed inequalities within the financial system, the more passionate I grew about reimagining financial education and access. So I began exploring business schools. After my dad passed away, I spent several months reorienting myself and my purpose in the world. I decided to take a chance and apply to Darden. Receiving a scholarship from Darden meant everything. It meant not choosing between my goals and aspirations and my obligations to my family. Without the generous scholarships that Darden offers today, we would not have the rich diversities of gender, race, thought and backgrounds that are so important to us, and I know for a fact that I would not be here.

RE I M A G I N I N G S C H O L A R S H I P S Creating Paths for Every Deserving Student B Y J AY H O D G K I N S

Darden aspires to be among the world’s most accessible top business schools.

To create a culture of inclusive excellence, the School announced new competitive scholarship and need-based scholarship programs this year within its overall scholarship program. Scholarships help Darden prepare future leaders for a global, diverse, complex and fast-changing landscape by helping the classroom mirror the world. These future leaders bring diverse talent to leading organizations. Darden continues to fundraise for scholarship and need-based aid through the Powered by Purpose capital campaign. To date, the campaign has generated a total impact of more than $150 million for scholarships.

ACCESSDARDEN AccessDarden, the School’s first scholarship program based on financial need, provides students admitted on their merit to the full-time MBA and Executive MBA programs the opportunity to apply for a need-based scholarship. The program, which aligns with the University of Virginia’s AccessUVA program for undergraduates, offers financial grants to students based on financial need, considering factors such as income, savings and assets. Currently, need-based scholarships are available up to $20,000 per year of study, but the School aspires to ultimately provide scholarships that meet all demonstrated need. Growing the AccessDarden program is a major priority of the campaign, and the School continues to seek donor support for new need-based scholarship funds. Darden School Foundation Board of Trustees Chair Bob Hugin (MBA ’85) recently pledged $1 million, matched by $500,000 from the UVA Bicentennial Scholars Fund and another $1.2 million from alumni who met his matching challenge and also secured matching funds from UVA, to generate $3.1 million to establish the need-based Professor William W. Sihler Bicentennial Scholars Fund.

DARDEN DISTINGUISHED SCHOLARS PROGRAM For full-time MBA students, the Darden Distinguished Scholars Program includes a growing portfolio of merit scholarships and scholarship competitions offered by the Darden School, the Darden School Foundation and external organizations in support of Darden. • The new, competitive Oculus Fellowships scholarship program invites selected admitted full-time MBA students to apply and compete for the prestigious award, which includes full tuition and fees and other benefits. • The Distinguished Scholars Program also includes merit scholarships from the School and Darden School Foundation, which range from partial tuition stipends to full tuition and fees. These awards recognize top talent and help the School build a talented and diverse class. Donors have helped Darden grow its merit scholarship offerings during the campaign, creating 89 new full and partial scholarship funds to make sure the most talented students say “yes” to the School. However, Darden must make greater strides to ensure its classrooms mirror the global business world. According to the

DONORS, UVA BICENTENNIAL SCHOLARS FUND PAIR TO POWER NEW SCHOLARSHIPS

Through the UVA Bicentennial Scholars Fund, which provided matching opportunities for gifts to establish graduate school scholarships through October 2020, donors maximized their support to the Darden School Foundation, ensuring the School is accessible to the best students from all walks of life. Scholarship support for Darden during the Powered by Purpose campaign includes: • $86 million raised to create endowed scholarship funds • $33 million for Darden student scholarships through a gift from David Walentas (MBA ’64) and his late wife, Jane, to the Jefferson Scholars Foundation • $31 million in matches through the Bicentennial Scholars Fund • 89 new scholarship funds endowed

online business education publication Poets & Quants, the value and number of scholarship grants have never been higher. MBA admission consultants say scholarship awards are up by at least 30 percent, and possibly more, in the past three years alone, all in an effort to attract the most desirable candidates in the applicant pool. Thanks to generous donors, these scholarship innovations advance the School’s commitment to deserving students. For information on supporting AccessDarden need-based scholarships, Oculus Fellowships or unrestricted scholarships, contact Interim Vice President for Advancement Samantha Hartog at HartogS@darden.virginia.edu or +1-434-982-2151.

