The Darden Report Summer 2023

Page 1

HUMANS

AT THE HEART OF AI

THE DARDEN REPORT SUMMER 2023
REDEFINING ‘QUIET QUITTING’ 33 BOB BRUNER: CASE CLOSED 18 WELCOME TO THE FORUM HOTEL 22 UNIVERSITY OF VIRGINIA DARDEN SCHOOL OF BUSINESS
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THE DARDEN EXPERIENCE

A Lifetime of Learning

Those who have spent time at Darden can testify to the spirit of openness that pervades our Grounds. Though we are known for our rigorous use of the case method, we never forget the human empathy and support required for our students to thrive. When they leave Darden, they are prepared to handle whatever comes next — in their careers and lives — knowing that the global Darden community stands behind them. Possibilities abound.

The faculty both test and encourage. No one has mastered these skills more completely than my predecessor as dean, Bob Bruner. During this year’s Darden Reunion, Bob delivered one final case (Page 18) to mark his retirement after 42 years of service to the School (Yes, it involved some cold calls). Countless alumni and colleagues have discovered new possibilities in their lives thanks to Bob. A consummate scholar, Darden’s most prolific case writer, and the ultimate teacher, Bob never forgets the individuals at the heart of our endeavor.

Another great student-centered, case method teacher is Professor Jim Detert, who studies and teaches leadership. Looking more closely at the lives of individual employees, Jim’s insightful questioning of “quiet quitting” unveiled the rational decisions employees sometimes make to disengage at work (Page 33). This “calibrated contributing,” as he calls it, is a decades-old phenomenon, and understanding it opens new opportunities for leaders to reconnect with their people.

This spring’s grand opening of The Forum Hotel unveiled a welcoming facility designed — and named — with human connection at its core. Whether educational, intellectual, social or emotional, each moment shared here can foster growth. You’ll get a good sense

of what the hotel looks and feels like from the photo essay inside (Page 22), but there’s no better way to experience its unique energy than to stay there. We hope to see you soon.

Innovation is a constant here at Darden, but our goal is to keep humans at the heart of business. When Darden hosted the New Directions in Leadership Research Conference at UVA Darden DC Metro, business faculty from a wide variety of schools discussed the implications of a quantum leap forward in artificial intelligence. A few weeks later, ChatGTP burst into the public consciousness. Now we must begin a long process of reckoning with how AI could affect all kinds of people in all kinds of ways (Page 12).

In fact, I consider this issue to be of such importance that as you read this, I am in the midst of a six-month sabbatical in England, pursuing graduate research and coursework on AI and other current topics at Oxford University’s Uehiro Centre for Practical Ethics and Pembroke College. I’m grateful to Interim Dean Jeanne Liedtka, who will serve as dean until I return on 1 January 2024, and all of my colleagues at Darden. Their support has allowed me to take advantage of this opportunity.

At Darden, we are all students. We are all teachers. We are open to the possibilities that come with a lifetime of learning.

SUMMER 2023 1 LETTER FROM THE DEAN
Darden Report is published with private donations to the University of Virginia Darden School Foundation. © 2023 Darden School Foundation Summer 2023, Volume 50, No. 2
Darden Report is published twice a year by the University of Virginia Darden School of Business Office of Communication & Marketing P. O. Box 7225 Charlottesville, Virginia 22906-7225 USA communication@darden.virginia.edu
C. Beardsley Dean and Charles C. Abbott Professor of Business Administration Carolyn Miles (MBA ’88) Interim President, Darden School Foundation Juliet K. Daum Chief Marketing and Communications Officer EDITOR Jay Hodgkins ART DIRECTION & DESIGN Tira Hightower FEATURE & COVER DESIGN Ross Bradley WRITERS Dave Hendrick Molly Mitchell Andrew Ramspacher Tom van der Voort
NOTES EDITOR Egidijus Paurys PHOTOGRAPHY Jacob Chang-Rascal Tom Daly Brittney Ellaway Stephanie Gross Ali Johnson Sam Levitan Jack Looney Reagan Luce Cris Molina Melody Robbins Andrew Shurtleff Kevin Tachman
The
The
Scott
CLASS

THE DARDEN REPORT

FEATURES

12

Finding Humans at the Heart of AI

The public release of ChatGPT sent shockwaves through the worlds of business, academia and media. How can humans remain at the heart of business as the AI revolution unfolds?

18

Bob Bruner Retires

Dean Emeritus Bob Bruner offered a powerful “last case” before retiring this spring. Relive the case, his impact and events held to honor him, plus learn how alumni can help support his legacy.

22

Introducing The Forum Hotel

A picture is worth 1,000 words when it comes to the new hotel on Darden Grounds in Charlottesville. Our photo feature highlights the signature spaces that will fuel the Darden experience for decades.

33

Ideas to Action: Redefining 'Quiet Quitting'

Professor Jim Detert wants to set the record straight on “quiet quitting” — what it really is, how we should talk about it, and how managers can help improve employee engagement.

PROFILES

36 Faculty Spotlight: Dan Murphy

98 Jessica and Jason Sinnarajah (MBA ’07)

100 Jayson Lipsey (MBA ’08)

108

20 Questions: Jim Cooper (MBA ’84) Managing Partner, Thompson Street Capital Partners

SUMMER 2023 3
/ Summer 2023
ALUMNI NEWS 39 Abbott Award 39 Class Notes 105 In Memoriam 106 Darden Leadership Boards ALSO INSIDE 4 Powered by Purpose Campaign Update 5 School News 9 Graduation Highlights 10 Faculty News
Visit www.news.darden.virginia.edu for all the latest school news and updates. 18 12 22

Powered by Purpose Reaches Key Milestone

Fundraising for the Powered by Purpose campaign has surpassed the $400 milestone, marking completion of the campaign’s first phase more than two years ahead of schedule.

“Please join me in celebrating you, our Darden alumni, and our faculty, staff and students for this remarkable accomplishment,” Darden School Foundation Interim President Carolyn Miles (MBA ’88) said during Darden’s State of the School presentation on 29 April. Including matching funds and donations held outside the Foundation to support Darden, the campaign has delivered roughly $500 million of total impact and garnered 70 percent alumni participation.

With the first milestone complete, Darden announced a new theme for the final two years of the campaign: Faculty Forward, highlighting the School’s commitment to further strengthen the capabilities of the world’s best business school professors.

The Foundation will share fundraising results for the 2023 fiscal year later this summer, as well as plans to thank donors for their tremendous generosity and impact during the campaign’s first phase. This fall, the Foundation will announce details for the Faculty Forward phase of the campaign. In this next phase, Powered by Purpose will seek to fund new initiatives and emerging opportunities within the four campaign priorities.

$400M

100%

As of 27 April 2023

$400 million

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Beardsley Begins Sabbatical at Oxford, Liedtka Steps in as Interim Dean

Science in business analytics; reaching the $400 million milestone of the Powered by Purpose campaign; and the opening of The Forum Hotel on the Darden Grounds.

At Oxford’s Uehiro Centre for Practical Ethics, Beardsley will pursue graduate research and coursework in the ethics of data and artificial intelligence; privacy, research and empirical ethics; and the ethics of well-being and disability enhancement.

Dean Scott Beardsley on 1 July began a six-month sabbatical leave to pursue graduate research and coursework at Oxford University’s Uehiro Centre for Practical Ethics with the faculty of philosophy at Pembroke College. Until the sabbatical ends on 1 January 2024, Professor Jeanne Liedtka

will serve as Darden’s interim dean.

The sabbatical comes on the heels of eight years of outstanding leadership, marked by achievements such as establishing a strong and growing presence for Darden in Northern Virginia — home base to the Executive MBA, Part-Time MBA and Master of

A design thinking pioneer, Liedtka has been at Darden for 32 years. Stepping into the interim dean role, Liedtka brings experience as a senior leader at Darden who has served as executive director of the Batten Institute for Entrepreneurship, Technology and Innovation, senior associate dean for degree programs, chair of Darden’s program strategy committee and trustee of the Darden School Foundation.

Darden Dedicates Renovated C. Ray Smith Alumni Hall

With Professor Emeritus C. Ray Smith (MBA ’58) and family in attendance, Dean Scott Beardsley this spring dedicated the newly renovated C. Ray Smith Alumni Hall.

Smith, a distinguished educator, administrator and visionary leader, played a foundational role in advancing the Darden School during its first decades.

“I think it’s only appropriate that we name this building, the alumni hall, in your name because I can’t think of anybody at Darden who knows more alumni than you and has made a bigger difference in more people’s lives,” Beardsley said to Smith during the dedication.

The renovated Smith Hall — formerly a mix of hotel rooms for the old UVA Inn at Darden and a bookstore — now houses academic, administrative and programmatic spaces to support alumni engagement, online learning and executive education. The building is also home to the Marjorie R. and Frank M. Sands Sr. Institute for Lifelong Learning, Darden Executive Education & Lifelong Learning and the Darden School Foundation.

SCHOOL NEWS SUMMER 2023 5

MBA students celebrated their last day of class in May with the School Was Outstanding Today (S.W.O.T.) Carnival in Wilkinson Courtyard.

No. 1 Globally for Carbon Footprint

Darden Notches Banner Year in the Rankings

2022–23 RANKINGS UPDATE

TheTop 10 became a familiar home for Darden in the latest round of B-school rankings updates this academic year, exemplified by earning more Top 10 category rankings from The Princeton Review than any other school.

The Princeton Review ranked Darden in the Top 10 in 11 categories, including No. 2 overall for Best Campus Environment, Best Career Prospects and Best Classroom Experience. MBA-focused publication Poets & Quants declared Darden the “winner” of the annual rankings.

In the fall, Darden placed No. 9 in the latest Bloomberg Businessweek ranking of full-time MBA programs, standing out as the No. 1 ranked program at a public university.

Fortune followed with a brand new ranking of full-time MBA programs, placing Darden No. 10 overall and No. 1 among programs at public schools.

Darden earned more Top 10 category rankings from The Princeton Review than any other school.

Financial Times ranked Darden No. 13 among U.S. business schools and No. 17 globally, continuing a climb of more than 15 places in the past five years. The publication placed Darden No. 2 among U.S. public B-schools, No. 1 globally for carbon footprint and No. 3 globally for alumni satisfaction.

SCHOOL NEWS 6 THE DARDEN REPORT

MBAs Touch Down in 6 Continents for Immersive Learning Experiences

In March and May, more than 400 Full-Time MBA students traveled to 16 countries on Darden Worldwide courses. Darden’s Executive MBAs also completed a busy academic year of travel with global academic residencies in Argentina, South Korea, Finland and Estonia, Australia, Morocco, Vietnam, Spain and Germany. Nearly 90 percent of Second Year Full-Time MBA students were able to take advantage of the Batten Foundation Darden Worldwide Scholarship program during their time at the School. All Darden Full-Time MBA students are offered a scholarship covering course fees for one Darden Worldwide Course or expenses for exchange programs and global client projects.

