PIL L ARS 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 27 | SPRING 2022
FACULTY
SCHOLARSHIPS
GROUNDS
ANNUAL FUND
MOME NT UM TOWA RD A MILE S TONE
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global pandemic and economic recession. Unprecedented changes in business and the way we work. Rising geopolitical uncertainty. Political and social turbulence over pressing issues. Despite the challenges of the last three years, Darden’s supporters never lost sight of their purpose as they drove the School to the cusp of the $400 million milestone of the Powered by Purpose campaign. “When the campaign launched in October 2019, we knew it was a critical time for business and society, but we could not have predicted the challenges ahead,” said Dean Scott Beardsley. “Undaunted, Darden supporters have stepped up to support the School and the purposedriven leaders it develops. We are immensely grateful to donors and believe that what Darden does matters now more than ever.” The numbers are astounding. Nearly 9,000 alumni have made a gift during the Powered by Purpose campaign, leading to $355 million raised to date. But those numbers only hint at the true impact.
90 NEW SCHOLARSHIPS AND COUNTING Directed gifts have allowed the School to create more than 90 new scholarships during the campaign, driving record enrollment in Darden degree programs, record academic accomplishments and record student diversity. The talented students who arrive on Grounds are met by the world’s best education experience, which has been expanded through campaign support to new degree programs, including the Master of Science in business analytics and the Part-Time MBA. The campaign has also supported student experiences through means such as a $15 million gift from the Batten Foundation, matched with $15 million from the UVA Bicentennial Scholars Fund, to offer a scholarship to every Full-Time MBA program student covering all or most of the program fee for a Darden Worldwide global course. To ensure the experience of degree program students and lifelong learners alike, the new Sands Institute for Lifelong Learning will empower the School’s faculty to redesign and innovate courses, curricula and programs. (Continued on Page 14)
INSIDE THIS ISSUE
Teaching Great Things PAGE 3
Scholarship Student Spotlight PAGE 6
LETTER FROM THE DARDEN SCHOOL FOUNDATION LEADERSHIP
ON GOAL AND AHEAD OF SCHEDULE
T
Progress Toward Purpose 88%
$355M
As of 28 February 2022
Powered by Purpose Campaign Milestone
$400 million by 30 June 2025
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 goals for the campaign.
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here’s a saying many of us at Darden have become familiar with since the start of construction on the UVA Inn at Darden and Conference Center for Lifelong Learning: on time and on budget. For massive projects like the inn, nothing is more important than keeping things on time and on budget. It’s how we ensure the success of the School’s strategic vision and steward the resources our donors have entrusted us with. As I look at the incredible progress we have made toward the $400 million milestone of the Powered by Purpose campaign, another expression comes to mind, one that’s even more impressive: on track and ahead of schedule. That’s what you’re delivering. When we announced the public phase of the campaign in October 2019, we set an ambitious aim to reach $400 million by June 2025. Because of your incredible generosity — both past and yet to come — Darden is now aiming to hit that milestone ahead of schedule … and to surpass it. Thank you for getting us this far and for pushing us the remaining distance to the milestone and beyond. We know you want the best for Darden, and we know we can continue to count on you to help elevate Darden’s competitive position as we seek to realize the bold vision Dean Scott Beardsley has set for the School. That vision will ensure Darden continues to be best business education experience in the world, with the best faculty, the best students and the best Grounds. In this edition of Pillars, you will see various ways to invest in the path forward: through faculty research as described by Professor “Venkat” Venkataraman, scholarships and a new matching fund for inclusive excellence, Reunion Giving and by planting a tree in our new arboretum. We also share stories of impact highlighting how gifts to the School are powering purpose. As we edge ever closer to the $400 million milestone, we can see beyond it the need for additional investment in the four priorities of the campaign to remain competitive as a preeminent business school. We will celebrate this milestone, and keep working toward what’s next. We are on track and ahead of schedule thanks to many of you, but to realize the full potential of Darden, we will need all of you. I know you are there for the School, and for that I’ll say it again: Thank you! With regards,
Michael J. Woodfolk (TEP ’05) President, Darden School Foundation
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.
FACULT Y RESEARCH: THE FOUNDATION FOR DARDEN ’S GREATNESS
P
Many of Darden’s beloved professors impacted you because they stayed connected to the cutting edge of both theory and practice.”
HOW NEW PROFESSORS BECOME GREAT PROFESSORS
— Sankaran “Venkat” Venkataraman Mastercard Professor of Business Administration and Senior Associate Dean for Faculty and Research
rospective students choose Darden for its top-ranked faculty and education experience. Alumni affirm with their voices and philanthropic support that those touchstones are what they care most about, too. The School’s leadership works tirelessly to protect these two superlatives, Darden’s greatest competitive advantages. There’s little debate: Faculty excellence and student experience are paramount at Darden. But what often goes unseen are the important details that make top rankings for faculty and education experience possible; details like a world-class research support infrastructure and leading research centers and initiatives. This is a story about those details and why they matter. This is a story about how support for faculty research and thought leadership is the means to preserve what the Darden community cherishes. “The world has come to expect great teaching and learning experiences from Darden. They see it as our unique contribution and primary value to the world,” said S. “Venkat” Venkataraman, Mastercard Professor of Business Administration and Senior Associate Dean for Faculty and Research. “Many of Darden’s beloved professors impacted you because they stayed connected to the cutting edge of both theory and practice. The task now is to enable our young scholars to scale the heights of a storied past and even exceed them.”
