Page 1


W IN TER 2 0 2 1



Sink or Swim: Business After COVID PAGE 18

The Future of Lifelong Learning PAGE 22






Make your gift and pledge your support to the Darden Annual Fund. giving.darden.virginia.edu




Excellence in All That We Do


love the tradition of excellence at Darden and the University of Virginia. The actions of so many in our community to ensure Darden is among the very best business schools in the world reflect our commitment to excellence. Amid the movement for racial justice that swept the U.S. and the world in 2020, it became clear that Darden needed to do more to achieve excellence in one of our values: our commitment to be an inclusive community, united by honor, that enables its global and diverse members to collaborate and excel. Darden must take more action through levers that include need-based scholarships, research and thought leadership, and implementing new learnings that come from listening to our diverse stakeholders. Senior Associate Dean and Global Chief Diversity Officer Martin Davidson shares more about our framework for action, as well as how businesses are meeting this unique moment, in the cover story of this issue of The Darden Report on Page 12. I would observe that there appears to be a lack of shared understanding around what diversity actually means, and whether it is consistent with a commitment to excellence. I define diversity as all the forms of diversity that exist in the world — gender, race, country of origin, political or philosophical point of view, socioeconomic status, sexual orientation, work experience, among others — because business is global. Diversity is required to be excellent because businesses are inextricably intertwined with the world and the diverse people who live in it. Leaders need to know how to collaborate with diverse stakeholders, from customers to employees to governments to suppliers. The war for talent is national and global, and the United States and world are diverse. Darden is committed to diversity, equity and inclusion for every member of our community, and Darden is committed to excellence. If the School falls short for our underrepresented members, our international members, or members of our community with a particular political ideology or

perspective, you have my commitment to listen, learn and lead toward inclusive excellence. Our students will need to navigate a global, diverse business landscape that faces complex hurdles to achieving inclusion and equity for all, and it’s critical Darden prepares them as future leaders by modeling a commitment to our values. We don’t only prepare degree-program students at Darden. Through Darden Executive Education & Lifelong Learning, as well as the new Sands Institute for Lifelong Learning, Darden is a place where people at any stage of their career can be students developing skills to meet the most pressing challenges and opportunities facing business. Read more about the future of lifelong learning at Darden and beyond on Page 22. On Page 18, hear from alumni and Professors Elliott Weiss, Doug Thomas and Vidya Mani on which industries are positioned to thrive and which are under threat when the world emerges from the coronavirus pandemic. As Darden continues its effort to maintain momentum through the pandemic, to be the global leader for lifelong learners, and to be an inclusive and equitable community, I will close by saying thank you for your support in all that we do.

SCOTT C. BEARDSLEY Dean and Charles C. Abbott Professor of Business Administration



University of Virginia Darden School of Business Office of Communication & Marketing P. O. Box 7225 Charlottesville, Virginia 22906-7225 USA communication@darden.virginia.edu Scott C. Beardsley Dean and Charles C. Abbott Professor of Business Administration The Darden Report is published twice a year with private donations to the University of Virginia Darden School Foundation. © 2021 Darden School Foundation Winter 2021, Volume 48, No. 1



Michael J. Woodfolk President, Darden School Foundation Juliet K. Daum Chief Marketing and Communications Officer

EDITOR Jay Hodgkins ART DIRECTION & DESIGN Susan Wormington FEATURES AND COVER DESIGN Ross Bradley WRITERS Cameron Baumgartner Alexander Gelfand Dave Hendrick Seb Murray CLASS NOTES EDITOR Egidijus Paurys

PHOTOGRAPHY Tom Cogill Ashley Florence Stephanie Gross Sam Levitan Susan Wormington


/ Winter




On Diversity, Equity and Inclusion A renewed push for racial justice and equity amid protests and civil unrest brought issues of diversity, equity and inclusion to the forefront in business. Global Chief Diversity Officer Martin Davidson examines the landscape and how Darden is doing its part.


Pandemic, Panic and Profit When the global economy emerges from the shadow of COVID-19, which businesses will be poised to thrive and which doomed to struggle? Darden alumni and professors predict who will struggle and who will thrive in this sink or swim

ELONG LEAR moment.


Lifelong Learning in the Digital Age Lifelong learning has gone from a nice-to-have to an essential building block of a dynamic career. At Darden, that means positioning Executive Education & Lifelong Learning for the future of work.

Professor Martin Davidson




School News


Faculty Spotlight: Andy Wicks


Meet the Class

Susan Webb (MBA ’84)


Powered by Purpose Campaign Update

Katrina Sherrerd (Ph.D. ’87)

Chinesom Ejiasa (MBA ’09)


Faculty News

20 Questions: Anand Stanley (MBA ’03)


Letter From the Foundation President


Abbott Award Nominations

In Memoriam

Darden Leadership Boards

Go to www.news.darden.virginia.edu for all the latest school news and updates.




Michael J. Woodfolk (TEP ’05)


ithout a doubt, the COVID-19 pandemic has challenged me professionally more than at any other time in my career, but I can say with confidence that I am genuinely inspired by and proud of the collaboration, lean thinking and support that my colleagues have demonstrated over the past nine months. I know I am not alone. I am energized by our alumni who have found the silver linings, taken advantage of new opportunities and truly leaned into the Darden community as they navigate their way through these challenges. In no previous time have we at Darden ever shifted so quickly to respond to changing demands and to meet our students and alumni where they are. Through this, “tightknit community” remains a pillar upon which Darden firmly stands, and from my vantage point, I can feel our alumni pulling together, wanting to be certain that our students have every advantage that this network has afforded them. I am reminded that Darden is a community for life. COVID’s silver lining is the full integration of virtual connectedness across our personal and professional lives. Now more than ever, I am seeing alumni spanning industries and professions reach out to support students through the Career Center to share their stories of career and personal growth. I am seeing Black and Latinx alumni

connect through student clubs and support students through the Annual Fund’s Diversity, Equity and Inclusion Initiatives designation. I am seeing alumni reconnect with friends through evening class Zoom calls and support each other during and after industry networking events offered by the Armstrong Center for Alumni Career Services. If you have not yet leaned in, I encourage you to do so — this is your community. This fall, you received an invitation from me and Christie Julien, assistant dean for global diversity, equity and inclusion, to tell us more about you and your background and to share how you would like to connect. Please fill out that survey or write to me directly about how you wish to share your time, talents or treasure. Please know we are grateful for you. We are a special community because every relationship means something within this learning and teaching experience. The pandemic, as challenging as it remains, will only fortify Darden’s bonds. It’s a lifelong journey. Be well!

Michael J. Woodfolk (TEP ’05) President, Darden School Foundation

W H AT CA N DA R D E N D O F O R Y O U To d ay ?

Darden powers your purpose for more than just two years on Grounds. Through Alumni Career Services, we support your career for life. • Career/Transition Coaching • Executive/Leadership Coaching • Darden Hiring Network • Darden Career Link • In-Person/Virtual Office Hours

The Armstrong Center for Alumni Career Services


For more information, visit: darden.virginia.edu/alumni/career-services or contact Alumni Career Services at alumnicareerservices@darden.virginia.edu or +1-434-924-4876.



Preserving the Experience Darden Innovates to Ease Students’ Financial Burden in Unprecedented Year The coronavirus pandemic continued to upend life at Darden this fall through limitations on in-person class sizes and events outside the classroom that are a hallmark of the student experience. It also impacted students’ financial resources in ways ranging from decreased income before they arrived to lower-than-expected income from shortened summer internships. In response and thanks to support from generous alumni for resources like the Darden Annual Fund, the School launched a number of new initiatives to ensure the pandemic does not limit the value students get from the Darden experience.

Key measures of support for students include: — Unlimited complimentary access to Darden Executive Education & Lifelong Learning courses over the next several years for degree-program graduates of the classes of 2020–22 — The Office of Student Affairs Emergency and Hardship Fund to assist students in need — The Darden Impact Internship program, which offered full-time, paid internship opportunities to 70plus Darden students and recent graduates in summer 2020 — An expanded Batten Venture Internship Program, placing students in internships with early stage ventures

— A $600 benefit for full-time MBA students for meals at Darden — Waived Darden Student Association fees, dues for the five largest career clubs and fees for Class of 2022 orientation events for full-time MBA students — A $75 credit for learning teams and subsidies for clubs to organize safe events throughout the year — Expanded mental health resources, including hiring a second mental health counselor — The AccessDarden need-based scholarship program for students, starting with the Class of 2023

— A $3,000 tuition credit for full-time MBA students unable to use their Batten Foundation Darden Worldwide scholarship to take a global course



Career Center Boosts Cross-Industry Expertise, Supports Strong Job Outcomes

93% $139,945 received job offers

record starting salary


hen Jeff McNish began as assistant dean of career development four years ago, he sought to build the Darden Career Center into an entrepreneurial team of expert connectors, mentors and business leaders. With nine career coaches, directors and senior directors now leading the center’s full-time MBA coaching arm, McNish feels confident that he has achieved that vision. “No other full-time MBA program has a career coaching team with as deep industry knowledge and connections as the team you’ll find at Darden,” McNish said. “Each coach takes a unique, personalized approach to cultivating resilience, joy and success as Darden students achieve their short- and longterm career goals.”

Michele Rankin became one of the final pieces of the puzzle when she joined the Career Center as its first senior director of off-Grounds and specialized careers. Rankin joined Darden after spending several years as director in the Career Management Center at Columbia Business School. Even in an extremely challenging year in which the coronavirus pandemic led to delayed or rescinded job offers, the Career Center helped guide the Class of 2020 to tremendous career placement outcomes. The average base salary for Class of 2020 graduates was $139,945 (a Darden record), with 93 percent receiving a job offer and 91 percent accepting an offer of employment within three months of graduation.

No other full-time MBA program has a career coaching team with as deep industry knowledge and connections as the team you’ll find at Darden.” — Jeff McNish, assistant dean of career development



After Applications Surge to Class of 2022, Darden Opens Admissions for Class of 2023 The start of the new academic year for students followed a remarkable admissions year for Darden, with applications to the full-time MBA up roughly 25 percent and up 45 percent for the Executive MBA. In March, as the coronavirus pandemic spread across the world, Darden added additional accommodation and flexibility for applicants. The result was the most applications in more than two decades, leading to one of the most competitive admissions cycles in Darden history and a larger-than-usual First Year class that included the first four Future Year Scholars to matriculate. Kicking off the application cycle for the full-time MBA Class of 2023 in June, Darden extended its test flexibility pilot to include the Executive Assessment for the first time and the opportunity for test waivers; offered a new, optional binding Early Action path; and planned to give admitted students early access to career resources. The final application deadline for the full-time MBA Class of 2023 is 7 April. The Executive MBA application to join the Class of 2023 launched in August, and the admissions process continues to offer optionality and flexibility for applicants. Monthly application deadlines began 10 September. Candidates have two options regarding testing: Submit a test score or submit a test waiver request.

Record Number of Students Choose Darden Darden welcomed several new classes of students in August: the full-time MBA Class of 2022, the Executive MBA Class of 2022 and the Master of Science in business analytics (MSBA) Class of 2021. Thanks to Darden’s admissions flexibility and focus on compassion, all three programs admitted a record number of students from an incredibly competitive field of applicants.



STUDENTS (343 in August, with 54 in a special cohort beginning in January designed to accommodate those who desired a later start due to the coronavirus)


MEMBERS OF THE CONSORTIUM, an organization devoted to diversity and inclusion in global business education and leadership



INDUSTRIES in which students worked before Darden



PERCENT INTERNATIONAL CITIZENS, representing 35 countries






STUDENTS (the sixth consecutive year of enrollment growth)

20+ 30 INDUSTRIES represented



PERCENT OF STUDENTS identify as a domestic racial or ethnic minority


COUNTRIES REPRESENTED (students include citizens of the U.S., the Bahamas, Turkey, India, Peru, the United Kingdom, Bulgaria, Ireland, Jamaica, Mexico and Pakistan

PERCENT OF STUDENTS identify as a domestic racial or ethnic minority


COMPANIES represented







PERCENT OF STUDENTS already hold at least one advanced degree (including three Darden MBA alumni)



New Need-Based Scholarship Program Highlights Expanded Scholarship Offerings Darden this fall announced innovations to its MBA scholarship offerings in support of the School’s aspiration to be among the world’s most accessible top business schools. The innovations include: • The introduction of the Darden Distinguished Scholars Program for full-time MBA students, which includes a growing portfolio of merit scholarships and scholarship competitions offered by the Darden School, the Darden School Foundation and external organizations in support of Darden. • A new competitive scholarship program called The Oculus Fellowships that will invite selected admitted full-time MBA students to apply and compete for this prestigious award, which includes full tuition and fees and other benefits. • A new need-based merit scholarship program called AccessDarden, which will provide students admitted on their merit — in both the full-time MBA and Executive MBA programs — the opportunity to apply for a need-based scholarship of up to $20,000 per year of study.

