Vanderbilt Business Magazine Winter 2024

Management

BEY ND

Beyond Business as Usual

How the Owen community is pursuing personal growth and professional excellence

Owen Graduate School of

Dear Vanderbilt Business Community,

A s the New Year unfolds, I am grateful for the warm embrace and support I’ve received during my initial months at Owen. The opportunity to immerse myself in this vibrant community has been inspiring.

Connecting with Vanderbilt Business alumni, students, faculty, staff, and community partners has been a pleasure. Each conversation has unveiled unique Owen narratives, but the echo of a supportive and nurturing community has woven its way through every testimony. Owen’s commitment to fostering genuine connections is integrated into the school’s foundation.

We’re thrilled to showcase some recent stories of what makes Owen exceptional in the Winter 2024 Vanderbilt Business Magazine—the Beyond Business As Usual edition. The stories within these pages reflect our commitment to innovation and advancing business education beyond boundaries. Join us in celebrating milestones, forging new community connections, pioneering academic research, and sharing campus updates.

Your steadfast dedication to our community continues to shape a learning environment that extends far beyond our classrooms. I look forward to continuing these conversations and meeting more of you soon.

Best wishes,

Thomas J. Steenburgh

Ralph Owen Dean Professor of Marketing

WINTER 2024

Editor and Director of Marketing & Communications

Alicia Mott

Design and Art Direction

Mary Alice Bernal, Finn Partners

Managing Editor

Anne Rawlins

Photography

Chad Driver

Terry Wyatt

Joe Howell

Contributors

Arial Starks

Lacie Blankenship

Bianca Cegatte

Ellian Chalfant

Eigen Escario

Kara Sherrer

Morgan Kroll

Jennifer Shad

Tonja Russo

Andrea Valladares

Dean

Thomas J. Steenburgh, Ralph Owen

Dean and Professor of Marketing

2 A New Day for Executive Education

Becca Yancey brings her expertise, passion, and steadfast commitment to lifelong learning to her new role leading Vanderbilt Executive Education.

12 Global Impact

Vanderbilt EMBA alum, Al Lopez, is positively impacting Honduras through his sustainable coffee farm.

Departments

4 OWEN NEWS

14 INTELLECTUAL CAPITAL

Vanderbilt Business is published twice a year by the Owen Graduate School of Management at Vanderbilt University in cooperation with Vanderbilt University Communications and Marketing, Loews Vanderbilt Office Complex, 2100 West End Ave., Ste. 1100, Nashville, TN  37203. The editorial office mailing address is PMB 357737, 2301 Vanderbilt Place, Nashville, TN 37235-7737. Telephone: (615) 322-1003.

Please direct alumni inquiries to the Owen Alumni Engagement Office at owen.alum@vanderbilt.edu.

Debunking the gender pay gap myth, combating competitive disparity at the Women’s World Cup, exploring the role of knowledge scope and shared experiences in organizational coordination, and more.

30 CLASS ACTS

36 LEADERSHIP

LESSONS

Record-Setting Employment Outcomes

Steenburgh’s priorities include building new connections in Nashville, nurturing existing relationships, uniting with venture capitalists, and emphasizing the concept of lifelong learning. 24

MBA Class of 2023 reports school records for the highest average starting base salary and the largest percentage of students to receive full-time employment offers by graduation.

Sarah Marvin and Candice Storey Lee present Mario Avila with the Distinguished Faculty Award before Vanderbilt’s football game against Missouri.

Becca Yancey Takes It Personally

BY LACIE BLANKENSHIP

Lifelong learning, the continuous pursuit of knowledge throughout one’s life, is integral to unlocking potential. For centuries, global scholars and leaders have said that learning is not a cycle that can be completed—there is always more to master. For instance, Socrates, often referred to as the “prophet of lifelong learning,” is credited with saying, “Education is the kindling of a flame, not the filling of a vessel.”

At Vanderbilt Owen Graduate School of Management, we understand that obtaining any degree is a significant achievement. Yet, it’s a cornerstone of a journey where learning and growth persist beyond the confines of schooling—it’s “the kindling of a flame.” Vanderbilt Executive Education fully embraces this concept of lifelong learning, acknowledging that professional development is not a one-size-fits-all trade and that there is always more to learn at all career stages. That's precisely why we prioritize lifelong learning and personalized education. Read more below about Becca Yancey, Managing Director, Executive Education, and learn how Vanderbilt Executive Education is enhancing leadership and professional development.

Meet Becca Yancey, an advocate for accessible and continuous education

Vanderbilt Owen Graduate School of Management proudly welcomed Becca Yancey as the new Managing Director of Executive Education in September of 2023. In her new role, Yancey oversees the strategic and management oversight of custom, open enrollment, and online non-degree business and career development programs, reporting directly to Dean Steenburgh.

With a career spanning 18 years in executive education and an unwavering passion for lifelong learning, Yancey joins Vanderbilt from WillowTree, a mobile and web application development company, where she led their learning and development strategy as Vice President for Learning and Organizational Development. Yancey’s career notably includes roles in all areas of executive education at the University of Virginia Darden School Foundation, showcasing her experience and understanding of the landscape.

Who is Becca Yancey?

When Yancey says she grew up in a small town in Virginia, she means a town so small that it only had one middle school and one high school; it’s a region where educational opportunities were and still are limited to the necessities. Inaccessible education isn’t uncommon in rural America, and it’s essential to remember that the lack of educational accessibility does not reflect a region’s intelligence—it merely reflects a region’s resources.

Yancey brings her expertise, passion, and steadfast commitment to lifelong learning to her new role leading Vanderbilt Executive Education

“I believe in crafting learning and leadership development experiences that resonate with individuals, bridging the gap between knowledge and actionable impact in professional journeys.”

“When you live in a small town where there is an emphasis on agriculture, there is less emphasis on going to college or importance placed on pursuing postsecondary education, and I was determined to make education my thing,” says Yancey.

As a first-generation college graduate and the daughter of noble working parents, Yancey saw a college degree as a non negotiable; a degree was one way for her to ensure security. Yancey’s dad had a GED, and her mom had a high school diploma; they had 3 kids. Yancey shared that her parents eventually divorced, and she witnessed the financial struggles of single parenting at times. Their inability to land jobs requiring a college degree compounded these struggles even further.

“Education became really important to me. I saw it as a way to provide for a better outcome, setting myself and those around me up for a stronger future,” says Yancey.

Yancey went on to college at Mary Baldwin University in Virginia, where she worked throughout school to chip away at her student debt while earning her bachelor’s degree in psychology. Yancey then went on to Virginia Tech, where she earned a master’s degree in education.

Yancey has found a home in her professional career by working in higher education, further pushing for accessible and continuous education. While working at the University of Virginia Darden School Foundation, Yancey managed the Underrepresented Minority Scholarship Committee and found value in helping direct educational opportunities to those who may not have access to college otherwise.

“I left higher education for a year and a half to work in industry, still in learning and development, but I found my way back to higher education because it just feels like home, as if it's where I truly belong and what I'm supposed to be doing,” says Yancey.

Passion as momentum

“My goal at Vanderbilt Business is to help foster genuine growth and empowerment of individuals and organizations investing in their employees,” says Yancey. “I believe in crafting learning and leadership development experiences that resonate with individuals, bridging the gap between knowledge and actionable impact in professional journeys.”

Becca Yancey

Yancey’s vision encompasses a holistic perspective on program execution, from the initial design phase to delivering an exceptional experience. Her commitment to accessible learning opportunities perfectly aligns with the program at large. Under Yancey’s guidance, Vanderbilt’s Executive Education programs are poised to enhance the professional development landscape, empowering individuals and organizations alike to navigate the complexities of the evolving business world.

What is Vanderbilt Executive Education?

Each year, organizations and individuals from various professions, managerial levels, industries, and locations choose Vanderbilt Executive Education to “sharpen their saws,” learn new skills, and adopt new perspectives to advance their careers.

“Vanderbilt Executive Education enables the focused and impactful development of essential skills needed to level up professionals by offering practical opportunities to get out of their bubble and out of their comfort zone for a set amount of time,” says Yancey.

Vanderbilt Executive Education offers not only a menu of proven and practical programs but also the flexibility to tailor and customize learning experiences to address specific individual or organizational needs. This approach empowers professionals at various career stages and within diverse industries to shape their own educational journey. Vanderbilt Executive Education is offered through 2 branches, “Programs for Individuals” and “Custom Solutions for Organizations.”

Programs for Individuals

Programs for Individuals are proven, practical, and flexible opportunities to help professionals develop and strengthen critical business skills without the commitment of earning a degree. Participants can choose in-person or online programs to fill a particular knowledge gap or to increase overall competency in leadership, strategy, or management.

“At our core, we prioritize flexibility; we want to make education accessible,” says Yancey. “Our approach includes asynchronous online options and strategically scheduled in-person programs that consider traveling participants not to have to sacrifice their weekends for work-related travel.”

Vanderbilt offers a schedule of open enrollment programs throughout the year that can be completed asynchronously online or as 2- to 3-day in-person programs, allowing participants to deep dive into particular content areas like leadership, management, finance, etc., while escaping into a classroom setting to learn with a cohort of individuals they would likely not otherwise interact with.

“One of the major benefits of participating in one of our programs is the opportunity to network with individuals from other organizations,”

says Yancey. “It is transformative to see the world from different lenses. For instance, hearing insights from different industries, spanning from large corporations to the military or nonprofits, can make you rethink what you're doing in your current environment.”

Custom Solutions for Organizations

Vanderbilt Executive Education designs and delivers custom learning solutions to address unique business challenges and leadership development goals. These solution-oriented experiences are offered in various formats, from 3-day workshops to extended learning journeys that span in-person, online, and hybrid forms. The adaptability ensures that programming aligns with organizational objectives and preferences for cohorts and groups of various sizes.

"Investing in your people is one of the most valuable investments an organization can make," says Yancey.

Organizations will benefit from Vanderbilt Executive Education's competitive advantage, which is the capability and passion for true partnership. With a seat at the table, organizational input is invaluable to crafting the highest quality learning solution that aligns with their requirements and achieves their desired outcomes. Their vision and Vanderbilt's collective expertise combined for unparalleled results.

Industry frontrunners like Nissan, Chubb Insurance, and Regions Financial Services have partnered with Vanderbilt Executive Education to design tailored solutions addressing their unique learning and developmental needs.

“Investing in the development of employees isn’t just an organizational strategy; it’s a commitment to fostering growth, innovation, and a thriving workplace culture,” says Yancey. “It’s not just about enhancing skills; it’s about nurturing talent and building and retaining a foundation for success.”

Are you interested in how Vanderbilt Executive Education can transform your career or workplace? The first step is to schedule a consultation to discuss your goals: ExecEd@vanderbilt.edu.

Participants in a recent Executive Education program discuss leadership lessons.

OWEN NEWS

CURATED BY LACIE BLANKENSHIP & ARIAL STARKS

NEW FACULTY MEMBERS JOINED VANDERBILT BUSINESS IN FALL 2023

New full-time faculty members bring expertise and new perspectives in Finance and Marketing to Vanderbilt Business

Vanderbilt Owen Graduate School of Management welcomed 3 new full-time faculty members this academic year.

“It’s a pleasure to welcome these remarkable scholars to the Owen community,” says Tom Steenburgh, Ralph Owen Dean and Professor of Marketing. “We are excited to see the valuable contributions they make, in terms of both their innovative teaching and creative research.”

FINANCE

Wendy Liu , Associate Professor of the Practice of Finance and Faculty Director for the MS Finance Program

Wendy Liu earned a PhD in Finance at Indiana University and an MBA at Wake Forest University. Liu comes to Vanderbilt from the University of Kentucky, where she was instrumental to the student experience; she recruited a panel of industry experts to mentor students and created programs (Wall Street Scholars and the Wall Street Experience) to position students for success in the job market. Before the University

of Kentucky, Liu worked at American University and Texas A&M University. Liu has taught a variety of finance courses, including Investments, International Finance, Introductory Corporate Finance, Intermediate Corporate Finance, and Fixed Income Securities. Liu’s research interests include portfolio management and investment derivatives, corporate governance and forecasts, and more.

