Olin Business Magazine 2024

Olin Business

THE BUSINESS OF HEALTH

THE AI REVOLUTION

Olin prepares students — and the business world — for the latest innovation in artificial intelligence. page 14

FAMILY ENTERPRISE

Small and medium-sized family businesses face special challenges. Olin can help them move forward. page 22

Olin seizes fantastic opportunity to become the preeminent school in the business of health and an engine for innovation at WashU. page 34

OLIN IMPACT

Building on Olin's strengths: the business of health, St. Louis ties, and a tailored student experience. page 30

Olin Feature Stories

THE BUSINESS OF HEALTH

Olin seizes fantastic opportunity to become the preeminent school in the business of health and an engine for innovation at WashU. page 34

Departments

02 NEWS

Our full-time MBA soars in U.S. News ranking, Dean Mazzeo is the first Knight Family Professor … and more Olin news.

20 SEEN & HEARD

From healthcare execs to family business stars and entrepreneurial alums, Olin students get real-world insights from the experts.

28

BY THE NUMBERS

Dean Mike Mazzeo is a man on the move, spanning the globe to connect with alumni, industry, and other partners.

42 BROOKINGS

Robert S. Brookings had a vision to improve education and public policy. He’s the bridge between WashU and the Brookings Institution.

44

ELEVATOR PITCH

An Olin BSBA alumnus has created software that eases the record-keeping burden of running sober living homes.

46 RESEARCH

A tie for the Olin Award … how connected teams innovate faster … a method of sharing medical supplies in a crisis … and more Olin research.

54

CLASS NOTES

Marriages, births, and personal and career updates from members of the global Olin community.

THE AI REVOLUTION

Olin prepares students — and the business world — for the latest innovation in artificial intelligence.

page 14

FAMILY ENTERPRISE

Small and medium-sized family businesses face special challenges. Olin can help them move forward.

page 22

OLIN IMPACT

Building on Olin's strengths: the business of health, St. Louis ties, and a tailored student experience.

page 30

2024

OlinBusiness

Olin Business magazine is published annually by Olin Business School, Washington University in St. Louis. Unless otherwise noted, all articles may be reprinted without permission with appropriate credit to Olin Business magazine.

EMAIL

olinbusiness@wustl.edu

WEBSITE

olin.wustl.edu

LETTERS

Olin Business

Washington University in St. Louis

MSC: 1162-0253-01

One Brookings Drive St. Louis, MO 63130-4899

DEAN

Mike Mazzeo

SENIOR ASSOCIATE DEAN OF STRATEGY AND INNOVATION

Joe MacDonald

EDITOR

Judy Milanovits

DESIGN EDITOR

Katie Roth Wools

CLASS NOTES EDITOR

Teresa Melton

STAFF CONTRIBUTORS

Elizabeth Flora

Sarah Gibbs

Janna Keistler

Mary Kate Klump

Suzanne Koziatek

Lesley Liesman

Jill Young Miller

Cathy Myrick

Lexie Walther O’Brien, MBA 1990

Sophia Passantino

Sara Savat

Brooke Van Groningen

DESIGN

Falk Harrison

ILLUSTRATION

Falk Harrison

Original photographs in this magazine are courtesy of Sarah Carmody

Photography, Jerry Naunheim, Kara Proehl, and Jennifer Hunt.

Special thanks to Kurt Greenbaum for planning and content contributions.

Primed for impact

Did you know that Olin ranks in the top 10 MBA programs for producing Fortune 1000 C-suite executives? Or that more than 50 St. Louis CEOs are Olin alumni? Some might find these stats surprising, especially given our size relative to our peers. But, as I’ve gotten to know the Olin community, I’ve grown to understand just why we’re home to outsized impact.

When I first joined the business school a little more than a year ago, I immediately set to work connecting with alumni, talking with faculty and staff, spending time with students, meeting with people throughout WashU, and engaging with St. Louis business leaders. I heard stories of faculty members’ enduring mentorships of our students, alumni providing career connections, and businesses closely partnering with our faculty and students.

As I reflected on these conversations and as I spoke with deans at other universities, I came to realize that what distinguishes Olin from its peers is the quality and quantity of the connections we nurture. Our business partners, our alumni, our university, our faculty and staff — everyone is invested in our success and seeks to champion our mission.

My charge is simple: to channel that goodwill and enthusiasm for Olin into enduring, positive impact. Our new strategic plan, aptly titled All Together Now, endeavors to fully leverage these connections in service of impact. Through the work we do today and the investments we make going forward, we will create a lasting impact on our students and society. Read more about the plan on page 30.

Because this plan is built on Olin’s already strong foundation, you’ll see stories about two of the strategic plan’s key initiatives in this magazine. Our cover story on the business of health (page 34) showcases the current work our alumni and faculty are doing in this important segment. Another feature story, on family enterprises and privately held organizations (page 22), details how Olin is poised to fully embrace the opportunities that come with driving partnerships within our region.

Olin has already achieved so much, and we have the opportunity to drive even greater impact. By working together with shared goals and by fully leveraging the talents of our community, we will continue our proud legacy of leadership in our researching, our teaching, and our business partnerships.

Mike Mazzeo Dean and Knight Family Professor

News

Full-time MBA rises in U.S. News ranking

WashU Olin’s full-time MBA program rose 11 spots in U.S. News & World Report’s 2024 ranking — the largest increase among schools in the previous year’s top 40. The school placed 26th among U.S. programs.

Olin’s climb was driven largely by the strength of solid graduate starting salaries and bonuses, and higher test scores for incoming students. Olin’s incoming MBA cohort showed marked increases in test scores on both the GMAT and GRE, as well as stronger incoming GPAs.

In addition, Olin’s rankings have trended in a positive direction across its program offerings. See page 4 for details.

It’s an incredibly exciting time to be at WashU Olin ... Our faculty, staff, alumni, and students are committed to our education and research mission. I’m happy to see the work of our community rewarded by this positive movement. It shows our efforts are making progress.”

— Mike Mazzeo, Dean

Dean Mike Mazzeo installed as Knight Family Professor

Olin Dean Mike Mazzeo was installed as the inaugural Knight Family Professor at a ceremony May 21 in Knight and Bauer halls.

The Knight family, longtime supporters of Olin and Washington University, made the endowed position possible. Charles F. Knight, CEO at Emerson Electric from 1973 to 2000, was a founding member and former chair of Olin’s National Council, as well as chair of the Business Task Force, an advisory group that preceded the council. He was instrumental in securing the landmark $15 million gift from the Olin Foundation to name the business school in 1988.

Anne Knight Davidson, daughter of Charles F. and Joanne Knight, accepted the medallion on behalf of her family.

“Joanne Knight and her late husband, Chuck, have been critical partners in the growth and advancement of this entire university,” Chancellor Andrew D. Martin said at the installation ceremony.

Mazzeo, who became dean on September 1, 2023, said that while he does not have the benefit of Chuck Knight’s wisdom and personal guidance as dean, he pledged to learn from his legacy.

It’s an honor to carry the title of Knight Family Professor. I will draw inspiration from Chuck Knight by approaching my work with clear eyes and leading with ambition and energy. I’ll agonize over the priorities that will lead to enduring success and be a steadfast partner with our leaders — be they in industry or our university — because together we can do something truly remarkable.”

—

Mike Mazzeo, Dean

Kate Bowersox, director of the Center for Digital Education

Kate Bowersox joined Olin’s state-of-the-art Center for Digital Education (CDE) as its new director in November 2023.

She came from Columbia College, in Columbia, Missouri, where she held positions with direct responsibilities in online education, most recently as the associate provost of academic operations.

The CDE is the support mechanism behind Olin’s online programs. It has world-class recording facilities where faculty and the CDE team create digital content and engaging learning experiences.

“Olin’s commitment to curricular innovation and digital education remains steadfast,” Dean Mike Mazzeo said, “particularly as we embark on our enhanced Flex MBA program — a program that exemplifies how the flexibility of multiple modalities of learning meets today’s students where they are.”

Not all institutions have or are willing to intentionally make digital education a strategic priority. The fact that Olin has and continues to do so is such a differentiator and exciting for a new person coming in to see.”

— Kate Bowersox, Director, CDE

Lamar Pierce installed as Beverly and James Hance Professor of Organization and Strategy

Lamar Pierce, a WashU Olin expert on ethics, motivation, and incentives in organizations, was installed on April 30 as the Beverly and James Hance Professor of Organization and Strategy at a ceremony on WashU’s Danforth campus. His installation lecture was titled “Strategy, Luck, and Human Behavior in Organizations.”

Pierce studies how organizations can better align ethics and productivity, focusing on how economic and psychological factors create opportunities to improve the welfare of both people and their employers. His research spans a myriad of industries and settings that include salespeople, manufacturing, and service workers; military and police officers; and consumer finance. He employs methods ranging from multimilliondollar field experiments to econometric analysis of corporate personnel and performance data.

A four-time cancer survivor, Pierce is currently working on how organizations can more effectively support people facing personal challenges such as mental health issues and clarifying how principles of business and personal health management can better inform one another.

Pierce joined the Olin faculty in 2007 after earning his PhD from the Haas School of Business at the University of California, Berkeley. He has served in numerous leadership roles over the past 17 years and is the current editorin-chief at Organization Science

She Suite event gathers accomplished Olin women to discuss inclusion

A slate of accomplished Olin alumni and faculty delivered powerful insights about how to inspire inclusion at the school’s annual She Suite event.

Taking its topic from the 2024 International Women’s Day theme, the event brought together Gwendolyn Doss, EMBA 2021, chief engineer, Boeing; Elise Miller Hoffman, BA 2011, MBA 2016, chief operating officer, ImageMover, and general partner, Cultivation Capital; and Tina René Sappington, EMBA 2024, president and owner, Integrated Solutions Worldwide.

Led by moderator Staci Thomas, professor of practice in communications, the women discussed ways businesses can encourage and benefit from inclusion.

If you have an inclusive workspace, you’re going to problem-solve better, you’re going to be more innovative, you can take more risks.”

— Tina René Sappington, EMBA 2024, President/Owner, Integrated Solutions Worldwide

Panelists shared their journeys to success, as well as what they’re doing to create the inclusive workplaces of the future.

The 2024 She Suite event on March 7 drew a standing-room-only audience to Emerson Auditorium, along with a virtual audience online. It was emceed by Sharon James, Olin professor of practice in strategy and entrepreneurship.

Olin MBA, undergrad programs earn favorable rankings

WashU Olin has received some great reviews in recent rankings across the breadth of its programs. The school’s MBA program soared in Fortune magazine’s 2025 ranking, rising 18 spots to #21 — the largest jump of any business school in the list.

The Financial Times ranked our Executive MBA–Shanghai partnership with Fudan University as the third best globally and the best among U.S. schools. One major factor: the impact of a WashU–Fudan EMBA on its graduates’ executive salaries. Alumni reported an average salary of $627,737 three years after EMBA completion, the highest in the FT rankings.

Meanwhile, Olin continues to remain highly rated by Poets & Quants for its undergraduate business program, coming in at #11 among the 91 ranked schools. And for the fifth consecutive year, Olin was ranked first in P&Q’s 2024 global ranking of MBA entrepreneurship programs. WashU has swept this category since its inception.

Annual 6-60-60 event draws big crowd

Where can you hear a lightning round of great advice from six executives in 60 minutes? At one of Olin’s hottest annual events: “6 executives. 60 ideas. 60 minutes.” The January 25 forum drew an audience of more than 300 people.

The tips included focusing on progress over perfection, trusting your team, and always being authentic, among other words of wisdom. The event is part of the school’s ongoing Leadership Perspectives series.

First up was Vivian Boyd, EMBA 2005. She’s an executive in billing and accounts receivable at the Mayo

Clinic. “I’ve seen teams spend six months building a perfect plan or doing immaculate analysis, but they’ve lost six months of movement,” she said.

A differentiating factor for me is ‘progress over perfection.’ How can we move forward? I’m okay that it’s not perfect. What are the key components that we know to be true? And let’s take a step and start moving in those directions.”

— Vivian Boyd, EMBA 2005, Chair Revenue Cycle, Billings and Accounts Receivable, Mayo Clinic

Other panelists included:

• Alison Gildehaus, MD, EMBA 2024. She’s the trauma medical director and a critical care surgeon at Mercy Hospital St. Louis.

• Gisele Marcus, Olin professor of practice in diversity, equity, and inclusion. Marcus spent decades in business leadership in the United States and internationally.

• Julian Nicks, BSBA 2013, president and CEO of LaunchCode. The nonprofit offers free tech education and job placement opportunities.

• Chris Turin, president of Vetta Sports, which offers sports programs for children and adults.

• Evan Waldman, EMBA 2009, CEO of Essex Industries, a leading supplier to the aerospace and defense industry Gildehaus urged the audience to trust people. “Make this be your default. People are really good. And if you don’t trust people, you’ll miss out on a lot,” she said. “Those people are there for you to lean on.”

Marcus said, “Be consistent in who you are at all times. Which means you don’t change yourself for your audience. Which means you should be the same person at work, the same person at play, the same person you are as a volunteer in your community.”

Andrew Knight named director of Bauer Leadership Center

Dean Mike Mazzeo appointed Andrew Knight as director of Olin’s Bauer Leadership Center for the 2024–2025 academic year. In addition, Knight, a professor of organizational behavior, has been named senior advisor to the chancellor for leadership and the executive director of the university’s Bauer Leaders Academy.

WashU alumnus George Bauer and his wife, Carol Bauer, made a $20 million commitment this year to establish and endow the academy, an innovative initiative that places values-based leadership development at the center of the WashU experience for all students.

The academy will offer students opportunities to build leadership skills inside and outside the classroom, Chancellor Andrew D. Martin said at the time.

I am inspired by George and Carol Bauer’s vision for WashU — to be an institution that develops leaders of character and capability. And I’m delighted to have an opportunity to serve as executive director and make this vision a reality.”

— Andrew Knight, Director, Bauer Leadership Center

At the Bauer Leadership Center, Knight stepped in after Kurt Dirks, who was at WashU for 23 years, departed to serve as dean of the Eccles School of Business at the University of

Utah.

Popular entrepreneurship adjunct professor retires

David Poldoian, a beloved adjunct professor who taught Introduction to Entrepreneurship at Olin for 20 years, has retired.

David’s the most inspiring teacher I’ve ever had, and his commitment to helping students is second to none.”

— Kyle Tabor, PMBA 2013, Project Manager, Uber

Over the years, Olin students voted to honor Poldoian with the Reid Teaching Award three times. He also received the William C. and Glenda L. Finnie Adjunct Faculty Fund Award, which recognizes professors whose enthusiasm, teaching, and business experience motivate students.

“It was a privilege to teach at Olin,” Poldoian said in an interview. At 70, however, he felt it was time to step away. “The opportunity to teach MBAs has been one of the highlights of my professional career,” he added.

Poldoian’s affiliation with the school dated to 1997, more than 25 years ago. Then-dean of Olin Stuart Greenbaum invited him to serve as a volunteer and advisor to students in the Hatchery, where entrepreneurial students workshop their ideas. In addition, Poldoian advised students in the Taylor Community Consulting Program, where he also served as a client sponsor.

In 2004, when Simon Hall was home to the entire business school, Greenbaum invited him to teach Introduction to Entrepreneurship to part-time MBAs.

“The combination of his work experience, which was very responsible and important, and his personality, which was positive and engaging, made it a slam dunk as far as I was concerned,” Greenbaum said.

Poldoian is an operating partner at Lewis & Clark Ventures, an early-stage venture firm in Clayton, Missouri. Previously, he held numerous chief and senior executive roles, including CEO of Ironrock Investments; president and CEO of Everest University Online; division president of Eagle Snacks, an Anheuser-Busch company; and partner at Bain and Co.

He received his BA in 1975 from Tufts University and his MBA in 1977 from Harvard Graduate School of Business.

Said Mahendra Gupta, Olin’s dean from July 2005 through June 2016, “Whenever we talk about Olin’s rise and reputation in the entrepreneurship programs, we will find David’s fingerprints all over our success.”

New Olin club promotes entrepreneurship through acquisition

A new club at Olin seeks to support students on the path to entrepreneurship through acquisition (ETA). It’s Olin’s ETA Club, a new initiative sponsored by the Koch Center for Family Enterprise.

Through it, students are exploring a different path to business ownership. Instead of founding their own companies, they want to buy existing businesses to help those companies grow.

For MBA students across the country, ETA is an increasingly popular entrepreneurial route.

The club aims to connect students to an ecosystem that can help them accomplish their goals. That system includes brokers, lenders, private investors, and owners who are looking to pass on their legacy businesses.

The club educates members about the various ways in which their search for a company can be funded, from selffunded searches to private equity funds.

Our mission is to prepare every member to understand how to buy a great company and run a great company.”

— Chris Pitts, MBA 2025, ETA Club Cofounder

Pitts described the three main ETA funding paths:

• A traditional search fund, with investors who fund the process in exchange for the ability to buy into the eventual target.

• A sponsored search, in which an aspiring owner joins a private equity fund to seek out a company.

• A self-funded search, in which the aspiring owner gains more autonomy by forgoing an income stream throughout the search.

Presidents’ message

THE POWER OF COMMUNITY AND CONNECTION

One of our most cherished weekend activities is taking our dogs for a stroll on the WashU campus. Our pups always light up when interacting with the students, and the students seem to capture a little piece of home from their engagement. Despite the many changes we’ve witnessed since earning our MBAs at Olin, the bond we share with this space and the sense of community it embodies remains a constant.

The Olin community’s enduring nature connects us all, on and off campus. When meeting new students or seasoned alums, we see a constant blend of humility, intelligence, curiosity, and drive. Our student population and alums strive to do big things, and it’s more important than ever that we support each other before, during, and after our time at Olin, staying true to this spirit of pursuing noteworthy achievements and making meaningful impacts.

Community is why we got involved — to turn our advocacy into something impactful for others. Our tenure as your co-presidents will be about community and connection — building engagement opportunities that bring together alums for personal and professional development. While the world feels like it’s changing faster than ever and technology is getting ahead of us, community and connection are foundational elements that support our personal development, professional success, and overall happiness.