At Darden, we aspire to attract the most talented students from all parts of the globe and walks of life to create an inclusive and diverse community. The aim of these innovations is to raise awareness of the support Darden offers and to advance our commitment to ensuring that students have multiple opportunities available to them to help meet the cost of a graduate business education at Darden.” — Dean Scott Beardsley

Katie Winebarger (Class of 2022), who spoke at Darden’s annual Scholarship Dinner in October, is the recipient of the Warren M. Thompson Scholarship.

Darden’s Powered by Purpose capital campaign continues to make incredible progress toward its goal after a year of record philanthropic support, despite the challenges presented by the coronavirus pandemic. Darden’s Powered by Purpose Campaign Priorities

$263M Progress Toward Purpose 66% As of 30 November 2020

Powered by Purpose Campaign Goal

$400 million by 30 June 2025



1. Faculty, Thought Leadership & Curricular Innovation 2. Scholarships, Financial Aid & Student Experience 3. Grounds Master Plan, Technology & Innovation 4. Darden Annual Fund Darden’s progress toward achieving the full potential of these priorities will accelerate as the School advances toward its fundraising goal for the campaign.


Professor Shane Dikolli began teaching the new “Strategic Costing” course this year.

New Courses:

Explorations of Inclusion, Managing in a Pandemic and Tech Policy Darden is offering a number of new courses for the 2020–21 academic year, ranging from explorations of India’s role in the global economy to a deep dive into technology policy. Professor Gaurav Chiplunkar’s “India in the World Economy” course, for example, will take a close look at a country with nearly one-fifth of the world’s population. India has seen tremendous economic growth in recent years, but investment shows signs of slowing and inequality remains pronounced. The course will consider the prospects for India’s immediate economic future and ask what the country’s recent experience may mean for other emerging markets. “Hot Topics in Real Estate” will bring in a series of leading investment managers and experts in the area to discuss the dynamic real estate landscape, with topics spanning the intersections of real estate finance, real estate development and management, urban planning, public policy and law, marketing, and modern architecture.

See the full list of new courses for the 2020–21 academic year below. • “Communicating Financial and Sustainability Performance,” taught by Professor James Naughton • “Customer Centricity: A Strategic Approach,” taught by Ahmed Khwaja • “Data Analytics and Leadership Judgement in Sports,” taught by Professor Jim Detert • “Explorations in Enterprise Leadership: Diversity, Equity and Inclusion,” taught by Professors Martin Davidson and Laura Morgan Roberts • “Hot Topics in Real Estate,” taught by Tony Smith (MBA ’87) • “India in the World Economy,” taught by Professor Gaurav Chiplunkar • “Managing in a Pandemic: The Challenge of COVID-19,” taught by Professor Paul Matherne, Professor Vivian Riefberg, Corey Feist (EMBA ’16) and Kose Ayhan • “Security Analysis & Valuation,” taught by Professor Robert Harris • “Societal Issues in Business,” taught by Professor Ed Freeman • “Strategic Costing,” taught by Professor Shane Dikolli • “Technology Innovation, Entrepreneurship & Policy,” taught by David Touve, senior director at Darden’s Batten Institute



Darden Welcomes 7 New Faculty Members Darden welcomed seven new faculty members at the start of the 2020–21 academic year in areas including Quantitative Analysis, Communication, and Global Economies and Markets, among others. Get to know the new professors.










Joe Andrasko (MBA ’11) joined the Quantitative Analysis area as a professor of practice. Andrasko, who has previously taught decision analysis and finance courses at Darden, is also a partner and co-founder of Fry’s Path Capital, a private investment partnership based in Charlottesville. Max Biggs joined the Quantitative Analysis area. With a Ph.D. in operations research from MIT, Biggs is interested in data-driven optimization and analytics and exploring how to incorporate machine-learning models and insights within operational optimization problems. Rupert Freeman, who joins the Quantitative Analysis area, recently completed a post-doctoral fellowship at Microsoft and holds a Ph.D. from Duke University in computer science. His research interests include the intersection of computer science and economics. Toni Irving joined Darden as a professor of practice in both the Leadership and Organizational Behavior and Strategy, Ethics and Entrepreneurship areas. Irving was most recently executive director of Get IN Chicago, where she launched and led a $45 million social impact fund. Irving’s work focuses on leadership, nonprofit management and organizational behavior, cross-sector partnerships, social impact, corporate responsibility, and business ethics.

Anthony Palomba, who joins the Communication area, was most recently a professor of communication arts at St. John’s University. His research interests examine consumer behavior, branding and marketing behind video games, television and film. He holds a Ph.D. from the University of Florida. Vivian Riefberg joined Darden as a professor of practice and as the first to hold the David C. Walentas Jefferson Scholars Foundation Professorship. Formerly a senior partner at McKinsey & Co., Riefberg is a leader on the economic benefits of gender parity. Her work in the health care arena focuses on the interplay between business and government. Felipe Saffie, who joins the Global Economies and Markets area, comes to Darden from the University of Maryland, where he taught courses in international finance and computational methods. His research exists at the intersection of international finance, firm dynamics and economic growth. Saffie holds a Ph.D. in economics from the University of Pennsylvania.

‘Stellar Leadership’ Nets Beardsley Dean of the Year Recognition


oets & Quants in December named Darden Dean Scott Beardsley its Dean of the Year for 2020. Citing his “stellar leadership,” advocacy for a compassionate and flexible approach to the application process during the coronavirus pandemic, his “obsession” with teaching excellence, and his push to expand the School’s presence beyond Charlottesville, the publication named Beardsley the 10th graduate business school dean to receive the honor. Poets & Quants in August named Darden’s move toward test flexibility one of the “10 biggest business school innovations of the past decade.” Beardsley, who began his tenure at Darden at the start of the 2015–16 academic year and was recently appointed to a second five-year term, has helped usher in numerous advancements and enhancements, all while fortifying the School’s commitment to Darden values and the education experience.

Faculty Awards Professor Lalin Anik was named one of the Most Creative 50 People of the Year in Turkey by Mediacat. Professor Rich Evans and his co-authors won the best paper award from the Eastern Finance Association. Professor Greg Fairchild received the UVA Public Service Award. Professor Ed Freeman was named the honorary president of the First International Conference on Global Ethics in Bucharest, Romania. Professor Kinda Hachem was named to Poets & Quants’ Best 40 Under 40 Professors list for 2020. Professor Morela Hernandez was named to the 2020 Thinkers50 Radar list, and her paper co-authored with Professor Roshni Raveendhran, “How Algorithms Can Diversify the Startup Pool,” won the Outstanding Practitioner-Oriented Publication Award from the Organizational Behavior division of the Academy of Management. Professor Sean Martin won a Best Reviewer Award for the Academy of Management Journal. Professor Pedro Matos won a Fordham Gabelli School of Business/PVH Corp. Corporate Social Responsibility Award and won a research award from the International Centre for Pension Management. Professor Laura Morgan Roberts was awarded the Academy of Management Organizational Behavior Division 2020 Societal Impact Award. Her papers for HBR Big Idea: Advancing Black Leaders, “Toward a Racially Just Workplace” and “Success Comes from Affirming Your Potential,” won the Best Series of Articles: Folio Award. Professor Tom Steenburgh won the Sales SIG Excellence in Research Award for his co-authored paper “Managing Laggards: The Importance of a Deep Sales Bench.” Professor Kimberly Whitler received the 2019 Sheth Foundation Best Paper Award for her coauthored paper “Research in Marketing Strategy.” Professor Andy Wicks’ co-authored paper “Stakeholder Responsibility and Value Creation in Organizations: Insights From the Health Care Sector” was an Academy of Management Best Paper Nominee 2020, was judged to be among the best papers accepted in the program and will appear in the 2020 Academy of Management meeting proceedings. Professor Ting Xu won the best paper award at the 2020 Mid-Atlantic Research Conference in Finance.












CHANGING L BY MARTIN DAVIDSON Johnson and Higgins Professor of Business Administration, Senior Associate Dean and Global Chief Diversity Officer

eaders of organizations across the country have mobilized over the past few months to begin — or redouble — efforts to increase diversity and foster inclusion in their organizations. But they are discovering one enduring truth: Committing to change is a lot easier than actually changing. Spurred by the killings of George Floyd and Breonna Taylor in 2020, and energized by the ongoing revelations of unarmed Black people killed by police, pressure has increased on companies to come up with productive and just ways to engage with Black employees, customers and communities. Breaking down racial barriers is a starting point. I have had numerous conversations with senior leaders of Fortune 500 corporations, government agencies and global nonprofits who are eager to know how to create change. And here, I’ve shared what I am learning about what motivates their efforts as well as what hinders change.




Some leaders simply want to do the right thing. The leader of one midsize firm I spoke with shared that he had always been bothered by some of the racial disparities in society, but struggled to get momentum in his company to address those disparities, especially in his Chicago office. Social protests in Chicago and around the world gave him the entry point. Another CEO saw it differently. He shared that, frankly, he was not overly influenced by the social protests. Actually, he objected to them because they were so associated with violence in his mind. Yet, he supported some form of diversity, equity and inclusion (DEI) work in his company because some of his best managers pushed him on the importance of engaging the workforce and representing the diverse Southeast U.S. communities where his regional offices were located. Moreover, though his company was currently well-positioned, he worried that responses to the events would catapult his competition, and he didn’t want to lose ground. MORE RACE TALK ISN’T ALWAYS GOOD RACE TALK

Many leaders and employees welcomed franker discussions about race and diversity in their organizations in recent months but also saw some unintended consequences. One Black manager was excited to have a conversation about race and policing with his white colleague and friend but soon wished he hadn’t opened the door. The colleague asked a lot of questions, and his assumptions and misunderstandings left this manager deeply unsettled. “I thought [my colleague] was with me, but he was so clueless. It was alright, and I know he’s a good guy, but now I feel like I have to watch my back more. How many other people out there are acting collegial but actually hold these crazy ideas? I don’t think a bunch of folks are out to get me, but they say dumb things that can damage my career, even if they don’t mean it.” HEALTHY RELATIONSHIPS ACROSS RACE SEED CHANGE

The conversation described by that Black manager is emblematic of many other conversations that took place this summer and fall. Underlying them all was frustration with the difficulty of establishing relationships across racial lines in which both parties could trust one another and not feel anxious about the repercussions of mak-



ing a misstep. Batten Fellow and visiting Professor Heather Wishik and I developed a model that describes how members of both majority groups (e.g., white, male, heterosexual) and marginalized groups (e.g., Black, women, LGBTQ+) can be “grounded” or “ungrounded” in navigating their respective group identities. Here’s one scenario to explain groundedness. An ungrounded white colleague discounts the racial experiences her Black colleague shared. She GROUNDEDNESS says, “I value you for who you are, and your race doesn’t matter. IS ALWAYS AN I don’t see color.” This white ASSET AND IT CAN colleague failed to acknowledge and believe that racial difference BE LEARNED. IT really mattered, even when her Black colleague detailed how POSITIONS PEOPLE racial inequity affected his career. TO BE AT THEIR BEST The relationship disconnect is sharpened because the Black IN POTENTIALLY colleague pulls away from his CHALLENGING white colleague. He is worn down by repeated microaggressions CROSS - RACE from white colleagues and feeling defensive whenever he interacts RELATIONSHIPS. with white colleagues. That AND THAT IS mistrust makes it difficult to create the professional relationships THE START OF he needs to advance in the PRODUCTIVE organization. In essence, the Black colleague is ungrounded, as well. CHANGE.” In a contrasting scenario, a grounded white colleague has — PROFESSOR MARTIN DAVIDSON leveraged what he’s learned about the experience of his Black colleagues to build trust and strong relationships with his Black teammate. He understands that his experience as a white colleague provides him benefits usually not afforded his teammate. The potential for productive interracial colleagueship is heightened because his Black teammate is also grounded. She was certainly aware of the kinds of racial bias that can exist and was skilled in confronting them assertively and holding perpetrators of bias accountable. But she also maintains an open mind toward her white colleagues, embracing those who support her and other Black colleagues, and positively influences (if possible) those who have been unsupportive. Groundedness is always an asset and it can be learned. It positions people to be at their best in potentially challenging cross-race relationships. And that is the start of productive change.