MARKETING

Jen Riley, Senior Lecturer of Marketing

Jen Riley earned a PhD in Business Administration, Marketing from Kennesaw State University, a Master of Marketing from Georgia State University, and an undergraduate degree in Marketing Communications from Oglethorpe University. Riley joins Vanderbilt from Purdue, where she served as Assistant Professor at the Purdue Center for Professional Selling. Riley has instructed over a dozen different courses in various formats, consistently earning positive feedback and evaluations, including several teaching awards. Her

Tom Steenburgh

research focuses on sales, the integration of technology, social media marketing, and entrepreneurship. She consults with businesses, colleges, and universities for sales training, marketing strategy, and business pedagogy. Her corporate marketing consulting helps companies and small businesses in sales, marketing, and business development. She also has a certification in Diversity, Equity, and Inclusion in the Workplace.

Eric VanEpps, Associate Professor of Marketing

Eric VanEpps earned a PhD and MS in Behavioral Decision Research at Carnegie Mellon University and an undergraduate degree in Psychology and Leadership Studies from the University of Richmond. VanEpps joins Vanderbilt from the University of Utah, where he served as Assistant Professor of Marketing. VanEpps’s research leverages his training in behavioral economics to better understand consumer behavior related to self-control decisions (like health and

financial decision making) and impression management. VanEpps has published over 15 journal articles, many of which are in top marketing, management, and psychology journals. VanEpps also has a book chapter on food labeling and obesity. Additionally, VanEpps has served as a Fellow at the U.S. Securities and Exchange Commission, Office of the Investor Advocate.

Wendy Liu

Jen Riley

Eric VanEpps

PROFESSOR MARIO AVILA RECOGNIZED WITH VANDERBILT ATHLETICS DISTINGUISHED FACULTY AWARD

Vanderbilt athletics department recognizes Mario Avila for his critical involvement in the development of student-athletes and the Vanderbilt Impact Business Immersion experience

Vanderbilt Owen Graduate School of Management proudly announces that Mario Avila, Assistant Professor of the Practice of Management and Director of the Turner Family Center for Social Ventures (TFC), has been recognized with a Vanderbilt Athletics Distinguished Faculty Award. This award recognizes Avila’s dedication to the professional and personal growth of Vanderbilt student-athletes.

“On behalf of Vanderbilt Athletics and the Ingram Center for Student-Athlete Success, we are thrilled to honor Mario Avila with a Distinguished Faculty Award,” says Alison Wenzel, Associate Athletic Director and Director of the Ingram Center for Student-Athlete Success. “His persistent dedication to nurturing student-athlete potential and his heart for social impact exemplify the spirit of Vanderbilt Athletics.”

Avila, known for his involvement and expertise in social impact and entrepreneurship, has demonstrated an unwavering commitment to developing Vanderbilt student-athletes. Motivated by his experience as a student-athlete at Dartmouth College, Avila’s connection to Vanderbilt Athletics allows him to relate to current student-athletes and speak on navigating career pathways and opportunities in entrepreneurship and business from firsthand experience.

Notably, Avila played a crucial role in the founding of the Impact Business Immersion, a unique collaboration between Vanderbilt Athletics, Vanderbilt Business, and Soles4Souls, a nonprofit social enterprise turning unwanted shoes and clothing into opportunities—putting them to good use, providing relief, creating jobs, and empowering people to break the cycle of poverty. Impact Business Immersion is an opportunity for student-athletes to step

outside the hustle and bustle of campus life and plug into international social impact.

While Avila was a key player in initiating Impact Business Immersion in 2019, he continues to lead the program through the TFC and conducts the lectures throughout the trip.

Avila was formally recognized and presented with the award at a special ceremony before kickoff of Vanderbilt’s football game against Missouri on Sept. 30. Candice Storey Lee, Vice Chancellor for Athletics and University Affairs and Athletics Director, presented the award to Avila. Sarah Marvin, one of the student-athletes that traveled to Guatemala in August 2023 with Impact Business Immersion, also participated in the award presentation.

PROFESSOR RANGA RAMANUJAM APPOINTED AS NEW FACULTY DIRECTOR OF HEALTH CARE PROGRAMS AT VANDERBILT BUSINESS

Vanderbilt Owen Graduate School of Management is proud to announce the appointment of Rangaraj (Ranga) Ramanujam, Richard M. and Betty Ruth Miller Chair, Professor of Management, and Professor of Health Policy, as the new Faculty Director of Health Care Programs. Ramanujam assumes this key leadership role with a strong record of experience, expertise, and enthusiasm.

“With an outstanding record of academic achievement, Ranga will bring a wealth of experience and expertise to this important leadership role,” says Tom Steenburgh, Ralph Owen Dean, Vanderbilt Business.

At Vanderbilt, Ramanujam studies the organizational causes and consequences of operational failures in high-risk work settings. His current research examines the role of leadership, communication, and learning processes in enhancing the quality and safety of healthcare, and he is published in various journals, including Academy of Management Journal, Academy of Management Review, Journal of Management, Journal of Applied Psychology, Organization Science, and Medical Care

Ramanujam also consults on organization design, team dynamics, and leadership development. He has consulted for several organizations, including Aravind Eye Care System, HCA Healthcare, Vanderbilt Health, Philips, Pittsburgh Regional Healthcare Initiative, and Pacific Gas & Electric Company.

In his new role, Ramanujam will work alongside Burch Wood, Director of Health Care Programs at Vanderbilt Business, while playing a pivotal role in shaping and advancing healthcare education initiatives. Ramanujam will actively oversee the development and implementation of innovative curricula; foster collaboration with industry leaders; faculty, staff, and alumni; and provide mentorship to empower students to excel in the dynamic healthcare field.

This appointment reflects the school’s dedication to delivering world-class education in healthcare to the next generation of healthcare professionals and marks an exciting chapter for the Vanderbilt Business community.

Sarah Marvin and Mario Avila hug during the award presentation before kickoff at Vanderbilt’s football game against Missouri.

Professor Ramanujam

VANDERBILT BUSINESS HOSTS INAUGURAL WOMEN’S LEADERSHIP SUMMIT

Business leaders from brands like Google and Spotify empower Vanderbilt women for a bold future in business at the first annual Women’s Leadership Summit

The Women’s Business Association (WBA) at Vanderbilt Owen Graduate School of Management proudly hosted the inaugural Women’s Leadership Summit in August 2023. This milestone event united Nashville business leaders and industry experts, some of whom were Vanderbilt Business alumnae, with aspiring business professionals.

Liz Eason (MBA’24), WBA VP of Alumni Relations, co-founded the Women’s Leadership Summit alongside classmates Avani Gangavelli (MBA‘24), WBA President, and Rachel Wilson (MBA‘24), WBA Executive Vice President. “I felt there was a critical opportunity to empower the incoming class of women business leaders through conversation and engagement with various alumni and Nashville women executives.”

Wilson delivered opening remarks and introduced Beth Torres, President and CEO, Make-A-Wish Foundation of America, the morning keynote speaker. Torres was followed by a series of panel sessions that brought together women business leaders to share their expertise, experiences, and visions for the future.

In addition to engaging panels, Vanderbilt Business students had the opportunity to network with each other throughout the day.

“The inaugural Women’s Leadership Summit was a wonderful experience! I thoroughly enjoyed engaging with powerful female leaders across industries while being able to network with fellow Owen ladies,” says Megan Manno (MBA’25). “I look forward to implementing learnings in supporting not only the strong Owen women, but all my classmates, as we work to build an ever more diversified workforce.”

“I believe this is a tradition that will continue for years to come,” says Eason. “I hope this event encourages prospective students that Vanderbilt Business is a safe and supportive community for women looking to take the next step in their professional development.”

A group networks at the Vanderbilt Business Women's Leadership Summit

VANDERBILT’S UNDERGRADUATE BUSINESS MINOR MOVING TO OWEN

Beginning in Fall 2024, the Hoogland Undergraduate Business Program will be housed at the Owen Graduate School of Management.

The program, which launched in 2017, will move from the Office of the Provost to Owen, giving students the best access to the most relevant resources for their success. The move also reflects the confidence Provost and Vice Chancellor for Academic Affairs C. Cybele Raver has in Tom Steenburgh, who was named the Ralph Owen Dean of the Owen Graduate School of Management in 2023.

In the 7 years since the launch of the trans-institutional business minor, the program has experienced tremendous growth, said Gary Kimball, Sauereisen Director of the Hoogland Undergraduate Business Program. This academic year, there are 900 students who have declared business minors across more than 40 majors and all 4 undergraduate schools.

This unique structure is designed to explore the societal context of business while complementing the robust liberal arts education students receive at Vanderbilt. Primarily a behind-the-scenes change, the move to Owen will be a seamless transition for students now pursuing the minor.

Housing the Hoogland Undergraduate Business Program within Owen will give students expanded opportunities to develop theoretical and practical business expertise, try their hand at tackling complex problems, and make important connections with business leaders.

“ I hope this event encourages prospective students that Vanderbilt Business is a safe and supportive community for women looking to take the next step in their professional development.”

—Liz Eason

“No matter where their passions may take them or where their primary degree programs are located on campus, we will prepare our undergraduate students to make meaningful contributions to their fields and thrive,” Steenburgh said.

Liz Eason (MBA’24)

REMEMBERING DEAN EMERITUS, JIM BRADFORD

Jim Bradford leaves a legacy of impact on Vanderbilt Business, having spearheaded the development and launch of several programs, leading with persistent generosity

Jim Bradford

Vanderbilt Owen Graduate School of Management was deeply saddened by the passing of James (Jim) Bradford, Dean Emeritus. Bradford passed away on July 27, 2023, at the age of 76.

“Jim [Bradford] was a Renaissance man who achieved success as a lawyer, businessman, teacher, leader, gardener, and most importantly as ‘Pops’ to his army of grandchildren,” say friends and former colleagues, Kelly Christie, Former Assistant Dean for Academic Programs and Student Life, and William (Bill) Christie, Dean Emeritus and Frances Hampton Currey Professor of Management, Emeritus. “He was a joy to work with, and we all owe him a debt of gratitude for his service in the life of the school.”

Bradford’s journey to academic leadership was unique, and his distinctive background played a pivotal role in his powerful impact on Vanderbilt Business. In 2005, he was named the school’s 5th dean after serving as interim dean for just under a year. He first came to Owen to teach Strategy in the Vanderbilt MBA program after nearly 2 decades of service as a corporate executive. Before that, Bradford, a Vanderbilt Law School alumnus (JD’73), practiced law for 10 years, serving as general counsel for AFG Industries before accepting the position of president and CEO. Bradford also served in the United States Air National Guard from 1969 to 1975.

“Jim [Bradford] was unique as he came to the school with a business background instead of an academic one. He brought many strengths to the position, especially with his corporate background,” says Sylvia Boyd, Program Manager, MBA Recruiting and Admissions. “What I admired most was Jim’s kindness and patience. He cared so deeply for the school and was kind to everyone.”

During his tenure, Bradford developed and launched 6 innovative, marketdriven, and immersion-based programs at Vanderbilt Business, with subject matter including healthcare, accountancy, finance, executive education, and business fundamentals. He oversaw the origin of Accelerator® Summer Business Immersion and the Leadership Development Program (LDP) and raised the profile of the school’s incoming MBA and Executive MBA classes.

Soon after he was named dean, Bradford established the Board of Visitors, comprised of leading corporate executives, to further strengthen the strategic direction of the school. Under Bradford, the financial support from alumni and the community resulted in the endowment of 19 new school scholarships and 8 new faculty chairs.

“He was a joy to work with, and we all owe him a debt of gratitude for his service in the life of the school.”

– Bill Christie, Dean Emeritus

Pictured here in the middle of a group of students, Jim Bradford was known for his kindness and genuine love for people.

