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CAN BUSINESS SAVE THE PLANET? Yes or No, Stakeholders Expect It to Try







2 0 1 8 DA R D E N










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Samantha Hartog Darden School Foundation, P.O. Box 7726, Charlottesville, Virginia 22906 USA | +1-434-982-2151

Letter From the Dean

We all feel the pace of change. Businesses feel it through growing pressure from consumers to solve society’s most pressing challenges, which we explore in our cover story on Page 10. They feel it through the rapid pace of new technologies being adopted in every corner. In marketing, art continues to transition to data science (Page 20). In finance, major players are investing heavily in blockchain as more than just a curiosity behind cryptocurrencies like bitcoin (Page 16).

We feel change at Darden, too. The rapid change in global business means graduate business education must stay one step ahead to prepare the next generation of global business leaders. The new Initiative for Transformational Leadership and Learning (Page 5) will help Darden do just that. More students are seeking specialty master’s degrees, and Darden is partnering with the University of Virginia McIntire School of Commerce to deliver a new Master of Science in business analytics (Page 5). Designed for working professionals, the 12-month program will be delivered in the brand new UVA Darden Sands Family Grounds (Page 24) in the Rosslyn district of Arlington, Virginia, overlooking the nation’s capital. The familiar movement of the passage of time continues to shape the faculty. After 30 years, finance Professor Ken Eades is retiring (Page 22). Replacing legends like Eades — who I call a Jedi Master of the case method — is no easy task, but a new generation of stars is emerging. Including faculty who will start at the beginning of the 2018–19 academic year, Darden has made 21 new faculty hires over the past three years. On Page 8, I discuss the new wave of faculty and many changes ahead for thewithSchool. The Darden Report is published response to change is accelerating, which is made possible by your private donations to the University Darden’s of philanthropic support. We were delighted to welcome a record 16 new members to Virginia Darden School Foundation. the Principal Donors Society in April (Page 24). © 2017 Darden School Foundation In these pages, you will meet Darden alumni from YETI CEO Matt Reintjes Summer 2017, Volume 44, No. 2 (MBA ’04) to Thompson Hospitality founder Warren Thompson (MBA ’83) to Kate Spade’s Miho Sugimoto (MBA ’93). On Page 66, Macy’s President Hal Lawton (MBA ’00) says his career has taught him “the only thing constant is change.” Lawton is embracing change at Macy’s with a sense of purpose. Like him, so too are Darden’s alumni, faculty and the School itself.

Scott C. Beardsley Dean and Charles C. Abbott Professor of Business Administration



B ECAUSE YOU R BI G P ICTURE D EPEN DS ON THEI RS The MANAGEMENT DEV ELOP M ENT P ROGR A M is for rising executives in need of an enterprise perspective. This program will deepen your team’s strategic expertise across all areas of management, including managing energy and wellness, helping your leaders to become more effective.





Vision in Sight

Can Business Save the Planet?

Dean Scott Beardsley sits down for a Q&A on Darden’s progress attracting new faculty, invigorating the education experience for a new generation of students and reimagining the School Grounds.

Climate change. Water shortages. Profits over people. Businesses have contributed to society’s most pressing problems. Now society is demanding business solve them. Can it? Darden professors think so.



Beyond Bitcoin

Marketing: 5 Hot Trends

While the surging value of bitcoin has been a popular topic, major corporations and investors are looking to the technology behind cryptocurrencies as the real source of value. Meet blockchain.

Darden’s Marketing area professors discuss the hot trends reshaping the marketing industry and why these rapid changes will have a major impact on consumers, businesses and business leaders alike.





30 Reunion Recap

20 Faculty Spotlight: Elena Loutskina

31 Abbott Award: Dick Mayo (MBA ’68)

35 Miho Sugimoto (MBA ’93)

Darden’s New Degree

7 Initiative for Transformational Leadership and Learning 8 Global Courses Spotlight

36 Hal Lawton (MBA ’00) 37 Matt Reintjes (MBA ’04)

24 School News

45 20 Questions: Warren Thompson (MBA ’83)

27 Admissions Update 28 Heard on Grounds









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

Letter From the Darden School Foundation President Scott C. Beardsley Dean and Charles C. Abbott Professor of Business Administration Michael J. Woodfolk President, Darden School Foundation

An Invitation to Look Behind the Curtain

Juliet Daum Executive Director, Communication & Marketing

The Grounds are quiet again; another school year at Darden has passed. As I consider the past year, I am overwhelmed with gratitude for Dean Scott Beardsley and his compelling vision for the School; for Elizabeth Weymouth, as chair of the Darden School Foundation Board of Trustees, in her unwavering support; and for all of you, who have trusted your alma mater to these leaders. I often hear people try to define what makes Darden special. For many, it is difficult, but we’re all familiar with that feeling you get when you are at Darden. This past year, we celebrated many successes, including the opening of the UVA Darden Sands Family Grounds in Rosslyn, Virginia, and launch of the second Rosslyn section of the Executive MBA; engaged a record number of alumni who volunteered to serve the School (nearly 1,000!); secured a transformational gift to support global experiences for Darden students; and the list goes on. We recognize that it’s difficult to fully comprehend these successes when your last classroom experience is 20 years in the rearview mirror, or you’re focused on retirement or juggling your kids’ schedules, or the Darden Grounds in Charlottesville or Rosslyn don’t look the same as Monroe Hall decades ago. So we invite you to step a little closer and see what’s behind the curtain. In April, Dean Beardsley shared his vision during Reunion weekend and alumni felt “that feeling.” That feeling is trust. Trust that this is the same great place that you graduated from five, or 25 or 50 years ago — but it’s stronger now and has increasing momentum. One alumnus wrote after Reunion: “The dean’s address was incredible, and all of us left feeling that the School is in excellent hands. I am reinvigorated about the future of Darden.” Others wrote to increase their gift or to give their first gift to Darden, and many asked how they can be part of the groundswell. In response, we put together a list of ways to be involved. Find it here: Be a participant in the life of the School. Trust us, you will not regret it.

EDITOR Jay Hodgkins ART DIRECTION AND DESIGN Susan Wormington WRITERS Simon Constable Aaron Fernstrom David Hendrick Caroline Newman CLASS NOTES EDITORS Jenny Paurys Egidijus Paurys Angie Simonetti PHOTOGRAPHY Jonathan Browning Tom Cogill Stacey Evans Ashley Florence Stephanie Gross Sam Levitan Robert Radifera Andrew Shurtleff Susan Wormington ADDITIONAL PHOTOS Shutterstock PRINTER Progress Printing Plus

The Darden Report is published with private donations to the University of Virginia Darden School Foundation. © 2018 Darden School Foundation Summer 2018, Volume 45, No. 2

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



NEWS BRIEFS Gifts Ignite Launch of New Darden Initiative to Redefine Leadership Development Darden has announced plans to launch a new research Center of Excellence: the

Initiative for Transformational Leadership and Learning.

Darden, McIntire Partner to Offer New MS in Business Analytics For the first time, UVA business schools will jointly present a degree program.


Casey Lichtendahl, Eleanor F. and Phillip G. Rust Professor of Business Administration

he University of Virginia will kick off its new Master of Science in business analytics (MSBA) degree in August 2018. The 12-month degree is intended for early career professionals and will be delivered by faculty of the Darden School and the McIntire School of Commerce at the new, state-of-the-art UVA Darden Sands Family Grounds in the downtown Arlington, Virginia, district of Rosslyn. The program will be delivered via a combination of weekend, in-person sessions and online instruction, and offer students a broad mix of analytical and technical skills, as well as foundational business knowledge and leadership instruction. Familiarity with data and analytics is increasingly necessary for a range of positions in a variety of fields, as the explosion of data transforms nearly all industries. Although students in the new MSBA program will gain the hard skills necessary to unlock the power of big data, the program differentiates itself from competing programs by teaching the fundamentals of business and leadership and emphasizing real-world context and applications. “We want to reach learners where they are, whether they come to the program equipped with a background in computer science or literature,” said Darden Professor Casey Lichtendahl, who will teach in the program.

Professor Jim Detert, academic director of the initiative, said the new endeavor will empower Darden to lead in the development and deployment of curriculum, pedagogy and thought leadership needed to match the everincreasing challenges facing leaders. “The initiative recognizes that the dominant currency of tomorrow’s leaders will be emotional, social and cultural forms of intelligence, and that ethics and values coupled with those interpersonal skills will become a true sustainable advantage for Darden graduates,” said Dean Scott Beardsley. Two new donor gifts will provide $2 million in seed funding for the initiative, including a $1 million gift from Abundant Power Group CEO Shannon Smith (MBA ’90), which has been matched by a $500,000 gift from the UVA Bicentennial Professors Fund, as well as a $500,000 gift from the Jakarta-based Rainbow Foundation. Smith’s gift will establish the Shannon G. Smith Bicentennial Professorship Fund, which will create an endowed chair for a professor who will lead the new initiative. When fully funded, the initiative will expand into an institute — a comprehensive research Center of Excellence that will be a global force in leadership development. The thought leadership and instructional innovations produced through the initiative will directly enhance the full-time MBA, Executive MBA and Executive Education curriculum at Darden and make an impact in the broader field of leadership development through collaboration with UVA and other institutions.



A Funded Global Experience for Every Full-Time MBA Student


rom the day he arrived on Grounds, Dean Scott Beardsley made his ambition clear for every Darden student to participate in at least one global learning experience before graduation. Thanks to a $15 million gift from the Batten Foundation and a $15 million match from the University of Virginia’s Bicentennial Scholars Fund, Beardsley’s goal is on pace to become reality. The gift and match will create a $30 million endowment to fund the new Batten Foundation Darden Worldwide Scholarship program. The scholarships will have an immediate impact for the MBA Class of 2020, which will arrive in August 2018. For these incoming students, the gift, combined with other philanthropy and Darden investment, will allow the School to award a scholarship to every student in the class that covers fees for a Darden Worldwide Course. When the Batten Foundation gift is fully funded in 2020, the scholarships will cover course fees and most travel costs for every Darden full-time MBA student to participate in a global experience. The $15 million gift from the Batten Foundation, a Virginiabased private foundation, was matched 100 percent by the Bicentennial Scholars Fund, a giving initiative created through UVA’s Strategic Investment Fund. “This gift will have a major impact on Darden,” said Beardsley. “It makes the School more affordable and global, and gives students the opportunity to explore the world in which they will be tomorrow’s leaders.”



Purpose Travels Well Darden has seen explosive growth in the number of students enrolling in global courses over the last three years, leading the School to bolster its global academic offerings with new Darden Worldwide Courses. Last spring, students selected from 14 courses spread across five con-



tinents. New courses included a wilderness-based leadership trip through the rugged Patagonia region of Chile led by Professor Bobby Parmar and an exploration of the impacts of artificial intelligence and robotics on employment in Germany led by Professor Tim Laseter.



















Reaching Higher

Q&A With Scott Beardsley

DE A N OF THE U VA DA RDEN SCHOOL OF BUSINES S at a clip, many of them online. Yet, I have also been surprised by the collaboration. There is an incredible collegiality in the field and a sharing of ideas and information that you don’t see in the private sector. In 2016, you developed a 10-year vision for Darden called Darden Worldwide 2026. What would fully achieving that vision look like?