Willard McCloud (MBA ’04)


any Darden alumni have made it their professional purpose to advance equity in the workplace and society. Some of the leading voices in the Darden network advocating for diversity, equity and inclusion offered their insights on where things stand and what we can all do to help.

Kimberly Dîaz (MBA ’19)

What are the greatest obstacles to achieving true equity and inclusion in business? “One of the greatest obstacles to achieving true equity and inclusion in business is the over-reliance on traditional systems, methodologies and practices of managing and developing people that keep workplaces from becoming communities where colleagues can openly and honestly engage and get to know each other more personally. A lot of these practices and principles were anchored in legal and compliance structures that were meant to minimize the risk of discrimination, harassment and retaliation. While some are important to create a respectful workplace, taken to an extreme, they can often create barriers to true equity and inclusion by limiting our capacity to truly get to know each other. If we continue to maintain corporate cultures of the past — most of which were designed to be mostly male, primarily white and deeply individualistic — rather than challenging and evolving them, we will continue to fall short of achieving true equity and inclusion in business.” — Willard McCloud (MBA ’04), vice president of human resources and global head of diversity and inclusion, Pfizer “Right now, we have an imbalance of representation at the tops of our organizations. An all-time high 7.4 percent of Fortune 500 CEOs are women, yet not one is a Black or Latinx woman. Not one. For us to achieve true equity and inclusion, those with more proximity to privilege need to get to work. We need you to ask more questions when your finalists for a senior position are largely or exclusively men or white. We need you to not just put a black box up on your companies’ Instagram feed but to develop pathways for leadership for your Black and brown staff. And we need you to step back, à la fellow Hoo Alexis Ohanian, from that next leadership ask when that seat would mean so much more if it were filled with a different perspective.” — Kimberly Díaz (MBA ’19), CEO and co-founder, oneTILT (a nonprofit with a mission to make organizations more diverse and inclusive)

Jarrett Walker (MBA ’18)

Caroline Schoenecker (MBA ’11)

What makes you hopeful for a more diverse, equitable and inclusive environment across the business landscape? “The demand for change from students, employees and citizens across the spectrum of diverse communities, coupled with the recognition from business leaders, gives me a sense of hope. People are holding institutions and their leaders accountable by demanding more than an acknowledgement of the issues, but rather calling upon their leaders to take real and immediate action. In the words of James Baldwin, ‘Not everything that is faced can be changed, but nothing can be changed until it is faced.’ His words resonate deeply in this moment as we continue on the path toward true change.” — Jarrett Walker (MBA ’18), investment banking associate, J.P. Morgan

What is one thing any person can do to foster diversity, equity or inclusion at their workplace? “Personally, I lean on two models to hold myself and my peers accountable when it comes to diversity, equity and inclusion. The first is rooted in Deloitte’s six signature traits of inclusive leadership, a framework authored by our Deloitte Australia firm and adapted widely. The traits of curiosity, cultural intelligence, collaboration, commitment, courage and cognizance will be visible in inclusive leaders succeeding in the complex and sometimes volatile business landscape. One other framework is Listen, Engage, Acknowledge and Do, or L.E.A.D. — which acknowledges that inclusive leadership is just the start, and it takes courage to actually L.E.A.D. both from the front and from within an organization.” — Caroline Schoenecker (MBA ’11), senior manager for board effectiveness, Deloitte LLP, and board member, Darden Dean’s Diversity Advisory Council



In addition to these change initiatives, we continue to create knowledge, develop our core skills and gather resources to sustain our continuing DEI work. Some examples of this include: Thought Leadership on Darden Ideas to Action

Pictured before the COVID-19 pandemic, students bring their diverse backgrounds and experiences to class to enhance learning at Darden.


At Darden, we are working to address these kinds of issues in multiple ways: • Conversations through town halls: This summer, Assistant Dean of Global Diversity, Equity and Inclusion Christie Julien and I held webinars with faculty and staff called “Making Meaning of the Moment,” during which we gathered ideas and feedback. We also held a Juneteenth gathering of Black alumni. • Meeting of the Dean’s Diversity Advisory Council: In July, we convened a special meeting of the Dean’s Diversity Advisory Council to get members’ perspectives. • Formation of the Dean’s Racial Equity Cabinet: A group of senior Black alumni convened to share perspectives and provide recommendations as accomplished senior leaders. • Meetings of the new Racial Equity and Inclusion Working Group: This group, representing a cross-section of the Darden community, has met three times and has established four working subgroups — Admissions/Entry, Experience, Faculty/Staff Climate and Alumni/External.

On the new Diversity, Equity and Inclusion collection on Darden Ideas to Action, more than a dozen faculty experts provide actionable insights on how leaders can spur more diverse, equitable and inclusive organizations; start difficult dialogues; address historical context that shapes access to resources and opportunities; build strategies for leveraging difference; and navigate bias and social identity threats. Visit ideas.darden.virginia.edu/diversity-equity-inclusioncollection. On the Bookshelf

New books by faculty, including Race, Work and Leadership by Professor Laura Morgan Roberts and Emerging Domestic Markets: How Financial Entrepreneurs Reach Underserved Communities in the United States by Professor Greg Fairchild (see story to the right) are now available. Online Learning

A new course, “Foundations of Diversity, Equity and Inclusion at Work,” produced by Darden Executive Education with Professors Roberts, Fairchild, Lili Powell, Toni Irving, Sean Martin and myself, was released on Coursera. In the Media

Faculty have provided commentary in the global press on DEI issues. I appeared on CNN. Bloomberg and a dozen other outlets interviewed Roberts, and Fairchild wrote in The Conversation. Degree-Program Courses

A new, required Executive MBA course I co-taught with Roberts for the Class of 2021, along with an opening experience in the first leadership residency, brought learning to the classroom. Faculty Diversity Assistant Dean of Global Diversity, Equity and Inclusion Christie Julien

The concerted efforts of these groups have provided a concrete and prioritized set of recommendations for the short, medium and long term to improve Darden. We began sharing these recommendations this fall and will hone them and share more broadly in early 2021.

The faculty onboarded a diverse group of seven new professors to Darden, including Irving. She is teaching a new full-time MBA course called “Being in the Room Where It Happens,” which teaches a “playbook” of intangible skills and practices for students to be successful in their jobs. Inclusive Teaching

Faculty development seminars for creating an inclusive classroom in a virtual setting were led by Professors Tom Steenburgh and Mary Margaret Frank. IN CONCLUSION

I have said on several occasions that this most recent clarion call for creating racial equity won’t be the last. If history teaches us anything about racial change in the U.S., it’s that it is both achievable and (sometimes frustratingly) slow. My advice to leaders, advice I am hoping we heed at Darden, is to be strategic, action-oriented and persistent. 16



RACIAL EQUITY IS PART OF DARDEN’S COMMITMENT TO GLOBAL DIVERSITY FINANCIAL SERVICES FOR UNDERSERVED COMMUNITIES: FAIRCHILD EXPLORES WHAT’S AT STAKE In a new book set for release later this year, Emerging Domestic Markets: How Financial Entrepreneurs Reach Underserved Communities in the United States (Columbia University Press), Professor Greg Fairchild explores the success of financial institutions that serve minority communities and what it will take to move toward an inclusive, resilient financial services system. As Fairchild explains in the following excerpt from the book’s preface, if society fails in that objective, much is at stake.


financial system that fails to serve large portions of its populace cannot be viewed as successful. If these disparities persist, I am not even sure such a system can continue. Likewise, research frameworks that do not account for structural factors like educational and racial disparities will be unable to respond to the challenges faced by many consumers. I am not confident that “left to our own devices,” our inequalities will naturally “work themselves out.” There’s ample data about how we haven’t, and won’t. A secret wish is that some may read this book and recognize an opportunity for themselves. My fantasy is that the information, techniques and models presented will encourage some who are skeptical of the financial services system to see an alternative future that includes a larger set of consumers. I hope these skeptics will recognize that the system needs their personal interest, support and efforts. My bet is that they may see in the narratives the promise of the finance industry’s capacity to assist others — within their own communities and beyond — in achieving a higher standard of living and an improved quality of life. And perhaps they may choose to leverage that potential by pursuing a career in helping finance live up to its promise of rationing wealth and investment to the betterment of all society.


he full potential of Black and brown people, and people of any underrepresented race, cannot be realized unless society — including business leaders — develops the capacity to confront and dismantle racism and bias when they arise. Dean Scott Beardsley reflects on Darden’s commitment to racial equity for all members of the community, and why the initiative is an essential element of the School’s broader commitment to live its value as a diverse and inclusive global community. Why is a diversity, equity and inclusion plan core to the success of the Darden School? Equity and fairness are moral imperatives best achieved through dialogue, open minds and efforts to collaborate. Every human being wants to be treated fairly and to feel belonging. These imperatives are also part of excellence and leading effectively in today’s world. When we live our value to be a diverse and inclusive global community, Darden achieves excellence and prepares our students for excellence as global, responsible leaders. As a global business school based in the United States, improving our performance on racial equity in the U.S. provides us with insights and tools that help prepare Darden students to lead in a more broadly diverse world. Ask any leader in America if they found it challenging and necessary to think about racial equity and diversity in 2020. Then imagine teaching a Darden student how to be ready to be that leader. How effective and realistic would the classroom experience be if there were no underrepresented students? How diverse is Virginia’s, the United States’ and the world’s population? Excellence

must be achieved by opening doors to all races. Recruiters have an incredible interest in underrepresented Darden students, since they know that every single student admitted to Darden has met our admissions excellence bar and thrived in our demanding classroom. It is in our enlightened self-interest to have a racially diverse class. What do you hear from Darden stakeholders when you discuss the School’s diversity, equity and inclusion efforts? When I teach seminars in Professor MingJer Chen’s class on “Ambiculturalism,” I ask students for their definition of diversity, and I get a wide range of answers. I then ask what diversity should look like at Darden, and the range of answers is just as wide. Diversity has totally different meanings to different people, especially from different geographies. With the Darden community being such a diverse group of stakeholders, perhaps it’s not a surprise I hear an incredibly diverse range of views on our efforts. Diversity and racial equity are difficult topics to discuss for many, notably because their own biases and definitions may differ from others without even knowing it. However, we have consensus that Darden is defined by our culture of excellence, and broad understanding and agreement that global diversity enhances that culture. What should diversity look like at Darden? That’s a key question because business is global and Darden seeks to prepare leaders for that reality by being a global business school. I believe that means the Darden community should reflect the diversity of the entire world. Racial diversity is of paramount importance, and the mission extends to encompass all forms of diversity. By including and learning from students, faculty and alumni from all walks of life, our community reflects and prepares its members for the global business world in which they seek to lead. WINTER 2021








s executive director of the Armstrong Center for Alumni Career Services at the Darden School, Jen Coleman has grown accustomed to fielding a steady stream of calls from alumni seeking to forge new career paths. So it was a little eerie when that stream suddenly dried up this past spring as the coronavirus pandemic took hold. “We were dead quiet from March to July,” Coleman recalls. “It was clear that everyone was sheltering in place professionally.” As restrictions began to ease, the situation gradually reversed itself. By September, Coleman and her colleagues were seeing a near-record surge of inquiries thanks to “a ton of pent-up demand for career motion.” That demand raises a pressing question: When the global economy emerges from the shadow of COVID-19, which businesses will be poised to thrive and which doomed to struggle?

