Wharton Club of New York Magazine - Winter 2013 by Wharton Alumni Club Magazine of New York

WINTER 2013

Gift Progra m

WINTER 2013 ISSUE Letter from the President ��2 WCNY Holiday Gift Program ��3 Joseph Wharton Dinner ��6 INTERVIEWS – 2013 HONOREES: Brett Hurt, WG’99 ��8 Jacob Wallenberg, W’80, WG’81 ��12 Ronald O. Perelman, W’64, WG’66 ��14 D. Wayne Silby, W’70 ��16 PROFILES OF YOUNG ALUMNI: Candace Whye, W’11 ��20 Melanie Zhou, W’13 ��21 Take The Call ��22 Calendar / Mailing Address ��24

Executive

Committee President Kenneth Beck, WG’87, P’16 CEO Connection kbeck@ceoconnection.com Executive Vice President George Bradt, WG’85 PrimeGenesis Executive Onboarding gbradt@primegenesis.com Vice President, Finance Rosemarie Bonelli, WG’99 American International Group, Inc. Rabonelli@aol.com Vice President, Marketing & Communications Peter Hildick-Smith, C’76, WG’81, P’13 Codex-Group LLC peter@codex-group.com General Counsel and Chief Legal Officer Steven E. Sherman, W’72 Shearman & Sterling LLP sesherman@shearman.com Vice President, Career Development Charles S. Forgang, W’78, P’11 Law Offices of Charles S. Forgang cforgang@forganglaw.com Vice President, Business Development Regina Jaslow, W’97 Penn Club of New York rjaslow@pennclubny.org Vice President, Volunteer Services Diana Davenport, WG’87 The Commonwealth Fund dd@cmwf.org Vice President, Programming Jennifer Gregoriou, W’78 Jennifer Gregoriou, Management Consulting jennifergregoriou@gmail.com ••• The Wharton Business School Club of New York 75 Rockefeller Plaza, 18th Floor New York, NY, 10019 Phone : (212) 463-5559 Web: www.WhartonNY.com

Letter from the President Happy Holidays from the Wharton Club of New York! We have much to be grateful for in 2013, especially knowing and working with each other as alumni. From school, from that entire experience, we each take a little bit with us, and we are each successful in our way. Each one of us is Wharton, and in various combinations we are even more so. Today it’s popular to say you are your brand, well, you are also the Wharton brand. So while I sincerely hope you could Take the Call at least once during this year, I also hope that you told someone that you went to Wharton. When we promote Wharton, we protect it, and thus we promote each other and ourselves. 2013 was a momentous year for the WCNY. The Joseph Wharton Awards Dinner honoring four spectacular leaders, highlighted that momentum. Ronald O. Perelman, W’64, WG’66, is an inspiration and friend to many, including this club. We were honored to grant him the Joseph Wharton Award for Lifetime Leadership. Jacob Wallenberg, W’80, WG’81, continues to challenge his companies and family foundation, making a major contribution to Swedish society, and thus we awarded him the Joseph Wharton Award for Leadership. Brett Hurt, WG’99, delivered a powerful testimony of his transformation at Wharton. Brett founded three successful firms while still at Wharton, and more since graduating. He received the Joseph Wharton Award for Young Leadership. D. Wayne Silby, W’70, received the Joseph Wharton Award for Social Impact. He credits Wharton for the education that helped him initiate a $3.4 trillion impact in the finance industry. We were all honored by the presence of Dinner Chair, Al Shoemaker, W’60, Hon’95, and former honorees Ivanka Trump, W’04, Robert S. Kapito,W’79, William Mack, W’61, David Nash, WG’86, Dean Robertson, who is retiring, and our club’s very first president, Paul Paulson, WG’59. You too are receiving honors, from your fellow alumni who produce and purvey wonderful things at a collegial discount, for you only! In 2014, Take the Call, and tell the world, ‘I went to Wharton!’ Kenneth Beck, WG’87 Chief Executive Officer, CEO Connection President, Wharton Club of New York T 646.416.6991 | F 646.292.5129 kbeck@ceoconnection.com | www.ceoconnection.com

Wharton Club of New York – Magazine Magazine Editor Kent Trabing, WG’01 ktrabing@optonline.net

See more photos, search articles, and access hyperlinks at www.readwny.com.

FRONT COVER: Front Cover: Ivanka Trump, W’04, Brett Hurt, WG’99, Ron Perelman, W’64, WG’66, Randall Weisenburger, WG’87, Dean Robertson, Wayne Silby, W’70, Al Shoemaker, W’60, Hon’95, Katherine Klein, Art Bilger, W’75, Kenneth Beck, WG’87, Jacob Wallenberg, W’80, WG’81, Robert S. Kapito,W’79

WHARTON CLUB OF NEW YORK | WINTER 2013 | WWW.WHARTONNY.COM

The Wharton Club of New York features

Holiday Delights!

FROM WHARTON AND WCNY MEMBERS HENRI’S RESERVE Ruth Frantz, WG’90, founded Henri’s Reserve as a curated e-boutique of family estate champagnes and creative gifts for both personal and corporate gift giving. Her champagnes are featured on the wine lists at some of the world’s most famous restaurants (including French Laundry, Eleven Madison Park, NOMA and Gary Danko). Celebrate the holidays with your 15% discount through January 15 at www.henrisreserve.com. Use the promo code “Wharton.”

STONE & STRAND Nadine Kahane, WG’12, grew up in London and Singapore and has traveled further afield since then. She founded Stone & Strand to represent fine jewelry by fine designers around the world. Exclusive products with personalized service are yours for the holidays and beyond. Take advantage of the 15% discount for WCNY members at www. stoneandstrand.com, with the promo code “whartonholiday15.”

THE OFFICIAL WHARTON STORE Exclusively for WCNY members! Shop for your Wharton winter wear! Use the promo code “ALUM15%” for 15% off your purchases at http://estore.wharton.upenn.edu.

WHARTON CLUB OF NEW YORK | WINTER 2013 | WWW.WHARTONNY.COM

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LERRO CANDY If your family had been making delicious chocolates in the Philadelphia area since 1916, wouldn’t you want to carry on the tradition? John Lerro, W’12, of Lerro’s Candy wishes to make your holidays a little sweeter with real chocolate delights, wonderful gift boxes (such as the 14 oz. box of chocolate-covered pretzels), and made-to-order candy treats. From his family to yours at www.lerrocandy. com, a discount of 15% off all orders through January 15 with the coupon code “Real Chocolate.”

