Eccles Experience Alumni Magazine Summer 2020

CONTENTS

Summer 2020

departments

@eccles

4 LETTER FROM THE DEAN 5 CONTRIBUTORS 38 ALUMNI EVENT NEWS 41 CLASS NOTES

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CAMPUS NEWS 2019 SCHOLARSHIP LUNCHEON RECAP 2019 ANNUAL REPORT FINAL WORD

BY ERIC S.

business insights

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EMPATHY IN ACTION

INSPIRING EMPATHY

ON THE ROAD TO POSITIVE CHANGE

CROSSING THE LINE

Eccles faculty, staff and students help the state and community through the COVID-19 pandemic.

The Offices of Student Engagement and Student Inclusion provide a space for student leaders to grow.

The Kem C. Gardner Policy Institute informs a legislative effort to improve Utah’s air quality.

How legislative districts and representation affect how state funds are appropriated.

DAVID ECCLES SCHOOL OF BUSINESS DEAN

CO-EDITOR IN CHIEF

CONTRIBUTING EDITORS

DESIGN FIRM

Taylor Randall

Kris Bosman

Katie Drake Emily Foskey Leentje Klingensmith Paige Lichtenwalter Lindsay Nelson

Think Tank Creative

ASSISTANT DEAN OF DEVELOPMENT

CO-EDITOR IN CHIEF

Katie Amundsen

Sheena McFarland

6 THE ART OF EMPATHY

PETERSON

ANNUAL REPORT

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THE INTERNATIONAL SKILLSET

EXECUTIVE COMPENSATION

CONFLICT OF INTEREST

2019 ANNUAL REPORT

How a lack of skilled workers from abroad can hamper the U.S. economy.

The complex nature of CEO pay involves a multitude of metrics.

Research shows that honest behavior is more common than you think.

A comprehensive financial report of the David Eccles School of Business for 2019.

COMPELLING STORIES THAT SPEAK DIRECTLY TO U.

TALK BACK! WE’RE LISTENING.

Articles in the Eccles Experience Magazine have been spotlighted with icons representing the voice and participation of the David Eccles School of Business alumni, faculty and students.

Give us your thoughts, feedback and suggestions about Eccles Experience.

EMAIL: Kris.Bosman@Eccles.Utah.edu

© 2020 The David Eccles School of Business. All rights reserved. Printed in the United States of America. No part of this publication may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopying, recording, or use of any information-storage or retrieval system, for any purpose without the express written permission of the David Eccles School of Business.

ECCLES EXPERIENCE

LETTER FROM THE DEAN

Summer 2020

“When I was a boy and I would see scary things in the news, my mother would say to me, ‘Look for the helpers.

You will always find people who are helping.’” – Fred Rogers I’ve heard this inspiring quote from Mr. Rogers many times, and it always brings comfort. But it’s become especially poignant for me during the COVID-19 crisis because I’ve seen so many of our students, faculty, staff and alumni step up to become those helpers.

One of our core values here at the Eccles School is Empathetic Global Citizenship. We not only want to raise up the next generation of the best and brightest minds in business, we want our students to be good people. And this crisis has proved that we must be doing something right, because clearly our entire Eccles School community has taken that message to heart.

In this edition of the Eccles Experience you’ll see how many of our alumni put empathy into action long before “coronavirus” was a household term. You’ll see how they have built careers and businesses around the principle of doing well while doing good. You’ll discover research by our world-class faculty that is helping to transform boardrooms and classrooms, as well as make everyday tasks like buying something online or voting easier for everyone. And you’ll hear about the steps the Eccles School has taken to be part of the solution when it comes to COVID-19 testing and economic recovery. We aren’t on the frontlines saving lives in this crisis, but we realized early on that we could help save livelihoods, and I’m so proud of the rapid innovation and creativity shown by our entire team as they share their expertise and help Utah pave the way for a successful economic comeback.

Inside you’ll also find our annual report, where you can see the impact your donations have on our current students and how they are building the Eccles School toward an ever brighter future.

Thank you all for being the helpers, both in the Eccles School community and in your part of the world. Stay safe, we’ll get through this together.

Best,

Taylor Randall Dean of the David Eccles School of Business Dean@Eccles.Utah.edu

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CONTRIBUTORS

Lisa Carricaburu

Heather May

Katie Drake

Lisa Carricaburu is managing editor of Informatics Decision Support at ARUP Laboratories. Before joining ARUP, she spent more than 25 years as a newspaper reporter and editor, most recently in the role of managing editor of The Salt Lake Tribune. Lisa earned an MBA from the David Eccles School of Business.

Heather May is an award-winning freelance writer based in Salt Lake City with 20 years of experience, including 15 years covering education, politics, health, and food at The Salt Lake Tribune. She is a graduate of the University of Utah in mass communication. Contact her on Linkedin @HeatherMaySLC.

Katie Drake is the Communications Manager for the Eccles School Marketing + Communications team.

When she’s not doing Facebook Live or arranging faculty interviews, she can be found cheering for the Utes and the Oilers, on stage at one of Salt Lake’s community theaters, or planning her next trip with her husband and two daughters.

Ruchi Watson

Paige Lichtenwalter

Sheena McFarland

Ruchi M. Watson is the Managing Director of the Goff Strategic Leadership Center at the David Eccles School of Business. She was previously Eccles’ Assistant Dean of Strategic Initiatives. She holds a doctorate in higher education management from the University of Pennsylvania and an MBA from the Kellogg School of Management at Northwestern University. Connect with her on LinkedIn and Twitter @RuchiWatson.

Paige Lichtenwalter is an Alumni Events Specialist at the David Eccles School of Business. She graduated Summa Cum Laude with a B.A. in Public Relations and a minor in English from Texas Tech University and has diverse experience ranging from agency work and B2B marketing to journalism and nonprofit communications. Connect with her on LinkedIn @paigelichtenwalter.

Sheena McFarland is the Director of Marketing + Communications at the David Eccles School of Business.

Before joining the M+C team in 2015, she was a reporter and editor at The Salt Lake Tribune for more than a decade.

She is an avid traveler and a rabid Real Salt Lake fan. Connect with her on LinkedIn or on Twitter @sheena5427.

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by Sheena McFarland

BY ERIC S. PETERSON For years, business leaders have followed the lessons from Sun Tzu’s The Art of War to inform their business practices. But that approach is shifting.

Employers aren’t just looking for people with the technical skills needed to complete a specific job and to do the cold calculus of making the bottom line work. They’re looking for the unteachables — those soft skills such as teamwork, ability to solve problems, and clear communication skills. Increasingly, employers are searching for the ability to work well with people different from yourself and who can connect across cultural and global lines.

They’ve shifted from the art of war to the art of empathy. That focus on empathy has guided many Eccles School alumni and community members to greater success by working with people from a wide variety of backgrounds, and it’s enriched their lives along the way.

“One of the most rewarding aspects of human interaction is the connection we make with someone else,” said Georgi Rausch, associate professor/lecturer of Management at the David Eccles School of Business.

Being able to see the world from someone else’s perspective allows you to better understand your fellow employee, your customer, and your fellow member of the human race regardless of where they come from or how different their path was to get to the same place.

Having a diversity of views is like upgrading from the basic eight-piece Crayola box to the 120-piece one. Suddenly, new nuances are recognized, and pictures that couldn’t have been drawn before are realized. Having more diversity doesn’t overshadow anyone, it instead adds layers of depth to a situation and helps everyone grow.

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“Working along someone who is different from yourself is when you learn about yourself,” said Jay Barney, Presidential Professor of Strategic Management and Lassonde Chair of Social Entrepreneurship at the Eccles School. “We live in an echo chamber world where we really talk only to the people who think like us, who look like us, who behave like us. And what that means is we're never challenged to grow and be different.”

If every artist engaged only in impressionist paintings, it would be difficult for them to create a surrealist painting when asked, much like it is difficult to have an innovative business solution when every employee attempting to solve it processes the world through the same lens. Valerie D’Astous has come to appreciate people’s different approaches in her role as director of the Utah Neurodiversity Workforce Program. The program works to create career pathways for people with differently abled minds, particularly those with autism spectrum disorder.

“Research clearly demonstrates that teams and companies who embrace differences and diversity are more productive and innovative. Different perspectives, experiences, and ways of thinking bring added value and expand the competitive advantage of any task,” D’Astous said. “Nothing new was ever developed from doing the same thing by the same people over and over. Innovations arise from differences and diverse ways of seeing and approaching things.”

Over the next several pages, we’ll explore how alumni and professors are creating empathetic global citizens and how they are painting positive impacts on their corner of the world canvas. We’ll also share with you some lessons in the art of empathy to help you promote an empathetic culture in your workplace.

Jared Ruga '16 is literally using art to create a more empathetic world. He is a filmmaker whose company, Vavani Productions, develops and produces ethos-driven film and television projects.

His focus on empathy in his work has paid off — he won an Emmy Award in 2019 for his work on “Quiet Heroes,” which told the story of physician Kristen Ries and her physician’s assistant, Maggie Snyder, who were some of the only medical professionals in the state who would treat men with AIDS and HIV as the virus spread in the 1980s. Ries and Snyder partnered with the nuns at the former Holy Cross Hospital to care for AIDS patients at a time when those with the disease were often abandoned by their families, churches, and government, Ruga said.

His path to an Emmy award was a bit of an unexpected journey. His education took him in several directions, and he earned an MBA, MFA, and JD at the University of Utah. The private equity division of his father’s company, Sentry Financial, was working on some media and entertainment investment opportunities. Those opportunities started coming at a much faster rate. So Ruga, who knew from a young age he wanted to be a filmmaker, decided to get involved more deeply and founded subsidiary Vavani Productions.

Ruga says it is possible to base your work in empathy and understanding the journeys others have taken and still serve your business well.

“I think in business especially, it's really easy to prioritize your firm's interests without really considering that the other party to the transaction has all of the same needs and desires. And there may be a third way in which each of you can meet and get what you need without having to really sacrifice or compromise,” Ruga said. “So, having that empathetic lens, that worldview, really incentivizes that third way of finding the common ground where you grow the pie instead of having to just argue over who gets the bigger slice.”

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When David Stirling ‘04 first had the idea for dōTERRA, he and six other trusted colleagues came together, hoping to meet the growing demand for natural remedies and holistic healing.

All knew they were taking a risk, uprooting their families and investing their time and energy with no guaranteed payout for at least a year. Twelve years later, dōTERRA has become a large multinational company, operating in more than 30 international markets around the world.

Stirling, who earned his Executive MBA from the Eccles School, knew he wanted to make a positive economic impact in the countries where he was obtaining the raw ingredients for his company’s products. He currently employs 165,000 people around the globe in growing, harvesting, and distilling of essential oils.

“Because of our massive market demand, we were positively fascinated when we realized the significant and positive economic impact we could have on many of the poorer countries where we sourced our oils,” Stirling said.

The Healing Hands Foundation was created to focus on bringing long-term, positive impact for these communities, a direct application of the art of empathy. Today, more than 150 projects are in process each year, from supporting microlending to building schools and large hospitals in regions that have no medical services.

This empathy is seen not only in the Healing Hands Foundation, but throughout dōTERRA’s culture as a whole. Stirling has worked to ensure that people from all walks of life feel valued and relevant and work well and respectfully with one another.

“I'm a firm believer that the team is always smarter than the one.

It's great to have super sharp and very smart people, but if they don't learn to appreciate and value the talents and skills of other people, they simply are not going to be that effective, especially in our organization,” he said.

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Larry Gluth ‘83 started at Starbucks Coffee when it had only 80 stores, and by the time he retired 15 years later, Starbucks had over 13,000 worldwide. The time he spent during the huge growth phase of the company was a “wonderful place to be,” and one of the best parts of the company was the push to get involved in the community.

Gluth became heavily involved in the Habitat for Humanity program in Seattle, and he eventually joined the local Habitat for Humanity board. In 2005, when Hurricanes Katrina and Rita hit the Gulf Coast, he reached out to Habitat for Humanity’s corporate offices to see how he could best help, and they invited him down to the South to see what was happening. He was so impressed by the plans being laid out that he asked Starbucks for a one-year sabbatical so he could work with the 22 affiliates from Mobile, Alabama to Beaumont, Texas. Those affiliates had built about 53 homes the year before Katrina, and after Katrina they were starting 50 homes per month.

That year of hard work gave Gluth, who is a U alum and a member of the University of Utah’s National Advisory Council, time to reflect on what he wanted to do with the rest of his life. He thought he would return to Starbucks and stay for about five years with an international assignment. He ended up in Hawaii for Starbucks, and three months in, he saw a news report about the Gulf still trying to recover. He immediately empathized with the people he saw facing that plight, and he knew he still wanted to do that work. He returned to a full-time position with Habitat for Humanity International, moved his family to Atlanta, and stayed with the nonprofit for the next decade. He found himself on the road the majority of the time, and while he loved the work he was doing, he also realized he was missing time with his son, who is on the autism spectrum, as he entered high school.

He knew he still wanted to help people, but he needed to find a better balance.

After a decade at Habitat for Humanity International, Gluth was recruited to lead the Bobby Dodd Institute, an Atlanta-based nonprofit that offers workforce development and wraparound services for people with disabilities. The work allowed Gluth to stay close to his family and continue to make a positive impact in the world. He hopes others are able to reach out and work with people different from themselves so they, too, can build the empathy he continues to grow.

“We as a society don't have very much of a global outlook on anything, and our current politics don't help,” Gluth said. “I think for those individuals who have the opportunity to participate in a mission trip abroad, be that through their faith community, school, or through many other organizations, it is such a great opportunity to broaden your horizons.

And I think that that's where it really has to start.”

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Autistic people face many barriers in both higher education and the workforce. For Valerie D’Astous, director of the Utah Neurodiversity Workforce Program, it’s an unnecessary waste of talent. That’s why her work as the director of the Utah Neurodiversity Workforce Program at the University of Utah focuses on awareness training for academic faculty and employers, and provides internships, apprenticeships, and mentoring opportunities for autistic people.

“The strengths of neurodiversity offer different ways of perceiving, thinking, and interacting with people and the environment. These are creative, innovative thinkers. And unfortunately, like the old adage, ‘do not judge a book by its cover,’ the stigma and misperceptions about neurodiverse individuals persist,” D’Astous said. “Yet, given the opportunity, understanding, and sometimes simple accommodations the skills and talents of neurodiverse people can be realized and beneficial in the workplace.”

The program focuses on hands-on work opportunities because managers and mentors quickly appreciate the added value neurodiverse workers and their perspectives bring to a company. Neurodiverse workers often see the world through a different lens, and that can lead to innovative approaches to problem-solving. Appreciating that difference is one of the many reasons D’Astous emphasizes the importance of empathy in the workplace.

“Empathy breaks down barriers and biases and creates belonging. It expands a person’s wanting to know, understand, and appreciate differences,” D’Astous said. “It enhances not only the environment, the outcome, and the output, but also the people who learn and grow through experiences of empathy.”

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Being able to appreciate the perspectives of a diversity of people is something that Barney hopes to instill in his students as he works to equip them with the tools not only for entrepreneurship but also for empathetic interactions.

For the past 15 years, Jay Barney, Presidential Professor of Strategic Management and Lassonde Chair of Social Entrepreneurship at the Eccles School, has taught the Poverty Alleviation & Entrepreneurship course, first when he was at Ohio State and continuing when he moved to the Eccles School. Initially, he began in Peru, but he eventually refocused the program on Ghana. The program has two goals: the first is to support entrepreneurs in Ghana who have the drive and desire to succeed in business but may not have some of the technical skills or academic background to do so. The second is for Eccles School students to have a deeply transformational experience.

In about 70 percent of the cases, Barney and his students are able to work with entrepreneurs and help their business grow and thrive. And about 80 percent of students undergo the transformation Barney hoped for.

“First, the Eccles School frankly has a moral responsibility to try to improve the condition of the economy around the world, and that's what we do,” Barney said. “Second, we teach in our business school, like all business schools, a curriculum that is embedded in a Western developed economy. There are some implicit assumptions in our curriculum that are not made clear until you go to a place where those assumptions no longer hold. So, it's a really breakthrough intellectual experience.”

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For empathy to work, it needs to be an integral part of a firm’s culture. Georgi Rausch, associate professor/lecturer of Management at the David Eccles School of Business, has five tips for firms looking to create more empathy among their employees and those they reach every day.

Don’t engage in gossip. It seems like a pretty basic practice, but gossip can be deeply harmful to a company’s culture.

“When you're talking about one of your colleagues behind their back or when they're not there, they're not involved in the conversation,” Rausch said. “We don’t know how they’re feeling or why they are acting that way, and then we do these guessing games, and it's hard to create empathy when you do that.”

Make empathy a part of your mission statement. Culture starts at the top, and it’s important to put empathy front and center in a company. It’s also important to make sure to do more than just give lip service. “If the leaders are modeling that kind of behavior, then that's going to be the most effective,” Rausch said.

Assume good intent. When someone at work isn’t as kind as they usually are, it may have nothing to do with you. They may have had something happen outside of work, or you may have misinterpreted a look or comment. “Empathy requires the sharing of feelings, and you may not always have all the information in front of you,” Rausch said.

Self-regulate your emotions. When conflict occurs at work, it can be easy to get defensive or lose your temper. But it’s important to take a moment to calm yourself and be open to constructive criticism or to give someone the space to calm themselves down, too. “When you are able to self-regulate and you're able to stay calm, then you can access all of your brain's potential to be able to figure out what's going on with the other person,” she said.

Be open to new experiences, even if they are scary. Globalization can present many new opportunities for interacting with people or places that are unfamiliar, and that can trigger a fear response. Often, leaders are excited about these new opportunities, but for other people in the company, it may raise concerns about having to adapt to new practices. “When you're doing business globally, it’s important for the leaders to promote more curiosity and connection and excitement about what a global perspective could bring in really positive ways because it's innovation, creativity, engagement, and fun.”

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EMPATHY

by Katie Drake

ccles School faculty and staff can’t be on the front lines saving lives in the COVID-19 pandemic, but they quickly realized they could help save something else of value – livelihoods.

A global pandemic such as this presents a huge health crisis. But it quickly became apparent that an economic crisis was also looming, with the potential for unemployment numbers unseen since the Great Depression. With remote learning in full swing for Spring and Summer of 2020, thoughts turned to what the school could do to help save businesses shuttered or otherwise impacted by the pandemic, and how to help policymakers make informed choices about reopening the economy.