READING THE TEA LEAVES Predicting the future is especially difficult when so much about the pandemic, from its duration to its long-term economic impact, remains unknown. Nonetheless, there are hints of what may be coming. Surveys of business leaders around the world conducted this fall by Kyle Hawke (MBA ’11), a partner at McKinsey & Co., indicate that more than half of respondents don’t expect the global economy to fully recover until sometime between the third quarters of 2022 and 2023, with global WINTER 2021


GDP in 2021 taking roughly a 9 percent hit — the single largest setback since World War II. Recoveries have been highly uneven. In May, Hawke says, almost every major industry showed negative average weighted market capitalization over the previous year. By August, however, market caps for industries such as tech and pharma had risen by 38 percent and 10 percent, respectively, while travel, commercial aerospace, and oil and gas were down by 19 to 28 percent. Those numbers jibe with what Coleman and Michele Rankin, a senior director at the Darden Career Center, have been hearing. Darden alumni report layoffs and furloughs in areas such as hospitality and transportation. “This is not the time to be looking for a role at an airline,” Rankin says, but there is lots of action in tech and health care. Professor Doug Thomas adds that the pandemic has vastly accelerated a number of tech-enabled trends that were already gaining traction. These include warehouse automation; the shift from in-person to online shopping; and the rise of telehealth, distance learning and remote work. As a result, says Thomas, “companies that have been continuing to push on the tech side will come out ahead.” Rankin’s contacts suggest that consulting firms and investment banks anticipate early post-pandemic upticks as businesses seek outside help to rethink their operations and seize the opportunity to acquire companies that can no longer survive on their own.

HOW TO SUCCEED IN THE POST-PANDEMIC WORLD Beyond industry-specific headwinds and tailwinds, there is also the matter of what business leaders can do to ensure their organizations are well-positioned to succeed in a post-pandemic world. Hawke, for example, contends that “every company has the opportunity to outperform its peers in the long run.” Whether or not they do so depends largely on the moves they make right now, such as allocating resources where they should be, rather than where they have traditionally been, and differentiating products and services to command higher price points. What’s more, says Hawke, business leaders will need to overcome the natural human biases that can interfere with the kind of highstakes, big-bet decisions they will be called upon to make as the economy improves. He suggests challenging the assumptions that lie



behind every recommendation and introducing “an appropriate level of challenge” to the decisionmaking process. For example, teams could be required to present competing evaluations of different options. What leaders cannot do, Hawke says, is treat the pandemic like a normal business disruption. “You cannot manage this purely as a crisis, because this won’t go away like a normal crisis. You need a new operating model,” he says.


SUPPLY CHAIN MAKEOVER Businesses that want to succeed in a post-pandemic landscape will have to reimagine their supply chains. Given how much consumer habits have changed in recent months, says Professor Vidya Mani, consumer-facing industries from apparel to education to health care will need to do more than tweak their existing networks. “What we want, what we do, how we work has changed for the foreseeable future,” says Mani. “The old supply chain won’t work.” And everyone is going to have to pay more attention to resilience. Snarled supply chains were a hallmark of the early stages of the pandemic, when countries around the world went into lockdown and logistics came to a standstill just as demand for items such as personal protective equipment, toilet paper and hand sanitizer was surging. To some extent, says Professor Elliott Weiss, the ensuing product shortages were inevitable. “You can’t plan inventory for events like this,” says Weiss. But in a sense, those worldwide disruptions were also the natural consequence of fine-tuning supply chains for cost and efficiency first and only later laying contingency plans. “Every company has a resiliency plan. But those things tend to be done after we optimize the supply chain,” Thomas explains.

Businesses that do their disaster planning up front will, therefore, be in a better position moving forward. Thomas adds that industries with high profit margins, like luxury goods, may have an easier time than low-margin and price-sensitive ones, like consumer goods, that have successfully driven down costs through lean operational efficiency approaches. According to Mani, organizations whose chains adhere to socially and environmentally responsible practices such as providing a living wage to workers and minimizing waste will also be better equipped to weather future storms. Thus far, much of the push toward sustainability has been driven by consumer concern over climate change. But sustainable supply chains don’t just help mitigate global warming; they provide insurance against disruptions of all kinds. “A fairer, more just supply chain is also more resilient,” Mani says. “It’s not just about building buffers in goods but building resilience in the people and the structures that surround the chain.”

BE NIMBLE, BE QUICK Perhaps the greatest guarantor of success in this brave new world, however, will be the ability to adapt and respond quickly in the face of continued uncertainty. Weiss points to the way in which the paper products industry responded to the run on toilet paper that occurred in the spring. By quickly pruning variety from their product lines, manufacturers were able to reduce the downtime that accumulates when switching from the production of one kind of paper to another, effectively increasing their overall capacity. Similarly, companies engaged in developing vaccines against the novel coronavirus built inventories of individuals available to participate in clinical trials so that they were able to hit the ground running when their products were ready to be tested. That kind of foresight and flexibility are going to be crucial in the months and years ahead. As Hawke notes, the outlook for both the economy and public health “is still quite murky,” and the range of possible outcomes is large. Business leaders, therefore, need to be prepared to pivot rapidly, making decisions and reallocating resources based on leading indicators that make sense for their industries and their company-specific planning scenarios. Thomas agrees. “Companies that have agility in their DNA, that are used to adapting quickly to new environments, and that are really good at leveraging the data they have, even without all the answers, are going to come out of this well,” he says.

THE LONG-TERM IMPACT OF COVID-19 ON HEALTH CARE BY PROFESSOR VIVIAN RIEFBERG As we grapple with safeguarding lives and livelihoods given COVID-19, myriad changes in health care are taking place. Those changes most likely to be permanent will address a combination of market imperatives, including: • Addressing an unmet need in either supply or demand • Satisfying consumers in better ways • Increasing the alignment of economic incentives Considering these imperatives, here are seven possible permanent changes: REMOTE MEDICINE: A convenient new method for care delivery wherever possible, complementing in-person visits whenever required. Payment is now in place, accelerating access. Many patients prefer this for ongoing service. Increased use of artificial intelligence will further enable this capability. AVOIDANCE OF INPATIENT, SKILLED NURSING FACILITIES WHEN POSSIBLE, ESPECIALLY AT THE END OF LIFE: While truly necessary in-patient acute care should return, COVID-19 is likely to permanently reduce use of nursing homes, including for end-oflife care. SIGNIFICANT MODIFICATIONS TO THE NONCLINICAL EXPERIENCE: Goodbye waiting rooms, hello phone notification to “come in,” with shorter office visits and welcome masks for all. ADDRESSING DISPARITIES: COVID-19 has laid bare something known but unaddressed: large disparities with a range of social elements that impact health outcomes. Expect this to get much greater attention and action regionally, and possibly nationally. U.S.-BASED PRODUCTION: The pandemic has also made the global supply chain more transparent. U.S. production is possible, but beware. It went offshore for economic reasons, so dealing with the economics is necessary for a permanent return. CHANGING PHYSICIAN STRUCTURE AND ENHANCED WELL-BEING: Accelerated market consolidation among physicians, particularly in smaller practices as many cannot handle the downturn and new operating approaches. Hopefully, the larger organizations will recognize the need to address provider wellbeing as part of a permanent change. ADDRESSING AFFORDABILITY THROUGH NEW INCENTIVE MODELS: The U.S. health care system is expensive, with great quality variability and uneven coverage. Action on value-based payment is here to stay to address the affordability, variability and coverage challenges, irrespective of the health challenge. This article originally appeared in the second-quarter 2020 edition of Virginia Economic Review. Reprinted with permission.



Meeting the Market With Learning for the Digital Age R E CO RD GI FT, VI R TU AL P I VO T P OS I TI ON DA R D E N EXEC U TI VE E D U C ATI ON & LI F E L O NG LEAR NI NG by Dave Hendrick




ifelong learning has gone from a nice-to-have to an essential building block of a dynamic career. At the Darden School, that means positioning Darden Executive Education & Lifelong Learning (EELL) for the future of work — a future in which frequent career changes and technological advancement will require both continuous upskilling and a renewed commitment to uniquely human skills such as leadership, ethics, negotiation and teamwork. “Lifelong learning used to be about enrichment; now it’s about advancement,” said Anne Trumbore, executive director of digital initiatives for EELL. “It is something you need to do in order to advance your career and to remain employable.” A Darden alumni survey conducted by Hanover Research reveals an appetite for developing cutting-edge skills, with the highest percentage of respondents expressing interest in developing data science and analytics skills, followed by more traditional — although no less important — skills like leadership, strategy and people management. While EELL has long sought to meet the needs of the marketplace via its suite of open and custom courses, with clients ranging from Fortune 500 companies to government agencies such as NASA and branches of the U.S. military, a strategic shift to ensure a future-ready approach to programming and delivery was catalyzed by events both planned and unexpected. EELL will benefit from new resources fortifying Darden’s leading role in lifelong learning provided by the largest single gift in Darden history. The gift from Frank M. Sands Sr. (MBA ’63) enabled the launch of the Marjorie R. and Frank M. Sands Institute for Lifelong Learning, which seeks to expand Darden strengths in the delivery of transformational lifelong learning experiences — both in-person and virtually, particularly in new programs for working professionals.

LI F E LON G LE AR NIN G PRO G R AM 2020 Darden Executive Education & Lifelong Learning last year launched the Alumni Lifelong Learning 2020 program, offering Darden alumni a one-year opportunity to participate in a course at virtually no cost. See how alumni continued their lifelong learning with Darden through the program below, and see a list of spring courses inside the back cover. Alumni receive a 30 percent discount.


POPULAR COURSES REQUESTED Collaboration & Influence



The Women’s Leadership Program

Design Thinking Online Workshop

∙ Taken a program

Strategy Analysis

∙ Deferred to a future program


Strategic Data Analytics for Competitive Advantage

This includes anyone who has: ∙ Registered for an upcoming program



9 8

Financial Management for Non-Financial Executives


Strategic Use of Data


Negotiating Success: A Learning Laboratory


Discovery Tools


Leading Mindfully


The Reskilling Revolution In the face of a rapidly changing and unpredictable future, success is less about what one knows and more about how one adapts and learns. This is why Darden EELL seeks to lead the reskilling revolution. In its 2020 Annual Global CEO survey, PwC reports that 80 percent of CEOs believe “the need for new skills” is their biggest business challenge. According to the World Economic Forum (WEF) in a 2020 report on the “Jobs of





Creating the Innovative Workplace

Those efforts were well underway when the coronavirus pandemic struck, forcing a pivot to expanded virtual offerings on an expedited timeline. “COVID has shown us that adaptations, changes and pressures for innovation in the way we work and how we work are only being accelerated,” said Ashley Williams, CEO and chief learning officer of EELL and leader of the Sands Institute. “Executive education and lifelong learning programs like those we offer will be among the programs growth-minded leaders rely on to reskill in the face of perpetual change, rapid technological advancement and the changing nature of work.”