PAUMANOK VINEYARDS The father and son team of Charles Massoud, WG’70, and Kareem Massoud, W’96, till the soil and grow the grapes to bring you authentic North Fork, Long Island wines with a tasty blend of 70% Merlot, 20% Cabernet Franc, 7% Cabernet Sauvignon and 3% Petit Verdot. “Paumanok’s 2010 Thirtieth Anniversary Special Edition bears comparison with Napa reds costing two or three times as much.” The Wall Street Journal, September 6, 2013. Find out for yourself. Visit the Massoud’s vineyards, or visit their online store at www.paumanok.com/store. In the “type a comment” box, enter “WAGP,” and the 15% discount will be applied when the transaction is processed.

BEER DREAMER Jordan Elpern-Waxman, WG’09, took what he learned at Wharton, and his fine appreciation of craft beer, to create a way for you to stay connected to your time in Philadelphia with a curated monthly craft beer subscription program. His holiday package is virtually “Philly in a box,” featuring barrel-aged beers from Victory Brewing Company in Downingtown, Pennsylvania, paired with tasty treats from Philadelphia’s Metropolitan Bakery. His company Beer Dreamer also offers the Better Beer Gift, thoughtfully pairing artisanal foods with craft beers (in large 750 ml cork-and-wire bottles), and all beautifully packaged. Take advantage of your 15% discount at www.beerdreamer.com with the promo code “WHARTON.”

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“I went to Wharton!” 2013 JOSEPH WHARTON AWARDS DINNER Metropolitan Club on 1 East 60th Street New York, October 3, 2013 “We are all here tonight, because Wharton did something special for all of us,” affirmed Al Shoemaker, W’60, Hon’95. The former chairman of the board at the University of Pennsylvania continued, “Regardless of whether you come from Sweden or a little town of 6,000 people in Western Pennsylvania, like I did, it was a life-changing event. That’s why it’s important to support scholarships to Wharton, so everybody has a chance to get ahead in this world.” That sentiment was echoed by the four honorees. Ronald O. Perelman, W’64, WG’66, who received the Joseph Wharton Award for Lifetime Leadership, gave a powerful personal testimony of the lifechanging advice he received at Wharton. Jacob Wallenberg, W’80, WG’81, honored with the Joseph Wharton Award for Leadership, reflected on the broadening of his world, coming from Sweden to Wharton. Brett Hurt, WG’99, who won the Joseph Wharton Award for Young Leadership, shared how he was “absolutely transformed, maybe more than most. I literally came out of my shell at Wharton.

Brett Hurt, WG’99, Deborah Hurt, and Ralph Mack, W’82 (r.) Robert S. Kapito, W’79, President of BlackRock

Brett Hurt, WG’99, Kenny Beck, WG’87, Dean Robertson, Wayne Silby, W’70, and Jacob Wallenberg, W’80, WG’81

Friends enjoying the evening

Jennifer Gregoriou, W’78 and Peter Hildick-Smith, C’76, WG’81, P’13, being recognized as members of the WCNY Executive Committee

Ron Perelman, W’64, WG’66, with Kenny Beck, WG’87

Paul Paulson, WG’59

Bill Griffeth of CNBC and George Bradt, WG’85

I was embraced at Wharton, surrounded by incredible students and incredible professors, and started my first business at Wharton.” D. Wayne Silby, W’70, received the Joseph Wharton Award for Social Impact. He credited the school with “the financial engineering skills to start one of the earliest money market funds, safe but with high returns” then going on to create the first social impact investing fund. Kenny Beck, WG’87, president of the WCNY, tested the audience on their knowledge of school history — Do you know where the first President of the University taught his ethics class? Kenny reflected on the more than 200 events held by the Club this year, and reiterated WCNYs three key principles — enlightened selfinterest, tangible results and small interactive events — all wrapped around the concept of Take the Call. On a personal note, he asked attendees to recognize Dean Robertson, who is retiring, WCNY’s first president, Paul Paulson, WG’59, and former university president and noted historian, Sheldon Hackney, who passed this year. Most importantly, “with the talent inside and outside this room, we have a responsibility to one another and to the school to be a little less modest. Tell people …” he encouraged, “I went to Wharton!”

Dean Robertson congratulating Brett Hurt, WG’99

WHARTON CLUB OF NEW YORK | WINTER 2013 | WWW.WHARTONNY.COM

Designing Authentic Conversations Brett Hurt, WG’99 Hurt Family Investments 2013 Joseph Wharton Award for Young Leadership

rett Hurt, WG’99, can’t help that his conversations are authentic — it stems from who he is. At the Joseph Wharton Awards Dinner, he delivered a powerful speech on how significant Wharton is to him and to the larger entrepreneurial community. When he meets you in person, he tells the story of his mother, and why he named his blog Lucky7 after her. When he meets with entrepreneurs as an investor, he focuses on listening to their needs. Even his business, Bazaarvoice, seeks to “change the world, one authentic conversation at a time.”

When did you become an entrepreneur? At Wharton, the end of my first semester, a former senior manager at Deloitte Touche, contacted me and said, “I’m in over my head on a project, for the Adult Education Department for the state of Louisiana. I need someone with your skills to deliver on it.” I asked, “When is it due?” He said: “The first week of January!” I went for it and ended up working every day of winter break until 3 a.m. in the morning, with a five-minute break to watch the ball drop on New Year’s Eve, to create a complete client/server-based system. It was a test of my will. I made great money, but much more importantly, I proved to myself that, if I had the willpower to perform this large project in only three weeks, then I could be an entrepreneur — I could be self-sufficient. That was the founding of Hurt Technology Consulting, and I went on to do projects for the Wharton School and others (mostly Wharton alumni), leveraging, by the way, brilliant undergrad students in the Wharton Management and Technology program. What character trait allowed you to work that hard through winter break? There are many different backgrounds and personalities of successful entrepreneurs, and I’ve found only one common characteristic, and I’ll tell you how I know.