The leadership at the Marriner S. Eccles Institute for Economics and Quantitative Analysis quickly realized that their expertise could be a huge benefit to businesses big and small. The Institute quickly reached out to its network, and through partnership with the George S. and Dolores Doré Eccles Foundation, The Cynosure Group and Leavitt Partners, was able to create an ongoing series of webinars to help Utahns – and anyone else who wants to tune in – navigate COVID-19 and save their businesses.

The series was particularly lucky to secure the partnership of former Utah Governor Mike Leavitt, who also has a wealth of experience in pandemic response planning from his time as U.S. Secretary for Health and Human Services in the George W. Bush administration. Leavitt’s expertise, paired with notable guests such as Senator Mitt Romney, state and local government officials and local business owners, has made the webinars wildly popular, with thousands of views.

Several key action items that will help any business in this pandemic became recurring themes during these webinars.

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2.

3.

4.

5.

6.

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It is important to think of COVID-19 as a long-term risk to be managed, not a short-term issue that can be “solved.”

Social distancing strategies do work. We can’t stop social distancing too early or too late.

Act promptly, even if your ideas aren’t perfect, and iterate as required.

Take advantage of the resources available, such as the CARES Act and credit partners.

Communicate frequently with key stakeholders.

Look for ways to adapt your business as you prepare for a new normal.

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IN ACTION In addition to the webinar series, the Eccles School saw opportunities to help inform the Utah Leads Together taskforce put together by Governor Gary Herbert. Decision makers desperately need data in this pandemic, because the world has never seen anything quite like it, making it difficult to predict. Economists Adam Looney and Nathan Seegert were able to set up a randomized testing program in partnership with U Health which will provide data from thousands of households to hopefully show the true extent of coronavirus infection in the state.

Called the Utah Health & Economic Recovery Outreach, or Utah HERO, the program will provide mobile testing for both current infections and antibody testing to see if residents have been infected in the past, even if they showed no symptoms. The program will provide valuable data on the disease penetration rate, and will help inform the risk level dial the state is using to determine whether or not restrictions can be eased and to what extent business can return to usual.

Utah has weathered this pandemic and the associated economic impacts extremely well, but we know that some businesses and individuals are ‘falling through the cracks.’

But such a huge operation requires someone to actually go out and collect the data. And that’s where one more important partnership comes in. The Eccles School has partnered with Utah Community Builders to create the Hope Corps, a business version of the Peace Corps that will partner students with businesses who have “fallen through the cracks” of state and federal aid. Many Eccles School students had lost job or internship opportunities due to COVID-19, and this program aims to give them an alternate experience while helping to serve the community. In addition to volunteers canvassing neighborhoods to enroll subjects and perform tests for Utah HERO, they are also being paired with businesses who may have had to lay off employees due to budget constraints caused by the virus. The students are paid by Hope Corps and provide labor at no cost to the business.

“Utah has weathered this pandemic and the associated economic impacts extremely well, but we know that some businesses and individuals are ‘falling through the cracks.’ At the same time, many of our best and brightest have seen opportunities to grow and contribute to our economy and community in the coming months simply vanish,” said Ruchi Watson, director of the Hope Corps, assistant dean of the David Eccles School of Business, and managing director of the Goff Strategic Leadership Center at the Eccles School beginning July 1. “The Hope Corps seeks to pair these two important needs together to assist and lift the businesses and people of Utah and strengthen our state’s overall recovery.”

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inspiring

EMPATHY T

ara Hardison and Victoria Cabal are leading of some of the Eccles School’s most important student initiatives. Hardison, the Director of the Office of Student Engagement and Assessment, and Cabal, the Director for the Office for Student Inclusion and the First Ascent Scholars Program, are passionate about engaging with Eccles students. Today, they are sharing their work with Ruchi Watson, an assistant dean at the Eccles School, and starting July 1, 2020, the director of the Goff Strategic Leadership Center.

A key strategic pillar for the David Eccles School of Business is developing empathetic global citizens. Can you tell us a little bit about your office and how it supports this important value?

RW

The Office of Student Engagement and Assessment is focused on two different categories. One is student engagement, and that supports the Business Tutoring Center, our TH

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student government, Business Leaders Incorporated (BLinc.), which supports student leadership programming and development for all undergraduates. We also house the Women in Business student club, women’s initiatives, all of the large-scale student programs, new student orientation, major exploration fairs, and student organization tabling sessions. We bring together undergraduate programs to inform students, staff, and faculty about who's doing what and how folks can get plugged in.

On the other side of the house is the assessment and data and analytics piece, and that is rooted in a student capacity.

We provide a broad undergraduate student voice, and so we use anecdotal and qualitative information to help round out what we see quantitatively from our students’ experiences. I think we really have four key learning outcomes and one of them is developing empathetic global citizens. That is always a thread in the work that we do, and how we respond to student issues.

The Office for Student Inclusion started its work about a year and a half ago. First and foremost, we wanted to develop a space for all of our varying Scholars programs (First Ascent Scholars and Opportunity Scholars) that support student populations who could really benefit from a space and a sense of community, in order to help support their academic success and experience. Our office is also focused on educating the Eccles School about changing demographics in the School and the University as well as globally. And so we are partnering with Tara's office to ensure that our students are walking away with exposure, engagement, and understanding of how to work across diverse and changing demographic environments.

VC

We were intentional in choosing the name Office for Student Inclusion, as it allowed us to be expansive as we grow and learn what works best for our students and our community. If we were simply the Office of Diversity Scholars, we would miss out on areas beyond our scholars programs that allow us to bring the entire Eccles School into that community.

RW

Tara, how do you tie student engagement and the work that you're doing to building empathy?

The people that work with students have to be as informed and given the same opportunities to learn and grow and develop around equity and inclusion that students are. If staff and faculty are the mentors and leaders of these students, this 360 engagement with empathetic global citizenship is really important.

TH

When you think about a business school, you might not think that the word empathy comes up very much.

But in his book Hit Refresh, Microsoft CEO Satya Nadella talks quite a bit about empathy and how that was an important part of when he became a leader of the organization. Why do you think that empathy is a part of who we are at the Eccles School?

RW

As Tara and I were developing the curriculum for our Business Scholars program about what working in an inclusive environment looks like, it was important to us to frame the conversation from a space of empathy. If we don't engage from an empathetic space, then we are already making assumptions, and we miss the opportunity for real connection.

VC

We understand the importance of human connection in life in general, but we understand from research that for student success, those connections with faculty and staff can be some of the largest indicators of their persistence retention in our institution.

We've often heard why diversity of thought is important as it leads to innovation, which I think would resonate a lot with our employers and the organizations that we work with. When you speak to students, what resonates with them about empathy?

RW

I think that we have understood that students really value when they can narrate their experiences and they feel heard. So we've provided more community spaces for students to talk to students. Power dynamics in higher education are a real thing. It's a school, but it's representative of the workplace that students will enter. And so one of the things we've been able to do is expand opportunities for them to problem solve together around equity and inclusion and help inform administrators and faculty in the business school about their concerns and how they can have a role in the solution. We've also been intentional about including students in discussions and planning, especially around events like Eccles Inclusion Week, which we partner with Victoria's office on.

TH

I would add that we engage the entire school. Inclusion week is a partnership among a large number of departments — Business Career Services, Academic Advising, the Dean's Office, Alumni Relations —and those voices and experiences are informing these conversations. This year we were able to partner with our faculty as well, so that during that week when we're developing a conversation around inclusive environments, that includes all of those voices.

VC

Victoria Cabal celebrates at a "socially distanced" graduation parade with one of the First Ascent Scholars Class of 2020.

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Recognizing we're speaking to future business leaders and framing a business imperative has helped students step foot into that conversation. It's a small first step.

What does that conversation look like? What does that future development look like for our students to ensure that they are prepared to be the leaders that we want, within this scope of empathetic global citizenship?

TH

It is a delicate dance of how you engage in these conversations thoughtfully. And if we don't have responsible ways to critically engage in conversations about how we work together better, then we aren't doing our jobs here and they won't be doing their jobs there.

RW

We’re here as educators. Our job is ultimately to help our students develop from wherever they are. And we have something to learn in the space, too. We really have learned how we shift the conversation that allows us to be more inviting of all students, and to better respond to some of the pushback that comes up sometimes with the kinds of conversations that we're engaging students in.

VC

RW

What are some of the impacts that you're starting to see?

I'm starting to see students ideate with each other in really creative ways. We have a student that this past year created our first undergraduate LGBTQ student organization and has involved multiple parts of the school as well as folks in the community. (The Out for Business Club hosted a student-alumni networking event in 2019.) So that is fantastic work. Like, "OK, I see the need for space for students who identify as LGBTQ. Let me connect there. I know we have folks in the community. Let me find that space."

First Ascent Scholars gathered for a leadership retreat at Zion National Park in 2019.

TH

I would actually second that. One of the most immediate impacts that I've seen from when I started here to now is just students' willingness to engage. We've had a student who wants to develop a student group that addresses how diverse voices are uplifted, not just within our school but within their future job settings. Now we have really passionate students who are saying, "Hey, we have this opportunity to really have a voice, we're learning how to make these connections, and we really want to make these opportunities happen more locally."

VC

I think philanthropically too, I've seen a big shift. We’ve done refugee kits and the Bags to Beds project for homelessness. BLinc. just wrote cards for Primary Children's Hospital for young children who don't have a lot of family support. So I think what we're seeing is our community of undergrad students saying, "Hey, I see other people's needs and I want to lean into that. I want to do something around that."

TH

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Sustainability is another thing that I've really seen us start to have impact on. For example, like BLinc. does all the (Eccles-branded) reusable silverware. So I think that we're starting to see our community wanting to connect into other communities and have impact. And I think that's fantastic.

RW

What's next? What do we foresee as the next step in the journey for the Eccles School?

The demographics in Utah are shifting pretty quickly, particularly within the Salt Lake Valley. So how do we move beyond preparing our students and our Eccles community for what's going on now and be proactive to what's coming.

Because if we think about what the needs are going to be in five or 10 years from now with those shifting demographics, we're going to be better prepared to ensure that students continue to have a positive experience.

VC

I think that we've been able to identify opportunities for growth, and outlining what training for inclusion could look like. I think would be a powerful next step.

TH

That helps inform what our employers are doing and the questions they're asking. The more of us that can articulate the value of empathetic global citizenship, the better.

Readers might be interested in understanding what their role is in this idea of empathetic global citizenship, whether that's alumni in their own organizations, or those who are able to come back and engage with students. What are some thoughts on how alumni can be included?

RW

I think first and foremost, I would love to see our Eccles Inclusion Week bring in our alumni more intentionally so that they can join the conversation. There's both sides of the experiences they had that make the Eccles School what the Eccles School is in their eyes. When we talk about having diversity of thought, we have to understand and value those experiences. We need to uphold the things that need to be upheld and hear that voice, while also having them be a part of the conversation of what shifts.

VC

I think that I would challenge alumni to think about the organizations they belong to. How are they embodying empathetic global citizenship? Or why are they not? For organizations that want to connect with students, whether it's in a mentorship capacity, providing internships, or just building relationships and learning more, reach out. We want to connect and plug in to what our alumni are doing, thinking, and seeing out in the real world, and what we should be considering in the context of higher education.

Events from Inclusion Week, hosted by the Office of Student Engagement, included a staff and faculty roundtable, alumni panel on diversity in the workplace and keynote address by Celina Milner, Salt Lake City's Senior Advisor and Community Outreach for Diversity and Human Rights.

TH

I think we're all lifelong learners. We tell our students, if there isn't an opportunity existing in one of your classes to learn about someone that you don't understand or that maybe you don't agree with, find some literature and read something on it. Watch a documentary, take a noncredit class, watch a TED talk. I think there are plenty of ways to engage with this content, and we can help continue to support alumni in that regard.

I try and approach this entire conversation from a space of humility. I cannot enter a space and pretend that I know all experiences. And so we try to model that for students, and provide an Office for Student Inclusion that really does include everyone. The number one thing that our team talks about is this is a space for any student who wants to come and engage with us no matter where you are in the discussion. As learners, we're all in this together as empathetic global citizens.

VC

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Kem C. Gardner Policy Institute leads effort to inform policy to improve Utah’s air quality and reduce greenhouse gas emissions

By Lisa Carricaburu Even before the COVID-19 pandemic gripped the globe, Utah policymakers had another potentially catastrophic problem to tackle.

They know Utahns expect them to work to improve the state’s poor air quality and address climate change, but the task, though urgent, is daunting as they struggle to balance diverse interests and establish common ground amid all the other pressing issues they face.

Fortunately, they’ve been offered a clear path to follow that will enable them to reach milestones and track progress en route to long-term climate change solutions. “The Utah Roadmap: Positive Solutions on Climate and Air Quality,” identifies seven strategies, or mileposts, and 59 policy options Utah lawmakers can consider as they draft legislation that aims to reduce greenhouse gas emissions to improve the state’s air quality and slow global climate change. It is the result of a thoughtful, far-reaching collaboration led by the David Eccles School of Business Kem C. Gardner Policy Institute.

Among the roadmap’s policy options are an ambitious call for Utah to reduce carbon dioxide (CO2) emissions statewide to

80% below 2005 levels by 2050. Inside Climate News called that provision “one of the nation’s most aggressive climate action plans in a Republican-led state – and potentially a path forward for other conservative states looking to reduce greenhouse gas emissions.”

“Utah can be the conservative state that breaks the logjam,” said Sarah Wright, pointing to the state’s leadership on other polarizing issues such as refugee resettlement. Wright is executive director of Utah Clean Energy and a member of the technical advisory committee that helped shape the Utah Roadmap.

Published in its final form in late January 2020, the roadmap traces its origin to House Concurrent Resolution (HCR) 7, legislation that passed in 2018 with broad bipartisan support, said Tom Holst, the Gardner Institute energy policy analyst who led the roadmap project. Cosponsored by former Rep. Rebecca Edwards, R-North Salt Lake, and Sen. Todd Weiler, R-Woods Cross, HCR 7 called on lawmakers to “prioritize our understanding and use of sound science to address causes of a changing climate and support innovation and environmental stewardship in order to realize positive solutions.”

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A year later, the Legislature appropriated $200,000 to the Gardner Institute to draft and deliver a version of the roadmap by the end of 2019. In addition to Wright, the advisory committee the institute convened included nearly 40 other experts: climate scientists, pulmonologists, meteorologists, engineers, transportation specialists, and representatives of utilities and other industries. Holst also led numerous focus groups along the Wasatch Front and in rural Utah with legislators, community and industry leaders, and with college student-body presidents, whom he considered a key group. “If there’s one group of people who get the message, it’s young people,” he said.

MILE

Adopt

emissions-reduction goals and measure results

The committee followed the resolution’s intent closely and adopted guiding principles that directed committee members to respect lawmakers’ policymaking role. They agreed to build from past work by groups such as the 2007 Blue Ribbon Advisory Council on Climate Change and Envision Utah’s 2014 Air Quality Action Team, and to recommend strategies driven by data and sound science. They worked to foster diversity of opinion and broad acceptance of positive solutions.

What resulted is a plan that advisory committee member Logan Mitchell believes Utahns and lawmakers who represent them can get behind because it recognizes diverse factions are best able to embrace solutions that acknowledge and address their concerns.

The roadmap, for example, frames the potential impact of proposed solutions around improved air quality, which a majority of Utahns view as important to their quality of life and the state’s continued economic prosperity.

Lead

by example

MILE

MILE

Create

a premier air quality/changing climate solutions laboratory

Mitchell, also a climate research scientist with the University of Utah Department of Atmospheric Science, pointed to a 2019 Tribune-Hinckley poll in which 31% of Salt Lake City voters said they believed air quality was the most important issue facing their city. No other issue came close to matching that percentage.

Because air pollutants are emitted together with greenhouse gases, policies that reduce emissions will slow global climate change in the long term, and also improve local air quality in the short term, which “engenders urgency and goodwill and brings people together to find solutions,” he said.

Mitchell believes the roadmap’s emissions-reduction goals, which also call for CO2 emissions to be reduced 25% below 2005 levels by 2025 and 50% by 2030, are achievable due to economic forces already under way.

First, changes in the energy generation sector that signal steep decreases in the levelized cost of electricity generated by wind and solar will translate to reduced electricity generation by coal-fired plants – currently Utah’s largest source of greenhouse gas emissions – as businesses and individuals begin to rely on wind, solar, and other sources of electricity, he said.

Second, massive disruption is occurring in the transportation sector – the second-largest source of emissions – as more automobile manufacturers produce and promote hybrid and electric vehicles (EVs). “I tell people all the time: Either your next car is going to be electric or your car after that is going to be electric,” Mitchell said.

He sees these changes as economically inevitable, and believes Utahns can view them as opportunities, not only to reduce emissions and improve air quality, but to capitalize on new markets and help coal-dependent regions transition.

“There are huge new areas of energy markets that are unclaimed right now … and the leaders in that discussion will capture markets, create jobs and get tons of GDP [gross domestic

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product],” Mitchell said. “All we need to do is say yes, let’s do that here. That to me is what this roadmap is about. In Utah, we want that vision and that future to be here.”

He pointed out that viewing reducing emissions through the lens of economic potential is another approach that can help build consensus around change, and Holst agreed, although both also emphasized the importance of helping rural communities affected by diminished coal mining and oil and gas production transition.

Accelerate

quality growth efforts

Holst pointed to Beaver County as an example of one path forward. There, leaders are positioning the county as a renewable energy capital, citing their belief that Beaver County has the potential to develop five industrial scale forms of renewable energy: wind, solar, geothermal, hydro and biogas.

The state has received a $140 million Department of Energy grant for geothermal energy development that would be centered in Milford and make Utah a center of excellence for geothermal energy.

“When you look at Beaver County, you can build up a very unique story,” Holst said.

The roadmap has been positively received so far, but its success depends on whether its recommendations translate into actual policy. Because the 2020 Legislature had already begun before a final version was published, there wasn’t time for much action during the 45-day session, which ended March 12.

MILE

Lawmakers did act to position Utah as a market-based EV state by allocating $2 million to add more charging stations and by directing the Utah Department of Transportation to develop a plan for a statewide charging network. They also authorized Rocky Mountain Power to collect up to $50 million to help build Utah’s EV infrastructure through a program the Utah Public Service Commission would approve.

MILE

Position

Utah as the market-based EV state

Provide

economic transition assistance to rural communities

MILE

Rep. Joel Briscoe, D-Salt Lake City, considers such efforts a good start, but he wants his colleagues to decisively embrace the Utah Roadmap’s policy recommendations and move more quickly.

“I want Utah to deal with this hard thing,” he said. “We have to think differently about the future. We have to act now if we want it to be different.”