We eagerly look forward to serving Dean Mike Mazzeo’s vision and the best interests of our Olin alums during our tenure. It’s a true honor and privilege to serve in this capacity. We firmly believe that doing things together leads to bigger and better outcomes, and we are excited about the tremendous power and opportunity that comes with our collective efforts.

Best Regards,

Richard and Julie LaBonté

Olin Alumni Board Co-Presidents

Richard (PMBA 2003) is vice president of brand strategy and marketing at Benson Hill.

Julie (EMBA 2002) is the global data strategy commercial lead at Bayer Crop Science.

New Flex MBA program seats a diverse cohort

Olin’s Flex MBA program kicked off this fall, offering students the best aspects of the programs it replaced: the convenient accessibility of an online program and the connection and engagement of our professional MBA program.

The inaugural Flex MBA cohort includes 106 students, representing an impressive diversity of backgrounds and professional experiences.

The group is 30% female, and 39% are students of color (28% are underrepresented students of color).

Seventy percent of the class is local to the St. Louis area, with 4% coming from the larger region and 26% from elsewhere in the U.S. The Flex MBA cohort comes to Olin from 59 employers, representing 19 industries. There is almost an even split between those studying their core curriculum courses in person (51%) and online (49%).

“We are pleased that our students are leveraging the flexibility of the program to meet their needs,” said Fuqiang Zhang, academic director of the Flex MBA program at launch and the Dan Broida Professor of Supply Chain, Operations, and Technology. “Our goal is to provide an individualized MBA experience that accommodates a wide range of working professionals.”

The Flex MBA offers lower tuition costs and a state-of-the-art curriculum blending traditional business fundamentals with modern digital skills. Students can opt for a reduced program length to accelerate their MBA journey. See the ad at right for program details and contact information.

A gathering of the inaugural Flex MBA cohort.

Welcome New Faculty Members

Two new instructors and two visiting faculty members now hired full-time have joined Olin in economics, finance, and strategy.

TENURED/TENURE-TRACK FACULTY

ZHIYU FU

Assistant Professor of Finance

PhD: Financial economics, 2024, University of Chicago Research Interests: Asset pricing, international finance, macrofinance

JINO LU

Assistant Professor of Strategy

PhD: Strategy, 2024, University of Southern California Research Interests: Innovation and technology strategy, technology commercialization, and entrepreneurship

FORMER VISITING FACULTY

ANDREW GRAY

Lecturer

in Economics

PhD: Economics, 2019, Johns Hopkins University Areas of Expertise: Economics, healthcare economics, microeconomics/industrial organization

Prior to Olin: Gray began his career at Olin in 2019 as a postdoc and then became a visiting professor three years later.

FLEX MBA

An MBA for working professionals

YARON LEITNER

Senior Lecturer in Finance

PhD: Finance, 2001, Northwestern University Areas of Expertise: Banking and financial institutions, corporate finance

Prior to Olin: Leitner was with the Federal Reserve Bank of Philadelphia before joining Olin in 2019 as a visiting professor.

A modern approach built on core MBA fundamentals that’s what sets the WashU Olin Flex MBA apart. Our dynamic, flexible program features collaborative and hands-on learning that helps you thrive, whether you take courses in person or online. Our curriculum is designed to immerse you in current business challenges and contemporary solutions, giving you a competitive edge.

3 formats: Online, on campus, hybrid No GMAT/GRE required 100+ elective courses

Evening program with weekend class options

Fall and spring intakes

Find out more. 314-935-7301 | OlinGradAdmissions@wustl.edu

Distinguished Alumni

For more than 35 years, the Distinguished Alumni Awards have recognized Olin Business School alumni who have attained career distinction. Honorees embody the characteristics of leadership: progressive thinking, high standards, uncompromising integrity, commitment, courage, and confidence. Their careers serve as models for all WashU students and alumni.

ANDREA ADEGAS FACCIO, EMBA 2017

President and Chief Growth Officer, Nestlé Purina PetCare

In her role, Andrea Adegas Faccio provides unified leadership across the organization to help transform business strategies into actions that drive powerful growth. She began her career in 1996 as a commercial trainee at Nestlé Brazil and has since served in many key roles across the company and the globe as a dedicated steward of iconic brands and one of the architects of the company’s success.

Faccio is a native of Brazil and has held positions across the Nestlé organization for more than 28 years, which has included key roles in Brazil, Switzerland, Australia, and, most recently, posts with the U.S. pet care business. She earned her MBA from WashU Olin in 2017.

Faccio sits on the board of directors for NextUp, the leading nonprofit organization dedicated to advancing women in business. A lifelong pet lover, Faccio brings her Bernedoodle, Rio, to work with her at Purina’s downtown St. Louis headquarters almost daily.

ERIC M. GREEN, EMBA 2009

President and CEO, West Pharmaceutical Services Inc.

Eric M. Green has served as president and CEO since 2015 and as chair of the board since May 2022. He leads over 10,000 team members focused on the mission to contain and deliver injectable therapies that improve patients’ lives.

The company’s 2023 net sales of $2.95 billion reflect the annual production of more than 48 billion components and devices worldwide. Green is responsible for leading West’s market-led business strategy, focused on tailoring the company’s approach to the specific needs of biologics, generics, pharmaceutical, and diagnostic customer groups.

His experience includes serving as executive vice president and president for the research markets business unit for Sigma-Aldrich Corp., and a number of regional, commercial, and operational leadership roles over his more than 20-year career there.

In addition to his WashU Olin degree, he earned a bachelor’s in chemistry from Bethel University. Green also serves as a member of Bethel University’s Board of Trustees and as an independent director and member of the Compensation and Human Capital Management Committee and the Governance Committee on the Ecolab board.

JD ROSS, BSBA 2011 Cofounder, Open Door

While an undergraduate student, JD Ross bought or began his first two companies, Fresh Prints and UTrucking. By the time he graduated, Fresh Prints’ sales approached a couple of million dollars per year, and UTrucking had more than doubled in size.

Ross learned a lot of lessons while running both businesses as a student, including the value of moving quickly, starting and ending with the customer, and the importance of hiring and coaching a talented team.

Just a few years after graduation in 2014, Ross cofounded Opendoor, an online home marketplace that offers homeowners a means to sell their houses instantly, without the heartache of weeks or months on the real estate market.  He and his cofounders, investor Keith Rabois and Trulia executive Eric Wu, view Opendoor as a tech company that’s reinventing how millions of people buy and sell their homes. Real estate industry publisher Inman agreed, naming Opendoor its 2015 most innovative real estate company.

Ross thrives on uncertainty and rapid change, and his time at WashU is a major contributor to that. “I think being an entrepreneur by definition means you’re a bit of a rascal,” he says. “And there are institutions that try to beat that out of you and those that try to foster it. WashU, at every step, fostered my entrepreneurial inclination. And I’m endlessly grateful for that.”

Honorees discuss leadership and share insights at the Distinguished Alumni Symposium on April 5, 2024.

Andrea Adegas Faccio

Eric M. Green

JD Ross

Emerging Leaders

The Emerging Leader Award recognizes recent Olin Business School alumni who exemplify leadership, innovative thinking, and vision.

KENDRA KELLY, MBA 2021 Marketing Director, L’Oréal USA

When she’s not entrenched in the global business of cosmetics for L’Oréal, Kendra Kelly serves as a member of the WashU Alumni Board of Governors and enjoys mentoring undergraduate and MBA students; championing the importance of diversity, equity, and inclusivity; and lending her time to meaningful causes.

She describes herself as a “politico turned marketing pro” due to her work on a historymaking presidential campaign and managing communications for elected officials. She later transitioned to a sports and entertainment technology firm, where she led CRM marketing campaigns for over 350 domestic and international partners across the NFL, NBA, MLB, MLS, Live Nation, Leinster Rugby, and more.

As a proud alumna of Olin Business School, she values opportunities to share the impact that WashU and Olin have had on her career and the relationships she formed because of her Olin experience.

This year’s Emerging Leaders delve into timely topics with moderator Gisele Marcus at a panel discussion on April 5, 2024.

RAY T. WAGNER III, MBA 2021 Engagement Manager, World Wide Technology

Ray Wagner leads teams to deliver technology solutions and business strategy for clients across all industries. Previously, he served in the U.S. Army. He graduated from the United States Military Academy at West Point with a bachelor’s degree in economics and a minor in electrical engineering.

He later graduated from the U.S. Army Airborne School, Air Assault School, Pathfinder School, and Ranger School, where he earned the coveted Ranger tab. He later deployed to the Kunar Province of Afghanistan in support of Operation Enduring Freedom.

He moved to St. Louis with his family in 2019 and enrolled at WashU Olin. He received the Joseph W. Towle Prize, given to the graduating MBA student who, in the judgment of the faculty, exhibits the strongest academic achievement and the most potential in organizational leadership.

NATE MASLAK, BSBA 2011 CEO, Ribbon Health

The data platform Nate Maslak cofounded empowers healthcare enterprises with actionable provider information, including what insurances are accepted, cost, quality, and experience.

He started his career at McKinsey & Co., where he focused on healthcare strategy and innovation. He then joined Datalogix and built its Identity Graph business and product to help drive an acquisition by Oracle in 2014 for $1.2 billion.

He received his MBA from Harvard Business School. He lives in New York City with his wife and dog.

Dean’s Medal

The medal is awarded to friends whose dedication and service to WashU Olin have been exceptional. By providing wise advice, pursuing high objectives, and inspiring the enthusiasm and support of others, Dean’s Medalists have made a significant difference to the school and enhanced its progress.

Koch brothers Paul and Roger and their spouses, Elke and Fran, are true friends of Olin who have contributed valuable time, service, and dedication to the school. The foursome have been ardent supporters of Washington University for almost four decades.

“When I think about the Kochs’ legacy, I think one piece of it should be centered on its impact on the region. The second way to think about their impact is on students,” said Peter Boumgarden, director of the Koch Family Center for Family Enterprise and the Koch Family Professor of Practice in Family Enterprise.

Years ago, the Koch brothers established what became Koch Development Co., a St. Louis-based developer and manager of commercial real estate and owner/operator of select entertainment attractions.

That experience led to their interest in deepening Olin’s focus on family businesses. In 2016, the four established a family business initiative at Olin with a $1.09 million gift. In 2019, they provided gifts and commitments of more than $9 million to create what is now the Koch Center for Family Enterprise and its associated directorship and professor of practice. The center is dedicated to producing

world-class research, enabling transformative educational experiences, and facilitating impact across the holistic family enterprise, including family business, family office, and family philanthropy. The Kochs also wanted to raise awareness about the complexities and opportunities in family business, and to engage students in understanding the rich career potential within the family business ecosystem.

“If you look at a turtle on a stump, you know that somebody helped him up there,” Paul Koch said. “He didn’t climb up there himself. We’re turtles on a stump. We had parents who were hardworking, who were honest, and who had education as a value.”

A key component of the family business initiative is an annual symposium focused on the topic of closely held and familyowned businesses. In February, the 8th Annual Family Enterprise Symposium, hosted by the Koch Center, explored strategies of transition for private, familyowned businesses amid a tidal wave of ownership transitions underway as baby boom founders age toward retirement.

The Kochs have proven to be visionary partners in connecting WashU with some of the leading private businesses in our region. Their efforts have not only made Olin stronger but also strengthened the St. Louis region.”

— Mike Mazzeo, Dean

Roger and Fran Koch

Paul and Elke Koch

DOCTORAL PROGRAMS

Credit where it’s due

WashU PhD grad finds inspiration — and rich data — at the intersection of consumer finance and marketing.

Donggwan Kim earned his WashU PhD in 2024 in marketing and headed to Boston College as an assistant professor this fall. He interned at credit agency Equifax throughout his program.

WHAT WAS THE HIGHLIGHT OF YOUR PHD EXPERIENCE?

Landing a job as an assistant professor of marketing at Boston College. This would not have been possible without the guidance of my advisor, Raphael Thomadsen (professor of marketing), and the support of my dissertation committee members, as well as the faculty in the marketing area.

HOW DID YOUR EQUIFAX INTERNSHIP SHAPE YOUR RESEARCH?

It guided me to discover my research interests at the intersection of consumer finance and marketing, an understudied research area in quantitative marketing. Second, it provided access to the data necessary to address my research questions. Lastly, I gained invaluable insights from my fellow research interns at Equifax, which greatly helped me with the development and execution of my research.

Donggwan Kim WashU PhD 2024 (Quantitative Marketing)

WHY DID YOU PURSUE A PHD?

I wanted to obtain the breadth and depth of knowledge necessary to solve business problems, without much consideration for future career opportunities.

WHAT CHALLENGES CONFRONTED YOU IN THE PROGRAM?

It was particularly challenging to transition from student mode to researcher mode. After completing coursework, PhD students have to develop research ideas to work on, for which there are no easy answers. Fortunately, the faculty at Olin was always available to provide helpful suggestions, from idea generation to execution, from which I benefited a lot.

WHAT

SUCCESSES HAVE YOU HAD IN PURSUING AN ACADEMIC CAREER?

Most importantly, I found an amazing advisor and coauthors who consistently guided and encouraged me. Additionally, I successfully managed a part-time job at Equifax, which not only helped shape my research interests but also provided access to datasets.

WHAT ADVICE DO YOU HAVE FOR FUTURE STUDENTS?

Communicate frequently with the faculty and, more importantly, seek their feedback at an early stage of a project. Professors, even within the same department, often offer different perspectives and suggestions. This can be very helpful for evaluating research ideas from multiple angles and executing them properly.

WHAT EXCITES YOU MOST ABOUT JOINING BOSTON COLLEGE?

Joining the renowned faculty. I am especially looking forward to collaborating on projects with and learning from the faculty members there. Additionally, I can’t wait to explore all that Boston has to offer.

MORE ON THE OLIN PHD: In Olin’s five-year program, students expand their skills with the intent to pursue an academic career at top global business schools. One-on-one faculty mentorship with our students often results in coauthorship and the creation of new knowledge across business fields. Beyond research, the PhD program trains students in teaching excellence and innovative thinking.

Hello Suzanne, How can I help you today?

Describe the current state of business use of generative AI and how business schools are preparing students to work with the technology.

The adoption of generative AI in businesses is rapidly accelerating. Recent surveys indicate that a majority of organizations are actively exploring or already implementing generative AI in at least one business function. Business schools recognize the transformative impact of generative AI and are adapting their curriculum and teaching methods to equip students for the AI-driven workplace.*

*Answer generated by Google Copilot

The AI Revolution

From teaching the use of generative AI in business functions to research into its power and effects, Olin professors and students are staying in front of this disruptive technology.

BY SUZANNE KOZIATEK

GenAI is the hottest technology in business right now. But taking advantage of it can be a tall order. The models that power the technology are still developing, so capabilities and business impacts are changing fast, according to Dennis Zhang, who has worked with AI foundational models and their business applications in his research.

“The ability of the foundational model is still pretty naive compared to what we want it to be,” Zhang said. “You can think about those foundational models as very smart people, but they are not specialized in certain tasks. We’re still in the early stages of specializing those models with a huge amount of data so they can do better.”

But Olin’s professors aren’t waiting; they’re preparing the next generation of business leaders to be ready for the next generation of AI.

Last year, in Staci Thomas’ virtual classroom, an AI-generated “teaching assistant” named Synthia began helping students learn to use generative AI tools to enhance business communications. This spring, Amr Farahat will launch an AI-focused course for managers that details how GenAI and other types of artificial intelligence work, as well as their business applications.

Throughout Olin, professors such as Zhang are exploring topics ranging from using GenAI in strategy and consumer sentiment to its ethical implications.

The technology is making its way into cross-disciplinary classes. Olin Grand Rounds, a course in Olin’s healthcare management program that covers big-picture health issues, has focused this past semester on artificial intelligence and how leaders can use it appropriately.

And through experiential learning opportunities, students get a taste of how it is already changing the business landscape.

“Because

it’s a technology that has become exponentially more relevant recently, it’s important that we’re positioning students to be able to exploit it and become leaders in the AI domain.”

— Jake Hibbert, MBA 2025

THE EXPANDING WORLD OF AI INSTRUCTION

For years, Olin has offered courses that incorporate artificial intelligence and machine learning into business processes. With their focus on the technical aspects of AI, “they’re typically at a level that is not really suitable for MBAs, but they are a very good fit for our specialized master’s students,” Farahat said.

Generative AI has put the power of AI into the hands of non-computer experts; tools such as Chat GPT and Google Gemini operate through real-language prompts. So Olin is expanding AI-focused learning more broadly to non-technology specialists.

“We demystify the technology, hitting a sweet spot between the buzz about AI that doesn’t mean much and the inaccessible research literature.”

— Amr Farahat, Teaching Professor in Supply Chain, Operations, and Technology

Thomas, professor of practice in management communications, is in the second year of teaching Generative AI for Communicators, a six-week course available through Olin’s Flex MBA program. She teaches about the models that direct AI tools and how to use the tools in business communications. Along the way, she points out the risks inherent to the technology — how it may introduce bias or misinformation, and the ethical challenges posed by GenAI. This spring, Farahat is launching AI for Managers, a course detailing how GenAI and other types of artificial intelligence work, as well as their business applications.

Farahat, a teaching professor in supply chain, operations, and technology, helps MBA students demystify AI algorithms and understand the data and technologies powering them. He leads them in identifying when and how to leverage AI technology, effectively and responsibly, to create business value.

“We’re training managers who are interested in using the technology to create new products and services, or new features, or even to disrupt some core businesses,” Farahat said. “And how to go from identifying an opportunity to actually making it happen.”

Dennis Zhang

Amr Farahat

Staci Thomas and Synthia, an AI-generated “teaching assistant”

Zhang, associate professor of supply chain, operations, and technology, and associate professor of marketing (courtesy), wants his executive MBA students to broaden their perspective on the impact of GenAI.