Brett Hurt speaking at the Joseph Wharton Awards Dinner 2013

I attended every single presentation when an entrepreneur came to speak at Wharton. One I’ll never forget is when Farhad Mohit, WG’96, the founder of Shopzilla, returned to school to speak. It was 7 p.m. at night in a classroom, and only 20

WHARTON CLUB OF NEW YORK | WINTER 2013 | WWW.WHARTONNY.COM

WONDERING IF WE WOULD MAKE PAYROLL. I WOKE UP WITH A SMILE

people showed up. He talked about how he had been eating ramen noodles for over a year, how humbling SAID, “THIS IS WHAT I DO; THIS IS it was to have graduated WHO I AM.” from Wharton and have no salary, no money coming in for over a year, while all his classmates were doing well financially. But he had just finally received his first round of funding. I left that night and was in heaven. I thought, “This is exactly what I want to be.” Overall, I attended at least a hundred of these kinds of presentations at Wharton, and I learned the one thing they all shared was persistence. I saw housewives who had founded companies, academic types, skinny people, Asian people, short people, and the only thing they had in common was they were all very, very persistent, and that was me during that first winter break. I went on to grow Hurt Technology Consulting. During my summer break, I did a big project for the Wharton School (a virtual classroom application that was used by Wharton for four years) and made twice what I would have if I had worked for someone — plus, it took me only half the summer. So, the other half of the summer, I built my first e-commerce platform, allowing my wife and I to launch an online nutrition company. If I hadn’t done that, I would not have created Coremetrics.

ON MY FACE. MY WIFE ASKED, “WHY ARE YOU SMILING?” “BECAUSE,” I

My classmates probably looked at me year after year, thinking, “Idiot” and then finally, “Genius!” So, persistence is the key trait, and the dot-com bust shook out people who didn’t have that trait, who were just in it for the money. If you’re not passionate about it, it is hard to be persistent — you can’t fake that. You can’t fake working until 3 a.m. in the morning. The Founding Fathers of this country had nothing — they couldn’t even afford boots for their soldiers to take on an empire. As I wrote about on my blog, it’s how Steve Jobs could ask Bill Hewlett for spare parts when he was 12 years old, and why Bill Hewlett had to help him — it’s in our country’s DNA. What was your greatest challenge? Coremetrics was gut-wrenching. I sold the three companies I had founded at Wharton, which were all generating good cash flow, and put everything into Coremetrics during my last semester, because I thought it could change the world, which it did. At first, in 1999, money was falling from the sky. We got Accel Partners and Highland Capital Partners, which put $15 million into our Series A, after Wharton alumni like Ralph Mack, W’82, and Lincoln Brown, W’02, had seeded the company. We signed dot-com clients like crazy — we were ringing the new-client cowbell in the office all the time. We relocated our headquarters to San Francisco to be closer to clients, which were mostly dot-coms. Shortly thereafter, when

Brett is the owner of Hurt Family Investments, a family office focused on startup investments and other asset classes. Prior to Hurt Family Investments, Brett worked at Austin Ventures from November 2012 to August 2013 and focused on early-stage software investing. Prior to Austin Ventures, Brett founded Bazaarvoice (NASDAQ: BV) and served as the CEO and President for seven and half years, leading the company from bootstrapped concept to almost 2,000 clients worldwide and through to its successful IPO. He subsequently guided the company through a successful follow-on offering and two acquisitions, PowerReviews and Longboard Media. Brett continues to actively support Bazaarvoice as the Vice Chairman of the Board of Directors. Prior to Bazaarvoice, Brett founded Coremetrics and helped grow the company into a leading global marketing analytics solution for the e-commerce industry before its acquisition by IBM.

Brett Hurt, WG’99

I FELL ASLEEP ONE NIGHT

Brett has been pioneering e-commerce innovations since 1998 and online communities since 1982. He started programming at the age of 7. Brett is the entrepreneur empowerment group RISE’s Serial Entrepreneur of the Year for 2012. He was named by Ernst & Young Entrepreneur of the Year for Austin in 2009 and is a member of the Austin chapter of the international Young Presidents’ Organization. He was named CEO of the Year for large companies by the Austin Business Journal in 2012. Brett holds an MBA in High-Tech Entrepreneurship from the Wharton School and a BBA from the

WHARTON CLUB OF NEW YORK | WINTER 2013 | WWW.WHARTONNY.COM

comment about a product, all of those interactions are hosted by Bazaarvoice. We are behind the scenes with companies around the world, in 38 international languages. Why do clients trust Bazaarvoice to handle such a sensitive part of their businesses? To have customers trust you with their customer service, you need to have incredible uptime and service levels. The best convincing is by word of mouth, and our own Social Commerce Summits play a big role in that. Of course, we participate in conferences, like Shop.org. How important is having a partner or a supportive relationship, to be able to persist?

Brett Hurt, WG’99, with his wife, Debra, at the Joseph Wharton Awards Dinner the dot-com bubble burst, our client base went from 80 to two. I had to lay off most of my team and almost threw in the towel. One night, I fell asleep wondering if we would make payroll. The next morning I woke up with a smile on my face. My wife asked, “Why are you smiling?” “Because,” I said, “this is what I do; this is who I am.” We talked it over and rebuilt it from 2001 to 2005. Accel Partners, especially, stepped up to the table. Coremetrics became the second largest player in the industry, and in 2005, we sold it to IBM for close to $300 million. What lessons did you learn along the way that made Bazaarvoice such a success? The direct outcome of the scar tissue from Coremetrics was to create a capital-efficient business. We grew our next company, Bazaarvoice, steadily over six and a half years to create a $100 million revenue run rate (our run rate at the time of IPO), with only $24 million in funding — and we had $12 million left in the bank at the time of our IPO. The secret is to collect as much cash upfront from annual contracts with clients and use that to fund the business, so you make your business more client-funded than investor-funded. You need the right culture to be capital-efficient, and I’m proud that, during that time, Bazaarvoice was rated as the No. 1 place to work in Austin, Texas, over multiple years — as we grew from a small to large company. Also, employees created 15 new companies to date in Austin, as a result of working at Bazaarvoice. What does Bazaarvoice do? Bazaarvoice means the voice of the marketplace. If you go to a major retailer’s website, for example, and you read customers’ reviews, and leave your 10

At Coremetrics, my wife Debra worked with me from the beginning (and for the first couple of years of the business, post-venture-capital funding). Then, Andrew Trader, WG’99, a classmate of mine, Scott Schopen, and Arthur Holcombe joined. I co-founded Bazaarvoice with Brant Barton, a genius who was very different from me, and with me until this year. They were all very important to my success and, most of all, Debra. When I am backing companies, I am looking for three roles: (1) someone who can sell and market the solution; (2) someone who can deliver service; and (3) someone who can build it. Sometimes, one person can play multiple roles. Typically, those roles are CEO, head of sales and marketing, and a CTO. Right now, I’m backing a company with a serial entrepreneur who can play any role except building it, which is great for the first six months while you’re ramping up. What does it feel like when you focus? You’ve heard of that expression “in the zone.” It feels natural, as if you and your team can accomplish anything. Passion drives that. Know-how drives that. You are focused, because you believe you can change the world. At Bazaarvoice, our mission is: “Changing the World, One Authentic Conversation at a Time.” We have changed how people shop online, and how clients look at their customers. It’s a magical thing. You can accomplish things that people say are impossible. People would say that it is impossible to convince retailers, travel companies and financial companies to allow negative reviews on their sites — it would taint their sales. However, it drove sales, because people knew they were shopping in an authentic environment. A futurist once told me that entrepreneurs create the change. Think about it. Who is Huntsman Hall named after? An entrepreneur. Who is the Wharton school