Rep. Steven Handy, R-Layton, is hopeful that interim committee meetings that precede the 2021 Legislature will help move discussions forward. He is particularly interested in pursuing legislation that would create the air quality/changing climate solutions laboratory the Utah Roadmap describes.

“We’ve never had anything like [the roadmap] before where we’ve started to delicately address the issue of climate change,” said Handy, who is co-chairman of the Legislature’s bipartisan Clean Air Caucus. “It’s a definite step forward.”

MILE

Participate

in national dialogue about market-based approaches to reduce carbon emissions

Visit gardner.utah.edu/utahroadmap to view the entire report

Mitchell, the climate scientist, acknowledged it will be a delicate balance for lawmakers and Utah’s next governor to figure out the right mix for Utah.

“It is up to them whether they want to make it a priority or not,” he said. “That’s really the question: How do they figure out exactly what this will look like for Utah? It’s going to look different than any other state.”

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olitical parties in charge of redistricting can pinpoint with growing accuracy the voters they want—in order to protect incumbents, guarantee wins for preferred candidates, and give their party an outsized number of seats compared to how much voters actually support them. Plenty of research exists about how depriving voters of competition and choice harms democracy.

Now, just as the U.S. Census Bureau seeks to count every American for the 2020 Census—which will trigger the drawing of new voting maps—a University of Utah assistant professor has demonstrated another way that redistricting affects voters: public spending.

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Allison Stashko says when the borders of counties don’t match state legislative borders—when some counties are represented by one state lawmaker and others have several representatives—it leads to unequal public spending.

“The thought experiment is, we don’t think legislative district lines should determine how much money a citizen gets. It should depend on things we really care about, like economic standing or opportunities, but it shouldn’t depend on the way district lines are drawn,” says Stashko, an assistant professor in the Department of Finance at the David Eccles School of Business.

But she found that it does. “The district borders matter for how much money goes to a county.” For example, her model found that if a county’s representation changes from half a representative (because she is representing other counties, too) to a full representative, the spending per capita goes up 15%, by $210 a person.

A recent graduate of Georgetown, Stashko is an applied microeconomist whose main field of study is political economy.

She’s interested in the ways political institutions and the incentives they create determine how resources get allocated. She wants to pursue research that is relevant to policy makers. “I’m really interested in how the rules of our government determine who gets what from politicians.”

Her working paper “Crossing the District Line: Border Mismatch and Targeted Redistribution,” uses a model of political competition that explores what happens when two parties compete to win as many districts as possible through county-level spending. It’s based on the premise that political parties direct spending to certain districts to win seats—but their targeted spending is imperfect because the money that legislators have to dole out goes to local government jurisdictions that differ from their own district boundaries. District boundaries must be drawn to have roughly the same population, while county boundaries aren’t drawn that way.

We don’t think legislative district lines should determine how much money a citizen gets.

— Allison Stashko While a lot of money that flows from the state to counties is tied to population, like education funds, there’s enough wiggle room to fund pork barrel projects that lawmakers use to get re-elected, she says.

It isn’t obvious that when counties are split up into various legislative districts, that public spending directed to those counties would go down. If a county has more state lawmakers, they could benefit from more pork barrel spending. Still, her model found that spending could go in either direction because it takes into account voting behaviors that would lead a politician to change how he or she directs public funds: If a county has more eligible voters or a higher turnout rate compared to other counties in its district, it will get more money. That means a county with low turnout compared to its neighbors is better off in its own district.

Her model controls for population, demographic characteristics and if the representatives are incumbents (who are better at wrangling funds). She tested her theory using data on public spending from the Census of Governments from 2007 and 2012 and found that the border mismatch creates more losers than winners. More citizens would benefit if their county were split across fewer districts.

That’s something state lawmakers should consider as they draw new district boundaries following the census, she says. While the federal government mandates districts include similar numbers of residents to ensure fair representation, map makers could pay more attention to the guideline to follow local jurisdictional boundaries, she says. Her paper also found evidence that gerrymandering is associated with a greater number of districts per county—more evidence that it is bad for democracy.

“It’s not just about who gets elected,” she says of gerrymandering.

“It matters for the amount of money that ends up in your pocket at the end of the day.”

Stashko is working on another timely project: How the location of polling places affects voter turnout. Such data isn’t widely available, but she and her fellow researchers were able to gather locations from the 2018 election in Pennsylvania. She’ll continue to gather data from other states to see what happens during the 2020 general election, particularly now that the landscape has changed and there’s a push for mail-in ballots so that voters can remain socially distant. “It may be that this is the new normal for elections. We’re lucky in a way to start [the research] before 2020 to have some comparison to 2018.”

Allison Stashko is an applied microeconomist whose main field of interest is political economy. Her work combines theory and empirical analysis to study how political institutions shape policy outcomes. Recent topics include redistricting and gerrymandering, local government finance, and discrimination in law enforcement. She received her Ph.D. in Economics from Georgetown University in 2019. Prior to graduate studies, Allison earned a B.S. in Economics from Duke University.

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s the nation faces unprecedented unemployment caused by the COVID-19 pandemic, a persistent debate that clouds most discussions about innovation and the economy may only grow louder: Do skilled foreign workers possess unique skills vital to U.S. entrepreneurship, or are startups simply awarding jobs that U.S. workers could fill to cheaper foreign labor?

New research conducted by David Eccles School of Business finance professor Feng Zhang offers some answers to this question.

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ECCLES EXPERIENCE | Summer 2020 |

In a soon-to-be-published paper, Zhang and his co-authors provide robust evidence that the inability to secure sufficient H-1B visas necessary to hire skilled foreign workers harms U.S. startups, often permanently.

The trio demonstrates that venture capital (VC)-backed companies that win more H-1B visas in random lotteries raise more money, produce more and higher-quality patents and are more likely to go public. Zhang and coauthors Jun Chen of Renmin University in Beijing and Shenje Hshieh of City University of Hong Kong also

offer evidence that President George W. Bush’s decision in 2003 to reduce the quota on H-1B visas by two-thirds starting in 2004 caused permanent damage to startups that previously had relied on skilled foreign workers.

“You cannot exaggerate the importance of these workers to our economy,” said Zhang, an immigrant from China who had an H-1B visa himself before becoming a permanent resident and later, a U.S. citizen.

No one doubts that skilled foreign workers play a role in the U.S. economy. Immigrants are founders of half of all Silicon Valley-based startups, and nearly a third of all VC-backed companies, according to research that Zhang’s paper cites. What has been missing, however, is an understanding of the extent to which startups are harmed by their inability to get H-1B visas, and of the economic mechanisms by which that harm occurs, Zhang said. To address these gaps in the literature, he and his coauthors performed two experiments.

The first experiment exploited random variations in VC-backed startups’ probability of winning H-1B visas in the visa lottery, which has been required since the annual visa quota was capped at 65,000 in 2004.

His research found that a one standard-deviation increase in a startup’s likelihood of winning an H-1B visa lottery raised the number of VC financing rounds by 7.1 percent in the three years after the lottery. It also raised the number of patents filed by 6.2 percent, the number of claims per patent by 9.7 percent, and the likelihood that the startup will go public by 5.9 percent.

For their second experiment, Zhang and his coauthors acted on their assumption that the reduced H-1B visa quota instituted in 2004 would harm the performance of startups reliant on skills foreign workers compared with startups that rely only on U.S workers.

They put startups that received H-1B visas before 2004 in one group and created a control group with startups that received no visas. They then used a difference in differences model to observe that the inability to secure visas after 2004 significantly limited startups’ ability to raise capital, innovate, do an initial public stock offering or be acquired.

Further, they found that “the damage to startup performance is permanent and amplifies in the long run,” a finding that helps them identify the two primary contributing economic mechanisms.

In many instances, foreign workers possess skills and abilities that U.S. workers do not, so they cannot be easily replaced. Zhang said startups are less likely to take risks if they are uncertain whether they’ll be able to secure visas for key workers. In addition, uncertainty makes startups less attractive to talented foreign workers.

Barriers to securing H-1B visas curtail startups innovation and financial performance.

— Feng Zhang “We argue that these effects are causal, economically substantial in magnitude and long-lasting,” according to the paper. “Our analysis implies that high-skilled foreign workers possess skills or talents that are difficult to replace and that barriers to securing H-1B visas curtail innovation and financial performance.”

Zhang said their work has important policy implications, particularly at a time when the federal government is clamping down on immigrants while also facing serious economic challenges as the nation emerges from shutdowns forced by the pandemic. Making more H-1B visas available makes economic sense.

“The contributions immigrants make are important to all of us,” he said. “Innovation is the most important driver of the U.S. economy, and the nation has always welcomed and benefitted from contributors from around the world.”

Feng Zhang received his Ph.D. in finance from the University of British Columbia. His research interests are in the areas of value implications of corporate events, mergers and acquisitions, and behavioral finance. His recent work has been published in the Journal of Financial Economics, Review of Financial Studies, Management Science, and the Journal of Corporate Finance. His research has been featured in numerous media reports including the Harvard Business Review, Wall Street Journal, Reuters, Time Magazine, CNBC, New York Times, Los Angeles Times, BBC World Radio, Fox News, Washington Post, Huffington Post, and Telegraph.

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xecutive compensation is one of the most publicized and politicized issues firms face, and they feel more pressure than ever to disclose the true value of compensation packages and ensure shareholders that management incentives align with their interests.

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ECCLES EXPERIENCE | Summer 2020 |

Responding to that pressure, however, has never been more difficult.

The structure of executive compensation has gotten so complex that the executives themselves often do not know the true economic value of their compensation or understand the incentive properties of their packages, according to Jeffrey Coles, professor of Finance.

More corporations are including performance-vested (p-v) provisions in compensation packages as opposed to more traditional time-vesting provisions. Time-vesting awards convey stock or options to executives based on time with the company. In contrast, p-v awards are twice-contingent on firm performance. First, the value of a share of stock or an option depends on firm performance, but a p-v grant schedule also delineates how the number of shares or options to be granted depends on an accounting metric, stock price performance, or other measure, such as market share or sales growth.

In 1998, just 20 percent of large U.S. firms granted p-v provisions to one or more executives in a given year. By 2012, that number had grown to 70 percent. Several things drove that trend, but among them was a 2005 change to Financial Accounting Standards Board rules that eliminated special accounting treatment for option grants.

The change likely motivated companies to replace options with provisions that could be structured to offset aversion to risk, like options do.

Coles’ interest in p-v provisions grew from research he and J. Carr Bettis of Arizona State University began at Incentive Lab, a company they cofounded in 2002. There they produced methods for valuing compensation packages that include p-v provisions, and for determining how sensitive these packages are to shareholder value and whether they’re structured to offset natural aversion to risk so executives are incentivized to make high-value investment decisions when appropriate.

The pair sold Incentive Lab to Institutional Shareholder Services in 2014, but they continue to do research and consulting around their discoveries, including some important findings about p-v provisions.

First, despite any conjecture that companies may have transitioned to use of these more complex provisions to boost the value of executive compensation, their research shows that p-v provisions actually decrease the value of awards, Coles said. “These awards are not exploiting shareholders.”

An inconsistency arises, however, because their research also shows that in their disclosures, companies often underreport high-value awards. “So, on average, p-v provisions do not amplify the expected value of these awards, they diminish it,” Coles said. “But for really big awards, disclosed value is below true economic value.”

It also reveals some important conclusions about the incentive properties of p-v provisions, namely, “companies can structure p-v awards to increase the sensitivity of executive wealth to firm performance and thereby amplify the connection between managerial incentives and shareholder value,” Coles said. They also find that companies can use p-v awards of options or stock to induce managers to take value-increasing risks on behalf of shareholders.

Executives themselves often do not know the true economic value of their compensation.

— Jeffrey Coles Coles continues to study these provisions and other aspects of executive compensation, such as how companies respond through compensation packages to income tax increases imposed on executives. He hopes the research will enable companies and executives to better understand the complexities of compensation—for the good of the companies and their shareholders, but also so that they can do a better job of addressing political, regulatory, and employee concerns about executive pay.

“When compensation packages are too complex … executives do not have a clear line of sight to their economic opportunity and what they’re supposed to do on behalf of the corporation,” he said. “Our innovations in terms of measuring value and calculating the incentive properties of these things can help executives understand what they should do for their companies and position boards of directors to know how best to structure managerial pay to the advantage of suppliers of capital.”

Jeffrey L. Coles is Professor of Finance and Samuels S. Stewart, Jr. Presidential Chair of Business. Coles received his B.A. from Pomona College, in mathematics and economics, both with distinction, and his Ph.D. from Stanford University, where he held the Henry J. Newell Honors Fellowship. Coles has been at Utah since 2014 and taught previously at Arizona State, Rochester, Utah, and Stanford. He has published extensively in corporate finance and investments in top academic journals, is an editor of such journals, and is featured in business publications and the broadcast media. Dr. Coles delivers executive education courses and advises industry and government on executive compensation, mergers and acquisitions, director fiduciary duties, operating strategy, valuation, and portfolio management. Since inception Coles served as Co-Chief Scientist of Incentive Lab, which was sold to Institutional Shareholder Services in 2014. He serves as President of the Financial Management Association.

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eye on research

of

interest

BY KATIE DRAKE

I

f you lost your wallet today, what’s the likelihood someone would return it? What if it had over $90 in cash? Researchers found leaving cash in your wallet meant strangers were more likely to track you down if the wallet turns up missing, according research from David Tannenbaum, an assistant professor of Management.

Findings upended the predictions by non-experts and professional economists who weighed in to predict the outcomes of the study.

Many assumed people would be less prone to return the wallets that held more money.

Tannenbaum and his co-authors found the opposite to be true consistently. In 38 out of the 40 countries visited, wallets with money were more likely to be reported. In the two remaining countries, there was only a small decrease, which wasn’t statistically significant.

“People’s inability to correctly predict our results has implications for the design of institutions and other economic environments,” said Tannenbaum. “In particular, our results suggest that people tend to have overly pessimistic views about people’s motivations, overestimating the role of self-interest and underestimating the role of moral concerns in driving behavior.”

The research sought to determine whether people behave more dishonestly when they have a greater financial incentive to do so.

Civic honesty is crucial to economic development and a host of other societal functions, including tax collection.

But altruism may not be the only factor that prevents people from taking undue advantage. Evidence suggests people also don’t want to see themselves as thieves — an aversion that intensifies as the monetary benefits of dishonesty increase, Tannenbaum wrote.

“When people stand to heavily profit from engaging in dishonest behavior, the desire to cheat increases but so do the psychological

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costs of viewing oneself as a thief — and sometimes the latter will dominate the former,” he said.

At the same time, the overall rates at which people returned the lost wallets vary widely among countries, from some 70-80 percent of those observed in Switzerland to fewer than 30 percent in China, the study shows. The United States fell around the midpoint. Around half of those observed in the U.S. returned wallets that had cash — and some 40 percent returned wallets with no cash.

“While the importance of these psychological factors may vary from context to context, we believe that policymakers should broaden their view of human behavior when designing institutions,” Tannenbaum said. “Specifically, policymakers may underestimate the importance of interventions that leverage moral concerns in promoting honesty, such as making people more aware of the negative impact their behavior can have on others, or by designing environments that reduce the likelihood people will rationalize dishonest behavior.”

Researchers typically targeted five to eight large cities per country, conducting about 400 observations in each country. Participants took what they identified as lost wallets — actually transparent business-card cases — to institutions in five categories: banks; theaters, museums and other cultural establishments; post offices; hotels; and police stations, courts of law and other public offices.

Each card case included three identical business cards, a grocery list and a key. Those with cash featured the local currency — in some cases the equivalent of U.S. $13.45, in others the equivalent of U.S. $94.15. Using transparent cases meant that the contents were immediately and obviously visible.

Researchers will need to undertake more work to explore how societal differences influence honest behavior, Tannenbaum said.

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Algorithm Overdependence

The powerful lure of online shopping recommendations

By Katie Drake

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Just about anyone who has shopped online or watched something on a streaming service – or interacted with any one of the myriad of algorithms that pop up on a daily basis – has seen these recommendations pop up.

But shoppers ought to think twice before accepting automated product recommendations from online retailers, even though the lure can be powerful, according to new research from Sachin Banker, an assistant professor of Marketing at the Eccles School.

Customers tend to rely heavily on that algorithm-generated guidance when they surf e-commerce sites, Banker and his co-author Salil Khetani found. But the suggestions often don’t carry the best deals or matches. This “algorithm overdependence” can increase risks to consumer well being.

“If people follow those recommendations, they can potentially spend more money on things that aren’t as good.

That’s the main risk,” Banker said.

algorithm-based recommendation systems, such as those used by Amazon and other e-commerce retailers.

Nearly half the participants in one experiment, for instance, chose an inferior product when an algorithm recommended it. In another experiment, people actually traded their initial choice of a superior product for an inferior one recommended by an algorithm.

Contrary to prior findings, the new experiments show that shoppers frequently depend on automated suggestions to their detriment — many times assuming that algorithms know better than they do. Conventionally, people have been thought to avoid faulty algorithms.

Although these findings center on retail, Sachin says they could apply to a wide variety of web-based platforms. Those include investment services, social media newsfeeds and even online dating, all of which can employ algorithmic recommendations. Imagine the implications if people defer to error-prone algorithms to build their love lives — or their retirement portfolios.

Algorithm-suggested products in real-world markets can be subpar in quality or price, and may deliver greater profits to retailers, as earlier research has demonstrated. For example, items recommended on Amazon are not always the best deal.

Likewise, people who searched for free tax filing on Google were actually directed to paid versions of TurboTax software.

But it’s not all bad news. The research also outlines policy solutions and ways that retailers can build trust with consumers. By providing more transparency, using badge systems, or explaining why certain products were recommended, retailers can better help shoppers determine when to look for more information, Banker said.

In their paper, Banker and Khetani outline five experiments that involved several hundred participants. The set-ups simulated online shopping in the presence of

The work fits into a growing body of research around the use of algorithms online. Banker plans to continue in this vein with future research.

DAVID ECCLES SCHOOL OF BUSINESS

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Campus News

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Campus News

Remembering Robert H. Garff, Eccles School Benefactor The Eccles School community lost a hero and a giant when Robert H. Garff, 77, passed away from coronavirus complications on Sunday, March 29.

Garff was a huge believer in the power of education to transform lives, and he and his family were generous donors to the Eccles School and the University as a whole. The Garff building on campus is named for him and his wife, Kathi (who was also sickened by the virus but made a full recovery). The building was made possible by a $12 million gift from the Garff children in honor of their parents.

The family has always lived by the motto “We want to change the world the best way we know how, through educating one child at a time,” Kathi told the crowd at the building’s dedication ceremony in October 2018.

