UNIVERSITY OF VIRGINIA DARDEN SCHOOL OF BUSINESS
T HE DARDEN REPOR T
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A N N U A L
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Letter From the Dean
The Darden Report is published twice a year by the University of Virginia Darden School of Business Office of Communication & Marketing P. O. Box 7225 Charlottesville, Virginia 22906-7225 USA firstname.lastname@example.org
Scott C. Beardsley Dean and Charles C. Abbott Professor of Business Administration
Responsible Business Is Our Responsibility.
f companies were countries, many would be among the world’s largest economies. This fact has dramatically shifted the role of business, as consequences go far beyond the conference room, inspiring the best leaders to be motivated by purpose and the will to change the world with their ‘why.’ In this issue of The Darden Report, you will learn about Darden’s new branding campaign Put Your Why to Work (Page 18), which is inspired by the premise that mission really matters. Throughout, you will meet bright-minded leaders who are powered by purpose as they develop innovative solutions to key matters of our time, from health care to marine conservation to safety and transportation. Even within some of the world’s largest corporations, Darden leaders are driving innovation, problem-solving and leading The Darden Report is published with progress as intrepid intrapreneurs. private donations to the University of We at Darden believe that purpose travels well, and we eagerly anticipate opening Virginia Darden School Foundation. our new state-of-the-art facility in the Washington, D.C., area this spring (Page 7). We © 2017 Darden School Foundation are also blazing a path in the San Francisco Bay Area (Page 12) as tech joins finance and Summer 2017, Volume 44, No. 2 consulting as top areas of employment for our graduates. I hope you feel the energy radiating from this magazine and from your University — the University of Virginia, which launched its Bicentennial this fall. Two hundred years later, and we’re just getting started.
Michael Woodfolk President, Darden School Foundation Juliet Daum Executive Director, Communication & Marketing Editor: Jay Hodgkins Art Director: Susan Wormington Writers: Jenny Abel, Nell Boeschenstein David Hendrick, Jay Hodgkins, Carlos Santos Copyeditors: Cat Burton, Dave Hendrick Class Notes Editors: Jenny Paurys, Angie Simonetti Photography: Tom Cogill, Ashley Florence, Sam Levitan, Andrew Shurtleff, Susan Wormington
The Darden Report is published with private donations to the University of Virginia Darden School Foundation. © 2018 Darden School Foundation Winter 2018, Volume 45, No. 1
Scott C. Beardsley
Dean and Charles C. Abbott Professor of Business Administration
THE LADDER ONLY TAKES YOU AS HIGH AS THE LADDER GOES.
at Darden seeks to place experienced executives amid others, unraveling individual solutions to universal challenges and elevating leaders above their titles.
T H E E XE C U T I V E PRO G R A M
3â€“29 June 2018 AP P LY N OW O R R E F E R A C O L L E AG U E AT DAR D E N . E D U / E X E C PRO G R A M 1 8
E XE CUT IVE E DUCAT ION
THE DARDEN REPORT / W inter ’18 F E AT U R E S
Entrepreneurship on the Inside
Big Play in the Bay Darden students and alumni want access to the hottest companies inside the world’s leading hub of innovation. The School is answering with a plan to make sure its momentum in the San Francisco Bay Area continues to grow.
The entrepreneurial skills taught at Darden aren’t just for startups. From American Express to Fidelity to Ingersoll Rand, Darden alumni are driving innovation at corporate giants – and earning major recognition in the process. T H E D A R D EN MB A
Put Your Why to Work Rapid change and uncertainty are driving disruption in graduate management education. Learn how Darden’s new brand campaign taps into the evolving needs of business and student desires to do meaningful work.
V A L U ES CREATE VALUE.
ASK MO RE O F YOU R M B A
Powered by Purpose Saving marine life. Making India’s roads safer. Improving rehab for stroke victims. A desire to improve the world is powering several purpose-driven Darden alumni to develop innovative solutions.
Professor Dan Murphy on surprising side effects of growth
ALU M N I N E W S
7 Bicentennial Celebration 9 Darden in DC 32 Heard on Grounds 33 School News 34 Faculty News
36 Alumni Events, Call for Abbott
18 Faculty Research Spotlight:
37 In Memoriam 47 Corporate Partners 48 Darden Leadership Boards
38 David Miller (MBA ’72) 39 Deborah Wilson Thomas
40 John Glynn, Darden School Foundation Board of Trustees
50 20 Questions: Mary Buckle Searle (MBA ’78)
On the cover: Hawaiian green sea turtle Cover illustration: Matt Thomas/Convoy
LEARN. INSPIRE. MAKE MEANINGFUL CONTRIBUTIONS. Take your career further faster, with one of the world’s most influential companies.
Before Darden, I was a Naval Officer and learned to value teamwork and the ability to make quick decisions. I knew I wanted to work for a company with these values and at the same time be exposed to humble people who would help me grow personally and professionally. Danaher ended up being the perfect fit. My summer internship challenged me, but I knew I had never-ending support throughout the summer. With Danaher’s world-class rotational program, I know I’ll be receiving world-class training and be afforded limitless opportunities.” PERCIVAL PALOMAR, MBA CANDIDATE CLASS OF 2018
I already knew Danaher was a high-performing corporation and that sparked my interest, but when I had the opportunity to participate in a Danaher kaizen in Geneva, Switzerland I realized they did more than just hire intelligent, highperforming people. I trusted the process and had a great internship experience at the corporate office. Now, I’m looking forward to helping build the Danaher brand!” CHINAECHEREM OMENYINMA, MBA CANDIDATE CLASS OF 2018
When I went to Darden, I knew I wanted to run a business again. Danaher stood out as a company that not only had great opportunities to become a General Manager, but also one that would invest a great deal of time and resources to train me beyond the current role as they look ahead to fill GM positions internally. I stay at Danaher because it is, at its core, a learning organization—it strives to become better every day, which means a culture where we view failures as opportunities, we don’t let perfect get in the way of better, and we stretch ourselves to go outside our comfort zone so we can accelerate our growth.” GEN A. IZUTSU, SALES MANAGER, KAVO KERR
General Manager Development Program (GMDP)
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Danaher Summer Internship Program (DSIP)
PHOTOS: SANJAY SUCHAK
A Celebration 200 Years in the Making
UVA’s Bicentennial Launch Celebration brought thousands to the Lawn for a night of performances.
Above: Leslie Odom Jr. of Hamilton performs at the Bicentennial Launch Celebration. Below: Former U.S. Poet Laureate Rita Dove debuts a new poem at the event.
s the University of Virginia rang in the start of its Bicentennial Commemoration in October, Darden joined in the Bicentennial Launch Celebration with exciting gatherings for School leadership, volunteers, donors, alumni and students. For four days, the Darden Grounds and Dean Scott Beardsley’s home, Pavilion I on the UVA Lawn, buzzed with activity. Darden alumni, including the Darden School Foundation Board of Trustees, joined from near and far. The festivities included a Darden scholarship dinner, the unveiling of Darden’s first-ever donor wall in the South Lounge — which showcases new recognition levels for the Principal Donors Society — and a celebration in Pavilion I with Darden and the Law School, with guest appearances from the likes of UVA men’s basketball legend Ralph Sampson and UVA President-elect Jim Ryan. From Pavilion I, guests were able to view performances on the Lawn by the likes of Hamilton star Leslie Odom Jr. and former U.S. Poet Laureate Rita Dove on 6 October. The next day, Darden’s events for the weekend concluded with a garden party at Pavilion I for Darden Society members before the Duke-UVA football game. “All in all, it was a spectacular few days for the Darden School of Business,” said Beardsley. “We were overjoyed to have front row seats at Pavilion I for the historic event on the Lawn and to bring together our leaders — past and present — over the course of the celebration. We have immense pride in the University of Virginia and great expectations for Darden as we enter into the University’s third century.”
Because your business is personal Your life and work are interconnected, so your U.S. Trust team’s approach is, too. Whether you lead a new company or a multigenerational family enterprise, we’ll be there throughout your journey—helping you navigate growth, exit planning and everything in between.
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Introducing Darden’s New State-of-the-Art DC Area Home
arden is building a new home in the Washington, D.C., area. The dynamic space, housed on the top two floors of a 31-story building at 1100 Wilson Boulevard in the Rosslyn district of Arlington, Virginia, will include classrooms, offices and event space — opening up a world of new opportunities for UVA and Darden, which currently offers its Executive MBA and Executive Education programs in the D.C. area. The facility is pending State Council of Higher Education for Virginia approval. The new 40,000-square-foot space, scheduled to open spring 2018, was made possible by a major gift from Sands Capital Management Founder and Chairman Franks Sands Sr. (MBA ’63) and CEO and Chief Investment Officer Frank Sands Jr. (MBA ’94). The facility will be named the Sands Family Grounds in appreciation of their generosity. The LEED-EB Gold certified building is located near the Potomac River and features panoramic views of Washington,
D.C. Immediately outside the building is the two-block-long Freedom Park, a walkway lined with gardens and green space. The space will include two tiered classrooms, flat classroom space, learning team rooms, open-study areas, a boardroom, conference rooms and office space. A large ballroom with views of the National Mall will serve as a food service and conference space. The Darden facilities will also include access to a 5,000-squarefoot rooftop terrace offering sweeping views of the area. “The D.C. area has the highest concentration of both Darden and University of Virginia alumni, and we are grateful for the groundswell of support we have received across the region,” said Professor Greg Fairchild, associate dean for Darden’s Washington, D.C., area initiatives. “We’re building on existing relationships and forming new ones as we seek to cement Darden’s role as the preeminent graduate business school at the nexus of business and public policy.”
Rankings Update World’s Best Education Experience 7 Years in a Row Darden earned a number of outstanding accolades in new rankings last fall, including being named the world’s best education experience by The Economist for the seventh year in a row. Rankings highlights include: No. 1 — Campus Environment (The Princeton Review) No. 1 — Best Professors (The Princeton Review) No. 1 — Education Experience (The Economist) No. 1 — Student Rating of Faculty (The Economist) No. 1 — Student Rating of Program (The Economist) No. 1 — Overseas Study Trips Score (The Economist) No. 3 — MBA for Consulting (The Princeton Review) No. 3 — MBA for Management (The Princeton Review) No. 3 — Classroom Experience (The Princeton Review) No. 5 — Career Prospects (The Princeton Review) No. 5 — Greatest Resources for Women (The Princeton Review)
An artist’s rendering of a meeting space in Darden’s new facility in Rosslyn, Virginia.
In overall program rankings released last fall, Darden was ranked No. 10 in the world by The Economist and No. 11 in Forbes’ ranking of U.S. MBA programs.
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LAEL HENDERSON/ILLUSTRATION SOURCE
Entrepreneurship on the INSIDE: Darden Growth Catalysts Innovate Within Big Business
his isn’t a story about entrepreneurship. It’s a story about the power of entrepreneurial thinking and a bias for action that Darden graduates use to thrive in the large organizations for which the vast majority work. In corporations of all sizes around the globe, Darden graduates spur innovation, increase productivity, solve problems, experiment, stay ahead of trends and drive progress. Meet three recent graduates — representative of many — who serve as growth catalysts inside well-established, extraordinary big businesses by exercising the innovative mindsets they honed at Darden.
American Express: The Humble Quarterback
Balach and her team were recognized with the Edward P. Gilligan Award for Innovation for launching and growing the new product, and Balach received the Global Consumer President’s Award for Achievement for her leadership and execution of the high-profile project.
American Express Director of Product Strategy and Business Development LAURA (PEARSON) BALACH (MBA ’10) recently assisted with the launch of a new business line, laying the groundwork for a new push into lending that has quickly grown. Balach’s efforts to shepherd the product have drawn notice at the 60,000-plus-employee company, where she was recently honored with two company-wide awards. It’s been a successful run for someone who has worked at the company for about two years, coming to the position after postDarden stints in General Electric Capital’s Commercial Leadership Program and GE Capital’s retail finance unit, where she held a number of roles and worked on the spinoff of Synchrony Financial.
Her roles at GE and Synchrony were valuable and meaningful work experiences for someone who came to Darden with a background in politics, energy and international relations. “My initial roles were overall great experiences, and they helped me define what I wanted to do next. I hoped to gain exposure to P&L ownership while staying in a big company setting,” said Balach, who was Darden Student Association president for her class. “So I looked for opportunities that gave me both things.” Opportunity knocked at American Express, as the company sought to continue its growth in lending, and Balach’s experiences were well-suited to the role. The new position changed considerably as the new lending concept evolved. Her remit quickly expanded far beyond the skill set for which Balach was originally hired, and she embraced the challenge and executed on a tight timeline. The end result was the launch of American Express Personal Loans, a consumer-facing loan program intended to complement the core business. Balach said she leaned on lessons from the “Leading Organizations” class at Darden as she grew in a role that involved leading product strategy and development teams. For their work, Balach and her team were recognized with the Edward P. Gilligan Award for Innovation for launching and growing the new product, and Balach received the Global Consumer President’s Award for Achievement for her leadership and execution of the high-profile project. WINTER 2018
Entrepreneurship on the Inside
While Balach said she is deeply honored by and “incredibly proud” of the recognition and accomplishments, especially given a peer set she says is as impressive as any she’s encountered, she declines to take credit, saying her skill lay in the collaborative coordination of a committed and nimble team. “My aptitude for this role is about the least influential part of this achievement,” Balach said. “The ability to organize is what drove the speed of execution that we saw last year.”