Thanks to the generous support of Darden’s donors, the School has been incredibly successful in recent years hiring new faculty and retaining top
mid-career professors to offset a wave of retirements. Since 2010, the School has hired more than 50 new professors as the faculty expanded to more than 90 members. With so many new faces, there is a learning curve to go from high potential to high performance. Professors climb that learning curve by becoming thought leaders in compelling areas of research. “It’s not just about great teaching. It’s about teaching great things,” Venkat said. “Our faculty consistently delivers the best educational experience by creating a classroom that considers leading-edge research and ideas from the world of practice. Teaching and research excellence are intertwined, and this powerful combination is a hallmark of Darden that we must not lose.” Research gives faculty members a voice in the world of business and policy practice, which leads companies to partner with Darden professors. The faculty then bring the benefits of new ideas and proximity to practice into the classroom in powerful ways. That only works, however, if they have time and support to do it all. “Conducting rigorous research takes time and effort. However, faculty members juggle many responsibilities — from research to devoting time to students in and outside the classroom to engaging with practitioners and other academics to developing educational materials,” said Professor Tami Kim, who joined the Darden faculty in 2017 after earning her DBA at Harvard Business School. “Being at a world-class institution like Darden means we have a platform to make impact with our thought leadership. However, we cannot do so without having a solid research infrastructure that allows us to also dedicate our time to promote student-centered learning.”
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FAC U LT Y S U P P O R T
Darden’s research budget, access to research center funds and expresslane funding have been critical to meet unforeseen needs for recruiting human subjects.” — Tami Kim Assistant Professor of Business Administration
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THE VISION FOR FACULTY RESEARCH SUPPORT The School is already expanding its research infrastructure. Campaign support has also helped launch exciting new initiatives, such as the Venture Capital Initiative, Real Estate Initiative, Initiative for Transformational Leadership and Learning, and Business Innovation and Climate Change Initiative. Senior Associate Dean Mike Lenox, the Tayloe Murphy Professor of Business Administration, announced in January that Darden had officially reorganized its research infrastructure into the Office of Research Services (ORS) and the Center of Excellence Support Services (CESS). The changes will allow the School to most effectively provide the support the faculty needs to conduct groundbreaking research and ensure it makes an impact in the classroom, in business and in society. The ORS will provide research support including data gathering and analysis, conducting experiments and literature searches, and securing and managing research assistants, among other planned activities. The CESS will provide assistance to Darden’s three research Centers of Excellence: the Batten Institute, the Institute for Business in Society and the Richard A. Mayo Center for Asset Management. Lenox oversees the ORS and the CESS. “We have been testing this structure over the last year,” Lenox said. “The closer coordination and communication across these areas will allow us to more effectively work with faculty members to generate and amplify our research.” To provide direct support to excellence in research and the classroom, Darden seeks to create the two new offices, plus a planned Office of Teaching Excellence (OTE). The OTE will include a center for case development to bring cutting-edge ideas into the classroom in the form of curricular innovations and teaching materials.
Kim shared how these kinds of resources help her produce impactful research. “My work relies on a combination of online, lab and field studies. Conducting experiments can be costly in terms of both the labor required to conduct studies and compensation needed to recruit human subjects,” she said. “In one research project studying the effects of gender-labeled products, I needed to recruit female participants. Darden’s research staff helped me recruit over 200 participants in just a few hours by setting up a survey station on the Corner. Darden’s research budget, access to research center funds and express-lane funding have been critical to meet unforeseen needs for recruiting human subjects.”
FOCUS ON CENTERS OF EXCELLENCE Darden will continue to have special focus on areas of research where it is a recognized leader — business ethics, investment management, and entrepreneurship and innovation. This will ensure limited resources make the greatest impact advancing business practice and the School’s reputation. The School seeks endowment funding for the Institute for Business in Society and a new Institute for Global Investment Management, which will allow them to join the Batten Institute as fully endowed institutes. The School also seeks support for a new data analytics lab and initiatives that bolster specific subjects that fall within its three areas of focus. “The time is now to invest in the teaching and the research infrastructure that take raw faculty talent and transform it into thought leaders and impactful teachers and mentors for talented students who will go on to become leaders in the world of tomorrow,” said Lenox.