He notes that with technological innovations, the earliest companies to benefit are those providing the infrastructure.

“For generative AI, we need to ask, who are the ones building the foundational infrastructures? Graphical processing units? That’s Nvidia and maybe AMD/AVGO. Who are offering these GPUs to end users? Think about Microsoft, Amazon, and Google, who are selling cloud resources.”

As students in Olin classes push the boundaries of GenAI in new directions, it’s important for them be able to work with real business challenges and real data. Experiential learning opportunities can be the critical pathway to giving them those opportunities.

Jake Hibbert, an MBA entrepreneurship fellow, has spent the fall semester working with a London startup through the Center for Experiential Learning’s CELect London consulting program. His team assists with customer research for SurgeryAI.com, which uses AI to help hospitals schedule surgeries more efficiently and maximize revenue generated by their operating rooms.

While a deep knowledge of AI was not required for this project, Hibbert’s previous experience with the technology gave him a leg up. “My years as an AI and ML senior product manager gave us a solid platform to ask insightful questions of SurgeryAI.com, and of our target customers when we come to interview them,” he said.

Experiential programs that familiarize students with AI are “massively valuable,” Hibbert said. “Engaging with these startups will give students applying to AI-centric companies an edge, and we have even in the past seen CEL clients go on to hire members of the CEL consulting team.”

Michael Wall, a professor of practice in marketing and entrepreneurship, co-director of the Center for Analytics and Business Insights (CABI), and faculty advisor for the CEL, said that when he discusses the impact of GenAI — with students and with industry leaders — he emphasizes a philosophy of “team plus technology.”

“We alone as human beings cannot get it done anymore; that’s been the case for a really long time,” he said.

“Whether it’s generative AI or marketing automation or programmatic ad buying — the technology is not replacing strategy, critical thinking, or decision making. You’re using technology to help you be more effective and efficient.”

— Michael Wall, Professor of Practice in Marketing and Entrepreneurship

Wall said that while it’s important not to get caught up in the hype around GenAI, students benefit from learning how to assess when it adds value and to use it effectively while avoiding its potential risks.

“It’s a competitive advantage if utilized properly,” he said. “If you’re not testing and learning how to use it and your competitor is, you’re going to be left behind.”

A TOPIC AND TOOL FOR OLIN RESEARCHERS

The growth of generative AI has provided fertile ground for Olin researchers, as they study its effects on business and employ it to explore a larger universe of questions.

As models become more specialized, it allows for capabilities in different aspects of business. For example, GenAI can be trained on survey data so that it can eventually mimic human responses to marketing questions. Substituting virtual survey subjects for real ones would bring substantial savings, Zhang said.

But it’s a complex task, since human consumers are complex.

“Once we train AI with better data and it knows more about human society, it learns to make step-by-step comparisons, how to make logical decisions,” Zhang said. “But we human beings are not totally rational every time. As AI becomes more logical, we have to adjust AI’s data to reflect the emotional part of human decisions if we want to use these models as virtual customers.”

Olin researchers Xiang Hui and Oren Reshef have studied the earliest impacts of GenAI on the job market. They found that after the release of popular GenAI tools such as Chat GPT and DALL-E, opportunities and pay for writers and designers on a popular freelance platform took an immediate hit.

Jake Hibbert

Xiang Hui

Oren Reshef

Michael Wall

Their work, which has been cited in the Financial Times and The Economist, suggested that, for at least some workers, GenAI poses a serious competitive threat.

But they noted that isn’t the whole story. A separate study, coauthored by Hui and Meng Liu, both Olin assistant professors of marketing, found that GenAI could provide a boost to some fields even while negatively impacting others. They showed that introducing an AI-based translation tool increased exports of small businesses on eBay by more than 10%, by enhancing the quality of translated product descriptions. Their work was cited in the 2024 Economic Report of the President.

“It shows that even though AI might directly replace some jobs, it may also complement other downstream jobs. You have to look at the picture holistically.”

— Xiang Hui, Assistant Professor of Marketing

Reshef, assistant professor of strategy and entrepreneurship, said that as GenAI continues to disrupt business, “it’s changing how companies interact with one another, how they interact with consumers, how they engage with their employees.”

Generative AI is also being leveraged by Salih Tutun. As a faculty member in data analytics, Tutun has long used machine learning, a form of AI, in his research to solve problems such as medical equipment shortages and organ donation logistics.

He now uses GenAI to help diagnose mental disorders. A patient is interviewed via a chatbot, with an algorithm (MDScan) using the interview information to create a diagnostic image representing the patient’s psychological profile. This can save time in diagnosis and treatment, Tutun said.

“Your psychiatrist gets a report of your situation before he ever sits down with you,” he said. “It’s not a substitute for a doctor, it augments what a doctor is doing.”

He and his team also designed an interactive game to diagnose ADHD in children and adults, using MDScan to generate an image as a report after a subject plays the game.

All of these uses of GenAI come with significant ethical challenges — the impact on workers, the privacy of patients, the risk of bias.

It’s something that Zhang has thought about a lot.

“Every technology comes with a cost,” he said. “We don’t know yet what the long-term societal impact of generative AI will be, but we know it will be large.

“It’s about the replacement of human labors and how that will affect the whole spectrum of human life. These are very important questions — and we should be mindful that the people leading innovation in generative AI probably have zero financial interest in looking at these questions.”

GEN(ERATION) AI: OLIN ALUMS EMBRACE THE TECHNOLOGY

Alumni who left WashU Olin just as the generative AI revolution was brewing say their Olin experiences prepared them to take on the challenge of mastering the emerging tech.

Nate Turk, BSBA 2019, senior manager for ecommerce personalization and growth at clothing retailer Torrid, said the resourcefulness and curiosity he developed at Olin have served him well as his industry embraces AI.

“I think people who come out of Olin, and WashU more broadly, are very resourceful. I was always taught to look anywhere and everywhere for the information that could help me approach a problem. I think the fact that I leaned on AI a little earlier than some of my coworkers did is a part of that.”

— Nate Turk, Senior Manager for eCommerce Personalization and Growth, Torrid

And he’s not alone.

Adam Clark, MBA 2017, is now a generative AI product manager and transformation leader for Deloitte. While he didn’t come from a technology background, Clark believes the critical thinking skills he honed during his MBA have helped him adapt to this role.

“I think some of the projects I did through the Center for Experiential Learning helped me take on projects and work with people from different backgrounds, like the design school or the engineering school. It’s a cool microcosm of who I work with now,” he said.

Salih Tutun

Nate Turk, BSBA 2019

Adam Clark, MBA 2017

Bhuvi Chopra, MBA 2019

Bhuvi Chopra, MBA 2019, product manager for AI infrastructure at Google, said her Olin CEL experiences had AI and machine learning components. As an example, she noted a project she led for Ameren in which her team used customer service data to create an automated calling system. Another CEL project she led for Amazon was based on machine learning.

BRAINSTORMING, AMPLIFYING, PREDICTING PROBLEMS

In his current position, Turk uses GenAI as a brainstorming tool. “Sometimes I’ll leverage chatbots at the very start of an idea, to do research, identify trends, etc.,” he said. “It can help me get going and develop some idea of the direction to go in.”

Many large companies like his use an internal enterprise GenAI tool, trained on the company’s own data, to ensure security and control.

At Deloitte, Clark’s team maintains a similar internal GenAI tool, which he says serves as a “work amplifier” for employees. He seeks out partnerships to bring best-of-class GenAI capabilities to Deloitte as they become available.

In her previous work at Cisco, Chopra’s team built the machine learning technology to predict networking issues for enterprises.

Lessons she learned from Olin professors such as Michael Wall and Seethu Seetharaman during her CEL experience were especially relevant in that work.

“These two professors have courses that talk about pricing and marketing, and that’s the problem that AI is facing right now,” Chopra said. “How do you price it? What is the willingness of customers or businesses to pay for it? As a product manager, those skill sets have been very helpful.”

A BRAND-NEW WORLD

GenAI-experienced alums all say Olin can play a crucial role in preparing students for whatever AI serves up next. Some insights:

Clear communication is vital with Gen AI tools.

“The hot skill right now is prompt engineering. That really comes down to, ‘Can you write your thoughts out in an effective manner to make sure that the tool is going to do what you want it to do?’”

— Adam Clark, AI Product Manager and Transformation Leader, Deloitte

GenAI can’t replace critical thinking and fact-checking.

“Students need to be taught how to scrutinize the output and how to ensure that they’re confident in what they’re using.”

— Nate Turk, Senior Manager for eCommerce Personalization and Growth, Torrid

Think outside the box for use cases and applications.

“ You can’t limit yourself, because we really don’t know all the ways that AI can be used in different applications.”

— Bhuvi Chopra, Product Manager for AI Infrastructure, Google

Seen & Heard

Every year, countless Olin ambassadors and champions dedicate their time to advancing the school’s mission. If you are interested in connecting with us, please email Dorothy Kittner at kittner@wustl.edu for more information.

COMMENCEMENT SPEAKERS

OLIN FAMILY ENTERPRISE SYMPOSIUM

Strategies of Transition for Private Business 02/28/24

SPEAKERS

Bo Burlingham , Author, “Small Giants” and “Finish Big”

David G. Eichhorn, BSBA 1996, CFA and Head of Investment Strategies, NISA Investment Advisors LLC

Kyle Chapman , President, Barry-Wehmiller Group, Inc.

PANELISTS

Peter Boumgarden, PhD 2010, Koch Professor of Practice for Family Enterprise; Director, Koch Center for Family Enterprise, WashU Olin Business School

Margarita Tsoutsoura, Associate Professor of Finance, WashU Olin Business School

Aaron Klein, Miriam K. Carliner Chair, Economic Studies, Senior Fellow, Brookings Institution

Lynn Gorguze, MBA 1986, President and CEO, Cameron Holdings Inc.

Steve Gund, CEO, The Gund Company

Katie Hopkins, President and CEO, Truck Centers, Inc.

Brendan Ballou, Author, “Plunder: Private Equity’s Plan to Pillage America”; former special counsel for private equity in the U.S. Justice Department

Mark Leeker, President, Harbour Group

5 TH ANNUAL OLIN HEALTHCARE SYMPOSIUM

AI and Innovation in Healthcare 01/25/24

KEYNOTE SPEAKERS

Sarah London, CEO, Centene Adam Lenkowsky, Executive Vice President and Chief Commercialization Officer, Bristol Myers Squibb

PANELISTS FOR AI USECASE CONVERSATIONS

Dr. Tom Maddox, Vice President of Digital Products and Innovation, BJC Healthcare and WashU Medicine

Dr. Karen Joynt Maddox, Professor and Co-Director for the Center for Advancing Health Services, Policy and Economics Research, WashU

Kathleen Nowicke, PhD, Managing Director for the Management Consulting Team, World Wide Technology

Nick Bhambri

BSME 1985, EMBA 2007, Managing Partner, Starlit Capital Partners, LLC, Olin’s Executive MBA Graduation Recognition Ceremony on 05/03/24

Christine Chang

BSBA 2004, Co-CEO and Cofounder, Glow Recipe, Olin’s Undergraduate Graduation Recognition Ceremony on 05/11/24

Jack Senneff

MBA 2008, Managing Director, Thompson Street Capital Partners, Olin’s Graduate Programs Graduation Recognition Ceremony on 05/12/24

BRAUER LECTURE SERIES 04/18/24

Jason Riley, Opinion Columnist, the Wall Street Journal and Senior Fellow, Manhattan Institute

04/25/24,

LEADERSHIP PERSPECTIVES

NOW WHAT?

A panel discussion on unexpected leadership challenges, 11/06/23

Kendra Kelly, MBA 2021, Director of Marketing, L’Oréal Gen. Mike Minihan, Commander, Air Mobility Command, United States Air Force

Hanna Birnbaum, PhD, Assistant Professor of Organizational Behavior, WashU Olin Business School

RAISE YOUR HAND

Insights on taking thoughtful career risks, 10/03/23

Deborah Barta, BSBA 1999, Head of Retail and FinTech, Fireblocks, Inc.

AHEAD OF THE GAME

Data analytics and the business of sports, 11/29/23

Ben Rosenkranz, BSBA 2017, MSA 2018, Director of Business Strategy and Analytics, Chicago Blackhawks

TRUE GRIT

Failing at things that matter, 01/11/24

Cambrie Nelson , BA 2009, MBA 2017, Interim Director, Office of the President and Chief of Staff, Gender Equality Division, Bill and Melinda Gates Foundation

6 EXECUTIVES. 60 IDEAS. 60 MINUTES.

A panel on leadership insights, lightning-round style, 01/25/24

Vivian Boyd , EMBA 2005, Chair Revenue Cycle–Billings and Accounts Receivable, Mayo Clinic

Alison Gildehaus, EMBA 2024, Trauma Medical Director, Trauma/ Gen/Surgical Critical Care Surgeon, Mercy Hospital St. Louis

Gisele Marcus, Professor of Practice, Diversity, Equity, and Inclusion, WashU Olin Business School

Julian Nicks , BSBA 2013, President and CEO, LaunchCode

Chris Turin, President, Vetta Sports

Evan Waldman, EMBA 2009, CEO, Essex Industries

SHE SUITE

A panel discussion on women and leadership in the business world, 03/07/24

Gwendolyn Doss, EMBA 2021, Chief Engineer, Boeing Company

Elise Miller Hoffman, AB 2011, MBA 2016, Chief Operating Officer, ImageMover; General Partner, Cultivation Capital

Tina René Sappington, EMBA 2024, Vice President and Director of Purpose and Impact, QuantumNextDX

THE LEAGUE

CLASSROOM SPEAKERS

Erica Barnell , MD/PhD 2023, Chief Medical and Science Officer, Geneoscopy, 10/03/23 and 02/13/24

Maxine Clark , CEO and Cofounder, Clark-Fox Family Foundation, 11/14/23 and 02/06/24

Charles Cohn , BSBA 2008, Founder, Chairman, and CEO, Nerdy and Varsity Tutors, 09/13/23

Lori Coulter, MBA 1999, Cofounder and CEO, Summersalt, 11/02/23

David Karandish , BSCS 2005, Founder and CEO, Capacity, 09/27/23

Andrew Rubin , BSBA 1998, CEO and Founder, Illumio, 09/05/23 and 01/30/24

Aaron Samuels , BSBA 2011, Founder and Managing Partner of Collide Capital, 10/24/23

9 TH ANNUAL OLIN SPORTS SUMMIT

11/10/23

Eric Andalman, JD 2008, Counsel, Hogan Lovells, “Venue Development and the Evolution of Team Entities”

Stephi Blank, BA 2010, Vice President, Marketing and Service, WIT Sports, “Ready for It? Revolutionizing Fan Engagement”

Ally Brabant, BA 2016, Head of Product, Gemini Sports Analytics, “Moneyball in a Box: Using AI Cloud Applications for Sports Analytics”

Meredith Geisler, BA 1981, Professor of Sport Management in the School of Business, George Washington University, “PR Bonanzas: Taylor Swift and NFL/ Messi and MLS”

Brian Gilbert, BA 1990, Head of Sports-Related Content, Village Roadshow Entertainment Group, “Approaching Sports in Feature Length and Episodic Content” Alec Gordon, BSBA 2022, Associate Manager, Wasserman, “Microsoft x NFL Partnership” CJ Harrington, BA 2013, Sports and M&A Associate, Hogan Lovells, “A Legal Perspective on Sports Ownership”

Bob Kane, BSBA 1990, COO, CLO, Interim Co-CEO, World Surf League, “Fandom – ‘Always On’”

Andrew Kipper, MBA/JD 2011, Senior Vice President, Golf, Excel Sports Management, “The Art of the Deal” Jared Kleinstein, BSBA 2009, Founder and President, Gondola and Fresh Tape Media, “The Future of Sports Content Creation”

Brian Mirakian , Senior Principal, Populous International Holdings, Inc., “The New Cathedral: The Evolution of Experiential Venues”

Katie Sissler, BSBA 2020, Account Coordinator, Paragon Marketing Group, “Creating Remarkable Journeys”

Surgene Troost, MArch/MBA 2018, Architect/Associate, Populous International Holdings, Inc., “Access Without Interference: Maximizing Venue Monetization”

DIVERSITY PERSPECTIVES SERIES

Presenting Nicole Maines

Paving the way for LGBTQ+ youth on and off screen , 11/09/23 (virtual)

Nicole Maines, Transgender Youth Advocate and Hollywood Actress

The Shared Road to Equality

A conversation with Christine Chavez, 04/26/24

Christine Chavez, Natural Resources Conservation Service Public Affairs Outreach Coordinator, U.S. Department of Agriculture

DEFINING MOMENTS: LESSONS IN LEADERSHIP AND CHARACTER FROM THE TOP

Yemi Akande-Bartsch, President and CEO, Focus St. Louis

Bob Chapman, Chairman and CEO, Barry-Wehmiller Companies Inc.

Michael Holmes, BA 1979, Chairman and Founder, RX Outreach

Alaina Maciá, BS 1998, MBA 2002, President and CEO, MTM, Inc.

Aaron Powell, BSBA 1993, Global CEO, Pizza Hut

Tony Ryan, Partner, President, and CEO, Arrowstreet

Michelle Tucker, President and CEO, United Way of Greater St. Louis

The Koch Center’s momentum is taking it to the next level

BY JILL YOUNG MILLER

Nearly half of small and medium-sized business owners are expected to retire in the coming years, and an estimated $100 trillion in businesses will transfer from baby boomers to new owners.

This extraordinary wave of transitions — called a “silver tsunami” — will ripple through communities and the economy, and many owners aren’t ready: More than 85% don’t have a formal succession plan.

For a year, Peter Boumgarden, director of the Koch Center for Family Enterprise at WashU Olin, led an Olin Brookings Commission that researched the trend, paying particular attention to investors, owners, and employees.

On a bright day in October, he and commission members took the stage in a conference room at the Brookings Institution, a leading public policy think tank in Washington, D.C., to present the findings of their project, “Main Street’s Tidal Wave of Transition.”