WHARTON CLUB OF NEW YORK | WINTER 2013 | WWW.WHARTONNY.COM

THINK ABOUT IT. WHO IS HUNTSMAN HALL NAMED AFTER? AN ENTREPRENEUR. WHO IS THE WHARTON SCHOOL NAMED AFTER? AN ENTREPRENEUR. WHO FOUNDED THE UNIVERSITY OF PENNSYLVANIA? BENJAMIN FRANKLIN, AN ENTREPRENEUR. ALL OF THEM HAD

named after? An entrepreneur. Who founded the University of Pennsylvania? Benjamin Franklin, an entrepreneur. All of them had incredible focus and passion.

You’ve written about “really listening to your INCREDIBLE FOCUS. customers and clients.” At Coremetrics, we had competitors who had been in business for five years, but their marketing analytics solutions seemed like they were built by engineers for engineers. Immediately, I met with customers from the beginning — I had one perspective of being an online retailer, but I’m not smart enough to know what they want, so go out there and validate it, and build it with your client. It seems so intuitive, but so few people actually do it. As investors, some business people become successful and think they are perfect and tell people how they should emulate them. I don’t believe that at all. There are lots of factors toward success, and I have respect for the entrepreneur’s critical role. Recently, as angel investors, we hosted a listening event here in Austin for startups at a coffee bar, Lola Savannah, where we wrote provocative questions on the wall and did no talking and all listening. We learned a lot, which we put into practice. How important was Wharton for you? It was transformational. I was motivated to be an entrepreneur when I was an undergrad, but I wasn’t prepared. Wharton gave me what I needed, and I worked my butt off. And it’s become a better place for entrepreneurs than when I was there. Of course, I had an unfair advantage. Because I was married, I didn’t have to spend time on the dating scene. Because Debra was so independent, she allowed me to take the risk to be an entrepreneur. And Debra’s business instincts are unparalleled. Anything else? The most important thing to me is our family. Tomorrow, I’m going on a YPO [Young Presidents’ Organization] father-daughter trip. It’s something that I’ve really been looking forward to. My job is to do what my mom did for me — to find out what I was passionate about, which in my case was computers. That’s why my blog is called Lucky7 — I was lucky that my mom taught me how to program when I was 7 — to help me discover my calling in life, my passion. She wanted to feed what she saw as my interest. Think about the superhuman discipline that a parent needs to allow a child to follow his or her passion to the exclusion of everything else, rather than force the child to be passionate about what everyone else is doing, like playing sports. I love creating the future with technology. I love creating jobs, but family is the most important thing to me. That is my most critical role in life. ♦ ~ KT (To visit hyperlinks to Brett’s blog and companies, and to see more photos, please visit www.readwny.com)

Brett Hurt, WG’99, receiving his award from Ivanka Trump, W’04, the 2012 recipient of the Joseph Wharton Award for Young Leadership

University of Texas at Austin. He served three terms on the Board of Directors of Shop.org, the leading nonprofit industry association for retailers online and a division of the National Retail Federation, the largest trade organization for retailers. He also serves as an Entrepreneur-in-Residence at the Wharton School. Brett established the Bazaarvoice Foundation and is very active in the philanthropic arena. He received the Austin Entrepreneurs Foundation’s Community Leadership Award in 2012. Brett is the Herb Kelleher Center for Entrepreneurship and Entrepreneur-in-Residence at the McCombs School of Business at the University of Texas at Austin for 2013 to 2014. He serves as a Mentor at TechStars Austin and as a Partner at Capital Factory, and can be found blogging frequently at http://lucky7.io, to help mentor Austin’s entrepreneurs. Brett serves as the Chairman of the Board for both Compare Metrics and Shelfbucks, two early-stage companies based in Austin. He can be followed on Twitter at @ bazaarbrett.

Choosing to Lead Jacob Wallenberg, W’80, WG’81 Chairman of Investor AB 2013 Joseph Wharton Award for Leadership

generation of the successively successful Wallenbergs, quietly bestows responsibility upon the next generation. And each new generation must choose to accept it. Fortunately, for Sweden, Jacob Wallenberg, W’80, WG’81, Chairman of Investor AB, made that choice many years ago, and has steadfastly stayed at the helm. ach

You could have attended any university. Why did you choose Wharton? It was my first choice. It was a highly regarded academic institution. I had already attended the Swedish Naval Academy and was looking for a way to get the tools of business, as well as a liberal arts education. For me, it was the right school. You spoke about your strong sense of responsibility in approaching your roles. For you, what is the relationship between responsibility and leadership? At a certain point, I took the decision to accept responsibility and accept the fact that I had to take a leadership role. The two hung together. When I wake up, I think about what is important for the foundations where I am engaged. To fulfill what is important for the foundations, I must ensure that the companies in which the foundations are invested, must perform to generate a dividend and capital gains. To fulfill that, I must take a leadership role, to push for excellence and for the values that we have identified. “Esse non videri” is the Wallenberg family motto. What does that mean? That is a motto from about 100 years ago. Roughly, it means “to be, not to be seen” — to do things lowkey. You can read articles about my family members answering business questions like yours, but you won’t read about us in the glossy magazines. And it probably reflects the Swedish character. As Swedes, we are a bit boring — we tend to focus, to be proficient, to try to deliver.

The Knut and Alice Wallenberg Foundation granted an astounding $800 million to scientific research just in the past five years. What are the foundation’s goals? The purpose is not to find the next Nobel Prize winner. It is for basic university research in medicine, mathematics, chemistry, physics — long-term research. As one example, we have done a lot of the gene mapping, which is published free of charge. That has kept many gene researchers in Sweden. For that to happen, Ericsson, Electrolux and other companies have to perform and pay dividends, which in turn helps to finance the foundation. How do you typically work with your companies through your board memberships? We have a non-executive chairman, and a separate CEO, which is different from many American companies.