Letter from Alumni Board Chair, Matt Peterson (MBA’94)

This November, in advance of Vanderbilt’s Reunion Weekend, the Alumni Board gathered for a truly exceptional meeting. It was our first opportunity to engage with Dean Steenburgh, who brought an invigorating energy to the room and left all in attendance feeling inspired and eager for the exciting journey that lies ahead. The theme that emerged from the meeting was clear: activation. Sharing your strengths with Owen has never been more important, and there is no better time to step forward and join us as we shape the future of our beloved institution.

Uniquely, faculty and staff were engaged in the meeting alongside members of the Alumni Board and Board of Visitors, fostering collaboration and interaction in ways we have not experienced. It was a wonderful representation of who we are and where we are headed. In his address, Dean Steenburgh shared his vision for the school and provided observations about the evolving marketplace of higher education, both in the U.S. and globally. He laid out trends of where business schools are going, as well as some of the vulnerabilities of schools that have shown resistance to change. These insights set the tone for Owen’s priorities going forward and underscored Dean Steenburgh’s conviction that to maximize the school’s impact and opportunities for success, we need the active engagement of all members of our community—students, faculty, staff, alumni, and friends.

We have already made tremendous progress through the historic renovation and expansion of Management Hall, and now we embark on the crucial task of building upon our rich past to shape the culture and future of our institution. With more than 12,000 alumni, we are not a big school, but together we have the might to take Owen to the next level.

It was clear, through the dynamic events that unfolded during Reunion, that our community is passionate about the future of Owen. Thursday night’s Closing Bell Ceremony was a vibrant iteration that is truly Owen. The event was hosted by the South Asian Business Club and incorporated

food and dancing into the festivities. The Distinguished Alumni Dinner and Award Ceremony brought together Owen alumni from around the world, some having graduated as many as 30 years ago or more. At the football game, alumni from across campus united to fill the stadium and cheer on the Commodores. Throughout the weekend, the feeling of Vanderbilt’s momentum was palpable and unified.

Much like the rapid physical transformation of Nashville, Vanderbilt too is experiencing a period of dramatic progress. The ongoing construction of residential colleges and the renovation of Kirkland Hall are difficult to miss and are but a few of the tangible signs of Vanderbilt’s growth.

If you haven’t visited campus lately, now is an excellent time to witness the positive transformation.

This is a pivotal moment for Owen and Vanderbilt. If you have not been engaged recently, now is the time to reconnect.

“Sharing your strengths with Owen has never been more important, and there is no better time to step forward and join us as we shape the future of our beloved institution.”

If you feel the desire to contribute but are unsure how, I encourage you to contact Anne Rawlins, Owen’s Senior Director of Alumni Engagement and Annual Giving, at anne.rawlins@vanderbilt.edu, to discuss how you can be involved. Activation of thousands of alumni will be required to transform our Owen. Radical collaboration is a key priority of Vanderbilt’s Dare to Grow campaign, and whether by sharing your time, your talent, or your treasure, you can make an invaluable contribution that will enhance our collective success. I’m excited to see what we will accomplish together.

– Matt Peterson, MBA’94, Chief Executive Officer, Ancillary and Individual, UnitedHealthcare

LETTER FROM DEREK YOUNG (MBA’91), ASIA ALUMNI BOARD CHAIR

Vanderbilt and Owen are on a thrilling upward trajectory thanks to the launch of the Dare to Grow campaign and the arrival of Dean Steenburgh. The Owen Asia Alumni Board is delighted to be collaborating closely with the dean and Chancellor Diermeier to explore innovative ways to enhance connectivity between the school, the university, and the growing Vanderbilt community in Asia.

In October, our board had the honor to host Chancellor Diermeier in Tokyo, Japan, for an energizing discussion about his vision for the university and the profound opportunities that lie ahead to deepen Vanderbilt’s presence and impact in Asia. It was heartening to hear the chancellor share his story of connection to Asia based on his personal experiences in our dynamic region, and to discuss in practical terms how we can leverage the unique knowledge, expertise, and networks of alumni in Asia, in ways that best contribute to Vanderbilt’s continuous improvement mission.

It was truly remarkable and deeply appreciated by all to have the Chancellor bridge the geographical gap and make himself accessible to alumni in Tokyo, many of whom have not been back to campus since they graduated. This personal touch underscored the significance of the region for the university’s future and has inspired us to think more strategically about how we, as alumni, can contribute to the continued growth and success of Vanderbilt and Owen. Asia is one of the fastestgrowing markets in the world, and we look forward to finding new opportunities to further engage the business community in countries like Singapore, China, and Japan. There is also a growing number of Asia-born companies in Nashville, many in the automotive industry as an example, that are an untapped well for collaboration and engagement with our faculty, students, and alumni.

The current positive momentum at Owen, such as the Management Hall renovation, is an asset that resonates globally, as is Owen’s small size and unique culture. Owen’s personalized educational approach, combined with academic excellence, is particularly appealing to prospective students in Asia, who hold high expectations when investing time and resources in an educational institution. Another valuable asset is Owen’s Nashville location. Prospective students are eager to learn about what life will be like in one of the U.S.’s most vibrant and fastestgrowing cities.

The Owen Asia Alumni Board has made significant progress toward our 3 primary goals: placing more students from Asia at Owen and Vanderbilt; facilitating job placements for graduates in Asia; and spreading the university brand across the region. These goals are not only in alignment with the Chancellor’s vision but also deeply resonate with Dean Steenburgh’s objectives for the school. Our board looks forward to continued collaboration with Dean Steenburgh and developing new ways to make an impact as we embark on Owen’s next chapter.

Vanderbilt’s journey of continuous improvement and the Dare to Grow campaign align seamlessly with the rapid growth taking place in Asia. As we contemplate the immense economic opportunities in Asia, firsthand experience is invaluable. I would encourage all alumni, if the opportunity arises, to visit Asia and witness the dynamic growth and potential personally! Whether for business or tourism, there is so much to offer here. Your engagement will not only deepen your understanding but also strengthen the connections between Owen and Asia. Together, we can build bridges that help take Owen and Vanderbilt to the next level.

– Derek Young, MBA’91, President of Fidelity International’s Japan operations.

“The Owen Asia Alumni Board is delighted to be collaborating closely with the dean and Chancellor Diermeier to explore innovative ways to enhance connectivity between the school, the university, and the growing Vanderbilt community in Asia.”

OWEN FORWARD ROUNDUP

Below are favorite moments from Vanderbilt events in the Fall of 2023. Gatherings took place internationally in Tokyo and Seoul, as well as locally in Brentwood, Tennessee. Additionally, all Owen alums were invited to attend Dare to Grow Campaign events in New York City and Houston. Miami, Dallas, Atlanta, and San Francisco are up next!

Additionally, the Owen Development and Alumni Relations team is launching an Owen Event-in-a-Box. If you are interested in hosting an event in your area, please contact owen.alum@vanderbilt.edu. Keep an eye on our calendar for Owen and Vanderbilt events near you at events.vanderbilt.edu/business.

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1: Tokyo/Seoul Fall Recruiting Trip; l-r: Yumi Mitamura, Director of Business Development in Japan for the State of Tennessee, Aoi Yamamoto, Owen supporter; Himiko Sakurai [MBA’23], Hiroshi Hyakumoto [MBA’10], Yuto Kataoka [MBA’20], Amanda Fend, Director of MBA Recruiting, Atsushi (Artie) Ihomori [MBA’23], Ryo Sakai [MBA’22], Heiki Miki [MBA’96], Kim Killingsworth, Director of International Recruiting and Relations, and Daisuke Akimoto [MBA’20].

2, 3, 5: On Thursday, September 28, local alumni and guests gathered at Uncle Julio’s Mexican Restaurant in Brentwood, TN, for an Alumni Closing Bell.

4: Candice Lee, [BS’00, MEd’02, EdD’12], Chancellor Daniel Diermeier, Provost C. Cybele Raver, John Lutz, and Willie Geist [BA’97] at the Dare to Grow New York City event at the Shed in Hudson Yards in Manhattan.

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REUNION 2023 RECAP

Alumni whose graduation years end in 3 and 8 were invited back to campus in early November for Owen’s Reunion weekend. The annual event featured the Distinguished Alumni Reception honoring Prashant Khemka [MBA’98], recipient of the Owen Distinguished Alumnus Award Friday evening, as well as alumni parties, and an AllCommunity Open House Brunch at Management Hall. At the brunch, guests heard remarks from newly appointed Ralph Owen Dean and Professor of Marketing, Tom Steenburgh. Please enjoy the photos of celebrations throughout the weekend.

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1: Class of 2003.

2: Class of 1993.

3: L-R front: Helene Pellett [MBA’88], Martha Soper, Shelley Cammack [MBA’88], Ward Cammack, Karen Weir [MBA’83], Joe Blackburn [BE’63, Professor Emeritus]; L-R back: Art Pellett [MBA’88], Tom Wilson [MBA’73], Ann Olsen [MBA’73], David Ogilvie.

4: Class of 2013.

5: L-R: Cornelia Leslie [MBA’08], Andrea Lemkin [MBA’08], Marisa Rowell [MBA’08], Sara Gable [MBA’08], Jen Smith [MBA’08], Liz Markus [MBA’08], Gealita Greenhill [MBA’08].

6: Vanderbilt University Blair School of Music Quartet offered background music at the brunch event.

7: Owen Event-in-a-Box.

8: L-R: Prashant Khemka [MBA’98], Dean Tom Steenburgh

9: Group on tour at Managment Hall.

7.

6.

5.

VANDERBILT EMBA ALUM IMPACTS HONDURAS WITH SUSTAINABLE COFFEE FARM

BY ARIAL STARKS

Al Lopez was born in a small, secluded village in Honduras near the Nicaraguan border. In the late 1960s, his family moved to a more developed area: Copán, Honduras. Lopez comes from a long line of coffee farmers, but his parents, knowing the wealth disparities of coffee farming in Honduras, wanted a different life for him and his younger brother. Lopez’s parents divorced a few years after moving to Copán, and his father relocated to Chicago, Illinois in the United States. His parents wanted their children to have better opportunities and ultimately decided Al and his brother would also relocate to the South Side of Chicago with their father in the early 1970s.

Lopez finished grade school and went on to earn a Bachelor of Science in Accounting from the University of Illinois Chicago (UIC), before beginning his professional career in 1988 working as an auditor for Coopers & Lybrand (now PwC) in Chicago. After leaving public accounting, Lopez went to work for Sara Lee in Downers Grove, Illinois, where he landed his first international role as an internal auditor.

“At that point in my career, I thought I had won the lotto, because I was flying around the world buying companies,” Lopez shared.

While working on the Mergers and Acquisitions team at Sara Lee, Lopez’s colleagues encouraged him to pursue an MBA. After relocating to Memphis and moving into an Operations role with Sara Lee,

Lopez decided to further his education. His professional experience made him a great fit for an Executive MBA so Lopez applied to the Vanderbilt Executive MBA program in 1998.

“I learned Vanderbilt had an International Executive MBA [IEMBA], and that really grabbed my attention,” Lopez said. “Vandy was really the pioneer in MBA programs like this. None of the other schools I looked at had anything similar.”

Lopez earned his MBA in 1999, propelling his career forward. Over the next decade, he gained much international experience, working in several C-suite positions for companies including Frito Lay, Dole, Russell Corporation, and Blair Corporation. Lopez gained insight into conducting business with other countries

Al Lopez (EMBA’99), combines his corporate skillset with his passion for coffee to make a difference in Honduras.

Opposite page: Al Lopez says his wife, Leticia, is one of his biggest motivators.

and cultures during the EMBA program. He says one of the most essential skills he learned was leadership.

“You can lead anywhere, but you have to know your audience and engage accordingly,” Lopez explained. “You can’t go internationally and try to change culture. In the U.S., we think everything should be done our way, but that is not the case. I learned that very quickly in Mexico when I was trying to conduct business like we do here in the States, and it didn’t go over well with my peers.”

After roughly 20 years of a successful corporate career, Lopez took his experience and returned to Honduras to explore entrepreneurship. While he was very accomplished in his corporate career, Lopez knew he ultimately wanted to do something that would leave a lasting impact on the world, and especially Honduras. In 2008, he began building the foundation of his coffee farm, Finca Terrerito (Finca T).

