GWSB 2016 Alumni Magazine by GW School of Business

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GWBUSINESS THE GEORGE WASHINGTON UNIVERSITY SCHOOL OF BUSINESS

ENGAGING THE WORLD FROM THE NATION’S CAPITAL

Editor in Chief Dan Michaelis Copy Editor Mary A. Dempsey Contributing Writers Mary A. Dempsey Brittney Dunkins D. Christopher Kayes Dan Michaelis Ayman El Tarabishy Photographers Abby Greenawalt Julie Ann Woodford Design Lloyd Greenberg Design, LLC GWBusiness magazine is published annually by the George Washington University School of Business. Comments and letters are welcomed. Please direct all correspondence to: GWBusiness 2201 G Street NW 452 Duquès Hall Washington, DC 20052 or: dmichaelis@gwu.edu Please send change of address notices to: Alumni Records Suite 310 2033 K Street NW Washington, DC 20006

President STEVEN KNAPP Dean LINDA A. LIVINGSTONE Vice Dean for Faculty and Research JENNIFER W. SPENCER Associate Dean for Graduate Programs VIVEK CHOUDHURY Associate Dean for Research and Doctoral Studies ANGELA GORE Associate Dean for Executive Education GEORGE M. JABBOUR Associate Dean for Undergraduate Programs LEO MOERSEN Senior Advisor to the Dean DENIS CIOFFI Assistant Vice President Development and Alumni Relations ELIZABETH H. MITCHELL

Cover: top ©G.F. Gilman, Gilbert Stuart, Library of Congress bottom: iStock, Getty

SPRING 2016

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2 Message from the Dean

4 Engaging the World From the Nationâ&#x20AC;&#x2122;s Capital 16 Fortune Global Forum: GWSB Teaches 20 How Status and Scandals Affect Organizations

25 Strategic Planning: A Blueprint for Success 26 Employers Flock to Campus for Fall Career Fair 30 Lessons on Organizational Resilience

34 Vision, Leadership, Perseverance

DE PARTME NTS

6 News Briefs 40 Development Report 48 Alumni Relations Update 51 Class Notes 52 Alumni Profile: Eduardo Stern 26

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Features

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Message from the Dean

Message from the Dean Dear GWSB Community: It has been a thrilling and productive year. I have had the privilege of working closely with our faculty, staff and students, and the pleasure of interacting with many of our accomplished and distinguished alumni and friends. Together we have made significant strides taking the George Washington University School of Business, a truly world-class institution, to new levels. Our continuing efforts to strengthen and enhance curriculum, student learning, research and the quality of our faculty and student body have been recognized by the some of the most prestigious national and international rankings agencies and rewarded with improved rankings. This year saw us achieve the #40 rank for our Full-Time Global MBA, according to Bloomberg BusinessWeek. And our international business department continues its long history of high marks in U.S. News & World Report’s annual survey, ranking 11th in the nation at the undergraduate level and 15th at the graduate level. I am pleased to announce our school’s leadership team has been bolstered by the appointment of long-time Accountancy Professor Dr. Leo Moersen as associate dean for undergraduate programs and the addition of Dr. Vivek Choudhury who joins us from the University of Cincinnati where he served as associate dean for graduate programs for the past four years. Dr. Choudhury will serve as associate dean for graduate programs. Additionally, former chair of the Department of Accountancy Dr. Angela Gore has been named associate dean for research and doctoral programs. GWSB is on the move. And to ensure GWSB keeps moving forward, the deans, faculty, staff and Board of Advisors have worked collaboratively to develop a new strategic plan, “Engaging the World from the Nation’s Capital.” The plan is a confident and comprehensive blueprint for the school to further its mission of setting itself apart as a business management leader at the nexus of the private, public and not-for-profit sectors, offer-

ing a distinctive educational experience with an emphasis on academic rigor and international business, and acting as a local, national and global citizen. GWSB is committed to reaching these goals by engaging in cutting-edge scholarly research, developing and extending multidisciplinary educational opportunities with other schools at GW, supporting a high-quality PhD program to drive research, and offering superior academic advising, administrative services, mentoring and career management counseling and support. Outreach to, and cooperation with, external organizations—local, regional, national and international—is critical to the plan’s goals and objectives. It is an ambitious and far-reaching plan, but I know that the GWSB community—administrators, faculty, staff and students, as well as alumni—are more than equal to the task. This issue of GWBusiness features several examples of how we are already “engaging the world from the nation’s capital.” There are articles about research on how corporations overcome seemingly insurmountable setbacks; an alumnus who partnered with GWSB to add a renowned professor to its faculty; the extraordinary array of student services offered by the F. David Fowler Career Center; and GWSB’s center-stage role at the annual Fortune Global Forum. I am sure you will find it both enlightening and entertaining. Onward and upward,

Linda A. Livingstone, PhD Dean and Professor of Management The George Washington University School of Business

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Features

‘Engaging the World from the Nation’s Capital’ GWSB Stakeholders Draft Roadmap to the Future LONG-RANGE STRATEGIC PLANNING IS VITAL for any organization. And, this is especially true in the competitive landscape of business education. A carefully thought-out, well-designed plan is the cornerstone of any successful enterprise. So naturally, strategic planning and business plans are strongly emphasized throughout the curriculum at the George Washington School of Business. And with our new strategic plan, “Engaging the World from the Nation’s Capital,” GWSB is practicing what it teaches. Anchored by our commitment to having a lasting intellectual impact by offering quality education through innovative programs… engaging in rigorous scholarship… [and] contributing as a local, national and global citizen, the GWSB strategic plan is designed for a business school that will set itself apart as a leader at the nexus of the private, public and not-for-profit sectors. To enact the plan and fulfill its mission, the school will pursue three mutually supporting themes: enhancing global focus, leveraging location and creating multi-disciplinary opportunities. Each of these components of the plan will be realized through programs, initiatives and specific action items. It is an ambitious plan but one with a high likelihood of success thanks in large part to the direct involvement of the entire GWSB family. Rather than having the administration produce a plan and then seek buy-in from those most affected by it, “Engaging the World from the Nation’s Capital” was drafted and developed with the input of a broad range of stakeholders. Faculty and staff, as well as alumni and our board, all had a say in what should—and what should not—be included in the plan. More than 30 GWSB faculty and staff members served on three task forces, each of which was charged with developing the details of how a different section of the plan would be implemented. “The Leveraging our Location Task Force comprised staff and faculty who met collaboratively to assess how the school could better use proximity to D.C. organizations focused on global policy (the World Bank, for instance), public policy (Congress), financial policy (the

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Board of Governors of the Federal Reserve) or technology (the National Institutes of Health) to recruit talented students, provide a richer educational experience and enhance professional placement upon graduation,” said William C. Handorf, professor of finance, who chaired the task force. “We focused on issues and institutions rather than simply geographic location. We benefited from the involvement of faculty from many disciplines, staff responsible for students from recruiting through counseling to placement, and others concerned with alumni relations.” Jennifer Griffin, professor of strategic management and public policy, who chaired the Cross-Disciplinary Task Force, cited the diversity of her team members as an important factor in ensuring the plan in its final form represented the thinking and concerns of a broad crosssection of School of Business stakeholders. “We all came to the project with very different views and perspectives,” she said. “But we’re all on the same team and we worked very well together. Now we all need to continue working together to implement the plan. All hands will be required.” Bryan Andriano, executive director, Global & Experiential Education, who served on the Global Focus Task Force that was chaired by Liesl Riddle, associate professor of international business, thought the process gave both faculty and staff a new perspective on the GW School of Business. “The participants in the inclusive strategic planning process benefited from a discussion of shared as well as distinct priorities in the school in a way that is not commonly facilitated in our everyday conversations,” he said. “Engaging in a constructive dialogue between faculty and administration allowed us to put forth recommendations that we believed would be catalytic to multiple stakeholders in the GWSB community.” With the Engaging the World from the Nation’s Capital strategic plan, the George Washington University School of Business has marked a clear path forward to expand and enhance its position as a globally engaged, world-class educational institution. GWSB has drawn a roadmap to the future.

Engaging The World

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MISSION

VISION

HAVE A LASTING IMPACT BY INNOVATING IN PROGRAM DEVELOPMENT, ENGAGING IN RIGOROUS SCHOLARSHIP, AND CONTRIBUTING AS GLOBAL CITIZENS

DISTINGUISH THE SCHOOL AS A LEADER AT THE NEXUS OF PUBLIC, PRIVATE, AND NONPROFIT SECTORS

STRATEGIC THEMES ENHANCE

LEVERAGE

CREATE

GLOBAL FOCUS TO ENABLE PROSPERITY

LOCATION TO DEVELOP COMPETITIVE ADVANTAGE

INNOVATIVE INTER-DISCIPLINARY OPPORTUNITIES FOR LEARNING

VALUES COMMUNITY

RESPECT

INTEGRITY

ACTIVE ENGAGEMENT

GOALS EDUCATION

Develop distinct learning experiences to prepare global leaders

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Engage as citizen-leaders

SCHOLARSHIP

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NEWS Briefs

T Team members (from left to right) Chris Byler, Mohammed Daoud, Amber Shollenberger, Naima Johnson and Jonathan Akman each received a free round-trip airline ticket from Le Compagnie for their winning pitch.

GE&E STUDENT MARKETING PITCH WOWS FRENCH AIRLINE

he Global & Experiential Education (GE&E) office at the School of Business completed three short-term study-abroad programs this year, one of which took students to Paris. Under the Consulting Project in Advertising and Marketing Communications & Practicum, Professor Lynda Maddox and her marketing students traveled to France to consult for global branding agency TBWA/BEING on behalf of its client, boutique airline Le Compagnie. Participating students competed in teams to devise and pitch a marketing plan for the airline’s business-class-only service between Paris and New York. The presentations were evaluated and judged by a panel of executives from Le Compagnie and TBWA/BEING. GE&E supports four primary areas: international student services, overseas study, domestic and international experiential education programs, and advocacy and collaboration related to global and experiential initiatives. This broad scope of activity reflects a commitment on behalf of GWSB not only to make good on its institutional aim of preparing managers for the global workforce but also to do so in a manner

that is collaborative and integrated across student populations, academic disciplines and business and society sectors.

DUQUÈS GETS MAKEOVER, NEW FURNISHINGS In response to a successful lobbying effort by the Undergraduate Business Association, the “fishbowl” common areas on the second and fourth floors of Duquès Hall have been officially designated as undergraduate student lounges and redesigned, refurbished and refurnished. The “fishbowls” on the third and fifth floors were also redone, and the graduate student lounge in 552 Duquès Hall received a makeover and new furniture. The new and improved lounge areas provide students with comfortable places in which to study, work on group projects or relax between classes. The funding for the redesign and new furnishings was generously donated by GW Trustee Steve Ross, BBA ’81.

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GWSB JOINS FORTÉ FOUNDATION’S ‘RISING STAR’ PROGRAM

CEOS DISCUSS FUTURE OPPORTUNITIES, CHALLENGES Diversity—of employees, skills and products—will drive the success of the digital economy, according to CEOs interviewed in a new partnership between the George Washington University and The Washington Post. Top executives from HBO Inc., KPMG-US, Johnson Publishing Company, MGM Resorts International and Siemens USA were part of “Executive Actions: Steering Companies and Reimagining Industries,” a set of conversations that took place at GW’s Jack Morton Auditorium on the eve of the annual White House Correspondents’ Association dinner. GW School of Business Dean Linda Livingstone said it was fitting that GWSB cosponsored the event to inform students—future leaders in business—where the digital economy is headed. “I’d like to thank The Washington Post for partnering with George Washington University to put together an informative, inspiring and thought-provoking presentation,” Dr. Livingstone said. The participating CEOs were: James Murren, chairman and chief executive at MGM Resorts; Richard Plepler, chairman and chief executive at Home Box Office Inc.; Desiree Rogers, chief executive at Johnson Publishing Company; Eric Spiegel, president and chief executive at Siemens USA; and John Veihmeyer, chairman of KPMG International and chairman and chief executive at KPMG-US.