Historically, our board governance has developed differently from the U.S. in two ways. We have large shareholders with a face with representation on the board. I am on the boards of these companies, because I am a leading shareholder. In contrast, in the U.S., capital is normally managed by large institutional funds that are not long-term shareholders in their nature. In our business model, we don’t buy to sell; we can own stocks for 50 or 100 years. I am not saying that one system is better than the other, but it is simply the way we have developed. What did you learn at Wharton and in America that still affects your life and business? The most important lesson was realizing that your own country is not the center of the universe. The world is larger. Being engaged throughout the world, I have to recognize that people are different, that values are different. I learned that at Wharton, and it was hugely important. It taught me that I have to be out there in the world. Jacob Wallenberg, W’80, WG’81, with family and friends at the Joseph Wharton Dinner

Many families have had wealth and influence which doesn’t endure. The impact of the Wallenberg family has grown. In our case, it is straightforward. We are the fifth generation. The second generation, Knut Wallenberg, put all of our family’s wealth into a foundation where the assets are not owned by any individual — so no individual could take his or her share and go off and spend it. The bylaws of the foundation define the objective, which is to support Swedish research and education. What are your thoughts on leadership? 1) Stand up, and be a leader — take initiative. 2) Set clear objectives and vision. 3) Lead by example. Which leaders have inspired you? A leader I admire today is Angela Merkel — her achievements in times of challenge impress me. I admire both Ronald Reagan and Margaret Thatcher, who were instrumental in bringing communism down. Margaret Thatcher also finally got England to become a more modern marketoriented economy. ♦ ~ KT

(r.) Jacob Wallenberg receiving the Joseph Wharton Award for Leadership from 2009 recipient, Robert S. Kapito, W’79, President of BlackRock

Jacob Wallenberg is the non-Executive Chairman of the Board of Investor AB, a lead shareholder of Nordic-based international companies. He is ViceChairman of SEB, Skandinaviska Enskilda Banken AB. Mr. Wallenberg serves on the Boards of the Knut and Alice Wallenberg Foundation, SAS AB Scandinavian Airlines (Vice Chairman), Ericsson AB (Vice Chairman), ABB Ltd and The Coca-Cola Company. Mr. Wallenberg is Honorary Chairman of IBLAC, the Mayor of Shanghai’s International Business Leaders Advisory Council, Vice-Chairman of SACCUS, the Swedish-American Chamber of Commerce US and a member of ERT, the European Round Table of Industrialists. Mr. Wallenberg also serves on the Board of Stockholm School of Economics.

Jacob Wallenberg, W’80, WG’81

We have a detailed discussion about operational performance, looking at a different division at every board meeting. We meet with management to review each business plan, and discuss performance, competitors and strategy.

Born in Stockholm 1956, Mr. Wallenberg was educated at the Wharton School, University of Pennsylvania, where he earned a Bachelor of Science in Economics in 1980 and an MBA in 1981. Mr. Wallenberg attended the Royal Swedish Naval Academy and is today an Officer in the Royal Swedish Naval Reserve.

If you Make More Good Decisions Ronald O. Perelman, W’64, WG’66 2013 Joseph Wharton Award for Lifetime Achievement

Ron Perelman, W’64, WG’66, entertained and inspired

t his acceptance speech for the 2013 Joseph Wharton Award for Lifetime Achievement, Ron Perelman credited his Wharton professors for teaching him how to make decisions and why he should make them. That clarity has served him well to create and grow his wholly owned MacAndrews & Forbes Holdings, which includes major players in the cosmetics, entertainment, biotechnology and military equipment industries. Similarly, Mr. Perelman makes larger-than-life decisions to give away much of his gains to medical institutions, the arts and to universities. “I came to Wharton as a typical, kid from Philadelphia. I went through the undergraduate program, and was one of the few who continued through the graduate program. It was one of the most remarkable experiences of my life. Wharton took me and gave me a discipline, a focus and the tools to ply my trade. “One of my most influential teachers was 14

Ed Shields, who created, I believe, the first entrepreneurial center in America. Ed taught us, ‘Take the financial training and accounting tools, and use them as the backdrop to use your instincts, your entrepreneurial talents, which all of us have, to make decisions.’ “Another professor, from Australia, Douglas Vickers, was my most quantitative instructor. He would fill up 40-foot-long blackboards with formulas. On our last day of class, the professor said, ‘Look, I taught you all these formulas, and the basis for financial valuations, but I want to leave you with one thought: The most important thing is for you to make decisions. If you don’t make decisions, then someone else will make them for you. Don’t lose control of the decision-making process, and if you make more good decisions than bad decisions, you will be a success.’ “I then went to work for my father, an entrepreneur in Philadelphia, and a fabulous boss, who gave

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me an enormous amount of authority and responsibility, right out of graduate school. I immediately put into practice the advice of these two significant teachers, and then learned from my father what to do when you make poor decisions, which is to face up to them right away, and correct them. “If it wasn’t for Wharton, I DON’T LOSE CONTROL wouldn’t be here, because I OF THE DECISIONwouldn’t have learned all that MAKING PROCESS, AND I did. I’m truly thankful to all of IF YOU MAKE MORE you for this honor, and to the teachers who spent the time and GOOD DECISIONS THAN energy on kids like me.” ♦ BAD DECISIONS, YOU

WILL BE A SUCCESS.

~ KT (To visit hyperlinks and see more photos visit www.readwny.com)

Ronald O. Perelman, W’64, WG’66

Ron Perelman, W’64, WG’66, receiving the award from William Mack, W’61, the 2008 recipient of the Joseph Wharton Award for Lifetime Achievement

Ronald O. Perelman, W’64, WG’66, is the Chairman and CEO of MacAndrews & Forbes Holdings, a diversified holding company with interests in cosmetics, entertainment, biotechnology and military equipment. Among the principal interests of MacAndrews & Forbes are Revlon, AM General, Scientific Games, SIGA Technologies, Deluxe Entertainment Services Group, Harland Clarke, Harland Financial Solutions, Scantron and Global Scholar.

In addition to his extensive business interests, Mr. Perelman is an active philanthropist who believes that powerful results can be achieved when financial resources are leveraged with human resolve. He has established the Revlon/UCLA Women’s Cancer Research Program, the Ronald O. Perelman Department of Dermatology at New York University’s Langone Medical Center, the Ronald O. Perelman Heart Institute at New York Presbyterian Hospital, and the Ronald O. Perelman and Claudia Cohen Center for Reproductive Medicine at Weill Cornell Medical Center. He is Vice Chairman of Carnegie Hall and serves on the boards of the University of Pennsylvania, NYU Langone Medical Center, New York Presbyterian Hospital, Weill Cornell Medical Center, Ford’s Theater, the Apollo Theater, the Tribeca Film Institute, the Museum of Modern Art (MoMA) and Columbia Business School. He is also a member of the French Legion of Honor. Mr. Perelman holds a B.S. in Economics and an MBA from the Wharton School of Business at the University of Pennsylvania. He lives in New York City with his wife, Dr. Anna Chapman, and is the father of eight children.