“About 40% of the population in Honduras makes a living doing something with coffee,” Lopez explained. “I came back home wanting to do something with my career that would generate a positive impact. What better way than to do it in the industry that so many in Honduras are involved in already?”

Lopez was no stranger to the coffee industry when he began his journey with Finca T. He says returning to Copán and pivoting his career to the coffee industry was a full-circle moment.

“I grew up seeing my uncles, cousins, my grandfather, and my grandmother work so hard. They would work from 4 AM to 9 PM and not have anything, and I thought to myself, ‘There is something wrong.’ I had to fix it.”

Knowing how much a cup of coffee costs in the United States and how much coffee farmers in Honduras are making for hours of hard work did not sit right with Lopez.

“In the United States, we sometimes pay more than 4 dollars for a cup of coffee, and here (Honduras), farmers get paid 80 cents for a pound of coffee, which can deliver 25 cups of coffee. I felt like there was an injustice, and with my skills and a little bit of know-how, I could give this thing a shot, impact the industry, and change the model.”

Lopez’s time in the Vanderbilt EMBA

program shaped his thinking and helped him decipher the pain points within the industry.

“When I looked at the supply chain, I noticed that between the coffee farmer and

Not only is Lopez making a difference with strangers, he has also impacted his own family. His daughter and son-in-law left their corporate jobs in 2018 to continue the family

“Vandy was really the pioneer in MBA programs like this. None of the other schools I looked at had anything similar.”

the final roaster, there could be up to 9 hands touching the product, and taking a margin, but they are not really adding value to the product,” he said.

Lopez used the critical thinking skills he gained from a strategy course he took in the EMBA program to come up with a plan. “I called it Direct to Roaster [D2R]. My vision was: I’m going to plant my coffee trees, pick and process my coffee myself, and it would go from my farm directly to the roaster. No one else would touch the coffee.”

With this plan, he cut out the middlemen, producing a better-quality coffee in an ethical way. In 2016, after 4 years of harvesting, Lopez began producing coffee.

“I found the first roaster in the U.S., brought him down to Honduras to show him my vision and what we were doing, and I proved that the model worked. They [roasters] agreed to buy my coffee, so it went directly from my farm to the roasters. No one else touched it. And that’s the model today that keeps us afloat and allows us to provide benefits for our workforce.”

Since 2016, Lopez’s business has been providing jobs and resources for hundreds in Honduras, including electricity and housing for the workers and their families. Among his many projects, Lopez is also opening a school and clinic that will serve his community.

“If you don’t know what it’s like not to have, then you assume that ‘Oh, this is just normal,’” he said. “But when you’re in a country like ours, and most of the workforce in Honduras probably makes 12 to 14 dollars a day—what we spend on lunch at Burger King or McDonald’s— when you see those faces, and you feel how grateful they are for what you’re doing, it just puts a smile on my face to know the impact we are making.”

business by opening Alma Coffee, a coffeeroasting business in Atlanta, Georgia. Alma Coffee serves as the roaster for Finca Terrerito Coffee Farm in the United States.

“If you can improve someone’s life, why not make 2 cents less for a cup of coffee you’re selling? It doesn’t make a big difference for the roaster, but it makes a world of difference for someone in a developing country,” Lopez explained. “We can consume a great cup of coffee and make a difference for others. It doesn’t have to be one way or the other— we can all win together.”

INTELLECTUAL CAPITAL

Stop Blaming Women for the Gender Pay Gap

New research out of Vanderbilt Business debunks the gender pay gap myth that

“women don’t ask,” revealing women attempt salary negotiations as much as or more than men do but are more likely to be rejected

BY LACIE BLANKENSHIP

For nearly 2 decades, the negotiation skills of working women have frequently been blamed for the gender pay gap. New research by Vanderbilt Professor Jessica A. Kennedy finds the gender difference in tendency to negotiate has now reversed, and the widespread narrative that women don’t ask is outdated. While other measures are necessary to completely close the gender pay gap, the study also discusses how people who believe and adhere to the notion that “women don’t ask” hinder progress.

“Our research shows that women are willing to do their part to close the gender pay gap. Unfortunately, negotiating well isn’t enough to close the gender pay gap. It’s not the source of the problem,” says Kennedy.

What is the gender pay gap?

Working men make more than working women at every wage level. At higher income levels, the gender pay gap is wider. As reported by the U.S. Bureau of Labor Statistics, women’s median

earnings were 83% of men’s in full-time wage and salary roles in 2021. After completing MBA degrees, women typically make 88% of what men earn, and the gap widens to 63% ten years later. Notably, women of color experience more significant pay discrepancies than other women.

“Sometimes I have concerns that comparing men and women fuels an unproductive gender war instead of illuminating the real issue, but the point is that employers should be paying in justifiable, transparent ways, with equal pay for equal responsibilities,” says Kennedy. “A pay gap by itself doesn’t necessarily indicate unfairness, but too often, it causes people to invent false narratives about people who command fewer resources, and that’s a real problem. We can’t deal with a problem we don’t see accurately.”

To challenge one of these false narratives, Kennedy co-authored a publication titled “Now, Women Do Ask: A Call to Update Beliefs about the Gender Pay Gap.”

The findings from this set of studies debunk the widespread belief that a critical explanation for the pay gap is gender differences in the tendency to negotiate. Kennedy conducted this research with Professor Laura Kray and Postdoctoral Scholar Margaret Lee at UC Berkeley.

Now, women do ask.

With a nationally representative sample, the authors first established that people believe men negotiate their salaries more often than women do.

“It was interesting and refreshing to see the nuance in people’s beliefs about gender. People believed women were negotiating less often than men, but they also believed women faced discrimination too,” says Kennedy. “People thought women were less likely to get what they asked for, recognizing asking as an imperfect solution.”

How was this uncovered?

Two studies utilized data from graduating MBA students and alumni from a top U.S. business school. In both studies, women reported negotiating their job offers more (not less) often than men. The authors then re-analyzed data from prior studies with a broader sample, corroborating the results with a greater scope. Finally, they examined the downstream consequences of believing women negotiate less often than men.

In one study, 990 participants who graduated from business school between 2015 and 2019 were asked a series of questions about their job search, the essential one being, “Did you negotiate your job offer?” Fifty-four percent of women reported negotiating offers compared to 44% of men, contradicting the idea that women don’t ask.

In a second study, nearly 2,000 business school alumni respondents provided details about their compensation and negotiation behaviors, including successful and unsuccessful attempts. In this study, the gender pay gap was 22%. The study revealed that 64% of women and 59% of men reported trying to negotiate for promotions or better compensation. Again, this contradicted the idea that women don’t ask.

Why does this matter? Outdated beliefs have consequences.

Two later studies explored the consequences of negotiationbased explanations for the gender pay gap. Study 3 focused on support for legislation designed to support pay equity. First, Kennedy and her co-authors asked participants what percentage (from 0% to 100%) of the gender pay gap they believed was attributable to 3 different types of explanations. One type of explanation pointed to women’s and men’s negotiation abilities. Another type pointed to women’s choices, such as number of hours worked; a third type pointed to issues of fairness. When people attributed the gender pay gap to women’s negotiation abilities, they

were less inclined to support legislation that renders it illegal to consider a candidate’s salary history when setting the current salary for a position.

In Study 4, the researchers explored the consequences of negotiation-based explanations for broader gender stereotypes. Participants were exposed to a passage from a book that conveyed the “women don’t ask” message or to a passage about the importance of negotiation. Exposure to the “women don’t ask” message promoted endorsement of gender stereotypes along other dimensions, such as believing women are more nurturing and men are competitive. In addition, it increased belief in personal choices as justifications for the gender pay gap.

“Men and women have actually become more similar over time, as their roles have converged, so viewing them as very different is a problem,” says Kennedy.

What next?

Since the pay gap still exists despite women’s strong negotiating skills, it’s time to stop blaming working women for not doing their part. The researchers behind the study call for an update on beliefs about gender and the propensity to negotiate for higher pay.

“It’s time for employers to take a clear look at how they pay people. Let’s be sure we fix the system and get over the idea of fixing the women. The women don’t need fixing,” says Kennedy.

“Now, Women Do Ask: A Call to Update Beliefs about the Gender Pay Gap” was published online by Academy of Management Discoverie s in August 2023.

Study 1A

INTELLECTUAL CAPITAL

FIFA Could Make the Women’s World Cup More Competitive

Vanderbilt Business’s Michael Lapré studied years of FIFA data and developed recommendations on combating competitive disparity at the Women’s World Cup

BY KARA SHERRER

While the FIFA Women’s World Cup is supposed to be a competition between the best soccer teams in the world, some matches are significantly closer than others. For instance, the Netherlands left Vietnam scoreless in the most recent World Cup after 7 goals. Even worse, in the 2015 World Cup, Germany – Ivory Coast (10–0) and Switzerland – Ecuador (10–1) were clear blowouts.

These severely imbalanced matches result from several factors, including how teams qualify and FIFA’s creation of groups during the tournament’s first stage. Several proposals have been made for alternative systems that would be fairer, but no research has empirically quantified the extent of the competitive imbalance at the Women’s World Cup until now.

Michael Lapré, Associate Professor of Operations Management at Vanderbilt Business, studied this phenomenon in his paper, “Quantifying the impact of imbalanced groups in FIFA Women’s World Cup tournaments 1991–2019,” published in the Journal of Quantitative Analysis in Sports. He co-authored the paper with Elizabeth Palazzolo (BA’22), a former undergraduate research assistant.

How does the World Cup work?

The tournament recognizes 6 continental confederations based on geography: North and Central America (CONCACAF), South America (CONMEBOL), Europe (UEFA), Africa (CAF), Asia (AFC), and Oceania (OFC). FIFA caps the number of teams from each confederation that will advance to the World Cup tournament.

The allocation of confederation slots is not aligned with the distribution of the best teams in the world. Several highly ranked teams from Europe do not get to participate, whereas several lower ranked teams from other confederations are given a spot in the World Cup. In other words, qualifying spots are partially given according to geography, not necessarily to the strongest teams in the world overall.

This lack of fair competition continues into the World Cup itself. Once teams make it to the tournament, they compete in 2 stages: the group stage and the knockout stage. In the initial group stage, teams are sorted into groups of 4, playing the other 3 teams round-robin style; the best teams from each group advance to the knockout stage.

To create the groups, FIFA makes “pots,” with the strongest ranked teams being in pot one and the rest based on geography. A team from pot one is assigned to each group, and the rest are randomly drawn from the other pots; this means there are unbalanced groups where some are much stronger than others, posing an issue for competitiveness and fairness.

“For a fair tournament, it is imperative that groups are of similar strength,” Lapré explained. “If one group has much stronger teams than another group, it will be much harder to advance from the stronger group compared to the weaker group. Such a scenario is considered unfair.”

Research method and findings

To determine how imbalanced and unfair the groups were, Lapré and Palazzolo used a type of analysis called least squares to calculate ratings for all teams in each Women’s World Cup between 1991 and 2019. They used the team ratings to calculate the strength of each group and the group opponents rating. Additionally, they investigated whether or not group opponents ratings impacted the probability of reaching the quarterfinal.

The authors found that the range in group strength was more than one goal in each World Cup and was as high as 3.5 goals in 2003. The range in group opponents rating was more than 2 goals in each World Cup and was as high as 4.5 goals in 2003. Using logistic regression, they also showed that one fewer goal in group opponents ratings can almost double the probability of reaching the quarterfinal. These numbers provide empirical evidence of substantial competitive imbalance across Women’s World Cup groups.

“Our results show that for an average team, even a small reduction in group opponents rating by just a single goal can increase the probability of reaching the quarterfinal from 36% to 69%, which is a huge increase,” Lapré said. “Therefore, to improve the level of fairness, it is important to reduce the competitive imbalance across groups.”