The building houses the Business Career Services Center and the four MBA and all Executive Education programs offered by the school, influencing hundreds of students and community members who receive education in its classrooms. In addition to the Garff building, the Eccles School is also home to the $3 million Ken Garff Classroom Pavilion inside the Spencer Fox Eccles Business Building. It replaced the 1960s-era Kendall D. Garff building during a major campus expansion. Bob was instrumental in the funding of both entities, creating a legacy of philanthropy and a thirst for education that is carried on by his descendants. The family has also pledged half of the $35 million end zone expansion project at the University’s RiceEccles Stadium.

In addition to these large scale gifts, Garff also contributed generously to the already established Kendall D. Garff Endowed Chair, in honor of his father. The chair provides funding for the School to recruit and retain top faculty in business administration. It is currently held by Professor Paul Hu. He also supported a wide variety of other initiatives, including entrepreneurship and ethics programs, as well as faculty research. Both passionate art lovers, Bob and Kathi were patrons of Utah artists and shared their collection with the Eccles School, filling their namesake building with high-quality, personallycurated artworks. The collection is currently valued at more than $800,000.

In addition to his philanthropic support, Garff served as a member of the David Eccles School of Business’s Eccles Advisory Board, and once held a two-year term as board chair. Garff was an advocate and champion of the Eccles School and close confidant to Dean Randall.

In Memory of Jessie Montez Jessie Montez passed away after a courageous, eight-year cancer battle.

He was a successful Ute graduating from The University of Utah in 1976 with his Bachelor of Science in Accounting. He joined Arthur Young and worked there nine years. The bulk of his career, 24 years, was with Halliburton where he worked in Venezuela, France, England and Houston. After retiring from Halliburton, Jessie worked with MFR, a certified public accounting and advisory firm.

Jessie served on the University of Utah’s National Advisory Council for over a decade. As a first-generation college student and recipient of a grant, he valued his education and wanted to “pay it forward.” Almost two decades ago, he and Nancy created a scholarship endowment, the Jessie T. and Nancy Montez–Halliburton Company Scholarship, for promising but financially challenged students. Jessie helped and mentored countless students.

Jessie’s Catholic faith was an important part of his life and he was an active member of Christ the Redeemer Catholic Church’s Men’s ACTS, Knights of Columbus, Contemporary Choir and bible studies. He loved his faith community and gave of his time, talents, and treasures freely. An avid golfer, Jessie often flew to Utah to play in the school’s golf tournament, always in a red Utah golf shirt.

Jessie’s family was his greatest love, including his wife, Nancy, two children and three grandchildren.

While Jessie’s loss is great, his legacy continues through the many lives and organizations he directly impacted.

DAVID ECCLES SCHOOL OF BUSINESS

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Campus News

COVID Student Relief Fund The COVID-19 crisis has put financial strain on many individuals and businesses, but has had a particularly large impact on students who have lost employment and need to return home or are struggling to pay tuition and meet basic needs.

With that in mind the Eccles School is offering a COVID-19 Student Relief Fund which can help students in need lift the burdens of expenses such as tuition, fees, room and board, textbooks, and required supplies for classes. Students can apply for funding through the Office of Student Affairs. To contribute to the fund and help these students, visit Eccles. link/COVIDSupport.

Marriner S. Eccles Institute Opening and Documentary This year saw the Marriner S. Eccles Institute for Economics and Quantitative Analysis settle in to its permanent home on the third floor of the Garff building. More than 150 people were on hand to witness the grand opening, including Brett Hinkey and Ryan Stowers from the Charles Koch Foundation; Jim Steele, Trustee of the Marriner Eccles Foundation; numerous University of Utah administration including President Ruth V. Watkins, Vice President of Institutional Advancement HeidiWoodbury, Senior Vice President Michael Good; and trustees from the George S. and Dolores Dore Eccles Foundation, Spence Eccles, Lisa Eccles, and Robert Graham. Dean Taylor Randall welcomed guests, recounting the history of Marriner Eccles and his father—Eccles School namesake David Eccles. Other speakers included Adam Meirowitz, director of the Institute, student Jason Hoag, Spence Eccles, University President Ruth V. Watkins, and Ryan Stowers of the Charles Koch Foundation.

Marriner Eccles was also honored with a documentary film, produced by KUED. “Marriner Eccles: Father of the Modern Federal Reserve” follows Eccles from his childhood working in the family’s lumber, construction, and banking institutions through his rise to chair of the First Security Corporation. Eccles was then tapped by President Franklin D. Roosevelt to help shepherd the country through the Great Depression and the New Deal, and Eccles spent 17 years in Washington, D.C. at the Federal Reserve.

Students Find New Housing Options in Kahlert Village Work is well under way on what will be a signature project for the U—a new housing village composed of three residential towers, each named after a remarkable and generous woman in our state. Thanks to Heather Kahlert and the Kahlert Foundation, this new housing complex will be known as Kahlert Village.

Kahlert Village is the single-largest building project in the U’s history and will provide state-of-the-art housing for nearly 1,000 students to live, learn, socialize and flourish as they pursue their intellectual passions. Residents can choose from three towers: the Gail Miller Community Engagement Tower, the Patricia W. Child Health and Wellness Tower, and the Heather Kahlert STEM Tower.

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ECCLES EXPERIENCE | Summer 2020 |

Campus News

Master’s of Business Creation Recognized by AASCB The Association to Advance Collegiate Schools of Business (AACSB International) – the world’s largest business education network – has recognized the David Eccles School of Business at the University of Utah among 25 business schools as highlights of its Innovations That Inspire member challenge.

The Eccles School was recognized for its unique Master of Business Creation (MBC) program, which allows founders to launch and scale a company while earning a master’s degree in nine months. The program started in fall 2019, and the first group of founders graduated from the program in May 2020. It is offered in partnership with the Lassonde Entrepreneur Institute.

Two MBA Programs Receive Top Ratings Two of the Eccles School’s MBA programs have been ranked among the best in the nation by U.S. News & World Report in their annual Best Business Schools rankings.

The Eccles School’s Full-Time MBA program advanced four spots to No. 48, placing it in the top 50 full-time MBA programs in the nation. Meanwhile, the Professional MBA program ranked No. 34, an increase of 10 spots over last year’s part-time MBA rankings.

This recognition for both the on-campus and online offerings at the Eccles School is validation of the effort invested into providing engaging, impact-driven graduate business education to Eccles students regardless of format. Students in the Professional MBA program have the ability to take on-campus or online courses, combining the best of both worlds.

Students Continue Winning Streak in Case Competitions While a student’s experience at the Eccles School may start in a classroom, it won’t be confined to one. Throughout their degree, undergraduate students have the opportunity to participate in a number of business case competitions outside the classroom.

Opportunities to earn seed funding, create product innovations, and gain entrepreneurial mentors are just a small benefit of case competitions. Some of these opportunities include Bench-2Bedside, an exciting and vibrant program that introduces students to the fascinating world of medical technology innovation, the Daniel Fund Ethics Initiative, which works to integrate ethics instruction throughout the curriculum that includes real-world practical applications, and the Game Day Ad Analytics Blitz, where student teams collect Twitter data posted during the Super Bowl and analyze tweets for advertising insights.

Winning teams receive cash, scholarships, and guaranteed interviews with sponsor companies.

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Campus News

Inclusion Week Celebrates Diversity at the Eccles School The Eccles School celebrated its second annual Inclusion Week in Feburary. The theme for the week was “Engage. Lead.

Impact.,” and each day included events to highlight diversity and create a more inclusive environment for all students, staff, and faculty.

The week will kicked off with the MLK march and include a series of events including panel discussions, service projects, and an inspiring keynote speech from Celina Milner, Senior Policy Advisor for the Office of Diversity and Human Rights for the Salt Lake City mayor’s office. Students also participated in a Roundtable Discussion on “Dialoguing Across Difference”and assembling hygiene kits.

Out for Business Named Student Organization of the Year This past fall, thanks to the hard work of several recent graduates, the Eccles School also helped increase the voices of the LGBTQ+ students, alumni, faculty, and staff in our own community and helped build an organization that ensures members of the LGBTQ+ community are always welcome on campus.

When Austin Hendrickson, Addison Hunter, and Dylan Gillette saw there was a need at the Eccles School for a place where LGBTQ+ voices could be heard, they did something. In true Eccles School “Doer” spirit, the three students took over the small student organization called Out for Business at the end of the 2019 school year with only 17 members and almost no name recognition. Now, only one year later, Out for Business has 80+ members and was recently named the David Eccles School of Business Student Organization of the year.

Sorenson Impact Center Names Impact Investor Geoff Davis CEO Geoff Davis, a seasoned entrepreneur turned social entrepreneur turned impact investor, will take on the new role of CEO for the Sorenson Impact Center.

“Geoff has dedicated much of his life to improving the lives of others, and this next step in his career will continue to grow that impact,” said Jim Sorenson, founder of the Sorenson Impact Center. “I know his deep experience and passion for this work will grow Sorenson Impact’s support of people around the world and make an even bigger difference in the lives of so many. His leadership and experience will build upon the many success stories Sorenson Impact has already been part of and take the center to the next level.”

Davis has founded, co-founded or advised more than 25 startups and investment funds, sat on 14 boards, and his work has impacted millions of families as they work their way out of poverty. In 2018, he joined Cicero Group as the CEO & Managing Partner of Cicero Impact Capital. He earned a master’s degree from Harvard’s Kennedy School and a bachelor’s degree from Brigham Young University.

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ECCLES EXPERIENCE | Summer 2020 |

University of Utah Executive Education

LEAN SIX SIGMA GREEN BELT ONLINE Executive Education at the David Eccles School of Business is proud to present its brand new online program: Lean Six Sigma Green Belt. Access this 10-week certification program from anywhere with an internet connection and learn through interactive videos, simulations, case studies, webinars, and personal mentorship.

It’s time - Get Lean Six Sigma Green Belt certified this year.

Learn more and download the class guide at

UtahSixSigma.com

ALUMNI EVENT NEWS David Eccles Alumni Network Board State of the School Meeting

Eccles Alumni Forum We have had two incredible forums over the last few months with phenomenal panelists at both. Capital Raise in October focused on getting funds for your business and Level Up Utah in January focused on the future of Utah's Winter Sports Industry. If you weren't able to attend in person, you can watch our recordings on the David Eccles School of Business Youtube channel.

Our Alumni Network Board, made up of 60 alumni on 4 di erent committees, came together in February for the annual State of the School meeting with Dean Taylor Randall.

Eccles Business Open Thanks to the support of over 130 golfers, we were able to raise over $90,000 for student scholarships at our 23rd Annual Je rey Gelder Lewis Northwestern Mutual Eccles Business Open. We even had a hole-in-one!

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ECCLES EXPERIENCE | Summer 2020 |

Denver Alumni Event Nearly 30 Denver alumni joined Dean Taylor Randall for an update on the school, good food and great conversations in January.

Student Investment Fund Reunion

SLC Alumni Service Project Several of our Utah alumni, led by the David Eccles Alumni Network Board of Directors, gathered at the Geraldine E. King Women's Resource Center to serve lunch and sort clothing on Friday, December 6.

"SOME PEOPLE DREAM OF SUCCESS, WHILE OTHERS GET UP EVERY MORNING AND MAKE IT HAPPEN"

Each December, as our SIF Alumni come home for the holidays to visit family, we host a reunion with faculty advisor, Professor Liz Tashjian. It is so fun to have everybody back together from cities across the nation and this year was no exception at the Lake E ect bar in downtown SLC.

Atlanta Alumni Event A handful of alumni and friends joined us in November for an alumni happy hour and update from the school. Our Atlanta alumni network is doing well and getting larger with each visit!

DAVID ECCLES SCHOOL OF BUSINESS

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ANNUAL SCHOLARSHIP LUNCHEON

the Gift of Higher Education

By Paige Lichtenwalter ehind every endowment, scholarship award and Eccles student, there are incredible stories of courageous dedication and life-changing experiences.

A small glimpse into these narratives happens every year at the David Eccles School of Business Scholarship Luncheon. Dean Dilworth Walker held the first scholarship luncheon in 1951 to thank donors for sponsoring 10 scholarships. What began as a small lunch on campus has now grown into one of the year’s most important and cherished celebrations.

“All of this, I’ve been able to accomplish thanks to donors who provide scholarships to students like me. Students who are trying to rewrite the tales of past generations and just need that little extra help to make history.”

Over 1,200 donors, students, faculty and staff gathered at the Grand America Hotel in Salt Lake City for the luncheon’s 68th iteration this past fall, making it the largest scholarship luncheon to date. According to Dean Taylor Randall, the luncheon is one of his favorite events of the year. “This event is an opportunity for us to acknowledge our finest business students and say thank you to the generous donors who make these awards possible,” he explained. For the 2019-20 year, more than 400 scholarships worth nearly $10.5 million dollars were awarded to 1,848 undergraduate and graduate students. “The generous contributions from donors enable these deserving students to fulfill their dreams,” said Randall.

And some of these dreams began when they were first accepted to the Eccles School. In its 68th year, the scholarship luncheon also coincided with National First-Generation Student Day. November 8th is the anniversary of the signing of the Higher Education Act of 1965, an act intended to help students finance their education and make key investments in institutions of higher education. In honor of this day, two first-generation students and a first-generation alumna gave powerful speeches during the luncheon.

John Eggleston, a junior international studies and political science major and a recipient of three scholarships, spoke about how the Eccles School and the First Ascent Scholars program showed him a love he had never experienced before. A former homeless student who lost his dad earlier last year, Eggleston explained how his Eccles experience helped him overcome adversity. “My scholarships have given me a new life,” Eggleston

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ECCLES EXPERIENCE | Summer 2020 |

shared. “It’s because of these donors that my future is growing brighter. I’m graduating next year with two separate degrees, I’ve been granted the opportunity to study in Japan and Chile, and I’m looking into studying business further at some of our country’s finest graduate schools.”

Eric Jara, a quantitative analysis of markets and organizations major and a recipient of four scholarship awards, explained that before him, college wasn’t even a topic of discussion in his family.

Now a successful student who works in the Office for Student Inclusion, Jara has traveled to nine countries during his time at the Eccles School and can’t wait to begin his career after graduation. “All of this, I’ve been able to accomplish thanks to donors who provide scholarships to students like me. Students who are trying to rewrite the tales of past generations and just need that little extra help to make history,” said Jara.

Attending the scholarship luncheon for the first time as a donor, Kimberly Maez Johnston, a 1991 graduate in accounting, expressed how receiving the Ruth Eleanor Bamberger and John Ernest Bamberger Memorial Scholarship allowed her to graduate with her degree. “My extraordinary journey of breaking through generational poverty came because of generous donors,” she said.

Her scholarship, named in honor of the two Bamberger children who passed away as teens, inspired Johnston to create a legacy for Ruth and John. Her successes became their successes, and she encouraged students receiving scholarships to take advantage of the incredible opportunity. “Seize the gift of higher education,” she urged. “With a diploma, you will possess the powerful key of knowledge. That key will open pathways.”

It’s this powerful key of knowledge that continues to attract the best and the brightest students to the Eccles School and the generous gifts of scholarships that empower our future generations to seize it.

Trent Richardson (BS 1995)

50s

Is a System Director of Patient Financial Services at CHRISTUS Trinity Mother Frances Health System

William Brew (BS 1950) Is Self-Employed William is still active in the Tax Preparation Business at 97 years old.

70s

James Hicken (BS 1978)

Is the President and Chief Executive Officer at Legacy Bank

80s

Clifford Rice (MBA 1983)

90s

1999) Is a Business Integrator at Becton-Dickinson

00s

James Jackson, III (BS 2002)

Is the Vice President Supplier Diversity Program Manager at Zions Bancorporation and the Founder and Executive Director of the Utah Black Chamber Recognized on the 40 under 40 list in Utah Business Magazine

John Green (MBA 2002) Is a Controller at Alliance of Motion Picture and Television Producers

Brock Fox (BA 2005) Cindy Frank (BS 1991)

Is the Director at PricewaterhouseCoopers, LLC

Is a Foreign Service Officer at U.S. Department of State

Kristen Mays (MBA 2006)

Kirk Tanner (BS 1992) Is the CEO, Pepsi North America Beverages at PepsiCo As the CEO of PBNA, Kirk Tanner oversees all aspects of PepsiCo’s $21 billion beverage business in North America as well as Global Foodservice.

Kirk was made CEO in January 2019.

Wade Olsen (BA 1994) IIs the Co-Founder/CEO at Treasury Suite

Is a Marketing and Business Development Director at Environmental Contracting Corporation Elected to New Horizons Board of Directors in January 2020. Based in the San Fernando Valley, Los Angeles, CA, New Horizons serves and empowers individuals with special needs to reach their full potential. She looks forward to serving a twoyear term and assisting in their vision to build an inclusive world that celebrates strengths, respects abilities, and embraces diversity.

C AT C H I N G U P W I T H C L A S S M AT E S

Is Retired Retired in 2016 after 29 years at Lockheed Martin.

Completing a 30 month church mission in Apr 2020.

Plans to become a professional grandparent for a few years before going on another mission.

Christopher Swank (MBA

Lance Evenson (MBA 2006) Is the Chief Executive Officer at SasS Start Up

DAVID ECCLES SCHOOL OF BUSINESS

41

Jordan Bate (BS 2007)

Is a Sales Analyst at Albertsons at Unilever

Adam Du Pon (BS 2008, MAcc 2009)

Is a Research Assistant and PhD Student at Virginia Tech

10s

Tae Jang (MSF 2016) Is a Project Manager at Office of the Utah State Auditor Abbey Wainwright (BS 2017) Is a Lean Practicioner at Boeing Recently started teaching an undergraduate Operations Management class at UVU.

McElle Zuro (HBS 2017)

Wesley Matern (BS 2010, MBA 2016)

Is a Manager of Investor Relations at Delta Air Lines

Is the Owner at Orderly Professional Organizing

Blake Nielsen (BS 2010, MBA 2018) Is a Analytics Manager at Womply

Ryan Welch (BS 2018, MAcc 2019) Is an Audit Associate at KPMG

Taylor Ashton (MSIS 2010)Is a Lead Strategic Product Manager at HealthEquity

Joe Li (BS 2011)Is a Vice President at Highland Avenue Capital Partners LLC

Kelcie Douglas (BS 2018, MHA 2020) Is an Administrative Fellow at Intermountain Healthcare Graduating with MHA degree in 2020 from the David Eccles School of Business.

Bradley Larsen (MBA 2018)

Skyler Thompson (BS 2013, MBA 2015)

Is an Integration Functional Analyst at Workday, Inc.