Ron Perelman,W’64, WG’66, with Brett Hurt, WG’99, Ivanka Trump, W’04, and William Mack, W’61 15

Creating an Impact on Investing

D. Wayne Silby, W’70 Founding Chair, Calvert Social Investment Fund 2013 Joseph Wharton Award for Social Impact

. Wayne Silby, W’70, makes you think what a great country this is — and what an amazing school Wharton is, that an 18-yearold kid from a small town in the Midwest could seek it out and receive an education and relationships, with which he unexpectedly transformed the world. First, there is Calvert Investments, a $12 billion investment management group he founded in 1976. Then, six years later, with his Calvert Social Investment Fund (CSIF), he helped conceive the impact investing movement, which collectively, today handles $3.4 trillion in assets. In 1987, he co-founded the Social Venture Network, a peerto-peer network of 600 values-driven business leaders, social entrepreneurs and impact investors, which has incubated even more business alliances. Today, he spreads his message globally. As the recipient of this year’s Joseph Wharton Award for Social Impact, he conducted this interview with a modesty that reflects his roots. D. Wayne Silby, W’70

How did Calvert Investments come about? After graduating from Wharton and the then law school six years later, I didn’t have a job and didn’t completely know what I was doing, but I did have a desire to be financially independent. I founded Calvert, with John Guffy, a fellow from the last row of my Wharton accounting class. I developed the First Variable Rate Fund, which became one of the first variable-rate government money market funds. It was structured in such a way as to combine short-term, fixed-rate securities with long-term, variable-rate securities to provide one of the highest and safest yields. We did not foresee that interest rates would rise from 4% to 14%, but we did ride the boom! We were just in our 20s, but ended up managing over $1 billion by 1982. What happened in 1982 that prompted you to create Calvert Social Investment Fund? I went to a retreat — on “right livelihood” — which is a Buddhist principle to lead one’s life consistent with one’s values. It made me think to myself, “My gravestone is going to say that I got 30 basis points higher than the next guy.” But it wasn’t like I was Mother Teresa; I just thought, “Why don’t we put a little money into a fund that would screen investments?” I already had the staff, the lawyers and the phone lines, so why couldn’t we make this kind of filtered fund accessible to our existing audience. We weren’t betting the ranch. Once we set up CSIF, a lot of people showed up who truly were the founders — in a sense, I just financed it and created the impetus.

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Michael Bacon of AIG, past assistant to Wayne Silby, with Jenna Nicholas, Executive Assistant to Wayne Silby wanted to know if we were on LSD or something! Even at Calvert, our five key managers voted against it, but fortunately, their votes were advisory. My partner abstained from the decision, and I voted, “Yes.” What is a recent investment by CSIF that you are proud of? One Earth Designs. Its mission is to bring innovative and clean energy solutions to people around the world. Why is Calvert involved in shareholder actions? We do about 20 shareholder actions each year. Sometimes, the changes the corporations make are confidential, but one example I like to share was about 10 years ago, we went to Dell to ask its board to do a study on what happens to its computers after being sold, and its lawyers were very against it. Then, Michael Dell heard about it, invited us to his office and supported the idea. Michael Dell was great. Dell began the first computer recycling program, partly because of the resolution we filed. If you are an investor, you have a responsibility to make some suggestions and speak up. Everyone has the same 24-hour day. How do you get so much done in yours? I have pretty good people. As Chairman of Calvert, I stick with governance issues. You want to empower management. That’s not to say that I agree with all their decisions, but if you micromanage, there are not enough hours in the day. So that’s how

D. Wayne Silby is an entrepreneur in activities that combine investment with social benefit. He is the Founding Chair of Calvert Funds, with assets of $12 billion, including the nation’s first social investment fund. He is also the Chair of Calvert Foundation ($400 million), which directs monies to underserved communities.

D. Wayne Silby, W’70

When you were creating Calvert in 1976 and then the CSIF in 1982, how were your ideas received? You have to remember that, in 1976, we were just 25, and people advised us to get a job instead of starting an investment company because we had no money. It was probably the cheapest investment startup in history, as I wrote the prospectus myself. Regarding the CSIF — it’s hard to imagine because these social funds are so widespread today, but 31 years ago, it was the first comprehensively screened investment fund. People

Silby co-founded the Social Venture Network (now in its 25th year). ICE (a British environmental organization) and Syntao (a social impact consulting firm in China), and has been involved in creating several impact investing funds: the Emerging Europe Fund for Sustainable Development (OPIC Fund), and Calvert Social Venture Partners (the first social venture capital fund circa 1989). He was an advisor to the China Environment Fund in which Calvert was a founding investor. He is advisor to Grameen Foundation in China, and produced a documentary in Chinese on microfinance. He has served on a number of boards, including the American Association of Higher Education, Business Executives for National Security, East West Institute and Grameen Foundation USA. In September 2011, Silby authored the lead article in the MIT Innovations Journal, focused on impact investing. He is a graduate of the Wharton School and Georgetown Law School.

IN 1976, WE WERE JUST 25 YEARS OLD, AND PEOPLE ADVISED US TO GET A JOB INSTEAD OF STARTING AN INVESTMENT COMPANY BECAUSE WE HAD NO MONEY.

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blessing of working within this impact arena, because a lot of top talent shows up. When J.P. Morgan announced its social finance fund, it attracted 1,100 resumes, from inside J.P. Morgan. In fact, I’ll be at Goldman Sachs this week, to help its social impact fund people — it’s a way for the company to attract talent. A lot of the younger generation, including the younger generation of wealth — where money is being transferred, want to know how their money is making a difference in this world, which makes sense to me.

