Spring 2010 / Volume I, Issue 2 4 From the dean Introducing the new dean, Ed Grier
12 Making a difference Honoring the educator of the year
21 Business-savvy branding Improving the school’s identity
How Michael Rao and Steve Markel envision the future of the school > 14
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18 Departments From the dean Newsmakers Overheard Making a difference From the boardroom VCU Business Society By the numbers Class notes Calendar
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ON THE COVER:
Virginia Commonwealth University President Michael Rao, Ph.D., and Steven A. Markel, vice chairman of Markel Corp. and School of Business Foundation chair, discuss the school’s future at the crescent entrance to Snead Hall on West Main Street. 2
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Features 14 Michael Rao and the pursuit of excellence The School of Business figures prominently in the president’s quest to solidify Virginia Commonwealth University as a leading public research institution.
18 Steve Markel: Creating a collaborative vision Richmond business leader Steven A. Markel says the time is right for the school to partner with the local business community on a future plan.
20 Career connections Career Services adds new features to its Web site, including an online resume database, giving alumni more tools to succeed in today’s challenging job market.
21 The business of branding Barber Martin executives talk about improving the VCU Business image through a new identity that reinforces its distinctive strengths.
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Vol. 1, Issue 2, Spring 2010
From the dean Alumni, Students, Faculty, Staff and Friends: I am extraordinarily honored to join the School of Business at Virginia Commonwealth University. As many of you know, my 29-year career with the Disney organization included challenging assignments in the U.S., Europe and Asia and culminated in my role as president of the Disneyland Resort in California. I have led several complex organizations that, not unlike the VCU School of Business, strove to promote excellence, foster innovation and reward collaboration. I feel privileged to be joining VCU Business at such an exciting time. With Michael Rao, our dynamic new university president, an energized alumni organization and a magnanimous business community, our school is poised for a major step forward. In addition, the opening of Snead Hall in 2008 facilitates a multidisciplinary approach to business education emphasizing collaborative partnerships within and among schools. My intention, and the mission of the dean’s office, is to strengthen academic practices while bringing new ideas, expertise and resources to our campus that will enrich the educational experiences of our students. Capitalizing on VCU’s history as an urban teaching and research institution with a commitment to access, innovation and outreach, we will strive to create relevant business knowledge and produce innovative, analytic and socially responsible business men and women who are ready for immediate entry into the workplace. I would like to thank the entire VCU community for the warm welcome that my wife, Valerie, and I have received. I look forward to working with you to take the school into an exciting future. Sincerely,
Dean Ed Grier Associate Dean, External Affairs and Executive Director, School of Business Foundation Kenneth C. Blaisdell, Ph.D. Editor L. Katherine Oliver Writer Susan T. Burtch Contributors VCU Office of Communications and Public Relations Design VCU Creative Services Photography VCU Creative Services Business & Main is published twice each year by the Virginia Commonwealth University School of Business. The views and opinions expressed in Business & Main do not necessarily represent the opinions of its editors or the policies of the university or school. Send address changes or comments to: Business & Main Editor Virginia Commonwealth University School of Business P.O. Box 844000 Richmond, Virginia 23284-4000 E-mail: BizandMain@vcu.edu www.business.vcu.edu
Ed Grier Dean
About Dean Grier Hometown: Atlanta Family: Wife Valerie and sons Joshua (25), Michael (23) and Daniel (19) Previous position: President of Disneyland Resort, a complex organization comprising nearly $2 billion revenue, 20,000 employees and 28 labor unions; includes the world-famous Disneyland Park, Disney’s California Adventure Park, the Disneyland Hotel, Disney’s Grand Californian Hotel & Spa, the Paradise Pier Hotel and Downtown Disney Education: B.B.A., Duquesne University, Pittsburgh, 1977; Centennial Academic Scholarship recipient; major in accounting, minor in finance First day at VCU: March 8, 2010
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©2010, VCU School of Business an equal opportunity/affirmative action university 090825-04
NEWSmakers
Photo by Clement Britt
in Boston sponsored by CIMIT, a nonprofit consortium of Boston-area teaching hospitals and engineering schools. Honored for having the “Greatest Potential for Patient Benefit,” the VCU entry was one of 60 submitted, competing against 13 entries from Harvard and eight from MIT. Among the Operation Simple team members were two School of Business marketing majors — Ana Cuison, who graduated last May, and Jennifer Koch, who graduated in December. Real estate expert Susan Wachter engages students during her two-day visit to the business school.
Scholar-in-residence offers real estate industry insights the Thalhimer Family Endowment sponsors the annual executive-inresidence program and provides full-tuition scholarships annually for two outstanding School of Business students.
Da Vinci Center project shows ‘greatest potential’ for benefit The VCU da Vinci Center’s Operation Simple made headlines in late 2009 when the prototype of a $500 portable operating table for developing countries won first prize at a competition
VCU team members Jay Carpenter and Satish Bala (from the M.B.A. program) and Richard Blair (from the Fast Track Executive M.S. in Information Systems) won second place, behind the University of Cincinnati, in the Computer Associates Information Technology Case Competition in October. Faculty advisers Gurpreet Dhillon, Ph.D., Jean Gasen, Ph.D., and Donald Kierson coached VCU’s team as it bested the University of Pittsburgh and Carnegie Mellon. The competition gives students a chance to learn about actual IT challenges and to network with Computer Associates executives from across the country.
Alumnus welcomes the Obamas to Phipps Conservatory On Sept. 24, 2009, Richard V. Piacentini (M.B.A. ’82) welcomed President Barack Obama and First Lady Michelle Obama to Pittsburgh’s Phipps Conservatory and Botanical Gardens, one of the oldest conservatories in North America. President and Mrs. Obama welcomed world leaders to the G20 Conference opening reception and dinner at Phipps. As executive director of the conservatory since 1994, Piacentini has been instrumental in guiding the conservatory to recognition as one of the world’s most energy-efficient and sustainable gardens.
Official White House photo by Pete Souza
Nationally renowned real estate expert Susan Wachter visited the Virginia Commonwealth University School of Business Oct. 1-2 as the Charles G. Thalhimer Family Scholar-in-Residence for 2009. She is the Richard B. Worley Professor of Financial Management and professor of real estate and finance at the Wharton School of the University of Pennsylvania. Wachter participated in several events during her two days in Richmond. Her activities included a speech at Willow Oaks Country Club on “How ... or can another crisis be avoided”; a student-led discussion with Rho Epsilon members, real estate majors, other students and guests; a lecture to a real estate finance class on “Asset Bubbles: Real Estate Pricing Across Space and Time”; a research seminar, “Subprime Lending and Housing Volatility”; and a seminar for Ph.D. students and junior faculty, “Building Your Career, Ethics and the Repeated Game.” The Thalhimer Family Endowment was established in 1984 by Charles G. Thalhimer Sr. to support important programs school. In addition to its scholar-in-residence program,
Graduate students take second place in CAIT case competition
Richard V. Piacentini presents President Barack Obama and First Lady Michelle Obama with a glass sculpture by German-born artist Hans Godo Fräbel.
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Annual VCU Real Estate Trends Conference draws 700 attendees
Photo by Clement Britt
The 19th Annual VCU Real Estate Trends Conference attracted 700 participants and more than 30 sponsors to the Greater Richmond Convention Center on Oct. 13. Sally Gordon, Ph.D., managing director of BlackRock Inc., a New York-based money-management and risk-advisory firm, opened the
Gloria Freye, Partner at McGuireWoods and chair of the conference, welcomes attendees.
conference with an economic overview and discussion of commercial real estate. Speakers included Steven Blank, senior resident fellow in finance for the Urban Land Institute; David Lereah, Ph.D., president of Reecon Advisors; and Jeffrey D. DeBoer, president and CEO of The Real Estate Roundtable. The conference closed with remarks by VCU President Michael Rao, Ph.D. To view the 2009 presentations and preview the Oct. 12, 2010, conference schedule, visit www.realestate.vcu.edu.
Verizon executive discusses marketing in changing climate Verizon Virginia President Robert W. Woltz Jr. spoke at VCU about successful marketing practices in a climate of changing regulation. His November presentation was part of the ongoing Verizon/VCU Department of Marketing Speaker
Students gain new perspectives from trip to Egypt Last summer, five VCU students spent three weeks in Egypt, hosted by Helwan University in Cairo. Funding was by a grant from the U.S. Department of Education, secured through the collaboration of the School of Business and the School of World Studies. The students received instruction in Middle East history and Arabic, met Egyptian peers and toured cultural sites and area businesses. They also spent a weekend in Alexandria, rode a camel and visited the Christian slums of Cairo. “You learn a lot sitting in a classroom, but you learn more when you experience it,” says Donovan Ashwood, VCU senior. “It sticks with you better.” Professor and Philip Morris Chair in International Business Van Wood, Ph.D., and world studies professor Patricia Cummins, Ph.D., organized the trip. Student participants — chosen from 60 applicants — included seniors Ashwood, Sanjay Iyer, Erica Lamberta and Garima Prasi and junior Elisabeth Chop. If you are interested in a similar trip, visit www.ciba.vcu.edu and follow the “Scholarships and Grants” link to “The 2010 BIE Grant – Student Study in Cairo, Egypt.”