“Fortunately, this silver tsunami does not have to be a man-made disaster,” Boumgarden told audience members. “As ownership changes hands, there is a significant opportunity for us to reimagine ownership structures, including increasing employee ownership, promoting longterm investor behavior, and fostering greater inclusivity in business leadership.”

Over the past few years, Boumgarden has been reimagining the future of the Koch Center, shifting its focus from “business” to “enterprise” and adding work on family offices and philanthropy to its established work on family business.

And this has been a banner year. Boumgarden and his team oversaw student consulting projects with businesses in St. Louis and the surrounding region. They hosted the popular annual Family Enterprise Symposium at WashU. They widened the center’s scope by launching “The Owner’s Box” podcast featuring business owners and their approaches to ownership. They funded the new student club Entrepreneurship Through Acquisition and launched PhilanthropyForward, an executive education program for family philanthropists. In October, the center hosted BDT, one of the world’s best-known merchant banks, and its collaboration with Michael Dell’s family office, MSD, to explore the evolving landscape of private capital.

Peter Boumgarden

“The Koch Center has tremendous momentum. It’s already a catalyst and convener where private businesses can come together, extend their knowledge, and learn from our fantastic faculty, many of whom focus research on issues critical to the success of family and private enterprises. Now the Koch Center is positioned to expand its scope and scale to create even more opportunities for Olin students and executives in this region and beyond.”

— Mike Mazzeo, Dean

Dean Mazzeo envisions Olin as one of the global university leaders for understanding private enterprise by driving research insights and offering unique educational and career opportunities for students. The idea is to help regional and national partners become more strategic themselves and prepare Olin students for pathways ranging from ownership to investing.

Boumgarden said he wants to build on the momentum in two overarching ways. The first is to advance research on strategic ownership and private enterprise so it can drive action in the business world. He anticipates, for example, building on the Olin Brookings Commission research to bring new data to bear on critical economic issues. In addition, he foresees new signature initiatives akin to the Olin-Brookings partnership. One might focus on patient capital and the future of private investment, for example. (Patient capital is a long-term investment strategy prioritizing sustainable growth over quick profits.)

The second way is to expand education in private enterprises specifically tailored to individual students.

The Koch Center provides students with opportunities to learn about private business through student consulting projects, ownership classes, and entrepreneurship through acquisition courses. A new avenue could include a fellowship program to let graduate and undergraduate students from across WashU learn about private enterprise investment models. Another could be an MBA fellowship focused on ownership transition for students moving into ownership roles, either by buying a company or, as a family member, transitioning directly into ownership.

The Koch Center also plans to expand its executive education offerings in company-customized programs or intimate cohort-like experiences that marry the relational fabric of groups like the Young Presidents’ Organization with the data and research rigor of the university.

THE KOCH FAMILY’S GIFTS

In 2016, the Koch family — Paul A. (BSBA 1961, JD 1964, MBA 1968) and his wife, Elke; and Roger L. (BSBA 1964, MBA 1966) and his wife, Fran — provided a generous gift to establish a family business initiative at Olin. Since then, they have provided gifts and commitments of more than $9 million to create the center and its associated directorship and professor of practice.

The center was created to study the features of privately held businesses and serve the family business community with programs and research insights to improve practices. The Kochs also wanted to raise awareness about opportunities in family business.

Bart Hamilton, the Robert Brookings Smith Distinguished Professor of Economics, Management, and Entrepreneurship, was the center’s inaugural director. Boumgarden was appointed center director and the Koch Family Professor of Practice in 2021, with Hamilton continuing to support the research mission and pulling in other faculty, including Seth Carnahan, associate professor of strategy, and Margarita Tsoutsoura, associate professor of finance.

“These small businesses and mediumsized businesses are a key component of the economy. They employ many, many workers. And so, having strong, stable ownership is very important.”

— Bart Hamilton, Robert Brookings Smith Distinguished Professor of Economics, Management, and Entrepreneurship

Meanwhile, the center is increasing its touch points with students. Rob Davidson, a first-year Olin Flex MBA student and entrepreneur, attended recent events on private credit and the Olin–Brookings research.

“I’m incredibly impressed with the resources that the Koch Center makes available to students and St. Louis as a whole,” he said.

“One of my favorite parts of the Olin–Brookings presentation was when Peter showcased the common priorities that owners have in evaluating a succession opportunity,” said Davidson, who’s interested in entrepreneurship through acquisition rather than via a startup.

“I knew that the same information could be used to nurture better outcomes between prospective small business buyers and owners.”

Chris Hoffmann

Bart Hamilton

BETTER OUTCOMES

Better outcomes is the point of the Koch Center, which didn’t exist when Chris Hoffmann, MBA 2016, first started at Olin. He was part of a group of students who advocated for a nexus at Olin for family business. “The hard part for the school is you don’t always have students in every class who are interested in or come from that background,” he said.

He does. In 2016, Hoffmann and his brother Joe took over the St. Louis-based, family-owned HVAC services business their father began 28 years earlier with four employees and a simple business model. Chris is the CEO of Hoffmann Brothers and H.B. Solutions Group, which has full-blown home-services operations today in St. Louis, Nashville, and, most recently, Denver. Under Chris and Joe’s direction, the company has grown from about $10 million in annual revenue to an expected $160 million this year.

Hoffmann is a member of the Koch Center’s board and urges business owners to turn to the center. “Getting involved with the Koch Center is the important thing,” he said. The center, he pointed out, connects business owners with useful research and peers who are navigating similar problems, such as passing along a business to someone else.

“For a lot of folks who are navigating succession and maybe firstgeneration, second-generation succession, those are just daunting, challenging issues to navigate.”

— Chris Hoffmann, CEO, Hoffmann Brothers

Xin Wei, EMBA 2021, knows the feeling. He and his parents run Corner 17, a popular Chinese restaurant on the Delmar Loop in St. Louis. “I do almost everything except cooking,” he said. His parents do that. “I feel like it’s come to a point they need to retire. But the problem and the challenge for us is who is able to take over my dad’s position? It’s difficult to find someone you can trust and you can rely on.”

Joe McKee, MBA 1991, is the chairman at PARIC Holdings, a holding company with a large construction arm that was established in 1979 and is one of the largest privately held St. Louis-based companies. Baby boomers owned many of the companies that PARIC has purchased recently, while others “are still holding on because they don’t know how to get out,” he said.

“In many cases, they’re not thinking bigger, and they’re trying to figure out transitions. And the transition usually happens way too late.” The Koch Center fills a crucial role for businesses, McKee said.

“The backbone of this country was built on millions of businesses. Almost all of them started off as family businesses. But we’re so scattered, and there aren’t really great places to learn from other family businesses.”

— Joe McKee, Chairman, PARIC Holdings WashU Olin, he said, recognizes the power of bringing them together to ensure a future where they thrive.

Joe McKee

A sample of what the Koch Center offers

Case competitions

In February, the center sponsored a first-of-its-kind case competition featuring St. Louis CITY SC, the region’s Major League Soccer club. Students from across the WashU campus and as far away as Washington, D.C., Indiana, and Georgia gathered for the competition, with $24,000 on the line.

The teams were to analyze St. Louis CITY SC’s books, examine opportunities, and offer recommendations to fulfill this prompt: How should the Taylor family, the team’s owners, and the team allocate resources in the next five years to balance performance on the pitch, financial return on investment, and development of the broader region, culturally and economically?

The winning undergraduate team, “Arch Consulting,” cited numbers placing St. Louis last out of 55 cities in terms of recovery from the pandemic. The answer, they suggested, was a community lending program to stimulate entrepreneurs’ investment in the economy near CITY Park, the team’s pitch and in-stadium events such as a farmers market during off days.

The Entrepreneurship Through Acquisition (ETA) Club

Some business students don’t want to create a startup. They’d rather buy an existing business and help it grow. “With a startup, you have to come up with a product, ensure there’s a market fit, gain customers, and then you can focus on growing the business,” said Chris Pitts, MBA 2025. He cofounded the ETA Club, funded by the Koch Center. “ETA allows us to skip those first three steps. You already have a product, customers, and work processes. You can come in and make improvements to grow.”

The ETA Club aims to connect students with potential business sellers, business brokers to act as go-betweens, and investors to fund their searches.

PhilanthropyForward

This year, the Koch Center launched a philanthropy incubator program in partnership with the Chancellor’s Office to help donors maximize the impact of their giving. The PhilanthropyForward team helps donors tackle the greatest challenge in their giving, whether that be how to make a bigger difference in a certain area, how to measure their impact, or how to engage their family members in their giving.

The program includes a three-day immersion experience at WashU, three months of individual virtual coaching and peer discussions, and a final retreat, during which participants present their five-year plans for their giving.

PhilanthropyForward is specifically designed for donors themselves rather than philanthropy professionals who lead foundations.

“This creates a peer group of high-powered philanthropists who can learn from each other and even work together on shared interests,” said Margaret Schnuck Rogers, MBA 2022, director of the initiative.

“Embedding a philanthropy program in the center makes complete sense here in St. Louis, where there is a loyal philanthropic community with many donors’ wealth coming from family business,” she said.

“Through PhilanthropyForward, the Koch Center serves as a bridge between business-leaders-turnedphilanthropists and the researchers and local community leaders that hold expertise in each field.”

—

Margaret Schnuck Rogers, Initiative Director, PhilanthropyForward at WashU

Fellows in the first cohort included donors who make significant personal contributions to charitable causes, those who have or plan to start a donor-advised fund or foundation, executives who control their corporate foundation, and family members who have a decisionmaking role in their family foundation, such as Rachel Wallis Andreasson, EMBA 2012.

Wallis Andreasson is a board member and shareholder of Wallis Companies, a family-owned business that her father founded in 1968.

“I was honored to be asked to participate in WashU’s PhilanthropyForward program,” she said.

“It was the perfect combination of learning and handson application that allowed me to set up our family foundation for the future. On top of that, it was a terrific environment to learn from the other participants, faculty, and staff.”

Margaret Schnuck Rogers

From left, Olin undergraduates Bell Riley, Arman Patel, Emilia de Jounge, and Rahul Chavali of Arch Consulting

Where in the world is Dean Mazzeo?

Over the past year, Dean Mike Mazzeo has flown a lot of miles and shaken a lot of hands. We tracked the dean’s travels near and far to share some of the highlights.

768 MEETINGS WITH ALUMNI, DONORS, AND BUSINESS LEADERS

65 EVENTS (including 2 Cards games and 1 CITY SC game)

487 ENERGY DRINKS CONSUMED (this is an estimate)

36,796

MILES FLOWN IN THE U.S.

4:45 a.m.

ALARM SETTING

41,397

MILES FLOWN INTERNATIONALLY

206 number of times Dean Mazzeo asked “Where have you been since Olin?”

Welcome Salons (1)

Olin alums generously open their homes for small, getting-to-know-you gatherings in St. Louis, New York, and California to welcome Dean Mazzeo to the Olin community.

Power of Women in Business (2)

This event is designed to connect Olin alumnae and promote the Olin Women in Business program.

St. Louis Sporting Events (3)

Dean Mazzeo gets to know alumni and area business leaders while cheering on the St. Louis Cardinals and CITY SC teams.

MBA 95 Reception (4)

After just eight days on the job, Dean Mazzeo attends an MBA class of 1995 event with Chancellor Andrew Martin and two former deans, Mahendra Gupta and Anjan Thakor.

Scholars in Business (5)

Dean Mazzeo shares remarks honoring Olin’s scholarship donors and their important support of students. Bob Virgil, former dean and longtime friend of Olin, is among the attendees.

Eliot Society Holiday Brunch (6)

Fun is had by all at the annual holiday brunch, especially when Dean Mazzeo poses with the WashU Bear mascot.

Shanghai and Mumbai (7)

As 2024 begins, Dean Mazzeo visits Olin’s Executive MBA partner schools in Shanghai and Mumbai. From campus tours to meeting with students to engaging with alumni, his agenda is nonstop. linkedin.com/in/michael-mazzeo

Thinksgiving Event (8)

Dean Mazzeo joins WashU students, Delmar DivINe organizers, and others to participate in an adaptation of Filament’s Thinksgiving program, a brainstorming event to help regional nonprofits solve their thorniest problems.

Dean’s Conference (9)

In February, Dean Mazzeo crosses the Atlantic to Barcelona to attend the Dean’s Conference put on by the Association to Advance Collegiate Schools of Business (AACSB).

Atlanta Alumni Dinner (10)

Dean Mazzeo continues his cross-country tour to meet alums, stopping in Atlanta to give the keynote address at the annual alumni dinner.

BUSINESS OF HEALTH

INDIVIDUALIZED EDUCATION

NOW IS THE TIME to bring it all together. Our alumni, our faculty, our university, our students, our business partners — this is what makes Olin special. By making the most of these connections, Olin has the opportunity to further distinguish itself and create unprecedented impact.

BUSINESS OF HEALTH

Olin will be the premier institution for the business of health and an engine for innovation at WashU.

ALL TOGETHER NOW

REGIONAL PARTNERSHIPS

INDIVIDUALIZED EDUCATION

Olin will earn a reputation for a distinctive approach to business education that is both highly tailored to each student’s purpose and intensively connected to a network of engaged businesses and alumni.

REGIONAL PARTNERSHIPS

Olin will leverage its preeminence in the region by advancing expertise in private enterprise and driving partnerships to create research insights and unique educational opportunities.

with Dean Mike Mazzeo Q&A

Q: WHAT’S THE OVERARCHING AIM OF OLIN’S STRATEGIC PLAN?

A: Impact. Impact underpins everything in our new strategic plan. It’s why we’re here. We drive that impact through the world-class research of our faculty, the individualized formation of our students, and the connections we build with the business community. And Olin has a history of not just impact but outsized impact, made possible through WashU’s dynamic ecosystem. For example, despite our size, we rank in the top 10 for producing Fortune 1000 C-suite leaders, and in our region, 50 CEOs call Olin their alma mater. That’s a lot of impact for a school the size of Olin. And there’s so much more we can do.

Q: WHY NAME THE PLAN “ALL TOGETHER NOW”?

A: Our faculty, our alums, our students, our business community, our university — these are amazing assets. When we invest in these partnerships, we can achieve even greater impact. Olin’s strategic plan allows us to build a more connected future. Greater connectivity will drive significant impact on our education, research, and outreach. And ultimately, this plan will expand our positive influence on society.

Q: HOW DOES THIS PLAN REFLECT AND ADVANCE WASHU’S PRIORITIES?

A: At his inauguration, Chancellor Martin established three priorities: academic distinction, educational access, and St. Louis. The university’s strategic plan advances these priorities through initiatives with research, people, and community. Our strategic plan closely aligns with the university’s vision. Our business of health initiative connects with medicine and public health, two of the areas of greatest focus in terms of academic distinction and research. Our individualized education initiative connects directly to WashU’s commitment to making this an ideal place for students. And our regional partnerships initiative is the quintessential expression of supporting the local community and being “In St. Louis and For St. Louis.” Through these connections, Olin and WashU both become so much more impactful.

Q: WHAT DOES AN INITIATIVE ABOUT HEALTH MEAN FOR A BUSINESS SCHOOL?

A: Health represents such a huge sector — it’s essential for business to have a seat at the table when we’re thinking about health solutions and impact. WashU has a phenomenal health infrastructure with the Medical School and planned School of Public Health. It makes all the sense in the world for Olin to leverage our own strengths and expand them to complement what’s going on university-wide. And I’m grateful to David Perlmutter, dean of the School of Medicine, and Sandro Galea, inaugural dean for the planned School of Public Health, for their sincere commitment to making these partnerships work. We have incredible opportunities here when it comes to the commercialization of discovery and the promotion of research-based solutions that will have a significant impact on society.

Q: HOW IS OLIN’S WORLD-CLASS EDUCATION REPRESENTED IN THE PLAN?

A: People at WashU have said for years, “We know our students by name and by story.” That’s real, that’s authentic, and that’s why this idea of individualized education is a key part of the plan. The Bauer Leaders Academy helps students to understand their purpose. Each student will want to take advantage of different opportunities based on that individual purpose — we must be able to meet those personal and professional development needs and aspirations. At our size, we can do that. We can personalize the educational experience, ensuring each student meets and exceeds their goals.

Q: HOW IS OLIN SEEKING TO ENGAGE WITH THE BUSINESS COMMUNITY?

A: This plan spells out the importance of being more connected to the region’s business community. In a lot of ways, the story of Olin is the story of our partnerships with businesses. This connectivity will bring tremendous opportunity to the business school. For decades, Olin has been a trusted partner for producing talent and generating research insights that benefit our region. This is a two-way street, right? Through these same relationships, business provides our faculty access to information that contributes to their research. Business also enables our students to grow through experiential learning opportunities, internships, industry convenings, and more.

Q: HOW CAN ALUMNI SUPPORT OLIN IN DRIVING FORWARD THIS PLAN?

A: The support of Olin alumni is absolutely critical to the success of this plan. Our graduates can be found launching a new venture, building the next generation of a company, or leading a massive enterprise. All these successes represent real opportunities for the education of our students and the research of our faculty. There are so many different ways for alumni to engage with Olin — through mentorship, through teaching opportunities, through philanthropy, and through the support of our students. I’ve talked to so many alumni about the plan, and it’s incredible to me how enthusiastic they are — they tell me it feels authentic, it feels like Olin.

Q: WHEN YOU USE THE WORD AUTHENTIC, WHAT DO YOU MEAN BY THAT?

A: Olin has a really rich tradition and history. This plan honors that. It celebrates that. And it builds on that. I’m proud of this plan and grateful to the many people who contributed their wisdom and insights these past months. At Olin, I believe we build and nurture relationships better than any other business school — relationships between and among students, faculty, staff, alumni, and our thriving business community. Part of the reason we’re extraordinary at relationships is because of our scale and our attentiveness to people. At the same time, we’re part of a university that’s doing so many interesting and exciting things. This plan leverages our legacy strengths. And it connects to our university and our community in a way that will amplify our impact.