Yelda Caliskan (BS 2014)

Is an Email Marketing Specialist at ACS

Dalton Wright (BA 2016)

Is a Partner and Kauffman Fellow at Kickstart Seed Fund Recognized on the 40 under 40 list in Utah Business Magazine

Is a Project Manager at Dell EMC

Eric Sevy (MBA 2018)

Is a Division Manager at Sugarhouse Industries Recipient of “Outstanding Volunteer Award” from IFAI for role as Champion of their showfloor, “manufacturing for good” booth at the annual IFAI Expo.

Madison Lanford (BS 2018) Is a Real Estate Agent at EXIT Realty Legacy

Jake Spear (BS 2016) Is a West Coast Client Success Manager at Paycom

Mike Caggiano (MBA 2016)

Is a Delivery Manager at Dell Responsible for all services delivered to the customer, maintaining margin, and driving innovation on behalf of the customer.

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ECCLES EXPERIENCE | Summer 2020 |

Mike Terry (MBA 2018) Is the Director of Operations: Collections at Discover Recognized on the 40 under 40 list in Utah Business Magazine Rachel Roberson (BS 2018)

Is a tZero - Research Analyst at Overstock.com

Robb Lapp (BS 2018) Is a Field Marketing Manager at Academy Mortgage Corporation

Alex Bradford (MAcc 2019) Is a Forensic Litigation Associate at CBIZ Alex Geren (MSF 2019) Is an Analyst at Goldman Sachs Alex Kim (MSIS 2019) Is a Software Development Engineer at General Motors

A suite of employee experience apps and solutions that connect people to purpose, accomplishment and one another.

Alli Brown (BS 2019) Is a Search Engine Optimization Analyst at Clearlink

Anthony Gonzalez (MSIS 2019) Is a Program Manager at Symantec Corporation Bailey Dagner (BS 2019) Is a Project Manager at The Summit Group Brandon Oliver (BS 2019) Is a Financial Analyst at Clearlink Brayden Davies (BS 2019) Is an Assistant Marketing Director at Youthlinc Brenda Diaz (MAcc 2019) Is a Financial Analyst at the University of Utah

C AT C H I N G U P W I T H C L A S S M AT E S

Anna Pillman (BS 2019) Is an Risk Analyst, CRG Corporates at Goldman Sachs

Bridget Miller (BS 2019) Is a Graphic Designer at Liberty Mountain Sports Caleb Lloyd (BS 2019) Is a Merchandiser at Swire Coca-Cola

DAVID ECCLES SCHOOL OF BUSINESS

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Carla Ortiz (MAcc 2019) Is a Financial Management Analyst at the University of Utah

Dallin Peugnet (BS 2019) Is a Financial Service Representative at E-Trade

Carter Shaw (MSBA 2019) Is a Petroleum Marketing Manager at Maverik

Dane Luby (MSIS 2019) Is an ETL Analyst at the University of Utah

Chace Harrison (BS 2019) Is a Financial Analyst at John Deere

Daniel Bean (MSF 2019) Is a Financial Crimes Consultant at Wells Fargo Danielle Bybee (BS 2019) Is a Content Strategist at Workfront

Colby Judd (BS 2019)

Is an Investment Banking Analyst at Goldman Sachs

Dausen Elggren (BS 2019) Is a Software Engineer & Technical Support Rep for the LDS Church Cole Richins (MAcc 2019) Is a Tax Staff Member at Jones Simkins, LLC

David Kingston (MAcc 2019) Is an Audit Associate at BKD

Colton Barkdull (MSF 2019) Is a Treasury Management Sales Analyst at Wells Fargo

Derek Griffin (MSF 2019) Is an Associate (Finance) at Booz Allen Hamilton Inc

D Mccleary (MAcc 2019) Is a Tax Associate at BDO

SERVING & SUPPORTING THE

FOR OVER TWENTY FIVE YEARS

801-487-4123

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ECCLES EXPERIENCE | Summer 2020 |

Derek Judd (MSF 2019) Is an Operations Manager at Storage Emporium

James Morrell (MRED 2019) Is a Research Analyst at CBRE

Eduardo Mendivil Guajardo (MSIS 2019) Is an IT Analyst for the State of Utah

James Parkin (BS 2019) Is an Analyst at Bank of America Merrill Lynch

Eliza Harmer (BS 2019) Is a Digital Media Buyer at The Summit Group

Jana Kirwel (MSF 2019) Is an Advisory Associate at North Capital Investment Technology

Elyssa Hashimoto (MAcc 2019) Is an Associate at WSRP Eston Humphrey (MAcc 2019) Is an Audit Associate at PwC Frances Floresca (BS 2019) Is an Email Marketing Strategist at Campaign Inbox

Gaurav Kutemate (MSIS 2019) Is a Business Analyst at Blue Nile, Inc. Harry Yeom (MAcc 2019) Is a Risk Assurance Associate at PwC Helen Yang (MAcc 2019) Is an Accountant at University of Utah Health Hem Sanyasi (BS 2019) Is a Cost Accountant at Ultradent Products Howie Huynh (BS 2019) Is an Investment Banking Analyst at Guggenheim Securities

Jarret Dluhos (MSIS 2019) Is a SOC Analyst at Shape Security Jason Przybyla (MRED 2019) Is an Associate at Woodbury Corporation Jetta Hansen (MSBA 2019) Is a Data Analyst at Nac Inc Jordan Kocherhans (BS 2019) Is a Digital Marketing Analyst at Megaplex Theatres Josh Heileson (BS 2019) Is an Investment Analyst at WGU Labs Judy Chen (BS 2019) Is an Associate Project Manager at MRM//McCann Julian Barrio (MSIS 2019) Is a Senior Business Consultant at Workfront

Hughes Congleton (MSF 2019)

Junjiro Makise (MSF 2019) Is a Senior Research Analyst at Rand Labs

Jack Egan (MSF 2019)

Kalburt Dallof (BS 2019) Is a Financial Accountant at Orbit Irrigation

Is an Associate at Pandion Mine Finance

Is a Marketing Manager at Stio

C AT C H I N G U P W I T H C L A S S M AT E S

Gabrielle Reid (BS 2019) Is an Account Executive at MRM//McCann

Janae Korte (BS 2019) Is a Corps de Ballet Dancer at The Sarasota Ballet

Jaiden Vaca (BS 2019) Is an Associate Strategic Planner at MRM//McCann

DAVID ECCLES SCHOOL OF BUSINESS

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Kamron Barr (MRED 2019) Is a Senior Project Manager at Project Control, Inc. Recognized on the 40 under 40 list in Utah Business Magazine Kara Szydlowski (BS 2019) Is an Administrative Assistant at Candera Kareena Henninger (BS 2019) Is an Audit Associate at Haynie & Company Keenan Budd (BS 2019) Is a Marketing Associate at nView Medical Kehan Wang (MSF 2019) Is a Financial Reporting Lead at Carta Khushbu Shaikh (MSIS 2019) Is a Cloud Application Engineer at Voxai Solutions

Larry Norris (BS 2019) Is a SEO Specialist at FireToss Madi Rogers (BS 2019) Is a Management Consultant at Cerner Corporation Madison Mitchell (MAcc 2019) Is a Tax Accountant at PwC

Matt Gdanski (BS 2019) Is a Finance & Risk Analyst at Arivo Acceptance LLC Maya Brewer (BS 2019) Is a Controller at Friendemic Mikayla Robertson (BS 2019) Is a Paid Media Specialist at ExpertVoice

Mike Worthen (MSF 2019) Is a Financial Lead Analyst at Cigna Muhammad Khan (MAcc 2019) Is an Advisory Associate at KPMG Naida Cakarevic (BS 2019) Is an Indirect Processor at Mountain America Credit Union Nathaniel Ellis (MAcc 2019) Is an Audit Associate at PwC Paul Tabish (BS 2019) Is a Credit Analyst at Finwise Bank Pooja Ray Chaudhuri (MSIS 2019) Is a Software Developer at CaptionCall Priyanka Mitra (MSBA 2019) Is an Analytics Engineer at Health Catalyst Rachel Ng (MAcc 2019) Is an AP Accountant at Spring Communications Raphael Jaber (MSIS 2019) Is a Business Analyst at Lumos Language School Rebecca McGowan (BS 2019) Is a Software Engineer at Twitch Interactive, Inc Rich Beck (MRED 2019) Is a Vice President at Restore Utah

C AT C H I N G U P W I T H C L A S S M AT E S

Landon Munson (BS 2019) Is a Credit Analyst at U.S. Bank

Mike Mortensen (MAcc 2019) Is an Audit Associate at Squire & Company

Ronald Ross Rodriguez (MSIS 2019) Is an IT Data Analyst at Bank of Utah Ryan Cooper (BS 2019) Is a Systems Administrator II at University of Utah Health

DAVID ECCLES SCHOOL OF BUSINESS

47

Sam Hall (BS 2019) Is a Management Trainee at Enterprise Rent-A-Car

William Wang (BS 2019) Is a Market Analyst at Citigroup

Samantha Ballard (MAcc 2019) Is a Tax Associate at BDO

Zach Sorensen (BS 2019) Is a Associate Credit Analyst at Zions Bancorporation

Samantha Mortensen (MAcc 2019)

Is a Tax Associate at CLA

Samhitha Poreddy (MSIS 2019) Is an ETL Data Engineer at Verisk Analytics Spencer Catten (BS 2019) Is a Data Engineer at Acima Credit Sukrit Sen (MSIS 2019) Is a Business Intelligence Developer at Galileo Financial Technologies

Tad Ellsworth (MSF 2019) Is a Financial Analyst at Jain Irrigation Systems Tanner Debry (BS 2019) Is a Client Support Analyst at Addepar Tim Lee (MSBA 2019) Is a Business Data Analyst at Workfront Trent Newman (MSIS 2019)

Is an Automation Engineer at Wynright Corp

Trevor Walston (MSF 2019)

Is an Investment Analyst at Wasatch Storage Partners

Tulio Moura (MSIS 2019) Is a Financial Analyst at Goldman Sachs Victoria Hekking (BS 2019) Is a Marketing Coordinator at Construct Weston McCloy (MAcc 2019) Is an Audit Associate at Tanner

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ECCLES EXPERIENCE | Summer 2020 |

Zachery Graber (MAcc 2019) Is an Audit Associate at Grant Thornton

20s

Sara Fladmo (MSIS 2020) Is a Salesforce Administrator at Western Governors University

Chance Jones (MBA 2020) Is a Business Unit Leader Managed Services at Zengistics

Kartik Sharma (MSIS 2020) Is a Data Analyst in the Alumni Relations and Development Office at the David Eccles School of Business Adam Kelly (MBA 2021) Is an Inventory and Vendor Sr. Manager at Fernish Kimberlyn Mains (MBA 2021) Is the VP of Enterprise Product Experience and Operations at Vivint Smart Home Recognized on the 40 under 40 list in Utah Business Magazine

ANNUAL REPORT

19 49

W H E R E D O E R S D O . A N D F U T U R E S A R E C R E AT E D .

{ FROM THE CHAIR } Dear Alumni and Donors, As the chairman of the David Eccles School of Business Advisory Board, I am excited to provide you with an annual report highlighting the school’s accomplishments. From launching the Master of Business Creation degree – the only one of its kind in the world – to dedicating the Marriner S. Eccles Institute for Economics and Quantitative Analysis, this was another year full of growth and innovation.

Additionally, we increased scholarships by 17 percent, awarding scholarships to 40 percent of our students, and graduated our first class of students in the Quantitative Analysis of Markets and Organizations degree.

50

Alumni and supporters like you have made it possible to achieve audacious goals for building, scholarships, programming and faculty support.

Your generous donations are investments in the student experience, allowing increased scholarships, needed campus space and unique student opportunities.

I am honored to work closely with Dean Randall and the board, continuing to push boundaries of what is possible at an exceptional business school. Dean Randall’s vision and drive to improve on every level lifts alumni, donors, volunteers, and most importantly, our students.

Through this report, I hope you can feel the energy, opportunities and extraordinary learning we have created by giving what we can. Together, we are preparing and launching students into successful careers.

Thank you for your support and GO UTES! Sincerely,

Anne Taylor

ANNE TAYLOR Chair David Eccles School of Business Advisory Board Retired Vice Chairman and Managing Partner, Deloitte

Imagining New Heights for the David Eccles School of Business

CAMPAIGN UPDATE }

DAVID ECCLES SCHOOL OF BUSINESS CAMPAIGN GOALS AND PRIORITIES INCLUDE

The University of Utah’s Imagine New Heights $2 Billion campaign is off to a great start, with nearly $1,726,020,269* dollars raised. We offer our sincere appreciation to our donors for their support during this campaign.

SCHOOL OF BUSINESS CAMPAIGN PRIORITIES: Increasing Endowed and Annual Scholarships Creating accessible pathways to higher education through robust scholarship offerings is a top priority at the David Eccles School of Business. We provide our students with an education replete with experiential learning opportunities and honors-level rigor, so they can launch careers that allow them to make a positive impact in their world. Annual and endowed scholarships remain a top priority for the school as we continue to provide support for underrepresented populations and attract the best and brightest students.

CAMPAIGN GOAL

$200 M 51

PROGRESS TO DATE

$136.5 M

Growing the School’s Endowment Growing the endowment will allow the school to hire the best faculty, continue to build new programs to ensure that our students are prepared for today’s industry demands, and fund student scholarships.

TOTAL # OF UNIQUE DONORS

5,351

Imagining New Heights for the David Eccles School of Business

CAMPAIGN UPDATE } Growing 0perating Support for Centers and Institutes The faculty at the Eccles School are on the leading edge of business research, transforming how business operates, offering a deeper understanding of the business world, and building students into savvy and empathetic business leaders. Faculty, staff, and students work together in the institutes, centers, and initiatives at the Eccles School, which include: • Marriner S. Eccles Institute for Quantitative Analysis — This institute provides transformational and interdisciplinary opportunities for students in fields related to economics, including econometrics and game theory.

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• Sorenson Impact Center — This center advances the understanding and application of free-enterprise principles to create scalable, sustainable social change.

The center generates innovative, data-driven approaches to social and public-health challenges.

• Goff Strategic Leadership Center — This center is committed to supporting education and conducting research in strategic leadership. Goff SLC engages with the business community to provide insights useful in practice.

• Lassonde Entrepreneur Institute — This institute offers students transformative experiences, world-class programs, and a one-of-a-kind, LEED-certified facility where students live, create, and launch companies together.

• Kem C. Gardner Policy Institute — This institute provides independent economic, demographic, and public-policy data, research, and analysis to support informed decision-making throughout Utah and beyond.

Operating support is essential to further the reach of these initiatives.

Increasing alumni participation rate to ensure a future pipeline of donors Engaging new donors, and encouraging consistent, repeat donations, is crucial to helping the School build a community of supporters helping with not only today’s needs, but future funding goals. Additionally, alumni participation rate, the percent of alumni who give each fiscal year, is a factor in business school rankings. The Eccles School currently has a 3.2 percent alumni participation rate, the lowest in the Pac-12. *Amount raised from July 1, 2014-May 7, 2020.

FOUNDERS

CIRCLE DONORS WHO HAVE DONATED $1,000,000 OR MORE TO THE DAVID ECCLES SCHOOL OF BUSINESS IN THEIR LIFETIME.

ALSAM Foundation

Phil and Gloria Horsley

Anonymous

The Huntsman Foundation

Bill and Melinda Gates Foundation

J.B. Pritzker & M.K. Pritzker Family Foundation

H. Roger and Sara S. Boyer

J. Willard and Alice S. Marriott Foundation

Brent and Bonnie Jean Beesley Foundation

The Jeffrey and Helen Cardon Foundation

Michael and Burgundy Caldwell-Waller

The Kahlert Foundation

Robert B. and Lisa W. Campbell

Larry H. and Gail Miller Family Foundation

Charles Koch Foundation

Lassonde Family Foundation

William H. & Patricia W. Child

Laura and John Arnold Foundation

Clark and Christine Ivory Foundation

Francis A. and Louise W.* Madsen Family

C.R. England, Inc.

John W. and Margaret L. McIntyre

Ian* and Annette Cumming

Crystal and Charles Maggelet

Daniels Fund

David Neeleman

E. R. (Zeke)* and Katherine W.* Dumke

Robert and Katharine Garff Foundation

Spencer F. and Cleone P.* Eccles

James Lee Sorenson

Emma Eccles Jones Foundation

The Sorenson Impact Foundation

Kem C. and Carolyn B. Gardner

Sorenson Legacy Foundation

Garff Enterprises

Wasatch Advisors

George S. and Dolores Doré Eccles Foundation

Orin R. Woodbury*

Gregory and Sylvia Goff

Zions Bank

We make every effort to provide an accurate list of donors. If we have made an error, we apologize. Please contact emily.foskey@eccles.utah.edu with the correction.

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* = deceased

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INSIDE THE FOUNDERS CIRCLE } GREG GOFF Greg Goff has always believed that the best strategic leaders do two key things: First, they make a positive and significant impact. And second, they get out of the way so others can do the same.

But as Goff rose through the ranks at ConocoPhillips — creating a successful career in the oil industry that would lead him to today’s Marathon Petroleum — he noticed that while many of his young colleagues were incredibly talented and passionate, they lacked those key principles. Or perhaps they knew how to make an impact on their own, but not how to help others be successful.

Turning an eye to future business leaders, Goff returned to where his path to strategic leadership began – the David Eccles School of Business. A proud alum (bachelor’s 1978, MBA 1981), Goff had been a loyal donor to scholarships and building funds since 1985. He was also recognized as a Distinguished Alumnus of the University of Utah in 2015. But he sensed that creating leaders of the future called for a bit more, and so the Goff Strategic Leadership Center was created with an $11 million gift. The center serves both students and alumni, offering opportunities to develop leadership skills at every career stage.

“This center is remarkable in its scope,” said Eccles School Dean Taylor Randall. “It provides students with an incredible and transformative leadership experience. It’s hands on. It’s learning by doing. At the same time, it allows faculty and staff to drive research in the area of leadership.”

The center’s programing gives undergraduate students unique opportunities to work on projects and in tandem with local companies. The Goff Scholars program is a full-year experience that provides scholarships and learning opportunities for juniors and seniors, allowing them to work with up to five different companies and build relationships. The students are placed in small, diverse groups, working and consulting on projects for up to five companies. Each student will have the opportunity to lead at least one project. Goff Trailblazers offers a similar experience in a shorter, one-semester format. These programs give students leadership opportunities often undreamed of at the undergraduate level, and help them build their resumes and create valuable relationships.