“Doing

in

“Honoring the Traditions of the Past While Confronting the Challenges of the Future” led by Professor June West

“Innovation

“Culture-Infused

SUMMER 2023 7 SCHOOL NEWS
15. 14. 9. 8. 12. 11. DARDEN WORLDWIDE COURSES OFFERED SPRING 2023 12. ITALY “Premium Exports: Luxury Goods, Food and Wine” led by Professors Luca Cian and Tom Steenburgh 11. VIETNAM “Sustainability and Investment” led by Professor Carolyn Miles 13. COSTA RICA “Sustainability and Business” led by Professor Barbara Millar 2. ICELAND “Renewable Energy” led by Professor Ron Wilcox 1. UNITED KINGDOM “Global Capital Markets” led by Professor Yiorgos Allayannis 7. SPAIN “Creativity and Design Thinking” led by lecturer Randy Salzman 9. MOROCCO “Doing Business in and with Morocco” led by Dr. Paul Matherne 3. GERMANY “Technological Disruption” led by Professor Tim Laseter 6. JAPAN “Where Tradition Meets Innovation” led by Professor Marc Modica and lecturer Shizuka Modica 14. SOUTH AFRICA “Community-Based Conservation” led by Dean Scott Beardsley 15. AUSTRALIA Business” led by Professor Shane Dikolli 5. FINLAND/ESTONIA Business Finland & Estonia” led by Professor Robert Carraway 8. BAHRAIN 10. ISRAEL and Technology” led by Professor Raj Venkatesan 4. GETTYSBURG, PA “Leadership” led by UVA Department of History Professor Gary Gallagher

State of the School Strong as Darden Passes Historic Fundraising Milestone

Dean Scott Beardsley said Darden had emerged stronger from the COVID-19 pandemic at his State of the School address, held 29 April during reunion weekend.

“We said that if we stayed the course and invested in our strategic priorities, with the support of our community, we could emerge stronger on the other side. And we have,” Beardsley said, “but there is still important work left to do to achieve the mission and full potential of Darden.”

The dean spoke of the need to continue to invest in faculty, particularly as the School undergoes a generational shift and expands to meet growing needs. On a day when the School honored retiring Dean Emeritus Bob Bruner for his 42 years of service, Beardsley emphasized the importance and impact of each of Darden’s worldclass faculty members, and asked the audience to consider what it might take

"We said that if we stayed the course and invested in our strategic priorities, with the support of our community, we could emerge stronger" from the pandemic.

to recruit and retain the next Bob Bruner at the Darden School.

Darden continues to attract incredible students, Beardsley said, noting that more than 1,200 degreeseeking learners are now enrolled in Charlottesville and Rosslyn, Virginia, between the Full-Time, Part-Time and Executive MBA programs and Master of Science in business analytics program. While the Darden student body has set records for excellence in recent years,

Beardsley said the uncertain economy and the total cost of attendance for an MBA makes the decision to pursue a degree difficult for many students.

“We face challenging headwinds to recruit the best and brightest students and to have them leave without the heavy burden of debt,” Beardsley said.

While the ROI of a Darden education remains excellent, scholarships and need-based aid are critical to attract the best students from around the world.

Thanking the alumni for their support, Beardsley noted that even with the initial $400 million fundraising milestone achieved — and $500 million overall for endowments to support Darden, the School has “more to do” before the Powered by Purpose campaign concludes in 2025.

“Darden’s focus continues to be on raising funding to support excellence and position the school for decades of success,” Beardsley said.

8 THE DARDEN REPORT SCHOOL NEWS
— Dean Scott Beardsley

FULL-TIME MBA GRADUATES

135 25

Awards

18 STUDENTS RECEIVED THE

EXECUTIVE MBA GRADUATES

FACULTY MARSHALS

PETER BELMI, Full-Time MBA

KINDA HACHEM, Full-Time MBA

LUCA CIAN, Executive MBA

DUAL-DEGREE GRADUATES

RECOGNIZING EXCEPTIONAL SERVICE TO THE SCHOOL OF A NONACADEMIC NATURE

Taiwo

Abiodun

Sarah Morris Boschung

Sukari Ayanna Brown

Emily Ann Corelli

LaShondra Jones Ervin

Daniela

Megan

Peter

Nirali Kansara

Tyler Kelley

Logan Kendall McDivitt

Fanny Mei

Katelyn

Annette

Leah

Martin

Full-Time MBA Initial Career Outcomes

91.3% RECEIVED A JOB OFFER BY GRADUATION

88.9% ACCEPTED A JOB OFFER BY GRADUATION $175,000 MEDIAN BASE SALARY

ELECTED

STUDENT GRADUATION SPEAKERS

“We are transformed as much by the doing of difficult things, as by the people we do them with."

“Progress is greater than perfection. Seek progress above all else."

SUMMER 2023 9
GRADUATION 2023
Joshua Oluwakorede Maria Fernandez Estrada John David Forbes Elizabeth Huntsinger Roberts Huyett Alexis Maria Orr Lauren Sloan Carrie Stock Duffy Svoboda Vargas Del Rio SCOTT SARLIN WAS THE RECIPIENT OF THE EXECUTIVE MBA FACULTY AWARD , PRESENTED TO AN OUTSTANDING STUDENT IN THE EXECUTIVE MBA PROGRAM. BOBBI DOORENBOS (EMBA ’23) SUKARI BROWN (MBA ’23) BIANCA ELEISSE SALVADOR EYALES WAS THE RECIPIENT OF THE FREDERICK S. MORTON AWARD , PRESENTED TO A STUDENT FOR EXCELLENCE IN LEADERSHIP. C. STEWART SHEPPARD AWARD
349

Darden hosted a COVID-19-delayed retirement roast of several longtime Darden professors on 18 May, including Sam Bodily, Bob Conroy, Ed Hess and Elliott Weiss.

Darden in the Media

Darden professors remain sought-after experts to comment on leading global business issues in top publications. Read a few of their insights from recent features in the media.

Super Bowl Ads Keep It Light by Using Nostalgia and Stars

Associated Press

Professor Kimberly Whitler has become an annual go-to for the Associated Press as it seeks to dissect the best and worst ads aired during the Super Bowl, one of the most watched live events in the world. While many of this year’s favorite ads leaned into nostalgia, Whitler noted how first-time Super Bowl advertisers tend toward stunts and gimmicks that may or may not pay off with better sales results. “People want to do stunts because stunts get attention,” she said. “But at the end of the day, the ad has to communicate something that’s unique or better about the brand.”

What Can You Do When Your Company Reverses on Remote Work?

Quartz

Quartz recently examined the friction between employees and employers over return to the office and remote work policies. Professor Melanie Prengler said employees have leverage to negotiate if employers demand a return to the office, and cautioned employers about the backlash they could face. “Just like you can’t put the toothpaste back in the tube, you can’t demand remote workers return to the office, at least without making a big mess,” said Prengler. “Having that taken away is painful. I would not be surprised if people felt a loss of trust and respect in their organization.”

How to Complain at Work the Right Way and Get Ahead

The Wall Street Journal

The Wall Street Journal quoted Professor Jim Detert’s advice on how to lodge effective complaints at work. Detert emphasized that the words you choose when making a complaint matter. He cautioned against making overly definitive statements, such as “It’s obvious we should fix this,” which could alienate someone who doesn’t share that view. He also advised against using absolutes, such as “you never do this” or “you always do that.” With absolutes, Detert said, “You lose credibility because now you’ve sort of exposed yourself as exaggerating or ignoring inconvenient data.”

10 THE DARDEN REPORT FACULTY NEWS
Pictured above from left to right, Professors Ed Hess, Mike Lenox and Sam Bodily

ON THE BOOKSHELF

The Rise of Corporate Feminism: Women in the American Office, 1960–1990 (Columbia University Press)

Professor Allison Elias

From the 1960s through the 1990s, the most common job for women in the United States was clerical work. So how did feminism in corporate America come to represent the individual success of the executive woman and not the collective success of the secretary? Professor Allison Elias argues that feminist goals of advancing equal opportunity and promoting meritocracy unintentionally undercut the status and prospects of so-called “pink-collar” workers. The book charts the trajectory of modern feminism at work, following the political, legal, societal and cultural changes that influenced the nature of secretarial work from 1960 to 1990.

Strategy in the Digital Age: Mastering Digital Transformation (Stanford Business Books)

Professor Mike Lenox

Digital transformation is much more than building the digital infrastructure to gather and process data. It is about understanding how technologies enable the creation of innovative services and products. Covering major topics such as big tech, data analytics, artificial intelligence, blockchain, cryptocurrency, autonomy, cybersecurity, data privacy and antitrust, Professor Mike Lenox outlines a set of original frameworks to help leaders devise their strategies for digital transformation. Readers will learn how to navigate the human dimensions of the transformation and tackle the numerous social and policy challenges raised by digital technology.

Darden, Billie Jean King Leadership Initiative Partner on New Case Series

Darden’s Institute for Business in Society has partnered with the Billie Jean King Leadership Initiative to produce 10 cases focused on the business of sports, highlighting unique leadership opportunities and challenges facing women in leadership.

“This partnership with the Darden School of Business reinforces, and perfectly aligns with, our commitment to equality in the workplace and lays a foundation for future business leaders to learn from the legacy of Billie Jean and other great sports icons,” said Il ana Kloss, co-founder of the Billie Jean King Leadership Initiative.

The first case, “Billie Jean King: Serving Up Leadership,” is now available from Darden Business Publishing. The case offers a short chronological biography of King as she climbed to the highest levels

in tennis and became known for her groundbreaking advocacy on issues such as pay parity for female athletes, outlining the key decision points along the way.

Cases in development consider issues of diversity, equity and inclusion in the National Women’s Soccer League, the Women’s National Basketball Association, USA Gymnastics and Nike. Future cases will focus on mental health, access and membership at exclusive organizations and the formation of the first women’s professional tennis tour.

Bill Shelton (MBA ’93), chief marketing officer of Group1001 and longtime advocate of gender equity in sports, was the catalyst for the collaboration, which furthers Darden’s commitment to inclusive excellence and is a tangible outgrowth of the Women@Darden initiative.

SUMMER 2023 11 FACULTY NEWS
Billie Jean King, left, and Il ana Kloss
12 THE DARDEN REPORT

he release of ChatGPT by artificial intelligence company OpenAI sent shockwaves through the worlds of business, academia and media.

HUMANS AT THE HEART OF AI T

Though the trend toward AI is well documented, seeing it in action has reinvigorated debate around some fundamental questions. How should humans focus on remaining at the heart of business as the AI revolution unfolds? Are fears of AI’s abilities to usurp human leadership and ingenuity legitimate?

The rise of generative artificial intelligence, such as ChatGPT, may present more questions than answers today, but one axiom for the age of AI is clear to experts in the Darden community: Tapping into essential human qualities like adaptation and collaboration is critical for people to continue thriving in business as AI develops.

Like most major advances in technology, artificial intelligence has been in the

works for quite a while — since the development of the first computers and programming languages in the 1950s. Computer scientist John McCarthy is credited with coining the term “artificial intelligence” in 1955. Aspects of AI have been an accepted part of the average American’s everyday life for years with applications like Grammar.ly, virtual assistants like Alexa, and the emergence of AI-generated videos, photos and audio (sometimes used as tools to spread false information).

However, when OpenAI’s ChatGPT -3.5 emerged, the reaction was different. The possibility of computers being able to learn from experience and context, perform cognitive functions, solve problems and imitate creativity became very real, very fast. Despite a recent scientist-led attempt to pause further development in the interest of treading carefully, most AI observers believe the cat is out of the bag and further surprise

SUMMER 2023 13

developments are all but inevitable. A leaked Google memo in May, titled “We Have No Moat, And Neither Does OpenAI,” revealed the extent to which that belief is true. The memo stated that people around the world have access to open-source generative AI models, and that the power of many small contributions from the crowd is allowing open-source AI to advance much more rapidly than what Google or OpenAI can deliver with months of work and millions of dollars.