I am passionate about attracting the most deserving students, reducing the financial barriers to access the incredible education we have to offer and creating possibilities.” — Dean Scott Beardsley

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The campaign allows Darden’s Grounds to set the standard for world-class business education and uniquely reflect the School’s values, interests and purpose.

GROUNDS

U VA I N N AT DA RD E N A N D C O N F E RE N C E CEN TER FOR L I F E LO N G L E A RN I N G Darden’s Building a Flywheel. Its Energy Came From Donors. B Y J AY H O D G K I N S

flywheel is an extremely efficient device for storing and delivering energy. It is also a perfect analogy for how alumni support for the new UVA Inn at Darden and Conference Center for Lifelong Learning will power the School’s success in myriad ways well into the future. The new LEED-certified facility will be a major competitive advantage for the School’s degree programs and non-degree offerings led by Darden Executive Education & Lifelong Learning. Scheduled to open in 2023 after construction began in early 2021, it will offer 199 hotel rooms, a 12,000-square-foot learning and conference center, a destination restaurant, a coffee shop, and a pub. POTENTIAL UNLOCKED: THE LONG LIST

Replacing the old Inn at Darden, the new inn and conference center will: • Serve Darden’s academic mission with learning and meeting spaces and modern amenities

degree and non-degree programs and events • Deliver a financial return through a sustainable business model

• The Adair (MBA ’09) and Kathryn Newhall Family made a leadership gift to support the project and name the inn’s private dining room.

• Engage Darden’s alumni community, corporate partners, recruiters, prospective students and guests through firstclass hospitality

• Gordon Crawford (MBA ’71) and his wife, Dona, made a $500,000 gift to name the alumni lounge in the C. Ray Smith Alumni Hall.

• Enable Darden to compete more effectively with peer schools, many of which have recently completed dynamic renovations to their facilities

• The Morris S. Smith Foundation made a $270,000 gift to support a footbridge to honor Carl Mason Franklin, the father of Foundation Trustee Larry Franklin. Carl graduated first in his class at the UVA School of Law in 1948. The gift will also support two benches: one to recognize Larry Franklin for his teaching at Darden and UVA School of Law, among other contributions to UVA, and one to recognize his brother, Sterling Franklin, who was born in Charlottesville in 1947 while his father attended UVA Law.

• Aid the community’s well-being through outdoor spaces like the proposed arboretum and botanical gardens adjacent to the inn and conference center SUPPORT STARTS THE WHEEL TO TURN

The energy for Darden’s new flywheel has come through incredible philanthropic support from alumni. The new inn and conference center is a vital component of the School’s Grounds Master Plan, which also calls for renovating C. Ray Smith Alumni Hall and creating outdoor collaboration areas through the future arboretum and botanical gardens. Following a $20 million lead gift for the inn and conference center and a $7.2 million fund for Smith Alumni Hall provided by the late Frank M. Sands Sr. (MBA ’63) as part of his record $68 million gift to the School, several leading donors have stepped forward to revitalize Darden’s Grounds. • The Altec/Styslinger Foundation made a $5 million gift to support the project and name the inn’s lobby and bar. • Martina Hund-Mejean (MBA ’88), vice chair of the Darden School Foundation Board of Trustees, and her husband, Bruno Mejean, made a $500,000 gift to support the project and name the inn’s wine cellar.

The School is seeking additional philanthropy to deliver its vision for the new facilities. All donors supporting the inn and conference center at the $100,000 and above level will receive special recognition as sponsors of the project. Corporate sponsors are welcome. “Darden has long set the bar with its distinguished Grounds,” said Dean Scott Beardsley. “We must protect and elevate our full-time MBA, Executive MBA and Master of Science in business analytics degree programs; enhance our Executive Education & Lifelong Learning experience; and make Darden the place to convene academic and business events.” Through an initial push from donors, the new inn and conference center will spin like a flywheel to power all those aspects of Darden that make it one of the top business schools in the world.