The GW School of Business this year became one of 10 academic institutions participating in a national program to encourage, support and prepare undergraduate women for their many career options and to help them compete for top jobs. The Rising Star initiative, administered by the Forté Foundation, consists of a curriculum for undergraduate women in all majors and includes unique networking opportunities and advice, resume-building and jobsearch support, career guidance, MBA exploration and networking, and events. Participation is free and flexible. Students need at least two full semesters to complete the program and qualify for rewards, including introductions to Forté corporate sponsors and an invitation to special networking sessions. The Forté Foundation is a nonprofit consortium of leading multinational corporations, top business schools in the United States and abroad and the Graduate Management Admission Council. Companies in the consortium include AT&T, Bank of America Merrill Lynch, Deloitte, ExxonMobil, Fidelity Investments, IBM, Liberty Mutual and Wells Fargo.

PROFESSOR KULP WINS ‘BEST PAPER’ AWARD Susan Kulp, associate professor of accounting, received a Best Paper award from the Journal of Management Accounting Research for “The Use of Contract Adjustments to Lengthen the CEO Horizon in the Presence of Internal and External Monitoring.” She co-authored the paper with Shane Dikolli, Fuqua School of Business at Duke University, and Karen Sedatole, Eli Broad College of Business at Michigan State University. Professor Kulp earned her BS from

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DePaul, her MBA from the University of Chicago Booth School of Business and her PhD from the Stanford University Graduate School of Business. Her research interests and areas of expertise include performance measurement, incentives, supply chain management and managerial accounting. The Journal of Management Accounting Research is published by the Management Accounting Section of the American Accounting Association. Its objective is to contribute to improving the theory and practice of management accounting by promoting high-quality applied and theoretical research. The primary audience for this publication is the membership of the association and other individuals interested in management accounting.

HAS THE MARKET GONE TOO FAR? SENIOR WINS PRESTIGIOUS ADVERTISING AWARD Amisha Sisodiya, BBA ’15, was named co-recipient of the General Mills Champion Award, the top honor in the American Advertising Federation’s (AAF) Most Promising Multicultural Students (MPMS) program, winning a $1,000 scholarship prize. The MPMS Program is part of AAF’s initiative to promote diversity and inclusion within the industry. Each year, students from AAF’s 200 college chapters apply for the program. Ms. Sisodiya was one of 50 students chosen by a group of advertising professionals for this year’s four-day industry immersion program that included professional development workshops, agency visits and a recruiter’s expo. AAF’s Most Promising Students represent the top of their class and have passionately demonstrated their future success in the industry through internships, leadership activities, community service, innovation and creativity. The program not only honors the students but also enhances their knowledge and understanding of the advertising industry by offering networking and interviewing opportunities with advertising professionals.

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Dr. Michael Sandel, the Anne T. and Robert M. Bass Professor of Government at Harvard University, delivered a thought-provoking talk at the George Washington University School of Business’ second annual Richard W. Blackburn Endowed Lecture on Civility and Integrity, engaging students in a lively debate on the issues that arise when market values are applied to all aspects of life. In a world where money determines access to food, housing, education and everything in between, Dr. Sandel asked if we should be concerned. “We’ve witnessed a quiet revolution where we’ve drifted from having a market economy to becoming a market society,” he said. “So the question becomes: ‘Should we worry about becoming a market society?’ “Sometimes market values have a crowding-out effect and what they crowd out are moral or civic values that matter. I think one of the reasons citizens are so frustrated with public discourse is that it’s empty of ethical, moral and spiritual questions,” he said. “We need to revive the lost art of democratic discourse and revive the art of engaging in public as we’ve done today.” Dr. Sandel, a political philosopher and best-selling author, has been described as “the most relevant living philosopher” and “a rock-star moralist” (Newsweek) and “the most famous teacher of philosophy in the world” (New Republic). His legendary course “Justice” has enrolled over 15,000 students and was the first Harvard course to be made freely available online and on public television. It has been viewed by millions of people around the world, including in China, where China Newsweek named Dr. Sandel the “most influential foreign figure of the year.” GW Trustee Richard W. Blackburn, JD ’67, endowed the lecture series in 2013 to introduce first-year GWSB students to ethical approaches to business and to life.

news briefs

GWSB TEAM MAKES STRONG RUN AT HULT PRIZE Edu4All, a team of GWSB graduate students in information systems technology, made it to the regional finals round of the Hult Prize, the world’s largest student competition and startup platform for social good. Students Hari Sirigibathina, Maryam Moussavi, Udhaykumar Parerikkal and Francis Wisseh represented GW at this year’s annual competition focused on building startups that provide sustainable, high-quality early education solutions. Each team in the challenge was selected from among some 20,000 applications from over 500 colleges and universities in more than 150 countries. In partnership with President Bill Clinton and the Clinton Global Initiative, the innovative crowdsourcing platform identifies and launches disruptive and catalytic social ventures that aim to solve the planet’s most pressing challenges. Student teams compete in five cities around the world for a chance to secure $1 million in startup funding to launch a sustainable social venture.

PROFESSOR LUSARDI HONORED FOR FINANCIAL LITERACY WORK Annamaria Lusardi, academic director of the Global Financial Literacy Excellence Center and Denit Trust Chair of Economics and Accountancy, was honored with the Council for Economic Education’s (CEE) William A. Forbes Public Awareness Award. The honor recognized her extraordinary work to advance public awareness of the importance of economic and financial education. As the winner of the Forbes Award, Professor Lusardi received a monetary reward of $1,000, made possible by a gift to CEE from the Calvin K. Kazanjian Economics Foundation.

2015 GWSB ACADEMIC HONORS Congratulations to Amisha Sisodiya, BBA ’15, the George Washington University School of Business Distinguished Scholar. Ms. Sisodiya was honored as the school’s top student at the annual GW Academic Honors Dinner along with 25 other GWSB students who were recognized for “outstanding academic achievement” for finishing the school year with grade point averages in the top 2 percent. The 2015 Outstanding Academic Achievement Award recipients were: Muhammed Awan, Adam Bendell, Christina Carpenter, Hassan Dayekh, Melissa Dorow, David Ellis, Sarah Fleischmann, Kira Ford, Jonathan David Forrest, Yi Gan, Nicole Gutter, Maxwell Hengeveld, OUTSTANDING ACADEMIC Christopher Kalloo, Arielle ACHIEVEMENT AWARD Kaufman, Kyu Ho Lee, Gregory Lidrbauch, Alice Murray, Akina Newbraugh, Jared Ozer, Jonathan Rice, Michael Rieger, Hannah Sassi, Griffin Schnitzer, Amisha Sisodiya, Xiaoxiao Xu and Yiqing Ye.

2015

A pioneer in the study of financial literacy, Professor Lusardi is widely renowned for her contributions to the field. Among her numerous achievements, she designed a measurement of financial literacy that has been used in national surveys around the world, and her theoretical and empirical work has helped make a compelling case for the cost and consequences of financial illiteracy. She has published many papers and two books on the topic of financial literacy and edited special issues on financial literacy for the Journal of Pension Economics and Finance and Numeracy. Prior to coming to GWSB, Professor Lusardi was the Joel Z. and Susan Hyatt Professor of Economics at Dartmouth College, where she taught for 20 years. She has also taught at her alma mater, Princeton University, and the University of Chicago Public Policy School, the University of Chicago Booth School of Business and Columbia Business School. In 2008 she was a visiting scholar at Harvard Business School. Professor Lusardi also chairs the research committee at the Organisation for Economic Co-operation and Development/International Network on Financial Education and the Programme for International Student Assessment’s financial literacy expert group.

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PROFESSOR REHMAN ELECTED TO IT&FA PRESIDENCY Scheherazade Rehman, professor of international finance/ business and international affairs and director of the European Union Research Center, was elected president of the International Trade and Finance Association (IT&FA). Founded in 1988, the IT&FA is a multidisciplinary association for academics and professionals interested in researching international trade and finance. “I am profoundly honored to have been elected to lead the International Trade and Finance Association,” Professor Rehman said upon beginning her term this summer. “The IT&FA serves a very large and diverse global academic and professional membership dedicated to the mission of enhancing multidisciplinary research in international trade and global finance as it strives to actively bridge the gap between researchers and policymakers. I will endeavor to uphold the IT&FA mission of fostering multidisciplinary research and nurturing the marriage between research and policy.” The IT&FA has professional members in over 30 countries, including Australia, Austria, Belgium, Brazil, Canada, China, Costa Rica, Czech Republic, Finland, France, Germany, Hungary, India, Iran, Italy, Japan, Mexico, the Netherlands, New Zealand, Norway, Poland, Portugal, Singapore, Spain, Sweden, Switzerland, Thailand, Turkey, United Arab Emirates, United Kingdom and the United States.

STUDENTS SCORE BIG IN MACY’S MARKETING CHALLENGE

The School of Business dominated the Macy’s Marketing Challenge for the GW campus, with GWSB students taking the gold, silver and bronze in the competition. The department store chain sponsors the annual marketing case competition for undergraduate teams of three to five students. THE WINNING TEAMS WERE: 1ST PLACE: Juniors Grace M. McGuire, BBA, international

business and finance; Allison F. Dodakian, BBA, marketing;

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LEMONADE DAY! More than 600 George Washington University School of Business students participated in the annual Lemonade Day-DC event this spring. The program is organized by the GWSB First Year Development Program to help D.C. Public School students gain financial literacy by launching and running businesses. Lemonade Day is a free, fun, experiential learning program that teaches youth how to start, own and operate their own business: a lemonade stand. It began in Houston, Texas, in 2007 with 2,700 young people and since has grown to 120,000 children in 31 cities across the United States and Canada. Participating GWSB students (approximately 450 as a requirement of the First Year Development Program, others as volunteers) helped introduce local school children to concepts of entrepreneurship through a series of mentoring sessions that taught the challenges and joys of planning, owning and operating a small business. On Lemonade Day— Saturday, April 23, 2016—more than 300 lemonade stands run by elementary school students were open for business. Lemonade Day-DC was made possible by lead sponsor PNC, supporting sponsors Gallup, GW Program Board, GWSB and RCN Business, and community sponsors Tomorrow’s Lemonade Stand, Rita’s, Serve Your City, D.C. Department of Parks and Recreation, and Community Forklift.

Bryan D. Brindley, BBA, marketing and international business; Justin E. Pollock, BBA marketing and event management; and Cassidy C. Moriarty, BBA marketing. 2ND PLACE: Sophomores Romit Sevani, BBA; Shoshana

Cohen, BBA; Ambica Kalburgi, BBA, finance; and Mehak Chawla, BBA, finance and computer science. 3RD PLACE: Juniors Hyun Ah Kang, BBA, international

business and marketing; Jihyun Seo, BBA, marketing; Song Ei Park, BBA, finance; and Jun Sang Lee, BBA, international business and finance.

news briefs

GWSB LAUNCHES KOREAN MANAGEMENT INSTITUTE In fall 2015, GWSB announced the addition of a new research center, the Korean Management Institute (KMI). Throughout the year, KMI will bring together distinguished business leaders and scholars to exchange ideas and participate in executive development programs. The institute will work with individual companies, trade organizations and other key industry groups to develop programs of interest to all stakeholders. KMI will support efforts to structure an ongoing positive dialogue between the United States and Korea. The George Washington University has played an important role in the close relations between the two trading partners and allies, according to Ayman El Tarabishy, associate teaching professor of management and KMI director. Among other things, executives from Hyundai, Dae Woo and Samsung studied at GW, earned degrees or were recipients of honorary degrees. Former South Korean President Lee Myung-bak spent a year-and-a-half as a visiting scholar at GW, and Syngman Rhee, first president of the Republic of Korea, graduated from GW in 1907. Dr. El Tarabishy was the first keynote speaker at the U.S.-Korea Business Innovation Partnership conference, held in Washington, D.C., in October. More than 200 Korean delegates and more than 100 U.S. government officials, CEOs, policymakers and entrepreneurs attended the event, as did President Park Geun-hye of the Republic of Korea. The event was organized by the Korean Chamber of Commerce and Industry, the Korea Trade-Investment Promotion Agency and the National Association of Manufacturers. Going forward, the GW October Entrepreneurship Conference will serve as the main on-campus forum for the KMI each year.