Q&A:
Jung Family Professor Dan Murphy Helps Students Make Sense of the Macroeconomy
Professor Dan Murphy’s research tackles some of the most pressing macroeconomic questions of the modern era, considering topics such as the effect of fiscal stimulus on inequality. Named the Jung Family Associate Professor of Business Administration in 2021, Murphy recently spoke about his research and its impact, teaching at Darden and the interplay between the two. Endowed professorships, like those supported by John (MBA ’84) and Connie Jung, help Darden attract and retain outstanding faculty empowering them to teach and conduct research at the highest level. The Jung professorship is specifically intended for an emerging scholar and honors the professors John Jung and his children had at Darden.
CAN YOU DESCRIBE SOME OF YOUR RECENT RESEARCH?
One recent theoretical paper tries to understand the impact of COVID-19 on the macroeconomy. When there’s suddenly a pandemic, we know that’s going to naturally shrink the economy. The question we ask is: Under what condition can that shrink the economy past efficient levels? We know people stopped going to restaurants, so there’s less spending on restaurants initially. But under what conditions do people stop spending on things they could still spend money on that are unrelated to health concerns — because that’s inefficient and you probably don’t want that to happen. So we propose different fiscal policies that give you the most bang for your buck to get the economy back up to an efficient level. One thing we predicted in that model was that there was going to be a surge in inflation once many restrictions subsided, and we’re seeing that. HOW DO YOU THINK YOUR RESEARCH INFORMS THE CLASSROOM EXPERIENCE?
We present to students a logical framework for understanding the macroeconomy, and the macroeconomy has so many moving and interrelated parts that I think the big challenge as an instructor is to simplify it into something that is coherent but still useful. So when I go into the classroom, I try to take a lot of insights from both my theoretical and empirical work to inform the model that we teach in the first part of the core Global Economies and Markets course. In other words, the model we teach the students, while simple, in many dimensions is also consistent with the empirical evidence that I and other researchers have uncovered. HOW IS THE RESEARCH SUPPORT AT DARDEN?
I think the trajectory is strongly upward. To give you one example, previously, if there was something I wanted to look into, I would probably ask for money to buy a data set. Now, the Institute for Business in Society has good researchers who can gather data and do a lot of the initial upfront work and help prepare data sets for me. That saves a ton of time and allows me to focus on writing, course development and thinking about new projects.
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WHEN ONE LIFE IS CHAN GED, THE IMPACT IS IMMEASURABLE
Student scholarships have been robustly supported during the Powered by Purpose campaign, and it’s easy to understand why when you hear Darden students speak about the impact a scholarship has on them. Learn about four Darden students and how their scholarship is helping them improve the Darden community, business and the world.
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.
Ayelen Calderon (Class of 2023) JAMES R. FREELAND AND LAURENCE C. FRANKLIN FELLOWSHIP
One of the newest scholarship awards at Darden, the James R. Freeland and Laurence C. Franklin Fellowship was established in 2021 through a gift from the Morris S. Smith Foundation, of which Larry Franklin is a trustee. Franklin taught more than 20 courses at Darden over 13 years and was on hand at the School this fall with fellow Smith Foundation trustees Sterling and Mei Franklin when Ayelen Calderon was named the inaugural recipient of the award. “I appreciate that it was not just a donation but that the Franklin family took a genuine interest in meeting me, and we had the opportunity to share a day at Darden. As an international student, it is essential to receive the community’s support,” Calderon said. “This type of stimulus sustains [students] and helps us keep in mind that there is always someone from the community supporting us and the importance of generosity. As a student, I try to contribute as much as I can. I bring my experience as a Latin American woman, and I always add the perspective and context of Argentina.” Calderon said she hopes the scholarship will inspire other donors to support students with experiences in unique fields of work. Katie Winebarger (Class of 2022) FRANK E. GENOVESE SECOND YEAR FELLOWSHIP
The Frank E. Genovese Second Year Fellowships were established in 1991 by Frank Genovese (MBA ’74) and are awarded
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via a competitive application to students in the Top 30 percent of the First Year class after their first semester. It is intended for those interested in seeking employment as a general manager or owner and operator of their own business. Cody Swift, Chris Townsend and Katie Winebarger joined a network of 77 previous fellows when they were announced by Genovese as this year’s recipients at a First Coffee at Darden this fall. “I am very grateful to Mr. Genovese and the Darden community to be chosen as one of the recipients this year. Darden has been one of the most transformative experiences of my personal and professional journey thus far, and I am humbled by the financial freedom that this scholarship has gifted me to pursue my passion for financial inclusion after Darden,” said Winebarger. DeMario Moore (Class of 2022) LEMUEL E. LEWIS BICENTENNIAL AWARD FOR GLOBAL LEADERSHIP
DeMario Moore is a member of the Pride at Darden and Black Business Student Association student clubs and Humans of UVA. He is also a member of The Consortium for Graduate Study in Management, was recognized as a Reaching Out MBA Fellow for his efforts to support the LGBTQ+ MBA community, and was elected by his classmates to be president of the Darden Student Association. For all those reasons, his peers chose to recognize him with the Lemuel E. Lewis Bicentennial Award for Global Leadership, a scholarship made possible by a gift from Lem Lewis (MBA ’72) to recognize a student who has improved the community by demonstrating a commitment to increase inclusiveness. “Servant leadership is built into
Darden’s culture, and I can count on this community to uplift me,” Moore said. “My passion is to create safe spaces for individuals to be their authentic selves because everyone deserves to be happy and accepted for who they are.” Christian Styles (Class of 2023)
Supporters Step Up to Match Challenge Gift Honoring Professor Marian Moore BY SALLY PARKER
Of the scores of interesting experi-
$373,700. The goal is to grow donations
ences entrepreneur W.L. Lyons Brown III
to $1.5 million to support a full-tuition
(MBA ’87) has had in the last 30-plus
Executive MBA scholarship each year and
years, guest lecturing in the late Professor
to build program resources.