Earth One Designs’ solar cook stove

How does Impact Assets work with donors? We help donors look at ALL OF MY COLLEGE investments as another TUITION INTO COCOA means of manifesting their FUTURES — PROBABLY values in the world. Say, a How do you select and grow people to NOT THE WISEST THING. high-net-worth individual bring your ideas to fruition? has a liquidity event; he BUT IT WORKED OUT, You make a relationship with people who have sells his company for $5 SO I TRANSFERRED TO talent. We try to look internally to promote million, which is going to people. Our people have substantial buy-in, WHARTON. result in long-term capital so they want the company to succeed. For gains taxes. He decides to example, we just transitioned in a new CEO at donate $1 million in stock during this event to Impact the Calvert Foundation — she came from within the Assets’ donor-advised fund, for which he receives a company. Also, we haven’t had a lot of changes over $1 million tax deduction. With the assistance of the the years, because our co-founder CEOs love the investment team, the donor can advise that his assets company. It’s not like they are climbing a corporate are reinvested toward the installation of solar panels ladder. There is a lot of meaning to their work. in schools, for which he can also earn a return that We have one company, Impact Assets, a donorinures to the benefit of his donor-advised account. advised fund, which is part of the Calvert constellation, led by a fellow we took out of the Early on, how important was language in helping investors and partners understand what you were foundation. And we started Social Capital Markets (SOCAP), which together have over $100 million under doing? management, and we don’t even have an office. It’s Language is very important! You can have people amazing the talent wanting to work in this space. come into a room under two scenarios. If they We do have a back office in Bethesda, Maryland, anticipate a competitive deal, they’ll act one way, but but we don’t have a front office, because usually, if they expect they will be collaborating on a social they are networking with high-net-worth individuals, venture, the conversation creates a kind of openness who are donating millions of dollars into investment — yet they are the same people. Those kinds of words opportunities. Most donor-advised funds just use — “collaboration,” “network,” “social venture” and an “off-the-shelf” system, whereas we help donors “patient capital” — these are all parts of our lexicon craft their investments, whether they want to support that help inform and further these enterprises. Take charter schools, or help an ecological venture. That’s a “patient capital” — we think those deals should be on you do it — you have a rule that you try to go along with management, unless you feel that they will do so much damage to the company that you have to say something.

AT 18, I INVESTED

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the table as well. Our company Seventh Generation was formed 13 years ago. If an investor had invested $100k at the time we invested, it would be worth $1 million today. Is America unique in charitable giving, compared with Europe? Absolutely. This is an American experience. Can the general public participate in the work of the Calvert Foundation? It’s interesting. This week, I’m going to New York to seek more net capital for Calvert Foundation; it’s a victim of its own success, in that the public has lent Calvert hundreds of millions of dollars. It’s one of the few ways that the public can participate in impact investing and express their values — because normally, it’s for high-net-worth people. Through the public’s lending, we support microfinance around the world. Calvert is bringing the democratization of impact investing to the fore, which is essential. But we do need more net capital to meet reserve requirements. Have graduate schools gained a better understanding of how to teach about impact investing? In 1993, at one of our Social Venture Network conferences, we asked some Stanford Business School graduate students to help out. At that conference they got this idea that became Net Impact, which today has hundreds of thousands of members. At Wharton, the Social Impact Initiative www.socialimpact.wharton.upenn.edu/ is hard to join. Wharton has a special understanding of finance, so it’s great the school is putting some thought in that direction. At Harvard, the social enterprise club is the most popular club. My executive assistant Jenna Nicholas will teach a course on impact investing to graduate students at Tsinghua University in Beijing next month. It’s unbelievable how this has grabbed young people’s minds.

standard among our classmates that encouraged you to think creatively. I was very charged — I think they mistakenly put me in the economics honors course — I joined clubs, and I was the first student to be on the Wharton curriculum committee and suggested that we should have the arts. I’m very thankful for my Wharton experience. What are you doing now? I’m speaking to large financial institutions, and national sovereign wealth funds around the world. We are building toward an argument that, if all major asset fiduciaries set aside 2% of their investment portfolios, at below-market rates, to bring more ecological balance and social justice into the world, then this would create more investable, sustainable opportunities for the other 98% of the portfolio. The result of these high-social-impact investments would be to reduce overall portfolio volatility, so the risk-adjusted returns of the portfolio will be better. If we can actually prove this, then it may suggest a moral imperative for allocating that 2%. ♦ ~ KT (To visit hyperlinks and see more photos visit www.readwny.com)

What did you learn at Wharton that contributed to your success? I loved Wharton, because it had very high standards! It was the late ‘60s, a radical time, but I loved finance. Actually, my first year in college was at a Big Ten school, where at 18, I invested all of my college tuition into cocoa futures. Probably not the wisest idea, but it worked out, and I transferred to Wharton in my second year, where it was normal for everyone to carry around The Wall Street Journal. Wharton had a certain D. Wayne Silby, W’70, receiving the Joseph Wharton Social Impact Award from 2012 recipient, David Nash, WG’86 WHARTON CLUB OF NEW YORK | WINTER 2013 | WWW.WHARTONNY.COM

Candace Whye, W’11 Senior Research Analyst, Media Storm

f you ever find yourself in a funk about “the future” or “what things are coming to,” then find a reason to meet with a young Wharton alum. The confidence, joy, intelligence, consideration and zest of a recent graduate — say, someone like Candace Whye, W’11 — will put your mind at ease. And you will thank Wharton for doing its job so well. Growing up in Baltimore, Candace came to Wharton through one of the school’s outreach programs with the encouragement of her teachers. She initially considered the actuary sciences, but soon discovered that marketing fit her personality. One of her best memories from Wharton was her Management 101 course. “I sat in that classroom with people from all different walks of life, thinking, ‘We are going to get all this knowledge,’ but at the same time, ‘There are these great people.’ It brought me a sense of community. I knew the four years were going to be tough, but also I felt like I was going to get all this support.” To balance her studies, and find a “family” at school, Candace performed as a varsity cheerleader for three years and, in her senior year, joined a West African dance troupe. Candace explained, “The dances are often about a rite of passage. The body movements are different from modern 20

or jazz dance, which I studied growing up, and the techniques are nuanced. I learned so much!” She also joined 400 other students in Community Schools Student Partnerships, volunteering four times per week as an afterschool mentor in eight local elementary schools. Upon graduation and moving to New York City in 2011, Candace joined Media Storm, a small full-service advertizing agency, which allowed her to work in marketing and, with its employeecentric culture, maintain a great work-life balance. Her company has grown since she joined, she’s Candace Whye, W’11 received two promotions and is now a senior research analyst. “I have a creative, focused and dedicated.” client-focused role, working with One of the first things a few cable TV networks. Our Candace did when she came team does primary and secondary to New York was became a Big research for clients’ media Sister for a 13-year-old girl in planning and placement. Say, a the Bronx. “Being in her life is network has a new show coming important. Even if I can’t get there out and wants to promote the as often as I like, we talk on the show and get new people into the phone, and she G chats me.” Last network. We help them develop a year, Candace joined the Penn strategy on what kind of media to Alumni Interview Program, where buy and who to target, and learn she can give a recent student’s more about their target so that perspective as to whether the the client can better communicate applicant will fit in, and help with them. Our agency also identify what’s special about them executes and measures all of that doesn’t come across in the the media that we place, which application. “I’m so grateful to includes digital billboards like Wharton and want to give back. you see in Times Square, TV So far, the applicants seem promo commercials and print. Our comfortable with me, and really customers like us because we’re open up!” ♦