GALLUP CEO: ENTREPRENEURSHIP KEY TO ECONOMIC GROWTH Speaking at the 16th annual Robert P. Maxon Lecture, Gallup CEO Jim Clifton said a focus on identifying and developing promising entrepreneurs could be key to creating markets for American innovation. He said it could also improve the country’s flagging Gross Domestic Product growth rate, which has declined in the past two decades to roughly half of what it was in the 1950s and 1960s. “We finally have an issue that both [political] sides agree on: unemployment and GDP growth,” he said. “But what if the answer is entrepreneurship and not innovation? What if we have an oversupply of innovation?” Mr. Clifton said the United States has become expert at developing brilliance. Any state in the union can produce a list of its 1,000 brightest 11th graders, he said. Gifted intellectuals attend the best colleges in the world. Musical and artistic prodigies audition for coveted slots at the world’s elite performance companies. Top athletes are sent to training academies. The country prides itself in nurturing these gifts, he said, and that creates innovation in technology, media, entertainment and intellectual property. A focus on treating budding, natural entrepreneurs the same way we do star athletes or intellectuals could provide a boost to the country’s future economic growth, Mr. Clifton said. The trick is identifying people with a gift for business. Social entrepreneurship endeavors, like Lemonade Day, he said, can provide a forum for showcasing and developing young skill. Similar to what the Juilliard School does with music, colleges and universities can play a role by creating forums for people with exceptional talent, “where it’s really hard to get in and you have to demonstrate you have exceptional ability to create a customer,” he said.

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GWSB GOES OUT TO THE BALLGAME The GW School of Business took over the Navy Yard-Ballpark Metro station for the month of September as the hometown Washington Nationals entered the stretch run in the race for the National League Eastern Division title. Posters advertising GWSB’s commitment to delivering “major league” business education were on display throughout the station, covering walls, pillars, posts, turnstiles—and even the floor. The baseball-themed ads also included light-box displays on the train platform featuring GWSB MBA candi-

GW TEAM SHINES IN CYBER-SECURITY SIMULATION A team of GWSB first-year WEMBA candidates took part in a cyber-security “hackathon,” organized by the Strategic and International Studies (CSIS) Technologies Program and the Embassy of the Netherlands. The event, Cyber DiploHack 2015, featured six university teams in the United States and Europe in an intensive, scenario-based exercise to develop new approaches to cyber security and cyber-capacity building. With facilitation from CSIS and outside experts, the student teams applied creative idea-generation processes commonly used in technology design to solve a cyber-security policy challenge. The program utilized cutting-edge technol-

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date and alumni “baseball cards,” complete with “stats.” Fans on their way to and from watching the Nats saw GWSB messaging covering more than 200 surfaces in the station. The “Station Domination” advertising campaign was designed to raise awareness of GWSB while taking advantage of the crowds taking the subway to the crucial series of September games. Although the Nats ultimately came up short, the advertising campaign was a great success.

ogy to enhance collaboration among the international teams, facilitators and judges. The GW “hackers,” Tom Chebib, Brian Long, Jerome Leonard, Julissa Rogers and Julio Luzquinos, led by team captain Busayo Odunlami, earned recognition for “Best National Strategy” at the event. Other “hackathon” teams represented Chaire Castex de Cyberstratégie (Université de Paris), Georgetown University, University of Maryland University College, Oxford University and a joint team from the Technical University Delft and the University of Leiden. The concepts and ideas developed at the “hackathon” provided input for the Global Cyber Resilience Initiative at the Global Conference on Cyberspace in The Hague.

news briefs

CFO LEADERSHIP COUNCIL PANEL ON EMOTIONAL INTELLIGENCE

WOMEN’S LEADERSHIP FORUM Lisa Delpy Neirotti, associate professor of tourism and sport management, was an invited panelist at a Women’s Leadership Forum hosted by the Intercollegiate Athletics Terps Leadership Academy at the University of Maryland (UM). Serving on the panel with Professor Delpy Neirotti were: Moira Anderson, human resources and strategic programs director at Intelligent Power and Energy Research Corp.; Denise Harrington, CEO at DMH Consulting Group; and Missy Meharg, UM head field hockey coach. Kelly Mehrtens, deputy director of athletics/chief operating officer at UM, moderated the panel. During the 90-minute session, each panel member provided a specific lesson or experience that helped guide her to professional and personal success. Professor Delpy Neirotti discussed the importance of being savvy in business. “If you have the control and the responsibility in directing a budget, you have power,” she explained. “Placing yourself in a position with fiscal responsibility, whether it is minimizing expenses and or driving revenue, can place you on a terrific career path.” Afterward, Professor Delpy Neirotti praised the event. “The goal was to share with the young women in attendance that there is not one perfect career path,” she said.

James R. Bailey, Hochberg Professorial Fellow of Leadership Development and professor of management, was a keynote panelist at a recent CFO Leadership Council conference on “Executive Communications and Emotional Intelligence.” Professor Bailey’s panel discussed “How Can Emotional Intelligence Make You a Better CFO?” According to the CFO Leadership Council, “[Emotional intelligence] has been identified as the most important skill for business leaders to possess and the most challenging for financial executives to master… this misunderstood skill has been shown to correlate more directly to business success than IQ.” The CFO Leadership Council, formerly known as the CFO Round Table, is a community of senior financial executives dedicated to developing strong leadership at all professional levels, from controller to CFO. The organization boasts more than 400 members in five states, all of whom are senior financial executives who actively drive their organizations through their feedback and insight. The council’s monthly in-person events feature expert panels and interactive sessions. The CFO Leadership Council’s sponsors include audit, tax and advisory firm KPMG LLP and Host Analytics, a leader in cloud-based financial applications for planning, close management, reporting and analytics.

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GWSB AND VIVA GROUP HOST INAUGURAL GLOBAL REAL ESTATE CONFERENCE The flow of global real estate capital is more diverse than ever before—and so are the risks. While there is still a high degree of confidence and predictability in particular real estate markets, investors are increasingly interested in smaller economies and secondary markets, and experts warn current historically low capitalization rates may not last. These risk and rewards—and the rapid globalization of real estate capital flow—were discussed at the George Washington University’s inaugural Global Real Estate Conference, “Where Does the Smart Capital Flow?” hosted by the GW School of Business Center for Real Estate and Urban Analysis and presenting sponsor VIVA Group. The conference, held in New York’s Financial District at The Ritz-Carlton Battery Park, brought together academics and practitioners in the field of global real estate capital from China, India, Mexico, Germany and across the United States

GWSB Global Real Estate Conference (left to right): Jeffrey Stoddard, CEO, Stoddard Group; Joshua Kuriloff, BBA ’81, executive vice president, Cushman & Wakefield; Monty Thakur, director and principal, VIVA group; Edward Forst, president and CEO, Cushman & Wakefield; Guy Metcalf, managing director, global real estate investment banking, Morgan Stanley.

for a critical face-to-face discussion about the opportunities and challenges associated with the provision of global capital. Panelists included Edward Forst, president and chief executive officer at Cushman & Wakefield; Guy Metcalfe, managing director and chairman for Global Real Estate Investment Banking at Morgan Stanley; and leadership from FIABCI and Knight Frank India.

PRESIDENTIAL HONOR FOR STUDENT VETERAN U.S. Navy veteran Durodgio Peterson, WEMBA ’15, was honored for his service to fellow veterans, receiving a Presidential Lifetime Achievement award from President Barack Obama at a White House ceremony attended by Veterans Affairs (VA) Secretary Robert McDonald and former VA Secretary Eric Shinseki. Mr. Peterson has volunteered more than 4,000 hours of service to the Wounded Warrior Project, serving as a certified peer mentor for the organization. He also volunteers his time working with injured veterans at Walter Reed Medical Center, supporting their recovery and helping them make a smooth, safe transition to civilian life.

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Mr. Peterson has also given generously of his time and talents to a number of other causes, including the Armed Forces Retirement Home, the MS Society, the American Heart Association, the American Cancer Society, the Children’s Inn at the National Institutes of Health, the March of Dimes and the Susan B. Komen Foundation. He founded a Student Veterans of America chapter at the Catholic University of America, where he has helped connect faculty with student veterans to improve academic success rates and build a culture of inclusion among the veteran population on campus.

CONGRATULATIONS TO THE 2015-16 GWSB FACULTY AWARD WINNERS

OUTSTANDING UNDERGRADUATE FACULTY AWARD Scott Lancaster Teaching Instructor of Accountancy Lynda Maddox Professor of Marketing Patrick P. McHugh Associate Professor of Management Anupama Phene Professor of International Business STUDENT CHOICE AWARD - FACULTY TEACHING FOR THE ONLINE MASTER OF BUSINESS ADMINISTRATION Jiawen Yang Professor of International Business and International Affairs STUDENT CHOICE AWARD - FACULTY TEACHING FOR THE GLOBAL MASTER OF BUSINESS ADMINISTRATION Kirsten E. Martin Assistant Professor of Strategic Management & Public Policy STUDENT CHOICE AWARD - FACULTY TEACHING FOR THE PART TIME MASTER OF BUSINESS ADMINISTRATION James R. Bailey Hochberg Professorial Fellow of Leadership Development Professor of Management

WORLD EXECUTIVE MASTER OF BUSINESS ADMINISTRATION OUTSTANDING FACULTY AWARD

INFORMATION SYSTEMS & TECHNOLOGY MANAGEMENT ACHIEVEMENT FACULTY AWARD

D. Jeffrey Lenn Professor of Strategic Management & Public Policy

Wenjing Duan Associate Professor of Information Systems & Technology Management

MASTER OF SCIENCE IN FINANCE TEACHING EXCELLENCE AWARD DC PROGRAM

OUTSTANDING MASTER OF SCIENCE IN PROJECT MANAGEMENT FACULTY AWARD

William C. Handorf Professor of Finance

Ed Hoffman Professorial Lecturer, Decision Sciences Chief Knowledge Officer, NASA

MASTER OF SCIENCE IN FINANCE TEACHING EXCELLENCE AWARD CHINA PROGRAM George M. Jabbour Associate Dean for Executive Education Professor of Finance OUTSTANDING MASTER OF SCIENCE IN GOVERNMENT CONTRACTS FACULTY AWARD

PETER VAILL FACULTY AWARD George T. Solomon Co-Director Center for Entrepreneurial Excellence Professor of Management Editor-in-Chief, Journal of Small Business Management

Steven L. Schooner Nash & Cibinic Professor of Government Procurement Law OUTSTANDING MASTER OF ACCOUNTANCY FACULTY AWARD Sok-Hyon Kang Professor of Accountancy

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Features

By Brittney Dunkins Photography Stuart Isett / Fortune Global Forum

GWSB Teaches ‘Master Class’ on Leadership School of Business serves as education partner for 2015 Fortune Global Forum.

daptable, willing to learn and, above all else, globally focused—these are the traits of the next generation of leaders, according to panelists at the George Washington University School of Business master class “Leadership in a Disruptive Century,” a precursor to the Fortune Global Forum. The forum, a premier, invitation-only conference for top CEOs and business leaders, took place last November in San Francisco with GW serving as Fortune’s education partner.