EDWARD A. WATJEN BICENTENNIAL
Marian Moore’s “Hot Topics in Marketing”
SCHOLARSHIP
class is still one of his favorites.
During his time as an officer in the U.S. Army, Christian Styles helped provide critical satellite communication support for the White House, Department of State and Department of Defense, and he led soldiers at home and abroad in Iraq. His service aiding the Army’s “eyes” caught the eye of Darden, which offered him the Edward A. Watjen Bicentennial Scholarship. The scholarship was created by Tom Watjen (MBA ’81) and his wife, Nanette, in 2019 to support students who come to Darden with a military background. It is named after Watjen’s father, who served in the Navy. “The military places immense trust in their junior leaders to a degree that is hard to come by outside of the military,” Styles said about the value veterans bring to the Darden education experience. Scholarships for those with military experience ensures they can add this value as part of the student body. “When I initially decided to leave the military, it felt like a huge financial risk and caused of a lot of stress for my family and me,” Styles said. “I have never been the recipient of a scholarship before and was never really exposed to any sort of philanthropic giving prior to this scholarship. After experiencing the weight being lifted off my shoulders as a result of this gift, I want to be sure to pay it forward for others like me.”
Brown, founder and CEO of Altamar
The fund gives long-overdue credit to one of the Executive MBA’s most essential architects, says Moore’s friend and
Brands LLC, a distiller and importer of
former colleague Lynn Isabella, the Frank
artisanal spirits brands, shared his exper-
M. Sands Senior Associate Professor of
tise in brand architecture and consumer
Business Administration.
products. “I was astonished by how much preparation was required for an 85-minute class at Darden,” he recalls. “The game is to get the students engaged in the discussion; provoke them to surface the issues; get the fruits, vegetables and facts flying around the room; and then actually make a decision. It’s not as easy as it sounds, and Marian was a great mentor.” Moore was founding dean of the Executive MBA program at Darden. After she passed away last spring, colleagues, friends and family came together to start a scholarship fund to support Executive MBA students in her honor. They very quickly raised over six figures to create the Marian Chapman Moore Executive Leadership Award. Spurred by his experience working
“She was very prescient in her sense of what was possible, diligent in her design of the program and collaborative in how she worked,” says Isabella, who worked with Moore on the launch. The students Brown taught in Moore’s classes were hungry for advice, eagerly asking questions and sharing business ideas with him over lunch. He still maintains friendships with many of them. Their continuing engagement is a great testament to the culture that Moore helped build around “Hot Topics,” he says. Brown says that when he met Moore, they clicked right away. “She was so humble and approachable. Marian was that complete stranger you sit down next to at a dinner party and just talk to all night — so authentic and genuine that you can’t
with Moore — and wanting to honor her
wait until the next collision. I was very
in a lasting way — Brown stepped forward
lucky to know her,” he says.
in December with a $100,000 matching challenge. The response was terrific and actually exceeded the $100,000 target by $22,400, which Brown also matched. The $244,800 total was raised in less than four weeks. To date, donated funds are
To make a gift to support the Marian Chapman Moore Executive Leadership Award, contact Director of Major Gifts Whitney Wilson at WilsonW@darden.virginia.edu or +1-434-924-0706.
Marian was that complete stranger you sit down next to at a dinner party and just talk to all night — so authentic and genuine that you can’t wait until the next collision. I was very lucky to know her.” W.L. Lyons Brown III (MBA ’87)
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DARDEN SCHOOL FOUNDATION ’S IN CLUSIVE EXCELLEN CE MATCHIN G PROGRAM TAKES FLIGHT
I
n December, the Darden School Foundation launched an innovative matching funds program to spur new Full-Time MBA scholarships for talented international students, women, underrepresented minorities and other groups who enhance the diversity of the Darden School’s student body and advance the School’s goal for inclusive excellence. In the early days of this effort, donors have already committed over $480,000 in qualifying new scholarship funds, unlocking matching funds and totaling $610,000 to support additional students. Donors can tap more matching funds through at least the end of 2022 in a number of ways. Under the program, endowment gifts and pledges to the Foundation of at least $500,000 in support of a qualifying scholarship fund will be matched by the Foundation in the amount of 100 percent of the fund’s “spendable draw” for five years. Spendable draw is typically about 5 percent of a fund total, which means a $1.5 million gift or pledge to establish a qualifying endowed fund could yield a roughly $375,000 match from the Foundation. Immediate impact gifts to the Foundation of at least $80,000 can also qualify for matching funds. The Foundation will match gifts made in support of immediate impact Inclusive Excellence Scholarships dollar for dollar. For more information, contact Carter Hoerr at hoerrc@darden.virginia.edu or +1-434-243-5871.