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Photo by Walker Allen
NEWSmakers
Robert W. Woltz Jr. discusses how today’s regulation affects Verizon’s policies and marketing practices.
Series and attracted an audience of 130 students, faculty and community members. Woltz spoke about “Driving Successful Marketing Campaigns in Changing Times: Confronting Regulation, Deregulation and Public Policies.” He discussed the ways in which Verizon and other companies are adapting to modern regulation in order to increase innovation and hasten new products to market.
Gamma Iota Sigma Chapter brings home eight awards Fourteen members of the student organization Gamma Iota Sigma – Alpha Mu Chapter traveled to Philadelphia to attend the 38th Annual Management Conference at Temple University. Students spent the weekend networking with risk management and insurance professionals, attending industry educational sessions and participating in chapter workshops. VCU received four chapter awards for alumni relations, chapter management, industry relations and professional development, and two Black and Gold Awards for its fortune cookie program and successful blood drive. Amanda Mozingo received the Anita Benedetti Award, while Saquib Cheema received the Elizabeth Lange/Microsoft Scholarship and designation as the 2009 international student representative. Cheema will sit on the executive board as a liaison between the grand chapter and VCU students.
NEWSmakers
Top 40 under 40 Two VCU Business grads made this year’s Style Weekly “Top 40 Under 40” list, which recognizes young leaders who are transforming Richmond.
Todd R. Flowers, 34 VCU degree: M.B.A. (2006) Nuclear engineer, Dominion
The Rev. Tyrone Nelson, 36
Call it good timing. Back in 1998, Todd R. Flowers was one of two graduate students at the University of Virginia’s graduate nuclear engineering program. Immediately afterward, the school shut it down because commercial nuclear power seemed to have a limited future. But today, once-unpopular nuclear power is back in vogue because it doesn’t contribute to global warming and has a strong safety record. Flowers, a nuclear engineer at Dominion, is riding the wave. “Existing reactor designs are very safe, but newer ones are even better,” says Flowers, who lives with his two dogs in a house just west of the Museum District. The Hampton native who also studied at Longwood University was selected to attend an intensive six-week course in 2008 at the World Nuclear University, run by several international nuclear groups to enhance “international education and leadership in the peaceful applications of nuclear science and technology.” He studied with engineers from such countries as Israel and Bangladesh. “I got an entirely new perspective from them,” he says. He spends another kind of energy in his volunteer life. He serves on the board of ElderHomes Corporation, which helps fix the homes of elderly people who face financial strain. He also got involved at the Massey Cancer Center at Virginia Commonwealth University in 2004, when his father was diagnosed with the disease. He serves on the board of the Massey Alliance, which is geared to young professionals. Another endeavor is the Quoit Club, which helps run tours and backs building preservation with the Historic Richmond Foundation. “You find out a lot of neat stuff about the city,” he says. Example: “The Sauer building has one of the oldest neon signs in the country.”
One of Richmond’s most historic churches, Sixth Mount Zion Baptist is full of looming shadows and the ghosts of great men. But in four short years, the Rev. Tyrone Nelson has shown he’s not intimidated by the past — he’s far more focused on the future. Born in the rural Varina area of Henrico County, but a nearly lifelong Richmonder, Nelson has a mission to remind the city that the community-minded principles on which his church was built are just as relevant today. “That’s the main component of what we do, is caring and compassion and justice and mercy,” Nelson says. His leadership role with Richmonders Involved to Strengthen our Communities, an interdenominational, faith-based social-justice organization, has seen the group taking strong stands on things such as substance-abuse care for Richmond Jail inmates, Richmond Public Schools suspension rates, and care for indigent patients at VCU Health System. “We’re just trying to show people a better way,” Nelson says. “The beauty of RISC is that people equate power. You can’t be afraid and keep your mouth closed if something’s not right. Sometimes people need you to put pressure on you to do the right thing.” While Sixth Mount Zion’s founder, the Rev. John J. Jasper, made his name and fame from “De Sun Do Move,” a famous sermon that reclaimed the earth as the center of the solar system, Nelson’s basic principle is that community and government are nothing if they don’t revolve around the people. “I grew up idolizing people like Martin Luther King and Malcolm X,” Nelson says. “We’re trying to revisit that. It’s just selfless thinking. If my brother is good, I’m good.” Spring 2010 7
Copyright © 2009 Style Weekly Inc. All rights reserved. Reprinted with permission.
VCU degree: B.S./MGMT (1999) Pastor, Sixth Mount Zion Baptist Church
NEWSmakers
Faculty experts VCU business faculty members provide analysis and commentary for national media.
Most workers spend more time comparing airline ticket prices than they do comparing health care plans, said Etti Baranoff, associate professor of insurance and finance at Virginia Commonwealth University and author of “Risk Management and Insurance.” That means it’s time for employees to do “a cost-benefit analysis and not just look at premiums,” she said. MSNBC.com, Sept. 28, 2009, “Workers Face Higher Health Care Costs in 2010”
The Small Business Administration said it expects the American Recovery Capital program to generate 10,000 loans amounting to $350 million. For some cash-strapped companies, “having this little lifeline will help,” said Matthew Rutherford, who teaches management at Virginia Commonwealth University School of Business and studies small-business conditions. Many small businesses, he said, have been hurt by abrupt declines in sales, which hampered their ability to pay creditors, suppliers and employees. That, in turn, made them much less attractive to their lenders. The Virginian-Pilot June 15, 2009, “SBA Loans a ‘Lifeline’ for Cash-Strapped Businesses”
Gurpreet Dhillon, professor of information systems at VCU, worries that companies or individuals using such a device might become lax in their efforts to protect themselves. “Systems such as this one can give a false sense of confidence,” Dhillon said. “That doesn’t mean, unfortunately, that you are totally safe. Software can only do so much.” St. Louis Post-Dispatch July 26, 2009, “Computer Security Firm Brings New Filter to Commercial Market”
Generally speaking, management can afford to be tougher in an economic downturn in part because more labor is available, said Robert Trumble, director of the Virginia Labor Studies Center at Virginia Commonwealth University. At the same time, he said, workers are more determined to hang on to what they have and tend to look more critically at things like income distribution. Associated Press Nov. 4, 2009, “Philly Transit Strike a Tough Sell in Down Economy”
Written by three economists at the Virginia Commonwealth University School of Business, in Richmond, Va., and published by the Journal of Business Research, “Non-Price Determinants of Automotive Demand: Restyling Matters Most” argues that Detroit has lost market share because it does not change its cars often enough. “Japanese and Korean makes and to a lesser extent European brands have been much more aggressive in restyling and much more aggressive in introducing new products than the U.S. brands,” George Hoffer, professor of economics at Virginia Commonwealth University and one of the co-authors, said in a news release. The other authors are Oleg Korenok, assistant professor of economics at the university, and Edward Millner, a professor and chairman of the economics department. New York Times’ Wheels Blog Nov. 9, 2009, “Design is the Key to Detroit’s Future, Study Says” – Contributed by Tom Gresham, VCU Office of Communications and Public Relations
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NEWSmakers
were truly inspiring and gave me some motivation to go above and beyond even what I have done up until now.”
VSCPA grant supports accounting student's VCU graduate studies
Back at home in Richmond, Va., marketing major Kwaku Osei calls his participation at the N.Y. conference “inspiring.”
Osei attends Business Today International Conference in N.Y. VCU Business student Kwaku Osei was selected from an applicant pool of more than 1,500 students to attend the 35th annual Business Today International Conference. According to the Princeton Universitybased conference organizers, this was the most competitive year to date for the conference. Attendees hailed from more than 20 countries and 100 colleges. Held in New York City last November, the conference focused on “Weathering the Storm: The Challenges and Opportunities of a Global Slowdown.” More than 70 of the nation’s leading executives shared their personal anecdotes and insights on themes such as the business cycle, the competitive landscape and the evolving political environment. Student attendees collaborated to complete a Harvard Business School case study, which Osei says “dealt with the succession of Warren Buffet and what changes would we implement within the management and investments of Berkshire Hathaway as a result.” Osei says the conference was a great experience: “I literally got to hang out and learn from many CEOs of top companies in the USA. In addition, I got to interact and build relationships with students that truly represent the best of the best from all over the world.” He adds, “The challenges, stories and successes many of the other participants had
VCU’s Department of Accounting selected VCU doctoral student Robson Glasscock to receive the Virginia Society of CPAs Accounting Ph.D. grant. The grant was established by the VSCPA Educational Foundation to assist schools in attracting CPAs. It is given in alternate years to VCU and Virginia Tech, the two Virginia schools offering a doctorate with a concentration in accounting. Glasscock received his undergraduate degree from Texas State University in 2003. He joined a small public accounting firm in Vail, Colo., then accepted a position with KPMG in Denver. In 2006, he began the master of accountancy program at the University of Denver, and in 2009, he came to VCU to pursue a Ph.D.