Dean Scott Beardsley gave alumni an update on the state of the school and its priorities during Reunion weekend in April.


ince becoming Darden’s ninth dean in August 2015, Scott Beardsley has traveled the globe to meet hundreds of alumni, business leaders and academics. He introduced a 10-year strategic plan for the School called Darden Worldwide 2026 and has launched the silent phase of an unprecedented capital campaign that promises to take Darden to new heights. In fall 2017, Beardsley published the book Higher Calling: The Rise of Nontraditional Leaders in Academia, which is grounded in his dissertation research at the University of Pennsylvania and story of leaving McKinsey & Co. after 26 years to pursue a new source of meaning in his professional life as a leader in higher education. The book offers a wealth of information for the modern university in the face of change and is used as a reference by leading search firms and universities. That change also impacts graduate business education, and Beardsley is determined to stay ahead of the curve. Now three years into your deanship, how is it feeling, and what has surprised you?

Every day, I feel incredibly honored to lead the Darden School. I get a lot of energy from the students and alumni and from working with our incredible faculty — the world’s best teachers — who also teach me something every day. I have been surprised by the competition of top business schools. This is among the most competitive industries I have ever seen. Our peers are moving fast, building grand new buildings from Manhattan to Dubai and introducing new programs 10


It’s quite simple: Achieving the vision means reaching the full potential of Darden’s mission to improve the world by developing and inspiring responsible leaders and by advancing knowledge. The goal is to ensure that Darden is one of the best business schools on the planet, by any measure. Now that’s a broad statement, which will lead to multiple levels of impact. It means retaining our key differentiators: the world’s best student experience guided by the world’s best teachers. It means pushing to become the best public business school in the U.S. and rising to Top 10 across all full-time MBA rankings. It means being a great employer and making a difference for the University of Virginia and the commonwealth of Virginia. It also means being global and accessible and offering high ROI to our students. It means using technology and innovation to be as great in the virtual classroom as the physical one. I believe all this is within our grasp, if we can achieve a record-setting capital campaign. You talk about the flywheel for success. What does that mean?

For a business school to thrive, it must achieve excellence in multiple areas simultaneously. It must attract exceptional students and the faculty and staff that will provide a great education experience. It must advance scholarly research and thought leadership. It must have competitive infrastructure and a global brand and network. And to enable all of this, it must have resources generated through degree and nondegree programs and philanthropy. One example is our progress in the Washington, D.C., area, where the launch of the Rosslyn section of the Executive MBA led to alumni support for the creation of an incredible new facility, new faculty research at the intersection of business and public policy, a host of thoughtleadership events, and a growing reputation in the national capital. If all cylinders are firing, the flywheel will hum. Sometimes it just takes doing a few things a little bit better to see tremendous progress.

What will it take to preserve Darden’s advantages of the world’s best teaching faculty and student experience?

On the faculty side, retention and recruitment are critical. Like many schools, we are facing a wave of faculty retirements. We are also working to expand the size of the faculty to accommodate new programs and initiatives. We are not looking for just any professor. We are looking for outstanding scholars and thought leaders who will maintain and define Darden’s tradition of teaching excellence. We have hired 12 new faculty members in the last two years, and they are amazing — already receiving glowing reviews and awards. We have hired seven professors to start the 2018–19 academic year and aim to grow the full-time faculty to 83 members. Many of these faculty are joining us with joint appointments in UVA’s Data Science Institute, School of Engineering and Applied Sciences, and College of Arts and Sciences, which will allow them to collaborate across the University to the benefit of their research and Darden students. As for the student experience, there are many factors that the students care deeply about, including making the cost of the education accessible, experiential learning, outstanding career outcomes, and the day-to-day experience shaped by culture and place. We have initiatives underway for each one. Thanks to generous donors, we have increased scholarship support 700 percent over the past three years — a positive trend that will continue this fiscal year. On the experiential learning front, a $15 million gift from the Batten Foundation, matched with another $15 million by the UVA Bicentennial Scholars Fund, will provide a scholarship for every full-time MBA student to take a global course. We are also investing in our Career Development Center as it evolves its model to offer more personalized career support to students. We brought on three senior directors in the fields of technology, entrepreneurship, digital and consumer careers; consulting and professional services careers; and financial services careers. Tell me more about place. How will Darden’s physical infrastructure need to evolve for 2026?

As part of the capital campaign, we are designing a Master Plan for our facilities for the future. We are in the final stages of building the UVA Darden Sands Family Grounds on the top two floors of a high-rise building in the Rosslyn district of Arlington, Virginia,

with sweeping views of Washington, D.C. The Grounds are open and bustling with activity. In August, we will welcome the first class of the new Master of Science in business analytics program, delivered in partnership with UVA’s McIntire School of Commerce. It’s the first joint degree offered by any two schools at UVA, and we’re seeing great interest in the program. For our beautiful Grounds in Charlottesville, the Master Plan sketches some incredible opportunities. To create greater connectivity and foster collaboration in Darden’s central corridor, we will reimagine the space as “The Commons.” The expanded multi-use area will connect the classrooms and student and executive education services and will upgrade our technology and hospitality offerings. We will also rebuild the Inn at Darden into a modern conference facility that is connected via an arboretum and garden to the UVA Law School, unifying UVA’s North Grounds in new and exciting ways. How will the School’s growing faculty advance research and thought leadership?

Darden faculty are not only master teachers, they are also creating new knowledge relevant to leaders and organizations today. A larger faculty will help our research productivity, but Darden’s faculty will always be smaller than many peer schools. That means we need to grow the scale and impact of our research and thought leadership by other means. We’ve doubled funding for research over the last three years. Among the highlights, we’ve secured $2.15 million of support from UVA’s Strategic Investment Fund to expand the Behavioral Research at Darden Lab into a broader initiative that will partner with other schools at UVA, including engineering and nursing. We also recently announced $2 million in philanthropy as seed funding to support the creation of the Initiative for Transformational Leadership and Learning. This new initiative will not only build on Darden’s education experience by developing and implementing a cutting-edge leadership development curriculum, it will collaborate with institutions globally to have a broad impact in the field of leadership development. This effort is at the very core of our mission, and will provide Darden graduates a true sustainable advantage through purpose-driven leadership skills that combine emotional, social and cultural forms of intelligence with strong ethics and values.








Can Business Save the Planet?

3 Ideas to Solve Pressing Global Challenges


lackRock CEO Larry Fink caused a stir in early 2018 when he issued a letter to the CEOs of companies in which BlackRock invests. In it, he explicitly called on companies to disclose long-term strategies for how they will make a positive contribution to society. “Without a sense of purpose, no company, either public or private, can achieve its full potential. It will ultimately lose the license to operate from key stakeholders,” Fink wrote. “Our clients — who are your company’s owners — are asking you to demonstrate the leadership and clarity that will drive not only their own investment returns, but also the prosperity and security of their fellow citizens.” The Coca-Cola Co. Chairman Muhtar Kent spoke at Darden last year and proclaimed that it used to be sufficient for the one-time soda company to simply sell refreshing beverages that tasted great, but not anymore. Consumers and — just as importantly — employees want more. The relationship between companies and their consumers, employees and

investors is growing more complicated. Batten Institute for Entrepreneurship and Innovation Fellow Barie Carmichael and the late Darden Professor James Rubin wrote in their 2017 book Reset: Business and Society in the New Social Landscape (Columbia Business School Publishing, January 2018) that there’s a fundamental shift underway; a “widening gap between the public’s long-eroding trust in business and their growing expectations for business to make positive contributions to society.” The Darden School and its faculty are generating new ideas to propel business to meet society’s expectation that it bring forth solutions to the world’s most pressing challenges. These new ideas are not shy of aspiration: managing the world’s fresh water supply, innovating to reduce the amount of carbon released into the atmosphere and creating a world in which companies are incentivized to take care of all stakeholders for the long term. Why do Darden professors aim so high? Because progress begins with a single thought. SUMMER 2018


Professor Mike Lenox helped lead Darden’s Jefferson Innovation Summit. The event was held to discuss policy actions that could help business address climate change, sponsored by the Batten Institute for Entrepreneurship and Innovation’s Business Innovation and Climate Change Initiative, and supported by private philanthropy. Read the Batten Institute’s “Policy Playbook” report, created through feedback collected at the summit, at



arden Professor Mike Lenox had an “aha” moment about business and climate change when watching the bailout of General Motors during the depths of the financial crisis in 2008. Putting aside the various economic and human reasons why it might make sense to ensure the continued viability of General Motors, Lenox was struck by the bailout provisions intended to position the company toward a more energy-efficient, greener future. “A lightbulb went off, and I realized we were thinking about environmental issues all wrong,” said Lenox, who also serves as Darden’s senior associate dean and chief strategy officer. “The solution to our environmental challenge isn’t about getting General Motors to be more green. To address sustainability, we need innovators and entrepreneurs to put them out of business. We need more Teslas.”



That provocative contention lies at the heart of Lenox’s new book, co-written with Duke Fuqua School Professor Aaron Chatterji, Can Business Save the Earth?: Innovating Our Way to Sustainability (Stanford University Press, May 2018). Lenox’s definition of a sustainable future is pinned to the Intergovernmental Panel on Climate Change’s calculations on the maximum amount of carbon that can be released into the atmosphere to avoid a rise in global temperature of 2 degrees Celsius or more — a level scientists agree would trigger dramatic environmental shifts that could harm economic activity and compromise human welfare. Given the continued population growth and industrialization of the developing world, “the simple bromides of ‘reduce, reuse, recycle’ or ‘buy green’ aren’t getting the job done in the current world,” Lenox said. “The question becomes: How do we motivate our innovation engine to generate the technologies and businesses that can help address some of these challenges and issues? Business will not do this on its own. It is the system as a whole that matters and needs to be catalyzed to drive innovation.”

Driving Toward an All-Electric Vehicle Future? Professor Mike Lenox’s new book, Can Business Save the Earth?, provides a look at major areas in which business innovation can bring solutions to bear on climate change — transportation, energy, industrials, buildings and agriculture. However, his research has also taken a deep dive into each area. In the Batten research report “Path to 2060: Decarbonizing the Automobile Industry,” he explores the

A lightbulb went off, and I realized we were

technologies and levers that could accelerate

thinking about environmental issues all

zero-carbon, all-electric vehicle future.

wrong. The solution to our environmental challenge isn’t about getting General Motors to be more green. To address sustainability,

the transition away from fossil fuels toward a Moving to an emissions-free transportation system by 2060 will require urgency and purpose, according to Lenox, but perhaps most of all, disruptive innovation to make it possible. “The framing question we have in our

we need innovators and entrepreneurs to put

analysis is whether now is the time when

them out of business. We need more Teslas”

said. “And by disruptor, we mean a substitute


electric vehicles can truly be a disruptor,” Lenox that ultimately replaces internal-combustion engines.” One finding that surprised Lenox and Batten Institute lead researcher Rebecca Duff was

As an example, Lenox highlights the innovation system that helped produce Tesla, the clean energy company most known for its electric cars. The company is the result of an innovation-friendly system supported by a series of investors including, at one point, the U.S. Department of Energy; a bevy of electric vehicle-backing nonprofit organizations; and consumers, who took to the sporty and techcentric Tesla. If business is the leading edge of a human endeavor to save the earth, enterprises will need to be led by more visionary leaders who can catalyze radical disruption and tap the innovation engine to make the plans a reality. Government and other stakeholders will need to take actions to allow innovation systems to thrive. “We all have the power, in one way or another, to serve as a catalyst,” Lenox writes in the book. “The question before us, all of us, is whether we will take the actions today to create the conditions under which the innovation system can thrive. The fate of our planet depends on it.”

the sheer number of Chinese manufacturers that have placed big bets on electric cars. “Here in America, we’ve never heard of them, but they have global aspirations — so coming to a market near you could be some of these Chinese brands.” So is 2060 really possible? “I would say yes, but there’s a lot of uncertainty at this point and a lot of things that have to go right for us to get there,” Lenox said. “When buying the electric vehicle is no longer the expensive option, but the cheaper option — the market will just naturally adopt it.”