INDIVIDUALIZED EDUCATION

This plan leverages our legacy strengths. And it connects to our university and our community in a way that will amplify our impact.

THE BUSINESS OF HEALTH

Olin seizes fantastic opportunity to become the preeminent school in the business of health and an engine for innovation at WashU.

BY JILL YOUNG MILLER

The business school has long produced leaders in the health sector, and WashU enjoys an international reputation in health. The university is doubling down on its activities by founding a school of public health and enhancing its commercialization capabilities. Now, Olin is committed to expanding its strengths and leveraging WashU’s investments, regional partners, and distinguished alumni to positively impact one of the largest business sectors.

“Impact is at the heart of Olin’s research and education mission,” Dean Mike Mazzeo said. “We have an extraordinary opportunity to advance our mission by driving this key initiative in the business of health. Whether it’s training the next CMO, clearing the path to create a new medical product, or serving as a thought leader for industry, we have the chance to make lasting, meaningful change.”

Olin will make strategic investments in health across its educational programming, research, and commercialization efforts.

“I’m excited by the strategic direction Olin has set,” said Chancellor Andrew Martin. “Olin’s strategy reflects and advances our university’s top priorities. Olin has a proud history, and this next chapter in the school’s story will be a memorable one.”

Provost Beverly Wendland agrees. “With our university’s strategic plan, Here and Next, we aim to generate solutions to the deepest societal challenges,” Wendland said. “A business lens is essential to understanding problems and creating answers that are both scalable and sustainable. Olin’s plan will further advance our university’s commitment to driving impact.”

Olin faculty members have long studied how to improve the business of health and people’s outcomes. Longtime faculty member Bart Hamilton, the Robert Brookings Smith Distinguished Professor of Economics, Management, and Entrepreneurship, for instance, has studied the effects of insurance mandates on outcomes in infertility treatment markets, time-of-day effects on surgical outcomes, whether hospital consolidations harm patients, and the gender gap in National Institutes of Health grants. The list goes on.

“Health is intertwined with business and work and so forth, so Olin should engage in the health arena.”

— Bart Hamilton, Robert Brookings Smith Distinguished Professor of Economics, Management, and Entrepreneurship

In addition, many alumni have founded or operate businesses that focus on healthcare access, innovations, and the well-being of society.

Dr. Patrick Aguilar’s own professional journey taught him the value of business training for health leaders. Aguilar, EMBA 2020, is so excited about Olin’s plans that he’s left Chicago and has returned to Olin as a professor of practice and founding director of Olin’s health initiative.

“This is a great opportunity for Olin to leverage what it’s good at and improve things in an industry that sorely needs improvement.”

— Dr.

Patrick Aguilar, Founding Director, Olin Health Initiative

FACULTY AND STUDENTS ENGAGE IN THE SPACE

Think back to the shortage of ventilators during the early waves of the COVID-19 pandemic. When some states critically needed ventilators, many of the machines sat idle in other states.

Durai Sundaramoorthi, a professor of practice in data analytics, and other Olin researchers decided to test algorithmic models to learn how hospitals could share ventilators. They based their study on real-time data during three weeks of the pandemic.

The model they created, which can be applied in future health emergencies, could have saved many lives.

“Even in places like New York, where there was high demand, we could have met 98% of the demand.”

— Durai Sundaramoorthi, Professor of Practice in Data Analytics

The team took home a 2024 Olin Award for its work. See page 48.

Students play a role in research as well. In the summer of 2020, for instance, Professor Peter Boumgarden and then-student Marshall Pollack partnered with the medical school’s faculty and its informatics group to evaluate resources in relation to COVID-19 cases. They modeled the surge in the use of hospital rooms so BJC HealthCare could better plan for times of exceptionally high demand.

“This was a meaningful and valuable experience, and I appreciated the opportunity to apply what I learned at WashU to support our community during such a critical time.”

— Marshall Pollack, Project Leader, Boston Consulting Group

Pollack, who graduated with his MBA in 2021, said, “This experience I share with people interested in attending WashU.”

Salih Tutun, an Olin lecturer on data analytics and researcher on the ventilator project, was also on a team that created a mental health innovation named MDScan. It uses color imaging to identify 10 common mental disorders, such as depression and anxiety. Mental health professionals can use MDScan to screen patients and monitor their progress.

“The demand for mental health services is exploding around the globe,” Tutun said, and so is the demand for automated tools for screening, diagnosis, and monitoring. About 970 million people, nearly one in eight people globally, lived with mental disorders in 2019, according to the World Health Organization. The crisis has only deepened since the pandemic.

MDScan took the top award in 2023 at an international competition by the Institute of Industrial and Systems Engineers to showcase solutions to business or social problems. It beat competition from Amazon, Airbus, IBM, DHL, and others.

Durai Sundaramoorthi

DRIVING SOLUTIONS TO U.S. DRUG SHORTAGES

Tony Sardella, the senior research advisor at Olin’s Center for Analytics and Business Insights (CABI), exposed the root causes of critical drug shortages in the United States with his research. Today, he’s working to restore domestic production of active pharmaceutical ingredients (APIs).

The pandemic highlighted the vulnerabilities of relying on overseas manufacturers, particularly in China and India. In 2021, Sardella founded the API Innovation Center (APIIC) in St. Louis after he conducted a study at Olin with alarming results.

“Our supply chain was quite fragile, and our health security was at risk. More than 80% of the active pharmaceutical ingredients for essential medicines had no U.S. manufacturing source.”

— Tony Sardella, Senior Research Advisor, Center for Analytics and Business Insights

“These are cardiovascular drugs, medicines for cancer, medicines for thyroid,” Sardella said. Of the top 100 generic drugs that Americans take, 83% have no API source in the U.S. “You end up with a very fragile system that can lead to drug shortages for patients.”

The center, in the Cortex Innovation District, is a nonprofit funded partly by the state of Missouri, the Missouri Technology Corporation, and the federal government. It’s working to build a robust domestic supply chain of pharmaceutical ingredients.

In September, APIIC announced it received $14 million from the U.S. Administration for Strategic Preparedness and Response to lead the development and domestic production of three critical active pharmaceutical ingredients to treat asthma, diabetes, and anxiety disorders.

The center already has a significant chemotherapy drug — lomustine — in its pipeline. Lomustine treats glioblastoma, the most common and deadliest type of brain cancer. This year, the center selected the St. Louis-area firm Apertus Pharmaceuticals to manufacture it.

An economic analysis by CABI found that the APIIC-led effort could add $1.2 billion in regional economic impact over the next five years, based on estimated economic growth from reshoring the production of 25 APIs and the resulting generic drugs. It includes the direct effects of job creation as well as the ripple effects of those jobs throughout the regional economy.

Tony Sardella

OLIN ALUMNI LEAD BUSINESSES IN THE SPACE

Of course, many Olin alums are founders and leaders of health-related businesses. For instance, Dr. Linda X. Wu, PMBA 2023, is a pediatrician and assistant professor at WashU Medicine. She’s cofounder and CEO of MiDoc Inc., a medical device startup that taps into the third dimension of telehealth: the physical exam.

She created MiDoc, a zip-on vest that can record and transmit real-time physical exam information from a patient at home, such as the sound of a patient’s heart and lungs. It can also transmit a complete medical-grade electrocardiogram to evaluate the electrical health of the heart. That data could show, for example, whether a patient is having a heart attack.

Dr. Eric C. Leuthardt is a neurosurgeon who’s chief of the Division of Neurotechnology at WashU Medicine. His research focuses on brain-computer interfaces and brain mapping, using engineering approaches to create diagnostics and treatments for brain tumors, stroke, chronic pain, and spinal cord injury. He has 578 patents with the U.S. Patent and Trademark Office and more than 1,000 pending.

Leuthardt, EMBA 2024, founded his first company, Neurolutions Inc., in 2008. It leverages brain-computer interface technology, and its first product, the IpsiHand System, is for upper extremity rehabilitation in chronic stroke patients.

“It’s a wearable headset and a robotic exoskeleton,” Leuthardt said. “When patients use it over a period of time, it induces a fundamental brain plasticity and change of brain networks that allows them to regain function of their hand.”

The FDA approved the device, and now it’s sold commercially. “The demand is massive because there are 300,000 to 400,000 patients who have a stroke every year,” Leuthardt said. “There are millions of people in the United States who have this problem. And it’s changing people’s lives.”

Leuthardt pursued his EMBA because he wanted to run his own companies. “In addition to inventing and creating, I like leading,” he said.

“Olin gave me the skills and the wherewithal and the confidence to lead, to be the CEO of my first company.”

— Dr. Eric Leuthardt, Chief of the Division of Neurotechnology, WashU Medicine

He started the neurotechnology company Aurenar Inc. in December 2023. It’s developing a noninvasive wearable, disposable device that can reduce inflammation in patients in intensive care, thereby improving their outcomes, he said.

A patient will be able to wear the device in an ear, which the device stimulates, activating the body’s naturally healing vagal nerve response. Leuthardt keeps a prototype on his desk at his office near his lab in the Cortex Innovation District.

Dr. Eric Leuthardt

Dr. Linda X. Wu

BETTER HEALTH INFORMATION

Nate Maslak ’s passion lies in cleaning up information about healthcare providers so people can quickly access the care they need. When people get sick, many visit their health plan’s website. “Unfortunately, the information on those sites is highly inaccurate,” Maslak, BSBA 2011, said. “Eighty percent of provider records for the top five plans have errors. So that’s a huge barrier to access to care.”

Maslak cofounded the company Ribbon Health in 2016 and is its CEO. It partners with health plans, primary care companies, and other organizations to solve the problem of fragmented and inaccurate data about doctors and other providers. Its platform manages information for healthcare enterprises, including insurance accepted, cost, quality, and experience.

In 2021, Ribbon Health landed a $43.5 million Series B investment, accelerating the company’s growth and scale. “Ultimately, Ribbon will become the connective tissue that allows patients to find the care they need across any touch point in the healthcare system,” Maslak said.

Maslak, who lives in New York City, said Olin gave him the tools to lead. He majored in economic strategy and healthcare management.

“It was a four-year holistic experience focused on ethical decision-making with supportive professors who really encouraged us to work together to make good data-driven and valuesbased decisions.”

— Nate Maslak, CEO, Ribbon Health

In 2023, Ribbon was recognized as the “Best Health Information Exchange Solution” by the MedTech Breakthrough Awards.

MORE ACCESS TO HEALTHCARE

After he completed his EMBA in 2020, Dr. Patrick Aguilar took a sharp career turn. He left his role as the director of medical critical care at the WashU School of Medicine to help the convenience store company QuikTrip Corp. expand into the healthcare market.

“I was attracted to the idea that I would be put in situations that physicians don’t normally get to do,” he said.

“I got to take the things that I had learned at Olin and level them up through practical application.”

— Patrick

Aguilar,

Founding Director, Olin Health Initiative

As chief medical officer for MedWise Urgent Care, which QuikTrip launched in September 2020 (during the pandemic), he spearheaded opening 13 urgent care clinics in northeastern Oklahoma.

“We created points of access for people who otherwise would have to wait a long time to see a primary care doctor for an urgent problem or try to go to the emergency room for care that wasn’t that serious,” he said. “What QuikTrip has done in the northeast Oklahoma region for increasing access to care is remarkable.”

Aguilar was chief of pulmonary and critical care medicine at Endeavor Health in the Chicago metro area until he started his new role at Olin Business School.

Dr. Patrick Aguilar

ADDRESSING THE PAIN POINT OF PAYING

Brian Whorley, PMBA 2012, created the company Paytient in 2018 to lessen the pain of paying out-of-pocket healthcare costs.

Based in Columbia, Missouri, Paytient improves the ability of people to self-pay for healthcare, making care more accessible and affordable for more people. Members use their Paytient card, referred to as a health payment account (HPA), to cover out-of-pocket costs over time with no interest or fees.

“The ability to pay for care is a social determinant of health.”

— Brian Whorley, CEO, Paytient

“The idea of Paytient was to provide people an effortless way to pay for care. The thesis was that if you enhance the ability of a population to pay for care, it causes healthcare to happen. Folks will get care. They’ll tend to get earlier care more often. And that is a net societal benefit for everyone,” he said.

Whorley said that HPAs are different from traditional health savings accounts because they can be used by anyone, regardless of their health insurance plan.

It’s a concept more Americans will soon experience thanks to the Medicare Prescription Payment Plan, Worley said. Beginning in January, Medicare Part D plans must give beneficiaries the option to pay eligible prescription drug costs over time.

“Paytient will be part of nearly 25 million Americans’ health care plans,” Whorley said. “It’s an incredible responsibility and affirmation of our mission to help people better access and afford care.”

The company is doing well. Since its launch, it has raised nearly $215 million in equity and debt financing, Whorley said.

GETTING THERE, FREE OF WORRY

What good is a doctor’s appointment if you can’t get there?

Alaina Macía, MBA 2002, is president and CEO of Medical Transportation Management Inc., a national leader in the healthcare transit industry. Based in St. Louis, MTM operates in all 50 states and provides people with 35 million rides a year.

The non-emergency medical transportation broker mainly serves Medicaid members, along with Medicare and Medicare Advantage members. Its client base also includes state and county governments, departments for aging, public transit agencies, community groups, and managed care organizations.

Getting people to medical appointments is only part of the battle to improve health outcomes, Macía said. Her vision is to ensure all sorts of services are available to people, including access to work, education, and social services.

“Everybody’s aware of the social determinants of health. And transportation is a key in SDOH,” she said. “Your healthcare outcomes are dictated by where you live, your access to fresh groceries, your ability to access quality healthcare, education, a good job. Safety as well. You can’t take for granted that you can go out and jog on the street in a nice neighborhood.”

Macía’s father, Lynn Griswold, and her stepmother, Peggy Griswold, founded the company in 1995 after they realized the difficulty that health plans and government organizations encountered with transportation services.

Brian Whorley

When Macía took the reins, she was 27, and the company’s annual revenue was $30 million. By 2005, she was MTM’s CEO. Today, its annual revenue is $1.75 billion.

“I was given the opportunity to learn on the job and make good decisions and make some not-so-great ones and learn from them and grow the business,” she said.

“Learning through the case study approach, working in team settings, working on financial modeling really gave me the toolkit to walk into this job and hit the ground running.”

— Alaina Macia, President and CEO, Medical Transportation Management Inc.

She credits Olin with preparing her for success and applauds its claim on the business of health. “It all ties together,” said Macía, who’s on WashU’s Board of Trustees. “I’m glad to hear that Olin is going down this path.”

Brian Whorley, CEO of Paytient, agrees.

“Olin prides itself on the ability of its graduates to imagine a world that doesn’t yet exist and to produce knowledge that changes the world. Healthcare is an incredibly important space,” he said.

“There are all manners of ways in which we can help people live longer, happier, healthier lives.”

Alaina Macía

Sobriety Hub

Clay Canfield might not have followed the most traditional path to entrepreneurship. After starting at WashU as a film and finance major, he took a hiatus to work as a house manager at a sober living home. The experience would be a defining moment, sparking a passion for helping those in recovery and ultimately leading him to found Sobriety Hub, a rapidly growing software company.

There was a real gap between what these recovery homes needed and what was available.”

— Clay Canfield, BSBA 2023

Sobriety Hub’s web-based software streamlines operations for recovery homes — what Canfield describes as a cross between a healthcare facility and a short-term rental — where residents continue their recovery from substance abuse addiction in a group setting with support and accountability.

“They were essentially using spreadsheets to manage everything — resident information, medications, chores, curfews. It was a nightmare, and there was no way to track progress over time,” Canfield said.

This lack of data is a major barrier in the recovery field. “High-quality recovery homes know their approach works,” Canfield said, “but without data to prove it, insurance companies and Medicaid won’t cover it. Sobriety Hub aims to change that.”

Canfield’s software allows managers to easily track resident progress in recovery, keep track of drug tests, medications, chores, recovery meetings, payments, forms, and paperwork, and to generate reports.

By creating a user-friendly web app, Sobriety Hub operates at the level of individual operators. However, its long-term mission is to use resident outcomes data to uplift the entire recovery house industry, helping certified recovery homes get the recognition and resources they deserve.

The idea for Sobriety Hub wasn’t born in a vacuum. Canfield credits WashU Olin with providing the tools and support he needed to turn his vision into reality.

Being surrounded by people who were passionate about creating cool things made me feel like this idea was achievable.”

— Clay Canfield

Canfield found inspiration in entrepreneurship classes by Doug Villhard, a professor of practice in entrepreneurship at Olin. “He really emphasized that understanding your customers’ needs is the key to success,” Canfield said. “We’ve incorporated that philosophy into everything we do at Sobriety Hub.”

He recalls cold-calling directors of sober living homes in mid2022 to pitch the product and finally getting a nibble with Dawn Smith, director of Hilljack House in the St. Louis area. “She took a risk on us,” Canfield said. “She bought a year’s subscription, and because she was one of our first customers, she received excellent attention. We went hard, making sure she was happy. It validated the idea.”

The result: a better product. For example, early client interactions led to the ability of directors to create customdesigned intake forms. “Every feature, every workflow, every button is laid out in an original way. But it’s not our idea. It’s literally customers. It’s a product of their needs,” he said.

That focus on the customer has paid off. Since its launch in April 2022, Sobriety Hub has seen impressive growth. The company’s first sale came in the fall of 2022, and within a year, annual recurring revenue had grown 5.8 times.

“We’ve got a few hundred houses using the software,” Canfield

Clay Canfield and Dawn Smith discuss progress being tracked by Sobriety Hub Software.

said, “and we’re working toward larger contracts with state governments, aiming to get them to cover subscriptions for all recovery house operators in their jurisdiction.”

Canfield notes that Sobriety Hub isn’t seeking explosive growth but a sustainable, long-term business that makes a real difference in the lives of people in recovery. This commitment to social impact is further underscored by Sobriety Hub’s supporter and company advisor Patrick Kennedy, a former congressman and vocal advocate for mental health and recovery. Kennedy lends crucial credibility to the company’s mission.