New master’s prepares students for sports industry leadership VCU will soon offer a new dualdegree program, the M.B.A./M.Ed. in Sport Leadership. The program is pending final approval from the VCU Board of Visitors. For details, visit www.sportleadershipmba.vcu.edu.
Economics team places second in annual College Fed Challenge A team of economics students coached by associate professor Carol Lehr won second place in this year’s College Fed Challenge, following last year’s district title. The winning students included Ian Bennett, Timothy Fox, Alex Ludan, Justin Kirkby and John “Dillard” Watt. The College Fed Challenge is an annual academic competition sponsored by the Federal Reserve. Its goal is to encourage better understanding of the nation’s central bank and the forces influencing economic conditions in the U.S. and abroad.
Faculty recognition Ken Daniels, Ph.D., professor of finance, has been named chairman of the Virginia Community Development Corp., the largest economic development corporation in the state. Daniels has been on the VCDC board for three years, and this relationship will allow him to involve more VCU business students with the work of VCDC. The Association of Government Accountants chose a case constructed by Ruth W. Epps, Ph.D., professor of accounting, for its 2009-10 Government Finance Case Challenge. Undergraduate students from colleges around the country will compete to solve the case, “Citizen-Centric Reporting in Peppersville, South Georgia.” David Upton, Ph.D., VCU finance professor, received a Certificate of Achievement from the Certified Financial Analyst Institute for his 20 years of work organizing and delivering a multitude of CFA training programs. Van Wood, Ph.D., Philip Morris Chair in International Business and professor of marketing, was among four business leaders to receive honorary awards from the Virginia Asian Chamber of Commerce in December. Wood was recognized for outstanding lifetime international trade education service to small businesses. Clockwise: Ruth W. Epps, Ph.D.; Van Wood, Ph.D.; David Upton, Ph.D.; Ken Daniels, Ph.D.
NEWSmakers
Faculty research
Michael A. McDaniel, Ph.D.
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anagement professor Mike McDaniel’s 2005 article, “Big-Brained People Are Smarter: A Meta-Analysis of the Relationship Between In Vivo Brain Volume and Intelligence,” ranks No. 2 on the list of most frequently cited articles published in the journal Intelligence during the past five years. Business & Main sat down with McDaniel to find out what he’s discovered about the role of intelligence in the workplace.
Tell us about your research interests. My primary substantive research area is personnel selection and job performance measurement. I investigate the extent to which a job applicant-screening tool (e.g., an employment test, an interview, a resume review) predicts job performance. In addition, I examine the extent to which the screening tool or the job performance measure shows mean differences by demographic subgroups. Because I have methodological expertise in systematic reviews and meta-analysis, I often contribute methodologically to studies outside of personnel selection.
What has been your most surprising discovery? I was socialized to believe that the top journals were the best source of knowledge in a field. In the course of conducting meta-analyses, I have seen many examples of top journals publishing a nonrepresentative set of research findings, which typically results in an exaggeration of the effectiveness of a procedure, process or intervention. This phenomena is called “publication bias” and is common in many disciplines. Both researchers and editors contribute to this problem. Researchers sometimes don’t submit studies to journals if the results are contrary to “known wisdom” or when the results are not statistically significant. Likewise, journals are often biased toward accepting those studies with
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statistically significant results. Sometimes this bias in publication may have profit motives. For example, employment test vendors (or pharmaceutical companies) may suppress research reports that are not flattering to their products.
When it comes to personnel, what is the biggest mistake you’ve seen companies make? Employers tend to underestimate the value of measures of general cognitive ability (i.e., intelligence) when screening employees. On average, cognitively gifted individuals perform much better than less cognitively gifted individuals. Employers often want to screen on personality, which they describe in terms of values (e.g., keeps commitments). Such personality measures are easily faked and have relatively poor efficacy in predicting job performance. This is a clear example of how the gap between science and practice in employment practices is damaging to the productivity of companies.
Publication highlights Whetzel, D. L., McDaniel, M. A., & Nguyen, N. T. (2008). Subgroup differences in situational judgment test performance: A meta-analysis. Human Performance, 21, 291-309. McDaniel, M. A., Hartman, N. S., Whetzel, D. L., & Grubb. W. L., III (2007). Situational judgment tests, response instructions and validity: A metaanalysis. Personnel Psychology, 60, 63-91. McDaniel, M. A., Rothstein, H. R., & Whetzel, D. L. (2006). Publication bias: A case study of four test vendors. Personnel Psychology, 59, 927-953. Williams, M., McDaniel, M. A., & Nguyen, N. (2006). A meta-analysis of the antecedents and consequences of pay satisfaction. Journal of Applied Psychology, 91, 392-413. McKay, P., & McDaniel, M. A. (2006). A re-examination of black-white mean differences in work performance: More data, more moderators. Journal of Applied Psychology, 91, 531-554.
An expanded list of publications and downloadable papers are available on McDaniel’s Web site at www.people.vcu.edu/~mamcdani.
OVERheard
“Helping to start a student management investment portfolio — because real-time work equals real-time money. We’ve been getting together on our strategy and we’re going to present our proposal to the School of Business board of trustees.” Chris Parker senior, finance and accounting
“ Trying to work at the most accounting firms I possibly can to get hands-on experience. I worked at one last summer, and now I’m going to the Career Services center looking for internships.” Ami Patel post-baccalaureate, accounting
What is the most important thing you’ve done in the past year to advance your career? “Making the decision to transfer here from a community college in Northern Virginia. I’d heard about the School of Business at VCU. It’s a great program with new facilities, and the location is ideal.” Julio Alva junior, finance
“I’d have to say deciding on a clear choice of major. I was undecided; I wanted to do everything. But I like Spanish and I love to travel. I want to help people all around the world.” Crystal Turner junior, international management
“Getting into accounting graduate school with an undergraduate major in biology. I decided I didn’t want to go to med school, but I’m good with numbers, and accounting jobs are in high demand. From a business aspect, I wanted to do something I knew I was going to be good at.” Richie Gallanosa post-baccalaureate, accounting
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MAKING A
difference
Tondkar takes into account the rewards of teaching By Susan T. Burtch
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sk Ross Tondkar, Ph.D., about his recent outstanding educator award, and he immediately starts talking about his students. They talk about him as well.
“ Thank you for being tough, but fair. Thank you for recognizing my hard work, mostly thank you for believing in me.” – Carlos Perez (B.S. ’01/ACCT) In fact, it is Tondkar’s belief in his students’ ability that has earned them, and him, global recognition. In his nearly three decades at Virginia Commonwealth University, Tondkar is most proud of the fact that he served as chair for three Ph.D. students who won Outstanding Dissertation in International Accounting awards. Such distinction is indeed a high honor, since VCU is the only university in the world to win three dissertation awards since the American Accounting Association presented the first one in 1984. “But the credit shouldn’t go to me,” says Tondkar, waving his hand toward the outstanding educator award on his office wall. “It should go to my students. I see my work as a coach. I can direct, but I cannot play.” Today, all three of his prizewinning dissertation students have also become professors and have co-authored articles with him.
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“ I will always remember your story of how you had to learn English first before you learned accounting and your own words, ‘If I can do it, you can do it too.’” – Leisa Deffenbaugh (B.S. ’82/ACCT) Tondkar, a native of Iran, arrived in the U.S. in 1968. He first became immersed in the global economy in 1983, when the department chair asked him to develop a course for graduate students in international accounting. Four years later, on Black Monday, his class saw the practical side of international accounting when global markets plunged worldwide. Today, Tondkar feels a responsibility to focus his students on “the next thing coming,” — International Financial Reporting
Standards — that regulate commerce in some 100 other countries. IFRS differ from financial reporting in America because of legal, economic and cultural differences. “For instance, in Japan,” Tondkar explains, “it’s considered good if a company has high debt, because it means the banks trust them enough to lend money. You have to appreciate their culture. It’s not that way in the U.S.” He smiles and shrugs. “Accounting is exciting. You just tell a story, and the student gets your point.”