Discover more research, podcasts and webcasts in Lenox’s “Path to 2060” series at innovation-climate/research.





ike many of his colleagues, Professor Bobby Parmar has long held an interest in pushing ideas about the purpose of business beyond the walls of academia. It was at a Darden-hosted stakeholder theory conference in 2014 — the Darden School has long been fertile ground for such research due to the pioneering work of Professor Ed Freeman, the Olsson Center for Applied Ethics and the Institute for Business in Society — that Parmar decided to orient a greater portion of his research toward a wider audience. “This topic is so important, we shouldn’t be speaking only to academics,” Parmar said. “So in addition to the research that we do in journals, it’s important to take these topics and translate them in a fashion that a mainstream audience can engage with.” One idea Parmar and his colleagues came up with: a feature film to explore the role and purpose of business, and why it should matter to an informed populace. Working with Academy Award-winning filmmaker Paul Wagner, Parmar has helped produce Fishing With Dynamite, a featurelength documentary juxtaposing stakeholder and shareholder theories, featuring profiles of companies embracing the stakeholder mindset and including interviews with employees, consumers, executives and academics. The title derives from the illegal practice of blast fishing, which is an easy and efficient way to fish that also destroys the surrounding habitat supporting the fish. The interviews reveal the degree to which executives want to run their businesses for the benefit of a broad suite of stakeholders, but feel pressure to show short-term gains. “I was surprised by how much CEOs felt like they wanted to take care of their stakeholders and be responsible members of their communities and how hampered they felt by financial markets,” Parmar said. Parmar said the film explores a number of novel tactics that could discourage an overriding adherence to financial markets. One such example: the Long-Term Stock Exchange, a startup national securities exchange aimed at companies focused on innovation through long-term thinking. Parmar said the film’s interests are less about seeking a single solution, but rather amplifying the 16


Professor Bobby Parmar is working with Academy Award-winning filmmaker Paul Wagner on a feature-length documentary that will introduce stakeholder theory to a broader audience.

stakes and costs for the world when businesses appear increasingly incentivized toward treating shareholders as their primary clients. While far from declaring victory, Parmar said it is encouraging to see the false dichotomy of the shareholders versus stakeholders debate dissolve into a more nuanced, fact-based conversation. “You may see more shareholders say, ‘Look, by taking care of other stakeholders and by being a responsible member of the community and by having a clear purpose, you are benefiting shareholders,’” Parmar said. “More companies are seeing the importance of defining their purpose and having a purpose that goes beyond profits.” Parmar and the video team are in post-production work for Fishing With Dynamite, and eyeing a fall 2018 release.

You may see more shareholders say, ‘Look, by taking care of other stakeholders and by being a responsible member of the community and by having a clear purpose, you are benefiting shareholders.’ More companies are seeing the importance of defining their purpose and having a purpose that goes beyond profits.” — PROFESSOR BOBBY PARMAR



anaging the world’s fresh water is one of the great challenges of the 21st century. Academic research and study in the sector typically focus on engineering or environmental challenges, but the new University of Virginia Global Water Initiative, spearheaded by Darden Professor Peter Debaere, takes a more holistic approach to the vital resource. Its research and projects seek to solve issues as broad as ending local water emergencies in the driest parts of the world through proper allocation; stemming pollution and preserving surrounding ecosystems so that waterways stay clean and healthy; and improving antiquated water delivery systems that rely on vulnerable women and children for water collection, limiting their prospects to get an education or earn an income.

Though the problems are complex, Debaere believes groups like this one can make progress. “Water issues are among the biggest challenges we face,” Debaere said. “But I also believe they are manageable problems. … We know what some of the solutions are, and we know we can implement them at a local level.” Debaere brings a business and economics perspective, with research focusing on water markets — how the right to use water can be traded among farmers, water utilities and businesses. Such markets are potentially a vital tool to address water scarcity. Debaere said that businesses and business leaders are increasingly interested in taking on broader social and environmental problems like water scarcity. “Water is a very sensitive topic, and people expect businesses to behave responsibly with it,” he said. “I especially see this among our MBA students. The younger generation is very interested in doing business with broader social impact.”

Fast Facts:

UVA Global Water Initiative The new University of Virginia Global Water Initiative (GWI) is bringing bright minds together to help solve a big global problem. Here are a few fast facts to learn more about the initiative:

The Challenge, and How the GWI Rises to It As population grows, the global economy expands and the climate changes, cities, industry, agriculture and the environment increasingly compete for scarce water. The environment and the world’s poor suffer most. The GWI takes a leading role through innovative research, policy advice and education. It uses a holistic approach to water management that balances demand with supply, is tailored to local circumstances, remains mindful of global interconnections and draws on knowledge at the confluence of many disciplines.

Why Collaboration Is Necessary

Water issues are among the biggest challenges we face. But I also believe they are manageable problems. We know what some of the solutions are, and we know we can implement them at a local level.” — PROFESSOR PETER DEBAERE

Like most big problems, questions about the world’s water supply transcend disciplines. Faculty members within the Global Water Initiative want to infuse every project with knowledge from other disciplines, share their findings with students and the broader public — including policymakers — and engage practitioners and businesses.

A Pan-University Approach The initiative unites more than 25 faculty members in environmental sciences, engineering, architecture, history, law, business, economics, public policy, medicine and more who have already been hard at work on global water issues.

Learn More • Read the GWI blog at blogs.darden. • Visit the GWI website at darden.virginia. edu/global-water-initiative.



Beyond Bitcoin: Cryptocurrencies and Blockchain by Aaron Fernstrom


s the value of the cryptocurrency bitcoin surged on an exponential curve last winter, investors, the media and even the general public were swept up in a euphoria that more than one pundit compared to a modern-day Dutch tulip bubble. The New York Times wrote of early bitcoin investors-turnedbillionaires buying up large swaths of San Juan, Puerto Rico, in the wake of Hurricane Maria in an effort to found a crypto-utopia. John Oliver dedicated an episode of his HBO show Last Week Tonight to satirize a Wild West industry of “initial coin offerings” underscored by a lack of regulation, irrational decision-making and collusion that would make the Securities Exchange Commission’s Division of Enforcement blush. Through it all, more than one Darden finance professor remained skeptical of the real underlying value of any cryptocurrency. But underneath all of these cryptocurrencies is a technology many industry experts and leading corporations from JPMorgan Chase to IBM believe has tremendous potential: blockchain.



WHAT IS BLOCKCHAIN? For more than 7,000 years, humankind has used ledgers to record economic transactions. Archaeologists say clay tablets were used in ancient Mesopotamia to record simple purchases and sales of basic goods, growth of herd sizes and more. The world has come a long way since clay tablets, though. Modern computing has transformed basic financial ledgers into lightning-fast, highly automated, precisely accurate relational databases. Today, as cybersecurity and transparency emerge as paramount priorities during digital transactions, blockchain technology has the potential to be the next generational improvement in how parties record the exchange of value. In its most abstract sense, blockchain is a new platform technology enabling an improved ability to verify and record the exchange of value among an interconnected set of users. It is a secure and transparent way to track the ownership of assets before, during and after any transaction. Each transaction between parties in the network is a “block,” and the cumulative set of transactions across the entire network is the “chain.” Blockchain. The technology enables any network of users to track and trade virtually anything of value. Broadly speaking, there are currently two types of blockchains: public and private. • Public blockchains are open to anyone, and each use their own digital, “native currencies” (e.g., bitcoin). These native currencies are the required mediums of exchange in order to use the public blockchains to exchange value. Native currencies are needed for two reasons: to compensate network members who

verify transactions (called miners) and, given the anonymous or pseudonymous nature of network members, to claim an underlying asset from its issuer. • A private — or “enterprise” or “permissioned” — blockchain also records the exchange of value between parties in a network, but access to the network is permissioned and not everyone can join it. It is worth noting that since all parties are known to each other in a private blockchain, a native currency like bitcoin is not needed. In general, while specific applications of blockchain technology are still developing, there is a growing consensus that blockchains offer several benefits compared to legacy ledger technologies: • Everyone in the network has an identical copy of the ledger. • Network rules are democratic and voted on by members. • Cryptography protects all data.

• Digital keys are needed to access transaction records. • The ledger is permanent and tamper-resistant.

• The ledger reflects new transactions in near-real time. • “Smart contracts” are possible with blockchain.

These benefits enable the development of many potential products and applications for industry.

EXAMPLES OF BLOCKCHAIN APPLICATIONS In practice today, most current blockchain products and applications fall into three buckets. 1. Operational Functions in Financial Institutions

Financial services institutions expect blockchain to yield operational benefits related to cross-border payments, given reduced transaction, administrative and capital costs; shorter settlement times; and fewer errors, according to Accenture Digital. Asset managers, for example, will also be able to use blockchain for client onboarding, management of model portfolios, trade and order management, regulatory and compliance reporting, real asset transactions, and data management. 2. Operational Functions in Other Industries

Blockchain applications apply to nonfinancial services industries, too. There are potential applications across enterprises in the consumer packaged goods, government and technology industries, including customer loyalty programs; tax, benefit collection and distribution; medical record keeping; inventory controls; and supply chain management. 3. Smart Contracts

Smart contracts are a type of blockchain transaction that can be thought of as event-triggered, automated pieces of computer code. They can be as simple as “ship the product when we receive the payment” or “distribute dividends to shareholders upon their declaration.” All smart contract transactions are stored on a blockchain, which provides both an audit trail of events and

assurance of fulfillment of contract terms. Blockchain has the potential to deliver operational cost savings and improvements, better customer experiences, and more seamless interactions between enterprises and customers. There is growing interest in blockchain across diverse industries, and industry leaders have deployed teams of experts to work on how to use it. However, some experts are skeptical that blockchain technology will find a broader home in industry, arguing that transaction ledgers can be easily expressed as relational databases, with current best-in-class database tools more than sufficient for most needs.

VIEWS OF REGULATORS When novel technologies with applications in financial services appear to gather critical mass, regulation follows. The current focus of legislators and central banks appears to be around payments, clearing and settlements. This focus appears to makes sense, too. U.S. payment, clearing and settlement systems process about 600 million transactions per day, valued at over $12.6 trillion, according to the Federal Reserve’s Division of Research and Statistics. The Fed believes that “[blockchain] may represent the most significant development in many years in payments, clearing and settlement.” There is also the question of whether or how digital “currency” regulations will trickle down to affect blockchain use, and there appears to be regulatory interest connected to how people will ultimately use digital currencies.