Fidelity: “One of the things that was The Innovation Manager attractive to me about this MATTHEW GEORGE (MBA ’13), while a student at Darden, co-founded a pair of startups, served as role was that I could take executive director of the Entrepreneurial Society of the entrepreneurial skills I UVA and was vice president of technology at the had learned at Darden and in Entrepreneurship and Venture Capital club. startups — to be accountable Now, as a director of product management at Fidelity Investments unit Fidelity Labs, George uses for starting something from his passion for venture creation and technology in scratch — and apply those the service of the financial services giant with 45,000 and more than $6 trillion in customer learnings to a space I was employees assets under administration. already familiar with.” As in the startup sector, George says his job is often about finding a customer pain point and — Matt George (MBA ’13) seeking to solve it. As part of a business unit dedicated to innovation, George and his team seek to develop new products and services in areas adjacent to Fidelity’s core business lines. George worked at Fidelity before Darden. After graduation, he worked at the innovation practices of other Boston-based companies, finding his way back to Fidelity when he saw opportunity at Fidelity Labs.
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“One of the things that was attractive to me about this role was that I could take the entrepreneurial skills I had learned at Darden and in startups — to be accountable for starting something from scratch — and apply those learnings to a space I was already familiar with,” George said. Products he’s helped usher through the development process include the secure document storage solution FidSafe and a product that allows for integration between certain donor-assisted funds and bitcoin. He also worked on some of Fidelity’s early research on blockchain, including their first test of a consumer wallet. George noted the tradeoffs of working in the innovation space in a massive company. For example, would-be disruptors in the startup space are often not held to the same regulatory and legal standards. But the built-in advantages of working for a behemoth typically outweigh any deficiencies. “You have the brand and the distribution power and the capital of a large corporation behind you. You also have a strong commitment to actually being innovative, recognizing that we can’t rest on our laurels. We constantly have to push the boundaries,” George said. “Having the resources here is something you can’t get if you were out on your own.” And while George credits specific Darden courses and professors for influencing his product development and innovation tactics, there’s a broader philosophical approach born out of the Darden classroom environment underpinning his ability to push innovative solutions forward. Said George, “I think about my job a bit like a classroom. You are constantly learning from others and you have to figure out the right questions to ask to spur the right dialogue.”
Ingersoll Rand: The Encouraging Coach DAVID MARUNA (GEMBA ’16) has worn a number of business hats in his 15 years since leaving the U.S. Navy, including consulting, launching new ventures and serving as CEO of a health care startup that went through the i.Lab Incubator at UVA. After completing the Global Executive MBA program and moving with his wife to North Carolina, Maruna tried a career switch on for size, accepting a product management position at Trane, the subsidiary of the global industrial company Ingersoll Rand best known for its heating and cooling systems. “I was ready to jump in even though I knew very little about commercial HVAC,” Maruna said. “It’s one of the most complex and fascinating B-to-B sales environments I’ve seen in my entire life.” Far from a stodgy industrial giant, the “climate and energy company,” as Maruna refers to it, has a host of innovative energy solutions in its repertoire and hundreds of patents. In one initial nod to cultivating new avenues of innovation, Maruna organized a pitch competition in Trane’s branch office in La Crosse, Wisconsin. Maruna had seen a similar event as a Darden student at the Axel Springer Plug and Play Accelerator in Berlin during a global residency in Europe. He also delivered a Shark Tank-style pitch of his own to a trio of venture capitalists during another global residency in the San Francisco Bay Area. The product manager hoped the competition would spur innovative, customer-focused thinking among the talented engineers on his team. “I was exposed to many interactions with venture capital while at Darden and enjoyed pitching a concept to the partners of BlueRun Ventures in Menlo Park. I learned that there is incredible value in the back swing of preparing for a VC-style pitch,” Maruna said. “When you force yourself to take your knowledge of the markets and your team’s credentials, and explain how you will actually make money and how your solution works, all within a three-minute time limit, you refine your value proposition, gain confidence in your idea and identify potential gaps in your strategy.”
“At the end of the day, there’s just something about the oxygen of new ideas that can get people excited and thinking in a different way,” — David Maruna (GEMBA ’16)
One of Trane’s teams, pitching an HVAC system designed to optimize “zero net energy” building performance, was struggling to condense years of engineering research and software modeling into the time limit. In coaching the team, Maruna helped them think about and frame the market and solution in a simple and elegant way. As many ideas are in different stages of development, it is difficult to tell which ideas will gain traction in the marketplace, but whether they do or not is almost secondary to the experience. “At the end of the day, there’s just something about the oxygen of new ideas that can get people excited and thinking in a different way,” Maruna said. “What does everyone talk about? It’s all about disruption and breaking the status quo and thinking differently and delivering customer outcomes.” Maruna said he’s enjoying playing a role, even a modest one, in helping the company think about its place in the future in novel ways. “I loved being an entrepreneur, but now I look forward to being an intrapreneur,” Maruna said. “I would never have access to resources like those of a Fortune 500 company like Ingersoll Rand on my own.”
BIG PLAY IN THE BAY DARD E N B L A Z E S PAT H I N SA N F R A N CI SCO B AY AR EA
itting in ModCloth headquarters on the edge of San Francisco’s Financial District last summer while he still served as the company’s CEO, Matt Kaness (MBA ’02) remembered when he graduated from the Darden School, back when the number of new graduates taking jobs in the Bay Area could be counted on one hand. Not anymore. More than 25 graduates from Darden’s Class of 2017 landed in the Bay Area this year. The total number of Darden alumni in the region now reaches almost 700, making it one of the largest nodes in the School’s global network. Consulting firms like McKinsey & Co., ZS Associates and Accenture have long been popular landing spots for new graduates moving to the area, but the list of employers for recent classes has an increasingly tech-heavy flavor — Amazon, Microsoft, Google, Facebook, Walmart eCommerce and more. The tech lean is even more discernable in Class of 2018 summer internships. Of the 20-plus Second Years who took internships in the area, five landed at Walmart eCommerce, which has a growing recruiting presence at Darden thanks in large part to Arnie Katz (MBA ’09), vice president of international e-commerce at Walmart. Twitter, Airbnb, Google, Intel and early stage tech startups ZeeMee and VSCO also hired Darden interns last summer. Kaness, now serving as a vice president at Walmart eCommerce after the online clothing retailer ModCloth was acquired by Walmart, understands why Darden’s network is starting to flourish in the Bay Area. “It’s clear there’s an eagerness for the School to participate out here,” Kaness said. “A lot of what you learn on Grounds, whether it’s through the case method or learning teams or opportunities like the i.Lab Incubator, is what the day-to-day is here for everybody. There’s a ton of people out here hustling.”
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Former ModCloth CEO and current Walmart eCommerce Vice President Matt Kaness (MBA ’02) discussed the growing San Francisco Bay Area Darden network from ModCloth’s downtown headquarters last summer.
DOLLY HOSKINS, LEFT, AND JAN NILSONGLOD, RIGHT, BOTH CLASS OF 2018, INTERNED WITH WALMART ECOMMERCE SUMMER.
IN SAN BRUNO LAST
Making a Difference at Walmart eCommerce More and more Darden students want opportunities in the booming tech sector and with fast-growing startups, where they feel they can make an outsized impact early in their careers. Many of the best opportunities in those fields are in the Bay Area, where culture and climate combine with an entrepreneurial dynamism that is undeniably alluring for Darden MBAs. Sitting outside a coffee house in San Bruno during the last week of their internships at Walmart eCommerce, Jan Nilsonglod and Paige Hurlbut, both of the Class of 2018, raved about the local weather, food and opportunities to explore the great outdoors. They were among the five Darden summer interns working for the Walmart subsidiary. They also discussed how much their internship experiences exceeded expectations. “I worked in online grocery in the customer development group, and my project was on online ordering express formats. I was given a conceptual idea they wanted to implement, and they said, ‘You go figure it out,’” said Hurlbut, who worked on the online grocery team with Dolly Hoskins (Class of 2018). “I felt like I got to be a business owner. The autonomy and responsibility given to an intern were amazing. I got a feeling for what working here would be like.”
Blazing New Trails at Airbnb Bre Fife (Class of 2018) was the first Darden student to land an internship at Airbnb, where she worked much of the summer with a product management team focused on customer retention. Fife’s internship began with work on a customer referral project, and ultimately ended working with the Airbnb finance team after the customer referral and customer retention projects. It wasn’t exactly what she planned, but Fife said the speed with which the tech industry moves made for a rapidly evolving experience. The ability to deal with change is imperative.
Darden’s New Pathways to Bay Area Jobs Rapid change was a clear theme for Whitney Hagan and Van Hatchell, both Class of 2018. They spent the summer working for early stage startups on opposite sides of the Bay — Hagan at VSCO in Oakland and Hatchell at ZeeMee in Redwood City
of Class of 2017 graduates landed in tech, many in and around San Francisco
If we can create a superhighway for students between Darden and Silicon Valley, we will deliver on our promise of a world-class student experience while simultaneously engaging Bay Area alumni and expanding Darden’s brand presence.” ROBYN SWIFT, DIRECTOR OF WEST COAST INITIATIVES FOR DARDEN’S BATTEN INSTITUTE FOR ENTREPRENEURSHIP AND INNOVATION
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— thanks to placements through Darden’s Batten Institute for Entrepreneurship and Innovation’s new Technology Venture Fellows (TVF) program. The TVF program exemplifies Darden’s strategy to build new pathways to exciting career opportunities in the Bay Area. Darden’s annual Tech Treks to the Bay Area show students career possibilities in the region. A record 98 students attended this year’s trek in December, which included visits to 20-plus companies from startups to tech giants. Increased efforts to bring recruiters from West Coast-based tech companies like Amazon, Microsoft, Google and others to Grounds to recruit has paid dividends with growing pipelines that are now annually yielding multiple hires for those companies. The multipronged effort is paying off. Last year, 14 percent of Class of 2017 graduates landed in tech, many in and around San Francisco. In order to increase its focus on those highdemand jobs, Darden’s Career Development Center has hired a new senior director of technology, entrepreneur, digital and consumer careers, based in Seattle, with a focus on high-tech business areas such as fintech and biotech, entrepreneurial startups, digital marketing, and consumer-related industries. Darden is also helping students develop the skills that tech companies covet. Professor Casey Lichtendahl launched his “Data Science in Business” course two years ago, teaching students how to use programs like Python and R that are central currencies in tech positions. Professor Raj Venkatesan’s marketing analytics course helps students understand how data is put to effective use. Other courses in areas like project management, Agile, design thinking and effectuation, among
others, give Darden students a leg up in a culture that prizes innovation and problem-solving. Perhaps the biggest commitment yet: Darden partnered with the UVA Data Science Institute to launch a new MBA/master of science in data science dual degree this year. In its first year, seven students enrolled in the dual-degree program, and Darden expects enrollment to dramatically increase next year.
Small Bets to See What Clicks In an area where B-school competition is intense, Darden’s strategy for growing the School’s footprint in the Bay Area is not to try and be everything for everyone. Darden has no current plans for a brickand-mortar presence where Stanford, Haas, Babson, Wharton and others have a physical campus. Instead, Darden is using a targeted approach to make an impact in the Bay Area where the School’s strengths align with the region’s greatest needs — areas of specialization like entrepreneurship and innovation, data science, and venture capital and private equity. Take, for instance, Darden’s Batten Institute, which in August named Robyn Swift its first director of West Coast initiatives, based in San Francisco. “The Batten Institute understands our relationship with the entrepreneurial hub of the world is paramount,” Swift said. “If we can create a superhighway for students between Darden and Silicon Valley, we will deliver on our promise of a world-class student experience while engaging Bay Area alumni and expanding Darden’s brand presence.” Swift has supported a growing drumbeat of Darden activity in the Bay Area since she arrived as a development officer in 2014. There are plans for much more, Swift says. “The advice I’ve received from alumni is: ‘Make small bets and see what clicks. If we fail, fail fast and move on. Try events, pick topics, try things in different places,’” Swift said. “To execute our strategy, we couldn’t expect our alumni to come to us. We had to bring Darden to the Bay.”
Left: Van Hatchell (Class of 2018) with BlueRun Ventures General Partner Jonathan Ebinger (MBA ’93). Right: Whitney Hagan (Class of 2018) with Glynn Capital Management founder John Glynn. (See profile of John Glynn on Page 46)
Darden Unlocks In-Demand Startup Internships Glynn Capital Management
selective fellowship for MBAs
founder John Glynn, a member
seeking experience with early stage
of the Darden School Foundation
technology startups and mentorship
Board of Trustees, and Jonathan
from leading venture capitalists.
Ebinger (MBA ’93), general partner
The Technology Venture Fellows
at BlueRun Ventures and vice chair
(TVF) program, developed last year
of the Batten Institute Advisory
by Darden’s Batten Institute for
Council, served as the inaugural
Entrepreneurship and Innovation,
sponsors. Glynn sponsored one of
concluded its first cohort in mid-
the fellows, Second Year Whitney
August. Each of the three fellows
Hagan, at the Oakland, California-
selected spent 10-week internships
based mobile, photo-app startup
with high-growth ventures.
VSCO, one of the ventures in
Through projects, mentorship and
Glynn’s portfolio. Ebinger sponsored
coaching, they gained experience,
Second Years Van Hatchell and Kyle
a network of connections and
Collins at Redwood City, California-
inspiration to potentially pursue an
based ZeeMee and Atlanta-based
entrepreneurial path after Darden.