“ I do feel envious of your accomplishments and dedication to teaching … as I see in your eyes the enjoyment you get from the career you’ve chosen.” – Jerry Overman (B.S. ’71/MGMT)
Portrait of a winner Rasoul H. Tondkar, Ph.D. American Accounting Association 2009 Outstanding Educator of the Year The International Accounting Section of the American Accounting Association has given this award since 1990. It recognizes a faculty member — anywhere in the world — who has a sustained record of excellence in advancing the field of international accounting through published research, who has served as a dedicated mentor to graduate students and who has provided highimpact service to the profession. International accounting Since 1980 COURSES: Undergraduate and graduate DISSERTATION CHAIR: For seven Ph.D. students ARTICLES PUBLISHED: 42 ACTIVE MEMBER: American Accounting Association, Academy of Accounting Historians FIELD:
AT VCU:
International accounting: Why it matters “Just because you know American accounting,” Tondkar tells his students, “doesn’t mean you can apply those same principles in Germany.” For instance, in 1993, Daimler-Benz reported a profit of 168 million Deutsche marks ($97 million) under German rules. However, when the company had to conform to U.S. rules, it reported a loss of 949 million Deutsche marks ($548 million). The world is shrinking. As companies grow and mergers become commonplace, it is crucial that those in business — and students of business — understand the characteristics of different cultures. Tondkar cites the work of Geert Hofstede, whose 1970s research is still the benchmark for discussing national norms. Hofstede identified four basic values governing the way countries conduct business,
and Tondkar uses these principles today to illustrate the nuances of international accounting. 1 Uncertainty avoidance Hofstede’s first category measures a tolerance for risk, which affects whether investors in other countries tend to favor, for example, stocks over bonds. Americans are risktakers. “Just look at our history,” Tondkar says. “Our ancestors left everything behind when they set out for the New World. They were not conservatives, and neither are we.” 2 Power distance America was founded on the principle of democracy. Tondkar says, “In Asia, when the government makes a rule, you follow it. Here, we question everybody — even the president. We have a very low acceptance of power.” It stands to reason an American company opening a
branch office in Korea cannot expect to operate outside the Korean system. 3 Masculinity-femininity In economic terms, this category examines how much profit was earned (a masculine value) vs. how those profits were earned (a feminine value). Tondkar’s example has to do with the social responsibility of power companies. In 1998, Norway’s Hafslund Co. announced in its annual report there was a possibility the transformers it had installed were a health hazard, so it voluntarily removed them. Meanwhile, that same year in San Diego, the Edison Co. announced in its annual report that there was no conclusive link between transformers and health hazards, so the company had taken no action. “The U.S. is a litigious society,” Tondkar concludes. “Edison may have been operating out of fear they would be sued.” 4 Individualism-collectivism “Americans value individualism,” Tondkar says. “We favor professional judgment and self-regulation.” In individualistic countries such as the U.S., accounting professionals make the accounting rules. Financial statements focus on a fair presentation of the company’s financial position. However, in collectivist societies — such as many Latin American countries — governments make the accounting rules for the purpose of tax collection. Therefore, the focus of a company’s financial statement is that it comply with the law. “Obviously,” concludes Tondkar, “there is less room for professional judgment here.”
Susan T. Burtch is a freelance copywriter based in Richmond, Va.
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Michael Rao
excellence A
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>> By Susan T. Burtch
The new president of Virginia Commonwealth University has one consistent message, and he hammers it home every time he speaks. “It’s all focused on excellence,” says Michael Rao, Ph.D. “It is very important that a university of VCU’s caliber promote high standards and quality. We are going to be very deliberate about being a well-recognized, competitive, urban public research university committed to student success at all levels.”
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Me e t the man behind the ti tle
Grew up in: Darby, Fla., a small town with 400 people and not even one stoplight Preferred exercise and time: Mostly swimming and cycling — unfortunately, irregularly Power food: Kashi bars Favorite thing to do with family: Talk Personality type: Extrovert. I get my energy from people. First job: Assistant to the president at the University of Florida Richmond’s best feature: People. They are very warm and welcoming.
President Rao talks with business students Kwaku Osei and Amanda Mozingo in Snead Hall.
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Although Rao is responsible for 13 schools, a college and a health system, he feels the School of Business is particularly important in this pursuit of excellence. “A research university strengthens the business environment,” he says. “One of the keys is translating good business ideas into the workplace. VCU has a significant volume of people who go to work here in Richmond. They need access to a learning environment that will energize the city.”
Doing his homework Ever since Rao arrived at VCU last July, he has been meeting with faculty, students, alumni, elected officials and representatives of the business community. He has staged numerous receptions with alumni at various locations throughout the greater Richmond area, answering their questions and evaluating their feedback. What has he learned about the School of Business in particular? Professors are exceptionally dedicated to their students.
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Thanks to generous investors, the physical learning environment is excellent. The level of cooperation is laudatory. And, specifically, graduates are deeply dedicated to VCU and proud of their school. “But,” Rao confesses, “it appears that some alumni want to see the reputation of their alma mater rise to a level that is more commensurate with its performance. They perform as well as graduates from other universities, and they expect VCU to help communicate that caliber to the business community. They want to be more — and better — represented.” Rao understands, and he’s ready to help: “One of my jobs is to inspire people.”
Working within the economy Many would say this job is a tall order in a weak economy. VCU state funding has dropped, and students are struggling financially. Local employers have cut back on hiring, and graduates are vying for fewer jobs. Yet Rao believes this is all the more reason to persevere, and he has the realworld business background to prove it — unlike many other college presidents. Although he came to VCU from a nine-year stint as president of Central Michigan University, Rao once worked for a national public sector consulting firm. Upon leaving that firm, he founded his own company to perform studies and
implement legislative changes for state agencies. He did so in California during the Gulf War, and the national economic climate was bleak. Yet his business flourished. “I was astonished. I bid on more than 10 projects and suddenly, I got them all. But because of the economic situation, I was able to hire the best team,” he remembers, “and we ended up doing very well.”
Planning for the future So based on personal experience, Rao sees many possible routes to excellence, and he’s especially looking forward to discussing them with Ed Grier, the new dean of the School of Business. In particular, he hopes to see more focus on research that directly addresses needs in the business community. At the same time, Rao wants to enhance the totality of the learning experience in all the schools and the college at VCU. His idea is to challenge students and professors alike to become their very best, to hold each other to the highest possible standards and to apply themselves to the improvement of their fields. Although plans have not yet been finalized, he can’t resist mentioning just one promising strategy to further this goal. On the table right now is a possible partnership with community colleges involving incentives for students to transfer and earn a VCU degree. “Remember,” he smiles. “All people are capable of excellence.”
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T h e V C U - R ic h mo n d C o n n e c t io n More than 17,000 School of Business alumni continue to live in Virginia, influencing and leading the region’s business community. This network of successful professionals repeatedly turns to its alma mater for capable, well-educated recruits.
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Susan T. Burtch is a freelance copywriter based in Richmond, Va.
AC C R EDITATION SET S THE BAR FO R E XCELLEN C E Meeting the strict accreditation requirements of AACSB International and ABET Inc. ensures that VCU Business stays focused on quality.
One of the top 5 percent The VCU School of Business is one of only 579 schools of business, or less than 5 percent worldwide, to have ear ned accreditation by AACSB International – The Association to Advance Collegiate Schools of Business. The school is also part of an elite group of just 171 schools to hold additional specialized accreditation by AACSB for its accounting programs. AACSB accreditation represents the highest standard of achievement for business schools worldwide.
To maintain accreditation, a business program must undergo a rigorous internal review every five years at which the program must demonstrate its continued commitment to 21 quality standards. Accounting accreditation requires the satisfaction of an additional set of 15 standards that are specific to the discipline and profession of accounting. The VCU School of Business is already preparing for its next AACSB review in 2011.
The first in the nation In 2004, VCU was among a charter group of six schools to achieve the distinction of having a Bachelor of Science in Information Systems program accredited by ABET Inc. (then known as the Accreditation Board of Engineering and Technology). VCU’s program was the first in a business school to receive this honor. ABET is responsible for the specialized accreditation of educational programs in applied science, computing, engineering and technology. This fall, the Computing Accreditation Commission of ABET fully reaccredited the information systems program.
Spring 2010 17
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or the VCU School of Business to stand out,” Steven A. Markel says, “we’ve got to look at market demands and weigh the
opportunities. There’s no need to take on something a dozen other schools are already doing well.” In his position as the School of Business Foundation chair, Markel sees lots of opportunities. "We’ve got a new building, a new president at Virginia Commonwealth University and a new dean of the business school just coming on. More than 10 percent of the VCU student body is with the business school. Now is the time for the school to take it up a notch, and we plan to do just that.”