Heading into uncharted territory without a map is overwhelming, but there are a few guiding principles that members of the Darden community can use as a guide.

SURVIVAL OF THE ADAPTABLE

Though unique, the AI revolution is similar to prior technological revolutions or environmental upheavals. What’s required in the face of great change is adaptation, much as England’s peppered moths evolved from light to dark during the Industrial Revolution to blend in with soot or the rapid shift to virtual work during the COVID-19 pandemic.

Change, of course, isn’t easy.

“We know from management scholarship that people often resist change. With change comes feelings of uncertainty. These feelings affect things we care about, such as creativity and openness to new ideas,” said Professor Lillien Ellis, an expert on creativity and innovation.

Successful change often starts with new learning.

Ellis sees much of the rising tension in attitudes toward generative AI stemming from lack of understanding. “Historically, our frameworks for thinking about artificial intelligence have been built by the media,” she said. “Without subject-matter expertise, it’s difficult to understand exactly how this technology works, how we feel about it and the impact it has on the world.” Ellis said that considering the

circumstances, it makes sense many are so edgy about AI, but “what we need is more education on how it works and how to lead the people who work with it. That’s absolutely something we can offer at Darden.”

Successful organizations of the future will be highly adaptive, and “you can't have a highly adaptive organization unless you've got highly adaptive people,” said Professor Emeritus Ed Hess, Batten Executive-in-Residence Emeritus at Darden. Hess, an expert on organizational and individual high performance, has authored 15 books, including Humility Is the New Smart: Rethinking Human Excellence in the Smart Machine Age and his latest, Own Your Work Journey! The Path to Meaningful Work and Happiness in the Age of Smart Technology and Radical Change.

Hess said that highly adaptive people “learn, unlearn and relearn at the speed of change.” Highly adaptive learners bring their best thinking, listening, learning, exploring and collaborating selves to work every day. Doing so requires people to take ownership

14 THE DARDEN REPORT
“Our frameworks for thinking about artificial intelligence have been built by the media. Without subject-matter expertise, it’s difficult to understand exactly how this technology works, how we feel about it and the impact it has on the world."
— Professor Lillien Ellis

of their egos, minds, bodies and emotions, he said. While the business world has traditionally focused on hard skills, skills that enable the highest levels of learning — like critical thinking, reflective listening and emotional intelligence — have become the valuable assets human beings bring to the table that computers can’t (yet).

“We've reached the point now where soft skills are going to be mission critical for human excellence,” said Hess.

STOP, COLLABORATE AND LISTEN

“Survival of the fittest is not going to work,” Hess warned, “because the fittest is not going to be any individual going forward. It’s going to be all teamwork.”

Teamwork in the age of AI means with fellow humans but also with AI in the form of humantechnology collaboration. “The question isn’t, ‘Does it replace us or not?’” said Ellis. “It’s, ‘How do we collaborate with it effectively?’ It’s a tool. It is not a replacement for human beings.”

Ellis said leaders should expect resistance to change and prepare to manage it. “That means mindful leadership, designing a healthy organizational culture, and not underestimating the role employees and industry partners play in helping or hindering the growth of an organization when applying these new technologies.”

ETHICAL COMPLICATIONS

The degree to which people can successfully collaborate with new AI capabilities is complicated by significant ethical considerations like data privacy, copyright and intellectual property issues, and biases inherent in AI.

AI chatbots’ “hallucinations,” in which they fabricate false information or even a love-struck persona advising the user to leave his wife in one infamous case, are clearly a problem. More subtle complications arise in the realm of bias, which AI tools regularly exhibit in realms such as gender and racial bias. Generative AI’s responses are not based on thoughts, feelings and assumptions like a human's. Rather, it responds based on datasets that come from humans, and humans have biases. Even as technologists work to mitigate these factors, they remain an open challenge to successful collaboration between humans and the technology.

Questions also abound about whether AI's

use of creative works constitutes copyright infringement or intellectual property theft. “The ethics of AI-generated creative work are complex — not just because we don’t fully understand the training models, we’re also still learning about the human side. Is there a human artistry behind generative work?” said Ellis.

Many creative professionals and artists feel violated by generative AI that may use their work without consent as part of the process to create written, verbal or visual composites. Laws written before the rise of AI will be applied to address some messy territory, such as the common prompt to generate something “in the style of” a known artist. At the end of the day, AI feels something like free creative labor, but the dataset it works from originated in very human work. If the humans behind AI’s generative work are not compensated, there may be little incentive for people to create truly new, original work.

ALIGNMENT IS EVERYTHING

For anyone who has seen the “Terminator” movies, AI can cause Skynet to rise up in our collective imagination. However, technooptimists are focused on how to align the capabilities of AI with human interests. Darden alumnus Alexander Shashko (MBA ’17) is a product manager within Google Research working on AI and machine learning. If you’ve ever seen the feature on Google Maps used to find more sustainable routes that use less fuel, you know his team’s work. “I’m trying to be optimistic here,” he said of AI’s impact in the future. “This notion of AI alignment is becoming very important.”

AI alignment seeks to design goals for AI systems that advance what human society wants to achieve. The scary part is that unforeseen consequences are, well, unforeseen. But Shashko feels relatively optimistic about tech’s ability to mitigate unintended negative outcomes, if a thoughtful and deliberate approach is taken to developing AI systems to align with the interests of society.

SHAPING RESPONSIBLE LEADERS IN THE AGE OF AI

When David M. LaCross (MBA ’78), founder of Risk Management Technologies, and his wife, Kathleen O. LaCross, made a historic $44 million gift to Darden, they had the School’s role in the future of AI in mind. Part of the investment is

SUMMER 2023 15

designated toward a future Darden research center or initiative on AI and machine learning. “This may sound like an exaggeration, but I think it will be more impactful on people’s lives than the internet itself,” said LaCross. He sees Darden as uniquely positioned to use the case method to help students and future leaders learn to manage the intersection of AI technology and human interests.

In his vision, students will be able to exercise a high level of discernment regarding the best solution to use for any given problem, manage the transition from raw research to application, and do so in an ethical manner. It’s a tall order, but one that LaCross believes Darden can deliver with its focus on teams, collaboration and group discussion. “That’s how I benefited most from being here,” he said. “It’s a tremendous, learned skill to be able to debate civilly and collectively advance the solution.”

LaCross believes AI will become a specialty of its own at Darden, similar to the finance, marketing and operations tracks.

“I feel very strongly it needs to be embedded into the core curriculum of Darden. I have a sense of urgency about it that is really acute,” he said. “It’s just the magnitude and pace of how the technology is evolving, and how impactful it will be on humans on so many different dimensions. We need business leaders to be full participants in it.”

GREAT POWER, GREAT RESPONSIBILITY

“The stakeholders of this new technology are humanity itself,” said Professor Anton Korinek. His current research analyzes the implications of artificial intelligence for business, the economy and the future of society.

“How to govern these systems is a decision that should be made by humanity as a whole, not just by a small lab somewhere on the West Coast or by the shareholders of a big corporation,” said Korinek.

Government regulation is in order, and policymakers need to play catch-up. According to Korinek, the first step is to develop the capability to monitor who is training which systems with what capabilities. Then the public and private sectors may be able to have a productive conversation about how to regulate them.

Though Korinek sees himself as an AI

optimist, he urges everyone to take the potential existential threats seriously. Worst-case scenarios like human extinction or, slightly less dramatic, AI taking over all the jobs and the economy imploding, aren’t out of the question. Anyone touching AI, he says, has profound responsibility.

“If you are developing AI,” he said, “you have a real responsibility to ensure that your creations steer clear of these bad outcomes. If you are a business that is actively deploying AI systems, you need to be aware that you are contributing to the process of automation and to the erosion of the value of human labor, and you have the responsibility to actively advocate for systemic reforms that provide people with more security; for example, something like a universal basic income.”

SPEEDING INTO THE UNKNOWN

“Knock, knock. Who’s there?

Artificial.

Artificial who?

Artificial you glad I didn’t say ‘AI’?”

— Chat GPT-4 (prompt: Please write me a knock-knock joke about AI)

Amara’s Law, the adage credited to scientist Roy Amara, says, “We tend to overestimate the effect of a technology in the short run and underestimate the effect in the long run.” If knock-knock jokes are any kind of a bellwether, AI isn’t quite ready for primetime as a replacement for human cognition. “Will it drastically change how we do work tomorrow? I don’t think so,” said Shashko. “But over the next 10, 20 years, will it have more significant effects on the type of work we’re doing? Yes.”

The best advice most experts seem to have when it comes to AI is: Don’t panic, but do keep your head on a swivel. Even the creators of generative AI systems don’t fully understand how the technologies work.

“Researchers are continuously surprised by what these systems can do,” said Korinek. “They’re crossing their fingers and hoping for the best. But it’s not like they fully understand how this works, why it works and what to expect from it next.”

16 THE DARDEN REPORT

AI and Education: Could Every Child Have an Effective, Affordable Tutor?

Anne Trumbore, chief digital learning officer of Darden’s Sands Institute for Lifelong Learning, doesn’t look at AI and see a threat to work for humans. She sees a tool that could lift human potential and achievement across the globe through the power of education. Trumbore shared her vision in a recent editorial in The Conversation, republished here in part.

Imagine a private tutor that never gets tired, has access to massive amounts of data and is free for everyone. In 1966, Stanford philosophy professor Patrick Suppes did just that when he made this prediction: One day, computer technology would evolve so that “millions of schoolchildren” would have access to a personal tutor. He said the conditions would be just like the young prince Alexander the Great being tutored by Aristotle.

Now, ChatGPT, a new artificial intelligence-powered chatbot with advanced conversational abilities, may have the capability to become such a tutor. ChatGPT has collected huge amounts of data on a wide range of topics and can pass graduate school exams. As a researcher who studies how computers can be used to help people learn, I think ChatGPT can be used to help students excel academically. However, in its current form, ChatGPT shows an inability to stay focused on one particular task, let alone tutoring.

COMPUTERS AS TUTORS

Suppes was a pioneer of a field called “computer-assisted instruction.” He developed some of the earliest educational software. That software provided individual instruction via computer and led students to have better test results than those who didn’t use the program. I worked for Suppes in developing software and other online programs from 2004 to 2012.

Since then, experiments in building “intelligent tutors” to help students have driven advances in artificial intelligence, social networks and computer hardware. And today, the abilities of ChatGPT to write essays, answer philosophical questions and solve computer coding problems may finally achieve Suppes’ goal of truly personalized tutoring via computer.

I asked ChatGPT why it would be a good tutor, and it responded: “I am a good tutor for a student because I am able to understand and respond to a wide range of questions and prompts, and I can provide detailed and accurate information on a wide range of subjects. Additionally, I am able to communicate this information in a clear and easy-to-understand manner, making it accessible for students of all levels of understanding. Because I am a machine-learning model, I can also provide a large amount of information quickly and efficiently, which can be especially helpful for students who are trying to learn a lot of new material in a short amount of time.”

By contrast, Siri said, “Hmm … I don’t have an answer for that. Is there something else I can help you with?”

Recent research in using chatbots in college courses shows that how chatbots are used is important in encouraging students to learn more deeply. For instance, AI chatbots enabled significant improvements in learning in a graduate course on cloud computing at Carnegie Mellon. These learning gains occurred when these chatbots asked students to build on an existing argument or to provide more information about a claim they had made. In this case, the chatbot asked the student a question, rather than vice versa.

Many educators are worried about students learning less with ChatGPT since it can be used to cheat on assignments and papers. Others are worried about ChatGPT giving wrong answers or spreading misinformation.