“As an active member of the recovery community, I know how important sober housing is to helping gain long-term sobriety,” Kennedy said in a news release announcing his support. “I am absolutely committed to getting all payers to finally recognize this crucial element of the recovery continuum, and I’m excited that Sobriety Hub is doing the important work of ensuring we do sober living in the right way.”

Canfield reinforced the point: “We want to be the data provider that proves the effectiveness of highquality recovery housing. With that data, we can advocate for wider insurance coverage and make recovery more accessible to everyone who needs it.”

STARTUP STATS

• Incorporated, April 2022

• First sale, fall 2022

Team Members

• C lay Canfield, founder and CEO

• Joe y Lanfersieck, cofounder, software engineer

• A ndrew Carpenter, software engineer

• P atrick Kennedy, former congressman, advisor FUNDING/ COMPETITIONS

Investments

• $10K from angel investor

• O ffered, but declined $250,000 SAFE (simple agreement for future equity) investment at $2 million market cap

Non-dilutive investments, grants, and prizes

• H olekamp Seed Fund, $2,000

• S kandalaris Venture Competition, first place, $10,000

• D ePaul University Pitch Competition, $1,000

• S eed funding from The League entrepreneurship class at WashU

MORE INFORMATION sobrietyhub.com

Research Insights

Our faculty’s research reputation is distinguished, and our research insights shape academia and business.

Olin Award 2024

STRONG INNOVATION NETWORKS

Well-linked inventors in a firm can piggyback on previous innovations.

Many companies have failed to quickly capitalize on their technologies only to watch rivals come up with new uses for  the firm’s inventions.

Decades ago, for instance, Merck developed Boceprevir to fight hepatitis C. Recently, Pfizer found a way to redeploy Boceprevir as its blockbuster COVID treatment drug Paxlovid. Pfizer raked in billions while Merck watched from the sidelines.  A 2022 estimate suggested Pfizer would realize $17 billion from Paxlovid in that year alone.

“By not acting quickly enough, many firms have failed to exploit technologies in which they should have had a lead over rivals.”

— Nick Argyres, Vernon W. and Marion K. Piper Professor of Strategy

Olin professor Nick Argyres and his coauthors set out to learn how organization structures within large companies stimulate innovations that build on their previous inventions. They used patent data from 1,391 large corporations over 26 years, along with social network measures.

They found that companies with the most connected internal inventor networks build on their own innovations the fastest. They measured connectedness based on patent coauthorship patterns, and they measured companies’ building on prior innovations using patent self-citations. In earlier research, they showed that connectedness was associated with more impactful innovations.

The speed effect is significant in the critical first few years after an initial invention.

“One of the strengths of this research is that it’s extremely broad in its coverage of different industries,” Argyres said.

The companies they studied were active in industries including pharmaceuticals, chemicals, electronics, machinery, oil and gas, transportation, food processing, and more. “Any industry with significant patenting in the United States,” he said.

“A message of our research is that companies should make great efforts on those connections.” —

Nick Argyres, Vernon W. and Marion K. Piper Professor of Strategy

“It’s precisely when they get very large that it’s hard to connect people,” he said. “A message of our research is that companies should make great efforts on those connections.”

The findings are significant because many decisions executives make affect how researchers connect (or don’t) with each other in the company. Taking into account that connecting those inventors — making them more aware

$17 BILLION

A 2022 estimate on how much Pfizer would realize from redeploying Boceprevir as its blockbuster COVID treatment drug Paxlovid.

1,391 The coauthors leveraged patent data from 1,391 large corporations.

of what others are doing and encouraging them to work together — is an essential part of research management that executives should take into account in a host of decisions they make.

The researchers found that a certain kind of connectedness is especially effective for building on a company’s innovations.

“You want very tight clusters of researchers,” Argyres said. Then, he said, you want to connect those tight clusters with other inventors.

26 YEARS

The research team gathered data from over 26 years, along with social network measures.

TAKEAWAYS

• Large companies with deeply connected internal networks of inventors build on their own innovations the fastest.

• The results are generalizable across the many industries in which patenting is important.

• Connecting inventors — making them more aware of what others are doing and encouraging them to work together — is crucial for managing R&D in large companies.

PUBLICATION

“Internal Network Structure and the Speed of Generative Appropriability,” Strategic Management Journal, under review

OLIN FACULTY

Nick Argyres, Vernon W. and Marion K. Piper Professor of Strategy

COAUTHORS

• Luis Rios, Purdue University

• Brian Silverman, University of Toronto

OLIN AWARD: RESEARCH THAT TRANSFORMS BUSINESS

The Olin Award recognizes scholarly research by our faculty that has timely, practical applications for complex management problems. Richard Mahoney, Olin distinguished executive in residence and former chairman and CEO of Monsanto, initiated the award in 2007. The award comes with a $25,000 prize, which was split this year.

Olin Award 2024

CRISIS MANAGEMENT

In a crisis, machine learning can optimize the sharing of medical resources.

Addressing supply shortages in an organization is like trying to hit a moving target: As the situation evolves, the problem often shifts with demand.

Patients at U.S. hospitals during the early waves of the COVID-19 pandemic experienced that pain. Shortages of vital supplies — namely, lifesaving ventilators — spiked in various states as the virus quickly spread. Researchers jumped on the ventilator issue when it emerged in 2020. They tested algorithmic models for sharing the machines, based on data about needs across the United States during three weeks early in the pandemic. As we all sadly remember, some states had a critical need for those lifesaving ventilators, while others had a surplus.

“You have resources available in one place, with a lot of demand in another place, and there’s no real mechanism to share. We thought, ‘This is certainly one of those problems where we can create a model to share resources in a systematic way,’” said Durai Sundaramoorthi, professor of practice in data analytics.

“This is life. We are helping healthcare professionals give the best treatment. That’s very close to our hearts.”

— Durai Sundaramoorthi, Professor of Practice in Data Analytics

The researchers discovered a powerful way to address supply shortages. Their model to share resources in an emergency indicated it can meet 98% of the demand in highly stressed states and almost 100% in other states. Had it existed in 2020, it could have helped save lives.

The team found that the most effective models use deep Q-learning, a form of machine learning that allows the model to learn from many iterations of solving the problem. It learns like a baby, Sundaramoorthi said, “like how a newborn baby slowly learns different things and eventually becomes like a supersmart human being.”

The model is called an agent, and it figures out how to shift resources from place to place. “The beauty of the Q-learning model is that once you train the [decision-making] agent, you can use it in the future,” Sundaramoorthi said.

The researchers said that, in an emergency, a national authority could intervene to implement a model such as the one they tested. They hope to expand the research to other areas, including emergency rooms within various regions that could benefit from sharing resources during a crisis.

98% OF EMERGENCY DEMAND MET IN STRESSED STATES

~100% OF EMERGENCY DEMAND MET IN OTHER STATES

TAKEAWAYS

• The model can save lives. In an emergency, it can meet 98% of the demand to share ventilators in highly stressed states and almost 100% in other states.

• The research can apply

PUBLICATION

“Management of Resource Sharing in Emergency Response Using Data-Driven Analytics,” Annals of Operations Research

OLIN FACULTY

COAUTHORS

• Hema Sundaramoorthi, Washington University School of Medicine

• Jifan Zhang, Olin MSA 2021

SHARING PERSONAL DETAILS CAN CEMENT RELATIONSHIPS AT WORK

Many employees struggle with how much personal information to share with colleagues. Family situations, religious affiliations, health challenges — all have the potential to create discomfort or put coworkers at odds.

In a study published in Organization Science, “The More You Know: The Impact of Personal Knowledge on Interpersonal Treatment at Work,” Ashley Hardin, an assistant professor of organizational behavior, focused on the macro view of workplace sharing.

She found a “persistent, positive effect” of learning personal information about colleagues: One sees them more fully as people and is more willing to respond to their needs. The effect held up even when some of the information could cause potential friction.

“Allowing a broader window into who you are has positive implications for relationships,” Hardin said.

GENDER GAP IN PATENT APPLICATIONS EXPLAINED

Women make up nearly half of the U.S. workforce but account for a fraction of patents. The disparity has implications for innovation, economic growth, and career advancement.

“Attrition and the Gender Patenting Gap,” accepted at The Review of Economics and Statistics, explores the role of persistence in the application process.

The central finding: Women are less likely than men to continue pursuing a patent after an initial rejection, though initial rejections are commonplace for

“Gender disparities in inventing are important to understand because they can have downstream implications for economic inequality,” said Oren Reshef, assistant professor of strategy and entrepreneurship and one of the paper’s authors.

Patents can affect careers because inventors can commercialize or sell patent rights. Plus, people with patents do better in the job market.

The research relied on data from the U.S. Patent and Trademark Office. It shows women are 3.7–6.9 percentage points less likely than men to continue in the application process after an early-stage rejection. Male-female disparities in the propensity to abandon applications account for more than half of the gender gap patents issued.

The study’s findings highlight the importance of persistence to overcome the gap in innovation.

WHEN FIRM PERFORMANCE IS REVEALED, WOMEN EXECS ADVANCE

In the corporate world, 60% of junior managers are women. At the CEO level, 5% are women.

New research shows female executives are more likely to advance when their firm’s performance is disclosed, said Ulya Tsolmon, assistant professor of strategy. That way, the information can catch the attention of others in the labor market.

“The Role of Information in the Gender Gap in the Market for Top Managers: Evidence From a Quasi-Experiment” is forthcoming in Strategic Management Journal

“Gender disparities in inventing are important to understand because they can have downstream implications for economic inequality.”

— Oren Reshef, Assistant Professor of Strategy and Entrepreneurship

Firms and executive headhunters pay attention to the top management teams of visible, high-performing firms, Tsolmon said. As firms disclose their performance, members of their top management team — men and women — are likely to be poached.

“Increased disclosure of reliable information about firm performance should improve the career advancement of women executives,” she said.

Tsolmon used a dataset of 303,778 public and private firms in nine European countries to document the gender gap in external promotions of women executives.

“We find that clubs that have more lax immigration rules tend to defeat their opponents.”

— Seth Carnahan, Associate Professor of Strategy

The European Union’s change in regulations in 2005, the International Financial Reporting Standards (IFRS), required all companies listed on the main European stock exchanges to disclose financial information in a standardized way.

The increase in disclosure and comparability of firm-level information led more financial analysts to follow firms that adopted IFRS.

After the regulation took effect, the probability of a woman moving to an external firm with a promotion increased by 60.5%, according to the research.

THE VALUE OF SKILLED IMMIGRANT WORKERS TO ORGANIZATIONS

Skilled immigrant workers can give organizations a measurable competitive edge — not just because of their specific skills, but also because of the strategic options they unlock for employers.

Olin’s Seth Carnahan, an associate professor of strategy, focused on the impact of foreign-born players signed to European professional football (soccer) clubs.

He and the coauthors of “Does Employing Skilled Immigrants Enhance Competitive Performance? Evidence From European Football Clubs,” in Management Science, focused on the five most successful European leagues.

The researchers tracked the number of foreign players on each team from year to year and how the teams performed in interleague competitions.

“We find that clubs that have more lax immigration rules tend to defeat their opponents,” Carnahan said. Adding one immigrant player to a team could improve a club’s probability of winning that match by 2% to 5%.

The researchers evaluated players’ success, including scoring, passing and starting, and found immigrant players did better than domestic players. Carnahan noted some potential reasons. Clubs face significantly higher obstacles to recruit them, so only top players are worth the extra effort. And the pool of global talent is simply deeper than that of any individual country.

The researchers also looked at a novel effect of hiring immigrants: the new strategies they add to teams. “Different countries have different styles of play that you learn when you’re coming up through the ranks,” Carnahan said.

The researchers used data about how often teams passed the ball to show that those with more immigrant players had more unusual strategies and better performance.

When applying the research outside of sports, Carnahan said it’s most relevant to industries hiring workers with unique skills, such as software engineers to do a particular type of coding.

CLAW-BACK BONUS INCENTIVE SCHEMES CAN LEAD TO BIG LOSSES

When sales bonuses are “loss framed” — prepaid to salespeople, then clawed back if they don’t meet their targets — is the result more sales? Not necessarily.

Behavioral economics suggests that businesses could benefit by adopting the incentive. But new research presents strong evidence against it, based on a field experiment featuring a national car company, 294 dealers, and a whopping $66 million in bonus payments randomized in the study for pre-or post-payment.

In all, 140 dealerships were assigned to the loss-framing/ prepayment claw-back scheme. That led to an estimated 5% reduction in unit sales, resulting in more than $45 million

of lost revenue over four months, said Lamar Pierce, Olin’s Beverly and James Hance Professor of Strategy. “The loss-framed prepayment scheme resulted in lower total sales,” he said.

In addition to lost revenue, the study’s results indicate loss framing can increase in incentives for “gaming” behaviors at dealerships, the authors found. Dealers sacrificed sales in the low-bonus group to make sure they hit targets in the high-bonus group.

The findings are a cautionary tale for organizations designing incentive structures.

“The Negative Consequences of Loss-Framed Performance Incentives” is forthcoming in the American Economic Journal: Economic Policy

“That loss framing led to an estimated 5% reduction in unit sales, resulting in more than $45 million of lost revenue over four months.”

— Lamar Pierce, Beverly and James Hance Professor of Strategy

294 DEALERS

294 dealers participated in this randomized study.

$66 MILLION

$66 million in bonus payments was randomized in the research study for the value of pre- or post-payment to salespeople.

140 DEALERS

In this study, 140 car dealerships were assigned to the lossframing/prepayment claw-back scheme.

$45 MILLION

The use of a prepayment claw-back scheme resulted in more than $45 million of lost revenue over four months.

TO ENCOURAGE ALLYSHIP, SHOW APPRECIATION FOR IT

Allyship — the practice of relatively advantaged group members acting with the intention to support, advocate for, and improve circumstances for relatively disadvantaged groups — is crucial for inclusive organizations.

Advantaged group members typically are received more favorably within an organization than disadvantaged ones when they speak out against injustice. Their allyship can improve disadvantaged group members’ psychological experience in the organization. For instance, men are more likely to believe other men than they were to believe women when they confront sexism.

“Advantaged Groups Misperceive How Allyship Will Be Received,” published published in Organizational Behavior and Human Decision Processes, finds that people in advantaged groups, particularly men and white people, may not engage in acts of allyship because they underestimate how their actions will be received.

The study found participants significantly increased their  intention to engage in allyship after learning how much it was appreciated.

“The findings offer a new approach for leaders to encourage allyship behaviors in workplaces, education, and beyond.”

— Hannah Birnbaum, Assistant Professor of Organizational Behavior

BUSINESSES CAN SUPPORT EMPLOYEES’ EPIPHANIES

Businesses are trying to embrace employees’ distinctiveness and self-expression. Yet “doing so is more complicated than meets the eye,” said Erik Dane, an associate professor of organizational behavior.

Personal identity is complex and dynamic, and people often lack a comprehensive understanding of who they are, he says in “Promoting and Supporting Epiphanies in Organizations: A Transformational Approach to Employee Development,” published in Organizational Behavior and Human Decision Processes

Organizations can navigate the challenge by inviting employees to undergo a novel method of development designed to produce sudden, personally transformational realizations, or epiphanies. The potential benefits are substantial, Dane said. “Few things are more powerful for people than gaining fundamental insights into who they are.”

Also, promoting epiphanies may enable organizations to bolster employees’ sense of loyalty and commitment and create bonds that endure, even after people exit the organization.

By focusing employee development on identity-related questions rather than identity-related answers, organizations can assist employees in their journeys — and help them understand themselves better along the way.

Engaging in this kind of employee development should be voluntary, and organizations should emphasize the voluntary nature of this program whenever possible, he said.

Class Notes

1950s

Tiia Kari McLaughlin, BSBA 1958, Santa Fe, NM, has lived in a senior retirement community since 2017 and retired in 2019. Her husband, George, passed away early this year. tiiakari@outlook.com

1980s

Samuel Parab, MBA 1981, Princeton, NJ, and his wife, Sylvia, proudly share that their daughter, Liza, is completing medical studies at University of Michigan Medical School. sparab1@gmail.com

Jon M. Althoff, MBA 1982, Plymouth, MN, was appointed president of the Dakota County Regional Chamber of Commerce in mid-2023 after more than a decade of service to the county. As president, he is guiding the chamber’s focus on workforce,

KAREN BRANDING EMBA 2003

St. Louis’ Regional Business Council named Karen Branding its president and CEO, effective May 2024. In this role, she manages the day-to-day operations of the Regional Business Council and continues to expand the scope and depth of the organization’s community initiatives and funding. Branding’s prior experience includes 13 years as senior vice president for external engagement and corporate communications for the Federal Reserve Bank of St. Louis, 15 years in various roles with Anheuser-Busch, and three years as associate dean of marketing and communications at WashU Olin.

advocacy, connection, and community in collaboration with like-minded chambers and entities. althoffjon@gmail.com

William “Bill” A. Buege, MBA 1982, St. Louis, MO, recently published his fifth book of poetry, titled “Lone Prairie” (Burlesque Press, 2024). He also reports that his papers are archived at Northwestern University. bbuege117@gmail.com

Kevin A. Ryan, MBA 1988, Stamford, CT, writes that he has developed interests in digital and blockchain industries in addition to his work in financial services. karyan1@optimum.net

1990s

Thomas “Tom” W. Bassett, AB 1985/MBA 1991/JD 1991/ MSBA 1996, St. Louis, MO, is senior vice president for Northern Trust, overseeing the firm’s personal tax services and estate tax services divisions.