Sales & Marketing 4%

32% Leadership

Data Science 8% & Analytics Management 9% Competencies

Strategy 21%


26% Innovation

Tomorrow,” almost one-third of all jobs are likely to be transformed by technology by 2030. The jobs of tomorrow will include newly created jobs in what the organization terms “wholly new occupations,” as well as in existing lines of work undergoing significant transformation. Jobs will require a development of specific skillsets, often with technological skills accompanied by “core business skills.” While advanced data and analytics capabilities will be key to many jobs, so will what the WEF called the “specialized skills for how [people] interact with each other” — creativity, collaboration and interpersonal dynamics, as well as skills related to “For us, lifelong learning has never been specialized sales, human resources, more important. Among the reasons for care and education that is the rate of change. We not only roles. Danaher need to learn faster than our competitors, Corp., a Fortune 500 we also need to sometimes unlearn global conglomerate faster than our competitors.” with a number of — Justin Holland, senior director, Danaher longstanding ties to Darden, is among the companies with a custom-built Executive Education & Lifelong Learning course that seeks, in part, to strengthen its employees’ ability to adapt and learn. “For us, lifelong learning has never been more important,” said Justin Holland, senior director at Danaher, who helped craft a custom course for Danaher associates. “Among the reasons for that is the rate of change. We not only need to learn faster than our competitors, we also need to sometimes unlearn faster than our competitors.”




outcomes,” said Trumbore, who previously Through a custom-built course using both inestablished and launched Wharton Online after person and virtual elements, the company is able to working as an early stage employee at Coursera, focus on meaningful experiences that can influence NovoEd and Stanford’s Online High School. the workplace immediately — or be retooled as “There is a tremendous opportunity to make needed on short notice. ourselves known in this space because there is no “The thing we’re most excited about is the longer a geographic monopoly. We may be based potential for people to apply these concepts and in Virginia, but we’re now just as accessible as tools to things that everyone else.” matter — things that In July, the “It’s not just about transformational learning experiences; matter to our customers, organization shifted it’s about transformational learning outcomes.” to our shareholders and a significant portion — Anne Trumbore, executive director of digital initiatives, Darden Executive to our associates,” said of its portfolio of Holland. “That activation Education & Lifelong Learning programs, including has always been the Holy courses such as Grail in this learning and Leading Virtual Teams development space.” Through Disruption and Strategic Data Analytics for Competitive Advantage, to a flexible, virtual A Blueprint for Virtual Expansion model. It also launched a new specialization in future-ready leadership. The imperative to help more organizations and Even as EELL continues to invest in growing individual learners navigate the workplace of the and perfecting its bedrock in-person instructional future, the resources of the Sands Institute and experience, the pivot has proven to be a successful the realities of COVID-19 have spurred Darden blueprint for continued virtual expansion, in part to act quickly to ensure delivery methods and due to the care and attention of Darden faculty. programming meet the needs of the marketplace. “Darden faculty members are used to putting In practice, executing on the vision has meant the learner in the center of everything they do, putting greater priority on access to, and outcomes and now the learner is at home, so they put all of, lifelong learning programming while enhancing of their energies into providing the best virtual the elements of the education experience that have experiences that they can,” said Trumbore. brought Darden renown. “Instead of serving a couple dozen participants, “It’s not just about transformational learning we were suddenly able to serve 100 participants experiences; it’s about transformational learning




of the crisis has changed the way the company considered the role of virtual instruction. “We had a previously held conventional wisdom that, for senior leaders anyway, there was no replicating in-person experience,” said Holland. “Although it’s still early days, I don’t think we’ll ever go back to the way we were doing things. Whether it’s asynchronous components that are done in a self-directed way, or coming together in a virtual forum to discuss how it can all be blended with on-the-job application in in-person settings, I suspect our programs will involve a real blend of these delivery mechanisms going forward.”

Silver Linings of Virtual

“COVID has shown us that adaptations, changes and pressures for innovation in the way we work and how we work are only being accelerated.” — Ashley Williams, CEO and CLO, Darden Executive Education & Lifelong Learning

virtually, and folks were absorbing all of the lessons that they would in-person, online.” While necessity expedited the recent emphasis on a virtual focus, there’s no reason to expect a retreat from the space in a post-pandemic world, and, indeed in many instances, virtual and inperson experiences may complement each other. Danaher’s Holland, for one, said the onset

Not only has a new generation learned to learn online, Trumbore says many actually prefer it. There’s also the reality that the reach of virtual greatly expands Darden’s potential ability to meet the needs of a workforce that will require regular, episodic instruction for career advancement and organizational relevance. An inclusive, increasingly virtual approach that reaches a wider audience than Darden EELL’s historical model, coupled with courses and content that teach both technical prowess and the human skills needed to thrive in the future, will be key to driving lifelong learning outcomes and reaching the full potential of the Sands Institute. “Lots of places can stand up a center for lifelong learning. That’s the easy part,” said Trumbore. “But how do you do it in a way that creates meaningful, participant-centered programs? And how do you do it in a way that effectively brings together the best of what different delivery mechanisms can offer? That’s what we’re striving for, but we also have to do that in order to win in the marketplace.”

THOUSANDS TAKE EXECUTIVE EDUCATION’S FRE E GLOBAL DIVE RSIT Y COURSE The summer of 2020 brought new attention to long-simmering issues of race and equity in the United States, and led many to ask what role they can and should play toward building more inclusive and just organizations.

• Professor Greg Fairchild, who discussed how historical and current systems and societal practices impact diversity, equity and inclusion in the workplace and communities

Six renowned Darden professors helped to answer key questions with an innovative, free online course presented on Coursera by Darden Executive Education & Lifelong Learning: “Foundations of Diversity, Equity and Inclusion at Work.”

• Professor Toni Irving, who discussed how leadership can approach recruitment, feedback and promotional processes in an authentic and equitable manner

The course’s specific faculty members, with their areas of instruction, included: • Professor and Darden Global Chief Diversity Officer Martin Davidson, who discussed leveraging difference within an organization

• Professor Laura Morgan Roberts, who discussed the process of leading change and helped learners consider both the business and moral case for diversity, equity and inclusion in the workplace

and how to create psychologically safe contexts that encourage dialogue • Professor Lili Powell, who discussed leading mindfully and how to prepare for and participate in difficult conversations “At a time when so many are seeking to engage with these topics in a meaningful way, this teach-out is an effort to make our collective lessons and learnings available to whoever would like to know more,” said Davidson. The course quickly amassed thousands of enrolled learners shortly after its early September launch.

• Professor Sean Martin, who discussed how social class shapes thoughts and actions WINTER 2021



by Seb Murray

The Ultimate Questions Who are we? Why are we here? What does it mean to live a good life? How should we get along with other people?


hese “ultimate questions” may be spiritual and philosophical in nature, but they are posed to Darden business students by Professor Andy Wicks — and are the subject of a new book he is writing. An ethicist with a background in religious studies, he believes that these thought-provoking prompts encourage deep reflection and lead people to share different viewpoints. That, in turn, enriches the learning experience for all participants through group discussion and grows interpersonal skills that are catnip to corporate recruiters. The ultimate questions are also used by Wicks, the Ruffin Professor of Business Administration, to examine both the theoretical and practical implications of ethics through courses on “servant leadership” and a course on creating value for all stakeholders, not just shareholders. “Ultimate questions are not just things individuals think about and answer — they are embedded in business as well,” says Wicks. “Brands today are answering the ultimate questions for us. What do they provide that makes us loyal? A good price, but also forms of differentiation and the expression of meaning.” By buying groceries from Whole Foods, for instance, you may also be buying into the company’s mission and values: to promote health and wellness across the world. His classes aim to draw awareness to how the ultimate questions can create value for stakeholders. “It’s not just about making money for shareholders, which is important and one of the kinds of value stakeholders want. It’s about creating a variety of different kinds of value for all the groups of people that make up the firm.” 26


This ethos is in-step with the current business environment in which corporations are embracing stakeholder capitalism and moving away from profit-at-all-costs — a transition highlighted by last year’s headline-making statement from the Business Roundtable. Wicks believes that profit cannot be decoupled from purpose, even if the relationship between the two can be complex. “It’s rarely a zero-sum game,” he says. “There are a number of studies that show if you focus on core stakeholders, it contributes to your financial success.” The latest research from Morningstar found two-thirds of sustainable investment funds outperformed their benchmark. The study highlighted no performance penalty from responsible investing, which potentially reduced risk or added alpha.

Will Values Be Pandemic-Proof? There are concerns that the race to cut costs in response to the coronavirus pandemic could roll back progress toward sustainability. “It’s in hard times when we figure out what organizations really stand for,” says Wicks. “The presence of scarcity doesn’t mean we cease to care about others. It just means we have fewer resources to provide for them, just like with a family.” This current business landscape has thrown up a wide range of ethical dilemmas that Wicks is incorporating into his teaching at Darden. “Is it better to fire 30 percent of your workforce to save the other 70 percent, or should I try to keep everybody on with a temporary wage reduction?” The right answer may be found in talking to the workforce. “A lot of managers would make the decision in isolation, but it makes sense to draw on the perspective of all the stakeholders.” He sees it as his responsibility as an educator to help produce future business leaders who care about more than profit maximization — this was a common charge levied at business schools in the aftermath of the 2008 global financial crisis. But Wicks says the split between ethics and economics goes back to the 1800s, when tighter mathematical modeling led many economists to develop language and ideas that separate money and people. “Business and capitalism are among the greatest forms of collaboration ever. But in moral terms, the language of economics tends to kill the sense of the humanity of business,” says Wicks. “Some critics compare corporations to sociopaths — they will do anything to make a buck, but that is deeply problematic logic,” he adds. “At Darden, we are about training leaders to create organizations that actually help people

and make the world better through their products or services. And they are well paid if they do this, which is fair.”

Continuing the Legacy of Ethics Leadership at Darden Ethics has been a formal part of the mandatory curriculum at Darden for decades, and Wicks has been at the heart of this teaching since joining the business school in 2002. He obtained a master’s degree and Ph.D. in religious ethics from the University of Virginia. During his graduate studies, he spent time working in health care and teaching medical ethics to doctors and At Darden, we are nurses. He knew he wanted to stay about training in a setting that leaders to create allowed him to do applied ethics organizations that and became actually help people interested in business after and make the world taking a graduate better through their seminar from Darden Professor products or Ed Freeman. services.” Wicks ended up writing material PROFESSOR ANDY WICKS for Freeman’s seminar, which led to work as a research assistant at Darden. Wicks applied for a place on the faculty at the business school because of its commitment to ethics. “We have resources that most schools could only dream of,” he says. “I am one of four tenured faculty who are trained in business ethics. Very few business schools in the world can make that kind of claim.” He holds several leadership positions at Darden, including director of the Olsson Center for Applied Ethics, academic director of the Institute for Business in Society and director of Darden’s doctoral program. He hopes to continue to play a central role in driving forward the business ethics agenda at Darden and in the corporate world through his research, teaching and prose. “Teaching ethics has been going on here for a long time — before the corporate scandals made it fashionable for business schools,” he says. “This is the place I’ve been for a long time, and I would find it very difficult to leave. This is home.” WINTER 2021


401 Park Street Charlottesville, VA 22902

434.977.4005 lwoodriff@loringwoodriff.com


1835 UNIVERSITY CIRCLE $2,795,000 Tucked privately behind towering boxwood hedges, this c. 1922 Eugene Bradbury has 5 bedrooms in the main house, plus dramatic, vaulted studio space above 2-car garage w/ massive windows, exposed beams, full bath, mini kitchen. 1920’s character abounds w/ wonderful natural light: 7 fireplaces, screened side porch, charming mudroom-butler’s pantry-laundry space & the sunniest of eat-in kitchens! Comprehensive landscape design plan by Mary Wolf just completed and the dead-level side lawn is an ideal pool site.