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Students Learn to apply business principles VCU Business students gain real-world experience through avenues such as internships, research projects, executives in the classroom and service-learning opportunities like Kim Gower’s Organizational Communication course, where students learn that business principles can play an important role in nonprofit enterprises. Gower, an adjunct professor and graduate student in the business school, taught four sections of Organizational Communication last fall. Each class formed an organization devoted to a service-oriented project in the Richmond area, including a walk to benefit the Greater Virginia Chapter of the MakeA-Wish Foundation. Jessica Milburn, a junior accounting major, says the students’ motivation to produce a successful project grows after they meet their clients and learn just how their work can benefit them. “When you learn about their needs, what they do and why they do what they do, you become driven to meet and exceed your goals for them,” Milburn says. The class project provides students a real-world experience infused with the kind of tactical details they’ll use after graduation, such as developing requests for proposals, interacting with clients, creating a brand, and planning and running a major event. Gower says the process helps demystify business lessons learned in the classroom. At the end of the semester, when students have provided a tangible benefit to their clients, she says, they have concrete evidence of their readiness for the world that awaits after graduation. – Contributed by Tom Gresham, VCU Office of Communications and Public Relations
Steven A. Markel, School of Business Foundation chair, stands outside the Capital Markets Center.
Real-world experience
Economic challenges
Although Markel is committed to his volunteer work with the foundation, he says he’s not ready to give up his “day job” as vice chairman of Markel Corp. “What I see evolving,” he says, “is the bringing of the Richmond business community into the foundation to create a collaborative vision of the future, whatever that may be.” This synergy may be the business school’s greatest strength. “If you throw a dart at a map of Virginia,” he asks, “where do you want to go to business school? Williamsburg? Charlottesville? They don’t have the business community that Richmond has, and that’s the value-added proposition for VCU. Internships, summer experience, local business leaders talking to students in class — it’s all here.” In fact, Markel Corp. is only one of many Richmond companies whose employees include a number of VCU Business grads.
While the future looks promising, Richmond has not been immune from the nationwide economic downturn. “We’ve had our casualties,” admits Markel, “but the business community is here because of the talent we’ve got at VCU and vice versa. Students are still getting jobs. It’s not as easy, that’s for sure, but the best and the brightest are doing okay — and they’re certainly better off having a degree than not.” As for the School of Business, Markel sees its new direction as “less about resources than the reallocation of resources. Our immediate job is to clearly define where we want to achieve greatness. We need a plan people will buy into. Right now, that plan doesn’t exist, but it will. Foundation members represent all the big companies in Richmond. It’s energizing to work with them. It’s energizing to help mold our future. I see it as nothing but a win-win situation.”
Spring 2010 19
Career connec tions
Web site links alumni, employers
resumes, so prospective employers will have a rich Most Virginia Commonwealth University business students applicant pool when they need to fill vacancies for know the address: www.business.vcu.edu/career. But more experienced workers. “We don’t have to sell VCU once in the marketplace, few graduates have seen the Business grads to employers who know VCU,” he says. need to revisit the School of Business Career Services “If they graduated from VCU or they have other employWeb site — until now. ees who graduated from VCU, they know they’ll find “The world has changed,” Director Mike Eisenman talented people here.” observes. “We’re now seeing more and more alumni who In today’s marketplace, 65-95 percent of new hires have been displaced or laid off. For the most part, they’re come through small and midsize companies. “The big not looking for entry-level jobs.” Hence, the recently companies already know how to do this,” Eisenman says, revamped Career Services Web site, thanks to staff mem“so we’re now actively working with companies that hire ber Nora Baldacci. from one to 12 people. That’s where the jobs are in these “Nora spent a long time building this new Web site, tough times. So you might know who Microsoft is, but and it shows,” Eisenman says. There are a lot of new feayou might not know Brancore. It’s a continuous process.” tures. It’s easier to navigate, and visitors can enter the site For alumni who want help retooling their resumes as a student, an employer and now, as an alum. “Mike’s prior to joining the database, career counselors will Message” features job search success stories as well provide a free resume review via e-mail. For details as details on upcoming events. “Particularly in difficult on these and other programs, visit the Career Services times,” he says, “people get depressed. But we’re seeing Web site. some really good outcomes, so I want to counteract that gloom ‘n’ doom sentiment with snapshots of those > Defining career goals who have succeeded.” Eisenman thinks the “New graduates aren’t the only ones who don’t know what they want to do,” new Alumni Resume Eisenman says. “Sometimes it takes a few years into a job to discover it’s not all you Database will prove parthought it would be.” He cites the example of an M.B.A. student who spent 10 years in broadcast and now thinks he wants to be a brand manager instead. But what, ticularly helpful. Alumni exactly, does a brand manager do? sign in and upload their
FPO 20
To help Virginia Commonwealth University business students learn about prospective careers before jumping in, Career Services, in partnership with the VCU Business Society, is arranging informational interviews between job seekers and alumni working in their fields of interest. “It’s not a job interview,” Eisenman tells students. “It’s your interview, not theirs. You can find out what a certain type of position is all about. You’ll get the opportunity to talk to someone who is where you want to be in three years.” And this, of course, feeds into Eisenman’s grand scheme, because it involves VCU grads on both sides of the process. “Good programs maintain relationships with their alumni,” he says with satisfaction. “We work hard every day to be a good program getting better.” To volunteer for the Informational Interview Program, contact Career Services at (804) 827-1801.
Spring 2010 21
CLIMBING THE CORPORATE LADDER? CLIMBING THEYOU CORPORATE WE'LL GIVE A LIFT. LADDER? WE’LL GIVE YOU A LIFT. Take your education, and your career, to the next level at the VCU School of Business. Choose from: MBA. Fast Track Executive MBA. Fast Track Executive MS in Information Systems. MS in Business with concentrations in Decision Sciences and Business Analytics, Finance, Global Marketing Management, Human Resource Management, and Real Estate Valuation. Master’s in Accountancy, Economics, Information Systems and Taxation. Dual-degree and certificate options. PhD in Business specializing in Accounting, Information Systems or Management. For details visit www.business .vcu.edu/graduate or call (804) 828-4622 or toll-free (877) 828-4540. Elevate your company team through our Center for Corporate Education. We offer management development, executive training, and industry certification programs. Visit www.business.vcu.edu/corporate-education or call (804) 828-3165.
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12/11/09 12:39:21 PM
FROM THE
boardroom
Local execs bring real-world view to academic plans By Kenneth C. Blaisdell, Ph.D.
Richmond business leaders such as John “Jack” R. Nelson, Ph.D., (above and right) executive vice president and chief technology officer of Altria Group Inc., are working with the school on program development.
Competitive advantage Perhaps the single most important competitive advantage the School of Business enjoys is that it is part of a vibrant business environment nationally ranked year after year as one of the best places in which to do business in the U.S. Executives from Fortune 500 and 1000 firms, family-owned businesses and government agencies in the Metro Richmond area provide internships, hire our graduates, send their employees to our graduate programs and provide experienced experts to teach and mentor our students. Less visible, but just as important, are the contributions that executives such as our School of Business Foundation trustees make to program development and long-term planning.
Strategic review Late last summer, foundation trustees reviewed the results of the faculty-led, yearlong strategic planning effort and, from their vantage as business leaders, rank-ordered the results.
Top strategic initiatives Standards and quality Innovative, flexible and relevant curricula Research mission Rankings and recognition Alternative financial models Engaging alumni in actively supporting the school Developing meaningful programs with the School of Engineering and other VCU schools Developing rational, mutually beneficial relationships with Virginia’s corporations and businesses
Plan of action The foundation’s Academic Programs and Career Development Committee, led by Jack Nelson of Altria, along with interested trustees and key faculty, begin 2010 with a further review and assessment of the relative importance of the priority initiatives. Over the course of the spring semester, the committee will gather data, review best practices at well-regarded schools of business, propose action steps and benchmark progress. Collaborative teams of business leaders and faculty will be charged with developing action plans for each of the initiatives. This is an exciting time for the School of Business. I am confident that the collaboration between business leaders and faculty will produce some major results, and I look forward to reporting our progress to you.