Kabbage, respectively, both of which
The TVF program is able to provide such unique access
are in the portfolio of BlueRun Ventures.
because of its sponsors — senior
Moving into its second year,
venture capitalists who participate
the TVF program seeks to expand
directly in the interview process,
with a larger cohort of interns and
agree to place the fellows in a
the addition of new sponsors.
tech startup within their portfolio
Centerview Capital Technology
of investments, work with the
Partner Ned Hooper (MBA ’94) has
fellows and the companies to find
already signed on to join Glynn and
the best mutual fit, and provide
Ebinger as a third venture capital
ongoing mentorship to the fellows
sponsor next year.
throughout the summer.
Darden has introduced a highly
I cannot imagine a better internship experience, and I’m simply blown away by the amount that I’ve learned in the past 10 weeks. I know that my work will have a lasting impact at Kabbage and that the skills that I’ve gained will have a lasting impact on my own career.” — Kyle Collins (Class of 2018) WINTER 2018
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THE DARDEN REPORT
A Driving Force for Behavioral Research to Benefit Society
ow do leaders formulate a system in which the long-term viability of not only the organization but the society in which they exist is an important factor in their decisionmaking? How do you train someone to make the type of decisions that are not just self-based but other-oriented? These are examples of the burning questions that drive the work of Professor Morela Hernandez — an associate professor in the Leadership and Organizational Behavior area at Darden and academic director of the Behavioral Research at Darden (BRAD) Lab. By probing those questions, Hernandez is determining how organizations develop governance systems. “To me, that’s a passion. And it’s not good enough to just study it,” she said. Her passion has led Hernandez to expand the impact of behavioral research at Darden and the University of Virginia to business practitioners through a project called the Behavioral Research for Society (BRS) lab. “I wanted the ability to take the research that I do and have a greater impact on individuals outside the academic environment,” said Hernandez, who was born in Honduras and speaks four languages. “I thought Darden would offer an opportunity to directly communicate in a much broader way with the individuals who could put this into practice. And I can say it’s happened in a very positive way.” Hernandez worked with Dean Scott Beardsley to secure $2.2 million in startup funding support from UVA’s Strategic Investment Fund, to build a collaborative research infrastructure for the BRS lab “that will facilitate the generation of new knowledge and solve pressing problems in business and society.” With the startup funding, Hernandez said ongoing work can be extended in three broad areas: • Diversity and the correction of racial and gender biases in society • Sustainability and the creation of more sustainable decision-making practices across generations • Health, using practices related to mindfulness and compassion to improve health outcomes And she strongly believes it’s important
to make the BRS lab self-sustaining. “I think any responsible leader creates a system that can operate without them.” Hernandez and Beardsley see the project as one that would “further position UVA to lead in the application of behavioral science to solve society’s biggest problems across disciplines.” For example, through a developing partnership with the UVA School of Engineering, the project would be like Harvard University’s Wyss Institute, which has received over $250 million to apply biological science to world issues. “If you care about big problems, I think it’s impossible to solve them in one discipline,” said Hernandez. “And if you’re curious about how others view different pieces of the problem, together you can be much more effective.” Over the past few years, she has fostered relationships with colleagues across UVA, including the schools of nursing, medicine, public policy, education and engineering as well as with private partners “to understand how our scholarship can have a larger, more substantive cumulative impact. That’s the driving force behind the idea of interdisciplinary collaboration. I wake up every morning thinking: How do we strengthen and increase our research culture at Darden, and how can others on Grounds contribute to those efforts? How can we help each other?” Darden’s BRAD Lab — an interdisciplinary laboratory supporting behavioral research — is the center from which Hernandez hopes to grow the more comprehensive BRS lab. The BRS lab will offer space, equipment, social infrastructure — including a human subject pool, staff and research assistants — “to stimulate cross-functional collaboration and to streamline faculty time in designing and executing a wide range of studies.” As Hernandez puts it, the BRS lab will serve as a “nexus of research development for scholars across schools at UVA who want to use behavioral science to take on social issues.” The BRAD Lab already provides support to at least 100 researchers, including 45 affiliated faculty at eight schools at UVA. Hernandez came to Darden more than three years ago from the University
of Washington, and she has more than a decade of experience teaching leadership development. Her move to Darden was motivated by her desire to further improve her teaching within a supportive, expert community of world-class instructors. Her desire to be at UVA was grounded in what she describes as unique opportunities for interdisciplinary scholarship. Darden’s teaching culture struck her at once. “Stepping into the classroom and watching what my colleagues do is inspiring. They create an environment where
Hernandez worked with Dean Scott Beardsley to secure $2.2 million in startup funding support from UVA’s Strategic Investment Fund, to build a collaborative research infrastructure for the Behavioral Research for Society lab “that will facilitate the generation of new knowledge and solve pressing problems in business and society.”
students come with open minds and open hearts, creating one conversation among 60 classmates that drives home points better than any PowerPoint slides could. I was humbled by their sheer expertise and how much I could learn from them. I’ve become a much better teacher over the past three years, and it is because of the support and coaching of my colleagues here at Darden. That was the primary motivation for moving, and my expectations were not only met but exceeded.” Hernandez’s philosophy, meanwhile, is to keep learning. “I’m highly competitive. Not necessarily against others. I want to improve because I want to get better. I know I can get better because my greatest aspiration is to help inspire collaborations that will benefit us over the long term.” WINTER 2018
WHY Activating Dardenâ€™s New Brand Campaign
Brands differentiate a product in a crowded marketplace. They are intangible, customercentric concepts that contribute to bottom-line value when they are built on strategic positioning. For longstanding, institutional brands, like those in higher education, the temptation to treat the brand as sacred is strong. But these are disrupted times, even in academia, and disruption provokes action of two kinds â€” reactive and protective, or proactive and strategic. The Darden School of Business has chosen the latter course of action. Marlon Evans (Class of 2019) 20
THE DARDEN REPORT
arden’s new brand campaign and its first market-facing expression — “Put Your Why to Work” — encapsulate the belief that work should be meaningful and that business is about value creation. From careers to communities, from granular transactions to GDPs, and from efficiencies to disruptive innovations, value is at the heart of progress and is the soul of meaningful work. Darden develops modern leaders who are motivated by their “whys” — their purposes and their passions. Darden empowers students to tap into their talents, to find their whys and act on them. At Darden, business and purpose belong in the same sentence. Dean Scott Beardsley defined that concept in his speech to the graduating Class of 2017. “It is in the enlightened self-interest of business to provide meaningful work so as to attract, develop, excite and retain the best talent. That will deliver the best business results. The mission actually matters,” said Beardsley. “Don’t just review your income statement, review your outcome statement. Don’t just think about ROI, think about your R-O-WHY. Yes, the return on your why. My experience is that a focus on R-O-WHY will lead to superior performance for you and your company.”
THE DARDEN MBA
THE DARDEN MBA
ADVA N CE A
VA LU E S C RE A TE VA LU E .
PA SS IO N .
HOW WE GOT TO WHY Built over the past six decades, Darden is a powerful brand by many measures: awareness, rankings, loyalty, reputation, geographic reach. It wouldn’t be hard to rationalize accepting the status quo. Yet just as the velocity of change is affecting business, so, too, it affects graduate management education. Competition in the business school space continues to intensify and appears from both expected and unexpected places in ever greater strength. Today, business schools must compete with consulting firms, online educators and corporate universities. New offerings for highly specialized degrees abound. Online education has exploded, and some of the world’s most progressive companies now deliver their own development programs. An important generational shift is also at work. Recent surveys from the likes of Deloitte and Gallup show that millennials’ expectations of work and career are reframing the definition of success. Millennials — to a much greater degree than the baby boomers and Gen Xers before them — desire a blend of meaningful work and financial reward. They seek purpose-driven and profitable jobs. This balance affects corporate cultures, talent management priorities, and the expectations for an MBA or any investment in leadership training.
ADVA N CE A
PO SIT IO N.
PUT YO UR WHY TO WORK
ASK MORE OF YOUR MBA
In the first, digital phase of the campaign launch, Darden’s new branding has been visible across targeted display ads and emails, social media and Darden’s webpages. WINTER 2018
As education options proliferate, the MBA is feeling pressure from commoditization. The vast majority of traditional universities confer MBA degrees — a whopping 189,000 of them in 2017 alone, according to the National Center for Education Statistics. Of the 796 schools in 53 countries accredited by the Association to Advance Collegiate Schools of Business, Darden holds a coveted position in the Top 20.
Market research for the project considered input from 1,300 people from around the globe (including hundreds of prospective MBAs and recruiters) and unearthed an important opportunity.
Yet to hold and advance that position, the Darden School’s Darden Worldwide strategic plan puts forth building a global brand and network as one of its priorities.
With disruption and rapid change established as the new normal, studies show that a talent gap is emerging as businesses seek people qualified and prepared to navigate the uncertainty and drive innovation.
In fall 2016, the Darden Communication & Marketing team, in partnership with Philadelphia-based Karma Agency and an alumni leadership committee comprised of executives from Save the Children, Walmart and The Walt Disney Coompany, set off to strengthen the School’s unique value proposition and its position in the marketplace. “One of the project’s guiding principles was the notion that to stand on a solid and proven foundation, it must be validated by testing and research,” said Carolyn Miles (MBA ’88), president and CEO of Save the Children and chair of the Darden School Foundation Board of Trustees Branding, Marketing and Communication Committee.
FILLING THE GAP
This new landscape defines the opportunity for Darden to position, differentiate and gain competitive advantage. In the market research, a key insight emerged: In the context of accelerating change, what you know can rapidly obsolesce; how you learn becomes the critical factor in navigating uncertainty. Since its founding, Darden has focused on developing in its graduates and executive education participants the ability to learn, and to learn continuously. How Darden prepares its learners and leaders differs — and has always differed — from much of the competition.
We Are Darden. Alumni are a vital part of the Darden brand. The School’s thou-
WHERE THERE'S A WILL ,
sands of alumni are its greatest ambassadors and help Darden
THERE'S A WHY.
achieve global impact and scale through improved awareness of the power and promise of the Darden brand. Five ways alumni can energize the brand: 1
Activate the brand on social media. — Follow, like and share our posts from @DardenMBA on Facebook, Twitter and Instagram. — Use the hashtag #putyourwhytowork. — Follow Darden School of Business on LinkedIn and add
Darden to your education profile.
2 Recruit 3 Speak 4 Bring
or refer prospective students.
in the classroom or Skype-in for a discussion.
hot topics from your company to a Darden conference
Darden MBA and Darden Executive Education. Supporting the Washington Business Journal 2017 Innovation Award winners, and all the enterprising minds that channel purpose into progress. PUT Y OUR WHY TO WORK . WWW.DA RDEN.V IRGINIA .EDU/ INNOV A TE
Speak up for Darden.
THE DARDEN REPORT
As the campaign continues, Darden’s brand messaging will become visible in print ads like the one above, as well as in videos and environmental advertising.
Darden draws from five sources of strength: 1. Spontaneous yet deliberate learning experience What is often understated as “the case method” is, in fact, a spontaneous and deliberately orchestrated learning experience that cultivates understanding, critical thinking and a leadership voice. The approach contrasts starkly with lecture-based learning. At Darden, the student is a participant rather than a recipient. 2. Intensity of experience MBA forums buzz about something that all Darden alumni know — the intensity of the experience. This intensity is intentional. Business learning should be a fully immersive exercise, simulating the variables and challenges of global leadership. 3. Culture of mutual respect and positive intent Darden faculty and students engage with optimism and shared purpose, setting a standard for collaborations that lead to real value.
Bonnie Matosich (MBA ’92) chats with students at First Coffee during a visit to welcome the Class of 2019 to Darden this fall.
Disney’s Matosich Shares Insights on Building a Global Brand
4. Proximity to business practice Darden remains deeply interested in the issues that business faces today, prizing proximity to business practice over ivory tower theories. This connection is evident in the work of faculty and in the pragmatic preparation that Darden graduates bring to their careers.
Bonnie Matosich (MBA ‘92) knows how
5. Honor and purpose Although Darden is hardly the only institution to use these words, the traditions of accountability to each other and purposefulness in work live vibrantly in Darden’s diverse, inclusive and global community.
some of the world’s most beloved brands
As Darden seeks to meet its mission to develop and inspire responsible leaders and to advance knowledge, it does so by empowering agile, creative and critical thinkers capable of transforming business and society, globally. This is the idea around which Darden will proactively build its brand story. “In a world of disruption and rapid change, Darden has a unique opportunity to define and develop the effective, modern leader,” said Julie Daum, executive director of Communication & Marketing at Darden. “As we activate the brand, we are finding that Put Your Why to Work strikes a chord,” said Beardsley. “Messages about responsible leadership and honor, integrity, teamwork and hard work matter now more than ever. Values do create value.”
to build strong global brands. As vice president of brand development for The Walt Disney Company, Matosich is in charge of developing growth strategies for — Disney, Marvel, Star Wars, ESPN and ABC. Matosich, who also serves on Darden’s Branding, Marketing and Communications Committee and Corporate Advisory Board, came to the School for the first week of the academic year during the Career Development Center’s Career Discovery Forums. She shared her career journey from the CIA to McKinsey to Disney, offering lessons drawn from her professional path.
Matosich’s Brand-Building Directives: 1
Know your customers inside out.
Get clarity through the clutter with strong customer data analytics.
In a world of disruption and rapid change, Darden has a unique opportunity to define and develop the effective, modern leader,” said Julie Daum, executive director of Communication & Marketing at Darden.