CONSIDERATIONS FOR THE FUTURE At present, blockchain is a relatively nascent technology that appears to offer valuable product and service applications. Leaders whose businesses might evolve from technological advances need to decide: Should they determine how to use the technology and pursue those opportunities, or should they wait until others try it, see how they do and learn from their mistakes? The urgency of this decision may vary depending on industry. Financial services companies may evolve sooner than others. Industries that feature complicated global supply chains, have high degrees of intermediated global payments, require high levels of data security and whose transactions face strong degrees of regulatory scrutiny may be motivated to adopt and deploy blockchain within individual enterprises. If blockchain can deliver products and services that improve the customer experience and the profitability of an enterprise, the organizations that use it may capture a larger, more profitable share of a competitive marketplace moving forward. Aaron Fernstrom (GEMBA ’15) is associate director of the Richard A. Mayo Center for Asset Management and co-wrote the top-selling Darden Business Publishing case “Bitcoin: Investment or Illusion?” with Professor Yiorgos Allayannis.




NEVER GIVE UP Success in Classroom, Research by Simon Constable 20



Hard Work Carries Loutskina to


t may be hard for some people to remember back to 2006 when the housing boom was still in full swing, but Darden Professor Elena Loutskina certainly won’t forget it in a hurry. In hindsight, that year now looks pivotal to her career, although at the time what happened probably resembled a badnews, good-news situation. The less-than-good news arrived as a rejection letter from the editor of an academic journal regarding her recent submission of a research paper that highlighted some potential problems with what was known as “mortgage securitization.” It was a topic barely discussed outside the world of high finance. The gist of the letter from the editor was simple: “No one is interested in this topic. It’s boring,” the Belarusian-born professor of finance says. Her piece highlighted a potential problem in the banking system. In the simplest terms, the securitization, which involved the sale of home loans or mortgages to investors, would ultimately reduce the power of the Federal Reserve to conduct monetary policy. While the editor may have been correct that in 2006 few would be interested in such a topic, after the financial crisis of 2008–09 every central bank policymaker quickly became an ardent student of the very matter that Loutskina highlighted in the rejected paper. Indeed, the difficulty the Fed had in stimulating the economy after the Great Recession stands as a testament to her foresight on the matter. Even before the housing boom, Loutskina had long been interested in how central banks influence the economy. It all started when she took a job at the Central Bank of Belarus as a software developer after graduating in the late 1990s. “I’m a beneficiary of the Soviet science education system,” she says. She has a bachelor’s degree in mathematical economics and a master’s in applied math in economics, both from the Belarus State University in Minsk. Her education

prepared her well for the job at the central bank, which involved creating a new software that helped banks to make or get overnight loans. “Quickly, I knew more than my colleagues, and I realized that I needed to know even more than that,” she says. From Minsk, she moved to the U.S. and eventually studied for a Ph.D. at Boston College, where she continued to pursue her banking interests. “I noticed right away that she had a lot of oomph,” says Philip Strahan, professor of finance at Boston College’s Carroll School of Management, who supervised Loutskina’s doctoral studies. “She’s very strong with lots of self-confidence.” The two finance experts have already worked on four research papers together and are now developing a fifth, he says. “She isn’t an easy co-author, but that is good because you want someone who will tell you when you are writing something stupid,” he says, pointing out that many students tend to defer to a supervisor. In other words, Loutskina’s confidence and willingness to speak up was a significant asset not only for herself but also for her Ph.D. supervisor. In 2006, the same year her paper was rejected, she got a double-dose of good news. Not only was she awarded her Ph.D. in finance, but she was appointed to the finance faculty at Darden. It was here at the School that she found herself teaching graduate students for the first time. “In front of me, I found this amazing set of people who were, and are, willing to share their experiences, and I can grow with them,” she says, contrasting that with teaching undergraduates. She says it took her about three years to acclimate to the new classroom environment, but that hasn’t stopped her from earning four successive years of top decile teaching ratings and an Outstanding Faculty Award. Part of her appeal to the students is her blunt approach. “Elena is direct, which means you do not need to read between the lines to see how you are doing,” says Chris Blankenship (MBA ’17), who now works at a New York-

based investment bank. “She will praise you for your success and call you out if you try to take shortcuts.” Like all Darden faculty, she wants to stretch students intellectually and enjoys teaching. “The only thing I am paid for is grading; the other stuff I do because I love it, out of the goodness of my heart,” says Loutskina. “Teaching at Darden has been one of the most rewarding experiences of my professional life.” Of course, there is more to Loutskina than work. In Virginia, she started a family. In 2006, 12 years ago, she and her then-

She is part of a wave of faculty joining Darden who represent the growth of women and more international faculty and who are devoted to serious, outstanding scholarship. Elena and her colleagues give the Darden School a serious claim to global stature.” — Dean Emeritus Bob Bruner

boyfriend Andrei Znachonok, a Belarussian software engineer, both moved from Boston. Now, they have two sons. “I just felt at home in Virginia, and it felt right.” Darden’s faculty leadership felt Loutskina was a good fit as well. She earned tenure in 2014, less than a decade after joining the School. “She is part of a wave of faculty joining Darden who represent the growth of women and more international faculty and who are devoted to serious, outstanding scholarship,” says Dean Emeritus Bob Bruner. “Elena and her colleagues give the Darden School a serious claim to global stature.”



According to Hansen, it’s an energizing time to be working to connect consumers with products. “It’s a fascinating landscape right now, because while brands have always had to earn trust, now it’s exciting to think about a more holistic relationship with a consumer and more holistic consumer experience,” Hansen said. “It’s about connecting to this broader emotional need, where brands are being challenged to really take a stand on matters that wouldn’t be required or demanded previously.” What else is fascinating about marketing right now? In their own words, Darden faculty members identify trends in the rapidly changing sector:

1 Retail Shakeup: Technology Redefining the Retail Experience


From Brands Taking Stands to Technology Changing Retail

As attention spans shrink, platforms evolve or dissolve and data drives an increasingly personalized consumer experience, the role of the marketer is evolving at a clip. The evolution comes with new opportunities, particularly within organizations where traditional silos have fallen or become scrambled and cross-discipline expertise is increasingly valued, according to Lauren Hansen (MBA ’18), former president of the 250-member Darden Marketing Club. Hansen, who is starting an associate brand manager position with Johnson & Johnson after graduating, suggested the general management tenets of Darden’s core curriculum provide a critical foundation for the marketer interested in being a catalyst for business growth. “It’s very much the role of the brand manager to drive growth and figure out what is the innovation pipeline and what is the strategy that’s going to authentically connect in a unique way,” Hansen said. “In that sense, Darden is a marketing school because it’s training us to learn how all of these different disciplines work together, and that’s so crucial when you think about motivating cross-functional teams and getting people to buy the vision and deliver on a brand promise.”



There are several interesting trends in marketing right now. One is the retail shakeup as technology interrupts the classic retail experience and e-commerce grows as an essential part of consumers’ lives. As consumers expect status quo to be convenient online search with access to a variety of options at low prices (yet provided with personalized service), and quick purchase and delivery, retail marketers are trying to co-opt some of these e-commerce features. The competition is fierce and only those that can lean into the change will survive. Another interesting observation is that the distinctions between firms (e.g., marketing consultants vs. creative agencies vs. boutique behavioral economics consultancies) as well as between functions within firms (e.g., marketing, strategy, operations, finance) are blurring. The shift is from a focus on mechanic executions to understanding the customer and creating unique and meaningful experiences that are accessible yet still profitable. — Professor Lalin Anik

2 Sensory Marketing: Influencing Subconscious Decision-Making The most exciting area of marketing, in my opinion, is something called sensory marketing. The idea is that without our conscious awareness, our bodily sensations influence the decisions we make. Sensory marketing helps to understand how we can convey ideas such as quality or trust using different senses — smell, taste, vision, touch, auditory. Consumers don’t perceive sensory stimulations as marketing messages and, therefore, don’t react with the usual resistance to ads and other promotions. — Professor Luca Cian

3 Channels of Distribution and Communications Are Evolving, Merging and Multiplying Marketers are learning how to redesign and coordinate their branding and go-to-market strategies to match how customers want to buy. What marketers call “omni-channel” marketing is not only for retailers, but also upstream marketers. Changing distribution strategy has historically been one of the most difficult challenges that business faced. For many marketers now, it is not a question of if, but how and when to adapt, which metrics they will choose to monitor success and how long the transition will take — if, indeed, the transition is ever complete. — Professor Paul Farris

4 Aligning Expectations in the Digital Space I think one of the biggest challenges currently facing business managers is understanding what consumers consider as appropriate behaviors — or ‘norms’ — in the digital space. No doubt, digital innovations have made it easier for

companies to reach and interact with consumers, often in creative ways that were not possible in the offline world. Some of these features may be great ways to keep consumers engaged, but there are also a host of other features that consumers may find inappropriate. For instance, while consumers may appreciate being able to specify their preferences to receive better targeted ads, they may not find it appropriate for advertisers to purchase their personal information from other companies to produce better targeted ads for them. In other words, there often is a misalignment between consumers and companies in what they believe is an appropriate behavior, and this gap is likely going to increase as digital marketing capabilities become more refined and varied. — Professor Tami Kim

5 The Chief Marketing Officer Role Is Changing, Quickly In the 1990s, when the chief marketing officer (CMO) role was coming into vogue, the priority was on advertising, creating emotional connections with customers and building superior brands. In the 2000s, the CMO had to become finance literate as CEOs expected CMOs to demonstrate how they delivered financial impact (of note, this challenge is continuing today as it hasn’t yet been mastered). However, in the 2010s, CMOs had to add tech literacy to their repertoire as data, analytics and consumer impact (through customization) all became enabled through technology. What does this mean? The CMO role is arguably the most challenging in the C-suite, requiring CEO-type enterprise-wide knowledge. However, it is also one of the most exciting positions, and those who can become literate in building consumer-brand connections, delivering marketing-finance accountability and leveraging technology will be poised to move into CEO and board roles. — Professor Kimberly Whitler



BRANDS TODAY: SEEKING RELATIONSHIPS, NOT JUST TRANSACTIONS PROFESSOR RAJ VENKATESAN recently defined leading metrics used to measure four types of customer engagement: Customer Lifetime Value, Customer Referral Value, Customer Influence Value and Customer Knowledge Value. With engaged customers worth 23 percent more to a brand than average customers, three out of every four executives planned to boost spending on customer engagement. But how to build deep attachments with customers and boost the metrics? STAND FOR SOMETHING! With today’s frenetic news cycle, engagement strategies are bolstered by identity, Venkatesan found. Many of the firms successfully engaging customers have done so by rounding out brand identity beyond products. Patagonia has touted environmental conservation efforts for decades and recently took stands against some Trump administration policies, including a protest of a decision to reduce the size of two national monuments in Utah. An Instagram post on the subject garnered five-fold more likes than the brand’s average posts. Engagement via identity can help bridge the reluctance many consumers feel to engage with business. Customers inherently don’t want to be in conversations with brands, Venkatesan said, but when brands understand what their identity is and how it ties in with customers’ lives, those conversations become much stronger.