Yet the history and research of intelligent tutors show that using the right design to harness the power of chatbots like ChatGPT can make deeper, individualized learning available to almost anyone.

SUMMER 2023 17
18 THE DARDEN REPORT

Bob Bruner Departs Darden With Memorable ‘Last Case’

Professor Bob Bruner gazed out at a full Abbott Center Auditorium in late April during Reunion Weekend, taking in what he described as a “cross-section of the entire Darden community” — current colleagues and those long-since retired; family members, including his “Darden 2050” granddaughter, Charlotte; and, of course, hundreds of admiring alumni who spanned generations.

“The whole world feels like it’s here,” said Bruner, whose titles — University Professor, Distinguished Professor of Business Administration, Dean Emeritus of the Darden School of Business and Senior Fellow of the Miller Center of Public Affairs — reflect his incredible impact. “It’s humbling to get together in a gathering like this and to try to say something meaningful.”

And then, to the surprise of no one with even a passing familiarity with one of Darden’s great teachers and leaders, Bruner had no trouble saying something meaningful.

Bruner retired from full-time teaching at the conclusion of the 2022–23 academic year, leaving an indelible mark on the Darden School, UVA and global business education.

His credits and accomplishments are legion. As a teacher, he is considered a (if not the) master of the case method, ushering students of all ages toward true comprehension as they learned how to learn. He became the most prolific case writer in Darden history. As a leader, he rallied his peers to make a great school greater and to raise quality levels and expectations in countless dimensions.

He was also at the forefront of considering what globalization meant to a school that aspired to impact without borders. International applications soared during his tenure as dean.

Then, after a decade as Darden’s dean, he passed the baton.

Being dean was exciting, Bruner wrote on his blog upon his decision to return to teaching, but it “crowds out

time to teach, research and write very well.”

On Reunion Weekend, Bruner was not going to squander a teachable moment, offering alumni in the room one more case study to discuss, complete with cold calls.

The case, or more appropriately, a vignette, as Bruner called it, involved a leader who had begun to see a dip in consumer satisfaction. Engineers fought with creatives. Production leaders fought with marketers. Suppliers were unhappy. The board expected the new leader to execute a turnaround, and soon.

As Bruner masterfully orchestrated a case discussion for 400 or so of his closest friends, it dawned on many that the organization at the heart of the case was Darden at the moment he became dean in 2005, when then UVA President John Casteen persuaded him to take the reins of the School for “a few months, maybe a year at most.”

The organization he took over was a top-tier business school, Bruner said, making clear that his immediate predecessor, Professor Robert Harris, was a “courageous” leader who warranted status as a hero in Darden history. Harris led Darden on the path to financial self-sufficiency, paving the way for greater flexibility and new programs.

With the flexibility came a shifting era that generated its own tumult. Bruner recalled an initial town hall meeting with his colleagues during which emotions ran high and differences of opinion were deep. The goal of those initial

20 THE DARDEN REPORT
“Darden has changed. Darden is changing. Darden should change. I think that's what you want. And yet, we hang on to what's important.”

AFTER THE CASE: EMPOWERING THE NEXT WAVE OF INSPIRATIONAL TEACHERS

Bob Bruner's 42-year journey at the Darden School demonstrated remarkable innovation and steadfast commitment. Now, as he transitions into retirement, his influence remains vibrant and essential. Support the Robert F. Bruner Fund for Transformational Learning to help Darden recruit and retain the next wave of exceptional educators and facilitate the creation of pioneering teaching materials.

Embrace this transformative journey and contribute to ongoing exceptional education at Darden.

For more information or to make a gift, contact Carter Hoerr, senior adviser and campaign director, at HoerrC@darden. virginia.edu.

meetings wasn’t to highlight the differences, Bruner said, but to decide: “What are we all about?” In other words, what do we want for Darden?

“The theme that I remember quite clearly coming out of that conversation and successive conversations was Darden would be all about teaching excellence, that we were intending to become the world leader in classroom instruction in business,” Bruner said.

The School would remain laser-focused on the learner. “We began as teachers thinking about where the students are and then designed classroom experiences around that,” Bruner said. “We would focus on self-discovery by students of the big ideas in business … and thereby model for the students what it means to learn professionally throughout the rest of their careers.”

What Darden teaches, Bruner said, is how to ask questions, how to build those questions into how to learn, and how — sometimes — to instruct.

The student-centricity that has become synonymous with the Darden experience wasn’t the only culture shift to emerge from those early meetings. A service-oriented culture, one where “if you see a problem, you roll up your sleeves and get after it,” began to suffuse the School. That influence was evident in the swift and efficient shift to virtual learning in March 2020, he noted.

Other early shifts that set the stage for the rise in student satisfaction, career achievement, global reputation and rankings included included a focus on leadership principles, connection to the world of practice and true student engagement.

“We weren't worried about having to be a big school,” Bruner said. “We just wanted to be the best. Bigger is not better. We said better is better.”

Ever humble, Bruner said the accomplishments under Dean Scott Beardsley’s tenure “dwarfed” those under his own but noted the degree to which the values set forth in those early transitionary days continue to allow Darden to adapt and thrive.

“Darden has changed. Darden is changing. Darden should change. I think that's what you want,” Bruner told alumni and peers. “And yet, we hang on to what's important.”

Calling the deanship the most fulfilling experience of his life outside of his marriage and family, Bruner said the satisfaction came not from personal accomplishments and accolades but from witnessing the School come together to move forward in an inspiring way.

“I thank you from the bottom of my heart, and I give you my very best wishes and my confidence that the future holds good things for us all.”

SUMMER 2023 21
Visit darden.virginia.edu/bruner to watch Bob Bruner’s Case Closed Presentation.

Grand

Opening

A NEW ERA BEGINS WITH THE FORUM HOTEL

When The Forum Hotel welcomed its first guests in April, it marked the conclusion of a major construction project on Darden’s Charlottesville Grounds. But The Forum is more of a beginning than an end for the School.

The purpose-built, LEED certified hotel, operated by Kimpton Hotels & Restaurants, allows for a more holistic educational experience — for those traveling to Charlottesville as part of their Executive MBA, Part-Time MBA or Executive Education & Lifelong Learning programs; those visiting for business or pleasure; or those residing here full-time. Comfortable rooms, welcoming common spaces, well-appointed classrooms, two restaurants, an

arboretum and several botanical gardens allow people to share, learn, collaborate and socialize in spaces that promote wellness, mental health and sustainability. Many from UVA, Charlottesville and beyond now find themselves a part of the Darden community, adding to the dynamism of the School. Excess proceeds from the hotel, which is owned by the Darden School Foundation, go to support student and faculty excellence.

We invite you to take a virtual look inside The Forum through this photo essay. More to the point, we invite you to stay with us next time you are in Charlottesville. We’d love to see you. Learn more at forumhotelcharlottesville.com.

24 THE DARDEN REPORT
LOBBY

The Forum’s grand exterior gives way to a light-filled, comfortable and welcoming lobby. Next to the lobby, the Bruner Case Study offers a relaxing space to read, work or hold intimate gatherings.

SUMMER 2023 25
BRUNER CASE STUDY

EVENT SPACES

The spacious Grove Ballroom and its adjacent corridor bring the natural world inside with generous windows, an event lawn and a botanically themed carpet. The cozy wine cellar, Casa '88, and the Washington Room next door can host tastings, meals and meetings. Opposite: The state-of-the-art Socrates Classroom is one of three classrooms in The Forum. Set up in tiers, the Socrates Classroom is designed to facilitate small-team collaboration. The Oak Boardroom is a learning and meeting space that feels as if it’s outside, with windows on three sides facing the adjacent gardens.

SUMMER 2023 27 LEARNING SPACES
28
&
BIRCH
BLOOM

The Aspen Bar, left, is a gathering spot in the lobby for morning coffee or evening drinks. It welcomes visitors into The Forum’s signature steak house, Birch & Bloom, which features small plates, seafood and vegetarian options. Guests who dine in the adjacent L'Orangerie are surrounded by windows looking out on the gardens and can dine inside or outside on an elevated terrace.

SUMMER 2023 29
L'ORANGERIE

With the feel of a neighborhood bar and UVA sports memorabilia lining the walls, The Good Sport is a great place to stop before or after the game — or to watch it on TV. The menu features a wide variety of comfort food and a rotating selection of local brews.

30 THE DARDEN REPORT
THE GOOD SPORT

TERRACES & GARDENS

The outdoors are as much a part of The Forum experience as the indoors. To be completed in October, a six-acre arboretum and botanical gardens include water features, an outdoor classroom, access to the Rivanna Trail and more than 1,300 trees.

31

THE EXECUTIVE PROGRAM

Advanced Management for Top Leaders

Learn alongside Darden’s #1 ranked business faculty to gain the skills to lead ethically and with purpose, achieve peak performance, execute on a clear vision, and pursue a differentiated, agile strategy in an ever-changing global business environment.

Apply or nominate your high-potential leaders for our October 2023 program. Contact TEP Director Allison Sellman (SellmanA@darden.virginia.edu) for group enrollment options.

32 THE DARDEN REPORT
4 Weeks Global Perspectives Enhanced Wellness TOP-RANKED FACULTY. IMMERSIVE LEARNING. INSPIRED LEADERS.
CALLING BOLD LEADERS.
Provided by the UVA Darden School Foundation.

‘Quiet Quitting’: Why the Business World’s Phrase of the Year Doesn’t Get the Story Right

Jim Detert just wants to set the record straight.

Darden’s John L. Colley Professor of Business Administration has spent the last few years reading about a couple of trendy terms in the business world that are really just describing long-standing realities.

“We have suddenly started to use new buzzwords for phenomena that have actually been around for decades,” Detert said.

“Quiet quitting,” a term describing disengaged workers who tackle only the minimum requirements at their jobs, is among the hottest buzzwords in the business world. It was named the phrase of the year in 2022 by The Morning Brew, a daily newsletter designed for young business professionals.

But, Detert said, “We’ve had terrible employee engagement in this country for a long time, well before Gallup started its annual reporting on it in 2000. For more than 50 years, organizational scholars have been documenting why employees are disengaged, why employees have low job satisfaction, why they ‘quit on the job,’ and why they actually do quit.”

Detert says one way to improve the trend is to stop using the term “quiet quitting” and instead call it what it most often is: “calibrated contributing.”

SUMMER 2023 33

“It’s generally not a compliment to be called a quitter. It’s not neutral. So when we use the term ‘quiet quitting,’ we’re essentially putting the blame on employees. We’re saying they’re lazy, not committed, or behaving selfishly or irrationally,” said Detert, an expert in leadership and organizational behavior. “In many instances, though, employees choosing to fulfill their job description — but no more — are behaving quite rationally. They’re rejecting endless job creep, where they do more and more but don’t see an equivalent increase in their pay, status, fulfilling work or basic respect. They’re simply trying to restore a sense of equity at work — a sense that what they put in matches what they get out.”

Detert wants to describe the phenomenon in a more accurate way with a less derogatory connotation. The author of Choosing Courage: The Everyday Guide to Being Brave at Work believes replacing the term “quiet quitting” with “calibrated contributing” can change the focus and lead to real improvements at the workplace.

“If managers can acknowledge that calibrated contributing is, in many cases, rational behavior in response to the terms of employment they’re offering, then they can start to own the responsibility to do something productive about it,” Detert said. “That might involve improving factors like pay levels and benefits. Or changing some core job characteristics, like granting more autonomy in regard to when and where people work or making people’s work more interesting by expanding its variety or scope of responsibility. Or getting serious about measuring and holding people accountable — including managers and others with high status — for how they treat each other interpersonally.”