Measure brand strength and drive growth.
Monetize the brand across businesses.
Be global, but also regional and local.
ne of the world’s most ancient creatures, sea turtles have roamed the oceans for 110 million years, surviving on a diet ranging from sea grass to sponges to snails. In recent decades, a new item has made a lethal introduction into the diet of the many endangered species of sea turtle: plastic. According to a University of Queensland study published in the journal Conservation Biology, green turtles are ingesting twice as much plastic as they did 25 years ago. The Ocean Conservancy reports that 17 billion pounds of plastics flow into the world’s oceans every year and threaten a wide diversity of marine life from anchovies to dolphins to turtles. But one seemingly small change could have a significant impact. With experience gained at McKinsey & Co., Procter & Gamble and New York advertising houses, Darden School graduate Marco Vega (MBA ’01) co-founded the New York City-based ad agency We Believers with partner Gustavo Lauria in 2014. The agency works with clients like Volvo, Pepsi, Burger King, Charter Spectrum and Nestlé, not just to create ad campaigns but to co-create and problem solve. Vega was giving a talk at the South by Southwest Festival when he received a text from Lauria, who was directing a TV spot and finding himself increasingly disgusted with the amount of plastic discarded on set. Lauria texted that he was “done with plastic” and that the agency needed to create packaging “that feeds the fish instead of killing them.” At that very moment, an idea was born: an edible six-pack ring — a compostable, biodegradable and edible holder for soda and beer cans. Vega and Lauria built We Believers on the premise that the best creative work is inspired by purpose, and the project seemed like a logical step forward. All they needed was to find a partner willing to co-create.
At that very moment, an idea was born: an edible six-pack ring — a compostable, biodegradable and edible holder for soda and beer cans.
Marco Vega (MBA ’01)
“Within six weeks, we had gone from that text to the initial prototype,” Vega said. “That process usually takes at least eight to 12 months for established companies.” Vega, who said he has been influenced by the entrepreneurial teachings of Darden Professors Greg Fairchild, Saras Sarasvathy and Jeanne Liedtka, among others, continued to rapidly iterate on the idea, creating the initial prototype on a 3-D printer and using a hydraulic press for the first 400 units. We Believers approached SaltWater Brewery, a craft brewery in South Florida, with the idea and got their buy-in to test the product and produce a perfectly shot commercial. It was that spot — featuring images of wildlife trapped in plastic rings and a sea turtle gobbling up a piece of an edible six-pack ring — that thrust the product into popular consciousness. “When we put the video online, it just spread like wildfire,” Vega said. “It’s been breathtaking.” Vega said the video earned more than 250 million views on Facebook and north of 8 billion global impressions (Watch at www.E6PR.com). It’s not a clever commercial people are responding to, Vega said, rather it’s the prospect of seeing a widely accepted problem solved for good. “That’s the new way to build brands,” said Vega. “We call it Brand Venturing: a combination between the effectuation theory of entrepreneurship, design thinking and the creative process.” The edible six-pack ring will soon be in the marketplace with SaltWater Brewery in Florida. In 2018, the rings will be distributed more widely, thanks to a pilot program with one of the major beer holding companies. We Believers has filed for a patent for the formula and design of the rings and hopes the product becomes pervasive — particularly as canned beer continues to take share from bottles in the marketplace. The agency’s work on the rings and for others has drawn notice within the industry. AdAge named We Believers a 2017 Ad Agency to Watch, noting, “In two years, We Believers went from a $140,000 project to a New York shop with $7 million in revenue and small offices in Los Angeles and Buenos Aires.”
he chaotic roads of India are among the most dangerous to drive in the world and are shared by modes of transport ranging from trucks and cars to cows and cycle rickshaws. In 2015, road accidents claimed more than 146,000 lives, according to India’s Ministry of Transportation and Highways, and left more than half a million people injured. Darden graduate Krishnan Srinivasan (MBA ‘01) — a native of India — is determined to change his country’s traffic safety culture, which is often described by local drivers as “good horns, good brakes, good luck.” In addition to a Darden MBA, Srinivasan holds a master’s degree in transportation engineering from the University of Cincinnati. After Darden, he took an assignment with the organization MBAs Without Borders (formerly MBA Enterprise Corps), which offers MBA graduates consulting assignments in emerging markets worldwide. Srinivasan’s post took him to Kazakhstan, where he worked with small business owners as the country transitioned to a free market economy, and he saw firsthand the impact he could have working in the developing world. When the program in Kazakhstan ended, Srinivasan turned his attention to one of the most intractable problems in his home country: its famously dangerous roads. “Living in the U.S. and going to Darden really opened my eyes to the broader world and gave me the confidence to go to Kazakhstan and try to help people there,” Srinivasan said. “I thought, if I could do this there, I could do it in India, as well.” Living in India and working largely as a consultant for the World Bank, Srinivasan has
THE DARDEN REPORT
“Living in the U.S. and going to Darden really opened my eyes to the broader world and gave me the confidence to go to Kazakhstan and try to help people there. I thought, if I could do this there, I could do it in India, as well.” Krishnan Srinivasan (MBA ’01)
now spent more than a decade helping to bring transportation solutions to his rapidly growing country and other Asian nations, playing key roles in new legislation and policy dictating safer roads and vehicles. Bringing safety to the forefront of the conversation in a country that has been building roads and adding motorists at an incredible clip has been an enormous task, but Srinivasan said India has begun to grapple with the consequences of the status quo. “It has taken a long time for the government to recognize that road safety is an issue,” Srinivasan said. “Now it’s more accepted, but they have little idea of the road safety management principles or leadership approaches they should be taking.” Drawing on his Darden education as much as his transportation background, Srinivasan calls moving the country toward a safety-centric approach “a management issue,” with coordination of stakeholders, tracking of methods and working toward clearly outlined goals more important than looking for quick fixes. Srinivasan is particularly proud of some of the amendments he has helped draft to the Motor Vehicle Act in India. In addition, Srinivasan advocates for safety measures such as road signs, markings, sidewalks, crash barriers, and pedestrian bridges or underpasses, arguing that such design elements be treated as essential rather than afterthoughts. By breaking things down into smaller pieces, collecting measurable data and gaining buy-in among a diverse group of stakeholders, the transportation consultant said the impossible no longer seems so. Said Srinivasan: “Darden has helped me in terms of instilling a can-do attitude; in terms of picking up a challenge and trying to scientifically solve it and, at the same time, building consensus around various strategies and tactics.”
oYoung Ban (MBA ’11) saw firsthand the devastating impact from strokes, as first his father and then two uncles were stricken by the condition, which is a leading cause of long-term disability. The Darden alumnus and South Korean native was inspired to start Neofect after seeing the poor rehabilitation experience of his uncles. Recalling their struggles, Ban believed his family members’ mobility could have been improved if the care intended to speed their journey back to health was not so cost-prohibitive, and if the exercises themselves were not so dull and rote. With the help of co-founders Young Choi and Scott Kim (MBA ’11), Ban launched Neofect shortly after graduating from Darden, marrying his engineering and tech background with a new suite of management and entrepreneurial skills. Since launching their flagship product, the Rapael Smart Glove, in 2014, the company has drawn much attention, with lengthy profiles in publications like Financial Times and CNN and accolades including innovation awards at the 2017 Consumer Electronics Show and from groups like the AARP. Wearing the glove, patients can practice a series of tasks simulated on a computer screen, with games involving painting, slicing fruit and catching fish, among other tasks. The repetitive tasks, which change based on user behavior, are intended to improve neuroplasticity and motor function of patients with brain injuries.
Ban believed his family members’ mobility could have been improved if the care intended to speed their journey back to health was not so cost-prohibitive, and if the exercises themselves were not so dull and rote.
Kim, CEO of the California-based Neofect USA, said the company has now reached a “critical growth phase,” as it seeks to move from startup status into a sustainable growth venture. The company has added a trio of new products to complement its glove — a child-sized smart glove, a smart pegboard for functional and cognitive rehabilitation, and a smart board for upper limb issues — all of which are underpinned by the company’s software. The company has many patients using the Smart Glove at home, and Kim said it is benefiting from industry trends such as moving services outside of the hospital setting and telemedicine treatments in which patients consult with health care professionals via video link. “The new home software is very exciting,” Kim said. “The more you use the software, the more the software gets to know you better, and it recommends different sequences of rehab programs based on your progress and goals. We’re really banking on this program so that everyone can benefit from the therapy.” Although working with the health care industry presents no shortage of challenges, Kim says the company’s employees feel like they are doing purposeful work. “This is a business that no one can hate,” Kim said. “This is something that really impacts everybody so personally. It feels great.”
HoYoung Ban (MBA ’11)
Lopsided Growth: Can a Rising Tide Sink Some Boats? Discover thought leadership from the Darden faculty that affects business practice at ideas.darden.virginia.edu.
Growing up in Denver in the 1990s, Darden Professor Dan Murphy witnessed something that nagged him into adulthood: a thriving suburbia marked by growth in jobs, wages and production, juxtaposed against an urban center that continued to struggle. He became aware of skilled nurses leaving clinics that served primarily poor neighborhoods to earn higher wages at plastic surgery or other types of health-service offices catering to wealthier populations. No one could blame them, he thought â€” and yet, the widening divide between rich and poor was as unmistakable as it was distressing.
THE DARDEN REPORT
ast forward two decades, evidence of disparity still lingers in the wake of the technology-driven growth of the 1990s. A 2016 article by the Associated Press described Denver as a “tale of two cities, all in one place” — a tale that, the article noted, isn’t isolated to Denver. In cities across the nation, there seems to be “an economy on paper that most Americans don’t recognize in their own lives.” Murphy’s questions of his youth remain poignant today: Is it possible for economic growth to make some people worse off ? If so, under what circumstances?
Seeking answers, he examined data from the Survey of Income and Program Participation — a household-based survey by the U.S. Census Bureau
that collects the most extensive information available about the nation’s changes in economic well-being over time. He looked at measures of hardship — such as “not enough to eat” and “unable to meet basic expenses” — among “high-skilled” workers (defined as those with a college education) versus “low-skilled” workers (those without a college degree), and how they changed from the mid-1990s to the mid2000s. His analysis revealed falling living conditions among lower-income households, as well as a sharper disparity in states that experienced the highest per capita growth rates. His suspicions grew: Was he right that technology-driven economic growth had in fact hurt part of the population? Was a key tenet of trickle-down theory — that all members of society benefit from growth — erroneous in this context? To find out, Murphy set about developing a model that accounts for economic growth biased toward a certain sector — i.e., growth in which an entire population sector is left out of both the supply and demand sides of growth. Using the model, he examined whether the trickle-down effect could indeed have failed in the face of the sector-biased growth of the 1990s. Discussed in his paper “Welfare Consequences of Asymmetric Growth,” published in the Journal of Economic Behavior & Organization, Murphy’s model shows conditions under which growth can make lower-income households worse off. In particular, if growth favors the labor skills of the rich and the goods and services consumed by the rich (known as the “consumption bundle of the rich”), then growth may disproportionately help the rich while harming the poor. This, Murphy believes, is exactly what may have happened in the 1990s and early 2000s. Certain IT-intensive industries invested in the technological change of that era. The new technologies complemented skilled (educated) labor and produced goods and services predominantly consumed by those same workers. These industries included: • Telecommunications and cable networks • Professional services (especially legal and medical services) • Certain financial services (e.g., credit intermediation and related activities) • Air transportation Thus, even while the economy ballooned during that period, lower-skilled workers found their jobs replaced by machines, less valuable or even obsolete.
Murphy’s analysis revealed falling living conditions among lower-income households, as well as a sharper disparity in states that experienced the highest per capita growth rates.
The goods and services they consumed were also produced less and less as they became less profitable in the new IT era. With the advances in technology biased against the consumption bundle of the poor, the well-being of lower-income households fell, despite — or perhaps even because of — overall economic growth.
The gap widens between the wages, profits and standard of living of high-skilled mechanics and their clientele, versus those of the low-skilled mechanic and their clientele. Average wages and profits among auto mechanics may rise during this period, but the low-income households can no longer afford the services of highskilled mechanics, so they effectively face higher quality-adjusted prices. Thus their real wage/income falls. The statistics obscure the full reality of the situation.
Tale of Two Auto Mechanics: A Real-World Example
The adverse effects of asymmetric growth are the most salient when the consumption bundles of the rich and the poor are distinct. This situation is especially relevant in the context of local neighborhood services. In highly segregated cities, the poor tend to consume the services provided in their neighborhoods and the rich the services in their neighborhoods. Imagine an auto repair shop that uses state-of-the-art equipment near a wealthy, gated community. Skilled mechanics, who have been trained to use the new equipment, will earn a high return using the new equipment, while low-skilled auto workers repair cars for the poor in less affluent neighborhoods. Since the low-skilled mechanics work with inferior capital equipment, their efficiency and quality remains low, as does their income. Low income implies that demand for goods and services in low-income neighborhoods remains insufficient to attract new investments that would, in turn, increase wages and wealth. Over time, the technology can have a bifurcating effect. As new technology continues to complement the abilities of high-skilled mechanics, those mechanics will increasingly work in the high-end auto shops that serve the rich, while the lessskilled mechanics will disproportionately provide services for the poor. At the aggregate level, two distinct economies can emerge: one in which the high-skilled rich provide services for each other and another in which the poor consume services provided by low-skilled, low-income workers.