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ANNUAL FUND
NEW SCHOL ARSHIPS, SUPPORT FOR OU TDOOR CL ASSROOM HIGHLIGHT REUNION GIVIN G EFFORTS
W
hen they gather for Darden Reunion Weekend in late April, Darden graduates will be celebrating in person for the first time in three years. Even still, reunion classes have preserved their tradition of making significant gifts that support the School in compelling ways. This year’s reunion classes are continuing the tradition, including class gifts highlighted here to create three scholarships and funding to enhance Darden Grounds.
It’s the combination of big gifts and lots of broad support that makes this class special.” Dick Dahling (MBA ’87) Class of 1987 Reunion Giving Co-chair
Campaign support for the Darden Annual Fund enables the School to remain innovative, invest in top strategic priorities and respond nimbly to emerging opportunities.
Reunion 2022 29 APRIL–1 MAY
CLASS OF 1987: NAMING AN OUTDOOR CLASSROOM The 35th reunion gift will name an outdoor classroom amphitheater in the new botanical gardens and arboretum, says co-class agent and reunion giving co-chair Dick Dahling. Johnny Munford and Carol Brooks serve with Dahling as co-class agents and reunion giving co-chairs. “We’ll name it the Class of ’87 Amphitheater to provide tangible recognition of how much our class valued its experience at the Darden School and how transformational it was,” says Dahling, who recently joined Fiducient Advisors as senior consultant after 23 years with Fidelity Investments. The class is unified by a belief that community matters. A small group of class members has provided leadership gifts toward the naming goal of $500,000. Dahling expects wide support at all levels to follow for priorities across the School. “The class has both a broad and deep record of supporting Darden,” says Dahling, who has served as class agent for 20 years. The Class of ’87’s culture of supporting each other for decades and for giving back reflect the close bonds forged among classmates.”
CLASS OF 1997: SUPPORTING A FULL SCHOLARSHIP FOR A STUDENT IN NEED With rising costs putting a graduate business degree out of reach for many, the Class of 1997 has committed to raise $1.5 million to fund a full scholarship for a student in need, says reunion committee co-chair Jim Meneely, who serves with co-chair Gibboney Huske. Leadership gifts have provided a strong start. The specifics of the scholarship will be ironed out with a survey of the class at reunion. Meneely and Huske want to engage their entire class to ensure the scholarship is most effective in supporting promising students who have great need. A managing partner at energy investment firm White Deer, Meneely says he is an introvert who was intimidated by the case method when he got to Darden. But it helped him grow in ways he wants others to experience. “My classmates were extremely supportive, and I ended up really looking forward to those discussions. The experience changed my life,” he says.
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With 15 foundational sponsors, the Class of 2022 quickly raised $625,000, blowing past their $500,000 target.
See the Forest for the Trees To celebrate the arrival of spring, we invite you to support a new fundraising initiative, “Plant a Tree at Darden.” During the next year, Darden will plant 1,300 trees — ranging from dogwoods to Eastern redbuds — in the five-acre arboretum and botanical gardens surrounding the new UVA Inn at Darden and Conference Center for Lifelong Learning. Name a tree — or trees — for $10,000 each, or honor your graduating class, favorite faculty member, fellow student, a loved one or an organization with a tree or grove of trees. The trees will include a combination of local and global varieties, consistent with Darden as a school in the Commonwealth — and of the world. Celebrate the arrival of spring and Arbor Day, which will take place on 29 April during Darden Reunion Weekend, through a sustainable gift that will create a healthy Virginia forest and a greener Darden for years to come. And if you find yourself in Charlottesville for reunion, join us for a tour of the Inn and Conference Center, now under construction and expected to open in early 2023. For more information, contact interim Vice President of Advancement Samantha Hartog at HartogS@darden.virginia.edu or +1-434-982-2151.