Detert said there are countless studies that show how a boss treats an employee and how co-workers treat each other are massive influences on job satisfaction and quitting. Those studies indicate the focus should be on, “What are we doing that’s causing this?” And, then, “How do we get serious about fixing this?’”

34 THE DARDEN REPORT
“It’s generally not a compliment to be called a quitter. It’s not neutral. So when we use the term ‘quiet quitting,’ we’re essentially putting the blame on employees. We’re saying they’re lazy, not committed, or behaving selfishly or irrationally."
— PROFESSOR JIM DETERT

What Caused ‘Quiet Quitting’ to Take Off in the Public Consciousness?

The New Yorker in its 2022 Year in Review described the rise of quiet quitting as a phenomenon. Starting with a bang on TikTok in July 2022, the term quickly took hold on major print and broadcast media outlets, often often pitting the mostly younger defenders of the principles behind quiet quitting on TikTok against older media pundits who decried the trend as a sign of laziness in young workers.

In Gallup’s survey on employee engagement, Generation Z workers were the least engaged of any age-based demographic.

“There’s always a general tension between owners — and the managers who work for them — and nonmanagement employees of all types in terms of who has control over the conditions of work and who gets more or less of the profits that are produced,” Detert said. “We know that, starting in the 1970s and ’80s, in this country, we have moved toward a much greater share of the spoils going to those at the very top.”

In the United States, attitudinal shifts among those in power, globalization, declining union rates, unequal income distributions, one of the lowest federal minimum wages of any advanced economy and a relatively weak social safety net have all contributed to people feeling less secure and question what they’re getting for all their hard work, Detert said.

So, it’s not surprising that, at some point, workers pushed back.

“What I think happened was the pandemic essentially triggered this breaking point,” Detert said. “I think the pandemic, coupled with decades of things going in the wrong direction for the average employee, led to this recalibration.”

Tips for Employees and Employers

When an employee's efforts to have legitimate complaints addressed go unheeded, Detert believes reducing effort on the job is a defensible response.

However, if an employee never makes an attempt to address the sources of their dissatisfaction, they deny others the chance to improve. So, Detert recommends employees don’t give less without asking the other side to give more first.

“Be clear in your mind about the features of your job that don’t work for you before you determine you’re going to reduce your effort or quit,” Detert said. “At least consider an honest conversation with your boss about what they could change to address core problems, whether those are things like pay, benefits or your work schedule or aspects that affect whether you’re really engaged with your work or feel like you’re a respected part of a high-functioning team.”

As for managers who might sense calibrated contributing among younger employees, Detert said they should remember that the basic needs of humans remain the same across generations. Humans seek belonging, autonomy, and a sense of control, basic safety and self respect. They have a desire to contribute to something bigger than themselves.

“If you, as a manager, are finding yourself saying, ‘Oh, these people today,’ what you probably should be doing is saying, ‘Humans are humans. What’s wrong with the type of work we’re offering, the type of working environment we’re offering? What do we need to do to improve?’” Detert said. “My advice to management is to take a long, hard look at the underlining causes of dissatisfaction among their people, and then do something meaningful about them.”

Using terms like “calibrated contributing” rather than “quiet quitting” is a good start because it acknowledges the legitimate concerns of employees and the need for productive managerial responses.

SUMMER 2023 35
Subscribe to the Darden Ideas to Action podcast on Apple Podcasts, Spotify or Podbean.

Professor Dan Murphy

Economic Questioning Conventional Thinking

Professor Dan Murphy’s introduction to the Darden classroom was not exactly what he expected: “They’re jumping on the desks, pounding the walls. They start doing these chants, and I’m thinking, ‘Where the heck am I? What am I supposed to do right now? It sounds like a riot’s about to start in here.’”

At the conclusion of his first semester teaching, Murphy received more evidence that Darden was different: a standing ovation that lasted “a decent amount of time. It was very endearing. It feels like the students appreciate what we do, and the faculty here appreciate the students.”

Murphy came to Charlottesville from Ann Arbor, Michigan, where he earned his Ph.D. in economics and public policy. There, he became immersed in macroeconomics when he found himself questioning some of the field’s basic assumptions. “I had slightly different ways of perceiving the world than the models that we were being taught at the time,” he remembers. “So I tried to work on ways to incorporate what I thought were more realistic assumptions and explore the implications.”

Murphy questioned the notion that responsive markets, where prices and markets adjust to changes in the macroeconomy, eliminate the need for government stabilization policy. If a market were perfectly responsive, the theory goes, the rationale for government intervention completely disappears. In this view of the world, the need for government intervention is proportional to the “stickiness” of wages and prices.

Yet a simple thought experiment led Murphy to realize that even responsive markets can still produce excess capacity. "My experience from various service-sector jobs was that people

preferred to be busy rather than idle on the job. For example, barbers are glad to provide the next haircut, up until they hit capacity of 40 hours a week. My work demonstrated that once this insight is incorporated into a model of the macroeconomy, prolonged recessions can occur even if prices and wages fully adjust to firms' and workers' desired levels in response to changes in the macroeconomic environment."

Indeed, the act of changing from one mode of production to another, more efficient mode has a cost to the people who live and work to create the economy. “Anything that might transition us from working in one sector to another sector takes time because people don’t immediately transition into the productive parts of the economy. That’s sort of a microfoundation for my work on wage and price stickiness.”

Murphy’s ability to connect his models to human behavior is particularly useful in the Darden classroom, where students will need the ability to connect theory to practice. “I think at

36 THE DARDEN REPORT FACULTY PROFILE

its best, macroeconomics derives aggregate implications from individual human behaviors. You observe how people behave, and then you filter out information and decide what to put into your model. The model yields predictions for the types of actions that can mitigate recessions and maximize social welfare.”

“It’s the same when we present a framework to the students,” he adds. “It’s my job to convey what can be technical and obscure in a tangible way. It’s a fun challenge, and I really enjoy that part of the job.”

Murphy’s work led to a new model that foresaw rapidly increasing inflation as the United States economy emerged from the COVID-19 pandemic.

“The simple explanation is that people saved a lot, and all of those savings became additional spending in the future. And we had a supply disruption, too,” he says. “It’s not surprising when you think about it that way, but to put it into a macroeconomic theory, into math, we needed a different modeling framework than people are traditionally used to working with. We were the first ones that actually formalized that.”

New Research Continues Challenging Old Assumptions

Murphy’s research at Darden continues his tendency to question and refine conventional macroeconomic theory. On the relationship between interest rates and housing, he’s discovered that low interest rates don’t always benefit low-income people and reduce inequality. “Some of my work suggests that if you keep interest rates low, the rise in home prices can actually increase housing inequality,” he says. “It counterweights the prevailing notion that monetary policy should lean expansionary if you care about inequality.”

Recently, he’s been considering the consequences of property taxes. “There are a lot of benefits to living in dense areas, and there’s a consensus that property taxation is not very efficient. It disincentivizes you from improving your home or building denser structures.”

One alternative, however, is to tax land, not property. But land taxes are rarely implemented, perhaps due to a lack of evidence of their effects. “I’m working with a co-author on showing the empirical benefits of taxing land, rather than properties. Our evidence so far seems to show that, all else equal, land taxes lead to higher density, higher economic outcomes, higher diversity and higher wage growth within a county.”

Murphy clearly likes to think differently and has a wide range of projects and interests, making him a perfect fit for Darden’s individualized and human-centric approach to business education — even if he’s not quite ready to jump on a desk.

SUMMER 2023 37
I think at its best, macroeconomics derives aggregate implications from individual human behaviors. You observe how people behave, and then you filter out information and decide what to put into your model.”
— Professor Dan Murphy
38 THE DARDEN REPORT 28 – 30 APRIL 2023 REUNION WEEKEND The Abbott Society 1958 1963 1968 1973 1978 1983 1988 1993 1998 2003 2008 2008 EMBA 2013 2013 EMBA 2013 GEMBA 2018 2018 EMBA 2022 2022 EMBA For more photos, visit Darden on Flickr: flickr.com/photos/darden-uva/albums

CHARLES C. ABBOTT AWARD

IN MEMORIAM

The Darden School offers its condolences to the families of the following individuals whose deaths have been reported to us in the past six months.

William Finley Campbell (MBA '73)

Edward Ralph Case (MBA '84)

Alexander Kenyon Chapman (MBA '77)

Damon DeVito (MBA '94)

Edward Grant Dinwiddie (MBA '58)

James Kegebein Dunton (MBA '62)

William F. Garrett (TEP '82)

George C. Garris, Jr. (MBA '75)

Renowned business leader and philanthropist Jim Cooper (MBA ’84) was honored with the Charles C. Abbott Award during Darden Reunion Weekend. The Darden Alumni Association Board of Directors presents the Abbott Award each year to an alumnus or alumna who has made exceptional contributions to the Darden School.

“This is a huge honor,” Cooper said upon receiving the award at Darden’s State of the School address on 29 April. “I’m here because I love this school, and I’m very proud of this school.”

The word “transformational” may be overused to describe the Darden experience, Cooper said, but it’s used so frequently because it remains the most apt.

Demonstrating remarkable financial generosity, Cooper and his wife, Stacey Cooper, are Principal Donors at the Madison Level and members of the Darden Society and Hickory Club. They are also members of UVA’s Rotunda and Lawn Societies. The couple has supported Darden through the James A. and Stacy Cooper Bicentennial Professorship, the Bruner Fund for Transformational Learning, the James A. Cooper Family Fellowship, the James A. Cooper Family Fund for Asset Management, and through significant contributions to various funds and initiatives.

Read more about Cooper in 20 Questions on Page 108.