550 WATER ST #500FA • $1,489,000 The 550 is an ultra-premium, boutique-scale condo building located 1 block off the Downtown Mall. This 5th floor unit offers direct access from elevator into the unit, private covered terrace w/ views of the vibrant downtown scene & mountains beyond, large windows, open floor plan, 2 garage parking spaces & storage unit. MLS# 599057




408 EDNAM DRIVE • $1,075,000 Park-like setting & light-filled home w/ floor-to-ceiling windows, tall ceilings, indoor & outdoor living spaces. Dramatic foyer overlooks 2-story living rm w/ great flow to dining rm & kitchen/family rm combo, all open to expansive deck & fenced backyard. Punkie Feil (434) 962-5222 or Elizabeth Matthews (434) 284-2105. MLS# 606879

1188 SCOTTSVILLE ROAD • $1,495,000 Nestled on its 4.6 acre verdant grounds, “Gabrielle” offers the perfect blend of historic charm & modern amenities, including chef ’s kitchen, top notch finishes, posh ensuite bathrooms, high speed internet access & 1-level living with separate master BR wing. Tommy Brannock (434) 981-1486. MLS# 602513

ROUND HILL FARM • $5,450,000 With staggering, panoramic Blue Ridge views on display through the entrance gates & beyond, Round Hill Farm is a manicured country estate fronting the Rivanna Reservoir & moments to town. The c. 1940 brick home offers ideal balance of entertaining & casual spaces open to large, modern kitchen. Pool’s setting is framed by the views. MLS# 572196




941 ROSSER LANE • $929,000 Located 1 mile from the Rotunda & nestled in the woods on close to 1.5 acres, this classic brick home offers unparalleled privacy & serenity amongst mature hardwood trees. Ideal layout w/ multiple living rooms, 2 dining areas, 2 wood burning fireplaces, fenced side yard terrace, & fabulous sunroom. Tommy Brannock (434) 981-1486. MLS# 608148

1705 OWENSFIELD ROAD • $1,225,000 Move-in ready w/ abundant gathering spaces, separate guest quarters, home gym wired for sound, & broad deck overlooking huge, private fenced yard. 2 theatre systems & CAT5 wiring throughout. Custom finishes incl’ 9’ ceilings, tray ceilings, top-line ktchn, built-ins, & copper roof & gutters. Julia Parker Lyman (540) 748-1497. MLS# 607487

5450 STONY POINT PASS • $1,145,000 Tucked away off a quiet Keswick lane, Cedarcroft is an idyllic, c. 1932 clapboard home sited on 2+ acres of level, verdant lawns dotted by hardwoods, boxwood borders & perennial beds. Add’l guest space w/ full bath adj. to house. Outdoor living incl’ delightful soapstone-floored sunroom + a screened porch w/ skylights & ceiling fans. MLS# 603434


505 WELLINGTON PLACE • $1,450,000 This bright, pristine 4 bdrm offers complete privacy adjcnt to miles of walking, biking & running trails. Outdoor living spaces abound: screened porch overlooking pool & multiple shaded patios complete w/ covered entertaining area/ktchn, 1/2 bath. Plenty of parking, 3 fireplaces, office w/ 2 built-in desks, rec room overlooks pool & opens to porch. MLS# 608549

0 PALLAS HILL LANE $1,695,000


This idyllic 5 acre parcel w/ strong Blue Ridge view potential + frontage on a bold creek offers the elusive opportunity to build a remarkable country estate tucked away on Nature’s doorstep, yet adjacent to Farmington, moments to UVA & Downtown. Truly, tranquility reigns at Ivy Creek despite its location close to all of Charlottesville. Neighbors besides nature incl’ only other remarkable estates. Ivy Creek’s trail system winds through hundreds of acres of park-like land. Last lot available! MLS# 604575


Lighting of the Lawn, 2020 Photo by Sanjay Suchak

Call for Abbott Award Nominations The Charles C. Abbott Award is named in honor of the first dean of the University of Virginia Darden School of Business. The award is presented annually to a graduate of the Darden School or The Executive Program whose contributions of time, energy and talent are outstanding. The Alumni Association recognizes the recipient as an individual who: • Demonstrates a strong level of interest in and concern for Darden’s mission • Commits a generous amount of time, energy and funds to Darden • Brings initiative and persistence to projects and responsibilities • Is regarded by other stakeholders as an outstanding contributor Please nominate a fellow alumna or alumnus at alumni.darden.edu/abbottnomination. You will be asked to provide the nominee’s name and an explanation of why you identify this person as a strong candidate for the award. The Abbott Award will be presented to the recipient virtually during Darden Reunion Weekend. Please direct questions to the Office of Engagement at +1-434-243-8977 or alumni@darden.virginia.edu.





MAPLE HALL (c. 1850)

K E S W I C K , V A | $ 2 ,1 0 0 , 0 0 0

L E X I N G TO N , VA | $ 8 4 9, 0 0 0

Exceptional home by one of area’s top builders in gated community of Keswick Estates. The 4 bed, and 5.5 bath home has all the modern conveniences including a large family room off of the gourmet kitchen, office/library, formal living room, large master, his and hers baths, stunning wood work throughout, coffered ceilings, and elevator. Privately situated on three acres, walking distance to club amenities, Pete Dye designed golf course.

Private 1,292-acre estate with panoramic mountain views in beautiful Amherst County. No conservation easement, great potential as family compound / retreat. Brick 1929 manor, open farm fields, hardwood forest and gently rolling topography with streams, ponds, tenant homes and barns.

Prominent Greek Revival estate in the Valley of Virginia. Remarkable interior millwork, mantels and trim, 14 bedrooms (each with ensuite), gourmet commercial-grade kitchen, pool, patio, sunroom. Two-acre property, with magnificent views, convenient to Lexington/Staunton, I-81/64 corridor. Zoning for business or residential allows for versatile use. Additional two buildings (both brick, one constructed c. 1824) and 5.6 acres, including large trout pond, also available upon inquiry.

JU ST IN W I L EY | 4 3 4 9 81 5 5 28 | ML S 60613 2

JUSTI N W I L E Y | 4 3 4 9 81 5 5 2 8 | M L S 6 1 0 1 2 7

L E E M cL AU GH L I N | 5 4 0 4 6 0 2730 | MLS 60 6286



LAUREL CLIFF FARM M O N R O E , VA | $ 5 , 5 0 0, 0 0 0

434 2 9 3 39 00

3722 FOSTERS BRANCH ROAD C H A R LOT T E S V I L L E , VA | $ 1 , 9 5 0, 0 0 0

Very private and serene classic midcentury modern, dramatic hilltop mountain views. Redwood siding, Brazilian slate/cork floors, renovated kitchen/bathrooms, custom cabinetry, wine cooler, soapstone soaking tub, German fixtures, heat-


Reduced OLD FORD (c. 1860) M A D I S O N , VA | $ 1 , 3 5 0, 0 0 0



540 672 3903

1472 FISHPOND ROAD (C. 1820) H OWA R D S V I L L E , VA | $ 1 , 2 0 0, 0 0 0

ed saltwater pool, two renovated guesthouses.

Historic 208-acre parcel, mountain views, Rapidan River frontage, mostly open fields, rolling topography. Private 3 bed, 2.5 bath main house with river views. Additional home, guest cottage, two barns also on property. Single division right.

Antebellum 47-acre homestead, overlooking a peaceful meandering section of the James River, retains original hardwood flooring, fireplaces, woodwork, hardware. Creative potential abounds for numerous outbuildings, including a lovely 19th c. cottage, and new fully-equipped on-slab barn.

P E32 T E R W THE I L EY | DARDEN 4 3 4 4 2 2 2 0REPORT 90 | ML S 60558 2

JUSTI N W I L E Y | 4 3 4 9 81 5 5 2 8 | M L S 6 0 0 5 7 8

P E T E R W I L E Y | 4 3 4 4 2 2 2 0 90 | MLS 61 0 1 29

503 Faulconer Drive Charlottesville, VA 22903 434.295.1131 homes@mcleanfaulconer.com

MCLEAN FAULCONER INC. Farm, Estate and Residential Brokers ◆ RIVANDALE FARM ◆ $3,795,000

SWEET RETREAT ◆ $995,000

Enjoy fresh air, sunshine, and total privacy from this splendid mountain home offering distant Blue Ridge Mountain views across the Rockfish Valley. Sited on over 14 acres, the 4-5 bedroom, 4.5 bath home offers 5,000+ finished square feet of living space on 3 levels with wonderful outdoor spaces. Private yet convenient location. MLS#610115


Bordering newly constructed Pete Dye golf course and lake, within the gated community of 5-star Keswick Estates Club, is this magnificent quality-built, 5-BR residence with over 11,000 fin. sf. Constructed of the finest materials and craftsmanship, with attention to every detail. MLS#603398 www.FairwayDriveAtKeswick.com

An oasis of tranquility and fine country living within 20 miles of Charlottesville. Magnificent 177 acres privately situated in Somerset Estate Region, featuring circa 1901 classic Virginia farmhouse, completely remodeled and updated to create a comfortable and elegant, 4-bedroom and 4.5bath home. Covered & screened porches, open terraces, large gunite pool, and expertly landscaped gardens. Improvements include 12-stall stable, 2 detached garages, barn, & sheds, all land fenced for animals. MLS#609244 www.RivandaleVA.com

ASPIAN LAWN ◆ $1,945,000

Gorgeous lake and mountain views from 183 scenic acres within 16 miles of Charlottesville. Characterrich, circa 1750’s residence of just under 5,000 finished square feet with superb details throughout. 6 bedrooms, 5 baths, 2 fireplaces, whole house generator, and great outdoors spaces. Guest cottage, barn, lush pastures, and 11-acre lake. MLS#610431


Brilliantly sited on second highest point in Orange County lies one of Virginia’s most magnificent historic estates with panoramic views of the Blue Ridge & Coastal Plain. 77+ acres with c. 1937 brick residence & world-renowned gardens. On Virginia & National Historic Registers. MLS#595877 www.MountSharonVa.com

◆ FARMINGTON ◆ $4,950,000

Exceptional 1954 Milton Grigg 8-BR residence carefully sited on over 2.5 manicured acres. Beautifully maintained, the original brick home has been enlarged, creating an elegant yet livable floor plan with open living and entertaining spaces, kitchen, and master suite on the main level. Pool, 2-story pool house, and 3-bay garage with fully equipped 1-BR apartment above. Fronting the 17th fairway in Farmington, this property offers a quality-built home, gorgeous setting, and prime location only minutes to UVA and Downtown. MLS#606911

WALNUT HILLS ◆ $3,490,000

Historic home, circa 1878, built by Virginia Governor James Kemper, on 373 magnificent acres along Rapidan River in Orange County. 6 bedrooms, 4.5 baths and 9 fireplaces. The estate offers panoramic views of the Blue Ridge Mountains in a private setting. MLS#574009 www.WalnutHillsVa.com


For those who have big plans 2408 Old Lynchburg Road Charlottesville, Virginia $3,600,000 MLS 609941

Ann Hay Hardy ahhardy@frankhardy.com 202.297.0228

Wintergreen, Virginia

Gordonsville, Virginia


Grassy Ridge

Oak Hill

2869 P

$3,695,000 MLS 603609

$3,195,000 MLS 609911

$2,850, MLS 60

Conor Murray 434.964.7100

K. Leddington | R. Nelson 434.296.0134

M. Mathe

Covesville, Virginia

Keswick, Virginia


Highland Orchard






Murdoch Matheson 434.981.7439

Murdoch Matheson 434.981.7439


Frank Hardy Sotheby's International Realty, Inc | 417 Park Street Charlottesville VA 22902 | frankhardy.com Š

MMXX Sotheby's International Realty Affiliates LLC. All Rights Reserved. Sotheby's International Realty Affiliates LLC fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. Each Office is Independently Owned and Operated. Sotheby's International Realty and the Sotheby's International Realty logo are registered (or unregistered) service marks licensed to Sotheby's International Realty Affiliates LLC.

The Glen Madison, Virginia $2,950,000 MLS 602942

M. Matheson | C. Murray 434.981.7439 | 434.964.7100

Keswick, Virginia

Keswick, Virginia

2869 Palmer Drive


$2,850,000 MLS 604639

$2,290,000 MLS 607674

M. Matheson | Y. McCallum 434.296.0134

Conor Murray 434.964.7100

Charlottesville, Virginia

Charlottesville, Virginia


Mountain View Farm



Murdoch Matheson 434.981.7439

Murdoch Matheson 434.981.7439

f rankhardy.com


SUSAN WEBB (MBA ’84) Tapping Purpose, Adaptability to Break Barriers in Asset Management As a member of one of the first co-ed undergraduate classes at the University of Virginia, Susan Webb’s (MBA ’84) pursuit of a career in finance began in the crucible of a hostile environment. Walking into her first day of statistics class, she was told by her professor, “You’re just going to get pregnant, so don’t waste my time.” How did she react? “I said, ‘Thank you, sir,’ and left, and signed up for another stats class.” Faced with adversity, Webb learned self-reliance: “You’ve got to know when to just walk away,” she says. Later, at Darden, Webb flourished. She found support from professors and peers who gave her the confidence she would draw upon later on Wall Street, in an industry as male-dominated now as it was then. “It’s like everything in life,” she says. “You have to learn to adapt, but without compromising your own standards.” Over nearly two decades as a trader, Webb became passionate about improving opportunities for women and minorities in the asset management industry, in which “diverse-owned managers control just 1.3 percent of all U.S.-based managers’ assets,” despite comprising a disproportionately large number of the top-quartile performers, according to the 2018 Diverse Asset Management Study by Bella Private Markets. So, when Webb founded her own investment management firm in 2005, Appomattox Advisory, she was determined to make the change she wanted to see in the industry.