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CLASS OF 2002: HONORING LOST CLASSMATES WITH A SCHOLARSHIP When reunion giving committee co-chairs Adam Carter and Matthew A. Kaness learned of the Darden School Foundation’s $500,000 matching program for new scholarships focused on inclusive excellence, it seemed like the stars were aligning. The two already were thinking about creating an endowed scholarship for need-based diversity candidates. The class gift is a memorial to Austin Marsh, Theo Tsai and Edgar Jimenez, classmates who have passed away. “I’m really optimistic about the impact the scholarship will have and also the direction Darden is going with prioritizing diversity, equity and inclusion,” says Kaness, a retail and consumer tech veteran. With 15 foundational sponsors, the class quickly raised $625,000, blowing past the $500,000 target. The ultimate goal is to raise $1.5 million to fund a full scholarship in perpetuity. “It seemed like a tremendous amount of money at first. Our class graduated right after the internet bubble burst and had yet to establish a strong tradition of giving,” says Carter, who works at WestRock. “This is exactly the reaction I thought would come from our class. It feels great.”
CLASS OF 2020: FUNDING A SCHOLARSHIP THAT RECOGNIZES RESILIENCE As the first class to graduate during the pandemic, 2020 classmates spent their final quarter attending classes and interviewing online. For many, the atypical end to their Darden experience was a letdown. Amid the upheaval, a theme emerged: resilience. The Class of 2020 reunion gift will fund a scholarship that recognizes resilience in many forms, says Jade Palomino, reunion committee co-chair. With a matching challenge of $50,000 from an anonymous donor in the class and fundraising in the works, the committee aims to match the $50,000 by the end of this fiscal year. The class is looking forward to finally celebrating its delayed first-year reunion. For many, this will be the first opportunity to gather since their abrupt departure. “We’re hoping to have as many people come as possible because a lot of us didn’t get to say goodbye,” says Palomino, a project manager at Meta. A Friday night gathering will replicate some highlights of graduation, with a graduation speaker, awards, and an announcement of the scholarship and gift. “I’m excited to work in any way I can toward allowing future students to have the experience I had at Darden,” the anonymous donor says. “It really changed my life and is one of the best decisions I ever made.”
Annual Fund Supports BBSA Efforts to Connect Black Students, Alumni
Starting her MBA experience in an all-
The gala was made possible in part
larger strategy to strengthen the ties the
virtual learning environment in the midst of
through the Darden Annual Fund’s spon-
BBSA builds among Black students, alumni
the COVID-19 pandemic, Oluwaseyi “Seyi”
sorship of the BBSA. The sponsorship was
and prospective students at Darden.
Oyenekan (Class of 2022) saw quickly how
established this year thanks to giving to the
“The BBSA plays a really unique role in
important finding community can be in busi-
annual fund’s Diversity, Equity and Inclusion
helping Black students navigate being new
ness school, especially for students
Initiatives designation, launched in 2020 to
in Charlottesville,” she said. “The Black
of color.
foster an inclusive community that enables
Darden community is a special family, but it
its global and diverse members to collabo-
can be hard to connect with people across
rate and excel.
the years. The goal is to create a network
On 5 February, as she gathered with more than 100 other Darden students, alumni and faculty at the Black Business
Creating an experience of coming
Student Association’s (BBSA) Black Excel-
together was exactly what Oyenekan and
corporate America, and our journey together
lence Gala, Oyenekan hoped she was see-
her fellow BBSA board members had
goes beyond our two years at Darden.”
ing the start of a new tradition that will be a
worked to achieve, and it was part of a
where we can all help each other navigate
touchstone for connecting the Black Darden community for years to come. Oyenekan, president of the BBSA,
Grounds was for a BBSF conference,” she
The Black Darden community is a special family, but it can be hard to connect with people across the years. The goal is to create a network where we can all help each other navigate corporate America, and our journey together goes beyond our two years at Darden.”
said. “It was really important for me to see
— BBSA President Seyi Oyenekan (Class of 2022)
said the student club launched the event this year with a goal to “reimagine what it means to be Black at Darden.” The BBSA was the first introduction that Nicole Lindsay (MBA ’99/JD ’00) had to Darden, when the group was called the Black Business Students Forum (BBSF). “The first time I stepped on Darden
successful people who looked like me.” Lindsay, who is chief operating officer of sustainability and the Center for Inclusive Growth at Mastercard, delivered the keynote address at the gala. She urged attendees to take the time to cultivate their own joy, happiness and resilience. At the event, the BBSA presented the Black Excellence Alumni Award to Nicholas Stuart (MBA ’05) in recognition of his work to establish an endowed scholarship that will support a Black student entering Darden’s Full-Time MBA program. The idea for the scholarship came out of discussions Stuart had with his fellow classmates during and after virtual events hosted by Darden during the pandemic.
Darden Assistant Dean for Global Diversity, Equity and Inclusion Christie Julien, center, welcomed guests at the Black Excellence Gala.
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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
CONSTRUCTION WORK ‘ TOPS OFF ’ THE INN
Dean Scott Beardsley thanks workers at the “topping out”celebration at the UVA Inn at Darden construction site.