• Elevate the experience of all learners as it is used on a daily basis by full-time MBA students, faculty and staff; by Executive MBA and Master of Science in business analytics students for required residencies in Charlottesville; and by Executive Education learners and custom clients for ongoing programs

The UVA Inn at Darden and Conference Center for Lifelong Learning will completely transform how Darden supports the community to ensure it remains a top-ranked business school.”

• Provide infrastructure to support Darden’s aspiration to launch new

— Bill Utt (MBA ’84), chair of the Darden School Foundation Board of Trustees Grounds, Hospitality and Technology Committee and member of the Powered by Purpose Campaign Cabinet

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NAMING OPPORTUNITIES IN AND AROUND THE INN AND CONFERENCE CENTER INCLUDE: • Featured spaces ($2 million to $5 million) • Academic spaces ($500,000 to $1 million) • Event and meeting spaces ($200,000 to $1 million) • Arrival points ($5,000 to $1 million) • Outdoor spaces ($250,000 to $1 million) • Hospitality ($75,000 to $250,000) • Guest rooms and suites ($25,000 to $200,000) For more information on supporting the Darden Grounds Master Plan, contact Carter Hoerr at HoerrC@darden.virginia.edu or +1-434-243-5871.

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ANNUAL FUND

S U RG E O F S U P P O RT F O R D I V E R S I T Y, E QU I T Y A N D I N C LU S I O N I N I T I AT I V ES BY KRISTEN KEESEE

This effort is a step we can take today to ensure Darden sustains a world-class business school culture where all members take responsibility for — and value — an inclusive and diverse community.” — Nicole Lindsay (MBA ’99/JD ’00)

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Campaign support for the Darden Annual Fund enables the School to remain innovative, invest in top strategic priorities and respond nimbly to emerging opportunities.

n the wake of a renewed movement for racial equity and justice and outreach from alumni asking how they can support Darden’s efforts to advance diversity, equity and inclusion, the School introduced a new designation to the Darden Annual Fund last year to create a direct pipeline to fuel this critical work. To build momentum for the new Diversity, Equity and Inclusion Initiatives designation, the Dean’s Diversity Advisory Council (DDAC) established a match challenge that will yield at least $250,000 in new resources. Those funds will allow the Darden Annual Fund to help the School foster an inclusive community that enables its global and diverse members to collaborate and excel. The match challenge has two parts, one based on participation and the other a dollar-for-dollar match. The participation challenge activated support for the designation from 100 donors to unlock $50,000. The second part of the challenge, which is not yet complete, seeks to raise $100,000

to unlock another $100,000. To date, 224 donors have helped to raise more than $94,000 in support of this effort. “This effort is a step we can take today to ensure Darden sustains a world-class business school culture where all members take responsibility for — and value — an inclusive and diverse community,” said Chief Operating Officer, Sustainability & Center for Inclusive Growth, Mastercard and Vice Chair of the DDAC Nicole Lindsay (MBA ’99/JD ’00). “I am heartened to see that this work continues to be a priority that resonates with my fellow alumni.” The new designation continues the Darden Annual Fund’s efforts to advance diversity, equity and inclusion, which have also included support of programs such as the Consortium for Graduate Study in Management. Support for the Diversity, Equity and Inclusion Initiatives designation will power efforts identified and prioritized by Darden’s Racial Equity and Inclusion Working Group, which includes a cross section of Darden leadership, faculty, staff,

students and alumni. These efforts will seek to improve the experience of diverse prospective students, current students and alumni at all stages of their engagement with Darden in the following ways:

S H OW YO U R

• Enable a broader set of recruitment activities • Fund key affinity clubs • Increase opportunities for admissions outreach and yield, including scholarships • Increase access to professional and skill development for students

FOR DARDEN

• Support the student-to-alumni transition with compelling engagement opportunities Since the new designation launched, and before counting the results of the DDAC challenge, the community has rallied together to raise nearly $152,000 in support of diversity, equity and inclusion initiatives at the School. As Darden continues to work toward a more equitable community for all of its members, alumni support remains critical to turn these efforts into action.