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Fortune magazine’s bi-annual, invitation-only gathering brings together CEOs and leaders in business, technology and emerging markets. Joe Kaiser, CEO of Siemens AG; Facebook COO Sheryl Sandberg; Jeffrey Katzenberg, CEO of Dreamworks Animation SKG Inc.; and Elizabeth Holmes, founder and CEO of Theranos, were among the well-known thought leaders who took part in the 2015 event. George Washington University President Steven Knapp offered a welcome address to the audience, noting that San Francisco is home to more than 6,000 GW alumni. “We are really honored to partner with Fortune for an event like this,” Dr. Knapp said. “One of the ways we make history is by convening important discussions like the one you are about to hear.” Fortune editor Alan Murray led the master class panel discussion, which featured GW School of Business Dean Linda Livingstone; Dominic Barton, global managing director at McKinsey and Company; Carrie Schwab-Pomerantz, MBA ’87 and president of the Charles Schwab Foundation; and Phil Fernandez, CEO of Marketo. The panelists participated in an in-depth discussion about the opportunities and challenges of preparing the next generation for the workforce in a dynamic economy. The wide-ranging conversation included an exploration of shifts in industry due to technology, how to best equip students for the workforce and how to create a diverse and inclusive environment.

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‘Master Class’ Highlights CHANGING INDUSTRIES Mr. Murray said several CEOs shared with him in recent conversations that they feel compelled to evolve or be left behind. Change, he said, is happening from top to bottom in every industry, including how a company is organized and managed, what it produces and how it distributes to consumers. “You have these technologies coming together to change pretty much every industry and every piece of industry,” Mr. Murray said. “In many of these changes the leaders, or ‘first-to-adopt,’ could take most, if not all, and the laggards will fight over the rest.” New technologies are also elevating the bar for companies, according to Dr. Livingstone. “Media is so prevalent and it holds us to a higher standard because everything is more visible,” she said. “The younger generation cares deeply about social issues. I am consistently impressed by how GW students are so astute about international issues and concerned with how business affects the world.” Mr. Barton said that the biggest change is the shorter life cycle for companies. It is now about 18 years rather than 90 years. “The notion that you learn a skill for 25 years is just gone,” he said. “Companies need people who are able to learn for a lifetime.” Ms. Schwab-Pomerantz noted the much shorter cycle has changed the way that companies recruit, a process that is now “beyond the resume.” It also has changed how students seek out potential employers. She said Charles Schwab has launched skills-based volunteering because 55 percent of Millenials are influenced to take a job after talking with a company employee about a firm’s values and corporate causes. “In the old days, it was about credentials,” Ms. Schwab-Pomerantz said. “Today, we look more for personal characteristics such as drive, passion and wanting to make the world a better place.”

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George Washington University President Steven Knapp offered a welcome address to the audience, noting that San Francisco is home to more than 6,000 GW alumni.

PREPARATION FOR 21ST-CENTURY JOBS It starts with understanding what companies need. According to Mr. Barton, leaders in the 21st century are defined by their “North Star,” or sense of purpose. The concept was popularized in the business world following the 2007 best-selling book True North: Discover Your Authentic Leadership by Bill George, a Harvard Business School graduate and former CEO of Medtronic. “There has been a big shift—we focus on what leaders do and who leaders are,” Mr. Barton said. “You have to figure out what your purpose is because it’s not necessarily something you are born with. It’s a muscle you have to work.” Dr. Livingstone said the same principle holds for students. A perspective valuing social benefit alongside profit informs how GW School of Business prepares students to be successful, the dean explained. The process is focused on helping them make “better choices” when business threatens their values. “You want to prepare them to continue to adapt, learn and understand the context of the organization,” Dr. Livingstone said, “and build in them a sense of ethical, societal and corporate social responsibility. “We have to make a profit but do it in the right way and do it in a global way,” she added. BUILD A MOTIVATED WORKFORCE In addition to recruiting creative, motivated college graduates, Mr. Barton said McKinsey and Company is dedicated to hiring five people in 2016 who do not have a college degree. “We rely too much on the CV, but they don’t really provide too much information,” Mr. Barton said. “We put games out on the Internet to look for people because we want to find people who have a different way of looking at programs. “There is incredible talent out there,” he added. But how does a modern company retain top talent? Mr. Fernandez said workers need to feel a connection to the organization and respect for its leadership. “Employees decide every morning the extent to which

Brittney Dunkins

“The whole notion of inclusion of ideas up and down the organization and sideways—that’s a Millennial thing,” Ms. Schwab-Pomerantz said. “You hear things you may not want to hear, but you get your best ideas.” CHARACTERISTICS OF A LEADER Each of the panelists weighed in on the final question of the morning: What advice do you have for aspiring leaders? Mr. Fernandez said it is important to learn to manage your energy rather than your time. Ms. Schwab-Pomerantz advised future leaders to realize everyone has something important to contribute. “Leadership is a pure thing, and none of it is changing from any of this. It is about having a ‘True North,’” Mr. Barton said. Dr. Livingstone reiterated her point that it is important to remember that people in the organization are the ones who “get it done.” “At the end of the day it’s about people,” she said. GW Brittney Dunkins is a reporter for George Washington Today.

they want their company to succeed,” he said. “You have to start with making sure that the people in top positions have credibility.” Ms. Schwab-Pomerantz recounted how her young son left positions at three companies because “he didn’t know what they stood for.” “Connection is important,” she said. DIVERSE AND INCLUSIVE WORKPLACE The modern company requires “entrepreneurs” within the organization who can work independently and successfully collaborate when necessary, according to the panelists. However, diversity of opinion, gender and race are also critical in building a company with a global outlook. The panelists championed an organic method of mentoring that nurtures potential high performers across the company.

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Features

How Status and Scandals

Affect Organizations By Mary A. Dempsey Photography Julie Ann Woodford

GW Trustee Ave Tucker (left) and Dr. James Wade, Avram S. Tucker Professor of Strategy and Leadership

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re high-profile leaders, including CEOs, more likely to break the rules—or are they just more likely to get caught? The answer is part of the provocative research of James Wade, the inaugural Avram S. Tucker Professor of Strategy and Leadership at the George Washington University School of Business. Dr. Wade is an expert in organizational management and his scholarship includes research on how status affects corporate CEOs, the factors that bring about scandals within organizations and the effects of race on career mobility. He is also interested in how media scrutiny of high-profile leaders can affect organizations. “With CEOs, there’s always a temptation to make yourself popular in the media and to undertake strategies to make yourself famous,” said Dr. Wade. “We’re finding that may not be a good idea.” A generous endowment by GW Trustee Avram Tucker, BBA ’77, allowed the School of Business to recruit Dr. Wade from Emory University in August. Dr. Wade was formally installed in the professorship in September and will begin teaching in the spring. He is a professor of strategic management and public policy. Mr. Tucker is co-founder and CEO of TM Financial Forensics, which has offices in Chicago, Los Angeles and San Francisco. “We were thrilled to be able to bring Professor Wade on board because of his record and his influence in the field,” said Dean Linda Livingstone. “He’ll help build the research side. He’ll be a wonderful mentor to our newer faculty coming in and to our faculty working with doctoral students. And he’s an exceptional teacher.” Dr. Wade acknowledged that the university’s D.C. location—near the Securities and Exchange Commission, other regulatory bodies, policymakers, governmental institutions and no shortage of scandal—offers a rich

landscape from which to advance research on the forces that affect organizations and industries. His recent study examined a U.K. political scandal involving questionable expenses by lawmakers. Detailed information was collected on all 644 members of Parliament, providing the study with a rich dataset. “One fairly rich person was charging [the taxpayers] for his moat in his second home.” And people were switching second homes based on when they had to pay off the mortgages,” said Dr. Wade. “You have to be cautious in generalizing but we’re finding that high status did not predict wrongdoing, but it did predict that if you did something wrong, you would be penalized.” Dr. Wade’s interest in career advancement has also opened the door to new research on job mobility for minority coaches in the National Football League. “The NFL is an excellent setting in which to examine this issue because of the large amount of detailed data that are available,” he said. In addition to Emory, Dr. Wade has taught at Georgetown University, Rutgers University, the University of Wisconsin and the University of Illinois. He holds a bachelor’s degree in mechanical engineering from Rice University, an MBA from the University of Texas at Austin and a doctorate in organizational behavior and industrial relations from the University of California, Berkeley. Dr. Wade and Mr. Tucker have met. Both were pleased to see how deeply their interests overlap. “Ave has experience in so many industries,” said Dr. Wade. “When I talked to him about any research I was doing, he had a lot of suggestions. And I’ve heard from other faculty that he meets with them and talks to them, which is helpful

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“I think strategy and leadership…are critical to the success of business and the success of our students going into business.” —GW Trustee Ave Tucker, BBA ’77

because he’s a practitioner and we’re not out doing this every day.” Dr. Wade noted that the Tucker professorship carries other benefits for his research. “When I need to get data, having the professorship gives me more credibility when I talk to organizations,” he explained. “And for the school, it sends a signal that research is important. In my role, that will help as we recruit new faculty at GW.” Indeed, Dr. Wade said he was pleasantly surprised to see how GWSB’s research position is improving. “I think people like Ave Tucker really helped with that. He’s basically helping to build and improve our research infrastructure,” he said. Mr. Tucker identified scholarships and research as two of the most important funding priorities at the School of Business. He wanted his philanthropy to benefit strategy and leadership studies because of his interest in the topics and their value to the business arena. “I think strategy and leadership, while fairly broad, are critical to the success of businesses and the success of our students going into business,” said Mr. Tucker, who is deeply connected to the university—as an alumnus, donor, trustee and long-time member of the School of Business Board of Advisors. A baseball scholarship enabled Mr. Tucker to attend GW and he has been a powerful supporter of the Department of Athletics and of student scholarships. A scholarship fund was his first significant gift to the School of Business. His philanthropy has also benefited the Law School, where he helped endow a government contracts associate dean fund. “My family and I have a long relationship with the university. I was born in the university hospital. My wife was, too. We were delivered by the same doctor,” he said. “My father was an intelligence officer for the Navy in World

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War II, moved to D.C. so he could work at the State Department and got a [GW] law degree at night.” Mr. Tucker’s in-laws also studied at GW. “I see GW as a place that has given me and my family thousands of opportunities,” said Mr. Tucker. “And I like the direction the School of Business is going in. I’m really excited to be working with Dean Livingstone. She’s impressive in all regards, particularly in bringing people together, and I think she’s going to continue to develop and improve the culture in the school.” Dr. Livingstone has identified as a GWSB priority the recruitment of high-quality talent and the retention of exceptional faculty already at the school. She said gifts like the one that created the Avram S. Tucker Professor of Leadership and Strategy are critical to the goal. “I absolutely think that any time we have someone like Ave, who gives a generous gift in support of the school, it’s a wonderful example to others as to how you can use your resources… in perpetuity,” she said. GW is a long way from Atlanta, but Dr. Wade said the transition to the nation’s capital has been smooth for him and his wife. Because he taught at Georgetown from 2007 to 2011, the couple still has many friends in the district. Even more, they already had a residence waiting for them. “We really like D.C.… and we kept our place here [after leaving Georgetown] so it was an easy move,” he said. Outdoor enthusiasts, Dr. Wade and his wife, Jill, head off with their dog, Dora, for a four-mile walk to Roosevelt Island before work each morning. Once or twice a month he goes skydiving. “I’ve been jumping since 1989. When I was a PhD student… it was for stress relief,” he said. “It serves the same purpose now when we’re sending research papers to journals and waiting for them to get evaluated by reviewers and, hopefully, published.” GW

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Features

Strategic Planning:

A Blueprint for Success

he George Washington University has a special place in my heart. The GW School of Business was the launching pad for my successful Wall Street career. My story begins sitting in Monroe Hall in 1967, taking a course called: “Case Studies in Strategic Planning,” where I was required to write a paper on my career goals and aspirations. It was the best assignment that I ever completed in any undergraduate or graduate course. It made me really think about my future. Some people are driven to succeed, while others let fate dictate their life story. Many people may never achieve success. They talk about it, they think about it, but they don’t plan for professional success.