To learn more about key trends in marketing, read the latest research and thought leadership from Darden’s Marketing area faculty on Ideas to Action (ideas. SUMMER 2018



Bob Bruner, Bob Conroy and Bob Harris. If he grew comfortable with the case method at Michigan, Eades’ confidence was rattled upon sitting in teaching planning sessions with his fellow Bobs. Eades specifically recalled an early session when Bruner asked the group, “What are your thoughts on the opening question for the case?” Eades realized that he Professor Ken Eades retired this year after 30 years at Darden. was not aware that he should have thoughts on the matter. “Bruner kept saying, ‘We have to set the tone here. Think about the flow. It has to be impactful,’” Eades said. “After that two-hour meeting, I came out and thought: ‘What did I get myself into?’” Thus commenced what Eades called a “redoubling” of his attempts to learn the case method s he prepared to retire this spring after in order to keep up with his new faculty peers. He 30 years of teaching at Darden, Professor did that and more, becoming one of the School’s Ken Eades recalled starting his career in most impactful faculty members in the eyes of Michigan as a young professor roughly 40 years ago. students and his fellow professors. He received scads of advice from more tenured Bruner said Eades has been a “remarkable faculty in those early days. One particular professor contributor to Darden’s stature and development” advised keeping his research and personal time and leaves a legacy as both a superb teacher and sacrosanct. forward-thinking leader. “He said, ‘You understand, Ken, taxes are “He has chaired many special committees and something you have to pay, but you want to minimize projects that helped to build Darden. Ken has them as much as legally possible,’” Eades recalled. afforded the vital glue of leadership within our “That’s the same thing you want to do with teaching.” community,” Bruner said. “Darden is a better place The advice, of course, did not find a receptive because of his hard work, excellent teaching and high audience with Eades, who, after being selected example.” as the young professor “unlucky” enough to be Eades leaves behind a significant body of work stuck teaching a case-based course to his students, as he steps away after 30 years. The once-reluctant eventually discovered an aptitude and affection for case instructor estimates that he has authored about both the classroom and the case method. 70 cases, and helped launch the Richard A. Mayo Not that it came easy, at first. Center for Asset Management and the Strategic In Michigan, Eades recalled being set to teach CFO Roundtable with Darden’s Institute for finance cases to a section of undergrads, MBAs and Business in Society. executive MBAs armed with little more than a book Eades is particularly pleased with his longstanding of cases and his memories of his own case course participation with Building Goodness in April, the from his Ph.D. days. student-run organization dedicated to improving Over seven years in Michigan, Eades continued to homes for those in need. teach the case course, expanding it and adding new As his Darden career closed, Eades was cases from a network of like-minded practitioners, comfortable not looking too far ahead. He is especially Darden Professor Bob Bruner. Invitations planning to see more of his grandchildren, spend to visit Darden were offered, and the relationship more time on the tennis court and generally do more eventually culminated in a job offer. Eades said he of the things he likes to do but for which there never was jokingly dubbed “Bob Eades” upon joining a quite seemed to be enough time. group of finance professors that included Professors

A Case of a Professor Finding His Calling




Faculty Awards & Accolades Professor Rich Evans won the Best Empirical Paper Award from the Southern Finance Association for his paper “Competition and Cooperation in the Mutual Fund Industry.” Evans was also awarded the Santander Research Fellowship/Clare Hall Visiting Fellowship at Cambridge University. Professors Ed Freeman and Jim Freeland received the Aspen Institute Business and Society Program 2017 Ideas Worth Teaching Award for their seminar on economic inequality.  Professor Mary Gentile was named an honorary member of the Scientific Council of the journal Organization and Management Quarterly. Gentile’s Giving Voice to Values won the Bronze Medal from Reimagine Education in the Ethical Leadership category. Professor Elliot Weiss’ case study “Staffing at the Strategic Advisory Consulting Group: The ‘S’ Word,” co-written with Kate Stets, won second place in the INFORMS Case Competition in November. Weiss’ “Anna Pessah: Lean Thinking at Summit Funding,” co-written with Rebecca Goldberg (MBA ’03), was a runner-up in the Decision Sciences Institute 2017 case competition. 

Peter Wilson (MBA ’18), CEO of Darden Capital Management for the 2017–18 academic year

Student-Run Endowment Surges Past $15M What was once $250,000 is now more that $15 million, thanks to the tremendous growth of five funds managed entirely by students participating in the Darden Capital Management (DCM) program. DCM grew $250,000 in seed money carved out of the Darden endowment in 1990 to roughly $10 million by the end of 2016 and then to $15 million by the close of 2017, driven by benchmark-beating returns and additional allocations from the Darden School Foundation Board of Trustees.

Peter Wilson (MBA ’18), CEO of DCM during the 2017–18 academic year, said the additional allotment of funds served as a vote of confidence from the board and will enable the continued expansion of the DCM program. Darden Capital Management offers Darden students an unparalleled experiential learning opportunity in the field of investment management. Students actively manage five funds, gaining hands-on experience in a world that rarely offers traditional internships and can be difficult for young professionals to access. In addition to managing funds, DCM hosts events and participates in stock pitch competitions across the U.S.

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Opening Day at UVA Darden Sands Family Grounds Class of 2018 and 2019 Executive MBA students in the Rosslyn section were part of a special experience in March when they became the first to attend class in the new UVA Darden Sands Family Grounds. The tiered classrooms on the top two floors of a high-rise in the Rosslyn district of downtown Arlington, Virginia, offer state-of-the-art learning space with sweeping views of the Washington, D.C., area. Students and Darden staff also settled into other areas of the facility, which include community gathering areas, meeting rooms and offices.

Jerry Peng (MBA ’03) gives his induction speech at the 2018 Principal Donor celebration in April.

Record 16 New Members Join Principal Donors Society

Darden inducted 16 new members to the Principal Donors Society — the School’s highest designation for lifetime giving — at a special celebration on Grounds in April. The class marks a record-setting number of new inductees in a single year, bringing the total number of Principal Donors to 79 and highlighting the growing momentum of philanthropic support for Darden as UVA launches its Third Century Campaign. “The support of the newest members of the Principal Donors Society — as well as those previously inducted and those who will be inspired to join their ranks — will undoubtedly elevate the Darden School to new heights as we prepare the next generation of purpose-driven business leaders,” said Dean Scott Beardsley. The new members of the Principal Donors Society are: Kirby Adams (MBA ’79) William D. Cannon Jr. (MBA ’68) and Nancy Cannon G. David Cheek (MBA ’79) and Kathy Cheek Louis Elson (MBA ’90) Peter Grant II (MBA ’86) and Colleen Grant Mark Kington (MBA ’88) and Ann Kington Doug Lebda (EMBA ’14) and Megan Lebda Lemuel Lewis (MBA ’72) and Sandra Lewis Paul Murphy* G. Ruffner Page Jr. (MBA ’86) and Penny Page Zhiyuan “Jerry” Peng (MBA ’03) and Ying Hu Frank Sands Jr. (MBA ’94) Shannon Smith (MBA ’90) Wallace Stettinius (MBA ’59) and Mary Gray Stettinius Warren Thompson (MBA ’83)

One new Principal Donor chose to remain anonymous and accept the recognition in honor of the Darden School Class of 1957. *Deceased



or have made an impact some way within an organization. Maybe they come from a unique industry that would add a unique perspective in a case-method environment. I think we’ll have a more holistic approach in the academic credentials we’re looking for. What makes Darden stand out among its peer schools?

Dawna Clarke

New Admissions Head Takes a ‘Holistic’ View Dawna Clarke, named Darden’s executive director of admissions and financial aid last fall, returned for a second stint at the School after successful tenures in the MBA admissions consulting business and as head of admissions at Dartmouth’s Tuck School of Business. With a new head of admissions comes a fresh perspective, and Clarke sat down with Poets & Quants Editor-in-Chief John Byrne recently to discuss her view on evaluating top applicants. What are you looking for in a successful candidate? In the admissions process, we do look at a lot of different criteria. I am a fan of the GMAT. I am a fan of the GRE. I think to look at someone’s GPA over four years is a great indicator. But there are others as well, and work experience is one. Applicants can perhaps show they’ve done a great job managing people or budgets

There is so much positive momentum at Darden right now. I was really excited to learn about Darden’s new dean, Scott Beardsley, who was a leader at McKinsey, and how much he and his team have accomplished in a short period of time. Of course, one of the considerations that is on the mind of a lot of students is affordability, and Darden has done a lot to prioritize becoming one of the most affordable, top business schools in the world. There has been an over 700 percent increase in the amount of philanthropy given for scholarships. You have a son. What would you tell him about Darden to convince him to come here? For him or any other applicant, if you’re investing two years of your time — the opportunity cost and financial commitment it takes to go to a two-year program — why wouldn’t you go to the school that’s best known for the quality of teaching and educational experience? Because, ultimately, you want to come away with the skills that are going to really help you hit the ground running and succeed. That’s what we hear from recruiters about Darden grads consistently and why they come back, and why they have such a great track record in so many corporations.


Join Dean Scott Beardsley and members of Darden’s Admissions, Engagement and Advancement teams for an alumni and admissions reception this fall in a city near you (and be sure to bring a prospective student or two). Washington, D.C........... Wednesday, 5 September Atlanta.......................... Thursday, 6 September Boston........................... Wednesday, 12 September New York...................... Thursday, 20 September Seattle.......................... Monday, 8 October San Francisco............... Wednesday, 10 October

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On Corporate Culture, Costs and Communism There’s more to business than the numbers (although the numbers for solar energy appear quite good, according to a clean energy-focused panel convened for Darden’s Net Impact Week). Executives from around the globe and across industries visited the School this spring to share insights on the roles corporate culture, governments in countries like China and digital technologies can have on managers’ ability to lead.

“China did a very brilliant thing. It moved away from communist ideologies and started to embrace capitalism, but at the same time it did not give up control.”

“We have beaten all predicted cost curves. Solar has become the cheapest form of energy on earth ever.”

— Devin Welch, vice president, Sun Tribe Solar

— Y.P. Chan, principal, Chanden Inc. The Adam Smith Society Presents Liberty Week, 1 February

Net Impact Week, 5 February

“Corporations are like people. They have their own personality and spirit and own way of growing. Finding the right place is critically important.”

— Leeny Oberg, CFO, Marriott International Leadership Speaker Series, 21 February

“The [private equity] asset class has a number of flaws, and one of them is the data available is terrible.”

— Erik Hirsch, vice chairman, Hamilton Lane Darden Private Equity Conference, 6 April

Watch videos from the Darden Leadership Speaker Series at





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Pictured from left: Darden Alumni Association Board President Warren Estey (MBA ’98), Dean Scott Beardsley, Dick Mayo (MBA ’68) and Darden School Foundation President Michael Woodfolk (TEP ’05)

Mayo Receives Darden’s Highest Alumni Honor

Mayo called returnDarden alumnus Dick Mayo (MBA ’68) was recognized with ing to Darden as a the Charles C. Abbott Award in lecturer “one of the April during his 50th reunion celebration at the School. The greatest thrills” and award is the School’s highest encouraged other alumni honor, presented by the Darden Alumni Association alumni to find similar Board of Directors in recognition ways to engage with of exceptional and lasting contributions to the School. students. A member of the Principal Donors Society at the Madison level, Mayo was instrumental in establishing the University of Virginia Investing Conference and Darden’s Richard A. Mayo Center for Asset Management. Mayo has served as a member of the Darden School Foundation Board of Trustees; maintained a regular presence in the classroom; and has served as a mentor to students, staff and faculty. The chairman and chief strategist of Game Creek Capital said he was pleasantly surprised by the accolade. “I’ve always held the Darden School in the utmost esteem,” Mayo said. “It helped me get to where I am, and today it still helps me to improve myself.”