Implications and recommendations

Lapré and his co-author conclude the paper by offering 3 recommendations to make the Women’s World Cup more competitive and fair. First, they advocate for changing the draw system to balance the groups more evenly. They also point out that reducing the number of teams to create a more homogenous, competitive pool would help.

Finally, they suggest that allocating the number of teams to each confederation be changed to better reflect the actual distribution of top-ranked teams globally. This would allow confederations with many strong teams, such as Europe, to send more highly ranked teams to the World Cup.

The full paper can be found on Lapré’s Vanderbilt Business faculty bio page, along with another paper, in which he and Palazzolo studied imbalanced groups from the Men’s World Cup tournaments.

“If one group has much stronger teams than another group, it will be much harder to advance from the stronger group compared to the weaker group. Such a scenario is considered unfair.”

INTELLECTUAL CAPITAL WHEN SHOULD MY STARTUP HIRE MANAGERS?

In new research, Vanderbilt's Megan Lawrence examines the role of knowledge scope and shared experiences in organizational coordination

BY LACIE BLANKENSHIP

In a new study out of Vanderbilt Business, Professor Megan Lawrence explores a common challenge growing organizations face: how to continue to organize and coordinate the work of its growing body of employees. Published in Strategic Management Journal, this study discusses why some organizations may need to expand their hierarchical structures earlier than others. Lawrence and the study’s co-author, Christopher Poliquin, also examine the influence of employees’ shared experiences and their impact on the timing of hierarchy expansion.

What is the problem in growing firms?

Organizations are bound to encounter coordination issues as they expand. The primary factor emphasized in understanding these issues has been the organization's size, typically measured by the number of employees. Larger entities often face more significant coordination challenges simply due to the high volume of individuals and employees involved in the business or organization’s various tasks and projects. However, it cannot just be about the number of employees; we already know that not all organizations hire a manager when reaching the same number of employees. Lawrence’s new research addresses this puzzle by adding knowledge scope as an additional point of relevance.

What is knowledge scope?

Knowledge scope is the type and amount of knowledge to be coordinated among an organization’s employees.

“If you think of an organization, each employee has their own ‘backpack’ of

knowledge that they carry around; it is their specialty skill set, and that can create a vast knowledge scope for an organization,” says Lawrence. “As the organization accumulates a diverse knowledge scope, the entity will face more challenges regarding employees and individuals predicting and adjusting to others’ decisions.”

What is hierarchy expansion?

Hierarchy expansion is the addition of a management layer to an organization. For this study, the authors assume all organizations to have at least one manager from the conception: a founding manager. Hierarchical structures involve managers who can allocate tasks, provide direction to employees, ensure accountability, and resolve issues as they become prevalent. This hierarchical system can streamline communication and simplify the decisionmaking process within the business or organization.

What is the new research?

Lawrence’s study investigated Brazilian startups, explicitly focusing on the relationship between knowledge scope and hierarchy expansion. The authors developed a measure of knowledge scope by using data on individual workers’ occupations. Lawrence and her team found that as knowledge scope widened, organizations were more likely to expand their hierarchy, even when accounting for differences in organizational size. The study also found that organizations consisting of employees with a higher volume of shared experiences were more likely to meet coordination needs, delaying hierarchy expansion.

“Our study contributes to a growing literature on organizational coordination and allows a better understanding of these dynamics,” says Lawrence. “Our findings show the importance of not just the size but the characteristics of the knowledge of the employee base as a way to build teams and manage coordination efforts.”

What is the importance of shared experiences among employees?

Shared experiences among employees who have worked with a current teammate in the past or shared tasks in the present can benefit an organization. An increased volume of shared experiences between employees can increase the likelihood of successful coordination. In turn, this increased likelihood of successful coordination can delay the need for hierarchy expansion.

From this research, what should organizations understand about hierarchy expansion?

n Effective coordination within organizations is affected by more than just the number of employees.

n Knowledge scope is integral in determining the timing and overall effectiveness of hierarchy expansion.

n Hiring managers should consider building teams with shared experience to enhance organizational ability to coordinate.

n Along with hierarchy, task allocation and hiring practices that contribute to common ground can help organizations manage coordination.

Make it a Large? Soft Drinks, Any Size, Same Price

“Any Size, Same Price” strategies on soft drink consumption with Vanderbilt Business Consumer Behavior Expert, Kelly Haws

BY KARA SHERRER

Overconsumption of sugary drinks, especially soft drinks, has been linked to health issues such as obesity. As a result, many recent health policies have targeted the sale of soft drinks, leading some retailers to adjust pricing strategies. One increasingly popular pricing approach is what Professor Kelly L. Haws calls the “any size, same price” strategy, where all sizes of soft drinks are listed for the same price, often $1.

Haws examines the effects of this pricing strategy on consumer behavior in her paper, “Any Size for a Dollar: The Effect of AnySize-Same-Price versus Standard Pricing on Beverage Size Choices.” The paper is co-authored by Peggy J. Liu of the University of Pittsburgh, Steven K. Dallas of New York University, John Cawley of Cornell University, and Christina A. Roberto of the University of Pennsylvania.

“Many restaurants and convenience stores have implemented any size, same price policies for fountain or other beverages, no doubt to increase traffic,” says Haws. “But how does such information affect size choice, and how might this differ when calorie counts are also made salient?”

The role of pricing in soft drink consumption

The researchers conducted 3 studies to explore how changing beverage prices affect consumers’ drink choices. They found that when multiple sizes of beverages are listed for the same price, consumers were more likely to choose the larger-sized beverages. This held true even when calorie information was listed beside the beverage sizes, showing that the larger drinks contained more calories. This suggests consumers are more sensitive to price than health information and will be motivated to choose the better monetary deal even if it means more calories.

The researchers also found that when multiple sizes of beverages were listed for different prices, consumers were more likely to choose the smaller, less expensive drinks with fewer calories; this suggests that providing calorie information alone can be effective with standard pricing, but it’s not enough to overcome the financial value focus caused by any size, same price offering.

“Overall, we find that when beverages are offered at any size, same price levels,

size choice and corresponding calories ordered increase compared to standard pricing. And, this increased size choice holds in the presence of calorie information for each beverage size,” says Haws.

Impact of different health messaging: calories vs. graphics

Beyond posting the calorie information, the researchers tested a more colorful health graphic based on a traffic stoplight. The graphic indicated types of beverages that should be consumed rarely (“red”), occasionally (“yellow”), or regularly (“green”) based on how healthy they are.

Participants who viewed this graphic first were more likely to choose smaller beverages with fewer calories, even when all beverage sizes were listed for the same price. This finding indicates that more powerful health interventions (such as the traffic light graphic) can overcome the appeal of getting more beverage for the same price.

“Although additional health messaging can reduce this increase in calories purchased, calorie counts alone did not,” says Haws. “As such, we reiterate the importance of examining public policies as they intersect with other marketplace variables… including prices.”

The paper, “Any Size for a Dollar: The Effect of Any-Size-Same-Price versus Standard Pricing on Beverage Size Choices,” was published in the Journal of Consumer Psychology

Steenburgh has already prioritized building new connections in Nashville, nurturing existing relationships, uniting with venture capitalists, and emphasizing the valure of lifelong learning.

Dean Steenburgh Guiding Owen Beyond Business as Usual

Driven by a keen interest in nurturing growth and his innate curiosity, the new Dean of Vanderbilt Business aims to tap into Nashville's unparalleled opportunities

BY LACIE BLANKENSHIP

Taking on new challenges and creating novel things is something Tom Steenburgh, Ralph Owen Dean and Professor of Marketing, isn’t shy about. In an introductory Q&A from his first month in the role, Steenburgh noted that he was most looking forward to “meeting a new set of people, thinking about the world differently, and creating some things that I haven’t had the ability to do yet.”

Steenburgh’s first 6 months in the role consisted of listening, learning, and immersing himself in various community conversations and events. Steenburgh has already prioritized building new connections in Nashville, nurturing existing relationships, uniting with venture capitalists, and emphasizing the value of lifelong learning.

Who is Dean Tom Steenburgh?

Dean Steenburgh is an expert in business-tobusiness marketing and sales, advocating for the fusion of academic insight and industry collaboration to drive innovative research and tackle real-world business challenges. He earned a PhD in Marketing from Yale, an MA

in Statistics from the University of Michigan, and a BS in Mechanical Engineering from Boston University.

Before coming to Owen, Dean Steenburgh served as the Richard S. Reynolds Professor and Senior Associate Dean of the Full-Time MBA Program at the Darden School of Business. He had previously served as the Senior Associate Dean of Faculty Development and the Senior Associate Dean of Executive Education and Lifelong Learning. He was also the course head for first-year marketing. Before joining Darden, he was on the faculty at the Harvard Business School, where he developed electives and led executive education courses in business-to-business marketing and sales. Dean Steenburgh is a co-founder of the Thought Leadership on the Sales Profession conference, a unique event that brings together leading academics and senior business leaders to discuss cutting-edge ideas and practices in sales.

Owen attracted Steenburgh because of 2 things: “The first and primary: the people,” nodding to the incredibly talented people

he has worked with over the years. “You can only create educational experiences with the help of others.” The second initial draw for Steenburgh was the unparalleled growth opportunity at Owen. These 2 attraction points for Steenburgh continue to play an integral role as he develops his goals and vision for the future of Vanderbilt Business.

Embracing regional prosperity

Dean Steenburgh’s vision for Owen focuses on identifying and capitalizing on high-potential growth areas. The ideal high-potential growth areas are industries already thriving in the surrounding regions. Positioning Owen to be synchronous with Nashville’s landscape of industry dominance in sectors like entertainment and healthcare is an opportunity that interested Steenburgh early on.

“Nashville is a booming growth market; it's a really special market in terms of business creation and job potential, and it gets people’s attention because it's teeming with economic activity,” says Steenburgh. “We [Owen] should have something to say

about these areas of the economy that are growing like wildfire, like AI, real estate, entertainment, and healthcare, and we should take advantage of what’s happening in our local backyard.”

Contributing to Nashville’s growth Steenburgh aims to align with and foster relationships with the region’s key players, such as AllianceBernstein, Oracle, and Google, to leverage the Nashville network and open doors for Vanderbilt Business to meet and serve professionals where they already are.

“The growth of these influential companies allows us to support the longevity of their employees’ success and help them invest in their people,” says Steenburgh. “With executive education, companies can either bring in a team of people and help them progress in a leadership development program, or individuals can come to our Programs for Individuals, where they can refresh and learn new skills.”

Additionally, Steenburgh shares that Owen is happy to serve as a convening place for business community events and conversations. Vanderbilt Business recently hosted a kickoff event for the Greater Nashville Venture Capital Association, where Steenburgh noted his commitment to the local entrepreneurial ecosystem while delivering welcoming remarks. Hosting events like this has the potential to foster stronger ties between Owen and the surrounding communities.

Venture connections and empowering entrepreneurship

Steenburgh’s innovative nature seamlessly intertwines with his dedication to nurturing entrepreneurship at Vanderbilt Business.

“I believe that we should be investing in and creating more connections for venture capitalists and entrepreneurship,” says Steenburgh. “We should do more in the venture capital space with our alliances; we’re not doing enough yet.”

In his eyes, the evolving landscape of careers demands a shift for educational institutions to support the growing number of student entrepreneurs. One of Steenburgh’s new initiatives involves the establishment of the “Vanderbilt Student Venture Fund.” This developing fund will allow students to act as venture capitalists and invest in other students’ startup businesses. This program is a unique opportunity that teaches and showcases both sides of the industry—being a venture capitalist and an entrepreneur. In addition to initiating the Vanderbilt Student Venture Fund, Steenburgh notes that he’s investing in the development of coursework at the undergraduate and graduate levels, where students interested in starting businesses can learn more about entrepreneurship in a startup business while in school and have opportunities to have business ideas funded.

“We should serve as a connecting point between our students and alumni in the venture capital and startup space,” says

Tom Steenburgh speaks to alumni at the Owen Reunion in November.

Steenburgh. “We should aim to create a truly immersive ecosystem; Vanderbilt Business is in the perfect position to catalyze innovation within our community.”