DARDEN ANNUAL FUND AREAS OF DESIGNATION

UVA DARDEN, LAW GRADS SHOW THEIR LOVE FOR NORTH GROUNDS The Darden School and UVA School of Law communities came together in February to spread love for their shared North Grounds home in Charlottesville and celebrate the incredible work taking place within two of the University’s graduate schools. Highlights from the three-day North Grounds Challenge, held 9–11 February, include:

There are now six areas to designate gifts to the annual fund.

• More than 750 Darden donors raised nearly $229,000 for the Darden Annual Fund.

• Area of Greatest Need

• The Class of 2020 launched its class gift campaign, achieving the highest participation counts among all Darden class years.

• Diversity, Equity and Inclusion Initiatives • Faculty Excellence • Global Impact • Scholarships > Executive MBA Scholarships

DARDEN AN N U A L FUND

• 113 donors raised $29,878 to support diversity, equity and inclusion initiatives. • 97 donors supported the Darden Annual Fund for the first time. • 46 donors made Darden Society gifts of $2,500 or more. • 157 donors reengaged to make their first gifts in five years or more. “These inspiring results are a testament to the pride and commitment of the Darden community,” said Michael Woodfolk, president of the Darden School Foundation. “I am grateful to all the donors who stepped up to the North Grounds Challenge to show their love for the School and power new investments in students, faculty and emerging needs.” For more information on the Darden Annual Fund and ways to give, visit giving.darden.virginia.edu/annual-fund

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ANNUAL FUND

LO O K I N G B A C K AT VA LU E RE C E I V E D I N L I F E , C L A S S O F 1 9 6 6 G R A D M A K ES M A J O R G I F T T O ‘ M A K E G O O D’ T H ROU G H A N N UA L F U N D S U P P O RT On one primary level, the MBA program teaches

B Y J AY H O D G K I N S

us how to productively engage in practical affairs. In the business world, the eye is always on value

ndrew Houlahan (MBA ’66)

says every Darden graduate has their own sense of obligation to give back to the School. He credits the education experience for improving his skills in business and life, so he gives to the Darden Annual Fund because it provides essential support to all areas of the world’s best MBA education experience. The Class of 1966 graduate recently made a major gift of appreciated stock to the annual fund so that he could “catch up” his giving to a level equivalent to donating at the Darden Society Dean’s Roundtable level every year since his graduation 55 years ago. Here’s how he describes his reasons for giving back to the annual fund.

given for value received. When I look back and estimate how much tuition I paid versus how much it cost Darden per student to run the program, likely it would be twice as much or more than what I paid in tuition. That is a basic metric. On another level and just as important is the impact of case immersion: the development of the skills to be able to address a situation, understand it, analyze it, fashion the way forward, set down a plan and execute it. Through that experience, I have found that, beyond the business environment, I am better able to deal with all facets of life. Decades after graduating, it is human habit to look back at the equities. My first priority was to make good on the MBA value given versus value received basic metric, catch up and make good.”

DID YOU KNOW? Gifts of securities — including appreciated stocks, bonds or mutual funds — often provide tax advantages and increase the impact of a donation. By donating appreciated securities owned for longer than a year, Darden supporters receive the same tax savings they would by making a gift of cash or by check, but they also avoid tax on the capital gains built up in donated securities that they would recognize if they sold them.

For more information on making a planned gift, contact Corley Raileanu at RaileanuC@darden.virginia.edu or +1-434-243-4825.

PILLARS

SPRING 2021

Students take part in one of Darden’s renowned case method discussions in 2019.

DAR D EN WOR LDWIDE

“While we were making great progress on Darden’s digital transformation before the pandemic, we had to radically re-envision the ways we deliver value and create community in an incredibly short period of time.” — MIKE LENOX

TAYLOE MURPHY PROFESSOR OF BUSINESS ADMINISTRATION, SENIOR ASSOCIATE DEAN AND CHIEF STRATEGY OFFICER

Executive MBA students attend class at UVA Darden DC Metro. Despite the coronavirus pandemic, Darden has continued to advance its strategy, including expanding its presence in the Washington, D.C., area.

continued from Page 3 HOW DOES THE DARDEN WORLDWIDE STRATEGY INFORM THE POWERED BY PURPOSE CAMPAIGN?