Kenneth C. Blaisdell, Ph.D., is executive director of the School of Business Foundation and associate dean of external affairs. Spring 2010 23
VCU
business society
“The whole idea is creating opportunities for employers and students to network.” – Joe Becht
Alumni-student exchanges enhance VCU Business experience
V
CU Business Society President Joe Becht (M.B.A. ’80) says one of the society’s biggest challenges is increasing connectivity between alumni and students. “We have a large number of alumni,” he says, “but light involvement. Historically, student participation in business alumni-sponsored events has also been light. We are seeking ways to increase communications between Virginia Commonwealth University alumni and students through a mentoring program, informational interviews between alumni and students, and creating more activities for alumni and student interaction and information exchange.” Becht understands both perspectives. A VCU graduate, he works for Deloitte & Touche and volunteers his time with the alumni group. “My story is, as an alum of this school, I feel you have to be responsible and give back to improve the place you came from. If you look at our success over the last five years, we’ve made great strides. But this is a journey, and the work never ends.” So far, the journey is off to a good start. The society has already instituted:
24
• A resume review program, to help students refine that all-important document • Informational interviews, in which students can ask questions of alumni working in particular fields (see “Defining career goals,” Page 20) • Mock interviews, in which students can practice their techniques with volunteer alumni working in the greater Richmond area • A mentoring program that currently has 22 students meeting with 22 alumni for information, support and encouragement • Workshops on how to connect with School of Business alumni and area employers “The whole idea is creating opportunities for employers and students to network,” Becht says. “We try to provide students with the tools they need, so they can have a better and more successful experience at VCU.” To find out more about the VCU Business Society's spring events, or to become involved, contact Doug Knapp at (804) 827-1805 or dgknapp@vcu.edu.
BY THE
Scholarships
numbers
make it possible for many deserving students to attend Virginia Commonwealth University, as well as help attract the brightest, most meritorious students to the university. Thank you to the generous donors who provide scholarship funds for our School of Business students. If you are interested in giving a business scholarship or adding to your endowment, please contact Kenneth C. Blaisdell, Ph.D., executive director of the School of Business Foundation and associate dean of external affairs, at (804) 828-2694. To apply for a scholarship, please visit the appropriate Web site: Current undergraduate students www.business.vcu.edu/scholarships.html Prospective undergraduate students www.business.vcu.edu/undergrad/prospective/scholarships.html Graduate students www.business.vcu.edu/graduate/scholarships.html
Endowed merit scholarships Endowed scholarships are created with a minimum $10,000 gift. The funds are invested, and 5 percent of the principal and interest (based on an eight-quarter average) is awarded to the student recipient(s). Endowed scholarships can be named and last in perpetuity.
Scholarship donor Shirley Seibert and scholarship recipient Yangyang Wang, a finance major, enjoyed getting to know each other at the Endowed Scholarship and Professorship Dinner in November.
Recipients • Retain scholarship for four years, provided academic requirements are met • 3.6 average GPA • 89 percent hail from Virginia • Finance and business administration are the most popular majors.
Annual scholarships Annual scholarship contributions are awarded in full rather than being preserved in an endowment. Many School of Business annual scholarship donors provide support year after year.
104
scholarships awarded to undergraduate business students
$1,650
average undergraduate award
34
annual scholarship awards
$67,500
4
scholarships awarded to graduate business students
total awarded
$1,985 average award
Spring 2010 25
CLASS notes CLASS notes
Updates Please send information about your professional and personal accomplishments to BizandMain@vcu.edu. Or, mail your news to Katherine Oliver, Virginia Commonwealth University, School of Business, P.O. Box 844000, Richmond, VA 23284-4000.
Releases scheduled for winter 2010 focus on how to “Give God the Glory!” in the local church and while at rest and recreation. Johnson is a founding member of the VCU African-American Alumni Council and a former member of the School of Business alumni board.
1970s
Kristina “Tina” Kendall (B.S. ’84/ACCT)
Stephen M. Atkinson (B.S. ’75/MGMT; M.S. ’76/FIRE) recently retired from Altria/
Philip Morris after working 30 years in human resources. He is now a senior consultant with Pure Culture Consulting in Richmond, Va., specializing in human resources strategy and organization development. This semester, he’s teaching part time in the VCU School of Business. He enjoys spending time with family, traveling and sport fishing. Atkinson writes, “My VCU business education continues to pay off!”
years as a national marketing representative at IBM Corp. She earned a bachelor’s degree in business education from VCU and her master’s in administration education from the University of Virginia. Robert P. Wiedemer (B.S. ’70/ACCT; M.S. ’73/MGMT) retired after 35 years of ser-
vice with the Virginia state government as a state corporation tax auditor, systems analyst and information systems audit manager.
1980s Kevin Wayne Johnson (B.S. ’83/MGMT)
Cheryl M. Fornash (B.S. ’73/B) is a jew-
eler and diamond importer at Cheryl M. Fornash. She has 14 years of experience in the jewelry industry. She was formerly with Fornash Fine Jewelry and spent 20
is the author of “Give God the Glory!” a nine-book series. The books have received 14 literary awards and are also available in French and are under consideration for publication in Russian.
is assistant director of internal audit for the Virginia Department of Transportation. Dana R. Ward (B.S. ’81/MGMT; M.B.A. ’86), after 24 years with LandAmerica/Lawyers Title, has started his own business, Real Estate Closings Solutions and Simplified Short Sales LLC, in Orlando, Fla.
1990s Trent Crable, CPA, CHE (M.B.A. ’91)
has been appointed CEO/managing director of The George Washington University Hospital after serving as interim CEO since June 2008. Crable had previously served as the hospital’s chief operating officer since May 2005. Before joining GWU Hospital, he served as an associate executive director of the University of Alabama Birmingham University Hospital, the teaching hospital for the University of Alabama. He also has served as vice president, professional services, at the VCU Medical Center.
David W. Clements
Billy Gifford (B.S. ’92/ACCT) has been appointed president and CEO of Philip Morris USA. He joined the company in 1994 and has held various positions within the finance and market information organizations. He most recently served as vice president and treasurer of Altria Group.
David W. Clements (B.S. ’70),
a retired IBM executive and a Texasbased freelance photographer, collaborated with country singers Clint Black and Kevin Black and attorney Kenna Seiler to lead an effort in the greater Houston area to raise money for the International Rett Syndrome Foundation. Kevin Black lost his daughter, Cortney, to the developmental disorder a few years ago at the age of 16. In a three-day event including a Strollathon, golf tournament and concert featuring brothers Kevin (above, from left), Clint and Brian Black along with Kevin’s son Colton, the group raised more than $183,000 with many thousands more to be matched by the Pioneer Fund, the board of which includes gold medal skater Scott Hamilton. Hamilton joined in the effort as a result of meeting Clint on the NBC-TV reality show “Celebrity Apprentice.” Clements expects the total for the weekend to be more than $300,000.
26
Randolph Shelton (M.B.A. ’92) was recently named executive vice president and chief operating officer of REDC Community Capital Group Inc. A native of Richmond, Va., he received a bachelor’s degree in psychology and speech communication from the University of Virginia prior to coming to VCU. He is also an adjunct professor in the VCU School of Business. Lisa M. Decker (Ph.D. ’94) has joined LIM
College as the associate dean of continuing education. In her new role, she will oversee the college’s adult, professional and alternative education programs with a focus on developing new offerings, including degree, noncredit and certificate programs, as well as corporate training initiatives. Decker will also be responsible for leading the Distance Learning Task Force. Prior to joining LIM College,
CLASS
Decker was the director of marketing, outreach and distance education for the Instructional Computing and Information Technology Department at Hunter College – City University of New York. Founded in 1939, LIM College is the nation’s only college focused exclusively on the study of business and fashion.
2000s Sam Bennett (B.S. ’00/ACCT) is a senior
manager with KPMG LLP’s audit practice in Knoxville, Tenn. Prior to relocating to Knoxville in 2004, he spent three years in the Tyson’s Corner office. In addition to serving clients, he is an instructor for KPMG global training, serves on the U.S. firm’s audit methodology team and also sits on the global design team for KPMG’s electronic audit software. Before joining KPMG, he spent one year with Deloitte & Touche LLP in the company’s Richmond, Va., office. Alla (Korenman) Burda (B.S. ’05/FIRE)
married Steven Burda on March 15, 2008, and gave birth to son Ethan David Burda on Dec. 11, 2008. She formerly worked in Virginia and Pennsylvania and now is a stay-at-home mom. The family lives in King of Prussia, Pa. Andrea Gouldman (M.Acc. ’09) success-
fully completed all parts of the CPA exam and has returned to VCU as a first-year student in the Ph.D. in Business program with a concentration in accounting. Matthew Lavender (Cert. ’06/ACCT), a senior associate in the Richmond, Va., office of Goodman & Co. LLP, has passed the CPA examination. He has been with the firm since 2008. Jeffrey Matthew Pollack (Ph.D. ’09/ MGMT) has been named an assistant pro-
fessor of management at the University of Richmond’s Robins School of Business. Lauren Philip (B.S. ’09/MGMT) was selected as a Wall Street Journal 2009 Award winner. Philip graduated in 2009 with majors in human resource management and business administration and management/entrepreneurship. A full listing of the award winners was published in the Wednesday, Oct. 14, 2009, edition of the journal.