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960 TURNER MOUNTAIN ROAD • $1,095,000 Set on over 4 beautifully landscaped, open, gently rolling acres in Ivy’s Turner Mountain neighborhood, this large, well-built home has been maintained to perfection. Formal & informal spaces incl’ kitchen w/ large center island open to family room with fireplace. Reidar Stiernstrand (434) 284-3005. MLS# 575059

200 GARRETT STREET, #508 • $1,295,000 Huge, ultra-luxe 5th floor Gleason condo with expansive views to the east and south. 3-4 Beds, 2 secure garage parking spaces, 2 master suites, 2 decks, 2 fireplaces, all a 3 block walk to the Downtown Mall. Totally open floor plan, extraordinary built-ins. Reidar Stiernstrand (434) 284-3005. MLS# 574319

750 BRIDLEPATH DRIVE • $945,000 Set in privacy with Blue Ridge views, this classic Georgian offers slate roof, copper gutters & entirely new interiors. New kitchen overlooks huge, level rear lawn. Family room w/ stone fireplace, expansive terrace. Luxurious 1st floor master wing. Horse-friendly, 9.51 acres. Reidar Stiernstrand (434) 284-3005 MLS# 573443




2 ACRES IN IVY • $299,000 Moments from Meriwether Lewis & fronting a quiet side street, this elevated, open, gently rolling building lot offers Blue Ridge views & potential for a level rear lawn. Under 10 mins to town, in a desirable area where property values range from $700,000 to the multi-millions. Bring your own builder! MLS# 574010

250 W MAIN STREET, #704 • $695,000 Completely renovated, 2 bed, 2 bath condo in the coveted Lewis & Clark Building, with panoramic views of Downtown & beyond. First class transformation, including gorgeous chef ’s kitchen, stunning baths, flexible living & dining areas. Covered, private patio. Sally Neill (434) 531-9941. MLS# 574486

3145 BEAU MONT FARM ROAD • $925,000 5,000+ fin sq ft on 2+ level, private acres in W. Albemarle, less than 6 miles to Stonefield. Huge 2-story, light-filled family room w/ fireplace; remodeled kitchen w/ Italian marble counters; 1st floor master suite. Rear deck, patio and pool. Mountain views. Jay Reeves (434) 466-8348. MLS# 574027


WINDIE KNOWE, c. 1732 • $2,900,000 One of the oldest historic properties in Albemarle Co. Colonial farmhouse exquisitely restored to facilitate modern convenience. Enjoy country living on 30+ acres with rolling tree-shaded lawns & fenced pastures for horses. Terrace, pool area & outdoor dining pavilion. Hunter Palmer (434) 981-0533. MLS# 574161



5214 PONT ROUGE FARM $2,995,000


Pont Rouge offers an absolutely pristine 5 bedroom, 5.5 bath residence constructed by Shelter & Associates that overlooks the immaculate farm and staggering mountain views beyond. Charming, log guest cottage adjacent to the main house. 386 serene, private acres in the heart of Free Union estate country include groomed, rolling, fenced & crossed fenced fields & a large, deep pond. The only covered bridge in Albemarle Co. welcomes visitors at the entrance. Every inch in pristine condition. MLS# 558099


401 Park Street Charlottesville, VA 22902



ROUND HILL FARM $5,900,000 With the centerpiece a stately, c. 1940 brick residence shaded by massive hardwoods and sited magnificently to enjoy 280˚ Blue Ridge views, Round Hill Farm is truly a rare opportunity in Charlottesville: A pristine 120 acre farm with extensive frontage on the Rivanna Reservoir only 5 mins to all conveniences & under 10 mins to UVA and Downtown. Ideal balance of formal rooms & casual spaces. Pool overlooking the views, gardens. 7 fireplaces including 1 outdoors on covered porch overlooking the views. MLS# 572196


515 ROCKS FARM DRIVE • $1,570,000 This distinguished Baird Snyder-constructed brick home offers Blue Ridge views in a coveted, close-in, Western Albemarle location minutes from schools, conveniences & Downtown. Understated yet sophisticated interior design with selections by Foxchase Design. Screened porch. Murray district. MLS# 575196




2437 CHAPEL SPRING LANE • $1,845,000 Set in absolute tranquility and privacy yet with panoramic Blue Ridge views, this dramatic Georgian has been updated and expanded brilliantly. Russell Skinner designed the stunning great room addition & Charles Stick, the arresting landscape design. 2 large covered porches. Formal gardens, tennis court MLS# 567008

ADAVEN FARM IN SOMERSET • $2,845,000 Family compound set privately in Somerset with mountain & pastoral views. Main house with the finest new, reclaimed materials & enhanced by a 2 bed, 2 bath guest house, vaulted nanny/inlaw quarters, saltwater pool with pool house, center-aisle barn, & regulation dressage arena. Every inch is turn-key. MLS# 556651

4865 GILBERT STATION ROAD • $1,495,000 Privately set, 26 acre country property comprised of a 4,065 sq ft, 4 bed, 4.5 bath main house with attached 2-car garage, plus adjacent garage with an in-law or guest apartment & barn. This potential horse property is within easy walking or riding distance of Preddy Creek. Moments to Baker-Butler. MLS# 571415




1818 WINSTON ROAD • $1,190,000 Classic brick Colonial in desirable Rugby area incl’ a valuable adjacent build-able 1/4 acre lot, minutes from UVA. Bright, open main level w/ hardwoods throughout. Spacious living & dining, open kitchen w/ butcher block island & breakfast room. 3 brick patios (1 covered). Erin Garcia (434) 981-7245. MLS# 575413

10 HANDLEY WAY • $495,000 This 22 acre parcel might have it all: epic mountain views from an elevated home site that also overlooks a private pond & gently rolling meadows. Ideal for horses, with most of the acreage open & laid out below the house site. Bring your builder. VDOT roads. Comcast high speed internet. MLS# 555963

526 PARK PLAZA • $1,450,000 Architecural Digest worthy. Architect Designed, Custom Builder & Cabinet Maker’s remarkable renovation. Stripped to the studs & rebuilt with the highest quality finishes. All cabinets, closets, built-ins & stairs custom handcrafted. Sun-drenched addition w/ gourmet kitchen. Lindsay Milby (434) 962-9148. MLS# 574862


DETACHED BROWNSTONES • C&O ROW A short stroll to the historic pedestrian mall, each all-brick 3 bed home offers open concept smart design with over 3,500 sq ft, 2-car garage, rooftop terrace w/ Downtown & mountain views, 10’ ceilings, hardwood floors, gourmet kitchen, luxurious master suite and spa-like baths. Lindsay Milby (434) 962-9148.

2155 DOGWOOD LANE $6,395,000


Sited on one of Farmington’s largest, most beautiful parcels, ‘Treetops’ is a center hall Georgian constructed to uncompromising standards. The distinguished 6 bedroom, 8 bath residence enjoys panoramic Blue Ridge views and 2 covered rear porches. Remarkable features includes triple hung windows, 4 fireplaces (1 outdoor at rear porch), & remarkable Gaston & Wyatt millwork at every turn. Charming, immaculate guest cottage. Rear property line meanders along Ivy Creek. MLS# 560048





MIHO SUGIMOTO (MBA ’93) ‘People First’ Focus Always in Fashion


ouble Hoo Miho Sugimoto, who graduated from UVA in 1991 and the Darden School of Business in 1993, has carved out a successful career as senior director of marketing and creative at iconic fashion brand Kate Spade. However, she wasn’t sure the fashion industry was for her at first. She came to Kate Spade after several years working in marketing at companies like Starbucks and Coca-Cola. “I was skeptical at first, but they convinced me that the fashion industry is moving really rapidly and that attitudes toward fashion have been changing, especially within the price range of a brand like Kate Spade,” she said. Now, she flies between Japan and New York City, directing Kate Spade’s marketing efforts on both sides of the globe and overseeing everything from how products are presented in stores to how the company uses data analytics to attract new customers. And she loves it. “What I enjoy most is the speed and the innovation when you bring a product to launch,” she said. “We have stores around the world, and if you want to improve something, you can often make the change

very quickly and see results in one or two days.” Sugimoto describes Kate Spade as “affordable luxury” — the kind of product that she bought when she was graduating from Darden and ready to enter the workforce. “I saw this bag that was black and square, very traditional, but that had this polka-dotted red liner,” she said. “It was fashionable, but functional — smart, playful, powerful and fun.” “I’m so glad that I made it full circle, and I’m now helping keep that brand relevant today.” Having just celebrated her 25th Darden reunion, Sugimoto says she is still applying lessons learned at the School in her career today, such as keeping her focus on people first. “It is always people who drive the business and matter most,” Sugimoto said. “Creating an environment where every team member can exercise leadership in their area of expertise and feel valued is becoming more and more critical in a rapidly moving world that demands agility and creativity.” — by Caroline Newman






No Rain on His Parade

al Lawton’s life must feel like a parade these days. He was named president of Macy’s in September 2017, and one of his top priorities after joining the iconic retailer was to meet fellow colleagues and travel to various store and office locations to get to know the company. The jump to Macy’s also entailed a move to New York City from the San Francisco Bay Area, where he served as a senior vice president at eBay for two years. The rapid change all comes after a comparatively settled 15 years in the Atlanta area, moving up the ranks for five years at McKinsey & Co. and then 10 years at The Home Depot, where he led the company’s online business to exponential growth. Of course, his life literally became a parade in November during his first Macy’s Thanksgiving Day Parade. “I was blown away by the scale of the event,” Lawton said. “I did not understand that Macy’s puts on the entire show, including building the floats and balloons, arranging all the talent, and coordinating the event with NBC and the New York Police Department. It is the third most watched event of the year on TV, and millions of people line the streets to watch it in person. It was fun spending my first one with over 30 family and friends.” Lawton says he’s passionate about the in-



tersection of technology and retail. He said a key accomplishment at The Home Depot was embedding digital within the culture of the company, and he learned the importance of machines and running e-commerce at a massive scale at eBay — experiences he calls “complementary to the journey we have ahead at Macy’s.” “I am excited to see how we transform our customer experiences,” Lawton said. “We have all the ingredients necessary to continue to be a leader in retail, but this will require continued adaptation and change. This includes more embracement of technology in-store, the transformation of our stores to be more experiential and continued excellence at customer service and product authority.” Lawton gives Darden plenty of credit for his career success. He said he was born in a small town in Tennessee and worked in a smaller town in North Carolina before Darden. The School “opened my eyes to the larger world” through the class environment, his peers, executive speakers and professors. In particular, he said now-retired Professor John Colley and Professor Jacquie Doyle had a tremendous impact. “They opened my mind to the art of the possible, pulled me into activities and pushed me to be better,” he said. “I am eternally grateful.”