THE DARDEN REPORT
As Murphy notes, if only the bottom line — the overall size of the economic “pie” — matters, then asymmetric growth, as long as it’s growth, isn’t concerning. However, if there’s a concern for the welfare of all, rich and poor alike (not to mention everyone in between), then equalizing measures should be put in place when growth is sector-biased, Murphy says. These measures may include government subsidies, accessible education or job-training programs, and a progressive taxation system. Steps like these give lower-skilled (and lower-income) workers a chance to retrain and adapt to new labor needs. More research and data gathering are needed to determine the precise contexts in which economic growth fails to help all parts of a population. The key takeaway from this initial study, Murphy says, is that we should not assume a rising tide lifts all boats. In some cases, as in the technology-fueled growth of the 1990s, it may, instead, tilt the waters disproportionately toward the rich, leaving the poor in shallow waters — or even running them aground.
Professor Dan Murphy authored “Welfare Consequences of Asymmetric Growth,” which appeared in the Journal of Economic Behavior & Organization.
Trending on Darden Ideas to Action
The Innovation Dream Team: Opposites Succeed Professor Jeanne Liedtka and Randy Salzman One key to design thinking is for designers to empathize with those who see the world through what Stanford psychologist Carol Dweck calls a “fixed mindset” — many of whom may be corporate or bureaucratic managers — and vice versa. Having learned at an early age that “life’s a test, try not to look stupid,” the fixed mindseter usually digs deeply into a specialty and masters the intricacies of it, while designer-types, who usually enjoy what Dweck calls a “growth mindset,” see life as a journey of discovery and, therefore, have developed a more diverse repertoire.
Give It a Rest: How to Reduce Fatigue and Raise Productivity
Wells Fargo and the Public’s Withdrawal of Trust
Professor Manel Baucells
Professor Luann Lynch
Studies have indicated that the problem isn’t so much logging too many hours at the office; it’s the way we work that’s exhausting us. A seminal 2004 report pointed to factors that influence a greater feeling among today’s workers of being overwhelmed and fatigued, such as an uptick in multitasking and workday interruptions (causing a lack of focus) and on-the-job pressure to produce more, and more quickly. In their research, Baucells and [Lin] Zhao developed a model, called the fatigue disutility model, rooted in both common sense and past research evidence. The model captures three main ideas: • Fatigue increases with effort and decreases with rest. • Fatigue makes work more unpleasant. • Fatigue reduces productivity.
How did such a good company make such bad decisions? Lynch says the dangerous trio of pressure, opportunity and rationalization allowed the unthinkable to happen. Pressure: Management pressured employees to meet cross-sell goals any way they could. The company’s 37-page booklet, Visions and Values, was apparently for show. Opportunity: Cheating is easier when you don’t expect to get caught. Sales people believed the chance of being found out was slim. Open accounts were rarely monitored. Social security numbers weren’t needed to open accounts. Rationalization: Rationalization came easy. Sales people were afraid of being fired or making less money if they didn’t meet sales goals.
Darden Ideas to Action shares business knowledge — research, analysis and commentary — from faculty and partners of the Darden School. Visit ideas.darden.virginia.edu to read more. WINTER 2018
Heard on Grounds
On Purpose, Leadership and the Power of Data How to lead effectively amid a rapidly changing landscape is a critical issue in business today, and leaders from some of the world’s top companies came to Darden this fall to share their insights on the hot topics of purpose-driven leadership and leading through change.
“This is the best time for people who have the right skills and right education … It’s also the worst time in history for people with ordinary skills and education.”
“If you don’t have [data analytics] and you are trying to manage money like you used to, the chances that you are going to be a winner are low.”
— Nick van Dam, global chief learning officer, McKinsey & Co.
— Kate Moore, chief equity strategist, BlackRock
Keynote address: Learn or Lose 18 September
University of Virginia Investing Conference, 10 November
“We hire MBAs every year, and it’s definitely the case that our Darden grads are among the best. Why? They fit in. They’re humble. They work hard. They are broad thinkers.”
— Dan Daniel (MBA ’91), executive vice president, Danaher Leadership Speaker Series, 4 October
“It’s no good anymore just to make a good-tasting product. You have to make a positive impact.”
— Muhtar Kent, chairman and former CEO, The Coca-Cola Co. Watch videos from the Darden Leadership Speaker Series at YouTube.com/user/DardenMBA
THE DARDEN REPORT
Leadership Speaker Series, 10 October
CLASS OF 2019 SETS NEW RECORDS
DARDEN’S CLASS OF 2019 IS A HISTORICALLY DIVERSE GROUP WITH THE HIGHEST PERCENTAGE OF INTERNATIONAL STUDENTS EVER IN THE FULL-TIME MBA AND A RECORD NUMBER OF EXECUTIVE MBA STUDENTS.
EXECUTIVE MBA AND GLOBAL
EXECUTIVE MBA STUDENTS
AVERAGE GMAT (HIGHEST EVER) WOMEN (TIED HIGHEST EVER)
G. Robert Strauss Marketing Award, honoring a Second Year who shows innovative thinking, the ability to develop unique solutions to realworld problems, flair and charisma in presenting ideas, and compassion for fellow students
C. Stewart Sheppard Distinguished Service Award, honoring students for exceptional service of a nonacademic nature Catherine Aranda Tatsuya Hasegawa
U.S. STATES AND TERRITORIES REPRESENTED DOMESTIC MINORITIES
CHARLOTTESVILLE, VIRGINIA, SECTION DOMESTIC MINORITIES
Michael “Mick” Denner
INTERNATIONAL (HIGHEST EVER)
E xecut ive MBA
Samuel Forrest Hyde Memorial Fellowship, honoring the Second Year who contributed the most to Darden as a First Year
Ful l - T i me MBA
713 39% 36% 36 29 20%
Honoring Darden’s Top Second Years
ROSSLYN, VIRGINIA, SECTION
CHOSE THE GLOBAL EXECUTIVE MBA TRACK
William Michael Shermet Award, honoring students who demonstrate academic excellence Prasenjit Bhattacharjee Samuel Campbell Kyle Collins Jared Colton Christine Kasper Tyler Kirchoff Anisa Mechler Jeffrey Morell Ruchi Parikh Ryan Russell Arun Shankar Isaac Tipton Augusto Torres Bozzi Thanh Trang Hoang Le Dang Trinh
FACULT Y NEWS On the Bookshelf
Higher Calling: The Rise of Nontraditional Leaders in Academia Dean Scott Beardsley (UVA Press, 2017) Beardsley provides a close-up and personal look at the shift underway in presidents’ offices across the country and offers a new vision for leadership in higher education.
Design Thinking for the Greater Good: Innovation in the Social Sector Professor Jeanne Liedtka, Randy Salzman and Daisy Azer (Columbia University Press, 2017) Liedtka’s book explains that the design thinking concepts and techniques popular in the corporate world have at least as much relevance and power in the social sector.
Snapshot of New Courses The Darden School is offering several new courses in the 2017–18 academic year, including: “Business in Society: Stakeholder Management and Smart Regulations” Dean Scott Beardsley and Professor Ed Freeman offer a special topics seminar held in UVA’s historic Rotunda examining the role regulations play in helping business improve society.
“Entrepreneur’s Guide to Business Structures and Capital Formation” UVA Law Professor Andrew Vollmer offers a seminar familiarizing students with the main forms of business organization and examining the sale of securities to raise capital.
THE DARDEN REPORT
New Massive Open Online Courses “Designing for the Greater Good: Innovation in the Social Sector” Professor Jeanne Liedtka’s new online course builds on the topics explored in her new book, taking the power of design thinking and applying the principles to the social sector. “Ethical Leadership Through Giving Voice to Values” Professor Mary Gentile offers her popular Giving Voice to Values course in an online format for the first time, providing an action-oriented introduction to this “selfdefense class for the soul.”
“Financial Crises and Civic Reaction” Dean Emeritus Bob Bruner offers a course on what he refers to as financial civics, or how markets, institutions and instruments in finance interact with democracy and the regulatory establishment. “Managing Health Care Systems” Visiting Professor Aravind Chandrasekaran of Ohio State’s Fisher College of Business and one of Poets & Quants 2017 Best 40 Under 40 leads students through the complex world of this critical sector of the global economy.
Data Mining for Business Analytics: Concepts, Techniques, and Applications in R Professor Casey Lichtendahl, Galit Shmueli, Peter Bruce, Inbal Yahav and Nitin Patel (Wiley, 2017) Lichtendahl and his co-authors offer the fifth edition of the book, which teaches how to implement a variety of popular data-mining algorithms in the free and open-source R.
Dean Emeritus and University Professor Bob Bruner is offering a new course in financial civics.
“Understanding Your Data: Analytical Tools” Darden researcher Cristiano Guarana’s course will help learners get the most from their data, with students able to analyze and interpret the results of the data sets they have encountered and gathered in their research.
P3 Impact Award-Winning Partnership Improves Health in Bangladesh Professor Luca Cian published one of the most downloaded research papers of the year.
Faculty Accolades Professor Luca Cian was recognized as a Top 10 percent author by total downloads within the last 12 months by Social Science Research Network. Professor Ed Freeman was named a Hero of Conscious Capitalism by Conscious Capitalism Inc. for “striving to embody the tenets” of the organization. Professor Mary Gentile was named to the shortlist for the Thinkers50 2017 Distinguished Achievement Award in the Ideas Into Practice category. She also received a bronze Ethical Leadership Award from Reimagine Education for her Giving Voice to Values pedagogy. Professor Jeanne Liedtka received an award from the 2017 Design Management Academy at its annual conference for the most significant theoretical contribution to the design innovation management field. Thinkers50 also included Liedtka on its shortlist for the T50 Innovation Award, part of the organization’s 2017 Distinguished Achievement Awards.
Darden, the Office of Global Partnerships at the U.S. Department of State and Concordia in September named the Sanitation Marketing Systems public-private partnership winner of the 2017 P3 Impact Award for its work strengthening the sanitation system in Bangladesh. Five organizations joined together to form the partnership: • Bangladesh Department of Public Health • iDE
• Rangpur Foundry Ltd.
• Swiss Agency for Development and Cooperation • United Nations International Children’s Emergency Fund
The partners trained 340 latrine producers — 32 percent of whom are women — to use last-mile marketing to generate demand for hygienic latrines in Bangladesh. The producers sold more than 37,000 improved latrines, resulting in improved health and wages saved from avoiding illness. The P3 Impact Award recognizes model public-private partnerships from around the world. The Sanitation Marketing Systems partnership was selected from among 50 submissions and five finalists.
Professor Saras Sarasvathy was awarded the Foundational Paper Award from the entrepreneurship division of the Academy of Management for her 2001 paper “Causation and Effectuation: Toward a Theoretical Shift From Economic Inevitability to Entrepreneurial Contingency.” Professor Frank Warnock won a 2017 All-University Teaching Award from UVA. Professor Mary Margaret Frank helped award the 2017 P3 Impact Award at the Concordia Summit in New York City.
ALUMNI EVENTS Alumni, faculty, students and families gathered on Grounds this fall to celebrate the University of Virginia’s Bicentennial, Darden’s Leadership Roundtable, Parent and Family Weekend, and Darden’s leadership giving societies. 1
6 1. Darden Student Association members Nenna Akpaete, Griffin Dassatti, Anisa Mechler, and Arvind Rachamadugu at the Leadership Donor Dinner 2. Jen Finn (MBA ’00), Bob Hugin (MBA ’85), and Lisa Jones (MBA ’85) at the Bicentennial Commemoration reception at Pavilion I
3. Christina Wingate, Ro King (MBA ’91), Karen Edwards (MBA ’84) and Gerelyn Henry (GEMBA ’16) at the Darden Society Tailgate at Pavilion I
7. Parents and family members enjoying a lively case discussion facilitated by Professor Luca Cian during Parent and Family Weekend
4. Faculty member Lalin Anik and friends at the Hickory Club Foxfield Fall Races
8. Frank Genovese (MBA ’74), Ira Green (MBA ’90), Sat Sharma, and Susie Green in the Darden football suite at Scott Stadium
5. Daughter of a Hickory Club member enjoying the Foxfield races
9. C. Ray Smith, recipient of the Harry N. Lewis Distinguished Service Award presented during Leadership Roundtable, with his wife, Phyllis, Harry Lewis and Dearing Johns, Kara Mullins, Dean Scott Beardsley, Doug Moore (MBA ’80) and Michael Woodfolk (TEP ’05)
6. Darden alumni Jimmy Rose (MBA ’94) and Ben McGrath (MBA ’85) with their daughters (Caroline and Mollie, both Class of 2019) during Darden’s Parent and Family Weekend
10. Dot Kelly (MBA ’92) with classmate Greg Fairchild (MBA ’92) and his wife, Tierney (MBA ’93). Professor Fairchild received the Faculty Partnership Award presented by the offices of Advancement and Engagement.
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 36
THE DARDEN REPORT
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 during Darden Reunion Weekend on 28 April 2018. Please direct your questions to the Office of Engagement at +1-434-243-8977 or alumni@darden. virginia.edu.