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Since the start of construction on the UVA Inn at Darden and Conference Center for Lifelong Learning in early 2021, the Darden community has watched the building rise day by day, inch by inch. But over the course of a project that will take about two years from start to finish in early 2023, it can be hard to grasp how far the work has come. That’s one reason Darden and its construction partners paused in late December to celebrate the “topping out” of the inn: an important construction milestone reached through the completion of the roof over the five-story residence wing. To celebrate, leaders from the Darden School, Darden School Foundation, W.M. Jordan Co., Matthews Development Co. and Carr Cos. held an event for the more than 250 workers building the new inn and conference center. “I don’t think we could have envisioned a better start to the project,” Dean Scott Beardsley said during the celebration event, noting the exemplary safety record and pace of construction. As winter comes to an end in Charlottesville, much of the work has transitioned to what awaits visitors inside. The frame of the structure is complete, creating an impressive outline of the facility that will serve as an inspiring destination, offering an outstanding hospitality, education and conference experience to alumni, students and guests visiting Darden, UVA and the Charlottesville area. The Darden School seeks additional philanthropy to help drive completion of the inn and conference center as well as the adjacent arboretum and botanical gardens. For more information, contact interim Vice President of Advancement Samantha Hartog at HartogS@darden.virginia.edu or +1-434-982-2151.
Featured Space Naming Opportunities Remain Available Conference Center for Executive Education and Lifelong Learning...................................... $5 million Ballroom........................................................ $2 million The Library..................................................... $1 million Penthouse Terrace.......................................... $1 million Conference Event Lawn................................... $1 million Arboretum-level Lobby and Colonnades............. $1 million Flat Classroom............................................... $500,000 Hospitality Suite............................................. $250,000
Learn more about naming opportunities at the UVA Inn at Darden and Conference Center for Lifelong Learning at www.darden.virginia.edu/inn-naming-opportunities.
A rendering of the entrance to the alumni lobby on the third floor of Smith Alumni Hall.
SMITH HALL RENOVATION HITS HOME STRETCH
Renovation of C. Ray Smith Alumni Hall on Darden’s Charlottesville Grounds began on 1 November 2021, with completion expected in early 2023. Smith Hall, of course, is named in honor of Professor Emeritus C. Ray Smith (MBA ’58), who played a foundational role advancing the School during its first decades, serving as dean multiple times. Smith said he’s honored that donors — many his former students — have seen fit to support a project that bears his name. “It means a lot that students remember me and feel that I had an impact on them,” Smith said. “In teaching, you don’t get immediate feedback on what a student has learned, but when you hear from your students later on in life and see the impact they are making, that is the best feedback you can get.” The renovated Smith Hall will house academic, administrative and programmatic spaces that will support alumni engagement, online learning and executive education and help expand the School’s global brand and influence. Once complete, the building will be home to the Marjorie R. and Frank M. Sands Sr. Institute for Lifelong Learning, which leads the School’s efforts to deliver innovation in pedagogy and transformational lifelong learning experiences and outcomes; Darden Executive Education & Lifelong Learning; and the Darden School Foundation. It will also serve as a central location to welcome Darden alumni, Executive Education participants and other visitors, as well as provide additional connection to the new UVA Inn at Darden and Conference Center for Lifelong Learning and the School’s core academic buildings. For more information, contact interim Vice President of
Top, an artist’s rendering of the ballroom in the UVA Inn at Darden and Conference Center for Lifelong Learning. Bottom, a rendering of The Library, also inside the inn.
Advancement Samantha Hartog at HartogS@darden.virginia.edu or +1-434-982-2151.
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(cover story, from Page 1)
The Sands Institute was funded with $20 million from the record-setting $68 million gift made by Frank Sands Sr. (MBA ’63) in May 2019.
50 NEW FACULTY, 28 NEW PROFESSORSHIPS
IT TAKES ALL OF US Darden’s Powered by Purpose campaign has highlighted the power of a tightknit community to transform lives through the combined power of giving at whatever level is right for each individual. It takes all of us to make the campaign’s ambitious vision a reality. Here’s how you’ve helped progress toward the $400 million Powered by Purpose milestone and powered Darden’s purpose to provide a transformational education experience for years to come.
8,593 alumni have made a gift during the campaign
62%
of alumni have supported the Darden Annual Fund during the campaign
2,934
have been recognized as members of the Darden Society during the campaign
$355
million raised during the campaign
Darden has incredible momentum, approaching the $400 million Powered by Purpose campaign milestone three years ahead of schedule. Join your fellow alumni and help Darden reach this critical level of support.