“There has been a very important finding that has emerged in the leadership literature over the last several years and that is there are many paths to being an effective leader,” said Todd Zenger, the center’s academic director. “However, there is one trait that seems to distinguish those who reach the apex of corporations and those who plateau somewhere short of that and that is their capacity for strategic thinking.”

Zenger said the center’s specific aims are to be a catalyst in developing strategic leadership skills in young, matriculated students; to position the center as a thought leader in strategic leadership, changing the way leadership is taught both in corporations and academia; and to develop strategic leaders through community events and executive education offerings that transform aspiring leaders into strategic ones.

The center also provides valuable opportunities for established professionals through executive education programs, which allow companies to learn from some of the top minds in strategy who are part of the Center’s faculty. Goff believes so strongly in the programs that he has sent his own teams to the Center for training. For him, it all ties back to the idea of helping others to be successful. Helping his teams to find a purpose and capturing their hearts and minds to work toward a goal is his favorite part of being a strategic leader.

“I fundamentally believe that people love to be challenged, myself included,” Goff told the audience at the 2019 Spencer Fox Eccles Convocation, at which he was the keynote speaker. “And the best leaders rise to the occasion.”

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INVESTORS

LEADERSHIP CIRCLE IN RECOGNITION OF GIFTS RECEIVED JULY 1, 2018 TO DECEMBER 31, 2019.

$1,000,000+ The ALSAM Foundation Andeavor Foundation Inc. George S. and Dolores DorĂŠ Eccles Foundation Emma Eccles Jones Foundation Robert & Katharine Garff Foundation Bill and Melinda Gates Foundation Gregory and Sylvia Goff The Horsley Family: Phil, Gloria, Heidi Horsley, Rebecca Bara, and Heather Horsley Clark and Christine Ivory Foundation Pierre Lassonde J.B. Pritzker & M.K. Pritzker Family Foundation James Lee and Krista Sorenson

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$500,000-$999,999 Michael and Burgundy Caldwell-Waller The Jeffrey and Helen Cardon Foundation The Kahlert Foundation Charles Koch Foundation RLC Family Foundation The Eric and Wendy Schmidt Fund for Strategic Innovation William Vandergriff Zions Bank

$250,000-$499,999 Brent and Bonnie Jean Beesley Foundation C. R. England, Inc. Daniels Fund Kem C. and Carolyn B. Gardner Intermountain Healthcare Ewing Marion Kauffman Foundation Larry H. & Gail Miller Family Foundation Beverley Taylor Sorenson Foundation Sorenson Impact Foundation David N. and Laurea Stirling Wasatch Global Investors

$100,000-$249,999 Richard M. and Barbara M. Ausick Ruth Eleanor Bamberger & John Ernest Bamberger Memorial Foundation Catalyst Foundation, Inc.

Celtic Bank The Church of Jesus Christ of Latter-day Saints Foundation J. Lynn* and Diana Lady Dougan Enterprises International, Inc. JPMorgan Chase Foundation Charles and Crystal Call Maggelet J. Willard and Alice S. Marriott Foundation Mountain America Credit Union David G. and Ali Neeleman Salt Lake City Corporation University of Utah Hospital & Clinics Utah Association of Counties West Valley City Kem C. Gardner Family Partnership

$50,000-$99,999 Chad and Kristen Anselmo Laura and John Arnold Foundation Kent M. and Deborah H. Bowman Loren I.* and Leola C.* Burr Curt and Alisa Doman Grandeur Peak Global Advisors Richard K. and Shirley S. Hemingway Foundation MacArthur Foundation J. Willard Marriott, Jr. Foundation The Mitchell & June Morris Foundation The Pew Charitable Trusts The Semnani Family Foundation Jeffrey W. and Cynthia R. Shaw Larry R. and Sheila Stevens University Venture Fund James A. Unruh Family Foundation Utah Hospitals & Health Systems Association WCF Mutual Insurance Company Young Electric Sign Company

$10,000-$49,999 Access Ventures, Inc. Jeffrey D. and Heather O. Adams Mbe Takim Agbor AllianceData American Endowment Foundation American United Federal Credit Union Jay T. Anderson Anonymous

Apple Inc. Ayco Charitable Foundation David Bruce and Dana J. Baird Bruce L. and Stefani G. Barton Paul S. and Debra R. Beck The Benevity Community Impact Fund Nick Boris Mark and Karen Bouchard Kimberly M. Boyd D. Steven Brewster Dana S. Brewster Jack W. and Karen R. Brittain Alexander M. and Tammara F. Brown Cleon Parry Butterfield and Marci Leigh Butterfield Thomas E. and Shirley A. Callanan Stephen B. and Pamela Caine William H. and Patricia W. Child Clyde Companies, Inc. Frederick Gardner Cottrell Foundation Deloitte Foundation The Delta Air Lines Foundation John C. and Maria Magsino DeWitt Dominion Energy David F. and Kimberly Slattery Dougherty Sean and Ann Douglas John D. and Stacey P. Dunn Marriner S. Eccles Foundation EnerBank USA Corey D. and Carrie England Todd D. and Jeannette B. England Epic Ventures Ernst & Young Foundation Fred W. and Christine A. Fairclough Jr. Advance Displays & Store Fixtures Reyn E. Gallacher Grant Thornton Foundation Greater Cincinnati Foundation Phil Hansen David C. Hardy and Cheryl R. Olson Wesley G. and Michelle D. Harline Jr. Allen D. and Valois Hixson InClub Media LLC Michael R. and Christine D. James Mark Jansen Randall L. and Heidi Pearce Jenson Mark K. Johnson Michael L. and Kimberly Johnston David R. Jolley

* = deceased

DONOR PROFILE

Jill Grammer-Williams Major: Economics Career: Business Owner: American Name Services, Trash Unlimited, JW Storage Hometown: Provo, UT Current City: Provo & Salt Lake City

What is your first memory of the University of Utah?

Authentically speaking… my first memory was on the 3rd floor of the business building. I had found the vending machine room on day 1! Passing by the soda, I saw what looked to be a machine dispensing coffee!

I stood in front of the glowing warmth, pausing to ponder my lack of coffee availability in Utah County. I put my 50 cents in the machine, warmed my hands with a Café Vienna and scurried off to class, confirming all the while this was the school for me!

Your scholarship is in honor of your mother. What led you to this decision?

My mother and I graduated from college the same year (she from BYU) and she was a big part of my early success. Handling much of the business finances and direction of investing in my early years, she was the controller of ANS until her passing in 2004. She exemplified qualities of a career woman of confidence, consistency and brilliance! The DiAnne T. Shepherd scholarship helps to honor her legacy.

What has been the most rewarding part of giving back?

Seeing my efforts as seeds for others is incredibly rewarding. Whether I am mentoring students or writing a check, these seeds are yielding fruits of commanding career and contributions to our community…. And that is the most rewarding part of giving back!

What advice do you have for current students and young alumni?

Networking is at the core of team building and team building is the place where stuff happens. Lead and contribute 110% to the collaboration in school projects, work think tanks and wherever possible, find the places where you inspire those to push beyond what they think they are capable, and the results will be MAGIC!

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INVESTORS LEADERSHIP CIRCLE

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Robert W. and Barbara J. Keener Foundation Greg and Pam Kennedy Timothy F. Kenny KPMG Foundation Lagoon Corporation Allan R. and Susan T. Landon Kurt B. Larsen and Angelina Tsu Anne J. Lee Les Olson Company Rick and Lynette Lucking Victor L. and Linda D. Lund The Lund Foundation Kent I. and Elizabeth Madsen Sallie Mae Bank Management & Training Corporation Marlin Business Bank Robert S. and Suzanne Marquardt Gary L. and Dana L. McArthur John W. McIntyre Kim G. and Patricia A. McReynolds Merrick Bank Corporation Millcreek Coffee Roasters Harold W. and Lois Milner Tom S. Miner and Julia S. Miner Dennis W. and Donna Ortega Monson National Development Council New Venture Fund Nicusa Northern Trust Company O.C. Tanner Company Douglas K. Ohlson Ohlson Wade International LLC The Oregon Community Foundation Christina A. Palacios William J.* and Claudia J. Papanikolas Dino S. and Kristy K. Pappas Mark Parker and Holly Zullo George W. and Elizabeth M. Passela Samir and Arti Patel Mark H. Paul and Jana Robbins Paul J. Greg Pickard Rex R. and Diane Plaizier Walter J. and Elizabeth Ann Plumb IV Jeremy and Tiffany Pope George R. Potter Richard T. and Beth Pratt John and Marcia Poulsen Price Taft and Mary Jane Price Pritzker Children's Initiative Donald E. and Jane H. Pugh PwC Taylor R. and Janet Beck Randall Michael R. Reichert Scott L. Robinson Rocky Mountain Power Foundation The Rowley Family Trust Debra L. Scammon Todd B. and Julie M. Schull David M. and Debra Reynolds Scott Glenn Seninger Sepio Capital, LLC.

Shape Security, Inc. Clayton L. and Amy Shumway Ron Simmons* Justin Richard and Kristen Vincent Spencer Kevin K. and Alice L. Steiner Robert C. Steiner and Wendy I. Reed Steiner Foundation, Inc. Kirk C. and Diane Tanner Tanner LLC TEP Investments LLC UBS Financial Services, Inc. US Bank Foundation Harrison R. Weinstein in honor of Erin Valenti Stan D. and Jill VanderToolen Visit Salt Lake Guy and Helene Wadsworth Wadsworth Brothers Construction Company Wadsworth Development Group C. Scott and Dorothy E. Watkins Foundation Sue and Robert Webb WebBank Mark and Marcia Webber Wells Fargo Norman H. Wesley WesTech Engineering, Inc. Wheeler Machinery Company Chad and Sarah Ann Whitehead Gerald Williams and Jill Grammer-Williams William M. and Lisa F. Wirthlin Jr. Donald A. and Carolyn Yacktman Richard Pack and Barbara Zimonja

$5,000-$9,999 Christopher and Betty Aadnesen Ronald L. Weiss and Peggy A. Ahlin Ajay Krishnan and Shailaja S. Akkapeddi The Alberleen Group Ameriprise Financial Anonymous William Garn Apgood II Callie Bailey E. Rick Baldini Bank of America Foundation Bank of Utah Basecamp Franchising BDO USA, LLP Black Diamond Equipment, Ltd. Heather Bogden David J. Burnett and Katie Eccles Cambia Health Solutions Thane W. Carlston Jo Chapman J. Bruce Christensen* ConocoPhillips Continental Bank John Cottam Robert Cunningham Jennifer B. and Phil Danielson DJB Gas Services, Inc. doTERRA International, LLC

Kevin Verne Ediger L. James and Penny L. Ellsworth Dean D. and Kim R. England Enterprise Holdings Foundation Eunice Self Storage Fidelity Investments John H. and Carol Ann W. Firmage III The Firmage Group, Inc. First Utah Bank Gardner Company Rick L. and Anamarie S. Gold Goldman Sachs Richard N. and Carolyn Greene Brent E. Griggs Kenneth J.* and Geraldine G. Hanni Henry S. and Patrice J. Hemingway Benjamin N.* and Susan D. Hoover Thomas A. & Lucille B. Horne Foundation Huntsman International LLC IM Flash Technologies, LLC Industrial Brush Corporation Jacobsen Construction Company, Inc. Richard L. and Diane Burton Jenson J. Steven and Sydney Lee Johnson Daniel W. Jones Key Bank of Utah Richard S. and Doreen S. Kopf Aaron John Kuehne LCA Bank Corporation David L. and Diane D. Lemmon Jeffrey G. and Brooke Barlow Lewis Marvin and Gerlinde H.* Lewis Kris Liacopoulos Uri Loewenstein and Elizabeth P. Tashjian Daniel C. and Deena Robbins Lofgren P. William and Nancee C. Madsen W. Brent and Anne S. Maxfield Medallion Bank Microsoft Matching Gifts Program Robert H. Miles Morgan Stanley Global Impact Funding James R. Olson Stirling D. and Maureen M. Pack Jr. Stephen E. and Alisa A. Parks Mori B. and Lisa K. Paulsen Stephen C. Peters Mark D. Peterson Prime Funding, LLC. Prudential Financial, Inc. Richard K. Pugmire Q10 Bonneville Real Estate Capital Gregory P. and Emily M. Randall Samuel Tyler Riggs Roderick Enterprises Isela Rosales Daniel Andrew Scarlet James S. and Barbara A. Schallheim SEI Giving Fund SIOR Utah Chapter Steven Brent and Jana D. Smith Ivar W. Sorensen

* = deceased

DONOR PROFILE

Anfissa Silva Major: Accounting Career: Audit Manager, KPMG Hometown: Londrina, Prarana, Brazil Current City: Holladay, Utah

What's your first memory of the University of Utah and the David Eccles School of Business?

While I was working at a Brazilian restaurant, a woman I met there invited me to take a tour of the David Eccles School of Business. I took the tour and met a marketing professor and an advisor who later became great friends and mentors to me. I hadn’t planned to study accounting but when I found out more about the program and the opportunities available through the Eccles School of Business, I changed my plans. Years later I have come to realize how perfect accounting has been for me.

You were an Opportunity Scholar while in school. Tell us about what that program has meant to you.

In every sense possible, the Opportunity Scholars program opened up the windows of opportunity for me in my life. The program allowed me to pursue an education that I would not have been able to pursue on my own and to build a new life for myself and even my family. I received financial support, mentorship and dear friends during the program. I will always cherish my memories of the program and the University of Utah, and while the accounting program was hard work, I know that I was only able to complete the program because of the generosity of donors.

You just graduated a few years ago and you have already established a scholarship.

What inspired you to give back at such a young age?

While still attending the U, I made a promise to myself that I would help other students pursue an education just as I was given the opportunity a few short years ago. Even while I am still building my career, I have more than I could have imagined just 5 or 6 years ago, and the opportunities I have now allow me to help others early on in my career. There will never be an easy time to focus on others and I realize that if I don’t prioritize giving back, time could pass away quickly and rob me of the chance to facilitate someone else’s educational journey. To me, it is more important to start donating early on and to be consistent over my life. I understand just how much my life has changed because of my education and I know what it could do for others.

What has been the most rewarding part of being involved as an alumna?

I love the excitement and hope I see in the eyes of the students when I interact with them. Their willingness to share their stories and make sacrifices in their own lives inspires me. I love to see the students developing as future leaders who will impact their communities through hard work. I know they will influence their families, the community, and the world for good. It reminds me of the sacrifices I made to pursue an education and I can tell that the Opportunity Scholars and students at the University of Utah have likewise made difficult sacrifices. It’s hard not to want to come back again and again when there is such a wonderful group of students, alumni, and donors all coming together to support one another. It’s a great legacy to be a part of.

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INVESTORS LEADERSHIP CIRCLE Sharp and Laura Sorensen William R. Spendlove Robert W. and Marian W. Speirs Jeffrey Randall and Shannon Kramer Staat Stoel Rives, LLP Howard Spencer and Jamie Ann Stoker Anne Taylor and Edward Harris Texas Street Storage Lisa Thaller Thomas A. and Leslie Thomas Thomas and Candace Dee Living Trust William Jesse and Laura Turley U. S. Bancorp Joseph and Agnes Valenti Stephen Paul and Katherine M. Veltri Jacob S. and Nicea Walker Don G. and Megan P. Wardell Washington Federal Savings WEX Bank Brandon K. and Kristyn Elaine Wilcox Workman Nydegger Gene C. Wulf Drew L. Yergensen

$2,500-$4,999 60

Actium Partners LLC Adcentives West, Inc. Adobe Julie Marie Allen Barbi M. Anderson Anonymous Douglas W. and Catherine Keddington Arveseth Bank of Oklahoma Jeremy Charles Bentley Paul M. Bingham John Scott and Alice Bolinder Matt and Jill Briggs D. Page and C. Lucille* Busken C.W. Land Co. Christopherson Business Travel Zachary Ryan and Amie S. Clark Johnny Clawson Colmena Capital, Inc. Jeffrey M. Soderberg and Camille J. Cornaby Cowboy Properties LC Kevin L. and Guinevere A. Cummings Kenneth G. and Tracy L. Curran D.A. Davidson Companies Dadiva Foundation Troy A. and Paula Sue D'Ambrosio Deric Baltazar San Juan Dorsey & Whitney LLP DPRE Management LLC Edison International Thomas R. Eldredge Jack and Melanie Elizondo Robb and Paige P. Erickson Finwise Bank Bob P. and Valerie M. Foley Foundation for the Carolinas

Don Goschy & Vince DePisa Robert M. and Joyce S.* Graham Greenix Bernard J. Hale William S. Hesterly Katie Hoffman-Abby Shigeyasu Honda Horizon Provider, LC James Earl Houchins and Sheena McFarland Irvine Investment Company LC Kevin L. Johansen Roger P. and Betty Johnson Jon L. and Kaye W. Johnson Mimi H. and M. Flynn Justice William and Brooke Karrington Thomas R. and Janis R. Kline Gary A. and Jacqueline R. Lane Mel and Wendy S. Lavitt Janet Q. Lawson Foundation Daniel L. Lee and Stephanie Ross-Lee Christopher A. and Laura J. Lewon Cyrus B. Linscott James L. and Carol C.* Macfarlane Magna Investment & Development, Ltd. Marcus & Millichap Karen C. Marcusen Guy A. and Allison Martin Michael Best & Friedrich LLP Mike Hale Chevrolet Park City Ronald G. and Suzanne S. Moffitt Alexander J. and Robyn Lynn Moyes Eric M. Nielsen Shaun Greg Nielson Northwestern Mutual Foundation, Inc. Rick D. Nydegger Obsidian Foundation Inc L. Ray Olson Family, LC Philip D. Jeffs and Dennis Scott Owens Parr Brown Gee & Loveless Scott W. and Nanci O. Pickett Frank R. Pignanelli and D'Arcy Dixon Pignanelli Phillip Plentzas Marshall W. Plunkett Jr. Property Enhancement Group, Inc. Rightway Steel LLC Gary W. Rodgers and Chris Filtz Ross Dress for Less Lance C. and Kimberly Kay Ruud RW Real Estate Holdings, LLC Chetan Shivappa Salian William S. Schulze David E. and Melinda K. Simmons Foundation Greg W. and Melissa H. Smith Roger W. and Jennifer J. Smith Snell & Wilmer L.L.P. Kalypso SPX Foundation Stack Real Estate, LLC Tory K. Stauffer Stauffers Towing Lantz K. Stringham Seth Thomas Sunderland and Amy F. Hu Sunderland