401 Park Street Charlottesville, VA 22902
STAGGERING VIEWS ON 135 ACRES
EKHOLMEN IN GREENWOOD $3,995,000 Perhaps the finest example of Tuscan architecture in Albemarle County, Ekholmen was designed by prominent architect Jack Arnold. The residence, sited brilliantly to take advantage of sweeping Blue Ridge views, offers dramatic entertaining spaces balanced by abundant casual living spaces open to the kitchen. Meticulously maintained and views from every window! A pond, lake & manicured hay fields enhance the bucolic setting. Perfectly suited for viticulture, Ekholmen was the site of one of Albemarle’s 1st vineyards. MLS# 566325
WORLD CLASS RENOVATION ON 4 ACRES
685 IVY LANE IN FARMINGTON • $2,995,000 Set on almost 4 magical acres carefully designed by Brooke Spencer, Master Gardener & professional landscape designer, Rabbit Run truly enchants. From the approach through brick entrance pillars, to the open, yet intimate, floor plan by Madison Spencer, this 4 bed, 3.5 bath home beguiles at every turn. MLS# 566569
21 SERENE ACRES JUST 8 MINS FROM TOWN
IVY DAZZLER REDUCED $150K
TIMELESS GEORGIAN ON 13 ACRES - FARMINGTON
2310 MONACAN TRAIL ROAD • $1,495,000 Set in tranquil privacy on 21 acres, this dramatic stone & stucco residence offers remarkable construction & finish details. Double height great room with 2-story marble fireplace, renovated kitchen, 5 en suite bedrooms, recently finished garage apartment, expansive Brazilian hardwood covered rear porch. MLS# 566401
3110 TURNER MOUNTAIN WOOD • $1,345,000 Sited on over 4 elevated, private acres in a tranquil, yet close-toeverything Ivy neighborhood, this large, luxurious home offers a perfect, flowing balance of formal and open, casual living spaces. Incredible kitchen renovation/expansion, swank carriage house addition. 8-10 mins to Western Schools & STAB. MLS# 560525
2155 DOGWOOD LANE • $6,895,000 Sited on one of Farmington’s largest, most beautiful parcels, ‘Treetops’ is a center hall Georgian constructed to uncompromising standards. Distinguished 6 bedroom, 8 bath residence enjoys panoramic Blue Ridge views & Ivy Creek frontage. Charming, immaculate guest cottage with 3 bedroom suites. MLS# 560048
EPIC SHENANDOAH VALLEY ESTATE - REDUCED
NEW TOWNHOMES NEXT TO FARMINGTON
386 SERENE ACRES IN FREE UNION - REDUCED
BOGOTA c. 1845 • $2,950,000 Bogota, one of the Valley’s most noted properties, includes a magnificent, comprehensively renovated, brick residence, restored bank barn & stables, full complement of original dependencies incl’ guest house, on 165 acres of fertile acreage fronting the Shenandoah River. Staggering mtn views. 45 mins to Cville. MLS# 557539
620 EIGHT WOODS LANE • $695,000 Don’t miss this unique opportunity to obtain a stately, brick townhome featuring the finest finish details, including stone fireplace and shiplap. Located mins to UVA, Boars Head & Farmington in “Kenridge.” 3-level living incl’ elevator & generoussized rooms. Tommy Brannock (434) 981-1486. MLS# 564133
5214 PONT ROUGE FARM • $3,445,000 Just reduced $500K, Pont Rouge offers an absolutely pristine 5 bed, 5.5 bath residence constructed by Shelter & Associates that overlooks the immaculate farm and staggering mountain views beyond. Charming, log guest cottage. The only covered bridge in Albemarle Co. welcomes visitors at the entrance. MLS# 558099
WALK TO UVA FROM A CITY ESTATE
FOUR ACRES, c. 1910 AT 1314 RUGBY RD Sited on the largest parcel in the city and listed on the National and Virginia Historical Registers, Four Acres is one of a kind. An in-town oasis in a park-like setting moments to the Rotunda and Farmington. After an award winning historical renovation and expansion, the residence provides every luxury suited to modern living. MLS# 544554
2437 CHAPEL SPRING LANE $1,995,000
23 ACRES - W. ALBEMARLE ESTATE COUNTRY
Set in absolute tranquility and privacy, this dramatic Georgian with circular drive has been updated and expanded brilliantly. Russell Skinner designed the stunning great room addition and Charles Stick, the arresting landscape design. The floor plan suits both casual living and entertaining, with kitchen, family room and great room all flowing gracefully out to the expansive, level rear lawn and views beyond. 2 large covered porches. Complete with formal gardens, tennis court, fire pit and water views. 15 mins west of town. MLS# 567008
CLASS NOT E S ALUMNI NEWS
Why Not Darden? by MICHAEL WOODFOLK (TEP ’05) President, Darden School Foundation This past October brought a flurry of activity and events to Darden. For the second year, we invited family of current students to visit Charlottesville for Parents and Family Weekend. Nearly 200 family members traveled from 18 states across the country and, internationally, from Spain, Israel and Vietnam. The families enjoyed a tour of UVA’s Central Grounds, endured their first cold calls during an energetic case discussion with Professor Luca Cian and soaked up the fall sun at a brunch tailgate at Dean Scott Beardsley’s
home, Pavilion I on the UVA Lawn. For many parents, they experienced Darden for the first time. And they truly understood “why Darden.” Fast-forward one week to a meeting of our leadership boards, which were joined by alumni class and chapter volunteers from all over the world. For the first time, these boards met together to hear the School update from Dean Beardsley and members of his leadership team. He focused on Darden’s progress toward its priorities and, in particular, the focus on growing merit- and needbased scholarships, improving tech-enabled learning, and creating more global experiences and unparalleled career opportunities for students after graduation. The boards met collectively to seek alignment and opportunity for partnership and individually to further their independent goals. Class and chapter volunteers participated to learn how they can carry the momentum out to their constituents, all in an effort to make Darden an even better place than it is now. All of us know “why Darden” — because it is special. It’s a community. It’s transformational. It’s a place where people learn how to do their best work and how to make a differ-
ence in the world. Now, like these volunteers have done, consider your network and speak up for Darden. There are prospective students who might have their eyes on another business school. Ask “why NOT Darden?” Tell them about the student experience or how Darden changed your path. Illustrate the power of the network or bring them to an admissions event. The organization where you work may have a strategic business problem or be seeking to develop internal talent. Ask them “why NOT Darden,” and connect your company’s leadership to Darden’s Executive Education team to explore customized solutions or short courses led by Darden’s top-ranked faculty. You and your peers give philanthropically to organizations that are meaningful to you. While these will remain important, ask yourself “why NOT Darden,” and consider how your gift to the Annual Fund will enable scholarships, faculty excellence, global impact and the School’s areas of greatest need. We are calling on you to commit to how you will encourage people around you to consider “Why NOT Darden?”
In Memoriam The Darden School offers its condolences to the families of the following individuals whose deaths have been reported to us in the past six months. Howard S. Boote Jr. (MBA ’61) William R. Chambers (MBA ’65) Daniel W. Cho (GEMBA ’14) Ronald H. Coleman (MBA ’70) W. Thomas Cunningham Jr. (MBA ’60) Peter B. Elliman (MBA ’57) Stephen P. Henderson (MBA ’66)
S. Austin Marsh (MBA ’02) Ignacio Penalver Gomez-Pineda (MBA ’10) Tonya J. Powers (MBA ’07) Henri A. M. Termeer (MBA ’73) Risk Thompson III (MBA ’71) Glenn H. Van Eman (MBA ’60) Franz Stefan Hespenheide (MBA ’80)
Jeffrey A. Johnson (TEP ’89) Catherine Fischer Kahn (MBA ’76)
THE DARDEN REPORT
DAVID MILLER (MBA ’72) The Talking — And Listening — Cure
WHEN DAVID MILLER (MBA ’72) was a Second Year Darden student, pursuing a burgeoning interest in health care administration, he enrolled in a field study at St. Luke’s Hospital in Richmond, Virginia. "One always assumes that health care is a calling for doctors and nurses. They’re passionate,” Miller says, “but what I saw in the support staff was that everyone had a passion for what they did. Everyone from those in the dietary department to those in maintenance were working for the patients. And I said, ‘If this is what hospital work is like, I’d like to be part of an environment like this.’” For more than 40 years, he has been. After graduating from Darden, Miller spent his early career working for publicly traded health care management companies. Then, in 1997, he joined Community Health Systems (CHS), first as vice president of operations, then rising through the ranks until he was promoted in 2014 to president and named CHS’s first COO, a position he held until his recent retirement. Miller is emphatic in his appreciation for Darden’s role in his success, crediting the School with instilling in him the importance of communication. The professors, he says, modeled the invaluable role listening plays in effective interactions.
“All the professors had superb listening skills,” he remembers. “They would probe and probe and probe.” As a First Year, Miller recalls being in awe of his teachers. By his Second Year, students were treated as colleagues, an evolution he valued. The Darden professor who supervised Miller’s field study at St. Luke’s was the late Dr. Frederick Richardson. Richardson was also a full professor of anthropology with a specialty in health care, making him a natural mentor for Miller and highlighting the importance of paying it forward. Since retiring in December 2016, Miller has taken great honor and pleasure in his appointment to the board of visitors at his undergraduate alma mater, the Virginia Military Institute. He has also maintained an office at CHS headquarters in Nashville, Tennessee, part of a 27-month consulting agreement. He has been using the space as a place for former colleagues to come for council. In other words, as a place to encourage the caliber of communication he first learned to appreciate at Darden. He has been particularly gratified by the number of younger employees who have sought his advice. “I try to tell them that when you come to see me that this is a safe space for you,” Miller says. “And if there’s a way I can help you, then I’m more than happy to do that.”
DEBORAH WILSON THOMAS (MBA ’89) Unleashing the Power of a Diverse Workforce DEBORAH WILSON THOMAS (MBA ‘89) never set out for a career as a human resources leader. Coming to Darden with a background in finance, Thomas hoped to manage pension plans after earning an MBA. When Professor Emeritus James Clawson encouraged her to pursue further study in organizational effectiveness and organizational development, she considered it. “Everything kept directing me to HR, even though I had no plan of any kind to come into the area,” said Thomas. “So eventually I said, ‘let’s stop fighting this,’ and it proved to be the best thing for me.” Thomas is now at Comcast, where she serves as vice president of talent for the technology division of one of the country’s largest communications and entertainment companies. She supports the technology and product divisions for the company, which often involves partnering with leaders to identify top personnel, plan for potential successions and generally assure the readiness of management to lead effectively into the future. Thomas is also at the center of the conversation over diversity in corporate America, particularly in the technology space. “For us here at Comcast, we think about diversity very broadly, particularly in an innovation environment,” Thomas said. “We think about it as doing our very best to have the faces and voices of our customers present in the room when solutions are being developed.”
THE DARDEN REPORT
Thomas says representation is only half of the conversation, however. An effective working environment also requires that all voices in the room are comfortable speaking up. “You can have diverse teams where people are not empowered or where their voices are silenced,” Thomas said. “I think the combination of the diversity of the team and the culture that allows all of those voices to be valued and heard is critical.” From the outset, Thomas’ Darden background set her apart from peers in her sector. “My work at Darden and the general management exposure there helped me have a unique point of differentiation from many of my peers when I entered the field because of my analytical capabilities and because of my broad business knowledge,” Thomas said. An Arkansas native who largely grew up in Delaware before attending Hampton University, Thomas was 23 when she began Darden. While course material came fairly easy to Thomas, she said the cultural fit proved to be a challenge at a time in the late 1980s when the School was less diverse than it is today. “When I say that Darden was my best-worst experience, it truly was, but I grew as a result of that experience and I learned so much about myself,” Thomas said. “I wouldn’t trade it for anything.”
JOHN GLYNN Darden Parent, Professor, Trustee
Silicon Valley venture capital pioneer John Glynn, founder of Glynn Capital Management, isn’t a Darden alumnus. So why does the recently appointed Darden School Foundation Board of Trustees member dedicate so much effort to the School? The answer, in part, is family. His daughter Jackie Glynn (MBA ’93) is a Darden graduate, and works alongside him at Glynn Capital Management. In part, it’s because Glynn is a ’Hoo. He graduated from the School of Law in 1965. But perhaps most of all, the answer lies in the opportunity Darden gave Glynn to pursue his passion for teaching graduate business education. “My oldest daughter was applying to schools in the Southeast, and when she visited UVA, I came to the business school to cold call Dean Rosenblum about teaching at Darden,” said Glynn, who was pleasantly surprised that Rosenblum offered an opportunity to join the Darden community in 1989. He became Venture Capitalist-in-Residence that year, then taught a course with Professor C. Ray Smith and began teaching his own course in 1996. Glynn has also served as a lecturer at Stanford for 28 years and the Cambridge Judge Business School for 10 years, but Darden was his first experience teaching at a B-school. His opportunity at the School cemented his commitment to graduate business education.
“Darden has a very warm atmosphere,” he said. “It’s friendly and upbeat. People want to know who I am. It’s a great environment.” Glynn also loves the opportunity to “engage in meaningful dialogue” with students. “I have 3,000 former students. I can walk down a street in Russia and hear, ‘Hey, Professor Glynn!’ I love to talk to them; it’s rich and rewarding.” Outside the Darden classroom, Glynn is the first non-alumni parent of an alumnus or alumna to serve as a trustee. He serves on the Investment Committee, which follows 15 years of experience on the UVA Law School Foundation Board of Trustees — a period in which he helped grow the Law School’s endowment four-fold. He accepted the new role as a sign of appreciation for the opportunity Darden gave him nearly three decades ago, and he plans to help Darden evolve at a time when graduate business education is changing quickly. “In the last 10 to 20 years, more young people have wanted to pursue entrepreneurial careers,” Glynn said. “When I started teaching at Darden and Stanford, most top students went to McKinsey, Goldman Sachs and BCG. Today, companies like Amazon are big, and students have a driving force to do their own thing. They are looking for an assist from business school to do it. “Global relevance, national reputation, entrepreneurial presence — those are three areas in which Darden must excel.”
of New York
VIRGINIA CLUB Winter in New York City can be a drag, but not for UVA alumni who become members of the Virginia Club, in residence at the historic Yale Club of New York City. Clubhouse members can find a home away from home in our beautiful club, equipped with a full-service hotel, a gym with swimming pool and squash courts, three restaurants and bars, and a gorgeous library. o Stop by or call our office for a tour and to learn more. Membership is available to all undergraduate alumni as well as graduate school students and alumni. Through December 31st, the initiation fee will be waived for all Class of 2017 undergraduates. Give the gift of membership to the Wahoo in your family this holiday season!