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By Mark R. Shenkman, MBA ’67

Chairman and CIO, Shenkman Capital Management GW Trustee

Many people do not understand success. Success is not a destination. Success is doing ordinary things, extraordinarily well. Let me share with you five key principles that have driven my success: 1. DEVELOP A STRATEGIC LIFE PLAN Anything is possible if you plan the steps necessary to achieve your career objectives. Without a written road map with specific goals, your career may be limited and short-circuited. Your ability to climb the ladder of success will be dependent on preparing and implementing a strategic life plan. Often fear of rejection or failure creates inaction. Fear often times immobilizes people, and they fail to plan for their future. Life is filled with risks, but you must take calculated risks in order to achieve success. Every person has different motivations. My observations have shown that there are nine motivating drivers in a person’s professional life. 1. Status—seeking recognition, admiration, and respect. 2. Power—seeking control of people and/or resources. 3. Material Rewards—seeking possessions, wealth, and/or a high standard of living. 4. Autonomy—seeking independence and, ability to make your own decisions. 5. Expertise—seeking accomplishments in a specialized field. 6. Creativity—seeking innovation and being identified with original output. 7. Affiliation—seeking fulfilling relationships. 8. Search for Meaning—seeking things of value for their own sake. 9. Security—seeking a solid and predictable future income.

mark R. shenkman

Many people have two or three drivers motivating their professional life. It has been my experience, that if you do not know the motivating drivers of your life, you will aimlessly go through life with few accomplishments. 2. IDENTIFY REALISTIC GOALS Identifying short, intermediate, and long-term objectives are essential components in measuring time and milestones. Most people have goals, but rarely commit those goals to paper. I have learned that all successful people have ambitious goals, but really successful people write them down. 3. FIND YOUR NICHE There are many bright and overly ambitious people in today’s interconnected world. However, given the complexity and speed of change occurring in all fields of knowledge, in order to reach the top tier of your chosen field, you must find a unique niche or edge that will allow you to excel over your peers. In my case, in the 1970s, when I was an equity analyst at Fidelity Management & Research in Boston, I realized there were thousands of very smart analysts across the country whom I was competing against for recognition and performance. Therefore, I had to discover my niche that would allow me to become one of the foremost and recognized experts in a specialized sector of the financial markets. In my case, I became a pioneer in a new asset class—the high yield bond market. 4. LEARN HOW TO MARKET YOURSELF An important observation that I have studied is that most successful leaders know how to communicate and market themselves and their capabilities. In order to rise above the crowd, one’s ability to concisely articulate ideas and concepts is a skill that can be hard to develop but is essential to achieve maximum success. Telling your story to other people is vital in climbing the ladder of success.

5. BE POSITIVE AND PASSIONATE Most people go with the flow, doing what’s asked of them but not much more. The key to elevating yourself is to go above and beyond expectations, no matter the task; whether you’ve been asked a question or given a new assignment, never miss an opportunity to go above and beyond what is presented to you. With passion, dedication, and a positive attitude, goal-oriented people rise to the top of most organizations faster than people who do not actively plan and market their capabilities and careers. If you want to become a leader in your chosen field of expertise, I believe there are five critical steps to reach the top rung of an organization: Step 1: Acquire a technical skill in an entry-level position. Step 2: Become a strategic thinker and help your

organization grow and prosper.

Step 3: Develop decision-making skills to validate that

you possess sound judgment.

Step 4: Demonstrate good communication skills. Most

leaders can articulate their ideas and create a buzz around their organization’s mission and goals. Step 5: True leaders have a vision to create transforma- tional change within an organization in order to take it to the next level of growth and meet their organization’s priorities. These five principles have served me well throughout the course of my career. Incorporating them as part of your personal strategic plan can help you draft a blueprint for success. GW Mr. Shenkman is a recipient of the 2016 Alumni Outstanding Service Award. This article was adapted from his 2015 GWSB commencement address.

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Features

Employers Flock to Campus for Fall Career Fair Event Is but One Component of GWSB’s Comprehensive Career Management Strategy

FOR ONE DAY THIS FALL, the top two floors of Duquès Hall were transformed into a bustling recruiting hub. Hundreds of GW School of Business students—resumes at the ready and attired in their business best—had the opportunity to make connections with, and market themselves to, a broad range of potential employers, including many of the top companies in the United States. Perhaps the most impressive thing about the event was that it was all in a day’s work for GWSB’s F. David Fowler Career Center (FDFCC). By Daniel Michaelis Photography Abby Greenawalt 26

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Daniel Michaelis

“Our vision is for the career center to be perceived by all of its stakeholders as a world-class resource,” said Gil Yancey, the FDFCC’s executive director. “Students and alumni regard the career center as the source for the development of lifelong career-management skills. Employers regard GWSB as a source of top talent. And other schools see that GWSB is setting the standard in career services.” The Fowler Career Center has developed a comprehensive, multi-faceted approach to preparing GWSB students for the workforce, with a strong emphasis on career management skills that will prove invaluable throughout a graduate’s working life. • In addition to fall and spring career fairs, the FDFCC hosts an annual Career Week each fall. It includes panel presentations on career paths that mirror student interests including accounting, consulting, finance, and marketing; workshops; presentations by

“executives-in-residence” (informal interviews with senior business executives); a LinkedIn clinic; the Bloomberg Aptitude Test; and the opportunity to have professional photos taken. • All GWSB undergraduates are required to take a one-credit Career Management Strategy course during their sophomore or junior year. The course provides a structured timeline for business students to be ready to compete for internships and jobs and to strengthen students’ knowledge of job-search strategies, interviewing techniques and the transition from school to the workplace. • The Fowler Student Coordinator Program, now in its third year, consists of a team of 18 undergraduate career coaches who work with their classmates, providing advice and instruction on creating a business resume, writing a cover letter and developing networking skills. • Similarly, a Peer Advisor Program staffed by second-year MBA students provides mentoring, coaching and counseling at the MBA level.

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• The career center also regularly organizes site visits to the offices of local employers. This includes the annual DC Career Trek, which offers students a chance to learn more about the roles available in various industries and sectors in greater Washington, D.C. • The International Student Roundtable, hosted during Career Week, affords GWSB international students a forum for meeting and discussing their unique job searches with recent graduates who, not long ago, were in their shoes. Roundtable members provide career-related advice and networking tips. • An International Student Employer Development Consultant/Coach gives students training and helps with outreach to employers interested in hiring GWSB international students.

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The many GWSB alumni who make themselves accessible to students, including through mentoring and networking, have done much to help the career center fulfill its mission. In particular, the generous financial support of Mark Shenkman, MBA ’67, through the Shenkman Career Services Fund, has been critical in advancing many of the center’s programs and activities. By any measure, the career center is getting results. Within the GWSB Class of 2015, 86 percent of four-year graduates and 93 percent of MBAs accepted full-time positions within 90 days of graduation. Four-year grads received an average starting salary of more than $56,000, and MBAs saw a median salary of $100,000. Others are taking notice of the career center’s success. In line with the logic that the primary mission of a business school is to prepare its graduates to compete

FIRMS REPRESENTED AT GWSB’S 2015 FALL CAREER FAIR

and succeed in the business world, Bloomberg Businessweek this year made significant adjustments to the criteria for its Best Business Schools ranking. Thanks in large part to the FDFCC’s efforts, the GW School Business climbed 13 spots and placed in the top 40 in the magazine’s 2015 ranking of MBA programs. “To be ranked in the top 40 is a real achievement,” Mr. Yancey said, “When you consider the hundreds of business schools.” Mr. Yancey said GWSB’s strong showing in the Bloomberg Businessweek ranking will further strengthen the career center’s effectiveness. “The higher ranking will help attract more quality employers who will take serious interest in the school and its students. It will also encourage more alumni involvement because people want to be part of a winning team,” he said. GW

Accenture AlixPartners LLP Amtrak Aon Arc Aspicio Canon USA Capital One Carefirst BlueCross BlueShield CohnReznick Deloitte, LLP Driven Brands Shared Services, LLC Edelman Enlightened Fidelity Investments Geico Halt Buzas & Powell, Ltd HFF Insight Global Kimpton Hotels KPMG, LLP M Powered Strategies M&T Bank Corporation Macy’s Inc. Mandarin Oriental Hotel Group

McAdam Financial Group Mortgage Bankers Association National Cooperative Bank (NCB) NAVSEA (2) Navy Federal Credit Union Office of the Chief Financial Officer Piedmont Fund Services PricewaterhouseCoopers LLP (PwC) Prosperity Home Mortgage, LLC Raffa Raytheon Company Sanofi Group: Sanofi, Sanofi Pasteur, Genzyme & Merial Starwood Hotels and Resorts Stout Risius Ross, Inc. Teach For America Textron Systems The World Bank Group Toyota Motor Sales U.S. Department of Defense Under Armour, Inc. US Postal Service Vanguard Volkswagen Group of America Vorsight Walker & Dunlop, LLC Wendroff & Associates, CPA World First USA Inc.

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Features

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LESSONS ON ORGANIZATIONAL RESILIENCE

olkswagen shocked the world. The world’s largest automaker admitted to creating software that would deliberately generate false exhaust emission information on many of its popular cars. Making matters worse, Volkswagen’s top leadership seemed unsure about how to respond to the crisis as it threatened the company’s reputation, operations and long-term strategy.

By D. Christopher Kayes

Professor of Management, Department of Management

Photography Julie Ann Woodford

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The challenges faced by Volkswagen are repeated in organizations around the world. We have all seen the headlines: disruptive technology makes Kodak a relic, cyber hacking at Sony, miscalculated risk at AIG, and bad decision making at Lehman Brothers. What can organizations do to build resilience when faced with a devastating crisis? Over the past 10 years I have worked with a team of researchers who have been studying organizational crises like the one at Volkswagen. We reviewed product failures and operational crises, as well as decision-making blunders in business, government the military and politics. We paid special attention to how organizations learn from errors, failures and setbacks. Some of this research appeared in my recent book, Organizational Resilience: How Learning Sustains Organizations in Crisis, Disaster, and Breakdown, published by Oxford University Press. Building resilience involves more than a single process but requires attention to multiple activities. At Volkswagen, for example, learning might involve rethinking its leadership and operations, redirecting corporate strategy and rebuilding its sagging reputation. Efforts to build resilience often focus on four core areas: 1) Operational resilience occurs when an organization maintains its production and learns to operate even when experiencing catastrophic failure. 2) Strategic resilience happens when an organization adapts its strategy to changes in the environment, stakeholder interests or emerging technology.