Gordon Rea Herring (MBA '70)

James Arthur Hewitt, Jr. (MBA '75)

Thomas Hickman (EMBA '08)

R. Almont Holloway (MBA '61)

Walter Steuard Jensen, Jr. (MBA '73)

Louis Wimbish Lacy, Sr. (MBA '66)

Thorn James Landers (MBA '86)

John M. Millar (MBA '72)

G. Gilmer Minor, III (MBA '66)

William J. Mitchell (MBA '65)

Arno P. Niemand, Jr. (MBA '58)

Thomas Allen Paine (MBA '81)

William Moore Parham (MBA '69)

Russ C. Rogge (MBA '74)

Robert N. Rose, Jr. (MBA '97)

Peter Kenneth Rouse (MBA '10)

James Price Royalty (MBA '67)

Joseph H. Santarlasci, Jr. (MBA '73)

Winarto Tan (GEMBA ’17)

William Dewitt Taylor (MBA '75)

Kevin Michael Twillman (MBA '81)

Jane Ann Wasilewski (MBA '78)

Eliot P. Williams (MBA '66)

Jerry C. Wilmot (MBA '62)

Darden Foundation Interim President Carolyn Miles (MBA ’88), Jim Cooper (MBA '84) and Dean Scott Beardsley

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Tre Sorelle was conceived w/ great attention to detail w/ no expense spared. From the cobblestone approach & circular courtyard w/ tiered Italian fountain, visitors are immersed in the otherworldly ambiance of classical design, authentic stucco, Honduran mahogany, heated limestone floors & soaring ceilings. Rooms are bathed in bright, indirect light w/ lovely garden views from every window. Adjoining the courtyard are the saltwater pool overlooking spring-fed pond, kitchen garden w/ charming potting shed, & garage w/ attached greenhouse & inviting guest suite above. 40 mins from Cville & 90 mins from DC. Julia Parker Lyman (540) 748-1497. MLS# 640215

1480 GARTH GATE LANE • $2,495,000

This remarkable 5,500sf residence designed by noted architect Henderson Heyward & constructed by master craftsman John Anderson, w/ copper roof, stone & painted-cedar siding overlooks the permanently protected 175-acre Foxfield Race Course on tranquil & private 5.65-acre parcel. Large expanses of glass along the rear give sweeping pastoral & Blue Ridge views from almost every room of the house. Finest quality materials & finishes incl’ heart pine floors, 10’ ceilings, 4 fireplaces & exquisite crown molding. Extraordinary variety of perennials, flowering shrubs, ornamental trees, boxwoods, mature hardwoods & low-maintenance, fourfalls water garden w/ fishpond. Kristin Cummings Streed (434) 409-5619. MLS# 641912

CLASS NOTES 40 THE DARDEN REPORT W W W . L O R I N G W O O D R I F F . C O M
2023 HISTORIC GARDEN WEEK TOUR PROPERTY PRISTINE KESWICK ESTATE JUST 10 MINS FROM CHARLOTTESVILLE MAGNIFICENT CUSTOM OVERLOOKING FOXFIELD RACE COURSE NOTABLE 5 BEDROOM BELLAIR HOME
To update your contact information, call +1-434-243-8977 or email alumni@darden.virginia.edu SUMMER 2023 41 401 Park Street Charlottesville, VA 22902 434.977.4005 lwoodriff@loringwoodriff.com W W W . L O R I N G W O O D R I F F . C O M A Selection of Exceptional Properties Sold Spring 2023 REPRESENTED SELLER REPRESENTED SELLER REPRESENTED SELLER REPRESENTED BUYER & SELLER REPRESENTED BUYER AND SELLER REPRESENTED SELLER Someday Farm Sold for $3,700,000 380 Spring Lane Spring Hill • Sold for $2,200,000 1515 L ondon R oad Off Garth Road 1935 T homson R oad Lewis Mountain • Sold for $2,025,000 2730 h un T C oun TRy L ane Off Garth Road • Sold for $1,800,000 801 L o C us T a venue Downtown • Sold for $1,300,000

dardenalumniowned!

DEVONHURST

$4,500,000 | MLS 640107

A breathtakingly beautiful 248-acre Keswick area farm nestled up against the Southwest Mountains. The well-proportioned residence and accompanying outbuildings are sited to take in views in every direction. The home was thoughtfully renovated in 2001, retaining its original character including floor to ceiling wormy chestnut paneling in the study. There are numerous cottages on the property as well as impeccably maintained farm infrastructure including fencing, watering systems, equipment buildings, and road systems. Not under conservation easement but surrounded by protected land. 25 minutes from Charlottesville.

JUSTIN H. WILEY | 434 981 5528

PETER A. WILEY | 434 422 2090

FOSTERS BRANCH

$575,000 | MLS 623681

First time ever on the open market, two exceptional parcels with incredible views over Charlottesville and layered Blue Ridge Mountains beyond. These private parcels, perched on the western slope of the Southwest Mountains, offer complete seclusion yet are only 15 minutes from downtown Charlottesville, its restaurants and amenities and UVA. Perfect as a family compound or build on one and sell the other. Please do not drive on property without an appointment..

PETER A. WILEY | 434 422 2090

SPRING HILL

$ 2,195,000 | MLS 630710

Beautiful 207+ acre farm in a protected enclave of Madison County with incredible views of both the Blue Ridge and Southwest Mountains. The natural beauty and privacy are unparalleled. An attractive farmhouse with a c. 1804 section is perfect as a weekend getaway or guesthouse leaving numerous incredible building sites for a main residence. Additional improvements include a manager’s cottage, a center aisle stable with 8 12 x 12 stalls and finished office space above, garage and good farm buildings and farm infrastructure. An excellent candidate for conservation easement.

PETER A. WILEY | 434 422 2090

MIDLOCH FARM

$2,800,000 | MLS 640108

Midloch Farm is situated at the center of the Green Springs Historic District, which is one of the most protected scenic areas in all Virginia. The 200 acre, mostly open property has not been available in over 50 years. The 1885 late Victorian farm house sits on a high point over looking pastoral, and mountain views. Improvements include the 3 bedrooms, and 2 baths manor house, which retains much of its original details such as wooden floors, mantels, transoms, and doors. Close to the main house are two cottages, a 1920 guest house with 2 bedrooms, and a 1790 cottage, ideal as a studio, or office. Farm buildings include two barns, equipment/garage shed, and garden shed. A rare opportunity to own a significant farm in a protected area, with a view that will never change. Property is protected by a conservation easement.

JUSTIN H. WILEY | 434 981 5528

GLENWOOD

$2,500,000 | MLS 638885

Glenwood, circa 1850 located in the Somerset area of Madison county. The 291 acres are mostly open with exceptional soils ideal for horses, cattle, or crops. Pastures have good fencing and automatic waters. The farm has long frontage on the Rapidan River and has a significant stream running through the property. Wonderful views of the Blue Ridge, and South West Mtns at numerous locations on the property. The historic frame house has a brick foundation with two floors above an English basement. The house has four bedrooms, and two full baths, and is in need of renovation. Additional structures include an 1850 summer kitchen, two bedroom tenant house, numerous cattle barns, a cattle feedlot, and equipment sheds. The farm is an ideal candidate for a conservation easement. Located within two hours of DC, and thirty minutes to Charlottesville. Property is being sold in as-is condition.

JUSTIN H. WILEY | 434 981 5528

New Offering

SPRINGDALE

$ 6,950,000 | MLS 641125

A 100-acre estate on the edge of Charlottesville in the heart of protected Keswick, Springdale is a true opportunity to own a beautiful private farm across Keswick Hall and minutes to downtown Charlottesville. The 6,241 square foot, wellmaintained residence sits perched on an elevated site overlooking a beautiful pond and the surrounding countryside. The mostly open, fenced property with stable, numerous paddocks, six run in sheds, a riding ring, and a manager's house is well suited for horses or other agriculture pursuits. The main house, a well proportioned colonial style brick residence with hardwood floors and good proportions is complemented by a charming guest cottage, pool, and clay tennis court. The farm is surrounded by large estates and is an excellent candidate for a conservation easement. A rare opportunity to own a substantial estate in the center of beautiful Keswick.

JUSTIN H. WILEY | 434 981 5528

PETER A. WILEY | 434 422 2090

+1-434-243-8977 SUMMER 2023 43 ORANGE VA | 540 672 3903 CHARLOTTESVILLE VA | 434 293 3900 WILEYPROPERTY.COM
44 THE DARDEN REPORT
To update your contact information, call +1-434-243-8977 or email alumni@darden.virginia.edu SUMMER 2023 45

JAYSON LIPSEY (MBA ’08)

A Profound Responsibility

When Jayson Lipsey (MBA ’08) accepted a summer internship at Parkway Properties — now Parkway Property Investments — the summer before college, little did he know he would end up as the firm’s CEO one day.

Lipsey credits Darden’s signature take on stakeholder theory for fundamentally changing his outlook. He sought an MBA after working in real estate at Parkway Properties for five years. At the time, he felt ready to continue his education, and he noticed the MBAs on the executive team’s resumes. Plus, he saw an opportunity to be close to his younger brother, who was finishing up his last two years at UVA as a football player.

The Darden experience turned out to be more than a resume boost.

“My view prior to Darden was probably not dissimilar from many people who basically view the role of business as creating profit for its shareholders,” he said. But encountering stakeholder theory in Professor Ed Freeman’s class changed his fundamental outlook. In every leadership role Lipsey took after Darden, he tried to define stakeholders and maximize value for all of them. He found using this mindset to guide important decisions led to a more thoughtful company and more deeply engaged teams. “For me, it has become the single foundation for how we run our company. And that came from a First Year ethics course.”

Lipsey said he was also heavily influenced in his approach to teams and hiring at Darden by Professor Jim Clawson. Leadership lessons from Darden became more relevant than ever when Lipsey returned to Parkway Property Investments as CEO in 2022 after a stint in private equity.

“There’s a profoundness to the responsibility of leading well,” he said.

He reconciles the pressure and responsibility by viewing his role as helping teammates succeed. “The real joy is in serving my teammates,” he said. “They're smarter than me. They're more capable than me. They're certainly more talented than I am. I think once you, with humility, accept that, it really makes your job clear.”

Lipsey also considers it his responsibility to use his position to make the world a better place. He is pursuing this mission in his professional life through real estate development and redevelopment that serves communities well. As a philanthropist, he’s supporting his goal by supporting the resources at Darden that helped reshape his view on the role of business.

“As a [Darden] alumnus, I’m probably most passionate about doing everything I can to support the Darden ethics program, specifically the Institute for Business in Society, because I know what a profound impact it has had on my life, on my career and how I view the world.”

ALUMNI PROFILE
46 THE DARDEN REPORT

DISCOVER THE flexibility AND ease OF HOSTING YOUR NEXT CORPORATE EVENT AT PIPPIN HILL

Just 15 minutes from downtown Charlottesville, our lawn and vineyards await your next team gathering. Pippin Hill Farm offers unforgettable Blue Ridge views with award-winning Virginia estate wines and garden to table cuisine. Our unique culinary approach can elevate your next celebration, board meeting, or corporate retreat. Ideal for dinners and receptions, private luncheons, rehearsal dinners, and cooking classes, Pippin Hill Farm is the perfect place for Wahoos to wine and dine.

Be sure to mention this ad when booking and we will waive half of the venue fee.

To update your contact information, call +1-434-243-8977 or email alumni@darden.virginia.edu
5022 Plank Road, North Garden, Virginia events @ pippinhillfarm.com 434.202.8063 | pippinhillfarm.com

ALUMNI PROFILE

JESSICA (POHL) AND JASON SINNARAJAH (MBA ’07)

Something Clicked

Before Class of 2007 classmates Jessica and Jason Sinnarajah met at Darden, each had an early moment when they knew the School was right for them. For their relationship, the moment of realization came later.

They first met on Grounds in April before their First Year, but it took some time to become close friends during that year. The couple didn’t begin dating until their Second Year when “something clicked” between them.

“Our relationship was really built on a strong foundation of friendship,” Jessica says. “Not everyone can say that.”

Their growing love for each other was part of everything coming together at Darden in terms of network, career and, of course, a relationship. Fit was something they both found in their careers after Darden, as well.

For Jessica, her ability to empathize led her to talent acquisition and talent management.

“I had not intended to go down that path, but I ran a [profit and loss] business, and I absolutely hated it. But I had this knack for connecting with people, for understanding what they wanted to do with their career, or their education, and how it might all fit together.”

Those skills have helped her in roles in business school admissions at the University of California-Berkeley Haas School of Business, two boutique search firms, internal executive search and now the startup Turing, an AI-powered tech services company.

“There is a need to have a match in terms of experience and business objectives, and in terms of personality and style, so that executives can get along even when they disagree,”

she says. “But the other piece is really digging into the things they are not asking for in an executive and understanding their business very, very well.”

Jason’s career has been varied and geographically diverse, with stints as a senior business executive at Google, Major League Baseball’s Cleveland Guardians, The Weather Company, Ziff Davis and, most recently, the National Football League’s Buffalo Bills.

At every stop, he’s put his high-level business operations skills to work to generate opportunities for his companies and their partners.