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P. (212) 716-2142 E. firstname.lastname@example.org 42
THE DARDEN REPORT
50 Vanderbilt Avenue New York, New York 10017
To update your contact information, call +1-434-243-8977 or email email@example.com.
503 Faulconer Drive Charlottesville, VA 22903 434.295.1131 firstname.lastname@example.org
MCLEAN FAULCONER INC. Farm, Estate and Residential Brokers
ALICENT FARM ◆ $1,975,000
Classic Virginia brick home with slate roof, circa 1920, privately situated on 121 acres, adjoining easement property and 502-acre Mint Springs Park at base of Blue Ridge Mountains, offering panoramic mountain and pastoral views. Perfect grazing farm or vineyard property. MLS#559536 Visit: www.alicentfarm.com
EDNAM FOREST ◆ $1,350,000
Traditional and private 4-bedroom, 3.5-bath residence on beautiful, elevated 2 acres and a short walk to miles of trails. Immaculate and totally renovated, with an open floor plan, two master suites, pool and pool pavilion, and attached twocar garage. Convenient and ready to move in!!! MLS#562281
RAGGED MT. FARM ◆ $1,625,000
PRICED BELOW ASSESSMENT! Stately 6,920+/- square foot home with mountain views on 3+ acres in Ivy. 1st and 2nd floor master suites plus 4 additional bedrooms—all with ensuite baths. Formal living/library and dining rooms, 2-story family room, breathtaking Chef ’s kitchen. MLS #562334
◆ NORTH WALES FARM ◆
1,466-acre Virginia estate with circa 1776 stone manor home, two-story Georgian Revival-style stone carriage house, extensive farm and equestrian improvements, a guesthouse, additional residences and a shooting preserve. All improvements have been carefully restored and placed on the Historical Register. MLS#558296
LOWFIELDS ◆ $2,295,000
This beautiful, 251-acre farm overlooks the James River and offers spectacular pastoral views with the Blue Ridge Mountains beyond. Fenced and crossed-fenced, gently rolling pastures, numerous barns and outbuildings, 3,600± main residence, guest cottage. Under conservation easement. MLS#547364
TWIN CREEKS ◆ $2,500,000
181-acre sanctuary just 8 miles west of Charlottesville with dramatic residence and guest cottage by Shelter Associates featuring open floor plans, stone fireplaces, vaulted ceilings, and Big Blue Ridge views. Land boasts pastures, river frontage, miles of trails, plus excellent building site. MLS#559202 Visit: www.twincreeksva.com
MERRIE MILL ◆ $3,450,000
Extraordinary estate on 407 acres in a premier Keswick location minutes to Charlottesville & UVA. In addition to the notable circa 1857 residence with colonial revival additions designed by Milton Grigg in mid-1900’s, there is a charming guest house along with a full complement of farm buildings. MLS#566172
THE CHIMNEYS ◆ $4,950,000
Spectacular 273-acre country estate next to Blue Ridge Mountains, most magnificent views in all directions, 9,000 square foot residence with amazing rooms, completely renovated and enlarged. Farm in excellent condition. 2 guest homes, 2 barns, 2 lakes. MLS#554020 Visit: www.thechimneysfarm.com
CEDAR SPRING ◆ $2,195,000
21-acre NW Albemarle estate with privacy, Blue Ridge views, and a stunning residence of the highest quality using heart pine, stone, reclaimed beams, and abundant glass. Over 7,000 finished sq. ft. with beautiful eat-in kitchen, 2 master suites, attached guest quarters. Also with river, pool, spa, trails, and 1840s log cabin. MLS#560404
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The Abbott Society (1957–68) 1958 1963 1968 1973 1978 1983 1988 1993 1998 2003 2008 2013 2017
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◆ OAKENCROF T ◆
Exceptionally rare 253+ acre estate parcel with breathtaking Blue Ridge Mountain views five minutes west of Charlottesville and Thomas Jefferson’s University of Virginia. Nestled amid the rolling hills of Virginia’s Piedmont, Oakencroft offers stunning building sites enhanced by towering hardwoods, magnificent views of its vineyards, lush meadows, and uncommon privacy. Barns, streams, and a 4-acre pond. This is a once-in-a-lifetime opportunity to purchase such an extraordinarily diverse and unique property so close to the city and all the area has to offer. Price available upon request. MLS#566613
W W W. M C LE A N FAU LCO N ER . CO M
Owlsview Here is a remarkable & private residence virtually indestinguishable from its forest surroundings by virtue of its bronze mirrored glass exterior. Designed by visionary architect Peter Sheerin as his personal residence and expanded later, Owlsview has many unique features including an octagonal solarium sitting room along with a first floor master suite and home office. There is a separate guest wing with full kitchen & bath. On 3 acres of forest along the Moormans River, $1,265,000.
The last great Coast Guard facility on the historic barrier islands of the Eastern Shore. Decommissioned in 1964, the station was loaded on a barge by The Nature Conservancy in 1998 and brought to its present setting on Brockenberry Bay at the Village of Oyster where it was impeccably restored at a cost of almost triple the current asking price. Today, Cobb Island Station is impeccably maintained and surrounded by conservation easements. Offered fully furnished. $2,950,000
This lovely home invites the family, the retiree & more. All-brick exterior & HardiPlank. Tall ceilings, fine detail & scale including a 1st floor master suite with his & her baths. 2nd first floor bedroom & en-suite bath provides flexibility to family & guests. The kitchen is large & bright overlooking the pool and pool house. Terrace Level enjoys family rooms with kitchenette & full bath. Garage for 6 cars & workshop. 15+ acres of gardens & forest with stream fed pond. $1,295,000
Pig Mountain is a wonderful farmhouse of spirited character on 96 acres, 4 miles north of Free Union and in the Farmington Hunt. The 1907 core has been greatly expanded with recent renovations including a first floor master suite. The exterior is Eastern White Cedar all capped with a copper roof & copper gutters. The farm is pasture and forest with barn and artist cabin, walking trails and 27â€™ deep spring-fed pond. Beautiful mtn. views. $1,250,000
Old Manse C. 1868, and newly elected to the Register of Historic Places, the center hall manor retains many of its original features. On 46 acres with century-old boxwood, towering walnut trees, hardy pasture, and a spring-fed pond. Just a stoneâ€™s throw from delightful amenities in the Town of Orange. $695,000
722 acres in the Keswick Hunt, this extraordinary farm enjoys over a mile and a half of frontage on the Rapidan river and panoramic views of the Southwest Mountains and Blue Ridge. $4,896,000
208 acres in Somerset with broad views over the Piedmont to the Blue Ridge. The neo-classical four-square style manor dates to 1940 and enjoys complete renovation with additions. In the Keswick Hunt near Montpelier. $2,450,000
SAMUELS Over 100 Years Of Virginia Real Estate Service
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CORPORATE PARTNERS PROGRAM
The Darden School of Business wishes to thank all of our corporate partners for their support. Their annual, unrestricted gifts to Darden support various academic, student life and recruiting activities.
2017â€“18 CEO LEVEL ($100,000+)
PRINCIPAL LEVEL ($50,000+)
MANAGING DIRECTOR LEVEL ($25,000+)
ASSOCIATE LEVEL ($10,000+)
For more information about corporate opportunities, contact Kara Ramirez Mullins at MullinsK@darden.virginia.edu or +1-434-243-0834.
DARDEN LEADERSHIP BOARDS
The six leadership boards of the Darden School of Business are composed of more than 170 distinguished leaders who collectively serve as an innovative force in the advancement of the Darden School throughout the world.
(Listing as of 31 October 2017)
DARDEN SCHOOL FOUNDATION BOARD OF TRUSTEES
Edwin B. Hooper (MBA ’94) Centerview Capital
ALUMNI ASSOCIATION BOARD OF DIRECTORS
Nancy C. Schretter (MBA ’79) The Beacon Group
CHAIR Elizabeth K. Weymouth (MBA ’94)
Martina T. Hund-Mejean (MBA ’88) MasterCard
David A. Simon (MBA ’03) SRS Capital Advisors Inc.
VICE CHAIR Robert J. Hugin (MBA ’85) Celgene
William Irvin Huyett (MBA ’82) McKinsey & Co.
Chair Douglas T. Moore (MBA ’80) Med-Air Homecare
Immediate Past Chair James A. Cooper (MBA ’84) Thompson Street Capital Partners Kirby C. Adams (MBA ’79) Retired, Trans-Tasman Resources Ltd. J. Michael Balay (MBA ’89) Wiswell Advisors LLC Scott C. Beardsley University of Virginia Darden School of Business W.L. Lyons Brown III (MBA ’87) Altamar Brands LLC J. Andrew Bugas (MBA ’86) Radar Partners Susan J. Chaplinsky University of Virginia Darden School of Business H. William Coogan Jr. (MBA ’82) Charles R. Cory (MBA/JD ’82) Retired, Morgan Stanley & Co. Inc.
David B. Kelso (MBA ’82) Retired, Aetna Life Insurance Rosemary B. King (MBA ’91) K&B Fund Naresh Kumra (MBA ’99) JMATEK Ltd., La Rochelle Ventures Ltd. Lemuel E. Lewis (MBA ’72) LocalWeather.com Nicole McKinney Lindsay (MBA ’99/JD ’00) ZOOM Foundation
Carolyn S. Miles (MBA ’88) Save the Children Douglas T. Moore (MBA ’80) Med-Air Homecare
Michael E. O’Neill (MBA ’74) Citigroup
Karen K. Edwards (MBA ’84) Kosiba Edwards Associates
Zhiyuan (Jerry) Peng (MBA ’03)
John D. Fowler Jr. (MBA/JD ’84) Wells Fargo Securities Catherine J. Friedman (MBA ’86) Independent Consultant John W. Glynn Jr. Glynn Capital Management Kirsti W. Goodwin (MBA ’02) Gordon Grand III (MBA ’75) Retired, Russell Reynolds Associates Inc. Peter M. Grant II (MBA ’86) Anchormarck Holdings LLC
Frank M. Sands Jr. (MBA ’94) Sands Capital Management Frank M. Sands Sr. (MBA ’63) Sands Capital Management Richard P. Shannon University of Virginia Henry F. Skelsey (MBA ’84) 3QU Media LLC Erik A. Slingerland (MBA ’84) Retired, Egon Zehnder Shannon G. Smith (MBA ’90) Abundant Power Teresa A. Sullivan University of Virginia Bruce R. Thompson (MBA ’90) Bank of America William P. Utt (MBA ’84) Retired, KBR Inc.
David L. Tayman (MBA/JD ’99) Tayman Lane Chaverri LLP Lowell Simmons Ukrop (MBA ’89) Corrugated Partners LLC Shaojian Zhang (MBA ’99) Tungray Group
BATTEN INSTITUTE ADVISORY COUNCIL
Christine P. Barth (MBA ’94) Harren Equity Partners LLC
Chair Shannon G. Smith (MBA ’90) Abundant Power Group LLC
Jonathan D. Mariner Willard L. McCloud III (MBA ’04) Cargill
Henry F. Skelsey Jr. (MBA ’15) A.T. Kearney Inc.
Keith F. Bachman (MBA ’89) Bank of Montreal
Andrew G. Crowley (MBA ’11) Markel Corp.
Richard C. Edmunds (MBA ’92) Strategy& PwC
Jennifer McEnery Finn (MBA ’00) Capital One
George (Yiorgos) Allayannis University of Virginia Darden School of Business
Jerome E. Connolly Jr. (MBA ’88) Credit Agricole
J. Byrne Murphy (MBA ’86) DigiPlex Group Cos.
Arnold B. Evans (MBA/JD ’97) SunTrust Bank
Kristina M. Alimard (MBA ’03) University of Virginia Investment Management Co.
Elizabeth H. Lynch (MBA ’84) Evercore
Jonathan R. Ebinger (MBA ’93) BlueRun Ventures
Warren F. Estey (MBA ’98) Deutsche Bank
President Warren F. Estey (MBA ’98) Deutsche Bank
Vice Chair Jonathan R. Ebinger (MBA ’93) BlueRun Ventures
Richard P. Dahling (MBA ’87) Fidelity Investments
Scott C. Beardsley University of Virginia Darden School of Business
Christian Duffus (MBA ’00) LVite.money LLC
W.L. Lyons Brown III (MBA ’87) Altamar Brands LLC
Michael J. Ganey (MBA ’78) House-Autry Mills Inc.