Fostering collaboration

In October of 2023, Vanderbilt announced that the Hoogland Undergraduate Business Program (Vanderbilt’s business minor) will fall under the leadership of Owen beginning next academic year. This pivotal shift in leadership allows Owen to explore new areas of business education and will lead to new collaborations across campus. Centralcampus student and career services will continue to serve undergraduate students, but they will now have seamless access to their business courses and faculty, helping them to thrive in their chosen career paths.

“The goal is for all students to not only be prepared upon graduation, but they should also feel ready to go,” says Steenburgh. “There should be no question that this is a wonderful place to get an undergraduate education and that you'll be really well prepared for business after obtaining your degree.”

The adoption of the Hoogland Undergraduate Business Program is only the most recent vessel through which Vanderbilt Business meets aspiring professionals where they’re at. Stay tuned to newsletters for more information as plans continue to develop regarding the business minor.

Let’s get personal: Meet Tom

In July, Tom Steenburgh told us that beyond business, he was most excited about the food and music in Nashville. Who can blame him? Since living in Music City, Steenburgh has enjoyed discovering independent artists at The Listening Room Cafe and seeing the “iconic” Lucinda Williams at Ryman Auditorium with his wife. The “surprise element” of the Chef’s Choice menu option at Butcher & Bee also received his glowing endorsement.

Outside of exploring Nashville’s food and music scenes, Steenburgh values time spent with his family. His daughter is a junior at UCLA’s theater, film, and television school,

“The goal is for all students to not only be prepared upon graduation, but they should also feel ready to go.”

and his son is a senior in high school on the crew team. “I spend as much time as I can with my kids, and I like hanging out with them and my wife,” says Steenburgh.

Steenburgh is also an avid runner; he ran a half marathon last December. He hopes to continue finding time to keep up the miles as he adapts to his new role and new life in Nashville.

Check out the New Dean Q&A on the Vanderbilt Business website to learn more about Dean Steenburgh, or follow him on LinkedIn. We at Vanderbilt Business are excited for the coming chapters of Owen and are honored to witness the continued impact of Dean Steenburgh’s leadership.

Tom Steenburgh addresses alumni at the 2023

Distinguished Alumni Reception in November.

Tom Steenburgh kicks off the 2023 Owen Orientation at the Coffee with the Dean event.

Vanderbilt MBA 2023 Employment Report Reveals Unprecedented Outcomes

The most recent MBA class at Vanderbilt Business reports school records for the highest average starting base salary and the largest percentage of students to receive full-time employment offers by graduation

BY LACIE BLANKENSHIP

Vanderbilt Owen Graduate School of Management proudly announces that the most recent class of graduates from the full-time MBA program posts 2 school records in the 2023 Vanderbilt MBA Employment Report.

The Vanderbilt MBA Class of 2023 reports an average starting base salary of $154,052, an all-time high in school history.

The class also set a record for the largest percentage of students receiving full-time employment offers by graduation, with 93% of graduates having secured offers by then.

“This was a year full of milestones,” says Emily Anderson, Executive Director, Career Management Center, Vanderbilt Business. “In addition to breaking school records, the Vanderbilt MBA Class of 2023 was the first to move into the newly renovated Management Hall.”

Forty-one percent of the class reports accepting roles in the consulting industry among 17 firms. Other popular industry destinations for the class include financial services, healthcare, and technology. The 2023 Vanderbilt MBA Employment Report indicates that the class accepted positions across the United States, with top employment destinations of Nashville, New York, Chicago, Dallas-Fort Worth, and Atlanta.

For the 12th year in a row, 100% of first-year MBAs seeking an internship secured a position for Summer 2023. The students reported a mean monthly salary of $10,444 at their internships.

“We are grateful to have fantastic recruiting partners who continue to value Vanderbilt MBA graduates and students,” says Anderson. “We rely on our committed alumni who foster these recruiting relationships and remain engaged with Vanderbilt Business.”

CLASS OF 2023

Full-Time Employment Statistics

Salary Data

*Salary report is based upon usable salary information for 91% of those graduates who accepted a job. **89% of graduates reporting base salary also reported receiving a signing bonus.

Source of Accepted Offers

Geographic Data

Continental United States

Timing of Offers &

This report conforms to the MBA Career Services and Employer Alliance standards for reporting MBA employment statistics

From the Desk of Kelli Edmond Associate Dean of Development

DARE TO GROW AT OWEN

It has been almost a year since the public launch of Vanderbilt’s historic Dare to Grow fundraising campaign. As of this writing, our dedicated alumni, families, and supporters have raised more than $2.7 billion toward the university’s $3.2 billion goal. Inspired by Vanderbilt’s Latin motto, Crescere aude, or “dare to grow,” this transformative campaign is focused on 3 goals: becoming the destination for the most talented and ambitious students and faculty across the globe; catalyzing innovative research and discovery; and fostering radical collaboration across disciplines.

The Owen community plays an integral role in the Dare to Grow campaign’s success, and many of our alumni and friends have made incredible investments and contributions that will propel us—under Dean Steenburgh and Chancellor Diermeier’s leadership—to a new era of excellence. Key to our upward trajectory is attracting the best and brightest students, regardless of their financial circumstances. To that end, increasing support for financial aid through endowed scholarships is one of the Owen school’s top campaign goals. Prospective students are drawn to Owen’s world-class business education and uniquely collaborative learning environment but are too often forced to enroll elsewhere because of larger scholarship awards. Additional scholarship support is needed to ensure we can compete against other top schools for top talent.

With the generosity of our alumni and friends, we can offer lifechanging support to outstanding students and give them the tools they need to reach their full potential as leaders in business. Before

“ I encourage you to join many others in our Owen community in making a gift— of any size—to support scholarships. ”

coming to Owen, many of our students worked in areas such as education, nonprofits, or public service, where salaries did not allow them to save aggressively for professional school. A large number are taking time off from their careers, forgoing an income to pursue additional education and invest in their futures. Others are entrepreneurs whose ability to take risks is greatly facilitated by scholarship support. While the return on a business education is high, the promise of graduating without excessive debt allows us to recruit widely and build a thriving community of scholars and alumni who are making an impact across business sectors.

I encourage you to join many others in our Owen community in making a gift—of any size—to support scholarships. Many of us were scholarship recipients ourselves or were greatly helped by the support of a mentor who opened doors and guided us on our career paths. Or, if you didn’t receive any support from others along your journey, perhaps consider being the benefactor that would have made a difference for you. Thank you for considering what it would mean to invest in Owen students. We are deeply grateful for you and our entire Owen community and look forward to all that we will achieve together.

Please feel free to contact me at: kelli.j.edmond@vanderbilt.edu

EXPANDING SCHOLARSHIP OPPORTUNITIES

A key priority of Vanderbilt’s Dare to Grow fundraising campaign is expanding access through student support, and growing our scholarship endowment will help Owen be the destination of the most talented and ambitious students from around the globe. Providing competitive scholarship packages is integral to advancing the Owen Graduate School of Management’s mission of excellence and ensuring an Owen education is accessible to the best and the brightest students.

Gifts of all sizes make a difference to our students and can be directed to a pooled fund, or supporters may establish a named, endowed scholarship with a gift of $100,000 or more. Your gift could be directed toward supporting students in any of our programs—from the 2-year Master of Business Administration (MBA) and Executive MBA (EMBA) programs, to our specialized one-year master’s programs in accountancy, finance, marketing and healthcare management

OWEN BY THE NUMBERS

$68,500 * Tuition

$103,174*

Approx. total annual cost of attendance

$95,522

Average amount of debt upon graduation

*For full-time students enrolled during the 2023-24 academic year

80 % +

Received some scholarship support

<7 %

Received full scholarship support

Nearly 60 %

Received a scholarship that covers less than half of tuition

Visit vu.edu/daretogrow or scan the QR code to learn more about the Dare to Grow campaign.

Upcoming Dare to Grow Roadshows in 2024 include: Dallas (March 4) and Atlanta (March 18).

68 % THE NEED

of scholarships were covered by operating funds and only 32% were funded by Owen’s scholarship endowment in FY23.

PREPPING FOR SOCIALLY RESPONSIBLE CAREERS

The impact of CSR on all functions of business

BY EIGEN ESCARIO

FFrom recent graduates to seasoned professionals, many join the corporate world with aspirations of achieving their maximum career and salary potential. However, with increasing awareness and demand for more ethical practices in the workplace, corporate social responsibility (CSR) encourages better leadership in business across many fronts.

Mario Avila, Vanderbilt Assistant Professor of the Practice of Management and Founding Director of Vanderbilt’s Turner Family Center for Social Ventures, explains the concept of CSR and how business school prepares you for a socially responsible career.

Corporate social responsibility vs. social impact

CSR refers to initiatives from corporations that work with local nonprofits and governments to integrate social and environmental concerns into their business. On the other hand, social entrepreneurship deals with entities that are directly focused on solving particular problems through hands-on advocacy.

“CSR initiatives are typically done through philanthropy or other ethical business practices that are engaging with the community and other stakeholders to pledge to social responsibility,” Avila said. “Social entrepreneurship looks at the pursuit of innovative and sustainable solutions to problems that are created and established ventures by individuals whose primary purpose focuses on certain social or environmental missions.”

Avila’s role mainly works with social entrepreneurship at Vanderbilt’s Turner Family Center—a different school of thought from CSR, but it shares some key overlaps that are valuable in the market. He also highlights the curriculum at Owen that supports these 2 aspects of ethical practices in business.

“Mark Cohen, Professor of American Competitive Enterprise, leads the field in corporate responsibility and lends his extensive experience with corporate accountability at Owen, along with other coursework that addresses sustainability and social impact emphasis,” Avila said.

Business school resources that prepare you for a socially responsible career

Resources like the Turner Family Center for Social Ventures also seek to cultivate these sentiments and apply these concepts in the

workplace, as business schools like Owen continue to foster ethical leadership long after the program.

“Our core mission as a center is to support students along their leadership development with a focus on a social mission or impact,” Avila said. “We get a lot of students that are interested in going back into the corporate sector while also thinking about ways in which they can help support and influence those corporations and the work that they do within their communities.”

Avila further explains the value of hands-on learning that exposes students to the different ways that they can support and influence corporations in terms of community impact. The TFC features Immersion Treks that dissect how corporations or nonprofits address social issues within a community, whether it be a local or international excursion.

“An example of a trek we did years ago was a trip to Upper East Tennessee and Appalachia—we consulted with several different companies, medical centers, and local government officials who were really trying to address the opioid epidemic in Johnson City and the surrounding areas,” Avila said. “So when we have many of our students go on to companies like Eastman Chemical Company, they can observe the direct connection of their profits to the social and environmental issues that certain communities are facing.”

Practicing CSR in the workplace

While the core sentiments and tenets of CSR are certainly useful in classroom settings and enrichment programs in business school, applying it in the workplace across any profession is much more impactful to society.

“At the end of the day, I tell students to be the best supply chain manager that they can be,” Avila said. “Making the extra effort to have an impact beyond your specific function in the supply chain is the best way to integrate CSR in more corporate settings.”

And while it’s important to come out of business school with expertise in a specific function, like marketing or operations, it is essential to keep in mind the mission of embedding ethical and moral leadership within business.

“CSR is embedded into all functions of business, and having an underlying mindset of supporting a greater mission, whether it be environmental issues or community responsibility, in whatever function of business you operate in is important,” Avila said. “Our purpose is not to create a wave of social entrepreneurs—we want to create and embed ethical, moral leadership within business.”

CLASS ACTS

’74Philip Martin , MBA , Dur ing the pandemic, my wife and I said goodbye to Sashi, our Tibetan Terrier. She got lymphoma at a young age and shockingly died much earlier than everyone expected. Through my grieving and subsequent healing, I was encouraged to write a book about Sashi. Coupled with my passion for Leadership Development and History for fifty years, the result of my efforts was a children’s book on Leadership, “Tails from Tibet.”