Scott W. Turner, EMBA 1996, Chesterfield, MO, is vice president - commercial partnerships at Shields Health Solutions, focusing on new nonprofit health system partners within the central U.S. s_turner02@charter.net

Aaron L. Boehm, BSBA 1997, Austin, TX, is senior consultant/ architect for Syncron, focusing on the Syncron pricing solution. aaronb13@yahoo.com

Douglas A. Scotti, BSBA 1997, Los Angeles, CA, revived his grandfather’s bourbon brand, Scotti’s Original Springs®, in 2021. The new bourbon, available for shipping to 44 states, blends modern flavors with the nostalgic essence of the 1940s. dscotti@ scottisoriginalsprings.com

Shyam S. Bishen, PhD, PMBA 1999, Basking Ridge, NJ, is head of the World Economic Forum’s Centre for Health and Healthcare. In this role, he engages with political, business, and cultural leaders to shape global health and healthcare agendas to keep populations healthy and

JACKIE LORRAINNE EMBA 2014

In February 2024, Jackie Lorrainne was named senior associate dean of people and culture and chief of staff for WashU Olin Business School. In this role, Lorrainne oversees administrative and executive support functions for Dean Mike Mazzeo as well as all HR and payroll operations for the school. She has been with WashU for 15 years and previously served as a senior advisor to the vice provost and university librarian.

deliver quality care. sbishen@gmail.com

Jeffrey J. Brown, MD, EMBA 1999, Houston, TX, leads the abdominal imaging group at The University of Texas MD Anderson Cancer Center, one of the nation’s top cancer centers. Jeff.brown@health.slu.edu

Leann Chilton, EMBA 1999, St. Louis, MO, was tapped by the Missouri Athletic Club for its 2023 Women of Distinction honor. A member of the National Advisory Council of the Gephardt Institute for Civic and Community

Engagement, she also is currently the chair of FOCUS St. Louis’ executive committee.

Lance A. Goldstein, BSBA 1999, Philadelphia, PA , senior vice president and wealth management advisor at Merrill Lynch, recently celebrated his 25th anniversary with the firm.

Christina M. Loebach, BSBA 1999, Glencoe, IL, joined privateequity-owned O’Hara’s Son Roofing in April.

2000s

Michael “Mike” J. Gallo, BSBA 2000, San Francisco, CA, graduated from Wharton’s MBA Program for Executives in 2023. He recently became the director of business development for Renewable Properties, which focuses on building and operating small-scale utility and community solar, EV-charging, and batterystorage projects throughout the U.S. michael.gallo@gmail.com

SPENCER TODER, BSBA 2009, MBA 2009

ANGELICA HARRIS, BSBA 2021, BSCS 2021, MSCS 2022

Two Olin grads each received awards of $75,000 from Arch Grants, a nonprofit organization that aims to support St. Louis entrepreneurs. Spencer Toder’s startup Constituent Connections has developed a voter relationship management platform used by political candidates and elected officials. Angelica Harris’ company Top Tutors for Us designs educational programs and curriculums for predominantly Black public schools, as well as providing tutoring services. Top Tutors for Us also was among 11 “2024 Startups to Watch,” according to St. Louis Inno.

AUSTIN HOLLO BSBA 2007

The United Way Miami Board of Directors gave Austin Hollo its inaugural Next-Gen Philanthropist Award in January 2024. The award honors younger leaders who have made contributions to the United Way’s mission and vision. In addition to his work with the United Way, Hollo serves on the boards of Florida International University’s Tibor and Sheila Hollo School of Real Estate and FIU’s Center for Leadership. He is chief operating officer of Florida East Coast Realty, a real estate development firm.

Jeff Lash, BSBA 2000, St. Louis, MO, is senior vice president of global product management for Forrester, managing nearly all of the company’s $500M product portfolio. He joined Forrester in 2019 following its acquisition of SiriusDecisions, where he’d worked since 2012. jeff@jefflash.com

Gordon D. McRae, EMBA 2003, St. Louis, MO, in August celebrated 25 years with Emerson.

Shyam Srinivas, EMBA 2003, Pine, AZ, is contracted as a senior project manager with the Grant County Public Utility District. shyamsrinivas68@gmail.com

Shaun Belongie, MBA 2004, Fort Collins, CO, is chief executive officer at New Belgium Brewing, the largest, fastest-growing craft beer platform in the U.S., with iconic brands such as Voodoo Ranger, Fat Tire, Two Hearted, and Oberon, as well as a superpremium wine portfolio featuring wine brands from Napa, Sonoma, Oregon, and New Zealand.

Elizabeth L. (Schiller) Wainwright, BSBA 2004, Kingston, OK, is director of cannabis accounting for Rohloff Associates, responsible for developing an accounting program in advance of the opening of the legal recreational cannabis market in Minnesota. wainwright_elizabeth@hotmail.com

Katherine L. Nowak, MSPT 1999/ EMBA 2007, Marthasville, MO, is vice president of commercial accounts at API Innovation Center, a nonprofit organization dedicated to enabling the delivery of a marketcompetitive commercial supply of U.S.-made active pharmaceutical ingredients (APIs) in support of national health security.

Joshua “Josh” E. Lanzet, BSBA 2009, Venice, CA, is CEO of Silvr. He left Google after 13 years to start the AI-driven platform, which allows consumers to seamlessly shop what they watch, from outfits to accessories, and to make purchases without the need for a second screen experience.

josh@silvr.ai

Michael A. Lourie, PMBA 2009, St. Louis, MO, founded Fresh Notion MarCom Solutions after more than 20 years at AnheuserBusch InBev and BJC HealthCare. The strategy consulting firm is part of Fresh Notion Group, which also provides financial and accounting services. michael.lourie@freshnotiongroup.com

SHRADHA CHALLA MBA 2024

Shradha Challa received the Roslyn and Elliot Jaffe Retail Entrepreneur Prize in May 2024, for her business Rasa Chai. The ICSC Foundation awards the prize to an undergraduate or graduate student who is passionate about launching a new retail concept. The award comes with a $10,000 check and mentoring resources. Rasa Chai currently sells a line of consumer package goods for home-brewing authentic Indian chai; Challa hopes to expand to a line of chai cafes. She developed the business in the Hatchery class at Olin.

Brian P. Sullivan, EMBA 2009, St. Louis, MO, recently retired from WashU after a 40-year career. At his retirement, Sullivan was the executive director of the Medical Scientist Training (MD-PhD) Program, a position he’d held

LORENZA PASETTI MBA 1982

Volpi Foods CEO Lorenza Pasetti was named Mindful CEO of the Year in June 2024 by the Mindful Awards Program. The great-niece of founder Giovanni Volpi, she is the architect of the company’s Raised Responsibly program, a culmination of work with family farmers, harvesters, meat scientists, and academics. Its standards ensure animals have free movement, no gestation crates, and no added hormones. Pasetti grew up in the business, wrapping salami and waiting on customers. She has grown Volpi from a handful of employees to more than 200.

for 30 years. He writes that his future will be spent “traveling, volunteering, and writing the next great American novel.”

2010s

Craig L. Beck, PMBA 2010, Chesterfield, MO, formerly an executive at Equifax, is the founder and CEO of Brighten Employer Services. The company provides solutions to businesses seeking efficient, cost-effective employer services.

craiglbeck@gmail.com

Erica N. (Johnston) Taves, BSBA 2010, Charlotte, NC, recently relocated to Charlotte with her husband, Jonathan. After almost a decade in brand management at General Mills, she is taking a career sabbatical “to refresh and recharge.” She writes that she’ll restart her brand management career in 2025 and is open to opportunities within the Olin network. erica.n.taves@gmail.com

Grace H. Velker, MACC 2011/ MBA 2017, San Francisco, CA , was named head of sales for NAMER ISV Greenfield Sales at Amazon Web Services (AWS). gvelker@amazon.com

Dylan Richter, BSBA 2012, Hillsboro, IL, and his wife, Kaitlin E. Homa, PhD, AB 2012, recently celebrated the one-year anniversary of The Sweet Spot, their retail store selling candy, ice cream, and craft sodas. The couple extends an invitation to Olin students and alums to visit Hillsboro (an hour’s drive from St. Louis) to check out their sweet treats. A recent episode of “How I Built This” with Guy Raz featured the couple’s successful business. dylan@trythesweetspot.com

Class Notes

CDR. TRAVIS HARTMAN, MBA 2007

U.S. Naval Commander Travis Hartman is the new commander of the U.S. Naval Test Pilot School at the Naval Air Station Patuxent River, Maryland. Hartman took command in June 2024 in an in-flight changeof-command ceremony, flying an F/A-18 Super Hornet. Prior to this command, Hartman served as the test pilot school’s executive officer for two years. In addition to his Olin MBA, he is a 2005 graduate of the U.S. Naval Academy. He is from Springfield, Missouri.

Karren Knowlton, PhD, BSME 2009/MBA 2013, Addison, TX, is assistant professor of organizational behavior at The University of Texas at Dallas.

Jeffrey “Jeff” McGovern, PMBA 2013, St. Louis, MO, is the founder and lead financial planner for Haven Wealth Planning, an independent advisory firm serving families and individuals.

Kimberly “Kim” A. Gorsek, PMBA 2015, Medina, OH, is an independent management consultant advising clients including Walmart, WOW!, Flagstar, and Honest Tea. She also is pursuing certification as a meditation teacher, with the goal of introducing the practice of mindfulness to young professionals. kimberlygorsek@gmail.com

Kong Yu “Kenny” Cheung, EMBA-Shanghai 2016, Houston, TX, is the CFO of Sysco. He joined the company after taking Hertz

out of bankruptcy and into a new IPO while that company’s CFO.

Irina Neveleff, PMBA 2016, Panama City, Panama, is business executive officer for Nestlé Purina Latin America & Caribbean, overseeing the Purina division’s business throughout the Caribbean. inneveleff@gmail.com

Andrei Popescu, PhD, MBA 2016, Wilmington, DE, was recently promoted to chief sales officer of Bizmoni Corporation, a Delawarebased startup. andrei.popescu@wustl.edu

Daphne Benzaquen, PMBA 2017, St. Louis, MO, writes that her newest business venture, EMERGE The Agency, was selected as a 2024 Fire Award finalist. The Fire

NATE TURK BSBA 2019

Nate Turk was named to a three-year term in July 2023 as an associate member of Washington University’s Alumni Board of Governors, where he helps the WashU Alumni Association understand and engage with alumni. Turk is senior manager for e-commerce personalization and growth at clothing retailer Torrid. He’s been active in alumni activities in the San Francisco area, including a March 2024 event he cohosted with his partner, Jack Lamarre, BA 2021, in coordination with WashU’s Gephardt Institute for Civic and Community Engagement.

Awards are St. Louis Inno’s premier recognition program, honoring the companies and organizations setting the local innovation economy ablaze. EMERGE The Agency, which Daphne (at right in photo) founded with Jessica Conick (at left), helps fashion

JERRY KENT | BSBA 1978, MBA 1979

Entrepreneur Jerry Kent was honored by St. Louis Inno with its Legacy Entrepreneur Award in July 2024. After beginning his career as a CPA, Kent shifted in 1983 to head up acquisitions and finance for Cencom Cable Associates, Inc., later becoming CFO. In 1993, Kent left to cofound Charter Communications, Inc., serving as its president and CEO until 2001. Since then, Kent has founded private investment firm Cequel III and also leads TierPoint, a St. Louis IT services provider and enterprise data center company. He serves on the WashU Board of Trustees and the Olin National Council.

brands connect with customers, build loyalty, and grow sales by crafting a customized marketing approach.

daphne@emergetheagency.com

Andrew J. Glantz, BSBA 2017, St. Louis, MO, was named to FSR (Full Service Restaurant) magazine’s 40 Under 40 Rising Stars list for founding and scaling his GiftAMeal concept to almost 1,000 restaurants in 38 states, providing over 2 million meals to families in need.

Andrew@giftameal.com

Nicholas “Nick” Leduc, BSBA 2017, New York, NY, is principal, investor relations, for Hayfin Capital. nmleduc@gmail.com

Yiming Liu, MSSCM 2017, Santa Clara, CA, is supply chain program lead at TikTok.

Candace N. Nicol Farmer, BS 2009/EMBA 2019, Wildwood, MO, is regional account executive for Baylor Genetics. cnnfarmer@gmail.com

Ony C. Mgbeahurike, MBA 2019, Philadelphia, PA, is brand manager for Pepperidge Farm Cookies at Campbell Soup Company.

Christopher A. Nelson, BSBA 2019, Tiburon, CA, was promoted to head of digital asset research at Blockchain Coinvestors, a web3-, blockchain-, and digital assetfocused venture capital fund.

Ariana Phillips, BSBA 2019,

Shoham, Israel, worked one year at Barclays as an investment banking analyst after graduating from WashU before moving to Israel and joining Crédit Suisse in the same capacity. She now is an account manager at J.P. Morgan. She also is a member of Israel’s 2024-2025 Ligat Al professional basketball team. arianaphillips@wustl.edu

DAWN AND CHRIS BLOISE, BSBA s 1997

A couple who met as Olin undergraduates has given $1 million to WashU to endow the Dawn and Christopher Bloise Scholarship for students with financial need. The unrestricted gift for scholarships allows the university to distribute the funding to undergraduates in any school. The Bloises met during a semester abroad in London for Olin students. They married at Graham Chapel and live in Pelham, NY, with their three children. Chris is president and managing partner of Court Square Capital in New York City. Dawn is a former vice president of marketing for Digitas media company.

2020s

Alexis M. (Jackson) Hall, BSBA 2020, Columbia, MO, is an external affairs associate at the U.S. Department of Energy. In this role, she engages stakeholders in the clean-energy technology sector in promoting public-private partnerships that meet net-zero targets.

Alyssa Huffman, EMBA 2021, Springfield, MO, is the inventor, founder, and CEO of ALLUMIN8. The company works to bring research-backed innovation to 3D-printed orthopedic and spine hardware with the goal of increasing implant survivorship and reducing the likelihood of catastrophic revisions. Alyssa.huffman@wustl.edu

Xin Wang, MSCA 2021, Los Angeles, CA, is a data analyst for NowCom, LLC.

DR. MOHAMED A. ZAYED, EMBA 2023

Carla D. Bailey, EMBA 2022, St. Peters, MO, director of learning and development for human resources at WashU, was named one of Women We Admire’s Top 50 Women Leaders of St. Louis for 2024. Her outstanding work in developing and delivering leadership and team-building programs has earned her the recognition. Carla.bailey@wustl.edu

Alex J. Figueras, BSBA 2022, St. Louis, MO, is full-time assistant coach for both the men’s and the women’s water polo programs at McKendree University.

Haoyu “Klorence” Wu, MSCA 2022, Shanghai, China, is a project assistant at Shanghai International Investment Consulting Co., Ltd., a publicsector and construction consulting firm.

Tianqi Zhu, MSCA 2022, Honolulu, HI, is pursuing a doctorate in marketing at University of Hawaii at Manoa. tianqi.z@wustl.edu

Jia Geng, MSSCM 2023, Mountain Top, PA, is a warehouse manager for Noviland Technologies. geng.jia@wustl.edu

Dr. Mohamed A. Zayed was named director of the new Division of Surgical Sciences in the Department of Surgery at WashU Medicine effective July 2024. The new division he leads will focus on advancing team science and fostering the next generation of innovative surgeons. His research into improving care for patients with vascular disease has received more than $25 million in funding from various organizations and has led to multiple innovations and cross-collaborations with Olin and the McKelvey School of Engineering. One result is AirSeal, a life sciences startup he cofounded that created a simple blood test that can flag patients at risk for cardiovascular disease.

Jerry Pan, MSCA 2023, St. Louis, MO, is an investment operations analyst for Gatewood Wealth Solutions.

Han “Kaydee” Wang, MSCA 2023, St. Louis, MO, is an entry-level tax accountant for RubinBrown. hanw@wustl.edu

Linda X. Wu, PMBA 2023, St. Louis, MO, received 40 Under 40 recognition from the St. Louis Business Journal in 2023.

Max Kleeman and Drake Hill have joined the private investment firm Funded Ventures as partners and entrepreneurs-in-residence as they begin a search for companies to acquire. Their search is part of the growing trend toward entrepreneurship through acquisition (ETA), in which prospective business owners acquire an existing company rather than start their own. Kleeman was one of the founders of Olin’s new ETA club. Their ETA journey was the subject of a feature on Poets & Quants.

MAX KLEEMAN, MBA 2023, AND DRAKE HILL, MBA 2024

Engagements, Marriages & Baby News

Diane M. Steinkamp, MBA 2004/MEM 2004, St. Louis, MO, married Darin L. Schreier, September 9, 2023.

Don Soffer, MBA 2023, St. Louis, MO, shared news of his engagement to Callie VanOstran, MSW 2022, St. Louis, MO, April 24, 2024.

Linda X. Wu, PMBA 2023, St. Louis, MO, married Michael R. Lyle, January 27, 2024.

Thomas “Tom” W. Bassett, AB 1985/MBA 1991/JD 1991/MSBA 1996, St. Louis, MO, and his wife, Kathie, welcomed their first grandchild, December 12, 2023.

Richard “Rick” H. Desloge, MBA 2023, Brooklyn, NY, shared news of the birth of a daughter, Lacie Brooke, January 12, 2024. He reports that Lacie loves swinging and swimming, and keeps her mom and dad on their toes. rickdesloge@gmail.com

In Memoriam

F. GILBERT BICKEL III BSBA 1966

Longtime WashU benefactor, Olin National Council member, and successful wealth manager F. Gilbert “Gil” Bickel III died from cancer on December 11, 2023. He was 79. After graduating from Olin, the St. Louis native earned a master’s degree in commerce from Saint Louis University in 1968. Mr. Bickel began a career in financial planning. His path took him to Morgan Stanley, where he worked at a branch in Clayton, Missouri, becoming senior vice president. Later, he joined Wells Fargo as senior vice president of investments and lent his skills to found angel investment firm St. Louis Arch Angels, which funds local startups with high growth potential. Olin named Mr. Bickel a distinguished alumnus in 2005. His involvement with WashU was extensive, including membership on the Danforth Circle Eliot Membership Committee, the Business Alumni Association, the Skandalaris Center for Interdisciplinary Innovation and Entrepreneurship, Olin’s National Council, and campaign volunteer during Leading Together: The Campaign for Washington University.