Appomattox Advisory’s approach to asset management is informed by the risk management strategies Webb acquired over 17 years on the trading floor, where she gained an appreciation for a holistic portfolio as well as a sharp instinct for locating risk and minimizing downside. In its work with endowments, foundations and pension funds, Appomattox Advisory prioritizes resilient, client-driven portfolios while maintaining a specialized mandate for female and diverse managers. Appomattox Advisory is remarkable among investment management firms for the fact that a full 25 percent of the managers they allocate to are women and minorities. Webb identifies diversity as a primary value: She believes that diversity in the race, gender and life experiences of asset managers is just as beneficial to returns as the diversity of assets in the portfolio. As part of her commitment, Webb serves on three advisory boards dedicated to cultivating female talent in finance and has testified to the U.S. House Committee on Financial Services about the problem of female underrepresentation in asset management. When asked what she would like to see change on Wall Street, Webb’s answer is firm: Don’t only allocate to the big guys. Allocate to small and emerging managers, too. Allocate to women-owned and minority-owned firms. They’ll outperform, if given the chance. — Cameron Baumgartner


KATRINA SHERRERD (PH.D. ’87) Leading and Investing in a Time of Uncertainty As CEO of global asset management firm Research Affiliates, Katrina Sherrerd (Ph.D. ’87) is leading the influential financial services firm through a period of deep global uncertainty, as world financial markets continue to show great volatility amid the coronavirus pandemic. Sherrerd, who was named one of Barron’s 100 Most Influential Woman in Finance in 2020, says the firm’s investment beliefs and long-term trends serve as guides for Research Affiliates, which produces research and offers innovative investment products, many with a value investing focus. She has taught at both Darden and UVA’s McIntire School of Commerce, teaching classes that discuss leading through crisis; environmental, social and governance (ESG) investing; and the value of diversity of thought. As Research Affiliates worked to redefine its understanding of equity markets amid the global recession and coronavirus pandemic, Sherrerd said the challenge was incredibly difficult because of the huge amount of uncertainty and differences from previous crises. “You can’t compare it to the tech bubble or the great financial crisis. It’s different, and it’s unclear what the future will look like,” she said. She does predict that the growing trend of ESG investing will continue, regardless of the pandemic and other factors. “If anything, the pandemic is highlighting cases where governance, social and environmental practices are falling short. We are seeing, for example, which companies offer health and sick leave benefits — and which ones don’t. This may not be important to all investors, but it certainly is important to many,” she

said. “Many investors have environmental and social preferences, as well, and they should have the right to reflect their preferences in their investment decisions. This will lead to more ESG investing.” Amid industry uncertainty, physical distance between colleagues as her firm continues to work from home and increased anxiety for many, Sherrerd said she’s focused on leading by being more available. “When people are anxious, they tend to want more guidance and assurance that they are making the ‘right’ decisions in the face of significant uncertainty,” she said. “To manage this, our leadership team needs to provide more guidance and increase communication. No one wants to be out of step with the direction of the firm, and things that seem manageable in an office become much bigger issues when you’re sitting by yourself at home.” A focus on company culture is another key aspect of leadership for Sherrerd and a distinguishing feature of Research Affiliates. “An important part of our culture is our belief in collective intelligence, and the idea that a cognitively diverse group of individuals will make better decisions — particularly with difficult decisions and lots of uncertainty —than the smartest person in the group alone,” she said. “We have a number of specific things that we do internally to make sure that we are being respectful of the different points of view and being curious about what people have to say.” — Dave Hendrick





Combining Purpose and Profit to Improve Education in Africa Darden School alumnus Chinesom Ejiasa (MBA ’09) remembers the feeling of unease watching his father and mother work endlessly to support extended family in Nigeria who didn’t have nearly the economic opportunities to support themselves. Ejiasa’s parents immigrated to the United States in the 1970s after the Biafran War, with support from the Nigerian government due to his father’s status as a top academic student. Ejiasa identifies as “a dual-culture kid.” He grew up in Denver, Colorado, but his Nigerian heritage heavily influenced his life’s perspective and affinities. The path he has followed to the present is deeply influenced by his dichotomous upbringing. “As a kid watching my parents, I wondered, ‘Why should they shoulder the responsibility alone?’” Ejiasa said. “My parents would tell you culture expects that of them.” For Ejiasa, the bemusement was not about his parent’s admirable response to the condition but rather the condition itself. The condition was a function of education — or the lack thereof. But at such a young age, he could not adequately square the notion that education was at the center of his parent’s opportunities. It was not until he advanced his career postDarden that he fully began to marry his personal obsession and professional pursuits. Post-Darden, he joined the private equity team at The International Development Finance Corporation (formerly the Overseas Private Investment Corporation), which mobilizes private capital to solve development challenges in emerging markets. After nearly six years at the DFC, during which he managed $900 million in capital reserved for private equity funds across four continents and over 30 countries, Ejiasa 38


spent two years as director of investments at Africa Integras, an education real estate investment holding company. At both firms, Ejiasa furthered his understanding for how the private sector was investing in general and within emerging markets, and he was not always happy with what he saw. “Around 2012, I started to become frustrated in how we, in the royal sense of the word, were investing,” Ejiasa said. “We made considerable investments in macro industries like financial institutions, commercial real estate, technology and infrastructure, but insufficient investment in human capital.” His career experience — not to mention the six years he served on the board of Washington Latin Public Charter School — gave him the skills, insights and network to architect a more productive model to tap the power of return-seeking private investors to invest in human capital. The result is a new investment management company Ejiasa is developing with a goal to create systemic advancements in Africa’s education system while delivering competitive risk-adjusted returns to investors. Through the company, Ejiasa will seek to answer the question of how to use private investment as a constructive tool to improve access to and the quality and relevance of Africa’s educational system. “One has to invest across the entire educational value chain to materialize the change we truly want and need,” Ejiasa said. “Investment in quality teachers, quality school operators, quality facilities, quality curriculum, and more.” — Jay Hodgkins



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.

John A. Bartelt (MBA ’78) Lane L. Bonner III (MBA ’91) William P. Culver (TEP ’67) Gabriel De Almeida Conceicao (MBA ’16)

PLANNED GIVING allows you the ability to address your personal financial needs and establish a powerful legacy at Darden. Planned gifts symbolize our human desire to reach beyond ourselves and


Henry H. George (MBA ’67) Mark D. Hartshorn (MBA ’82) Lawrence R. Hibbard (MBA ’71) Kevin T. Jeras (MBA ’93) Sean M. Kelly (MBA ’90) Ernest R. LeDuke (MBA ’71) John E. Mack (MBA ’74) William M. Meredith (TEP ’63) Joseph A. Miller (MBA ’05)


Thomas A. Newby Jr. (MBA ’68) James R. Pope (MBA ’58) J. Christopher Purvis (MBA ’13) Timothy E. Pusch (MBA ’76) Steven H. Reynolds (MBA ’67) Mark B. Rockey (MBA ’83) Joy A. Tomlinson (MBA ’85)

For more information on making a planned gift, contact Corley Raileanu

John A. Vernon (MBA ’76)

at RaileanuC@darden.virginia.edu or +1-434-243-4825.

James S. White (MBA ’58) James D. Wilde IV (MBA ’76)



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


Mark J. Kington (MBA ’88) Kington Management LLC

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

Naresh Kumra (MBA ’99) JMATEK Ltd.

VICE CHAIR Martina T. Hund-Mejean (MBA ’88) Retired, Mastercard Worldwide IMMEDIATE PAST CHAIR Elizabeth K. Weymouth (MBA ’94) Grafine Partners Kirby C. Adams (MBA ’79) Retired, Tata Steel Europe Scott C. Beardsley University of Virginia Darden School of Business

Lemuel E. Lewis (MBA ’72) IVMedia LLC Jeanne M. Liedtka University of Virginia Darden School of Business Nicole McKinney Lindsay (MBA ’99/JD ’00) Mastercard Worldwide Elizabeth H. Lynch (MBA ’84) Evercore Jonathan D. Mariner TaxDay LLC

Darden School throughout

J. Andrew Bugas (MBA ’86) Radar Partners

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

the world.

Wesley G. Bush Retired, Northrop Grumman Corp.

Sachin J. Mehra (MBA ’96) Mastercard Worldwide

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

Carolyn S. Miles (MBA ’88) Adjunct Professor, Maxwell School, Syracuse University

(Listing as of 31 December 2020)

James A. Cooper (MBA ’84) Thompson Street Capital Partners Charles R. Cory (MBA/JD ’82) Retired, Morgan Stanley & Co. Inc Robert G. Doumar Jr. (MBA/JD ’88) Park Square Capital LLP Frank S. Edmonds (MBA/JD ’95) Panning Capital Managment LP Richard C. Edmunds (MBA ’92) Strategy& PwC Karen K. Edwards (MBA ’84) Boyden Global Executive Search Warren F. Estey (MBA ’98) Deutsche Bank Arnold B. Evans (MBA/JD ’97) SunTrust Bank John D. Fowler Jr. (MBA/JD ’84) Wells Fargo Securities LLC Catherine J. Friedman (MBA ’86) Independent Consultant John W. Glynn Jr. Glynn Capital Management Kirsti W. Goodwin (MBA ’02) Tower 3 Investments Peter M. Grant II (MBA ’86) Anchormarck Holdings LLC Yael Grushka-Cockayne University of Virginia Darden School of Business Michelle B. Horn (MBA ’95) SoftBank Group Robert L. Huffines (MBA ’92) JPMorgan Chase John C. Jeffries, Jr. University of Virginia David B. Kelso (MBA ’82) Retired, Aetna Rosemary B. King (MBA ’91) Global Heritage Fund



Donald E. Morel Jr. (TEP ’97) Progenitor Capital LLC J. Byrne Murphy (MBA ’86) DigiPlex Group Cos. Adair B. Newhall (MBA ’09) Greenspring Associates Michael E. O’Neill (MBA ’74) Retired, Citigroup Inc. Patrick A. O’Shea (MBA ’86) ICmed LLC G. Ruffner Page Jr. (MBA ’86) McWane Inc. Zhiyuan “Jerry” Peng (MBA ’03) Sands Capital Management Alex R. Picou (MBA ’89) JPMorgan Chase James E. Ryan University of Virginia Frank M. Sands (MBA ’94) Sands Capital Management Frank M. Sands Sr. (MBA ’63) Sands Capital Management Henry F. Skelsey (MBA ’84) 3QU Media LLC Erik A. Slingerland (MBA ’84) EAS International SA Robert W. Smith (MBA ’87) T. Rowe Price Co. Shannon G. Smith (MBA ’90) PointGuard Mark J. Styslinger Altec 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 William P. Utt (MBA ’84) Retired, KBR Inc. Steven C. Voorhees (MBA ’80) WestRock

ALUMNI ASSOCIATION BOARD OF DIRECTORS CHAIR Warren F. Estey (MBA ’98) Deutsche Bank 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 Keith F. Bachman (MBA ’89) Bank of Montreal Megan C. Bailey (Class of 2021) President, Darden Student Association 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) GaneyNPD Ira H. Green Jr. (MBA ’90) Simmons Energy Owen D. Griffin Jr. (MBA ’99) OSHAKits.com Evan A. Inra (EMBA ’08) Amazon Web Services Kendall Jennings (MBA ’12) Accenture Bruce D. Jolly (MBA ’67) Harry N. Lewis (MBA ’57) Retired, Lewis Insurance Agency Inc. 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) Bank of America

Marcien B. Jenckes (MBA ’98) Comcast Cable

Ray R. Hernandez (MBA ’08) Northrop Grumman

John B. Jung Jr. (MBA ’84)

Andrew C. Holzwarth (EMBA ’09) Piedmont Realty Holdings

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

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

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

Marguerite M. Longo (MBA ’08) Johnson & Johnson

Jason Sinnarajah (MBA ’07) Buffalo Bills

H. Whit McGraw IV (MBA ’07) S&P Global Market Intelligence

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

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

David L. Tayman (MBA/JD ’99) Tayman Lane Chaverri LLP Shaojian Zhang (MBA ’99) Haier IEP Business

CORPORATE ADVISORY BOARD CHAIR Richard C. Edmunds (MBA ’92) Strategy& PwC VICE CHAIR Michelle B. Horn (MBA ’95) SoftBank Group

Diem H. D. Nguyen (MBA ’01) PPD LLC Ann H. S. Nicholson (MBA ’01) Corning Daniel E. Polk Humana Abby A. Ruiz de Gamboa (MBA ’04) Deloitte Consulting LLP Joseph V. Schwan (EMBA ’13) Baxter International Inc.