During his time in media with Ziff Davis and The Weather Company, he managed partnerships with Apple, Google and Facebook and expanded both companies through M&A opportunities. Most recently with the Buffalo Bills, he oversaw business operations for the team during the last three seasons. “Throughout the 15 or 16 years since I’ve graduated,” he says, “the Darden degree has really helped me because of the adaptability, being able to think on my feet, think through multiple solutions, and figuring out how to work in different work environments.”

The Sinnarajahs time after Darden has also been marked by continued service to the School and a sense of appreciation for the education and the power of the Darden network.

“I think the vast majority of us would attribute a lot of our success in our careers to what we learned at Darden,” Jason says. “And I think it’s really important to remember that. The network is really strong, it’s very vibrant, and no matter how you give, it’s really important.”

48 THE DARDEN REPORT

MCLEAN FAULCONER INC.

Farm, Estate and Residential Brokers

◆ MEADOWLARK ◆

Historic, 1,471± acre Virginia estate with circa 1776 stone manor home, two-story stone carriage house, extensive farm and equestrian improvements, a guesthouse, and additional residences. All improvements have been carefully restored and placed on the Historical Register.

MLS#587418 www.NorthWalesVa.com

Stunning 22-acre farm, only 12 miles from Charlottesville, features a completely renovated 8,575± finished square foot primary residence nestled on a knoll overlooking the pool and the Mechums River and captures a magnificent view of the Blue Ridge Mountains in the distance. Includes 3-bedroom cottage, 6-stall stable with living accommodations, trailer shed, equipment barn/shop, and several run-in sheds. A property like this is truly an offering difficult to find and rarely on the market. MLS#640137

Nestled in the foothills of the Blue Ridge Mountains, 15 miles south of Charlottesville, is this rare 572-acre historic estate showcasing a Palladian-inspired masterpiece whose design is reputed to be the only remaining private residence attributed to Thomas Jefferson.

MLS#576150 www.HistoricEdgemont.com

◆ HIDDEN FOX FARM ◆

10 miles from town, near Free Union, over 100 acres, division rights, NO CONSERVATION EASEMENT! Spectacular Blue Ridge views from many home sites, several barns, stable, 2 ponds, creeks, FANTASTIC offering, one of the BEST FARMS in NW Albemarle County!

MLS#638858

◆ WOODLANDS ◆

Stunning 4-bedroom, 4.5bath home with 4,115 finished square feet of immaculate living space situated on over 2 pristine and landscaped acres only 5 miles west of the City of Charlottesville. This property has been improved with top quality upgrades and finishes throughout. Home features 12foot ceilings, ample room space across the flowing floor plan, impressive master suite, fully loaded kitchen and so much more. Huge, detached garage with room to finish above. Jim Faulconer, 434.981.0076 or Will Faulconer, 434.987.9455

Tranquil and private 278+ acres of stunning rolling pasture, hardwoods and fertile James River bottomland (or 175 acres for $2,495,000), 2/3 mile of James River frontage. Impressive 5BR brick Georgian home in like-new condition. No conservation easement - up to 10 div. rights.

MLS#634311 or MLS#632477

Former

thoughtfully renovated and expanded 5-bedroom, 3 full and 2 half bath main residence, pool, 2-bay garage, guest quarters, equipment shed plus 130 acres of open and wooded land.

MLS#639196

To update your contact information, call +1-434-243-8977 or email alumni@darden.virginia.edu SUMMER 2023 49
503 Faulconer Drive Charlottesville, VA 22903 434.295.1131 homes@mcleanfaulconer.com
WWW.MCLEANFAULCONER.COM
◆ MILL HOUSE ◆ house of noted local architect Floyd E. Johnson, on the banks of Totier Creek, 15 miles south of Charlottesville. Beautifully and ◆ NORTH WALES ◆ ◆ HATTON RIDGE FARM ◆ ◆ EDGEMONT ◆

Darden Leadership Boards

The five leadership boards of the Darden School of Business are composed of more than 150 distinguished leaders who serve as an innovative force in the advancement of the Darden School throughout the world.

(Listing as of 30 June 2023)

DARDEN SCHOOL FOUNDATION BOARD OF TRUSTEES

CHAIR

Martina Hund-Mejean (MBA ’88) Retired, Mastercard International, Inc.

VICE CHAIR

Frank M. Sands (MBA ’94) Sands Capital

IMMEDIATE PAST CHAIR

Robert J. Hugin (MBA ’85) Retired, Celgene Corp.

Scott C. Beardsley University of Virginia Darden School of Business

H. William Coogan Jr. (MBA ’82) Retired, Firstmark Corp.

James A. Cooper (MBA ’84) Thompson Street Capital Partners

Charles R. Cory (MBA/JD ’82) Retired, Morgan Stanley & Co. Inc

Guillaume M. Cuvelier (MBA ’91) Davos Brands LLC

Robert G. Doumar Jr. (MBA/JD ’88) Park Square Capital LLP

Debra Draughan (MBA ’84) The Process Management Group, LLC

Frank S. Edmonds (MBA/JD ’95) Covey Hill Capital Management

Arnold B. Evans (MBA/JD ’97)

JP Morgan Chase & Co.

Richard B. Evans Darden School of Business

John D. Fowler Jr. (MBA/JD ’84) Wells Fargo Securities LLC

Catherine J. Friedman (MBA ’86) Radius Health

John W. Glynn Jr. Glynn Capital Management

Kirsti W. Goodwin (MBA ’02) Tower 3 Investments

Peter M. Grant II (MBA ’86) Anchormarck Holdings LLC

Owen D. Griffin Jr. (MBA ’99) Northfield Medical Manufacturing LLC

Yael Grushka-Cockayne

University of Virginia Darden School of Business

Elizabeth Hagood (MBA ’89) Retired

Michelle B. Horn (MBA ’95) Delta Air Lines

Robert L. Huffines (MBA ’92)

J.P. Morgan

Rosemary B. King (MBA ’91)

Global Heritage Fund

Mark J. Kington (MBA ’88)

Kington Management LLC

Naresh Kumra (MBA ’99)

La Rochelle Ventures Limited

David M. LaCross (MBA ’78) Morgan Territory Brewing

Douglas R. Lebda (EMBA ’14) LendingTree, Inc.

Lemuel E. Lewis (MBA ’72) Iv Media LLC

Nicole McKinney Lindsay (MBA ’99/JD ’00)

Mastercard International, Inc

Amanda Lozano (MBA ’09) Spoke Sciences Inc.

Paul Mahoney

University of Virginia

School of Law

Richard A. Mayo (MBA ’68) Game Creek Capital

Sachin J. Mehra (MBA ’96)

Mastercard Worldwide

Donald E. Morel Jr. (TEP ’97) Progenitor Capital LLC

Kim B. Morrish (MBA ’93) Ground Control Ltd.

J. Byrne Murphy (MBA ’86) Kitebook Partners Limited

Adair B. Newhall (MBA ’09)

StepStone Group

Patrick A. O’Shea (MBA ’86) ICmed LLC

G. Ruffner Page Jr. (MBA ’86) O’Neal Industries, LLC

William H. Payne II (GEMBA ’22)

Coalfield Strategies

C. Evans Poston Jr. (EMBA ’17)

Hunton Andrews Kurth LLP

James E. Ryan

University of Virginia

William Q.O. Shelton Jr. (MBA ’93) Group 1001

Erik A. Slingerland (MBA ’84) EAS International S.A.

Robert W. Smith (MBA ’87) Retired

Shannon G. Smith (MBA ’90)

Abundant Power Group

Susan Sobbott (MBA ’90)

Ogilvy

Mark J. Styslinger

Altec Industries Inc.

Bruce R. Thompson (MBA ’90) Bank of America

Joaquin Rodriguez Torres (MBA ’01) Princeville Global

Lilo Simmons Ukrop (MBA ’89) University of Virginia

Darden School of Business

Steven C. Voorhees (MBA ’80)

Jimmy Jianzhong Wei (MBA ’02)

ImaGene Pharmaceuticals

ALUMNI ASSOCIATION BOARD OF DIRECTORS

CHAIR

Warren F. Estey (MBA ’98)

BMO Capital Markets

PRESIDENT

Patrick A. O’Shea (MBA ’86) ICmed LLC

Kristina M. Alimard (MBA ’03)

University of Virginia Investment Management Co.

Yiorgos Allayannis

University of Virginia Darden School of Business

Christine P. Barth (MBA ’94)

Mary Buckle Searle (MBA ’86) Strategic Thought Partners

Sandhya K. Chhabra (EMBA ’17)

Albemarle Endocrinology PLC

Jerome E. Connolly Jr. (MBA ’88) J. Connolly Financial Consulting LLC

Andrew G. Crowley (MBA ’11) Markel Corp.

Richard P. Dahling (MBA ’87) Fidelity Investments

Christian Duffus (MBA ’00) Fonbnk Inc.

Michael J. Ganey (MBA ’78)

Ira H. Green Jr. (MBA ’90) Simmons Energy

Evan A. Inra (EMBA ’08)

Amazon Web Services

Kendall Jennings (MBA ’12) Accenture

Kristina F. Mangelsdorf (MBA ’94) Visa

Taylor H. Meyer (MBA ’13)

Goldman Sachs

Douglas T. Moore (MBA ’80) Goedeker’s

Betsy M. Moszeter (EMBA ’11) Green Alpha Advisors

Richard J. Parsons (MBA ’80)

Elvis Rodriguez (MBA ’10) CBRE Group, Inc.

Nancy C. Schretter (MBA ’79) The Beacon Group

David A. Simon (MBA ’03) SRS Capital Advisors Inc.

Jason Sinnarajah (MBA ’07) Buffalo Bills

Henry F. Skelsey Jr. (MBA ’15) Connected Travel LLC

50 THE DARDEN REPORT 50 THE DARDEN REPORT

David L. Tayman (MBA/JD ’99)

Tayman Lane Chaverri LLP

Shaojian Zhang (MBA ’99) CITIC Capital

CORPORATE ADVISORY BOARD

CHAIR

Michelle B. Horn (MBA ’95) Delta

Indy Adenaw (MBA ’08) KAYAK

Danielle Eesley Amfahr 3M Company

Stuart C. Bachelder (MBA ’06)

DaVita Kidney Care

Mazen G. Baroudi EY

Kelly Becker (MBA ’08) Schneider Electric

Mark S. Bower (MBA ’02) Bain & Company

Adam P. Carter (MBA ’02)

WestRock

William S. Cohen (MBA ’07)

Bank of America Private Bank

Robert E. Collier (MBA ’10)

ChemTreat

Sean M. Corrigan (MBA ’05)

The Walt Disney Company

D. Lynnette Crowder (EMBA ’10) U.S. Silica Company

Daniel A. Dougherty (MBA ’94)

Wells Fargo

Richard C. Edmunds (MBA ’92)

PricewaterhouseCoopers LLP

Sarita T. Finnie (MBA ’01)

Bayer HealthCare Pharmaceuticals

Joseph B. Folds (MBA ’91) OFD Foods

Theresa O. Frankiewicz (MBA ’87) Crown Community Development

Ivy L. Ghatan (MBA ’09)

LinkedIn

Sunil K. Ghatnekar (MBA ’92)

Marcien B. Jenckes (MBA ’98)

Comcast Corporation

Harry A. Lawton III (MBA ’00) Tractor Supply Company

Marguerite M. Longo (MBA ’08)

Johnson & Johnson

H. Whit McGraw IV (MBA ’07) S&P Capital IQ

Fernando Z. Mercé (MBA ’98) Melissa & Doug LLC

Diem H. D. Nguyen (MBA ’01)

Xalud Therapeutics, Inc.