Faculty and staff Peter Kohn, founder of Birch Hill
Marketing and a member of the Virginia Family & Private Business Forum at the VCU School of Business received certification in Family Business Advising by
notes
VCU M.B.A. propels alumnus’ career opportunities Before joining Finland-based Wärtsilä Defense in Chesapeake, Va., as controller, Bryan Rutter (M.B.A. ’95) worked in accounting for both American Tobacco and James River Corp Along the way, he decided to learn more about business. “An accounting degree pigeonholes you,” he says. “It’s great for keeping score, but I wanted to have an impact … more responsibility.” Rutter became president of Wärtsilä Defense in 2008 after earning his M.B.A. from Virginia Commonwealth University. He assumed responsibility for both financial and operational success of the business. “I was going for a financial concentration,” he reflects, “but then I stepped back and did a general M.B.A. instead. I’m glad I did.” Rutter works long hours and travels frequently in his job — the company supplies ship-propulsion equipment to the U.S. government — and he expects the same level of professionalism from employees. “You’ve got to show commitment and get the job done,” he says. “Just because it’s 5 p.m. doesn’t mean that’s the bell for going home. If we have to get a shipment delivered to our customer by tomorrow and that means taking a call at midnight, that’s what you do.” Rutter admits he is impressed by certain degrees and schools he sees on resumes. “If you take the initiative to further your education,” he says, “then you’ve already got the drive and ambition that will lead to success.”
The Family Firm Institute. The certificate was presented to Kohn by his mentor, Paul Karofsky, at the institute’s annual meeting in New York on Sept. 23, 2009. Kohn plays an instrumental role in the Virginia Family & Private Business Forum as the coordinator and facilitator of the forum’s Next Generation affinity group. The VCU School of Business is proud to recognize the following faculty and staff for their years of service to the university: Five years Richard Coe Dennis Elwell Stacey Friedl (M.Ed. ’08) Kenneth Hardt Kshitij Jain Doug Knapp Jana McQuaid (M.B.A. ’02) Myung Park, Ph.D. Laura Razzolini, Ph.D. Brent Smith, Ph.D. Jennifer Waldman
10 years Jacqueline Herrmann Stephanie Kite (B.I.S. ’08) Richard Sanders Marilyn Seeley James Troxell 15 years Robert Carlson (B.S. ’79/INFO) Bill Miller (M.B.A. ’89) Tom Myers, Ph.D. (B.A. ’74; M.S. ’77/B; Ph.D. ’90) Gerry Saunders (B.S. ’73; M.S. ’77) Van Wood, Ph.D. 25 years Wayne Edmunds, J.D. 30 years Jon Ackley, Ed.D. Donna Byrd Dennis McDermott, Ph.D. Michael Pratt, Ph.D. Heiko Wijnholds, Ph.D. 35 years Jim Wetzel, Ph.D. Jim Wynne, Ph.D.
Super CPAs: In November, Virginia Business magazine and the Virginia Society of Certified Public Accountants recognized 40 VCU alumni as Super CPAs. Nearly 300 winners were selected from a pool of 1,131 nominees for their contributions to the profession and the prosperity of the commonwealth. To view the list of VCU graduates chosen for this prestigious listing, visit www.business.vcu.edu/accounting/SuperCPAs.html. Spring 2010 27
CLASS notes CLASS notes
In memoriam Alumni Ozell E. Ard Jr. (B.S. ’61/B), of Charles City, Va., Nov. 17, 2009, at age 75. Kevin S. Blick (B.S. ’90/INFO), of Chester,
Abbreviation Key Business degrees are noted with year and department; other VCU degrees are designated by year. DEGREES Cert. Certificate B.S. Bachelor of Science M.A. Master of Arts M.Acc. Master of Accountancy M.B.A. Master of Business Administration M.S. Master of Science M.Tax. Master of Taxation Ph.D. Doctor of Philosophy
DEPARTMENTS ACCT Accounting B Unknown/General Business ECON Economics FIRE Finance, Insurance and Real Estate INFO Information Systems MGMT Management MKTG Marketing
Va., Oct. 7, 2009, at age 43. Carl R. Bradsher (B.S. ’77/B), of Virginia Beach, Va., Nov. 8, 2008, at age 54. Jonathan W. Bradt (M.S. ’87/B), of Richmond, Va., Sept. 22, 2009, at age 53. Jeffrey M. Burton (M.B.A. ’83), of
Midlothian, Va., July 15, 2009, at age 51. Horace E. Clay (B.S. ’88/B), of Richmond, Va., Oct. 8, 2009, at age 47. Michael L. Comer (B.S. ’91/ACCT), of Montebello, Va., Oct. 5, 2009, at age 45. Janice L. Danielson (B.S. ’83/B), of Richmond, Va., Aug. 24, 2009, at age 48. James E. Daniero Jr. (B.S. ’78/MKTG), of Fresno, Calif., July 6, 2009, at age 57. Bertram L. Dunnavant (B.S. ’61/B), of
Richmond, Va., June 18, 2009, at age 71. W. Lester Duty (B.S. ’60/B), of Richmond,
Va., Nov. 6, 2009, at age 83. George M. Hall (B.S. ’91/INFO), of Saint Augustine, Fla., March 15, 2009, at age 52. Elmer R. Hill Jr. (M.B.A. ’78), of Canton,
Miss., Sept. 28, 2009, at age 85. Raymond L. Jenkins Jr. (B.S. ’67/ACCT; M.S. ’72/ECON), of Greenwood, Ind.,
June 12, 2009, at age 67. Charles F. Kain (B.S. ’68/B), of Richmond,
Va., Aug. 8, 2009, at age 66. Charlie B. Robbins Jr. (B.S. ’52/B), of Bowling Green, Va., Nov. 19, 2009, at age 84. Thomas H. Robinson (B.S. ’70/ECON), of Richmond, Va., Sept. 15, 2009, at age 61. Justin S. Thompson (M.B.A. ’05), of
Richmond, Va., Aug. 23, 2009, at age 34.
Henry S. Fine (B.S. ’82/MGMT), of Richmond, Va., Aug. 25, 2009. He was born in Richmond, Va., Sept. 25, 1958. He attended Mary Mumford Elementary and Stony Point schools, and graduated from Collegiate High School. Since 1982, he had been a financial representative with Northwestern Mutual and held the professional designations of CLU, ChFC and CFP. He concentrated on “special needs planning.” In his teen years, he was a leader in AZA, out of which came several lifelong relationships with dear friends. He served on the board of the Autism Society of Central Virginia and the board of the Richmond Forum, and was a devoted supporter of Hillel in his college years. A graduate of Beth-El schools, he was a lifetime member of Temple Beth-El. Fine was a longtime supporter of the VCU School of Business and served on the school’s alumni board. Together with his wife, he established the Henry and Karin Fine Merit Scholarship fund to support VCU business students.
Faculty and staff Jerry T. Ferguson, Ph.D., 71, passed away
Dec. 2, 2009. He was professor of real estate at VCU where he served on the faculty for 38 years, retiring in 2003. He earned bachelor’s and master’s degrees from Virginia Tech and his Ph.D. from the University of Florida. He was the author of seven books and numerous scholarly articles, and served as the adviser to Rho Epsilon. He was an active leader in the Richmond Downtown YMCA for many years and served on committees for fundraising and membership. He loved to play competitive handball and was the city doubles champion for several years. He thrived on competition and played in many local and regional tournaments. During his retirement, he focused on his passions including gardening, cooking and reading and, in recent years, he enjoyed traveling worldwide.
James M. Tyler III (B.S. ’73/ACCT), of
Richmond, Va., July 18, 2009, at age 81. Michael H. Williams III (M.B.A. ’77), of
Hampton, Va., July 29, 2009, at age 61.
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Nora Ann Gaines, 64, of Richmond, a dedicated housekeeping employee in the former VCU School of Business building passed away Nov. 17, 2009.
E. Cofer Loomer (B.S. ’50; M.S. ’67), a retired assistant professor of business and program director in the Management Center, died Nov. 7, 2009, in Medford Ore. Serving on the faculty from 1961 until 1986, he witnessed the evolution of VCU from the promise of Richmond Professional Institute to its establishment as a major university. A former colleague and alumnus, B.Y. Brown, remembers Loomer as “utterly dedicated to the vision that VCU’s future influence was dependent on interaction with the community. The professional education programs Cofer produced attracted hundreds of participants each year and served to launch the consulting careers of numerous business school faculty. He went about his work quietly, disinterested in recognition and confident the university would grow into what it is today. Physically imposing with a wicked wit, Cofer was great fun and I admired him.” He received his B.S. and M.S. from RPI and remained at the school until his retirement. John B. Sperry, Ph.D., 87, professor emeritus, died Feb. 16, 2010. Before joining VCU, where he was a professor of accounting for 25 years, he served in the U.S. Army, retiring as a colonel, and also spent three years on the University of Richmond faculty. Before retiring in 1996, Sperry spent 10 years as department chair and was instrumental in achieving separate accounting accreditation by AACSB International. VCU accounting remains one of only 170 programs in the world to hold this distinction. Sperry was active in the business community, serving on the Virginia Board of Accountancy and the board of directors of the Virginia Society of CPAs and as president of the VSCPA Richmond chapter. He was a graduate of the Command & Staff College and the National War College, and received his B.S. from York University, his M.B.A. from the Wharton School at the University of Pennsylvania and his Ph.D. from American University. Two scholarships are given each year to VCU students from an endowment established in Sperry’s name at his retirement.