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3) Managerial resilience surfaces from the know-how and decision-making skills of leaders. 4) Reputational resilience refers to an organizationâ&#x20AC;&#x2122;s ability to learn from public failures or embarrassing revelations about the organization. All four areas of resilience require learning, but effective learning across all four areas is difficult. Our research points to four lessons that Volkswagen can learn about resilience from the Texas City disaster, Lehman Brothers and Air France. First, resilient organizations build a system-wide approach to learning. Every individual in the organization, from the frontline employees to the board of directors, needs to advocate for surfacing and responding to problems, errors and risks. The BP Texas City oil refinery explosion provides a series of harsh lessons. An official investigation concluded that warning signs of operational failure had been present for years, but leadership failed to address these warning signs. Further, BP management touted low personal injury rates but overlooked system-wide safety issues. Years of budget cuts and lack of investment led the company to ignore important safety issues in favor of easy fixes. Volkswagen should implement a new system of accountability from upper management to engineers, from the production line to dealerships. Whether itâ&#x20AC;&#x2122;s the strategic direction of the organization, improving new technologies, testing or annual inspections, people should be judged not only on financial but educational results. Second, resilient organizations remain open to bad

D. Christopher Kayes

news. In the case of the Lehman Brothersâ&#x20AC;&#x2122; bankruptcy, leaders failed to accept the declining position of the company. Employees who brought bad news were treated as disloyal. In contrast, resilient leaders court bad news and opposing viewpoints because these counterintuitive ideas help uncover possible complications. Setbacks become minimized since the organization has already become aware of potential problems. Volkswagen should create an independent reporting system for potential ethical concerns of employees so problems can surface and be addressed in a safe environment. Third, resilient organizations know that most risks do not unfold without warning but follow predictable patterns. The causes for breakdown are often well documented within an industry or among an organizationâ&#x20AC;&#x2122;s workforce. For example, in the Texas City disaster, the Occupational Safety and Health Administration found over 300 willful violations of safety rules, suggesting that leaders either ignored or were indifferent to significant safety concerns. Volkswagen should appoint independent internal investigators to discover when and where concerns failed to be given appropriate attention. Staff and systems should be reconsidered in light of multiple failures. Fourth, when an unfortunate breakdown emerges, organizations need to assure that they can return to normal operations quickly. In reviewing the Air France Flight 944 disaster and other airline accidents, we learned that a common response by pilots in the face of equipment failure is to focus on flying the plane. In other words, pilots often respond to a threat by returning to fundamental issues associated with flight. During the Air France breakdown, pilots became distracted by warning signals and computer reports that led them to overlook the fundamental issues involving generating lift and maintaining airspeed. In the case of organizational leaders, the fundamental issues might involve returning to normal

operations, generating review or regaining reputation. Volkswagen should focus on its strengths, from engineering to design, and how to support those fundamentals with new information following the emissions scandal. Organizations like Volkswagen and others will continue to experience threats to resilience. Their ability to learn from other organizations that have experienced crisis will help them overcome organizational challenges that have become an expected part of working in a complex world. GW An earlier version of this article appeared in the Oxford University Press blog available for download at blog.oup.com.

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Features

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Ayman El Tarabishy

VISION, LEADERSHIP, PERSEVERANCE By Ayman El Tarabishy

Associate Teaching Professor of Management

magine you have defeated the most powerful army in the world. Imagine that you, personally, are being compared to the greatest of ancient Greek warriors and even, by some, to the Greek gods. Imagine the sound of church bells ringing to announce your arrival. Imagine a grateful public, standing before you, cheering and congratulating you. Would you do it? Would you seize this opportunity, right now, to claim ultimate power? To become a king, an emperor? What would stop you? Who could stop you? With the signing of the Treaty of Paris in 1783, ending the American Revolution, a triumphant Gen. George Washington found himself in this exact situation. It appears, however, that Washington never thought seriously about becoming a king or emperor. He was not just uninterested in self-aggrandizement but felt something deeper—a disdain for personal power. When his aides brought up the idea of being king he scolded them. When personal power is in such close reach, its refusal is rather uncommon. When King George III of England heard of Washington’s intent to resign from his commission and yield power to a Congress that was, comparatively, powerless, it is said that the king told the painter Benjamin West, “If he does that, he will be the greatest man in the world.”

Above: Treaty of Paris, 1783. International Treaties and Related Records, 1778-1974; General Records of the United States Government, Record Group 11; National Archives, 299805. Left: George Washington, C, 1877. Prints & Photographs Division, Library of Congress, LC-DIG-pga-03069.

Is it possible that Washington consciously chose not to be remembered as an emperor or a king but, rather, to be thought of historically as a liberator or perhaps as the most beloved American president of all time? The history of the George Washington University follows a path similar to that of President Washington. That path, from simple beginnings to historical greatness, took many turns; there were many obstacles to overcome. Yet, at the end, the university survives and thrives because of a soul that was born out of and inspired by the decisions and example of George Washington.

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support for higher education was part of what has been called the “Second Great Awakening”—the movement to spread the Gospel throughout the new nation and emphasize Christian duty. Through education, that duty to improve and Above: Columbian College Building (engraving), Foggy Bottom (Washington, D.C.), C,1870. Special Collections and perfect society would be University Archives, The Gelman Library, The George Washington University, RG0031-001-0205-00077. Left: Washington. strengthened, and this From the original portrait painted by Rembrandt Peale / Drawn on stone by Rembrandt Peale; Litho of Pendleton, 9 Wall St. C, 1827. Prints & Photographs Division, Library of Congress, LC-DIG-ppmsca-13461. rationale was at least in part responsible for the founding From its early beginnings, America was a land of of colleges. Thus, two independent forces were pressing colleges. When independence was declared in 1776, there for the creation of institutions of higher learning. were nine colleges in the colonies, one of which was The government assisted in the establishment already 140 years old. The colonists wanted their children of universities based on proclaiming, advancing and to be educated and thoughtful. Their intent was to keep strengthening the ideals of citizenship and education and the best of the Old World while simultaneously reinventthe churches—supported by the emotional intensity of ing it in the New World. The revolution strengthened the the Second Great Awakening—emphasized their belief belief that the new republic needed to prepare its youth that a Christian education would create better citizens to become responsible citizens. who would carry out their duty to perfect society. These “The preparation of young men for responsible citiindependent but complimentary processes were importzenship” was Washington’s stated motive for requesting ant forces in shaping the American character and in the that the new government charter a new university in its establishment and growth of the George Washington capital. That request was not fulfilled during Washington’s University. lifetime, but his faith in education for the citizenry was While the college was chartered by the U.S. Congress, the seed that grew to become what is now the George the first George Washington University campus site was Washington University. purchased through the fundraising efforts of a Baptist Always practical, Washington left his shares of the minister, missionary and leading Freemason, Luther Rice. Potomac Company to fund an endowment for a univerInterestingly, the charter specified that the institution sity to be established within the limits of the District of be non-denominational. (A number of buildings on the Columbia. But not even Washington could predict the Foggy Bottom Campus bear Freemasonry symbols on future—those shares were left practically valueless as the their cornerstones, which is not unrelated to the fact that Potomac Company was liquidated in order to fund the George Washington himself was a major figure in AmeriChesapeake and Ohio Canal Company. Still, while the can Freemasonry.) bequest left by George Washington evaporated, his idea George Washington and the George Washington remained and gained momentum. University also share a common heritage of overcomIn the early 19th century, public support for the ing adversity. In June 1775, Congress ordered General formation of state institutions of higher learning was Washington to take command of the Continental Army building. In addition, religious communities continued to besieging the British in Boston. Washington initially support both their established and new colleges. Church appeared to be ineffective. Early major defeats, desertion

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Ayman El Tarabishy

Plan of the operations of General Washington, against the Kings troops in New Jersey, from the 26th of December, 1776 to the 3rd of January 1777. Geography and Map Division, Library of Congress, 74692205.

from his ranks and political infighting caused the army to dwindle below 5,000 soldiers. In a moment of despair, Washington wrote to his brother stating, “I think the game is pretty near up.” Indeed, December 1776 was almost the end for the Continental Army. George Washington needed a new strategy, and his practical experience and personal humility shone through decisively as he used geography, stealth and patience to wear the British down. Gen. George Washington lost more battles than he won, but his strategy led to key victories at Trenton in 1776 and Yorktown in 1781. His leadership on the battlefield translated into the presidential leadership strategy that is globally admired to this day. The George Washington University, formerly known as the Columbian College, also faced its share of adversity. The college was only five years old when it experienced its first great challenge: a steadily worsening financial crisis that threatened the very existence of the institution. Yet, when matters looked bleak for the Columbian College, its trustees made a bold move—much like Washington’s daring decision to cross the Delaware River changed the tide of the Revolution— and they approached the federal government for financial assistance. At the time, George Washington’s vision for a national university in the capital still resonated in Congress. With the strong support C. Fred Kleinknecht Cornerstone of New Hall 2350 H Street, NW. The cornerstone for this of President James residence hall was dedicated In a traditional Monroe, Congress Masonic ceremony on Oct. 19, 1996. passed an act relieving

some of Columbian College’s debt in the spring of 1818, helping to ensure its long-term viability. The principles of leadership and academic values are as embedded within the soul of the George Washington University as they were in the spirit of George Washington himself. Washington could have been a king. Instead he chose to be a citizen—a citizen leader—furthering the active participation of Americans in their own governance. He viewed himself as dispensable and the cause of liberty as larger than any one individual. The late leadership scholar James McGregor Burns pointed out that Washington’s leadership transformed American society by making a higher level of moral development possible among the population. That development has been enhanced through higher education. Mastery of knowledge along with personal development and a commitment to a purpose greater than oneself can, then, be seen as not only central to the character of George Washington but also as a representation of the underlying values of the university that bears his name. Imagine if George Washington had chosen to be an emperor rather than a president. His decision to pivot away from power and toward service continues to inspire and guide the faculty and students of his namesake—the George Washington University. GW The author thanks Dean Linda A. Livingstone for her support and encouragement of his scholarship on the life and leadership principles of George Washington.

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Features

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xxxxxxxx

In Memoriam: RAFEL LUCEA

CROSSING BORDERS TO INSPIRE A GENERATION Vanessa Perry, GW’s interim vice provost for diversity and inclusion, remembers when GW School of Business Professor Rafel Lucea, who drew deep pleasure from his work, told her: “You should enjoy every day, have fun with everything you’re doing.” “We had the conversation when we were walking to raise money for brain cancer,” said Dr. Perry. “He was a wonderful academic and he was incredibly thoughtful in his teaching. It was the last time I spoke with him and, even then, he was still teaching me.” Dr. Lucea, a scholar focused on business administration, development and international economics, died in July at age 49 following a two-year battle with glioblastoma multiforme brain cancer. He is survived by his wife, Marguerite, and two young sons, Marc and Lars. When GWSB expressed interest in creating a memorial fund to honor the popular professor, his wife asked that the Rafel Lucea Global Experiential Fund be set up to defray expenses for students on required Consulting Abroad Program (CAP) and other trips. Ms. Lucea said her husband believed international experiences helped students develop cultural understanding—but he also recognized that they represented an expense some students could not afford. “He cared passionately about teaching and his students,” said friend and colleague Liesl Riddle, associate professor of international business. “He really tried to get to know the students individually as people, not just as students. That’s why his relationship with students transcended the courses he taught.” Dr. Lucea did not take a direct route into academia. He worked in the private sector before receiving a PhD in strategy and international management from the Sloan School of Management at the Massachusetts Institute of Technology. He caught the attention of GWSB’s Depart-

“He cared passionately about teaching and his students. He really tried to get to know the students individually as people, not just as students. That’s why his relationship with students transcended the courses he taught.” —Liesl Riddle

ment of International Business after receiving accolades from the Academy of International Business for his dissertation on the relationships that global firms establish beyond their clients, suppliers and competitors—and how those relationships affect business strategies. “That is a topic that is well suited for the GW brand,” said Dr. Riddle. “Rafel was doing innovative work, we recruited him and we were thrilled when he joined the school.” He taught both undergraduate and graduate students and played an active role when the school revised its curriculum. The CAP is often referred to as his brainchild, and Dr. Lucea accompanied MBA students on professional consultancy trips to Peru and to Spain, his home country. Outside the classroom, Dr. Lucea was an accomplished swimmer and competitive long-distance runner. Ms. Lucea said her husband was the quintessential father who valued playtime with his sons, as well as a voracious reader and a music lover. Dr. Lucea did not want a funeral. Instead, a week after his death, his wife hosted what she envisioned would be a small backyard party to celebrate his life. Instead, 150 people showed up, each releasing a balloon and filling the sky with color. “He wanted people to remember him as an adventurous spirit and how committed he was and how much he loved teaching,” said Dr. Perry. “He also wanted to be remembered for how much he thought, he really believed, that globalization means that you have to appreciate culture and what different cultures bring to bear in our world. “He studied it, he taught it and he lived it,” she said. To make an online gift to the Rafel Lucea Global Experiential Fund, visit http://go.gwu.edu/rafelluceafund.