Stephen David Thaeler Third Sector Capital Partners Inc R. Eric and Michele Hanks Thompson Becky B. Turk Uptown Cheapskate Gary W. Vause Wasatch Residential Group LLC Brian M. Webber Allen R. Westergard William A. Williams Douglas M. Winn and Susan M. Moore Richard A. Wood H. Ross Workman WSRP

$1,000-$2,499 3M Foundation, Inc. Brandon Michael Aboitiz-Montenegro Mark Adams William G. Aerni Bryce U. and Crystal Noel Akagi Samuel Lee Alexander Ryan K. Aller Alpha 3 Marketing Group American Express Public Affairs Katie Farrell Amundsen Ancestry.com Barry J. and Catherine F. Angstman Charles Lee and Leslie C. Archer Elena N. Asparouhova and Tihomir Asparouhova Daron R. Atkin Shawn David Nelson and Tiffany Lynn Back Banyan Ventures John R. Barbano Troy J. and Keri Ann Bengtzen Jeffrey G. and April Bickel The Biltmore Company LLC Val R. Bitton Bradden Joseph and Jannette Blair The Boeing Company James Bolt Michael H. and Patty P. Brimley Joel Skatrud-Michelson and Samantha Bianca Brodey Jennifer Elizabeth Brown The Buckner Group Jeff and Lisa Burg Ralph C. Burton E. Lindsay and Carla O. Carlisle Stephen James Carson Christopher Stuart Cassun CBRE Central Bank & Trust Co David K. Chidester and Tanya Marie Davis I-Fan Chou Paul R. Christenson Clark E. and Gwen A. Christian Robert Lee Puckett and Sallie B. Clark Samuel L. and Whitney Clarke Clyde Snow & Sessions Jeffrey L. Coles and Jerilyn Coles

* = deceased

INVESTORS LEADERSHIP CIRCLE Joshua Taylor and Kimberly Ann Colton J. Philip Cook Frank and Leslie W. Corbett Richard L. and Janice M. Corbin James L. and Amy J. Cowley Katina Curtis Cushman and Wakefield/Commerce Wagner B. Damiani Flyn James Dawson Matthew Taylor and Miranda Dee Michael Dennis and Sharee J. Gallivan Domo, Inc. David A. and Janet H. Dungan, USN (Ret.) Courtland and Joy Durling Marriner Campbell Eccles Dan Eining and Martha M. Eining Jaquelynne M. Elliott Leon E. and Kathleen Elwell Daniel E. and Janet G. England Chesley H. and Amy Erickson Espiritu Design LLC Larry A. Feltes, USAF(Ret.) Firetoss Chas Foote Brad A. and Lori B. Fritz Alison Gaffney Kelsey M. Gallacher Stephanie Taylor Geisler General Electric Foundation Chris B. and Natalie E. Gochnour Goldman, Sachs & Co. Matching Gifts Victoria Eugenia Gonzalez-Cabal Jason F. Schnaitter and Lisa M. Gravelle Douglas Hansen Ian Hansen Robert C. Hanson Bryant Geoffrey Heath Thomas P. and Donna R. Heffernan Arthur P. Heinen II R. Malcolm and Julie Ann B.* Hendry Brent and Cheryl L. Holden Joseph R. Horton Integra Realty Resources Dean Jacobson Andrew Niel and Rebecca Jensen Christian D. Jensen Steven K. and Teresa O. Jensen JetBlue Airways Corporation Randy E. Johnson Jones Waldo Jeannie S. Joshi Thor E. and Barbie P. Kallerud Joseph J. Kardwell Shahriar Karimi and Vivien Wang Teresa Marie Kehl Lianna Kinard KKR & Co. Inc. KPMG Adam M. and Melissa Ann Ridgway Kraft, MD John A. Kristianson Bruce M. and Gayle T. Larson Donald R. and Coleen G. Layton

Layton Construction Company Inc. Lindsay Carlisle Investment LC L. Kimball and Elaine Randall Lloyd, MD LoveSac Sufhan Javaid Majid Mark V Security A Landon David Marsh Justin and Holli Dee Martinez Ian R. and Elizabeth Ann McDonald Scott W. and Marianne Lee McDonough Med One Capital Thomas M. and Rose Mary Meyer Trenton S. and Elizabeth Crofts Michie Jesica Mickelsen Micron Technology Foundation, Inc. Herman Miller Mark C. and Kathie M. Miller Praveen Prabhakaran Velath and Dhanya Mohan Molio, Inc. William L. and Jane Ehardt Moore Peter W. and Nicole M. Trewitt Mouskondis Adam S. and Lindsay Nelson Douglas L. and Donaree Neville Boram Lee Rattie and Tiffany T. Nguyen Spencer Enoka Nihipali Robert T. and Kathleen Z. Nilsen NOW CFO Deborah Olson Gregory R. Orr Thomas G. Osimitz Adam and Melanie Parrish R. Kip and Terri J. Paul People's Intermountain Bank Pershing, LLC Plunkett Enterprises, Inc. PMI Foods Nick and Krista Powell Craig Primo John F. Raile Reed H. and Marilyn F. Randall Ray, Quinney & Nebeker Brian Paul and Annelise Cannon Ross Sloan C. Russell W. R. and Karen M. Russell S. J. & Jessie E. Quinney Foundation D. Gerald and Carlene L. Searfoss Larry K. and Antoinette Shaw Olivia Sheng Anfissa Helena Somma Silva Perry and Erica Slagowski Ryan B. and Ashlee O. Snow Barbara Hancock Snyder Software Technology Group Sole Fitness Kenneth M. and Dana T. Sowby Squire & Company, PC Steven C. Stauffer Charles E. Sudberry R. Anthony and Carol J.* Sweet Steven E. and Catherine Kitty Swenson Ronald Lee Tarufelli and Lisa M. Tarufelli

Randolph Taylor Stephen D.* and Ann P. Tempest Thompson Michie Associates, LLC James K. Thomson Devin D. and Gail Thorpe TIAA-CREF Michael S. Tomimoto Tulsa Community Foundation Janice R. Ugaki University Federal Credit Union Utah Automobile Dealers Association Henry and Ruthann S. VanTienderen Mark E. and Lynne N. Ward Ruchi Watson Ray O. Westergard Richard E. and Linda S. Wheeler Bryan Scott and Christine Whipple SarahAnn Whitbeck Lawrence Wik The Williams Companies Foundation, Inc. Troy Lamar Williamson and Alayna Kathleen Frasier-Williamson Susan M. Wilson Todd and Heidi DeWitt Woodbury Nathaniel Jeremy Zwart Jeffrey and Vanessa Di Palma Wright Kevin R. and Julie C. Yeanoplos Harry Ren Zhang Woodbury Corporation

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* = deceased

1917

SOCIETY MEMBERS OF THE 1917 SOCIETY ARE LOYAL DONORS WHO HAVE GIVEN FOR 3 OR MORE CONSECUTIVE YEARS.

2O+ CONSECUTIVE YEARS

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Barbara and Gary Anderson Anonymous Ruth Eleanor Bamberger and John Ernest Bamberger Memorial Foundation Paul M. Bingham Val R. Bitton Charles W. Brown Diane Cannato Kenneth G. and Tracy L. Curran Deloitte Foundation Dan Eining and Martha M. Eining Emma Eccles Jones Foundation Jack and Melanie Elizondo Leon E. and Kathleen Elwell Fidelity Charitable Gift Fund Gregory J. and Sylvia A. Goff Brad D. Hardy and Jolie A. Coleman Benjamin N.* and Susan D. Hoover Daniel W. Jones Cyrus B. Linscott P. William and Nancee C. Madsen Douglas K. Ohlson Randall A. and Paula M. Plant Richard T. and Beth Pratt Robert C. Steiner and Wendy I. Reed W. R. and Karen M. Russell Joseph F. and Margaret Skovira Kevin K. and Alice L. Steiner Steiner Foundation, Inc. James K. Thomson Devin D. Thorpe C. Scott and Dorothy E. Watkins Charitable Foundation Wells Fargo Todd and Heidi DeWitt Woodbury

10-19 CONSECUTIVE YEARS Mbe Takim Agbor Anonymous Reyn E. Gallacher Robert H.* and Katharine B. Garff Charles F. Gilbert Rick L. and Anamarie S. Gold Greater Cincinnati Foundation

Richard N. and Carolyn Greene John G. and Merry Beth* Griffith Jr. Gordon Harmston Arthur P. Heinen II William S. Hesterly Integra Realty Resources Clark D. and Christine C. Ivory Robert W. Johnson Allan R. and Susan T. Landon Pierre and Janelle Lassonde Lassonde Family Foundation David L. and Diane D. Lemmon Stephen D. and Janet C. Lewis Zhongming Ma Robert G. and Susan K. Macfarlane W. Brent and Anne S. Maxfield Tom S. Miner and Julia S. Miner William L. and Jane Ehardt Moore Christina A. Palacios Gregory A. and Carolyn M. Patton Mori B. and Lisa K. Paulsen Michael W. Platt Stephen M. and Lori L. Quinlivan Taylor R. and Janet Beck Randall Michael R. Reichert Rocky Mountain Power Foundation Michael W. and Christee R. Roderick Janice L. Romney William S. Schulze The Schwab Fund for Charitable Giving Bryan Scott and Christine Whipple Jack B. Sparks Jr. Charles E. Sudberry Dale L. Terry R. Eric and Michele Hanks Thompson Stan D. and Jill VanderToolen Don and Megan Wardell John H. and Linda D. Warwick Timothy L. and Kathleen F. Weiler Chad and Sarah Ann Whitehead Gene C. Wulf

3-9 CONSECUTIVE YEARS Jeffrey D. and Heather O. Adams Ritamae Adamson-Schwisow William G. Aerni

Ronald L. Weiss and Peggy A. Ahlin Franklin* and Elizabeth K. Alex Robert E. Mahan and Cavell L. Alexander George Stanchev and Bobbi Alexandrova Ryan K. Aller American Endowment Foundation American United Federal Credit Union Katie Farrell Amundsen James Thomas Anderson Ethan Cole Annis Anonymous Chad and Kristen Anselmo Douglas W. and Catherine Keddington Arveseth Daron R. Atkin Chad B. and Cassie N. Atkinson Pamela J. Atkinson Ayco Charitable Foundation Abe and Lisa B. Bakhsheshy Carol L. Balagur Bowen Ballard Samantha J. Ballard Bank of Utah Bruce L. and Stefani G. Barton Andrew J. Bauman Bryan Francis Bayles BDO USA, LLP Matthew Roger Bean The Benevity Community Impact Fund Jeremy Charles Bentley Mark Benton Russell K. Bianchi Jeffrey G. and April Bickel David R. and Margaret O'Connell Blackburn Bryan and Kristen Bonner Kimberly M. Boyd Lewis R. Boynton* and Sonja G. Penttila Jeff T. Webb and Laurie E. Bragg Dana S. Brewster Steven T.* and Wendy W. Brewster Jack W. and Karen R. Brittain W. Sands Brooke Jr. and Penny S. Brooke Paul F. and Sharon E. Brown Randall James Brown Mikel James Brownie Robert and Carolyn G. Buma Thomas E. and Shirley A. Callanan Adam Wade Campbell Christopher R. Canning Connie Cannon

* = deceased

DONOR PROFILE

Paul Bingham Major: Accounting Minor: Economics Career: CPA, Ernst & Young & CFO, Fleetwood Enterprises, Inc. Hometown: St. George, UT Current City: St. George, UT

What's your first memory of the University of Utah and the David Eccles School of Business?

My first memory of the business school was the spartan quarters of the old Annex Building where I had all of my business classes. What a difference versus the beautiful facilities that exist today.

You’ve given for several years now. What has compelled you to be such a loyal, longtime donor?

My financial support stems from my desire to give back to the institution that has made such a huge difference in my life and for my family as well. My goal has been to continue funding for my endowed scholarship so that it keeps pace with inflation while also becoming a more significant benefit to future students with a financial need.

What has been the most rewarding part of giving for you?

The most rewarding part is the opportunity to meet the students who receive my scholarship and to hear directly about their goals and aspirations. They often ask me about my career after college and welcome my input about what it takes to be successful in the business world.

What has been the most rewarding part of being involved as an alumnus?

One of the most satisfying parts of my involvement has been the association with such a fine group of people. I have really enjoyed the relationships I've had with other donors and the dedicated staff of the business school.

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1917 SOCIETY

64

Michael E. McDonald and Nancy L. Cantor Robert Lewis and Natalie F. Carroll Stephen James Carson Christopher Stuart Cassun David L. and Sandra T. Castle Celtic Bank Jordan L. and Amy Nichole Cheng David K. Chidester and Tanya Marie Davis Jong Wook Choi I-Fan Chou Robert Lee Puckett and Sallie B. Clark Zachary Ryan and Amie S. Clark Samuel L. and Whitney Clarke Walter A. Cline Raven Lacey Clissold Jeffrey L. and Jerilyn Coles Joshua Taylor and Kimberly Ann Colton Continental Bank Michael J. Cooper Jeffrey M. Soderberg and Camille J. Cornaby Molly Allana Coughlin Aaron K. and Monica Cowan David V. and Alisyn Young Crowder Bethany Crowell Jennifer Ann Cummings Rebecca Lynn Cushing Troy A. and Paula Sue D'Ambrosio Melinda Gay Davison Allan H. and Brenda J.* Day Chandler Michael Dean Delta Air Lines Angel Valeriev Demirev Krishnakanth Desiraju John C. and Maria Magsino DeWitt Bartlett Cocke and Kristina Diekmann Kristin B. Dittmer Domo, Inc. Jane Alexandra Dower Ronald Gregory Driggs Curtis S. Dudnick Michael L. Duggar David A. and Janet H. Dungan, USN (Ret.) Amelia H. Dyck-Mccrary Kevin Verne Ediger Erin E. Ekstrom Mike and Jaquelynne M. Elliott Corey D. and Carrie England Dean D. and Kim R. England James D. England Todd D. and Jeannette B. England Enterprises International, Inc. John A. Hausknecht and Sonya R. Erickson Robb and Paige P. Erickson Jonathan Exton John N. and Carol Voorhees Fackler Alma E. Faerber Robb K. Farr William E. Federhofer FinWise Bank John H. and Carol Ann W. Firmage III Venkata Kashyap Yellepeddi and Sara Fladmo

Bob P. and Valerie M. Foley Susan W. Fonseca Jennifer Sanderson Foster Benjamin Levi and Cindy L. Frank Brent A. and Eden Elizabeth Frank Monet E. Frank Russell Franklin and Lisette H. Neale Ashley Megan Freeman Kelsey M. Gallacher John A. and Rebecca S. Gardiner Alexander Benjamin Gardner Bruce P. Gardner Jr. Kem C. and Carolyn B. Gardner Cassidi Erin Gaul Stephanie Taylor Geisler John Gillings Glasheen Family Charitable Fund G. Goff Foundation, Inc. Victoria Eugenia Gonzalez-Cabal Robert M. and Joyce S.* Graham Grandeur Peak Global Advisors LLC Brent E. Griggs Travis Grimm James William Grover Bernard J. Hale Michael Edward Hale Berlin C. Hall Hall Family Trust Scott Lloyd Hammer Jetta Hansen Linda Hansen Phil Hansen Brandon Clair Harker Wesley G. and Michelle D. Harline Jr. Timothy J. Harlow Steven Lee Harris Thomas P. and Donna R. Heffernan Richard K. and Shirley S. Hemingway Foundation R. Malcolm and Julie Ann B.* Hendry John M. Heninger Bradley Paul Herbert Douglas Farr Higham Jr. Ashley Judd Hill Evan and Melissa Fenton Hiller Aaron Richard Hixson Allen D. and Florence F. Hixson Katie Hoffman-Abby Brian C. Hogan and Scott G. Monson Brent and Cheryl L. Holden Shigeyasu Honda Phillip and Gloria C. Horsley Garry D. and Jill H. Hrechkosy Grant Warren Humpherys Industrial Brush Corporation Clark and Christine Ivory Foundation Christopher Isaac Jackson Michael R. and Christine D. James Christian D. Jensen Randall and Heidi Pearce Jenson Richard and Diane Burton Jenson Jan Jepsen

Curtis Allan Johns William E. Johns J. Steven and Sydney Lee Johnson Roger P. and Betty Johnson Scott J. and Alice Ann H. Johnson James B. and Joanna L. Johnston Jr. M. Flynn Justice and Mimi H. Justice The Kahlert Foundation Charlie and Shyanne Kaing Shahriar Karimi and Vivien Wang William and Brooke Karrington Patrick F. and Jami Lee Keenan Robert W. and Barbara J. Keener Foundation Teresa Marie Kehl Timothy F. Kenny Alysha R. Kester Lianna Kinard Marcella Kirschbaum Thomas R. and Janis R. Kline Luke and Leentje Klingensmith Mohamed Lamine Kokaina Rene V. Kolga Richard S. and Doreen S. Kopf Adam M. and Melissa Ann Ridgway Kraft Sueann Melanie Kuiper Edward L. Kullick Gary A. and Jacqueline R. Lane Mel and Wendy S. Lavitt Donald R. and Coleen G. Layton Aleatha Jimena Leader The Lemmon Family Trust Kris Liacopoulos Christian W. and Candace Little James A. and McCale Little Robert C. Livsey L. Kimball and Elaine Randall Lloyd Nathan Lloyd John C. Lodefink Uri Loewenstein and Elizabeth P. Tashjian Daniel C. and Deena Robbins Lofgren Dixon D. Low Jason M. Lowe Kristen C. Lowe Weiran Lu Rick and Lynette Lucking Megan E. Ludlow Victor L. and Linda D. Lund Jonathan B. Lyon Jacob Brinton Mabey James L. and Carol C.* Macfarlane Karen Macon Jack Lee Roy Madden Sallie Mae Sufhan Javaid Majid Management & Training Corporation Karen C. Marcusen Robert S. and Suzanne Marquardt Landon David Marsh Justin and Holli Dee Martinez James Albert Maus Scott W. and Marianne Lee McDonough

* = deceased

1917 SOCIETY David Garrett McEuen James Earl Houchins and Sheena McFarland Tracy McKellar Jessica G. Peterson McKinlay Greg Meador Merrick Bank Corporation Thomas M. Meyer Michael Best & Friedrich LLP Jesica Mickelsen Microsoft Matching Gifts Program Robert H. Miles Wendy Maudlin Miles Millcreek Coffee Roasters Herman Miller Robert M. Miller III Larry H. & Gail Miller Family Foundation Douglas M. and Lisa Monson Cheryl Ann Morawski Claire Morawski Mountain America Credit Union James M. Mras Michael Kenneth Muir Loretta Muldoon Adam S. and Lindsay Nelson Chad Paul Worsley and Cory John Nelson Robert G. and Susan H. Neville Jr. Brooke Bransford Newhall Boram Lee Rattie and Tiffany T. Nguyen Jonathon Scott Nichols Richard L. Nigro Rick D. Nydegger Kenneth E. and Vickie Nye Deborah Olson James R. and Sydney Anne Olson Jr. Nathaniel Marcus Ormond Stirling D. and Maureen M. Pack Jr. Christina A. Palacios Family Trust Ashley Laurella Pantone Mark Parker and Holly Zullo Stephen E. and Alisa A. Parks Jr. Spencer Robert Payne Katie D. Pearce Lisa Maria Peck Clayton J. Perkins Laura Perry William Petersen Amy Pett J. Greg Pickard Jerome and Barbara J. Piernot Frank R. and D'Arcy Dixon Pignanelli John Michael Pinegar Rex R. and Diane Plaizier Jessica Porter George R. Potter Nick and Krista Powell Mckay Prestwich John and Marcia Poulsen Price R. Dale and Tressia C. Price Taft and Mary Jane Price John and Marcia Price Family Foundation Prudential Financial, Inc.