Going Into the Wild, Wild West

efore Darden, YETI CEO Matt Reintjes (MBA ’04) worked for a tech startup in Austin, Texas, at a time when the industry was fat with venture capital money. But while the funding was in abundance, the actual business strategy was less clear, and the business fizzled. Determined to learn the ins and outs of business and management, Reintjes says coming to Darden was an “easy choice.” A first post-Darden position at Danaher Corp. proved more eventful than expected, as plans to join Danaher’s product identification division were scuttled when the company offered him the chance to instead join a newly acquired business in medical technology, a field Reintjes says he knew nothing about. Knowing the first job out of school would set the stage for future opportunities, Reintjes asked Danaher executive and Darden alumnus Phil Knisely (MBA ’78) for guidance. “Phil said, ‘You can choose the safe, easy job or go into the wild, wild west,’” Reintjes said. “It was an obvious decision and it delivered.” Reintjes recalled arriving at an aging factory with a parking lot given to frequent flooding. He was the third person hired into the carve-out unit of a public company, given a desk without a chair and little initial guidance. After Danaher, Reintjes was recruited as COO to Bushnell Holdings, a sporting

goods-focused consumer products company with 19 brands under management that was in the process of exploring a sale. The company was eventually acquired and spun off into a new, larger publicly listed company named Vista Outdoors, where Reintjes learned the outdoor industry and closed deals to acquire brands like Camelbak and a stand-up paddleboard company. When YETI and its private equity backers came calling, Reintjes said it was instantly apparent that he was being offered a unique opportunity. Then primarily known as the maker of high-end coolers with a cult following among outdoorsmen, Reintjes said it was clear the company’s founders had built a unique niche with room to run. Joining in late 2015, the CEO has since helped usher in a period of explosive growth, with the company moving into new product lines and geographies and becoming an increasingly household name. YETI is “hypersecretive” about what’s coming next, in part to stave off the flood of inevitable knockoffs that follow. However, Reintjes said “stoking the brand” with new products and sector explorations would continue. “We are very careful with our brand and what we do with it,” Reintjes said. “We try to be broad and deep, and we try to have depth in the communities we operate in, but we try not to be everything to everyone.”



CLASS NOT E S 503 Faulconer Drive Charlottesville, VA 22903 434.295.1131

MCLEAN FAULCONER INC. Farm, Estate and Residential Brokers THE CHIMNEYS $3,900,000

FARMINGTON ◆ $1,950,000

This beautifully detailed, well constructed residence sits on 2 private acres within walking distance of the clubhouse. Recently expanded and renovated, this home features an open floor plan in the great room/kitchen, formal living and dining rooms, and a main-level master in over 5,700 finished square feet. MLS#574056

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#572215

Fabulous 273-acre country estate, base of Blue Ridge Mountains, with magnificent views in all directions. 9,000 square foot restored residence, circa 1803. This home has amazing rooms, award-winning gourmet kitchen, completely renovated and enlarged. There is also a log home converted to guest cottage and old grainery also a guest cottage, two very useful barns, gunite pool, all in excellent condition, fenced, with 2 lakes and many creeks. Visit: www.thechimney MLS#554020

IVY AREA ◆ $1,695,000

Exceptional, European-style manor home of 6,500 square feet with a guest cottage with conference room, and a 3-bay garage with upstairs office, on a 22-acre private and elevated setting boasting panoramic Blue Ridge Mountain views, river frontage, and a large pond. Only 10 miles out from Charlottesville. MLS#572363

ARCOURT ◆ $2,490,000

Long after other homes have crumbled, the stone walls of ARCOURT will remain-a testament to the superb quality construction used to create this one-of-a-kind French-inspired estate on 22 acres in Keswick Hunt Country, Completely fenced for horses, 3-stall stable, guest quarters. Beautiful mountain and pastoral views. MLS#572365


First time on market, magnificent brick Georgian residence, with copper roof, over 5,400 finished square feet, superb quality details throughout, expert craftsmanship offering gracious lifestyle on 21 acres in quiet pastoral setting, just 5 miles from town. Features include: 10 ft ceilings, heart pine and hardwood floors, custom cabinetry by Jaeger and Ernst, 5 large en suite bedrooms, main level master. Private setting, Blue Ridge Mountain view, salt water pool and lake, fabulous offering. MLS#574512



THOMSON ROAD ◆ $1,245,000

One block to UVA Grounds. Completely renovated c. 1928 arts and crafts, 4 bedroom residence. New kitchen with white cabinets, stainless appliances, granite countertops; 2 new full bathrooms and 2 half bathrooms; restored antique floors, three new exterior porches. 3,514 finished square feet, includes terrace level 1 bedroom apartment. MLS#566332

To update your contact information, call +1-434-243-8977 or email

EDGEMONT ◆ $27,000,000 Nestled in the foothills of the Blue Ridge Mountains is this Palladian inspired masterpiece called Edgemont. Surrounded by 572 acres of rolling Virginia farmland, with the Hardware River running through the lush fields, is a home whose design is reputed to be the only remaining private residence attributed to Thomas Jefferson. Complete with tennis court, pool, pool house, guest house, and a full complement of farm improvements.

MOUNT SHARON FARM ◆ $18,500,000 Brilliantly sited on second highest point in Orange County lies one of Virginia’s most magnificent historic estates showcasing panoramic views of the Blue Ridge Mountains and Coastal Plain. Comprised of 560+ gently rolling acres, the property features an extraordinary c. 1937 Georgian Revival-style residence, 10+ acres of world-renowned gardens, fertile cropland, lush pastures, farm improvements, and multiple dependencies.

GALLISON HALL ◆ $19,780,000 Dramatic Blue Ridge Mountain views from this one-ofa-kind architectural gem in Farmington! Beautifully sited amidst 43 acres of expansive lawns and gardens stands this extraordinary, c. 1931-1933, Georgian Revival-style residence noted for its quality workmanship, elaborate woodwork, and exquisite architectural details. Includes an indoor pool pavilion,tennis pavilion,and additional improvements. 3 miles west of UVA. On Virginia and National Historic Registers.

NORTH WALES FARM ◆ $29,950,000 Extraordinary 1,466-acre Virginia estate, circa 1718, featuring an impressive Georgian-style manor house, a two-story stone carriage house, farm & equestrian improvements, numerous residences & a shooting preserve. Listed on both the National Register of Historic Places & the Virginia Landmarks Register, as well as under a preservation easement, this extraordinary property is a rare offering of a National treasure.




LIVE ICONIC The location, the style, the feeling you get when you walk through the door – every aspect of your home should be a reflection of who you are, where you've been, and the life you aspire to live. Your best life begins with a home that inspires you. The Horseshoe | MLS ID: 570003 Š MMXVII Sotheby's International Realty Affiliates LLC. All Rights Reserved. Sotheby's International Realty Affiliates LLC fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. Each Office is Independently Owned and Operated. Sotheby's International Realty and the Sotheby's International

40Realty THE REPORT logo DARDEN are registered (or unregistered) service marks licensed to Sotheby's International Realty Affiliates LLC.

Celebrate New Traditions

Word has it that Charlottesville has another lawn (& vineyard) 15 minutes south of grounds. Pippin Hill Farm offers unforgettable Blue Ridge views with award-winning Virginia estate wines and cuisine. Host your next celebration, board meeting or corporate retreat in our Reserve Room. Our culinary winery is ideal for wine dinners and receptions to private luncheons and brunches. At Pippin Hill, raise a glass to TJ’s traditions, and new ones too.

Suggested Headlines

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

(Listing as of 3o June 2018)


Robert L. Huffines (MBA ’92) JPMorgan Chase


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

CHAIR Elizabeth K. Weymouth (MBA ’94) Grafine Partners

Martina T. Hund-Mejean (MBA ’88) MasterCard

CHAIR Douglas T. Moore (MBA ’80) Med-Air Homecare

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

VICE CHAIR Robert J. Hugin (MBA ’85) Retired, Celgene 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. Richard C. Edmunds (MBA ’92) Strategy& PwC Karen K. Edwards (MBA ’84) Boyden Global Executive Search Warren F. Estey (MBA ’98) Deutsche Bank Arnold B. Evans (MBA/JD ’97) SunTrust Bank

William Irvin Huyett (MBA ’82) Ironwood Pharmaceuticals David B. Kelso (MBA ’82) Retired, Aetna Life Insurance Rosemary B. King (MBA ’91) K&B Fund Mark J. Kington (MBA ’88) Kington Management LLC Naresh Kumra (MBA ’99) JMATEK Ltd., La Rochelle Ventures Ltd. Lemuel E. Lewis (MBA ’72) Jeanne M. Liedtka University of Virginia Darden School of Business

Keith F. Bachman (MBA ’89) Bank of Montreal Christine P. Barth (MBA ’94) Harren Equity Partners LLC Jerome E. Connolly Jr. (MBA ’88) Credit Agricole

Elizabeth H. Lynch (MBA ’84) Evercore

Richard P. Dahling (MBA ’87) Fidelity Investments

Jonathan D. Mariner

Christian Duffus (MBA ’00) LLC

Willard L. McCloud III (MBA ’04) Pfizer Carolyn S. Miles (MBA ’88) Save the Children Douglas T. Moore (MBA ’80) Med-Air Homecare J. Byrne Murphy (MBA ’86) DigiPlex Group Cos. Michael E. O’Neill (MBA ’74) Citigroup Zhiyuan “Jerry” Peng (MBA ’03)

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

Frank M. Sands Sr. (MBA ’63) Sands Capital Management

Catherine J. Friedman (MBA ’86) Independent Consultant

Richard P. Shannon University of Virginia

John W. Glynn Jr. Glynn Capital Management

Henry F. Skelsey (MBA ’84) 3QU Media LLC

Kirsti W. Goodwin (MBA ’02)

Erik A. Slingerland (MBA ’84) EAS International SA Shannon G. Smith (MBA ’90) Abundant Power

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

Teresa A. Sullivan University of Virginia

Edwin B. Hooper (MBA ’94) Centerview Capital

Bruce R. Thompson (MBA ’90) Bank of America William P. Utt (MBA ’84) Retired, KBR Inc.


Yiorgos Allayannis University of Virginia Darden School of Business

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

Frank M. Sands Jr. (MBA ’94) Sands Capital Management


Kristina M. Alimard (MBA ’03) University of Virginia Investment Management Co.

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

Jennifer McEnery Finn (MBA ’00) Capital One

Gordon Grand III (MBA ’75) Retired, Russell Reynolds Associates Inc.

PRESIDENT Warren F. Estey (MBA ’98) Deutsche Bank

Michael J. Ganey (MBA ’78) GaneyNPD

Henry F. Skelsey Jr. (MBA ’15) GroundTruth David L. Tayman (MBA/JD ’99) Tayman Lane Chaverri LLP Lowell Simmons Ukrop (MBA ’89) Corrugated Partners LLC Shaojian Zhang (MBA ’99) Tungray Group

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

Ira H. Green Jr. (MBA ’90) Simmons & Company International

Mazen G. Baroudi EY

Owen D. Griffin Jr. (MBA ’99)

Helen M. Boudreau (MBA ’93) Proteostasis Therapeutics, Inc.

Evan A. Inra (EMBA ’08) EY

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

Kendall Jennings (MBA ’12) Accenture

Kevin C. Clark (MBA ’01) Great Global Adventures

Bruce D. Jolly (MBA ’67) Lighthouse CFO Partners

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

Harry N. Lewis (MBA ’57) Retired, Lewis Insurance Agency Inc.

D. Lynnette Crowder (EMBA ‘10) WestRock

Kristina F. Mangelsdorf (MBA ’94) PepsiCo Inc.