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Development

CAMPAIGN.GWU.EDU #GWMAKINGHISTORY

Development Report GWSB’s vision is to set itself apart as a thought leader at the nexus of the private, public and not-for-profit sectors. We will be recognized for advancing knowledge on the role of organizations in the global arena. Our graduates will possess the multidisciplinary knowledge, critical-thinking skills and ethical standards to make a positive impact on economies and societies. Philanthropic investment will advance GWSB’s ability to carve out a distinctive niche among business schools. To fulfill our bold vision to become an elite institution, engaging the world from Washington, D.C., we must invest in certain areas. Following a year-long, inclusive, strategic-planning process with faculty, staff, volunteer leadership, employers and students, Dean Linda Livingstone has framed the top three GWSB initiatives and broad philanthropic priorities within the university’s comprehensive initiative, Making History: The Campaign for GW.

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development report

FUNDING PRIORITIES THE ACADEMIC ENTERPRISE AND THOUGHT LEADERSHIP

At the School of Business, one of our top priorities is to engage in scholarly research that contributes to the creation of knowledge for improving the management and performance of organizations. GWSB’s ability to earn a strong scholarly reputation rests on faculty members’ ability to publish scholarship in high-quality outlets. In order to sustain this exemplary scholarship, we must hire and retain top professors and researchers—and that requires adequate resources, a strong research culture and a dynamic doctoral program that trains students for success. THE GLOBAL ENTERPRISE

Empowering our students and faculty to participate in global experiential opportunities is a key element of our strategic vision. Philanthropic and volunteer support for global travel for students and faculty, as well as alumni engagement in strategic international markets, enables our students and faculty to pursue experiential education opportunities abroad. THE STUDENT ENTERPRISE

Since its founding in 1821, the George Washington University has been committed to making its education programs accessible to all students, and scholarship resources are part of the university’s comprehensive campaign goals. Scholarships and fellowships play an important role in creating a diverse and outstanding student body—a defining characteristic and strength of the GWSB community. Annual and endowed philanthropic support for undergraduate and graduate scholarships makes an enormous difference in the lives of our students—the next generation of business leaders.

WILLIAM C. HANDORF SCHOLARSHIPS Most of us have had a professor that made a significant difference in our lives. Alex Greene, BBA ’80, and the family of Steve Ross, GWSB ’81, have each founded scholarships in recognition of the impact that Professor William Handorf had on their lives. The William C. Handorf Veterans Scholarship, which recognizes Professor Handorf’s distinguished service in the U.S. Army, was created to assist members of the armed services who wish to pursue higher education upon retirement from active duty. The William C. Handorf MBA Scholarship, meanwhile, provides need-based scholarship support for an MBA candidate. Your support of these two scholarships opens the way for talented veterans to realize the dream of a GW education on the way to esteemed careers. If you would like to support these scholarships, please go to go.gwu.edu/supportbill.

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CO-CURRICULAR PROGRAMMING

Support for co-curricular programs is also a high priority. Supplementing and enhancing academic study with practical, out-of-the-classroom learning is a key component of a GWSB education. GW Women in Business, a student organization which aims to bridge the gap between academic and professional life for undergraduate women, and the Forté Foundation (see page 7), a leading organization providing access to information, scholarship support and networking connections for women at all stages of the career continuum, are two examples of GWSB’s outstanding co-curricular programs. Lemonade Day-DC (see page 10), which combines class work, hands-on experience and community service, is another important program made possible in part by the generous philanthropic support of GWSB’s patrons.

SPOTLIGHT ON PHILANTHROPY QUINN FELLOWS FUND

Michael S. Quinn, BA ’84, member of both the GWSB Dean’s Board of Advisors and the Elliott School of International Affairs Board of Advisors, generously made donations of $50,000 in each of the last two years to establish the Quinn Fellows Fund, which provides internship funding for graduate and undergraduate students pursuing international business internships—overseas or within the United States, in the public or private sector, and in any type of organization. This funding can be used to supplement an unpaid and/or under-funded internship. It can also be used to pay for travel and living costs associated with overseas internships.

Michael S. Quinn

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development report

COPY GENERAL’S SPONSORSHIP OF THE PITCH GEORGE COMPETITION

CHARLIE BENDIT’S CREUA FUND CHALLENGE Charles (Charlie) Bendit, BBA ’75, a member of the GWSB Dean’s Board of Advisors and the CREUA Advisory Board, has issued a five-year, $250,000 fundraising challenge to encourage new donors and increase donor support for the Center for Real Estate and Urban Analysis (CREUA). To benefit CREUA and Making History: The Campaign for GW, Mr. Bendit has offered a dollar-for-dollar match for all new gifts and for all increased gifts by prior donors to CREUA starting this year (up to $50,000). The goal is to see both new and existing gifts to the Center for Real Estate and Urban Analysis increase incrementally by 10 percent in each successive fiscal year. Gifts to CREUA support the development of student curricula, student programming and research. To make your gift of support to the Center for Real Estate and Urban Analysis, please go to www.gwu.edu/give2gwsb.

Kenneth B. Chaletzky, BBA ’71, president and CEO of Copy General and a member of the GWSB Dean’s Board of Advisors, has generously provided Copy General’s full sponsorship of the eighth annual Pitch George Competition at the School of Business. The competition is one of GW’s premier entrepreneurial initiatives organized by the GW Center for Entrepreneurial Excellence (CFEE). The “elevator pitch” competition takes place each fall semester and allows young entrepreneurs (from high school to GW graduate students) to present their business ideas, get valuable feedback on the viability of their business concepts and win startup capital. The competition takes place in the elevators of the GW School of Business, where participants are asked to imagine that they have only a short elevator ride to impress a top-notch investor with their ideas. After the semi-final round of competition in the morning, selected teams move on to compete in the finals, in which they present their Kenneth B. Chaletzky business pitches to a final team of judges. Since 2013, both the undergraduate and graduate winners of Pitch George have automatically advanced to the semifinals of the GW New Venture Competition. Pitch George provides GW students, faculty, staff, and alumni with a real-world educational experience in developing, testing and launching their own startup ventures.

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If you are interested in making a gift to the School of Business, please go to:

www.gwu.edu/give2gwsb

THE RAFEL LUCEA GLOBAL EXPERIENTIAL FUND The Rafel Lucea Global Experiential Fund is a memorial fund in honor of beloved GWSB Professor Rafel Lucea, who recently died as a result of glioblastoma multiforme (GBM) brain cancer. This fund will support students’ global experiential trips, such as the Global MBA Consulting Abroad Program (CAP). Professor Lucea loved this program, and he poured himself into each session that he led. This fund will provide MBA students with stipends to defray out-of-pocket expenses, including travel and accommodation fees, on the required MBA CAP and other graduate international study trips. These stipends will enable students to take advantage of a potentially life-changing experience. This kind of program is integral to the GWSB MBA experience, and some form of a curricular requirement will continue for the long-term. In conjunction with the greater GW community, the School of Business and the Lucea family, we established the Rafel Lucea Global Experiential Fund to recognize Professor Lucea’s work in international business education. Our aim is to raise $50,000 to ensure an enduring scholarship. You can help us reach that goal. Please consider making a gift online at www.gwu.edu/give2gw. Type “Rafel Lucea Global Experiential Fund” in the “other” field. As a community, we can use the fund to honor Professor Lucea’s memory and provide GWSB students the best possible global experiences. We aspire to bring some of the brightest and most globally minded young professionals to the world of business for years to come.

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development report

FRESHLY FURNISHED ‘FISHBOWLS’ FROM TRUSTEE STEVE ROSS

Mark and Rosalind Shenkman

MARK SHENKMAN’S GIFT TO THE F. DAVID FOWLER CAREER CENTER

GW Trustee Mark Shenkman, MBA ’67, and his wife, Rosalind, made a generous gift in support of the F. David Fowler Career Center at the School of Business. In recognition of their philanthropy, the GW Board of Trustees voted to rename the Ivory Tower residence hall on the Foggy Bottom Campus Shenkman Hall. GRACE LAU ENDOWED FELLOWSHIP AT THE SCHOOL OF BUSINESS

Inspired by the support she received as a student, Grace Lau, MBA ’76, is continuing GW’s legacy of opportunity that was the key to her success by establishing the Grace Lau Endowed Fellowship Grace Lau at the School of Business. The fellowship will provide annual stipends for undergraduate or graduate business students to pursue nonprofit internship opportunities in education or health care focused on underprivileged individuals. Thanks to the Grace Lau Endowed Fellowship, future generations of GW business students will be able to explore careers in the nonprofit sector with fewer worries about financial constraints.

On Thursday, Oct. 15, graduate and undergraduate students gathered to thank Steve Ross BBA ’81, for the new furniture in the GW Fishbowl study areas in Duquès Hall. Ross generously provided the funding for the redesign and new furnishings. He is a dedicated champion of GW and GWSB, as well as an alumnus, GW trustee, and member of the GWSB Dean’s Board of Advisors. In response to a successful lobbying effort by the Undergraduate Business Association, the “fishbowl” common areas on the second and fourth floors of Duquès Hall have been officially designated as undergraduate student lounges. The “fishbowls” on the third and fifth floors were redesigned as well, and the graduate student lounge in Steve Ross Duquès 552 also received a makeover and new furniture. The new and improved lounge areas offer students a choice of comfortable places in which to study, meet for group projects or relax between classes. GW

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In Memoriam: MUSTAFA KOÇ

When industrialist Mustafa Koç died in January, the reaction was global. Mr. Koç, BBA ’84 and chairman of Koç Holding, was hailed as a visionary who helped build Turkey’s largest group of companies, advance Turkey’s place in the international business arena and push for greater ties between his country and the United States. At the George Washington University, the 55-yearold business leader was remembered as a gracious and thoughtful alumnus whose personal convictions—including the power of corporate social responsibility—dovetailed with the values of the GW School of Business. In addition to his role in the Istanbul-based business group founded by his grandfather, Mr. Koç was affiliated with numerous nonprofit organizations and served on the board of the Vebhi Koç Foundation, Turkey’s first private foundation and one that focused on health, education and culture. He also served on the board of trustees of Turkish Volunteers for Education Foundation, an organization set up to prepare children to be good citizens who “participate fully in the benefits of democracy and globalization.” “We are saddened by the sudden loss of Mustafa Koç. The GW alumni community, the GW Business School family and the nation of Turkey lost one of their champions,” said GW Business Dean Linda Livingstone. “Mr. Koç was not only a pillar of the business community but a global citizen and a leader ahead of his time, always pushing the creative boundaries to create more intelligent and sustainable growth.”