’77

Chris Bowers , MBA, Joan & I visited Iceland for five days in early August, followed by an ocean cruise, mostly to Scandinavian countries. For early 2024 , we rebooked a trip we missed three years ago to Australia and New Zealand. And we’re planning a trip in early Fall of 2024 to hike and sightsee in Utah. Here in Illinois, the grandchildren are very busy, which means we are busy attending their concerts, sporting events , and competitions. We rather like the pace of (mostly) retired life. Best wishes to all.

’80Mrs. Lelia Jane Farr, MBA and Mr. David Nelson Farr, MBA’ 81 , were honored with the 2023 Jane and Whitney Harris St. Louis Community Service Award. David served as CEO of Emerson from 2000-2021 and served on the company’s board of directors from 2004-2021. Lelia has served as a leader and volunteer for several local organizations in the last 26 years, including University City Children’s

Center, Ladue Chapel, The Salvation Army, Operation Food Search, Beyond Housing , and Sunshine Ministries

Eric Van Heyst , MBA, Van Heyst became a Member of The College of Wooster’s Alumni Board in September. Eric is the North American head of structured credit at American International Group, where he manages credit and political risk exposures to corporate and financial institutions on a global basis.

’84

John Southwood Jr. , MBA, CPA, joined Neal & Harwell, PLC, as Director of Financial Operations in July. John most recently served as Director of Finance and Accounting at Waller in Nashville for the past 14 years.

’88

Chuck Melander, EMBA, Chuck joined Streamline Group as the Chief Strategy Officer in June. Chuck most recently spent 16 years at Turning Point Brands as Senior Vice President of Operations, Product Integrity, and Quality Assurance.

’89

Stanley Wayne Reynolds , MBA, Executive Vice President and Chief Financial Officer of 7-Eleven Inc. is now serving as a Member of the Board of Directors at National Association of Convenience Stores (NACS) as of October 2023. In Stan’s role at 7-Eleven, he is responsible for finance, accounting, tax, mergers , and acquisitions

’92

Bill Noland , MBA, When the pandemic started in 2020, Bill began writing, and by 2021, he had completed three books and had secured a publishing contract with Evolved Publishing. His books are a series of supernatural thrillers called Uncommon Bonds, which borrow from history and ancient Middle Eastern mythology, to weave stories that can be enjoyed by mature young adults and adults alike. Three books of a planned six have been released

and the fourth was released before Christmas 2023. The first book of the series, “Playing with Fire ,” won the Pinnacle Book Achievement Award for best supernatural t hriller in the Fall of 2022 and was a finalist for book of the year in the Independent Author Network’s Paranormal/ Supernatural category in 2022.

Mike Garibaldi , MBA, Aft er 24 years of running several PE-backed companies, Mike has retired from full-time work. We will be moving to South Carolina next year.

’94Lee Landrum , MBA, Lee Landrum joined Comvest Partners’ firm as a Partner and Head of Investor Relations in September.

’96Kevin Crumbo , EMBA, Nashville Mayor Freddie O’Connell appointed Kevin Crumbo as interim finance director, succeeding Kelly Flannery, in October

’97Brian Gleason , EMBA, Brian recently joined North Branch Captial LLC as an Operating Partner. Prior to joining North Branch, Brian worked as interim CEO at Summit Hydraulics (North Branch Fund I).

Tao Fu , MBA , Alamar Biosciences recently announced the launch of Attovia Therapeutics, a newly formed company focused on creating a pipeline of biotherapeutics in immune-mediated disease and cancer. Tao Fu, co-founder of Attovia and Venture Partner at Frazier Life Sciences, will serve as Attovia’s chief executive officer and join the Board.

’98Enrique Carillo , EMBA, Enr ique was recognized as a 2023 Chicago United Business Leader of Color, a prestigious reception hosted by Northern Trust Corporation.

John Underwood , MBA , John Underwood was recently elected to Santa Clara University’s Board of Trustees.

’99

Beckett Scott Eisenreich , MBA, In July, Beckett

Scott Eisenreich joined Abrigo as Chief Financial Officer to lead the company’s financial strategy at an important time, given its rapid growth and continued innovation. Beckett most recently served as the SVP and CFO of the $4 billion Payments Solutions business at FIS Global.

Brent Robbins , MBA , Brent Robbins was recently hired at Piper Sandler Companies as a managing director of equity sales. He will lead the firm’s London equity office and focus on expanding research sales internationally.

’00Hill Ferguson IV, MBA , T iv ity Health, the locally based provider of services for Medicare Advantage members perhaps best known for its SilverSneakers program, has named Hill Ferguson president and CEO. Ferguson most recently served as CEO of San Francisco-based virtual care delivery platform Doctor on Demand. A Vanderbilt University alumnus, Ferguson also previously led consumer experience and product development at PayPal, according to a release.

’03Clif Tant, Jr. , MBA , Old National Bank named Clif Tant Nashville market president in July. Tant has 20 years of experience in the Nashville market as a senior vice president and commercial banking leader for ServisFirst Bank and helped launch Capstar Bank. He also has experience with banking healthcare and serves on the board of Nurture the Next, formerly Prevent Child Abuse Tennessee.

Joshua Detillio , MBA, Joshua DeTillio joined Nutex Health Inc. as Chief Operating Officer in October. Joshua is an experienced healthcare leader with over 20 years of hospital experience and 12 years as a CEO in investor-owned, publicly traded companies. Joshua most recently served as Chief Executive Officer at Bravera Health, owned by Community Health Systems, where he recruited several new physicians to the Medical Group, including 3 general surgeons, a vascular surgeon, 3 in-market orthopedic surgeons, and 4 primary care providers.

Kar en Mariam Page , EMBA , The F inance & Leasing Association has appointed Karen Page , Managing Director of Caterpillar Financial Services, to the FLA Board. With a 21-year history at Caterpillar Financial Services, Karen began her journey with the company in the U S in 2015 before moving to the Solihull office in 2018. In 2020, Karen was promoted to the position of Managing Director.

’04Donny Lau , MBA , Lau joined Zaxby’s as the new Chief Financial Officer in July. With more than 20 years of experience, Lau comes to Zaxby’s most recently from Dollar General, where he served as senior vice president, finance & chief strategy officer.

’06Jef frey Ervin , MBA , Ervin took over as the CEO of IMAC Holdings Inc. on November 24. IMAC Holdings is one of Nashville’s largest public healthcare companies , with $16.9 million in revenue in 2022.

Brad Paulsen , MBA, will join Rentokil Initial in December as CEO of its North America Region and will be a member of the Company’s Executive Leadership Team. Brad is currently the CEO for Rexel USA, a leading distributor of electrical parts, services, and solutions with over 450 U S branches and $7 billion in annual sales.

Robert Dineen II , MBA, F-O-R-T-UN-E Personnel Consultants (FPC) a nationwide network of over 65 franchised executive recruitment

offices, announced the opening of FPC of North Ridge. Owned by Robert Dineen, in partnership with David Singer and Randy Cagan, FPC of North Ridge will specialize in Supply Chain, Operations, and Procurement. Robert will lead the office’s projects, which include custom talent acquisition, talent pipeline assessment and management, hiring process evaluation, process mapping, and succession planning.

’08

Dr. Ravi S. Chari , EMBA, In July, Dr. Ravi S. Chari joined InnovaCare Health as Chief Operating Officer. Dr. Chari most recently served as the President and CEO for HCA Healthcare’s West Florida Division, where he had responsibility for approximately 17,000 employees and a continuum of programs and services encompassing 15 hospitals and numerous outpatient sites and practices serving 1.2 million patients annually.

Travis Messina , MBA, Two years after selling his healthcare startup, Contessa Health, for $250 million, Travis Messina has been named CEO of Regent Surgical Health.

’08

Marilyn Charlen Key, MMHC, Marilyn “Buffy”

Key, COO of The Cookeville Regional Medical Center (CRMC), was named permanent CRMC CEO on July 27. Buffy, who previously served as CRMC’s chief operating officer, was appointed as interim CEO earlier this year. Before becoming COO, Ms. Key served the medical center as the senior vice president for quality and operations. During that time, she was the recipient of the Tennessee Hospital Association’s 2016 Patient Safety Leadership Award, recognized for her dedication and extraordinary efforts to make patient safety and quality a top priority at CRMC.

’09

Joshua Trusley, EMBA , Ernst & Young has promoted Josh Trusley to the role of managing partner of its Nashville office, w here he now oversees 659 local employees.

’10Hartman King , MBA, Har tman was awarded another patent (11,793,190) for his AI-driven species-specific agricultural and commercial animal deterrent technology. See more at animaldeterrenttechnologies.com.

’11

Daniel Ratliff, MSF, Ratliff was elevated to Partner at Fontinalis Partners. Dan joined Fontinalis in 2014 after starting his career in investment banking and has been an active member of the investment team, leading or coleading several of the firm’s active investments including where he currently serves as Fontinalis’ board observer such as CelLink, Sibros, Carputty.

’12

Dr. Marcy Ruthann Binkley, MA cc , Binkley, DBA, CPA, is one of only 36 CPAs selected by the American Institute of CPAs (AICPA) to join the 2023 class of its Leadership Academy.

’13

Jon Leezer, EMBA, Jon and his wife, Claire, purchased a Bruster’s Real Ice Cream franchise in Brentwood, TN. Their ice cream is made fresh in the store every day by their ice cream makers. A huge differentiator is that their mix comes from a dairy farm in Central Pennsylvania owned by Bruce Reed, founder of Bruster’s. This “Cow to Cone” concept guarantees the high-quality ice cream that Bruster’s is known for while keeping prices reasonable for the average family, reaching a significantly larger demographic than some of their higher price point competitors. If you are ever in the Brentwood or Nolensville area, stop by, grab a scoop, and know you’ll be supporting his 5 kids 6th grade down to 17 months.

Anne Marie Mills , MBA, Anne Marie just started a new business as a travel advisor with Cruise Planners. She’s booking amazing trips such as an all-inclusive in Mexico, a cruise through the Caribbean, a land tour around Italy, and a wellbeing cruise in the Mediterranean. If you want to learn more, give her a shout!

Tracy Gilliland , MBA, Tracey

Elizabeth Gilliland married Shawn Stephen Shirley in Cape May, New Jersey on October 21, 2023 with several Owen 2013 and 2014 alums in attendance. Tracey also recently joined the Energy & Resources leadership team at Baringa Partners in Houston.

’14Mat thew Overbay, EMBA, Overbay, director, manufacturing strategy and planning office, Nissan North America, is named a 2023 Automotive News Rising Star.

’17Kevin Robert Donahue , MBA, Kevin Donahue married Anne Corbin Blackwell on July 9, 2022. Kevin is a healthcare Investment Banking Director at UBS. The couple resides in New York City.

Zheng Huang , MBA, Very delighted having a drink with my friend, Daniel Haas! Good times catching up!

Tay lor Moore , MBA, My wife and I are pregnant with our second child, who is due in March 2024!

Jay Harper, MBA, Jay was recently promoted to Director of Industry Operations for Healthcare, Education & Government at Workday. Previously, he was a Principal Value Manager at Workday.

Sarah Felmly Connolly 16 , and Nathan Michael Connolly ’ 17, welcomed their first child, Colette, on April 30th, 2023

Thomas Sheeren, MBA, Ver y happy to share that Elena and I welcomed our second child, Julia, in June. She and our oldest, Lucia, are both healthy and keeping us busy.

Martin Wiegand, II and Jane Greenlee Wiegand, MBA, Jane (Greenlee) and Martin Wiegand, both MBA class of 2017, welcomed Penelope “Nell” to their family on February 16, 2023. Martin was promoted to Director of Business Strategy at WellSky this fall.

’18Sina Seger, MBA, was promoted to FlyteVu’s first General Manager in September. Sina joined FlyteVu in 2017 and has led accounts including Barefoot Wine, Cracker Barrel, Jack Daniel’s , and Vanderbilt Health.

’20

Brittany Hunter, MBA, recently launched her personal brand, the Britt Hunter Brand. She will be available as a keynote speaker and panel moderator to discuss topics around importance of core identity in education, the importance of

Diversity, Equity and Inclusion initiatives at a corporate level, and the subject of pivoting for those in entrepreneurship and business.