Paul H. Donovan (MBA ’95) Microsoft

Anisa Mechler (Class of 2018) Darden Student Association

Joseph B. Folds (MBA ’91) The Campbell Soup Company

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

Sunil K. Ghatnekar (MBA ’92) Prescient

Nikhil Nath (MBA ’00) Standard Charter Bank

S. Caribou Honig (MBA/JD ‘96)

Patrick A. O’Shea (MBA ’86) ICmed LLC Richard J. Parsons (MBA ’80) Elvis Rodriguez (MBA ’10) Adelante Capital Management

Michelle B. Horn (MBA ‘95) McKinsey & Company Kecia E. Howson (MBA ’99) SunTrust Robinson Humphrey

Marcien B. Jenckes (MBA ’98) Comcast Cable


Vidyanidhi (VN) Dalmia (MBA ’84) Dalmia Continental Pvt. Ltd.

John B. Jung Jr. (MBA ’84) BB&T Capital Markets

CHAIR Willard L. McCloud III (MBA ’04) Pfizer

Tahmina Day (GEMBA ’14) International Finance Corp.

Harry A. Lawton III (MBA ’00) Macy’s Marc L. Lipson University of Virginia Darden School of Business Jason P. Lund (MBA ’06) Fortive (Global Traffic Technologies & ANGI Energy Solutions)

Nicola J. Allen (MBA ’10) Danaher Corp. Tawana Murphy Burnett (MBA ’04) Facebook Paige T. Davis Jr. (MBA ’09) T. Rowe Price Teresa A. Epperson (MBA ’95) A.T. Kearney Inc.

Murray R. Deal Eastman Louis G. Elson (MBA ’90) Palamon Capital Partners LLP David R. Frediani Ironshore Inc. Anthony J. Hobson (MBA ’74) James Dyson Group Ltd.

Ray R. Hernandez (MBA ’08) The Advisory Board Co.

Clelland Peabody Hutton (MBA ’75/ JD ’77) Ajia Partners Cave

Andrew C. Holzwarth (EMBA ’09) Stanley Martin Cos.

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

Allison Linney (MBA ’01) Allison Partners LLC

Elie W. Maalouf (MBA ’89) InterContinental Hotels Group

L. Michael Meyer (MBA ’92) Middlegame Ventures

Octavia G. Matthews (MBA ’89) Aramark Uniforms

Todd R. Marin (MBA ’89)

Tony A. Milikin Anheuser-Busch InBev

Michael A. Peters (MBA ’09) Comcast Corp.

Diem H.D. Nguyen (MBA ’01) PPD

Alex R. Picou (MBA ’89) JPMorgan Chase & Co.

Ann H. S. Nicholson (MBA ’01) Corning

Reynaldo Roche (MBA ’07) Delta Air Lines Inc.

Ellison M. Pidot (JD/MBA ‘01) Medtronic

William B. Sanders (MBA ’06) Korn/Ferry International

Abby A. Ruiz de Gamboa (MBA’04) Deloitte Consulting LLP

Rhonda M. Smith (MBA ’88) Breast Cancer Partner

Kleber R. Santos (MBA ‘01) Capital One

Jeffrey W. Toromoreno (MBA ’06) Citigroup

Colin P. Smyth (MBA ’04) MetLife

Daniele M. Wilson (MBA ’11) Johnson & Johnson

Bonnie K. Matosich (MBA ‘92) The Walt Disney Company H. Whit McGraw IV (MBA ’07) S&P Global Market Intelligence Fernando Z. Mercé (MBA ’98) Nestlé Waters North America

Scott A. Stemberger (MBA ’04) The Boston Consulting Group Jennifer L. Stewart Eastman Katherine Vega Stultz Celgene Eric M. Swanson (MBA ‘08) Kevin P. Watters (MBA ’94) Retired, JPMorgan Chase & Co. Gary R. Wolfe (MBA ’92) Wells Fargo Securities

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 Fiona Roche (MBA ’84) Estates Development Co. Pty. Ltd., Adelaide Development Co. Henry F. Skelsey (MBA ’84) 3QU Media LLC

GLOBAL ADVISORY COUNCIL CHAIR Rosemary B. King (MBA ’91) K&B Fund VICE CHAIR Naresh Kumra (MBA ’99) JMATEK Ltd., La Rochelle Ventures Ltd.

Nishal Sodha (GEMBA ’17) Global Hardware Ltd. Ichiro Suzuki (MBA ’84) George S. Tahija (MBA ’86) PT Austindo Nusantara Jaya (ANJ) Jing Vivatrat Angel Island Capital

Marcos P. Arruda (MBA ’02) Topico

Baocheng Yang (MBA ’04) Huanghe Science and Technology College

James Su-Ting Cheng (MBA ’87) New Richmond Ventures, Blue Heron Capital, Lee & Hayes PLLC

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

THAN K YO U to our alumni and volunteer leaders for a record year of support for Darden.





New Meadow Farm

Cobb Island

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

Just West of Crozet

Here is the old Yancey Mill Postmaster’s house dating to the 19th Century, awarded Best Renovation with Energy Upgrades from LEAP in 2011. Located in Albemarle’s Greenwood/Afton Historic District minutes west of Crozet with convenient access to Charlottesville, this winsome home captures rare period character, mellowed woods and gracious scale with beautiful mountain views. $645,000.

Jos. T.

Has long been a family-owned summer riding camp and working farm. c. 1865 but the oldest section with exposed log walls is thought to date to the 1830s. Multiple improvements include a tenant house of 2079 s/f, guest quarters, bunk houses, a charming studio, a massive bank barn with 16 stalls, tack rooms, and hay storage, and an open-sided steel riding arena measuring 120’x75’. There are approx. 143 acres of pasture and cultivation, as well as 89 acres of forest w/riding trails. $1,600,000

Cowherd Mountain Farm

In a private valley of the Madison-Barbour Rural Historic District near Somerset and James Madison’s Montpelier, Cowherd Mtn Farm enjoys fertile soil and abundant water. Approximately 1/2 the farm is established pasture with the balance in mature forest. With morning sun, afternoon shade, & gentle slope, this is perfect for a vineyard. The farmhouse has 3 br’s and 2 baths for a farm mgr or as a staging area while you build on a knoll overlooking the valley to the mountains. Not in conservation easement with potential tax benefits $1,875,000

SAMUELS Over 100 Years Of Virginia Real Estate Service

Charlottesville, VA u u (434) 295-8540


Questions With

Warren Thompson (MBA ’83)


hompson Hospitality President and Chairman Warren Thompson (MBA ’83) founded what has grown into one of the largest retail food and facilities management firms in the United States. The company operates around the globe, serving Fortune 100 companies, universities, major medical centers and urban school districts. Its retail lineup features brands such as Austin Grill, American Tap Room, Be Right Burger, Willie T’s Lobster Shack and the Pheast Food Group of themed restaurants. A former trustee of the Darden School Foundation and member of the UVA Board of Visitors, Thompson commemorated his ties to the School in a big way this spring. He returned to Darden for his 35th reunion, became a Principal Donor — Darden’s highest recognition for giving to the School — and established the Warren M. Thompson Scholarship to help attract students who value diversity to the School. 1. What was your first job? I started as an assistant manager in Roy Rogers within the Marriott Corporation as part of a fasttrack program that Dick Marriott established to attract MBAs into the restaurant group. 2. What’s the best advice you have ever received? Find what you’re passionate about and you’ll never work another day in your life. My father also told me I could do anything in the world that I wanted to do, if I was willing to work hard. 3. Who do you admire most? My father. 4. What motivates you? Giving back to the community. When I say community, I would describe Darden as part of my community, but also, in particular, the African-American community. It’s a part of the community I think I continue to owe a lot.

5. When and where do you do your best thinking? When I’m driving. 6. What’s been on your mind lately? What is happening in our country now, in terms of becoming more divisive. The country is so divided that it makes it more difficult to make progress. 7. What are you reading these days? A Stroke of Faith by Mark Moore. 8. What technology can you not live without? My phone. 9. What’s your motto? Do the right thing. Do the best you can. Treat others the way you’d like to be treated. 10. What characteristics do you look for in people? In almost every interview I do, I will ask the person, “Are you more comfortable in a corporate environment or an entrepreneurial environment?” Most will think I want the corporate answer, but really I’m looking for a person who is willing to take a calculated risk in order to get success. 11. How do you measure success? I measure success in terms of long-term stability and growth. It’s also, in my mind, beating the competition. 12. How do you unwind? I love fishing, boating, bowling, basketball. Just about any sport, playing and watching. 13. What is your favorite cause? I have a passion for diversity and inclusion. In fact, I just made a contribution to Darden to fund scholarships for students who will have a passion for diversity. I want to help attract young people to this institution who will value differences in other people. My cause has always been to get the University of Virginia to be more inclusive and diverse. 14. If you could live anywhere, where would it be? I’d spend more time in Florida in the winter and more time in the mountains of Virginia during the summer. 15. What do you lose sleep over? Today, it’s more about legacy and thoughts of what will happen when I can’t run the company anymore.

had us write a diary. I still have that document at home in my desk, and I read it periodically to see what my thoughts were at 23 versus 58. 17. Describe a moment when you realized the true value of your Darden education. It happens often when I call a Darden alum I may not have been in class with or known well, but I still get a warm response. It’s that Darden connection. It’s as strong between others that I didn’t go to school with as with my classmates. 18. What was your biggest motivation for becoming a Principal Donor this year? The connection I feel to Darden. But also, Darden School Foundation President Michael Woodfolk and Dean Beardsley, in talking with them, the challenge they have attracting minority students or students who value diversity, I felt compelled to do something to help in that effort. 19. Can you share a bit about what you said at your Principal Donors Society induction speech? There are two stories: One was the story of my great great grandfather, who was a slave 30 miles from here. The rumor is that he was on loan to the University to work here at certain times. He learned the blacksmith business, and at the age of 30 when he was freed, he started his own blacksmith business. That was the story my father told me and it became sort of my model. I planned to come to Darden, work at Marriott for seven years, learn the business then start my own. That, along with the story my father told me of how badly he wanted to come to UVA, but he wasn’t allowed. When I came here, a lot of my classmates were talking about legacy. I called my father and I told him I’m not sure if I fit in here. He said, “You have a legacy as well. Your legacy is different. Your great great grandfather came there on different circumstances, but you’re all there now in the same class. Make the best of it.” 20. What excites you most about Thompson Hospitality’s future? My goal is to prepare the company for the day when I step down. At that point, the company will take the next leap of growth.

16. Which class at Darden impacted you the most? “Organizational Behavior” with Alec Horniman. Alec




Darden Impact Ventures Founders and Funders In Residence SEED@UVA HackCville Virginia Venture Fund Social Entrepreneurship at The Batten School Student Council Entrepreneurship & Innovations Committee

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Jefferson portrait by Thomas Sully, courtesy of the West Point Museum Collection, United States Military Academy

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The A b b ot t S oc ie t y ( 1 9 5 7 – 6 9 ) 1 9 5 9 1 9 64 1 9 6 9 1 9 7 4 1 9 7 9 1 9 8 4 1 9 8 9 1 9 9 4 1 9 9 9 2 0 04 2009 2014 2018 SUMMER 2018


UVA Darden Report Summer 2018  

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

UVA Darden Report Summer 2018  

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