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Melanie Zhao, W’13 Analyst, Digitas

Melanie Zhao, W’13

ne abiding thought that Melanie Zhao, W’13, Benjamin Franklin Scholars & Joseph Wharton Scholars, carried from school is that, “Everything works out because you make it work out.” She quickly put that maxim to use when, two months after moving to Manhattan and starting her first job after graduation, she realized 100hour work weeks would not be sustainable. “I loved the industry, but I couldn’t even unpack the boxes in my apartment,” Melanie recalls. She took action, applying for and obtaining a position at the marketing firm, Digitas, where she is very happy. “It’s important for me to aspire to be and to

respect the senior leadership of the firm, and I feel that way at Digitas. I was lucky to make that move, because it’s not easy finding a new job. Wharton gets credit for making me better prepared, attuned to the interview process, and just being there on the resume.” Melanie recently attended her first homecoming as an alum. “Honestly, school was the most amazing experience — beyond the professors, and the name, it was the environment itself, so I had to come back to see friends. Plus, it’s nice to get out of the city.” Melanie grew up far from large cities, in South Carolina, and wanted to attend Wharton to pursue marketing. Her two favorite classes were on consumer behavior and creativity taught by Professor Rom Schrift, and behavioral economics taught by Professor Jason Dana. She also loved her stint as a VP of a start-up with entrepreneur Felicia Curcuru, W’07, because it gave her so much real-world experience and strategic thinking insight. Beyond her classes, Melanie served as a VP on the Restaurants Committee for the Undergraduate Hospitality and Travel Club, a team member on a Wharton Field Application project, and a member of Penn Chamber. At Digitas, Melanie works in strategy and analysis. “We do program optimization, segmentation, new project and

revenue stream assessment.” I currently work with a large financial firm, and a large insurance firm. For one client, I’m helping craft its strategy in the mobile space. It’s interesting, because insurance products are so different from the usual branded consumer good. You can’t just order it online with two-day shipping, and it’s a product you hope you’ll never have to actually use. Brand strategy is like a really fun and interesting puzzle to tackle. Outside of work, Melanie is involved with Fighting Chance, a nonprofit that aims to change the way domestic violence is portrayed by the media and her generation, and helps victims of domestic violence escape abusive situations. ♦

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Take the Call! The Wharton alumni community is one of the most exclusive and powerful networks in the world. One key element of our success is the willingness of alumni to help other alumni. Take the Call is a simple concept: Wharton alumni should buy from, hire and help Wharton alumni. And if a Wharton alum calls us for any reason, we Take the Call. The Take the Call Forum allows you to directly reach the Wharton alumni community. Just submit your request to www.whartonny.com/forum.html, and it will be promoted to the 30,000 Wharton alumni in the New York metro area. Find opportunities offered by your fellow Wharton alumni. Help alumni get answers. Gain ideas and useful information. Here are some excerpts from the latest Take the Call Forum. JOIN A GROWING HEDGE FUND Looking for an individual to join a growing $100+ MM hedge fund or act as a third party to one. The individual must have a strong, demonstrated track record of success in raising assets with a particular focus on HNW, family office, and smaller fund of funds. If you fit this description or know anyone who does, please pass along a CV or background information to Keith at resume. hedgefund@gmail.com. MASTER RESUME WRITER I am a triple certified Master Resume Writer (MRW, ACRW, CPRW), Wharton MBA, TORI Award nominee, and former executive search professional with Spencer Stuart. My expertise is in creating powerful executive resumes, cover letters, biographies, and LinkedIn profiles for C-level leaders, entrepreneurs, expatriates, and other professionals. With both domestic and international experience, I can help you market yourself either locally, or on a global basis. Please feel free to get in touch if I can help you with any of your professional marketing materials. Gulnar K. Mewawala C’98, WG’06, gulnar@EmphaticResume.com. THE WHARTON ANGEL NETWORK IS RESURRECTED! The vision is to make the Wharton Angel Network the most desirable place for an entrepreneur to find investors and for Wharton-affiliated angel investors to find new investment opportunities. If you are interested in volunteering with WAN, please contact Club Secretary, Gabriela Sanchez at gsanchez@whartonny.com. SR. ASSOCIATE DIRECTOR, WHARTON ENTREPRENEURSHIP (WE) Supervisor’s Name: Emily Cieri Supervisor’s Title: Managing Director

This leadership position within Wharton Entrepreneurship (WE) has key responsibilities, including management of the flagship Wharton Venture Initiation Program (VIP), the teaching program in entrepreneurship, providing oversight to the entrepreneurship activities at the Wharton|San Francisco campus and leading WE alumni programming. If interested please contact Club Secretary, Gabriela Sanchez at gsanchez@whartonny.com. PART TIME FLEXIBLE PROJECT WORK SELLING SPONSORSHIPS We are looking for people to identify and sell sponsorships to companies interested in sponsoring high profile senior executive events. This is an independent, flexible, commission-based selling role for an independent consultant or a stay-at-home mom or dad who wants to work 4-6 hours a day. Contact: takethecall@whartonny.com.

The Wharton Club of New York appreciates the enthusiastic support of the following supporting members: WCNY Benefactor Member Christopher Stavrou, WG’67 General Partner Stavrou Partners ccstavrou@aol.com WCNY Silver Members Kevin Kotler, W’93 Managing Partner Broadfin Capital info@broadfincapital.com Jack Huang, GEX’03 Vice President Aberdeen Asset Management huangja@verizon.net

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www.whartonny.com/events.html LEADS COUNCIL: The Fairchester Leads Group Redefines Networking Wharton entrepreneurs, consultants, small business owners, sales professionals: If your business growth and success depend on sourcing new clients or new business partners, check out our group! To learn more or to join the Fairchester Leads Group, which meets at 8:00 a.m. on the third Friday of each month in Greenwich, Connecticut, please call Rich Bond at (203) 221-3233 or email him at fridayleads@ whartonny.com. Our next meeting is on Friday, December 20, 8:00 a.m. until 9:30 a.m. SPEAKER SERIES EVENT: Leading Successful Change: Eight Keys to Making Change Work Authors Gregory P. Shea and Cassie A. Solomon speak about leading successful change. Thursday, January 16, 2014, 6:00 p.m. to 8:00 p.m. Please preregister at the WCNY website to attend.