’22

Laura Brown , EMBA , is pleased to announce the launch of ELM Communications, a strategic communications firm with a footprint in Alexandria, VA and Nashville, TN. She has teamed up with Liz Liberman (MBA, Georgetown University) and Maddie Luchsinger (MS, MTSU) on the launch of the new venture. ELM Communications is focused on a science-based approach to communications to help organizations grow their voice.

Michael Dejos , EMBA , In February 2023, Mike was appointed to the Board of Visitors for the Philadelphia College of Pharmacy, the oldest school of pharmacy in North America, where he utilizes lessons learned from his marketing, finance, and operations courses. In July 2023, Mike was appointed chairman of Shelby County Department of Health’s Public Health System Assessment Committee and incorporates various frameworks from the ethics course for identifying and addressing healthcare disparities in Memphis and the surrounding neighborhoods. After applying various tools from Owen’s EMBA program, Mike was promoted from consultant to full member of FDA’s Drug Safety and Risk Management Committee in September 2023.

’23

Tommy Vincent Chamblee , MBA , Vince joins Argent Trust Company, a subsidiary of Argent Financial Group, as Senior Vice President & Wealth Advisor. He will be based in Oxford.

IN MEMORIAM

Fred Wiehl Lazenby, Spouse of Virginia Lazenby, MBA’ 67, Fred Wiehl Lazenby, affectionately known as Ted, peacefully entered into eternal rest on November 15, 2023. He is survived by his loving wife Gigi Lazenby; his daughters Grace Lazenby of Los Angeles and Kathy Boehm (Don) of Nashville; and his grandchildren, Alex, Kayce and Ginny. Ted shared a loving marriage with Gigi for over 30 years and cherished his daughters and grandchildren.

Christian Sayn , MB A’73 , Mr. Christian Sayn of Palavas-les-Flots, Montpellier, Sherbrooke, Villeneuve-d’Olmes, passed away at the age of 79. His life was celebrated on Monday, November 20, 2023.

Richard Overton “Rick” Royce , MBA’78, of Franklin, Tenn., Sept 28, 2022. Originally from Louisville, Ky., Rick earned his undergraduate economics degree from HampdenSydney in Virginia before earning his MBA at Owen. After a short return to Louisville, he continued his finance career in Nashville and Brentwood, Tenn. Rick loved nature and especially enjoyed fishing the streams and lakes around Middle Tennessee. He was fond of fun practical jokes. Family legend recalls that one December, Rick and a co-conspirator secretly removed many round brass doorknobs from office doors. Co-workers were amazed when they eventually discovered the knobs were hiding in plain sight, hanging as ornaments on the Christmas tree. Beginning many years ago, Rick faced challenges caused by health issues, but he did not let this situation define him. He is survived by his wife, Denise D. Royce, BA’77, MBA’81, and one daughter.

Dr. David Richard Smith III , MBA’ 83 , Dav id Richard Smith III "Rick" of Savannah, formerly of Rye, NY, died peacefully in his home on Thursday, October 19, 2023, after a courageous two-year battle with ALS. Rick is survived by his wife of forty years, Melanie Welch Smith; three children,

Gardner Richard Smith of Newport Beach, CA, Eleanor Welch Smith of San Francisco, CA, and Nathaniel Curry Smith of Savannah, GA; and his sister, Sue Smith Bass (Larry) of Bradenton, FL.

Guido DiStefano, Jr. , MBA’ 86 DiS tefano, Jr., 62, of Stuart, FL went home to be with God on Friday, July 21, 2023. He lost his battle with Cystic Fibrosis, with his beloved wife of 30 years, Gari, by his side. He had received new lungs in 2016.

Brent Douglas Philips , MBA’ 88 , of Sandy Springs , passed away October 3, 2023, after a courageous battle with cholangiocarcinoma. Brent is survived by his husband of 15 years, Tony Chaffin; parents, Howard and Anita Phillips; sister, Natalie Reeser (Kerry); niece and Goddaughter, Mackenzie Conaboy (Graham); and nephew, Logan Mills.

Hagan McCall Hetz , MBA’ 01 , Hagan M. Hetz, age 50, passed away on August 4, 2023, surrounded by his family at his home in Fairview, PA after a courageous ten-year battle with a brain tumor that cut short his young life. After earning an MBA from Vanderbilt University in 2001 and working in the insurance industry for four years in Nashville, TN, Hagan returned to his hometown and the family business, Fairview Evergreen Nurseries, Inc. There , he found early success in his position as Vice President of Sales and Marketing, having trained for the dual roles under the guidance of his father. Hagan is survived by his wife of twenty-two years, Kelly Sawyer Hetz , whom he met, fell in love with, and married in Nashville on July 28, 2001. Hagan will be greatly missed by his adored children Hollen Hope, Harper Julie, and Henrik Gunner Hetz; his sister, Heidi Zomnir (Rick), and his brother, Hans-Erik Hetz (Amy): and many beloved nieces and nephews. Hagan was preceded in death by his infant son, Hayden Sawyer Hetz, and his father, D. Garth Hetz.

Bennitt Eric Bates , MBA’ 03 , Dev oted father, beloved husband, son, brother and loyal friend, Bennitt passed away on Monday, September 25, 2023. Through his real estate career, Ben was proud to help others discover the joys of living in our vibrant community. He loved Sarasota and the many communities he and his family have been a part of. Ben is survived by his wife, Lynn, and his daughter Ellen; brothers Robert (Paula) and Thomas (Heidi); and mother Karen. He is preceded in death by his father Elbert “Rick.”

Nicole Young Smith , MMHC ’ 15 , Nik i died on August 11, 2023. She is survived by David, three incredible Human Beings, Topher, Zach, and Nicole. She was an Associate Vice President at Vanderbilt University Medical Center working her way up the organization from Temp to her current position over a thirty-eight year career. Her impact on people and the institution will live on for decades to come.

David Lee Rados – Emeritus Owen Faculty, Dav id, 89, died peacefully at home on August 29th in Rancho Santa Fe, California. Dave held a Chemical Engineering degree from MIT, an MBA in Marketing from Harvard, and a PhD in Marketing from Stanford. A naturally curious man, he continued to seek out education his entire life. That passion for learning brought him to a lifetime of teaching Marketing at the graduate level at several universities worldwide. For the last 29 years of his career, Dave taught at the Owen Graduate School of Management at Vanderbilt University. He was a beloved teacher, known for direct feedback that often showed up in the annual Faculty Roast and earned him the James K. Webb Award for Teacher of the Year. Dave is survived by his wife of 54 years, Margaret Scanlon Rados, his two children David Jr. and Kimberly Powell, and his grandchildren Holly and Jack, whom he cherished.

Jim Bradford – Emeritus Dean

Mr. James Warren Bradford, Dean Emeritus of the Owen Graduate School of Management, passed away on Thursday, July 27, 2023, at the age of 76. Jim is survived by his wife of 54 years, Susan Garrison Bradford; children, Geoffrey Bradford and his wife Susan of Raleigh, NC, Emily Mulder and her husband Kenneth of Granby, MA, Alec Bradford of Charleston, SC, and Laura Kuruvilla and her husband Finny of Medford, MA; grandchildren, Garrison, Samuel, Henry, Clay, Ezra, Asher, Obadiah, Ezekiel, Mamie, Thaddeus, Anna, Leila, Amos, Sophie, Aidan, Tallulah, Sadie, Luke, Timothy, Ethan, Tabitha, John, Peter, Daniel, and Bethany; and sister, Sally Bradford Vail of Billerica, MA.

Jim began teaching at the Owen Graduate School of Management at Vanderbilt in 2002 and was named Dean in 2005. He retired in 2013. Following his retirement from Owen, Jim taught business strategy at ESADE in Spain for three months. He also served a term as Chairman of the Graduate Admissions Council (GMAC). Jim was on the B oard of Satler College in Boston, MA in 2018. His favorite activity was mentoring young people.

Steven Allen Pate – Former Owen Professor, formerly of Arlington, Virginia, passed away in Union City, Georgia on June 24, 2023. Steve was an accomplished historian and received a PhD from MIT in both Mathematics and Linguistics (the study of human speech including the units, nature, structure, and modification of language). He served in Executive positions at Ingram Books , as well as Barnes and Noble, where he met several authors and dignitaries. He was also a professor at Vanderbilt University for a short time, where he taught Business Analytics. Steve was a world traveler, giving lectures in other countries until his medical condition limited his travel to the Washington and Arlington areas.

LIFE AT OWEN

1. Congratulations to the Vanderbilt Master of Management in Health Care Class of 2023 graduates.

2. In November, we welcomed 200+ alumni to campus for Reunion 2023!

3. The Owen Marketing Association (OMA) hosted a Marketing Symposium on Friday, September 8. The event included a panel of MBA and Master of Marketing alumni.

4. Management Hall was covered by a blanket of snow in January. This was Nashville’s first snow of the season and a first winter wonderland for many of our students!

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5. Professor Steve Hoeffler with students during BrandWeek, an annual event where students work on challenges for real companies.

6. Students received feedback on their presentations as part of the BrandWeek experience in October 2023.

7. During Reunion 2023, we were delighted to recognize and celebrate Prashant Khemka [MBA’98], the recipient of the 2023 Distinguished Alumni Award!

8. Michael Mettee, FirstBank CFO, participated in our Distinguished Speaker Series on September 21, 2023.

9. Café 96 opened to students in 2023 in the newly renovated Management Hall.

10. Mary Taylor Charman [EMBA’24] at EMBA Partner Day in September 2023.

11. In partnership with the Frist Center for Autism and Innovation, Professor Tim Vogus hosted Judy Reilly in December for a talk about neurodiversity and her work as Director of the UConn Center for Neurodiversity and Employment.

12. Ivana Rodriguez [MBA’24] at the Halloween Closing Bell, where 100% Owen coordinated a Halloween Costume Competition, raising funds for a local charity.

13. Second-year EMBA students presenting their final projects to a group of 8-12 Venture Capitalists for Michael Burcham’s Launching the Venture class. Presenter pictured: Kara Apel [EMBA’24].

14. In November 2023, students were offered the opportunity to visit Amazon as part of this year's Tech Trek.

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LEADERSHIP LESSONS

Brought to you by Vanderbilt Executive Education

Interested in honing your communication skills or enhancing your ability to lead others well? We’ve curated a few leadership lessons from select programs offered by Vanderbilt’s Executive Education.

Consider how this simple but straightforward advice from Kimberly Pace, Professor for the Practice of Communication, could help you communicate more effectively:

Know your audience and tailor your message when communicating.

One of the first steps to persuasive and influential communication is learning who your audience is and deciding the best way to convey your message to that particular group. To achieve this, you must determine the purpose of your message, and then you can tailor it to the intended audience.

“For example, if my audience members are the top executives in the company, then I want my information to be concise, datadriven, and have a very clear call to action,” Pace said. “I would also be prepared to answer hard questions, even after I’ve given my presentation.”

Be versatile in your leadership style.

As you grow in leadership, you want to expand your leadership style. Cannon says leaders should avoid overusing an approach simply because it is what they are used to or good at, instead pivoting in their leadership style based on what is most effective for their audience.

“Instead of thinking about ‘What is it I want and what am I thinking,’ you should consider what is going to work best in this particular environment,” Cannon said. “Read the people and the situation.”

The best leaders are impactful leaders.

“The impactful piece is important because at the end of the day, to varying degrees, we all want to know that the work that we did mattered,” Leddin said. “People want to know that they didn’t just hold a place in an organization, but actually left behind a legacy based on the work they did, but more importantly, a legacy grounded in ‘look who I lifted up’ versus ‘look what I did.’”

Mark Cannon, Associate Professor of Management, shares insight on the power of being an adaptable leader:

Kimberly Pace

Patrick Leddin

Patrick Leddin, Associate Professor of the Practice of Business Studies and The Wall Street Journal bestselling author, gives the following advice to leaders wanting to make an impact on the individuals they lead:

Mark Cannon

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