giving.darden.virginia.edu/ways-to-give
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Thanks to successful philanthropic efforts, the School has had the resources needed to recruit and retain an incredible group of faculty members. In the last decade, Darden has hired more than 50 new faculty members. During the campaign, donors have endowed 28 new faculty chairs, enabling the School to continue its longstanding tradition of faculty excellence. Of those 28 new professorships, 12 were created thanks to Sands’ record-setting gift. The $35 million Sands Professorship Fund comprises $21 million from Sands and $14 million from the UVA Bicentennial Professors Fund, which supports four distinguished professorships and eight emerging scholar chairs. Before he died, Sands made it his wish to inspire additional support for the faculty, and five of the professorships he endowed are eligible to be named for gifts of $1 million each in support of faculty excellence. Campaign support for Darden research Centers of Excellence and initiatives has been critical. A $1 million gift from Abundant Power Group CEO Shannon Smith (MBA ’90), matched by $500,000 from the UVA Bicentennial Professors Fund, and a $500,000 gift from the Jakarta-based Rainbow Foundation, combined for $2 million to launch the new Initiative for Transformational Leadership and Learning. A similar campaign gift from anonymous donors allowed the School to launch the Business Innovation and Climate Change Initiative to explore how business can be a source for pragmatic solutions to one of the world’s most urgent issues.
TRANSFORMING GROUNDS IN CHARLOTTESVILLE AND THE DC AREA No discussion of the new facilities redefining Darden can start without detailing the impact of the Sands family, led by Sands Sr. and Frank Sands (MBA ’94), though many have played a critical role in helping the Grounds Master Plan become reality. In February 2019, Darden leaders, faculty, alumni and a group of dignitaries cut the ribbon at the Sands Family Grounds in the Rosslyn district of Arlington, Virginia. Home to UVA Darden DC Metro, the facility on the 31st floor of a modern high rise on the banks of the Potomac River overlooking the Washington, D.C., cityscape now hosts Darden’s Executive MBA, Part-Time MBA, Master of Science in business analytics, and numerous alumni and thought leadership events. The D.C. area facility was made possible through a $5 million gift from Sands Sr. and Sands.
Momentum toward the $400 million milestone represents a resounding answer to the question Darden asked our community at the start of the Powered by Purpose campaign: Do we have the ambition to be one of the best global business schools in the world? The answer is undeniable: Yes, we do.” — Dean Scott Beardsley
Sands Sr., of course, later redefined his generosity through his $68 million gift, which included $20 million to jumpstart construction of the $90 million UVA Inn at Darden and Conference Center for Lifelong Learning and $7.2 million in matching funds to power the renovation of C. Ray Smith Alumni Hall. Today, both projects are underway on Darden’s Charlottesville Grounds and scheduled to be complete in spring 2023. With such an ambitious vision, much more donor support was — and is — needed to build new facilities that enhance the experience for students, faculty, corporate partners, lifelong learners and other guests. To that end, more than 26 major and principal gifts have been made during the campaign to name spaces in the new facilities that will serve generations of future leaders.
FLEXIBLE ANNUAL FUND POWERS DARDEN THROUGH PANDEMIC Donor support for the Darden Annual Fund enables Darden to remain innovative and invest in top strategic priorities. That point was demonstrated unequivocally when the coronavirus pandemic struck in March 2020 and Darden needed to undertake a massive — and rapid — pivot to preserve its education experience. That spring, the annual fund provided the resources and technology needed to take courses online and provide for students’ emergency needs. Throughout the 2020–21 academic year, resources from the annual fund allowed the School to improve the student experience within the constraints of the pandemic by: • Funding for student clubs and events • Increased financial aid and scholarship opportunities
The pandemic hit at a terrible time for the classes of 2020 and 2021 as they watched job and internship offers evaporate. The annual fund powered expanded career support, tapping the Darden Impact Internships program, which offered full-time, paid internships to students and recent graduates impacted by the pandemic. Even before COVID-19, the School had seen the need for expanded career support and had tapped the annual fund to help. In 2018 and 2019, the Darden Career Center expanded its staff, reorganized and offered an increased level of support to help students navigate the recruiting process and follow their passion. The results are clear. Darden’s recent graduating classes have set several consecutive records for salaries and bonuses, with the Full-Time MBA Class of 2021 notching an average base salary of $144,933 — a $22,000 increase from five years prior.
THE NEXT STEP “Momentum toward the $400 million milestone represents a resounding answer to the question Darden asked our community at the start of the Powered by Purpose campaign: Do we have the ambition to be one of the best global business schools in the world?” Beardsley said. “The answer is undeniable: Yes, we do.” However, other top schools have secured immense fundraising support, too, making competition for top faculty and students even stiffer. The goal posts have moved if Darden seeks to remain a preeminent graduate business school. “Changes in business, society and graduate business education present Darden — and you — with an incredible opportunity,” Beardsley said, “to show the world that Darden values create value, and that purpose drives progress.”
• New technology to support the hybrid classroom experience
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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. 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 Editor Jay Hodgkins Writers: Dave Hendrick, Emily Freehling, Sally Parker Copy Editor: Sally Parker Design: Susan Wormington Photography: DEG Media, Heather Dodge, Stephanie Gross, Ali Johnson, Sam Levitan, Michael Matthews, Melody Robbins, Andrew Shurtleff
Define Your Legacy 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 Mary Katherine Barbour at BarbourM@darden.virginia.edu or +1-434-924-4783.