Sean D. Carr (MBA ’03, Ph.D. ’13) University of Virginia Darden School of Business
Ira H. Green Jr. (MBA ’90) Simmons & Company International Owen D. Griffin Jr. (MBA ’99) Dominion Enterprises
James Su-Ting Cheng (MBA ’87) New Richmond Ventures; Blue Heron Capital; Lee & Hayes PLLC
Evan A. Inra (EMBA ’08) EY
Alexander Cowan Synapse Partners
Kendall Jennings (MBA ’12) IBM
Martin J. Curran (MBA ’84) Corning
Bruce D. Jolly (MBA ’67) Lighthouse CFO Partners
Wayne L. Delker Retired, The Clorox Co.
Harry N. Lewis (MBA ’57) Retired, Lewis Insurance Agency Inc.
Gregory B. Fairchild (MBA ’92) University of Virginia Darden School of Business
Kristina F. Mangelsdorf (MBA ’94) PepsiCo Inc. Anisa Mechler (Class of 2018) Darden Student Association Betsy M. Moszeter (EMBA ’11) Green Alpha Advisors Nikhil Nath (MBA ’00) Standard Charter Bank Patrick A. O’Shea (MBA ’86) ICmed LLC Richard J. Parsons (MBA ’80) Elvis Rodriguez (MBA ’10) Adelante Capital Management
Frank E. Genovese (MBA ’74) The Rothbury Corp. John W. Glynn Jr. Glynn Capital Management Peter M. Grant II (MBA ’86) Anchormarck LLC John E. Greenfield (MBA ’16) PsiKick Thomas R. Harrington Jr. (MBA ’04) Darwin Marketing Adam R. Healey (MBA ’05)
Edward D. Hess University of Virginia Darden School of Business Archie L. Holmes Jr. University of Virginia Edwin B. Hooper (MBA ’94) Centerview Capital Arnon Katz (MBA ’09) Walmart eCommerce Douglas R. Lebda (EMBA ’14) Lending Tree Michael J. Lenox University of Virginia Darden School of Business
Paul H. Donovan (MBA ’95) Microsoft
DEAN’S DIVERSITY ADVISORY COUNCIL
Anthony J. Hobson (MBA ’74) James Dyson Group Ltd.
Joseph B. Folds (MBA ’91) The Campbell Soup Company
CHAIR Willard L. McCloud III (MBA ’04) Cargill
Clelland Peabody Hutton (MBA ’75/ JD ’77) Ajia Partners Cave
Nicola J. Allen (MBA ’10) Danaher Corp.
Richard K. Loh (MBA ’96) Ploh Group Pte. Ltd.
Tawana Murphy Burnett (MBA ’04) Facebook
Elie W. Maalouf (MBA ’89) InterContinental Hotels Group
Paige T. Davis Jr. (MBA ’09) T. Rowe Price
Todd R. Marin (MBA ’89)
Sunil K. Ghatnekar (MBA ’92) Prescient S. Caribou Honig (MBA/JD ‘96) QED Investors Michelle B. Horn (MBA ‘95) McKinsey & Company Kecia E. Howson (MBA ’99) SunTrust Robinson Humphrey
Teresa A. Epperson (MBA ’95) A.T. Kearney Inc.
Marcien B. Jenckes (MBA ’98) Comcast Cable
Ray R. Hernandez (MBA ’08) The Advisory Board Co.
John B. Jung Jr. (MBA ’84) BB&T Capital Markets
Andrew C. Holzwarth (EMBA ’09) Stanley Martin Cos.
Rosema F. Nemorin (MBA ’08) Lend Street Financial Inc.
Harry A. Lawton III (MBA ’00) Macy’s
Allison Linney (MBA ’01) Allison Partners LLC
Zhiyan (Jerry) Peng (MBA ’03)
Marc L. Lipson University of Virginia Darden School of Business
Octavia G. Matthews (MBA ’89) Aramark Uniforms
Jeanne M. Liedtka University of Virginia Darden School of Business
Ian W. Ratcliff (MBA ’94) Sands Capital Management Harry T. Rein Retired, Foundation Medical Partners Sarah F. Rumbaugh (MBA ’15) RelishMBA Saras D. Sarasvathy University of Virginia Darden School of Business Michael P. Straightiff University of Virginia Licensing & Ventures Group Sankaran “Venkat” Venkataraman University of Virginia Darden School of Business
CORPORATE ADVISORY BOARD CHAIR J. Michael Balay (MBA ’89) Wiswell Advisors LLC VICE CHAIR Richard C. Edmunds (MBA ’92) Strategy&, PwC Danielle Eesley Amfahr 3M Stuart C. Bachelder (MBA ’06) DaVita Kidney Care Joseph P. Balog (MBA ‘88) PwC Mazen G. Baroudi EY Helen M. Boudreau (MBA ’93) Proteostasis Therapeutics, Inc. Mark S. Bower (MBA ’02) Bain & Company Kevin C. Clark (MBA ’01) Great Global Adventures Robert E. Collier (MBA ’10) Danaher (ChemTreat) D. Lynnette Crowder (EMBA ‘10) WestRock
THE DARDEN REPORT
Jason P. Lund (MBA ’06) Fortive (Global Traffic Technologies & ANGI Energy Solutions)
Michael A. Peters (MBA ’09) Comcast Corp.
Agustín Otero Monsegur (MBA ’06) Humus Capital LLC Pascal Monteiro de Barros (MBA ’91) MAB Partners Zhiyuan (Jerry) Peng (MBA ’03) Antonio U. Periquet Jr. (MBA ’90) Pacific Main Holdings, Campden Hill Group Hagen Radowski (MBA ’91) MGP Americas Inc. Vincent M. Rague (MBA ’84) Catalyst Principal Partners
Alex R. Picou (MBA ’89) JPMorgan Chase & Co.
Fiona Roche (MBA ’84) Estates Development Co. Pty. Ltd., Adelaide Development Co.
Bonnie K. Matosich (MBA ‘92) The Walt Disney Company
Reynaldo Roche (MBA ’07) Delta Air Lines Inc.
Henry F. Skelsey (MBA ’84) 3QU Media LLC
H. Whit McGraw IV (MBA ’07) S&P Global Market Intelligence
William B. Sanders (MBA ’06) Korn/Ferry International
Nishal Sodha (GEMBA ’17) Global Hardware Ltd.
Fernando Z. Mercé (MBA ’98) Nestlé Waters North America
Rhonda M. Smith (MBA ’88) Breast Cancer Partner
L. Michael Meyer (MBA ’92) Middlegame Ventures
Jeffrey W. Toromoreno (MBA ’06) Citigroup
Ichiro Suzuki (MBA ’84) George S. Tahija (MBA ’86) PT Austindo Nusantara Jaya (ANJ)
Tony A. Milikin Anheuser-Busch InBev
Daniele M. Wilson (MBA ’11) Johnson & Johnson
Diem H.D. Nguyen (MBA ’01) Pfizer
GLOBAL ADVISORY COUNCIL
Baocheng Yang (MBA ’04) Huanghe Science and Technology College
CHAIR Rosemary B. King (MBA ’91) K&B Fund
Jeffrey J. Yao (MBA ’01) Profision Shipping Capital Management Ltd.
Ann H. S. Nicholson (MBA ’01) Corning Ellison M. Pidot (JD/MBA ‘01) Medtronic Abby A. Ruiz de Gamboa (MBA’04) Deloitte Consulting LLP
VICE CHAIR Naresh Kumra (MBA ’99) JMATEK Ltd., La Rochelle Ventures Ltd.
Kleber R. Santos (MBA ‘01) Capital One
Marcos P. Arruda (MBA ’02) Topico
Colin P. Smyth (MBA ’04) MetLife
James Su-Ting Cheng (MBA ’87) New Richmond Ventures, Blue Heron Capital, Lee & Hayes PLLC
Scott A. Stemberger (MBA ’04) The Boston Consulting Group Jennifer L. Stewart Eastman Katherine Vega Stultz Celgene Eric M. Swanson (MBA ‘08) Amazon.com Kevin P. Watters (MBA ’94) Retired, JPMorgan Chase & Co. Gary R. Wolfe (MBA ’92) Wells Fargo Securities
Jing Vivatrat Angel Island Capital
THAN K YO U to our alumni and volunteer leaders
Vidyanidhi (VN) Dalmia (MBA ’84) Dalmia Continental Pvt. Ltd.
for a record year of
Tahmina Day (GEMBA ’14) International Finance Corp.
support for Darden.
Murray R. Deal Eastman Louis G. Elson (MBA ’90) Palamon Capital Partners LLP David R. Frediani Ironshore Inc.
Questions With PEGGY HARRISON
Mary Buckle Searle (MBA ’86) Mary Buckle Searle and her husband, Stewart Searle, moved back to Charlottesville in 2013.
ince Mary Buckle Searle (MBA ’86) and her husband, Stewart, returned to Charlottesville four years ago, she has thrown herself with characteristic enthusiasm into her work with the Darden Alumni Association. She served as president of the Charlottesville chapter and, this past spring, acted as the Reunion Giving Chair for the 30th reunion of her class. “The happy smiles on the faces of all attendees” at Reunion, she says, are her favorite memories of that weekend and will remain with her for years to come. Searle’s role as giving chair was a natural fit given her extensive experience with executive recruitment. For more than 20 years, she was based in Atlanta, where she worked as an executive search consultant for Egon Zehnder International and as a partner at Heidrick & Struggles before starting her own recruiting business, Strategic Thought Partners. While in Atlanta, she also devoted herself to giving back to her community as a member of the board of directors for Atlanta’s chapter of the March of Dimes and as president of The United Way’s Women of Tocqueville Society. Searle, who has a bachelor’s degree from Virginia Commonwealth University, says that while she hasn’t yet picked a cause in Charlottesville for which to volunteer, “it has been a gift to help my aging parents, parents-in-law and three rescued Labrador retrievers live their sunset years with comfort, dignity and respect.” What was your first job? In high school, I mowed grass and worked retail in a fabric store.
What’s the best advice you have ever received? Education opens doors.
Who do you most admire?
Which class at Darden impacted you the most?
All the #metoo women who are standing up and raising their voices, and the people who are finally listening.
It’s hard to pick just one, so I won’t. John Colley’s “Corporate Strategy” opened up a whole new framework with which to analyze my work environment. And of course, Sherwood Frey’s “Negotiations” with “getting to yes” was invaluable, too.
What motivates you? In my formative years, striving for self-sufficiency was a driving force. Today, it is about giving back and staying healthy.
Where do you do your best thinking? Outdoors and near the water. Places that harken back to my roots on the Chesapeake Bay.
What’s been on your mind lately? Watching Dr. Ralph Northam be elected governor of Virginia. I grew up with the Northam family on the Eastern Shore. My mother was his Sunday school teacher.
What do you lose sleep over?
Describe a moment when you realized the true value of your Darden education. Each time an industry crumbled under my feet, Darden’s training provided the tools to reinvent and muster forth.
What did you enjoy most about serving as Class of 1986 Reunion Giving Chair for your 30th reunion? Spending time with my classmates of 1986 with whom I shared an extraordinary two-year experience.
Not much these days. I don’t have a lot to complain about, but I worry more about those who aren’t so lucky.
What advice would you give other alumni serving as Reunion Giving Chairs?
What are you reading these days?
Develop an outreach committee to call more classmates to come and reconnect with friends.
Since my husband and I returned to Charlottesville in 2013, I have been immersing myself in Virginia history and World War I, reading books suggested by instructors in the UVA continuing education program.
What’s your motto? I grew up on the mottos: “Waste not, want not” and “It takes all types to make the world go ’round.” During the latter part of my active executive search career, I became very interested in family genealogy, so a new motto emerged: “I search for living people by day and dead people at night.”
What characteristics do you look for in people? Sincerity, honesty and authenticity. I particularly like it when they have a quick wit and a good sense of humor.
What is your current state of mind? Hopeful
How do you unwind? Living in Charlottesville provides so many scenic vistas, the Monticello Wine Trail with over 33 vineyards and a place to turn red clay into beautiful serene gardens. Who can be uptight with these kinds of de-stressors at your fingertips?
What natural talent would you most like to have? To play a musical instrument, read music and sing like an opera singer. I’ve been a lip-syncher my whole life.
Why did you decide to make a major planned gift in your reunion year? I grew up in a small town in Virginia. Darden was a game-changer for me. There were only three other Darden graduates from the Eastern Shore of Virginia before me, and I was the first woman from that area to graduate. I wanted to help these numbers grow.
As an executive search partner, what did you look for when hiring executives? 1) An accurate resume: the good, the bad and the ugly. Most of us have had bumps in the road, not all of our own making, such as industry bubbles; cultural clashes; new team in, old team out. 2) A successful career, but not all at the same company. I wanted to see their flexibility to integrate into a variety of cultures. 3) Candidates who were genuinely enthusiastic about my client’s company and opportunity to have positive impact.
What recommendation do you have for job-seeking alumnae? If you liked the Darden experience and the Darden culture, look for companies with Darden alumnae or start one. WINTER 2018
Since 2006, the Jefferson Trust has provided more than $6.3 million to support innovative new projects at the University of Virginia.
Prisoner Re-entry Program, 2013
National Debt Project, 2014
Darden Impact Ventures, 2015
Darden and the Jefferson Trustâ€”a history of positive impact
For more information or to make a gift, please contact us at: 50
THE DARDEN REPORT
University of Virginia Darden School Foundation P.O. Box 7726 Charlottesville, VA 22906-7726
Change Service Requested
The Winter edition of the alumni magazine of the University of Virginia Darden School of Business features stories of alumni, students and f...
Published on Jan 30, 2018
The Winter edition of the alumni magazine of the University of Virginia Darden School of Business features stories of alumni, students and f...