Octavia G. Matthews (MBA ’89) Aramark Uniforms Tiffani C. Moore (EMBA ’16) Federal Housing Finance Agency Reynaldo Roche (MBA ’07) Infinity Air Group Caroline D. Schoenecker (MBA ’11) Deloitte Rhonda M. Smith (MBA ’88) Integrative Medicine for the Underserved

Daniele M. Wilson (MBA ’11) Google

Danielle Eesley Amfahr 3M Company

CHAIR Naresh Kumra (MBA ’99) JMATEK Ltd.

Scott A. Stemberger (MBA ’04) The Boston Consulting Group

Stuart C. Bachelder (MBA ’06) DaVita Kidney Care

Eric M. Swanson (MBA ’08) Amazon.com

VICE CHAIR Joaquin Rodriguez Torres (MBA ’01) Princeville Global

Mazen G. Baroudi EY

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

Kelly Becker (MBA ’08) Schneider Electric

Gerrud Wallaert (TEP ’18) RWE Renewables Americas LLC

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

Meghan A. Welch (MBA ’10) Capital One

Adam P. Carter (MBA ’02) WestRock

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

William S. Cohen (MBA ’07) Bank of America Private Bank

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

CHAIR Alex R. Picou (MBA ’89) JPMorgan Chase

Daniel A. Dougherty (MBA ’94) Barclays Sarita T. Finnie (MBA ’01) Bayer Consumer Health 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) Prescient

VICE CHAIR Nicole McKinney Lindsay (MBA ’99/JD ’00) Mastercard Worldwide Tawana Murphy Burnett (MBA ’04) Facebook William S. Chichester III Microsoft Paige T. Davis Jr. (MBA ’09) T. Rowe Price Co. Jacqueline Grace (MBA ’10) Caesars Entertainment Corporation

Arpan R. Sheth (MBA ’96) Bain & Company Nishal Sodha (GEMBA ’17) Global Hardware Ltd. Alok Vaish (MBA ’97) Yatra.com

Jeffrey J. Yao (MBA ’01) Profision Shipping Capital Management Ltd.

Indy Adenaw (MBA ’08) Olive Tree Holdings

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

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

Deborah Thomas (MBA ’89) Somos Inc.



Yudhono Rawis (GEMBA ’16) PingAn Puhui Indonesia

Jing Vivatrat Golden Gate Capital

Thomas J. Steenburgh University of Virginia Darden School of Business

Sean M. Corrigan (MBA ’05) The Walt Disney Company

Hagen Radowski (MBA ’91) Porsche Consulting Inc.

Cynthia K. Soledad (MBA ’02) Egon Zehnder

Colin P. Smyth (MBA ’04) Acuity Advisors LLC

Robert E. Collier (MBA ’10) Danaher (McCrometer)

Antonio U. Periquet Jr. (MBA ’90) Pacific Main Holdings, Campden Hill Group

Hai Ye (MBA ’04) McKinsey & Company

Marcos P. Arruda (MBA ’02) Topico Jennifer E. Chick (MBA ’08) Hilton Worldwide Christine H. Davies (MBA ’09) Poligage David R. Frediani Ironshore Inc. Janeth Gomez Gualdron (GEMBA ’17) Capital One Financial Management Wei Jin (MBA ’99) Prudential Financial Corporation Shawn Liu (MBA ’05) Shanghai Cura Investment & Management Co. Ltd. Richard K. Loh (MBA ’96) Ploh Group Pte. Ltd. Todd R. Marin (MBA ’89) Blue Ox Ventures Lois M. McEntyre (MBA ’95) General Motors Corp. Rajan J. Mehra (MBA ’93) Nirvana Venture Advisors Pascal Monteiro de Barros (MBA ’91) Stirling Square Capital Partners Nikhil Nath (MBA ’00) NSQ Advisory Agustín Otero Monsegur (MBA ’06) OM Invest

Thank you to our alumni and volunteer leaders for a critical year of support for Darden.



President, Airbus Asia-Pacific


nand Stanley (MBA ‘03) was appointed in July 2020 to run all of Airbus’ Asia-Pacific operations and business lines, including civil and military aircraft, helicopters, and satellite operations. He leads 4,000 employees and 20,000 subcontractors, and his region represents a quarter of Airbus’ global operations. Stanley, who is based in Singapore, says the pandemic has forced him to become a bit of an “amateur virologist” as he has worked with governments, business leaders, suppliers and others to design approaches that balance safety and economics. Prior to Airbus, he spent much of his career at United Technologies after a Darden graduate hired him as a summer intern. Now, the former Darden social chair has changed seats to chair multiple industry advocacy organizations that represent the interests of the aerospace industry.



1. What was your first job? I was a part-time nightclub and radio DJ. 2. What is the best piece of advice you have ever received? To make your hobby your job. 3. Whom do you most admire? My dad was an orphan from a small town in India and rose up to lead 250,000 employees in the Indian government. He taught me that you can be anything you want to be if you believe in yourself and you are willing to persevere. 4. What motivates you? Crisis situations motivate me. Today, I’m really motivated to get planes back in the air and help my airline customers. I’m also preoccupied with helping governments reopen borders for air travel. 5. When and where do you do your best thinking? My wife is my best friend and coach. So I get my best clarity when I debate ideas with her over a glass of wine or relaxing next to a pool. 6. What are you reading these days? History inspires me. I have a few books I’m reading; for instance, Singapore — A Biography. The stories about explorers who risked everything give me inspiration for my own ventures.

7. What technology can you not live without? I’m addicted to my iPhone. It’s my one-stop shop. I kind of wish I could live without it so I could be free for a bit. 8. What’s your motto? I believe in the old Silicon Valley motto: “Test fast, fail fast, adjust fast.” 9. How do you deal with conflict? I have been categorized as “leaning toward” conflict-seeking, because I think tension makes us better. Healthy conflict creates a sense of urgency, decisiveness and action. 10. What is your superpower? I don’t have one; I’m just a mere mortal. My wife is Superwoman. 11. How do you unwind? I enjoy unwinding with my kids, whether it is scouting, snorkeling, eating street food or the guilty pleasure of playing video games. 12. What is your favorite cause? The plight of refugees and the displaced really moves me and my family. When we were living in Turkey, through our church, we provided about 10,000 blankets and shelter and food for Syrian refugees. 13. If you could live anywhere, where would it be? It’s been a self-fulfilling curse every time I’ve answered that question. My family loves it here in Singapore, and they’ve already warned me not to move again. 14. What do you lose sleep over? Sleep was my first love, and we’re inseparable. I can take a nap anywhere. I give 150 percent each day and when I go to bed, I know I’ve done my best and I go to bed peacefully.

15. Which class at Darden impacted you the most? I enjoyed Sherwood Frey’s “Quantitative Analysis” class the most, and it taught me how to make decisions in the midst of ambiguity, because even the quantitative world is not black and white. 16. What’s your favorite Darden memory? My wedding, two years after graduation. We had 40 of my Darden classmates, professors and spouses there — my Darden family — and it was one of the most beautiful moments. 17. What have you learned managing Airbus Asia-Pacific through the challenges presented by the coronavirus pandemic? It’s always a black swan event like COVID-19 that catches people off guard. Darden helped me see the 360-degree view. It’s not about having the answers; it’s about having intuition, awareness, and being agile and decisive enough to move quickly. 18. It’s a challenging time in the airline industry. What are you most optimistic about? I am very optimistic that we will continue to be a global and connected world, which includes the continued travel and mobility of people. In countries such as India, only 2 percent of the population has ever set foot on a plane, which proves that aviation will continue to grow and it will continue to improve the quality of human life, especially in Asia-Pacific and Africa. 19. What does the future of the passenger aircraft look like? Are there game-changing new models or technology coming down the pipe? The greatest challenges for aviation today are to reinvent itself in the digital world and to decarbonize the industry to help our planet heal. Airbus is working on concepts to launch a zero-emission, hydrogenpowered aircraft. 20. Your career at Airbus recently led you to relocate from India to Singapore, and you worked all over the world prior to Airbus. Why have you pursued a global career? On a personal note, I love traveling and experiencing new cultures. This led me to work in eight countries across four continents. Cross-cultural experience stretches you and gives you “dog years” of experience. I’ve always been risk-seeking and open to new opportunities, so intergalactic forces just moved me around and things fell in my lap.

WINTER 2021 43


LEADERS PIVOT. Disruption invites innovation. That’s why


UVA Darden Executive Education & Lifelong Learning has reimagined its courses — so that professionals can continue to develop the skills and strategies needed to meet the unique challenges of today. Learn from anywhere in the world with the world’s best faculty — explore our new virtual and hybrid courses.

FEATURED SPRING 2021 VIRTUAL & HYBRID COURSES Management Development Program: Leading in the Digital Age Introduction to Digital Transformation Leading with Humanity Managing Individual & Organizational Change The Executive Program: Strategic Leadership at the Top

View our full listing at darden.edu/ee-spring21

30% Off All Executive Education Courses Register with promo code ALUMNI30

Darden Executive Education & Lifelong Learning


Live Virtual






15 Feb.–21 Mar.



Foundations of Data Science for Business Leaders: Managing Information for Analytics

18–19 Feb.


Live Virtual

Analytics/ Data Science

Financial Management for Non-Financial Executives

7–12 Mar.


Charlottesville, VA*


Negotiating Success: A Learning Laboratory

8–24 Mar.


Live Virtual


Transforming Business Processes

15 Mar.–12 Apr.


Live Virtual

Operations & Supply Chain

Introduction to Digital Transformation

22 Mar.–30 Apr. or 17 May–25 June



Strategy & Analytics

Leading Virtual Teams Through Disruption

24 Mar.–21 Apr.


Live Virtual


Discovery Tools

29 Mar.–2 May




5 Apr.–9 May




Strategy Analysis

12 Apr.–23 May




Growth Strategy

12 Apr.–23 May




Design Thinking Part I: Insights to Inspiration

Collaboration and Influence

Live Virtual

CATEGORY Innovation

Comprehensive Management

Management Development Program: Leading in the Digital Age

18 Apr.–21 May


Leading Mindfully

19 Apr.–12 May


Live Virtual


Women in Leadership Program

26–30 Apr.


Charlottesville, VA*


Strategic Execution: Achieving Breakthrough Performance

27–30 Apr.


Washington, D.C., Metro Area*

Design Thinking for Innovative Business Problem-Solving

10–21 May


Live Virtual


Leading With Humanity: New Skills for the Digital Age

17–27 May


Live Virtual


Managing Individual and Organizational Change

24–27 May


Charlottesville, VA*


6 Jun.–17 Dec.


The Executive Program: Strategic Leadership at the Top

Charlottesville, VA & Washington, D.C., Metro Area

Live Virtual Charlottesville, VA & Washington, D.C., Metro Area


Comprehensive Management

*In-person programs for spring 2021 are offered with the option for participants to choose to attend virtually. For up-to-date information on upcoming programs, please visit darden.edu/ee-spring21 For more information, contact: Darden_ExEd@darden.virginia.edu • +1-434-924-3000 • www.darden.virginia.edu/executive-education WINTER 2021


NONPROFIT ORG. U.S. POSTAGE PAID PPCO University of Virginia Darden School Foundation P. O. Box 7726 Charlottesville, VA 22906-7726

Change Service Requested

The Darden School improves the world by inspiring responsible leaders through unparalleled transformational learning experiences.

Profile for Darden School of Business

Darden Report Winter 2021  

The alumni magazine of the University of Virginia Darden School of Business

Darden Report Winter 2021  

The alumni magazine of the University of Virginia Darden School of Business