1940s

Mrs. Lois R. (Marting) Estes, BSBA 1946, St. Joseph, MO, November 1, 2023

Mr. Sanford “Buddy” Lebman, BSBA 1948, St. Louis, MO, October 4, 2023

Mr. James K. Manley, BSBA 1948, Dallas, TX, November 4, 2023

Mrs. Marjorie C. (Baumer) Renth, BSBA 1948, Naples, FL, February 20, 2024

Mr. William “Bill” H. Buechner, BSBA 1949, Ocoee, FL, July 7, 2023

Mr. Eugene “Gene” M. O’Neill, BSBA 1949, St. Louis, MO, October 23, 2023

Mr. Nelson D. Reichman, BSBA 1949, Sierra Madre, CA, August 31, 2023

Mrs. Beatrice “Bea” (Lieberman) Sorkin, BSBA 1949, Austin, TX, December 4, 2023

1950s

Mr. Vernon “Bud” H. Branneky, MBA 1950, Rotonda West, FL, March 30, 2024

Mrs. Carolyn R. (Shankman) Glazer, BSBA 1950, Prairie Village, KS, June 16, 2024

Mr. J. Daniel Nickel Jr., BSBA 1950, Tulsa, OK, January 15, 2024

MARILYN FOX FRIEND OF OLIN

Marilyn Widman Fox, who was known with her husband, Sam, for their philanthropy to WashU, died on February 18, 2024. She was 89. At WashU, Marilyn and Sam Fox established various scholarship programs and endowed professorships, including the Sam and Marilyn Fox Scholarship through Olin’s Scholars in Business Program. One of WashU’s eight schools bears the family name — the Sam Fox School of Design and Visual Arts. With her husband, Mrs. Fox was a member of WashU’s Danforth Circle and William Greenleaf Eliot Society. After meeting her future husband, a recent WashU graduate, she began taking classes at WashU herself but left school after the couple married in 1953. WashU awarded Mrs. Fox an honorary doctorate in the humanities in 2013. She was a prolific volunteer with St. Louis organizations, including the Jewish Federation of St. Louis, the Missouri Botanical Garden, and the Missouri Historical Society.

W. PATRICK MCGINNIS MBA 1972

A WashU Olin graduate whose leadership spanned the globe and whose philanthropy and engagement enriched the university, W. Patrick McGinnis died on March 5, 2024. He was 76. Mr. McGinnis joined Ralston Purina after earning his WashU MBA, eventually ascending to the executive suite as president, CEO, and chairman of the board. He remained attached to the university for decades and served in various roles, including Olin National Council member and trustee for the university. He spoke to new MBAs as they began orientation in 1995, and in 2002, he established an endowed professorship at Olin, the W. Patrick McGinnis Professorship in Marketing. Over 44 years at Purina, Mr. McGinnis molded it into a major global player and played an integral role in the company’s acquisition by Nestlé in 2001. For his service and career, Mr. McGinnis was named an Olin distinguished alumnus in 1993 and an Olin dean’s medalist in 2007. He received the WashU Founders Day Award in 1999.

Mrs. Dorothy M. (Kreyling) Schneider, BSBA 1950, St. Louis, MO, April 7, 2024

Mrs. Jane Ellen (Stokes) Walters, BSBA 1950, Ormond Beach, FL, November 23, 2023

Mr. John E. Harrison Jr., BSBA 1951, Palo Alto, CA, February 27, 2024

Mr. Robert R. Rossi, BSBA 1951, Aurora, CO, June 9, 2023

Mr. Bernard Salky, BSBA 1951, St. Louis, MO, January 7, 2024

Mrs. Bebe Jean (Elleard) Stewart, BSBA 1951, Minneapolis, MN, April 8, 2024

Mr. Stanley L. Wender, BSBA 1951, Memphis, TN, October 5, 2023

Mr. Donald J. Cameron, BSBA 1952, Matthews, NC, September 5, 2023

Mrs. Annette Gardner Lasley, BSBA 1952, Chevy Chase, MD, December 27, 2023

Mr. Carl H. Sjoberg, BSBA 1952, Carmichael, CA, October 6, 2023

Dr. James A. Robinson, BSBA 1954/MBA 1956, Calgary, Alberta, Canada, April 1, 2024

Mr. Julian L. Winnerman, BSBA 1954, Summerville, SC, February 28, 2024

Mr. Jack Richard Bodine, BSIE 1949/ MBA 1955, St. Louis, MO, August 26, 2024

Mr. John N. Chapin Jr., BSBA 1955/ MBA 1960, Lewes,DE,November12,2023

Mr. Allan A. Franz, BSBA 1955, Wentzville, MO, November 5, 2023

Mr. Frank A. Fuerst, BSBA 1955, Warrenton, VA, January 15, 2024

Mr. Lawrence R. Gavel, BSBA 1955, Staunton, VA, July 9, 2023

Ms. Helen (Sandoxis) Scholl, BSBA 1955, Ballwin, MO, November 26, 2023

Mr. Edward A. Striker, BSBA 1955, Chesterfield, MO, December 11, 2023

Mr. Ronald L. Suchart, BSBA 1955, Houston, TX, October 30, 2017

Mr. Philip Waldman, BSBA 1955, St. Louis, MO, August 1, 2024

JOHN P. “JACK” WAREHAM | MBA 1968

A philanthropist, Olin benefactor, and National Council member, John P. “Jack” Wareham died on January 25, 2024. He was 82. A Midwesterner by birth, Mr. Wareham went to pharmacy school at Creighton University in Omaha and worked with his father at a drugstore in Clinton, Iowa, before attending WashU Olin for his MBA. Later, he rose through the ranks in the pharmaceutical company Smith, Kline, and French. Over a series of corporate mergers and career changes, Mr. Wareham eventually became the president and COO of what was then known as Beckman Instruments.

“Jack was a titan,” said Scott Whitaker, CEO of the firm’s successor company, AdvaMed.

“He left an indelible mark on our industry.” Mr. Wareham funded the Wareham Family Scholarship, sponsored student practicum projects, and provided seed funding to advance Olin’s healthcare curriculum and the annual symposium. In 2019, he was named a WashU Olin distinguished alumnus.

GERRY VIRGIL FRIEND OF OLIN

A tireless Olin supporter and the beloved wife of former Dean Robert L. Virgil, Geraldine “Gerry” June (Sylte) Virgil died on November 6, 2023. She was 88. Mrs. Virgil’s relationship with WashU began in 1958 when her husband started his graduate work at Olin. Since then, WashU has benefited from the couple’s spirit of service toward students, Olin Business School, the university, and the St. Louis region. The couple worked to build relationships among alumni, faculty, and the community. After Bob Virgil retired from WashU in 1993, alumni and friends endowed a scholarship in the couple’s name. Later, the Virgils’ friends and colleagues endowed the Geraldine J. and Robert L. Virgil Professorship in Accounting and Management at Olin. Together, Mr. and Mrs. Virgil received the Dean’s Medal from Olin in 1996. The medal is awarded to friends whose dedication and service to WashU Olin have been exceptional.

Mr. William M. Moxley Jr., BSBA 1956/ MBA 1959, Canton, GA, April 8, 2024

Mr. Ray A. Mundloch, BSBA 1956, Freeburg, IL, February 29, 2024

Mr. William E. Whipple, BSBA 1956, Red Deer, Alberta, Canada, January 17, 2020

Mr. John E. Hazelwood, BSBA 1957, St. Louis, MO, April 30, 2024

Mrs. Mary M. (Merkel) Hoekel, BSBA 1957, Houston, TX, November 21, 2023

Mr. W.F. Samuel “Sam” Hopmeier, BSBA 1957, Chesterfield, MO, April 8, 2024

Mr. Paul D. Johns, BSBA 1957/MBA 1958, Marana, AZ, September 26, 2023

Dr. Jerry B. Poe, MBA 1957, Chandler, AZ, December 26, 2023

Mr. David A. Brandstetter, BSBA 1958, St. Louis, MO, January 1, 2024

Mr. Sheldon M. Enger, BSBA 1958/MBA 1961, St. Louis, MO, September 16, 2023

Mr. Warren E. Hoffner, BSBA 1958, Port Orange, FL, April 25, 2024

Mr. Kenneth M. Fisher, BSBA 1959, Midlothian, VA, July 20, 2023

The Honorable William D. Hunter, BSBA 1959, Morgan City, LA, July 24, 2023

Dr. Ronald L. Jensen, MBA 1959/ DBA 1964, Atlanta, GA, June 18, 2024

Mr. Gerald Ulrici Jr., BSBA 1959, La Mesa, CA, August 9, 2023

Mr. Stanford L. Zimmerman, BSBA 1959, St. Louis, MO, August 7, 2023

1960s

Mr. Burton M. Fendelman, BSBA 1960/JD 1961, New York, NY, February 19, 2024

Mrs. Diana Levick Malat, BSBA 1960, Los Angeles, CA, March 3, 2024

Mrs. Marilyn (Meriwether) Noble, BSBA 1961, Columbus, OH, December 15, 2023

Mr. Mark E. Emerson, MBA 1963, Southold, NY, May 2, 2024

Mr. Majid Kria, BSBA 1963, La Marsa, Tunisia, October 9, 2023

Mr. Kenneth E. Lange, BSBA 1963/CERT 1967, St. Louis, MO, June 10, 2024

Mr. Michael T. Bottom, BSBA 1964, St. Louis, MO, January 1, 2024

RUTH SITEMAN FRIEND OF OLIN

Ruth Levinsohn Siteman, a graduate and benefactor of Washington University, died on June 13, 2024. She was 92. Along with her husband, Alvin, Mrs. Siteman was a committed philanthropist and community leader. Among their many gifts were three professorships at WashU, including one in marketing at Olin. The Sitemans are also known for their support of WashU Medicine and BarnesJewish Hospital’s cancer center, which bears the family name. Mrs. Siteman served on the boards of The Scholarship Foundation and Reproductive Health Services and as a founding member of WashU’s National Council of Arts & Sciences. She was a docent at the Saint Louis Art Museum and served on the 22nd Circuit Judicial Commission, where she interviewed candidates to help fill judicial vacancies on St. Louis City’s circuit court.

In Memoriam

ERIC G. FLAMHOLTZ MBA 1966

Scholar and business consultant

Eric G. Flamholtz died on January 30, 2024. He was 80. After earning his MBA from Olin, he earned a PhD at the University of Michigan, where his dissertation dealt with what came to be called “Human Resource Accounting,” a field in which he became a recognized expert. He was a professor emeritus at the UCLA Anderson School of Management, where his academic interest was the scale-up of entrepreneurial organizations. He published more than 100 articles and several books throughout his career. In 1978, Mr. Flamholtz founded Management Systems Consulting Corporation. That company grew from a consulting practice with regional clients to a boutique firm with a national and international footprint of clients and licensed affiliates.

Mr. Steven Eveloff, BSBA 1964/JD 1970, Springfield, IL, March 13, 2024

Mr. Kenneth C. Schowe, BSBA 1964, St. Louis, MO, January 20, 2024

Mr. Earl L. Forrler, BSBA 1965, Springfield, IL, August 1, 2023

Mr. Richard E. Mantler Jr., MBA 1965, Kingwood, TX, November 6, 2023

Mr. John F. Throckmorton, MBA 1965, Huntley, IL, January 30, 2024

Mr. Lawrence H. Weltman, BSBA 1965/JD 1968, Ballwin, MO, January 23, 2024

Mr. Arthur E. Kronenberg Jr., MBA 1967, Milwaukee, WI, August 22, 2023

Mr. Ralph H. Heimann, MBA 1968, Collinsville, IL, May 2, 2024

Ms. Marylou R. (Randall) Robken, BSBA 1968, Carmichael, CA, September 11, 2023

Mr. Neil W. Jones, MBA 1969, St. Louis, MO, May 13, 2024

Dr. Donald J. Messmer, BSBA 1969/PHD 1974, Hampton, VA, November 15, 2023

1970s

Mr. Richard M. Bradley, AB 1968/MBA 1970, Bulverde, TX, January 30, 2024

Mr. James L. Godkins, MBA 1970, Pittsburgh, PA, November 5, 2023

Mr. Eugene E. Hendrikse, MBA 1970, St. Louis, MO, April 14, 2024

Mr. Percy J. Orthwein, BSBA 1970, Delray Beach, FL, September 19, 2023

Mr. Peter O. Skoglund, MBA 1970, Lake Forest, IL, February 29, 2024

Dr. William L. Gerard, MBA 1972, Germantown, WI, December 30, 2023

Mr. Henry Henderson Bowens, MBA 1977, Plano, TX, May 24, 2024

The Reverend Matilda G. (Glidewell) Chase, MBA 1978, Bango, PA, October 10, 2023

Ms. Peggy Hope Tyler, BSBA 1978, St. Louis, MO, July 18, 2023

1980s

Mr. John Travis Hain, BSBA 1980, Charlotte, NC, January 3, 2024

Mr. Daniel Clifford Breyfogle, PMBA 1982, Northborough, MA, July 23, 2023

Mr. Daniel Wayne Gipple, BSBA 1982, Berkshire, England, August 23, 2023

Mr. John Peter Minnock, MBA 1983, South Boston, MA, February 26, 2024

Ms. Sandra Rowe Riggs, BSBA 1983/CERT 1982, St. Louis, MO, November 8, 2023

Mr. Paul Schoedel, MBA 1983, Evanston, IL, December 24, 2023

Ms. Angela Leigh (Perry) Ward, BSBA 1983, Merritt Island, FL, November 19, 2023

Mr.ThomasBennett,MSW1976/EMBA 1985, St. Louis, MO, August 17, 2023

Mr. Clarence O. Williamson Jr., EMBA 1987, Greensboro, NC, October 16, 2023

Mr. Michael D. Deeg, BSBA 1988, Boca Raton, FL, March 20, 2024

Ms. Sally Harris McClain, PMBA 1989, Chesterfield, MO, March 6, 2024

1990s

Mr. Rowland Ricketts Jr., EMBA 1991, Moorestown, NJ, April 16, 2024

Ms. Sharon Fay Lienemann, BSSSE 1988/PMBA 1993, Pierce, NE, March 23, 2024

Mr. Eric Conrad Saur, MBA 1994, Chandler, AZ, January 17, 2024

2000s

Mrs. Kathryn (Lewman) Kelley, EMBA 2003, The Villages, FL, March 7, 2024

2010s

Mrs. Patrice Nicole Norman, EMBA 2010, Jennings, MO, April 10, 2024

Mr. Joel David Fritts, EMBA 2017, St. Louis, MO, March 13, 2024

Mr. Cyril R. Allen III, MSL 2019, Prince George, VA, December 24, 2023

2020s

Mr. Nikhil Khanna, MBA 2023, St. Louis, MO, November 24, 2023

Friends of Olin

Mrs. Renee D. Bank, Highland Park, IL, July 22, 2023

Ms. Shirley A. (Wolfarth) Bauer, AB 1952, St. Louis, MO, March 26, 2024

Dr. Jerry L. Beguelin, AB 1958/MD 1962, Centralia, IL, July 6, 2023

Ms. Rosalie Brasch, St. Louis, MO, September 4, 2023

Mr. Fred E. Brown, BS 1963, St. Louis, MO, January 26, 2024

Mrs. Elissa Czuker, Beverly Hills, CA, August 25, 2023

Mrs. Jeanne C. (Cushing) Deutsch, St. Louis, MO, October 24, 2023

Mr. Derick L. Driemeyer, Chesterfield, MO, December 8, 2023

Mrs. Linnette M. Garber, Germantown, MD, November 1, 2023

Mrs. Janice Hopper, Brush Prairie, WA, October 30, 2023

Ms. Kathy Lee (Gudermuth) James, AB 1977, St. Louis, MO, October 25, 2023

Mrs. Joan L. Koven, Chesterfield, MO, December 15, 2023

PAUL PAESE OLIN FACULTY

Paul Paese, a longtime adjunct faculty member, died at his home in Lake Geneva, Wisconsin, on September 23, 2024. He was 63. For over 20 years, Professor Paese was an integral part of Olin, contributing to Olin Executive Education, WashU at Brookings, and the Professional MBA program. He taught a range of courses, all centered on helping people work together more effectively and bridging the differences between them. He was also the owner of Paese Management Consulting. A masterful communicator, he had a unique ability to connect with diverse audiences and convey complex ideas with ease. Professor Paese was a passionate and inspirational educator whose impact Olin will deeply miss.

“Paul was a wonderful colleague, always generous with his time and ever ready to extend a hand or open his heart to others,” Dean Mike Mazzeo said. “His smile and cheerful spirit brightened our community, and his presence will be deeply missed. We will forever cherish the impact he had on all of us.”

Mrs. Audrey (Williams) Lipton, Wellington, FL, October 29, 2023

Mrs. Barbara Marsden (Barnett) Mahoney, St. Louis, MO, November 21, 2023

Ms. Donna L. Moog, Tempe, AZ, November 4, 2023

Mr. William L. Nussbaum, JD 1965, Pompano Beach, FL, January 12, 2024

Mr. Henry L. Schweich, St. Louis, MO, December 4, 2023

Mrs. Loretta M. (Walter) Seltzer, MA 1963, St. Louis, MO, September 14, 2023

Mrs. Cynthia (Hein) Shaw, AB 1956, St. Louis, MO, February 28, 2024

Mrs. Eloise Green Swenson, Sanibel, FL, November 21, 2023

Mr. Whitelaw T. Terry Jr., St. Louis, MO, December 2, 2023

Mr. William Scott Thompson, St. Louis, MO, September 6, 2023

Executive MBA Leadership at the next level

Advance as a leader alongside fellow leaders with a WashU Olin Executive MBA. Our program hallmarks include academic excellence, faculty accessibility, personal attention, and a strong cohort system. You’ll learn from Olin’s renowned faculty and collaborate with other passionate classmates ready to make a broader impact across their organizations. The connections you make in the program can help you hone your approach to leadership, address high-priority business challenges, hire exceptional talent, and build your competitive edge.

Monthly format: 3 days per month (Thursday, Friday, and Saturday)

Small cohort with a personalized, intimate student experience

Immersive domestic and international residencies

EMBA network: 3,100 strong and growing