Mr. Koç is survived by his wife, Caroline, and two daughters, as well as his parents and two brothers. At the time of his death, Mr. Koç was one of 10 high-profile corporate leaders working with the United Nations Entity for Gender Equality and the Empowerment of Women, better known as U.N. Women. He died a day before he was scheduled to speak at the release of new workforce figures on gender diversity in conjunction with the World Economic Forum in Davos. In delivering the prestigious Robert Maxon lecture at GWSB in 2009—the first alumnus to do so—Mr. Koç talked about the industrial group his grandfather began to build eight decades earlier and which, today, contains five of Turkey’s 10 largest firms. It is Turkey’s only company on the Fortune Global 500 list. Mr. Koç’s grandfather embraced corporate social responsibility, a commitment the conglomerate has continued and deepened. In his Maxon lecture, Mr. Koç noted that corporate citizenship is more challenging in countries like Turkey. “In developed countries, it’s easy to identify success stories and best-practice benchmarks. In developing economies, the situation is somewhat different,” Mr. Koç said. He added that in developing regions of the world, businesses that advance social citizenship “invest substantial short and long-term resources in conditions where returns are not quantifiable and where little or no upside exists for going beyond [Milton] Friedman’s narrowly defined scope of doing business.” In 2014, Koç University, a private academic institution in Istanbul, entered an exchange agreement with GW through which students at each university could study abroad for a year at the other. And just more than a year before his death, Mr. Koç joined GW President Steven Knapp to co-host an alumni event in Istanbul. “The admiration of his fellow alumni was palpable, and he spoke with warmth and enthusiasm about his love of GW,” said Dr. Knapp. “With his passing, the university has lost a great friend as well as a very distinguished alumnus.” GW

“We continue to support the third sector because we recognize the value it brings to democracy and to social development.” —Mustafa Koç

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Alumni Relations Update

Focus on Alumni Engagement Programs

ith more than 53,000 graduates, the GW School of Business alumni network is an extensive global community that contributes greatly to the overall success of GWSB. Alumni contribute their work, wealth and wisdom, creating a powerful network and culture of philanthropy that benefit students and alumni alike. Alumni are actively helping GWSB evolve, expand and progress by keeping informed about news of the school, attending events, volunteering through a variety of programs and investing their financial contributions.

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alumni relations update

Career Treks Since 1998, finance and marketing students in the undergraduate business program at the George Washington University have embarked on an annual career trip to New York. The trip is an important opportunity for students to conduct company visits and network in benefit of their internships and job searches. In 2010, a third group of students—representing sport management— was added to the trek and, in 2013, tracks for consulting and real estate joined the trip. A student committee, led by chairs selected from finance, marketing, sport management, consulting and real estate, and helped by staff and alumni volunteers, secures the site visits, arranges for transportation, manages the budget, communicates with students and alumni and coordinates pre-trip activities. The trip is open to sophomores, juniors and seniors in the business school, with priority registration for juniors in marketing and finance. In the first several years of the undergraduate trek, GWSB’s Office of Undergraduate Programs and Office of Development and Alumni Relations presented a Thursday evening panel during the trek. The event featured a group of alumni who shared their experiences at making big city New York into an easy-to-navigate place. Later,

to elevate the level of programming and increase alumni participation in the event, alumni relations staff designed a program featuring high-profile alumni. Alumni attendance at this event has grown over the last three years due to the quality of the program and the increased interest in connecting with GWSB students as a source of talent.

MBA Roundtables Now in its fourth year, the MBA-in-Action Roundtables program provides students with the opportunity to interact with alumni business leaders from various industries. From the program’s inception, this has been a partnership between two offices: The MBA Programs Office administers the program, working closely with the Office of Alumni Relations, which identifies and recruits alumni who could best contribute to the success of the program. The program not only deepened our volunteer pool but it has been a great way to identify new volunteers, prospects and employers. Participating alumni often follow up to inform us about job openings in their companies. The MBA-in-Action Roundtables program has facilitated long-lasting student-alumni relationships that have resulted in internship and job opportunities for GWSB students and graduates.

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“CapAd provided the resources that allowed me to learn every component of advertising. By challenging our class to think outside the box, I was able to quickly learn, refine and develop lifelong skills that far exceed any undergraduate course I took in my four years. Without CapAd, I would not be in the same position I am today.”

Capitol Advertising Alumni

Capitol Advertising is GW’s premier program for marketing and advertising students, capturing top academic and professional talent from across the university. It is taught by a longtime GWSB professor, Lynda Maddox. —Nick Mejia, BBA ’13 The educational experience of Capitol Advertising blends academic rigor and individual coaching, allowing GW students to understand the importance of teamwork and professionalism, as it prepares participants to launch successful careers in advertising and marketing. There are over 100 Capitol Advertising alumni who come back to campus to support this elite team of students as it prepares for the competition.The alumni attend a presentation and celebration dinner in New York City and offer career advice and mentorship to current students. The program each year combines marketing and advertising coursework with exercises designed to foster teamwork, analytical thinking, communications, presentation skills and problem solving. Two capstone courses in the School of Business— Advanced Advertising and Marketing Communications Planning—teach students the art and science of Ramsey Conference effective advertising The Ramsey Student Investment Conference is held campaigns and “pitchannually during Alumni Weekend. This year, about 100 ing” to real-world alumni, students, faculty, staff and friends filled the clients. The students room to hear from keynote speaker Mark Anfang, BBA then take what they have learned on the nationwide stage ’02, partner at Tide Point Capital. Stock pitches were of the National Student Advertising Competition. presented by: David Sentongo, MAccy ’15; Larry For six of the last nine years, including 2014, GW Cap(Yufei) Wang, MA ’16; Francisco Castillo, MBA ’12; itol Advertising has won the highly competitive contest Mark Hughes, partner and portfolio manager at Lafayette in District 2, comprising universities in New York, New Investments; Andrew Salembier, partner and chief Jersey, Pennsylvania, Delaware, Maryland and the District operating officer at Accolade Partners; and Jared M. of Columbia. Last year, Capitol Advertising placed first Golub, GWSB, ’00, Marblegate Asset Management. The for its campaign for Glidden Paint and went on to place event was attended by members of the GWSB Board of fifth out of 150 schools nationwide. GW Advisors, including Jack Calaman, a GW parent; Carrie

@gwalumni

Potter, BBA ’99, MBA ’01; Christine Brown Quinn, MBA ’92; and Steve Ross, BBA ’81.

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CLASS Notes

John Arlia, BBA ’15; Hilary Ballin, MTA ’14; Gina Ekmekjian, BBA/MTA ’08; and Adam Geisler, BS ’99, joined other GW alumni and students to work the Quicken Loans National golf tournament benefiting the Tiger Woods Foundation. Tournament sponsor Acura handed out Enduracool cooling towels produced by Mission Athlete Care, of which Geisler is COO. Michael Nelson, MBA ’12, published a novel, When Waters Wept, as part of a mystery series.

Save the Date for Alumni Weekend 2016: October 27-30

#GWAW16 For more info: https://alumni.gwu.edu/ alumniweekend

Andreae Pohlamn, BBA/MS ’12, is a founding member of Girls in Tech. The group held its first meeting this summer with a panel presentation in which female leaders in the local IT industry spoke about “Women Leading in Technology.” Girls in Tech board members include Maryam Moussavi, MS ’15, and Guneet Gil, MS ’15. Nilesh Jha, MBA ’10, is the founder and CEO of Vidyut, which creates “high-quality, affordable hand-held devices for the masses.”

Michael Rossetti, BBA/ MS ’10, a professor of databases, won a civic tech “hack-a-thon” hosted by the U.S. General Services Administration (GSA). Michael Akin, BA ’03, MBA ’07, was one of five businesspeople honored by the D.C. Chamber of Commerce this year. Kristin Fitzharris, MA/ MBA ’05, is a global senior brand manager at Ferrero International. Laura Greenfield, BBA ’04, was listed by the Commercial Observer as one of the top 25 lenders and debt brokers under 35 in the Northeast and Mid-Atlantic markets. Brian Ray, BA ’94, announced the formation of Alchemy-ABR Investment Partners (www.alchemy-abr. com). Mr. Ray is the firm’s managing partner. Dan Simons, BBA ’92, and Farmers Restaurant Group opened a new restaurant in Tysons Corner, Va., in February.

Michelle Harris, MBA ’90, graduated from FEMA’s Emergency Management Institute on Sept. 17, 2015. Ian Newberg, BA ’88, MBA ’90, was promoted to Cubic Corporation’s vice president of business development in the Americas. Andrew Lewis, BAccy ’89, received the Andy Barr Award from the Association of Government Accountants. John Jacko III, Esq., BBA ’89, made the 2015 Super Lawyers in Pennsylvania for Business Litigation list. Richard J. Hinkemeyer, MPA ’82, was honored as a recipient of the InterAmerican Development Bank’s Antonio Ortiz Mena President’s Award. Robert Hubbell, MBA ’81, relocated to Colorado’s Roaring Fork Valley. Jeffrey Libman, BBA ’77, has been designated as a premier advisor at Wells Fargo Advisors for the fifth year in a row. John Klinedinst, MBA ’75, was recognized by The San Diego Business Journal as a finalist for its “Most Admired CEO” awards for 2015. GW If you are interested in participating in an alumni program, please contact the Alumni Relations team at gwsbalum@gwu.edu

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alumnai profile

Alumni Profile

EDUARDO STERN

NAME:

HOW GWSB HELPED LEAD TO YOUR CAREER:

Eduardo Stern

Very few people have a global outlook. GWSB helped me to understand that business is a global situation and having a global outlook is necessary to succeed.

DEGREES:

MBA ’84 CURRENT POSTION:

Managing Director and Partner, Landstar Homes

GOAL:

To be a happy, productive, healthy individual.

FIRST JOB:

Assessing and evaluating projects for the World Bank. I learned a lot!

FAVORITE BOOK:

Shogun by James Clavell BIGGEST CHALLENGES:

Surviving the cycles of real estate. BEST B-SCHOOL MEMORY:

Spending time with classmates, discussing international finance and world affairs.

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PERSONAL:

Passionate about life and everything you do as you go through it. Father of three, two daughters and one son; daughter Ariane is an alumna of GW (BA ’15) and daughter Carine is a current student (BA ’18). They both have had a fantastic experience! GW

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Business

Our STUDENTS They are diverse in age, race, experience and background, but share the same thirst for knowledge and drive to affect the world.

ACADEMICS Our curricula provide proficiency and influence in the global economy: where worldviews, products, and ideas interchange.

RESEARCH Our location gives students and faculty the opportunity and responsibility to conduct research that advances society.

Our HISTORY You might say it’s our oldest—and proudest—tradition. For more than 75 years, we’ve stood on the cutting edge of bold new ideas.

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Business Keep us current on where you work, promotions, new business ventures, and any business or academic honors. Complete this form and send it to Class Notes, GW School of Business, Office of Development and Alumni Relations, 2033 K Street, NW, Suite 230, Washington, D.C., 20006. E-mail your information to gwsbalum@gwu.edu. The GW School of Business Alumni Network is with you wherever you go. Use this form to update your contact information so we can stay in touch, and you can continue to receive GWSB news, event announcements and access to networking opportunities. PLEASE TYPE OR PRINT.

Name

Degree and year of graduation

Home address City/State/Zip Is this an address change? Yes Home phone Home fax

No Home e-mail address

Business Title and Company Business Address City/State/Zip Is this an address change? Business phone

Yes Business fax

Preferred mailing address:

Home

No Business e-mail address Business

May we include your e-mail address in your class note?

Yes

News Donâ&#x20AC;&#x2122;t forget to send us photos â&#x20AC;&#x201D; wedding photos, baby photos, class reunion photos, etc. (Photos cannot be returned.) Thank you for sharing your news with GW and your classmates!

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MODEST AMBITIONS NEED NOT APPLY At the George Washington University School of Business we set the bar above the bottom line. We value profits, but on top of them, we also value how they’re made. That’s why we’re adding a new dimension to how we measure success: not just in profits and power, but also in responsibility and its integral role in shaping society. This added dimension gives us a competitive advantage. It helps us gain a better understanding of the true cost and value of our decisions, and the awareness to make them smarter moving forward. Adding this to every decision we make is helping us stand out. Because when we look past the balance sheets everyone else is focused on— when we look deeper into what’s actually driving them—we give ourselves an edge in competitive markets across the globe. And that’s our idea of good business.

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NON PROFIT ORG US POSTAGE

PAID

School of Business Office of the Dean DuquĂ¨s Hall, 660 2201 G Street, NW Washington, DC 20052 www.business.gwu.edu

To make a gift online: go.gwu.edu/give2gwsb

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