We were very deliberate that the capital campaign flows directly from the School’s overall strategy. The strategic priorities highlighted in our Darden Worldwide strategy inform the four pillars of our Powered by Purpose campaign. THE DARDEN WORLDWIDE 2026 STRATEGY IS MEANT TO BE A LIVING DOCUMENT TO BE ADJUSTED AND REVISED AS DARDEN’S STRATEGIC ACTIONS UNFOLD AND AS WE LEARN. WHAT HAS CHANGED SINCE 2016?

The most obvious answer is that the global pandemic has been a significant disruptor to Darden and all of higher education. The embrace of digitally enabled modes of learning has been greatly accelerated. While we were making great progress on Darden’s digital transformation before the pandemic, we had to radically re-envision the ways we deliver value and create community in an incredibly short period of time. While we all eagerly await the return to normal in a post-COVID world, the fact

is that some of the changes we have seen will be permanent. Executive audiences will continue to demand virtual offerings. Students will desire flexibility and seek opportunities to learn remotely in hybrid classrooms. Our faculty and staff will continue to work from a distance when necessary or desired. This will likely prove incredibly disruptive to business education and may very well be fatal to some of our peers. My personal belief is that we will increasingly see a bifurcation among business schools with a handful of elite, selective MBA programs providing a robust residential and technology-enabled experience while the rest of schools will be left fighting for students and resources in a highly competitive, price-sensitive online MBA market. Fortunately for Darden, we are very well positioned to flourish as an elite MBA program. We have a well-defined position as the world’s best educational experience with the world’s best teaching faculty among business schools. Our embrace of digital transformation is complementing and reinforcing this position.

The success of our Powered by Purpose campaign to date and in the near future promises to further catalyze our ability to achieve our aspiration to be a positive force for the betterment of society.

DARDEN WORLDWIDE 2026 STRATEGIC PRIORITIES 1. Attract exceptional students by delivering and enhancing the world’s best, most accessible, global education experience with top ROI. 2. Attract, retain and develop diverse, world-class faculty and staff talent. 3. Advance scholarly research and practitioner-relevant thought leadership. 4. Expand competitive infrastructure, global brand and network at UVA and beyond. 5. Expand Darden’s resources, via outstanding executive education, advancement, technology and innovation.

SPRING 2021

PILLARS

P. O. Box 7726 Charlottesville, Virginia 22906-7726 USA

The Darden Campaign in Support of Honor the Future, the Campaign for the University of Virginia

Pillars is published by the Darden School Foundation, a nonprofit organization that supports the Darden School by promoting philanthropic support from alumni, friends and corporations; managing endowment funds for the School’s exclusive benefit; and operating Darden’s topranked Executive Education & Lifelong Learning program, the Inn at Darden and Abbott Center hospitality.

Def ine Your Legacy

Questions, comments and address changes should be directed to: advancement@darden.virginia.edu or Darden School Foundation Office of Advancement P.O. Box 7726 Charlottesville, Virginia 22906-7726 USA Interim Vice President for Advancement: Samantha Hartog Chief Marketing and Communications Officer: Juliet K. Daum Editors: Jay Hodgkins, Kristen Keesee Writer: Dave Hendrick Copy Editor: Camille Weaver Smith Design: Susan Wormington Photography: Tom Cogill, Stephanie Gross, Sam Levitan, Andrew Shurtleff

IMPACT FUTURE GENERATIONS Help Darden fulfill its mission to improve the world by inspiring responsible leaders through unparalleled transformational learning experiences. Join the many supporters who leave gifts to Darden in their wills or trusts. Define your legacy by its impact on future generations.

For more information on making a planned gift, contact Corley Raileanu at RaileanuC@darden.virginia.edu or +1-434-243-4825..