Ann H. S. Nicholson (MBA ’01) Corning Inc.

Daniel E. Polk

Humana

Abby A. Ruiz de Gamboa (MBA ’04)

Deloitte

Joseph V. Schwan (EMBA ’13)

Baxter International Inc.

Thomas J. Steenburgh University of Virginia

Darden School of Business

Scott A. Stemberger (MBA ’04)

The Boston Consulting Group

Eric M. Swanson (MBA ’08) Veho

Edward W. Valentine (MBA ’93) Harris Williams & Co.

Gerrud Wallaert (TEP ’18)

BrightMark

Meghan A. Welch (MBA ’10)

Plaid

Steven D. Williams (MBA ’06) Delta Air Lines

Gary R. Wolfe (MBA ’92) Wells Fargo Securities LLC

DEAN’S DIVERSITY ADVISORY COUNCIL

CHAIR

Alex R. Picou (MBA ’89)

J.P. Morgan Private Bank

VICE CHAIR

Nicole McKinney Lindsay (MBA ’99/JD ’00) Mastercard International, Inc

William S. Chichester III Target Stores, Inc.

Paige T. Davis Jr. (MBA ’09) T. Rowe Price Co.

Jacqueline Grace (MBA ’10)

Beam Living

Ray R. Hernandez (MBA ’08)

NowSecure

Octavia G. Matthews (MBA ’89) Aramark Global Business Services

Tiffani C. Moore (EMBA ’16) U.S. Government

Caroline D. Schoenecker (MBA ’11) Deloitte

Rhonda M. Smith (MBA ’88)

California Black Health Network

Cynthia K. Soledad (MBA ’02)

Egon Zehnder

Deborah Thomas (MBA ’89) Somos Inc.

Daniele M. Wilson (MBA ’11) Google

GLOBAL ADVISORY COUNCIL

CHAIR

Naresh Kumra (MBA ’99)

La Rochelle Ventures Limited

VICE CHAIR

Joaquin Rodriguez Torres (MBA ’01)

Princeville Global

Marcos P. Arruda (MBA ’02)

Zilor

Jennifer E. Chick (MBA ’08)

Hilton Worldwide

Christine H. Davies (MBA ’09)

Poligage

David R. Frediani

Cyber Special Ops, LLC

Janeth Gomez Gualdron (GEMBA ’17)

Capital One Financial Management

Wei Jin (MBA ’99)

Prudential Financial Corporation

Shawn Liu (MBA ’05)

Richard K. Loh (MBA ’96) Ploh Group Pte. Ltd.

Todd R. Marin (MBA ’89)

Blue Ox Ventures

Lois M. McEntyre (MBA ’95) Intuit Inc.

Rajan J. Mehra (MBA ’93)

March Capital

Agustin Otero Monsegur (MBA ’06)

OM Invest

Pascal Monteiro de Barros (MBA ’91)

Stirling Square Capital Partners

Nikhil Nath (MBA ’00)

NSQ Advisory

Agustín Otero Monsegur (MBA ’06)

OM Invest

Antonio U. Periquet Jr. (MBA ’90)

AB Capital & Investment Corporation

Hagen Radowski (MBA ’91)

Porsche Consulting Inc.

Yudhono Rawis (GEMBA ’16)

Mayra A. Rocha (GEMBA ’16) Project M Media

Arpan R. Sheth (MBA ’96) Bain & Company

Nishal Sodha (GEMBA ’17) Global Hardware Ltd.

Alok Vaish (MBA ’97)

Servify

Jing Vivatrat

Franklin Templeton Investments

Jeffrey J. Yao (MBA ’01)

Hai Ye (MBA ’04)

McKinsey & Company

SUMMER 2023 51
you to our alumni and volunteer leaders for a record year of support for Darden.
Thank

Aprivate equity professional for the past 30 years, Jim Cooper (MBA ’84) founded Thompson Street Capital Partners in 2000 and is the firm's senior managing partner. In 2012, he was part of an all-local ownership group that purchased the National Hockey League’s St. Louis Blues, overseeing that franchise’s Stanley Cup victory in 2019.

Recipient of the 2023 Charles C. Abbott Award for his exceptional contributions to Darden, Cooper has been a constant leadership presence for the School and the Darden School Foundation. He has served on the Darden School Foundation Board of Trustees since 2011, including as chair. Currently, he serves as chair of the Foundation’s Powered by Purpose capital campaign. Cooper believes that a successful campaign will not only keep the School’s current wave of momentum going but position it for the next 50 years of success. Cooper’s board service has also included roles at First Banks Inc., St. Louis Children's Hospital and the Community School.

Learn more about Jim Cooper, what keeps him up at night, his views on investing amid a shaky economic landscape and why he became an NHL owner in this edition of 20 Questions.

1. What was your first job? Driveway sealer. I had to start at 4 a.m. because of the heat and the tar would burn your skin. It compelled me to study hard to get an office job.

Questions (MBA '84) Jim Cooper

2. What’s the best advice you have ever received?

A grad student in my fraternity took me aside and told me an MBA would look great with my engineering degree. I am not sure I would have known that otherwise.

3. Whom do you most admire?

My father. He passed away two years ago. He worked full time to get through college and then saved enough to make sure his children would never have to do that.

4. What motivates you? That has changed over time. Decades ago, it was to learn as much as possible, then for a while it was to earn as much as possible. Now I’m in the give back mode.

5. What is your “superpower”? Extreme rationality.

6. When and where do you do your best thinking?

In a car with no passengers.

7. What’s been on your mind lately? How will interest rates affect the private equity business.

8. How do you recharge? I sit in front of a fire with a hockey game on.

9. What’s your motto? Lead, follow or get the _____ out of the way.

10. How do you deal with conflict? My first instinct is to deconflict.

11. What characteristics do you look for in people? Loyalty.

12. What makes you feel hopeful? About anything, people have predicted societal or economic gloom and doom for decades. It hasn’t happened.

13. What is your favorite cause? Education as a means to lift people out of poverty.

14. If you could live anywhere, where would it be?

Ketchum, Idaho. It’s a few years off still.

15. What do you lose sleep over?

Early morning plane flights; fear of oversleeping has me awake hours early.

16. Which class at Darden impacted you the most?

I hated what was called Organizational Behavior. It was too squishy; too much play acting. However, I constantly use what we learned in my daily life.

17. What’s your favorite Darden memory? We had a blowout party in February of my First Year after two weeks of difficult classes and a series of exams. It was a tremendous release of tensions. At least I sort of remember it.

18. Interest rates are rising. Banks have failed or been bailed out. Stock markets are wobbling. Some economies teeter on the edge of recession. We’re in a complicated investing environment. As a private equity professional, what’s your philosophy for times like these?

It’s a good time to sit on the sideline to see how things evolve.

19. You’re a member of an all-local group that owns the NHL’s St. Louis Blues. What drew you to hockey franchise ownership? I played growing up and early in adulthood. I had friends whose fathers bought the St. Louis Cardinals and I saw how much fun they had. The Blues have brought our family great memories.

20. As chair of Darden’s Powered by Purpose capital campaign, you led a successful effort to reach the initial $400 million fundraising goal. What are your initial thoughts on what this milestone has meant and will mean for Darden?

Given it is nearly triple the last campaign total, it’s a pretty big achievement for Darden. Lots of people contributed to the success: the dean, the staff, alumni. The amazing thing is how broadly the financial support was in the alumni base.

52 THE DARDEN REPORT

DARDEN ALUMNI RECEIVE A 30 PERCENT DISCOUNT. USE ALUMNI30 WHEN YOU REGISTER ONLINE. For up-to-date information on upcoming programs, please visit darden.edu/ee-fall23

SUMMER 2023 53 NAME DATES FEE DELIVERY/LOCATION CATEGORY Strategic Negotiation 18–22 Sep. $9,950 Charlottesville, VA Management Leading Teams for Growth and Change 25–29 Sep. $10,950 Charlottesville, VA Leadership Business Management Certificate 1 Oct.–15 Jan. 2024 $3,799 Self-Paced Online Management Managing Individual and Organizational Change 2–5 Oct. $8,950 Charlottesville, VA Leadership The Executive Program 15 Oct–3 May 2024 $48,500 Charlottesville, VA & Washington, D.C., Metro Area Advanced Management Women in Leadership Program 23–27 Oct. $9,950 Charlottesville, VA Leadership Strategic Data Analytics for Competitive Advantage 7–10 Nov. $8,950 Charlottesville, VA Data Analytics Leading Change in the Corporate Aviation Function 14–17 Nov. $8,950 Charlottesville, VA Corporate Aviation Financial Management for NonFinancial Executives 25 Feb.–1 Mar. 2024 $10,500 Charlottesville, VA Management Collaboration and Influence 4 Mar.–12 Apr. 2024 $1,600 Self-Paced Online Leadership Effective Decision Making 11–14 Mar. 2024 $7,900 Washington, D.C., Metro Area Leadership Managing the Corporate Aviation Function 17–22 Mar. 2024 $10,500 Charlottesville, VA Corporate Aviation Leading Mindfully 1–24 Apr. 2024 $3,600 Live Virtual Leadership Women in Leadership Program 15–19 Apr. 2024 $9,950 Washington, D.C., Metro Area Leadership Servant Leadership: Leading With Humanity 6–10 May 2024 $9,950 Charlottesville, VA Leadership Leading Teams for Growth and Change 3–7 Jun. 2024 $10,950 Charlottesville, VA Leadership Darden Executive Education & Lifelong Learning 2023-2024 OPEN PROGRAMS Online In-Person Live Virtual
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Articles inside

Questions (MBA '84) Jim Cooper

2min
pages 54-55

MCLEAN FAULCONER INC.

1min
page 51

Something Clicked

2min
page 50

DISCOVER THE flexibility AND ease OF HOSTING YOUR NEXT CORPORATE EVENT AT PIPPIN HILL

1min
pages 49-50

A Profound Responsibility

1min
page 48

dardenalumniowned!

3min
pages 44-48

CHARLES C. ABBOTT AWARD IN MEMORIAM

3min
pages 41-43

Professor Dan Murphy Economic Questioning Conventional Thinking

3min
pages 38-40

‘Quiet Quitting’: Why the Business World’s Phrase of the Year Doesn’t Get the Story Right

4min
pages 35-37

Grand Opening

2min
pages 25-35

Bob Bruner Departs Darden With Memorable ‘Last Case’

4min
pages 21-24

HUMANS AT THE HEART OF AI T

11min
pages 15-20

Darden, Billie Jean King Leadership Initiative Partner on New Case Series

1min
pages 13, 15

Darden in the Media

2min
pages 12-13

State of the School Strong as Darden Passes Historic Fundraising Milestone

2min
pages 10-12

MBAs Touch Down in 6 Continents for Immersive Learning Experiences

1min
page 9

No. 1 Globally for Carbon Footprint Darden Notches Banner Year in the Rankings 2022–23 RANKINGS UPDATE

1min
page 8

Darden Dedicates Renovated C. Ray Smith Alumni Hall

1min
pages 7-8

Beardsley Begins Sabbatical at Oxford, Liedtka Steps in as Interim Dean

1min
page 7

Powered by Purpose Reaches Key Milestone

1min
page 6

THE DARDEN REPORT

1min
page 5

A Lifetime of Learning

2min
pages 3-4
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