Donald E. and Jane H. Pugh PwC Q10 Bonneville Real Estate Capital Surya Kumar Rai John F. Raile Reed and Marilyn Randall Vishnu Ravikumar Benjamin John Repak Jack Alan and Cynthia Jayne Ricks Michael and Holly Ricks Samuel Tyler Riggs Jeffrey Alexander and Amy M. Rossi Chad Michael Salvadore and Pamela Austin Royer Troy M. and Dorcas D. Rushton John J. Ryan Jr. William Jose Sacriste Chetan Shivappa Salian Michael A.* and Elizabeth K. Saltsman David Sandahl Arindam Sarkar Nikolas Sassen Debra L. Scammon John F. Scheerer Markus A. and Mary E. Schellenberg Derek M. and Kristine Bosman Schmehl Steven L. and Lisa Y. Schneider David M. and Debra Reynolds Scott SEI Giving Fund Sarah Senft Richard G. and Kay N. Shaffer Larry K. and Antoinette Shaw Jason G. Shepherd Oscar Danilo and Stacy Merlynn Silwany David E. and Melinda K. Simmons Richard L. Skillings Barbara Smith Byron K. Smith Greg W. and Melissa H. Smith Jennifer Smith Jason Alan Snyder Sharp and Laura Sorensen Stephanie L. Sorensen James Lee and Krista Sorenson Kenneth M. and Dana T. Sowby Robert W. and Marian W. Speirs Brian J. Spink Tomoko M. Spry Jeffrey Randall and Shannon Kramer Staat Monica Lynn Stapley Larry R. and Sheila Stevens Mark D. Stevens Howard Spencer and Jamie Ann Stoker Lantz K. Stringham Michael E. Strong Vincent P. and Margaret P. Taiani Kirk C. and Diane Tanner Tanner LLC Ronald Lee Tarufelli and Lisa M. Tarufelli Jessica Lauren Taverna Anne Taylor and Edward Harris Stephen D.* and Ann P. Tempest

Elizabeth R. Tenney Vernal W. and Cristy Young Terry Stephen David Thaeler Alonzo S. Thayn Suyash Sandeep Thite William Andrew Thomas James R. and Angela D. Thorup Jon Keith and Cammie Titus Kathryn Kayser Tosie Matthew D. and Jannette S. Totsch John Paul Tracy L. Scott and Shirleen J. Tucker U. S. Bancorp James A. Unruh Family Foundation Vanguard Charitable Endowment Program Ian Vanleeuwen Henry and Ruthann S. VanTienderen Gary W. Vause Daniel Von Wallwitz Taylor Michael and Emily M. Vowles Wadsworth Development Group John Daniel Wall Jeffrey Wang Cori Ann Ward John C. Warren Wasatch Residential Group LLC Washington Federal Savings Ruchi Watson WCF Mutual Insurance Company Robert and Charlee W. Weidauer Kevin Weidmer Jaclyn L. Welsh Norman H. Wesley West Valley City Rodney H. Jensen and Iris Wheadon-Jensen Richard E. and Linda S. Wheeler SarahAnn Whitbeck David J. and Eliana White Mathew Bryant White D. Bradley and Raina Williams III Steven G. Williams Troy Lamar Williamson and Alayna Kathleen Frasier-Williamson MacIntyre Steven Wilson Susan M. Wilson William M. and Lisa F. Wirthlin Jr. Diana Carpenter Woodbury H. Ross Workman Workman Nydegger Kevin R. and Julie C. Yeanoplos Cristy L. Young Family Trust Todd Robison Zenger Edgar G. and Sylvia B.* Zepeda Richard Pack and Barbara Zimonja Alfredo Antonio Zorrilla Nathaniel Jeremy Zwart

* = deceased

65

PLANNED

GIVING RECOGNIZING THOSE WHO HAVE NOTIFIED THE UNIVERSITY OF THEIR INTENT TO INCLUDE THE DAVID ECCLES SCHOOL OF BUSINESS IN THEIR ESTATE PLANS.

Curtis E. Ackerlind, Jr.*

Lee and Michelle Harline

Lori Ahlin

Corey and Linda Johnson

G.W. and Ida Lee Anderson

Neil K. Kochenour, MD

Anonymous*

Pierre and Janelle Lassonde

Allen L. Barbieri

Anonymous

David and Tammy Bills

Robert A. and Diane J. McDonald

Charles W. Brown

John W. and Margaret L. McIntyre

Paul F. and Sharon E. Brown

Michael J. Mooney

Leola C. Burr*

Hugh W.* and Anne H.* Pinnock

Robert Butler

Barbara L. Bentley and Glenn D. Prestwich

E. Lindsay and Carla Carlisle

John A. Reed

Jerry F. and Gerry A. Coupe

David K. and Sharon P. Richards

Raymond Crumbie

Barbara J. Roberts

Michael A. Crus

Gary Rodgers and Chris Filtz

Leon and Katie Elwell

Debra L. Scammon, PhD

Doreen Espinoza and Jack Wall

Jeffrey and Cynthia Shaw

Gary and Diane Filler

Ron Simmons *

Richard B. Frampton

Lantz K. Stringham

Gerald and Mary Ann Grow

Ronald W. Stuart

Bernard J. Hale

William Vandergriff

66

* = deceased

TITLE OF PAGE DONOR PROFILE

Bernie Hale Major: Business Administration Career: Audit Manager, KPMG Hometown: Kansas City, MO Current City: Rancho Mirage, CA

What’s your first memory of the David Eccles School of Business?

I was in Geological Engineering major for my first two years at the U but found business classes far more interesting, so I transferred to the School of Business and really enjoyed the last two years. I worked full time, was married and had two young children when I began my junior year. Even so, the classes proved exciting because of the fine instructors, intelligent classmates and lots of freewheeling discussions. I had made a good decision.

What has been the most rewarding part of giving back?

The feeling that I am helping a number of promising students attain their dreams just like I did. The letters of appreciation they send to me are very special and genuine. I feel that they chose a great school to go to and my assistance is but one more bit of evidence that they made a good choice.

There are many ways to give back to the University. What compelled you to include the Eccles School of Business in your estate?

Including the School of Business in my estate was a result of my evaluating the five most worthy organizations that I would like to honor and support after I am gone. The U gave me so much and was a major factor in the success I had as I practiced what I had learned over a forty-year career. Doing what I could to support that effort in the future was a goal I elected to adopt.

What would you say to others to encourage them to give back to the School of Business?

I would advise others, particularly fellow graduates from the School of Business, to look at the unique benefits that the U provides. I felt that it included not only a long list of tactical and strategic tools for us to use in our careers, but a moral foundation that stressed ethics, hard work and recognition of the efforts of others. Those qualities stayed with me all my life and I look back on them as most satisfying. It just makes sense to do all we can to support that type of education in the future.

What would you like to share with Eccles School students?

Never stop learning.

Never accept that there isn’t a better way to do something.

Practice “Management by walking around.”

Show every person respect.

Practice excellence in all that they do.

Never compromise your integrity.

Feel good about yourself.

Learn that you don’t have to win every issue.

Learn to balance your life between work, home and social responsibilities.

Listen very carefully.

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STUDENT PROFILE

Daniel von Wallwitz Major: Quantitative Analysis of Markets and Organizations Why did you choose the David Eccles School of Business?

68

After studying communications at the University of SĂŁo Paulo for almost two years, an alumnus, Paulo Amorim, told me about the University of Utah and its excellent School of Business. Not only was I interested in experiencing something completely new, such as living in America, but I understood the importance of learning hard skills through my undergraduate education. Hence, I decided to enroll in the most challenging program I could find that would offer me those sets of skills. Now I am looking forward to graduating this May in Quantitative Analysis of Markets & Organizations, having taken all upper division accounting classes on the side, just for fun - and will eventually pursue a Master's degree in Accounting.

What are your professional goals?

After completing 3 internships in public accounting with Ernst & Young, I look forward to starting my career in their People Advisory Services practice. There, I will have the opportunity to leverage my machine learning and predictive analytics background to automate and streamline some of their processes.

As I continue to develop my career, I aspire to become a partner with EY, retire early, and give back to my community through scholarships and humanitarian service.

What does your scholarship mean to you?

Absolutely everything. The past four years have been some of the most fulfilling years of my life. I have immersed myself in a different culture, perfected a foreign language, met people who have become like a second family to me, and opened doors to a future I had never imagined. It gave me the opportunity to become educated - and I took it. Now, as I transition into the workforce, it is my turn to give the same opportunity to my family in Brazil, and my new family in Utah.

What would you like to share with Eccles School donors?

Having taken many accounting classes, I know very well the tax benefits that come with charitable giving - and that is fantastic. But even more so are the doors that you have opened for me and thousands of other students to achieve something great in life – to not only earn a degree but to be educated, world citizens. I am beyond grateful and have a lifelong commitment to following your pure example of generosity. Thank you.

STUDENT PROFILE

Rosario Bibiano Major: Marketing Why did you choose the David Eccles School of Business?

When I first started my undergrad, I was not confident that the business school was for me but once I recognized that the Eccles School was trying to be diverse and inclusive in all ways possible and supported first-generation college students, I knew it was the place for me.

What are your professional goals?

As I get ready to graduate, I am still finding out what I am interested in. My degree will be in marketing but I am not sure where I will end up. I know that I have learned many great things during my four years in the Eccles School, about leadership, inclusivity, discipline and being an advocate. I am confident that the skills I have learned here will set me apart no matter where I end up.

What does your scholarship mean to you?

My scholarship is one of the main reasons I have been able to pursue higher education. As a first-generation college student and a DACA recipient, the odds were against me. Because of the generosity of my scholarship donors, I have the opportunity to focus on my education and overcome the odds stacked against me.

Tell us about your experience with First Ascent Scholars. How has this impacted your college experience?

Being a part of the First Ascent Scholars for the past four years has truly been a transformative experience. I have grown and discovered things about myself that I would have had a hard time doing if I had been worried financially for my college education. I have created some of my most amazing memories traveling around the country, having adventures in the outdoors and meeting some of the most influential individuals in my life.

What would you like to share with Eccles School donors?

Your generosity has given me and many others the opportunity to not only pursue higher education but to travel and explore new places, ideas and perspectives. Thank you!

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DONOR STATS

DONATIONS BY DONOR TYPE $12,687,753.74

$8,828,946.34 AVERAGE GIFT

$5,228

MEDIAN GIFT

$20

$2,439,532.69 $615,362.19 INDIVIDUALS

CORPORATIONS

FOUNDATIONS

OTHER

TOTAL NUMBER OF DONORS

1,942 70

ALUMNI PARTICIPATION RATE

3.2%

STUDENTS RECEIVING SCHOLARSHIPS

1,859

1 5 82 66 .6 05 00 .7 , . .

1 .

5 8 8 3 0 7 8 8 9 48 ,0 ,3 ,8 ,7 ,2 ,2 9 3 3 6 3 5 8 4 5 0 3 14 ,9 ,9 ,3 ,0 $1 5, 0 3 3 1 $ $1 $ $ $

GIFTS BY DESIGNATION TOTAL RAISED

$24.6 M*

PROGRAM SUPPORT

ENDOWED SCHOLARSHIPS

ANNUAL SCHOLARSHIPS

BUILDINGS

FACULTY SUPPORT

UNRESTRICTED

*Stats for July 1, 2018-June 30, 2019

ECCLES ADVISORY

BOARD

THE ECCLES ADVISORY BOARD PROMOTES, ENHANCES AND SUPPORTS THE MISSION OF THE DAVID ECCLES SCHOOL OF BUSINESS.

Shawn Adamson Regional Vice President Comcast

Rob Campbell President Wheeler Machinery

David Anderson Investor DLA Advisors

Thane Carlston Managing Director Moelis & Company

Amy Rees Anderson Managing Partner and Founder REES Capital

Jennifer Danielson President Regence Blue Cross Blue Shield of Utah

Paul Beck Partner (Retired) Kalypso

Curt Doman Founder and CTO Progressive Leasing

Diego Bentz Global Sports & Entertainment Talent Management and Representation DBx Sports & Entertainment

Dave Dougherty Chairman, CEO and Founder (Retired) Education at Work

Anne Britt Berentsen Owner Hodegos Scott Blackley Chief Financial Officer Capital One Financial Group Steve Caine Partner Bain & Company Tom Callanan President and CEO (Retired) Advantage Worker’s Compensation Insurance Company

Sean Douglas CFO Huntsman Corporation John Dunn Managing Partner Banyan Ventures Spencer F. Eccles Chairman Emeritus George S. and Dolores Doré Eccles Foundation Spencer P. Eccles Managing Director The Cynosure Group

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ECCLES ADVISORY BOARD Chad England CEO C.R. England

Mike James GEVP (Retired) Wells Fargo

Paige Erickson SVP, Business Development Workfront

Kimberly Maez Johnston Partner EY, America’s Energy Practice

Matt Eyring Executive VP, National Inside Sales Vivint

Heather Kahlert Vice President Kahlert Foundation

Gracie Fermelia COO Causeway Capital Management

Greg Kennedy Senior Vice President - Worldport Operations Delta Air Lines

Christian Gardner President and CEO Gardner Company John Garff CEO Garff Enterprises 72

Gabrielle Gay Director of Emerging Market Strategy Kensington Capital Greg Goff Executive Vice Chairman (Retired) Marathon Petroleum Jill Grammer-Williams Owner American Name Services Brent Griggs President and CEO Portfolio General Management Svein Tore Holsether CEO Yara International Clark Ivory CEO Ivory Homes

Yoshio Kito President and CEO Kito Corporation Al Landon Assistant Dean, Corporate Outreach David Eccles School of Business Kurt Larsen Managing Partner NexPhase Capital Pierre Lassonde Chairman of the Board Franco-Nevada Corporation Kris Liacopoulos Regional Manager (Retired) Fidelity Investments Steve Lucas CEO iCIMS Kent Madsen Managing Director Epic Ventures Gary McArthur EVP/CFO (Retired) CH2M

ECCLES ADVISORY BOARD Keith McMullin CEO Deseret Management Company

Jim Sorenson CEO Sorenson Companies

Hal Milner Managing Partner Kensington Company

Marilyn Speigel President Wynn Las Vegas

Julia Miner Attorney (Retired) Del Monte Foods

Mark Sunday CIO and SVP Oracle

Nicole Mouskondis CEO Nicholas and Company

Kirk Tanner President PepsiCo Global Food Service

Stirling Pack Consultant

Anne Taylor Vice Chairman and Managing Partner (Retired) Deloitte.

Dino Pappas Owner Roofer’s Supply Inc. Scott Parker President and CEO Emeritus Intermountain Health Care, Inc. Mark Paul President Stryker Neurovascular Jeremy Pope CEO KNS Taft Price Professor, Entrepreneurship & Strategy David Eccles School of Business Clayton Shumway Managing Director Angelo Gordon Mark Skaggs Trustee ALSAM Foundation

Lisa Thaller Chairman and CFO Les Olson Company Andrea Thomas Assistant Dean, Undergraduate Programs David Eccles School of Business Craig Wagstaff President, Western Gas Operations Dominion Energy Norm Wesley CEO and Chairman (Retired) Fortune Brands Dan Woodhead President Associated Insurance Services, Inc. Barbara Zimonja Owner Hospitality Consulting Services

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FINAL WORD!

EMPATHETIC LEADERSHIP Today, empathetic leadership is more important than ever. At its foundation, leadership that is guided by empathy is about cultivating an environment that inspires others and facilitates impactful experiences. Empathetic leaders are unique in that they leave all preconceived judgements behind and are willing to authentically examine varying perspectives. These leaders are present in all that they do and bolster meaningful conversations while guiding understanding.

In essence, empathetic leaders lead those that surround them in a direction that is both compelling and inspiring.

During my time here at the David Eccles School of Business, I have had the privilege of meeting and working with one of the most empathetic leaders I have ever met, Professor Abbie Griffin. From growing as a student in her marketing class, to writing an honors thesis under her supervision, words cannot begin to express the boundless impact that Professor Griffin has had on my life. She is authentic, inspiring, and has an empathetic nature that has facilitated transformational growth within myself, both intellectually and personally. I will forever be grateful for the life lessons Professor Griffin has taught me, and will attempt to replicate her empathy and kindness wherever I may go.

Successful, empathetic leaders are not born. Rather, they are developed over time. As a graduating senior, soon entering into the world of business, I will make an effort to allow empathy to permeate into everything that I do, every relationship I form, and every conversation I have, for I know the impact that it has had on my life and the potential it has to inspire those around me.

Monet Frank HBS’20 Chair, Student Philanthropy Board

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ECCLES EXPERIENCE | Summer 2020 |

The Eccles School is currently offering a fifty percent match for all named scholarship donations over $1,000.

Support Eccles students by creating your own scholarship, and the Eccles school will add 50 percent on to your award.

Interested in establishing a named annual scholarship?

Contact Shyanne Kaing at shyanne.kaing@eccles.utah.edu, or (801) 581-6515.

Even a gift in your will of 1% of your estate can make a huge difference for the Eccles School! We’re happy to talk with you about how you can designate your gift to create an endowed scholarship that lasts in perpetuity, or supports the program of your choice.

Considering leaving a gift to the Eccles School? Let us know!

Contact Lindsay Nelson at lindsay.nelson@eccles.utah.edu, or (801) 913-5563.

Find more information on leaving the U in your estate at https://giving.utah.edu/planned-giving

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