CLASS
notes
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Spring 2010 29
CALendar
SPRING April 2010 April 1-30
April 21 and 28
VCU Alumni Month Join faculty, staff, students and alumni for a variety of educational, social and spirit events. (804) 827-1805 www.vcu-mcvalumni.org
Association for Corporate Growth/ VCU Business Plan Competition (804) 828-1732
April 7 16th Annual VCU International Business Forum “Working in the 21st Century: The Way We Will Be” Keynote speaker: John Zogby (804) 828-1746 www.ciba.vcu.edu
April 7-9 9th Annual Security Conference “Discourses in Security, Assurance and Privacy” Location: Las Vegas Chair: VCU professor Gurpreet Dhillon, Ph.D. (804) 828-3183 www.security-conference.org
April 14 VCU da Vinci Day “The da Vinci Surgical Robot: Integration of Art, Business and Engineering Thinking” Speakers: Victoria Collins, Cecelia Boardman, M.D., and David Lanning, M.D. (804) 827-1805 www.davincicenter.vcu.edu
April 17-19 HSBC Institute on the Environment and the Economy Location: Irvington, Va. (804) 828-1628 www.vcee.org/workshop/view/532
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April 23 Honors Ceremony and Beta Gamma Sigma Induction (804) 827-1805 www.business.vcu.edu
Save the date Fall 2010 career events Sept. 14-15 Mock interview program Sept. 30 Business career fair Nov. 10 Etiquette dinner Additional programs will be added. For details call (804) 827-1801 or visit www.business.vcu.edu/career.
April 23-25 Reunion Weekend (804) 827-1805 www.vcu-mcvalumni.org
April 30 VCU Business Society Open alumni golf tournament (804) 827-1805 www.business.vcu.edu/alumni
May 2010 May 7 30th Annual Economics Challenge and Stock Market Game Awards Luncheon (804) 828-1627 www.vcee.org
May 19 Passport to the World VCU Alumni Association event for spring graduates www.vcu-mcvalumni.org
May 22 VCU Commencement and School of Business Diploma Ceremony www.commencement.vcu.edu For a complete list of events, visit www.business.vcu.edu/events.html.
To get ahead, go back Thinking about returning to school? Contact the programs below for information session and application details or visit www.business.vcu.edu. Fast Track Executive M.B.A. (804) 828-3939 Fast Track Executive M.S. in Information Systems (804) 828-7074 Graduate studies (M.B.A., specialized master’s, certificate and Ph.D.) (804) 828-4622 or (877) 828-4540
Center for Corporate Education Certified Financial Planning (CFP) Program Lean Process Management Program Administrative Symposium Senior Executive Leadership Program PHR and SPHR Exam Review Program SHRM Learning System VANHA Senior Living Industry Leadership Institute For details and session dates for these and other programs, call (804) 828-3165, or check www.business.vcu.edu /corporate-education.
THE SCHOOL OF BUSINESS FOUNDATION TRUSTEES
WELCOME ED GRIER, Former Disney Executive, as our New Dean.
STEVEN A. MARKEL
WILLIAM M. GINTHER (B.S. ’69/ MGMT; M.S. ’74/B)
VICE CHAIRMAN Markel Corp.
CHAIR JOSEPH E. BECHT JR. (M.B.A. ’80)
CORPORATE EXECUTIVE VICE PRESIDENT (RETIRED) SunTrust
PRESIDENT Massey Energy Co.
CHARLES F. PHILLIPS III
DIRECTOR Deloitte and Touche LLP PRESIDENT, VCU BUSINESS SOCIETY
BRENTON S. HALSEY
CHAIRMAN AND CEO (RETIRED) James River Corp.
RICHMOND OFFICE MANAGING PARTNER Ernst & Young
KENNETH C. BLAISDELL, PH.D.
A. WILLIAM HAMILL
EXECUTIVE DIRECTOR School of Business Foundation
PRESIDENT H3 Companies LLC
PRESIDENT Virginia Commonwealth University
JAMES A. BUZZARD
ROBERT E. HENLEY JR. (B.S. ’71/ACCT)
MICHAEL RAO, PH.D.
ROBERT E. RIGSBY (M.S. ’75/B; CERT. ’77/ACCT; M.B.A. ’81)
PRESIDENT MeadWestvaco Corp.
MANAGING PARTNER (RETIRED) Ernst & Young
PRESIDENT AND COO (RETIRED) Dominion Virginia Power
L. DANS CALLANS JR. (B.S. ’66/ACCT)
ALLEN B. KING (B.S. ’77/ACCT)
JAMES E. ROGERS
CHAIRMAN EMERITUS Universal Corp.
PRESIDENT Sunset Ford
T. KENT COX (B.S. ’78/MGMT)
PRESIDENT AND CEO CXI
W. AUSTIN LIGON
ROBERT C. SLEDD CHAIRMAN (RETIRED)
CO-FOUNDER AND CEO (RETIRED) CarMax
RICHARD CULLEN
JOHN P. MCCANN
MICHAEL DINKINS
EXECUTIVE VICE PRESIDENT AND CFO USI Insurance Services CEO Promark Global Advisors
CHAIRMAN EMERITUS (RETIRED) LandAmerica Financial Group
PRESIDENT AND CEO (RETIRED) Southeast Region, Wellpoint Inc. Anthem Blue Cross & Blue Shield
G. GILMER MINOR III
PRESIDENT Thalhimer Headwear
HARRY R. THALHIMER
ERIC P. WHITTLETON (B.S. ’84; CERT. ’86/INFO)
THURSTON R. MOORE, ESQ.
PRESIDENT Rigaud LLC
JOHN R. NELSON, PH.D.
REGIONAL PRESIDENT (RETIRED) BB&T
CHAIRMAN, EXECUTIVE COMMITTEE Hunton & Williams LLP
GEORGE C. FREEMAN III
CHAIRMAN, PRESIDENT AND CEO Universal Corp.
F. DIXON WHITWORTH JR. (M.S. ’69/B)
EXECUTIVE VICE PRESIDENT CHIEF TECHNOLOGY OFFICER Altria Inc.
MARK M. GAMBILL
MANAGING DIRECTOR AND CEO Cary Street Partners
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JAMES V. MEATH, ESQ.
CHAIRMAN Owens & Minor Inc.
CHARLES H. FOSTER JR.
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THOMAS G. SNEAD JR. (B.S. ’76/ACCT)
PARTNER AND VICE CHAIRMAN, BOARD OF DIRECTORS Williams Mullen
NANCY C. EVERETT (B.S. ’78/ACCT)
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Performance Food Group Co. MANAGING PARTNER Pinnacle Ventures LLC SENIOR ECONOMIC ADVISER TO VIRGINIA GOV. ROBERT F. MCDONNELL
CHAIRMAN EMERITUS United Dominion Realty Trust PRINCIPAL McCann Realty Partners LLC
PARTNER/CHAIRMAN McGuireWoods
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RANJIT SEN
PRESIDENT AND CEO SunTrust Bank, Central Virginia Region
SENIOR VICE PRESIDENT Morgan Stanley Smith Barney
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CHAIRMAN OF THE BOARD Scott & Stringfellow
GAIL L. LETTS
PRESIDENT AND CEO Covington International Travel
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S. BUFORD SCOTT
CEO Eagle Construction of Virginia LLC
JOSÉE G. COVINGTON
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PRESIDENT SCI Investors Inc.
BRYAN E. KORNBLAU
PHYLLIS L. COTHRAN (B.S. ’71/ACCT)
PRESIDENT AND COO (RETIRED) Anthem Blue Cross & Blue Shield
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BAXTER F. PHILLIPS JR. (B.S. ’75/B; M.B.A. ’76)
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VCU
Virginia Commonwealth University School of Business Snead Hall 301 West Main Street P.O. Box 844000 Richmond, Virginia 23284-4000
Non-profit Organization U.S. Postage Paid RICHMOND, VA Permit No. 869
welcome
Welcome to VCU Business Dean Ed Grier!
“I hope you love being a part of the Richmond/VCU/Snead Hall Community as much as I have grown to love it.”
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www.business.vcu.edu
Photo by Steve Maylone
– Katherine Artery (B.S. ‘08/MGMT) Read more about the new dean on Page 4.