ELONBUSINESS M A RT H A A N D S P E N C E R L OV E S C H O O L O F B U S I N E S S
transforming Studentsâ€“transforming Business
2 0 0 8 - 2 0 0 9 | A N A N N U A L R E P O R T P R E PA R E D F O R A L U M N I A N D F R I E N D S
ELONBUSINESS MARTHA AND SPENCER LOVE
SCHOOL OF BUSINESS 2008-2009 | ANNUAL REPOR T Elon University President Leo M. Lambert Dean of the Love School of Business Mary Gowan, Ph.D. Associate Dean Cassandra DiRienzo, Ph.D.
Elon Business is published yearly for alumni and friends by the Martha and Spencer Love School of Business Editor Callie Young Designer Carolyn Nelson Photographer Grant Halverson Copy Editor Kristin Simonetti ’05 Contributor Eric Townsend Published September 2009 Send inquiries to: Martha and Spencer Love School of Business Elon University Koury Business Center 2075 Campus Box Elon, N.C. 27244-2020 email@example.com 336-278-6000 On the Web: www.elon.edu/e-web/academics/business Mission:
To provide exceptional learning experiences that facilitate the transformation of students into knowledgeable, responsible business professionals and leaders who make a difference in their professions, their organizations, and the
Dear LSB Alumni and Friends: Welcome to the inaugural issue of Elon Business, an annual report for alumni and friends of the Martha and Spencer Love School of Business. We are excited to update you on the many programs and activities taking place in the school, and to thank you for your many contributions that are helping transform students into knowledgeable and responsible business professionals and leaders. Deciding what to include in this publication brought back memories of our busy and productive year. We were reaccredited for five more years by AACSB International (Association to Advance Collegiate Schools of Business). We hosted CEOs, including Dr. Jim Goodnight of SAS and John Allison of BB&T. We rang the opening bell, along with President Leo M. Lambert, at the NYSE in March. Students studied in China, Australia, Poland and many other countries. And students dug in (sometimes literally) and made a difference in their local communities.You will read about these activities and many others in the pages that follow. The process of deciding what to include also reminded us of the struggles and challenges faced by so many in the wake of the financial crisis over the past year. Our faculty used such experiences as teaching moments in their classes. We invited the university and local community to join us for conversations about the significance of these events. The one enduring truth we take forward from the past year is that the business world as we knew it is no more. That knowledge challenges us to rethink how we do business education. We must prepare our students for success and empower them to make a difference in a complex and ever-changing global economy, recognizing that the theories and concepts we have been teaching don’t apply in the same way anymore. As you read our stories, we invite you to think about how you can join us in establishing the Martha and Spencer Love School of Business as a leader in transformative business education, something we feel that we are uniquely positioned to do. We would love to hear from you, and we invite you to think about how you can make a difference: Become a mentor, hire a student intern or new graduate, involve our students in action learning projects in your organization, speak to one of our classes, enlist our services for executive development in your company, and, of course, we welcome your contributions to the Ever Elon Campaign to help us grow the endowment of the university. I look forward to hearing from you, and we would love to have you visit as well!
Cover photo: Rachael Graham ’09 at the NYSE
Mary A. Gowan, Ph.D. Dean, Martha and Spencer Love School of Business
Elon MBA receives national ranking by The Princeton Review
Table of Contents 2 Love School of Business Events
3 Undergraduate Highlights & Accomplishments
4 Doherty Center for
4 Executive Presence 5 Business Intelligence
Dr. Jim Goodnight receives the Elon University Medal for Entrepreneurial Leadership
6 Leadership in Action
Love Award recipient Miya Stodghill ‘09 puts her leadership skills to the test
7 Alumni Spotlight
Aldagen CEO Tom Amick ‘69 on pursuing your career passion
8 The Future of Sales
The Chandler Family Center for Professional Sales empowers students and professionals
9 East Meets West
Elon’s partnership with Cisco benefits MBA students
10 Faculty Updates 12 Ever Elon
The Campaign for the Future of Our University
The Elon MBA program was ranked in the top 10 in two categories in The Princeton Review’s 2009 edition of “Best 296 Business Schools.” The annual guide ranked Elon’s MBA #7 in the category of Best Classroom Experience, and named it #6 in its list of Best Administered programs. The Princeton Review’s rankings are determined by data provided by schools and a survey of 19,000 fulland part-time MBA students. Criteria used for the Classroom Experience category included students’ assessment of professors, incorporation of business trends and practices in the curricula, and the intellectual level of classroom discussions.Availability of classes and how well the school is run were factors in determining the Best Administered ranking. The Princeton Review noted that Elon’s MBA program “works hard to maximize its MBA experience,” and praised it for solid preparation in interpersonal and presentation skills, and doing business in a global economy. The Princeton Review rankings follow the 2007 BusinessWeek ranking of Elon’s part-time MBA program at #12 in the nation, #2 in the South, and the top-ranked in North Carolina.
Best Classroom Experience
#1 Harvard University–Harvard Business School
Indiana University–Bloomington Kelley School of Business
#2 Acton School of Business–The Acton MBA in Entrepreneurship
#3 Millsaps College–Else School of Business
#3 University of Michigan Ann Arbor–Steven M. Ross School of Business
#4 East Tennessee State University–College of Business and Technology #5 Indiana University–Southeast School of Business #6 Harvard University–Harvard Business School #7 Elon University–Martha and Spencer Love School of Business #8 University of Chicago–Graduate School of Business #9 University of Virginia–Darden Graduate School of Business Administration #10 Brigham Young University–Marriott School of Management
Vanderbilt University–Owen Graduate School of Management
University of California Berkeley–Haas School of Business
#5 Northwestern University–Kellogg School of Management #6 Elon University–Martha and Spencer Love School of Business #7 New York University–Leonard N. Stern School of Business #8 West Virginia–College of Business and Economics #9 Acton School of Business–The Acton MBA in Entrepreneurship #10 Dartmouth College–Tuck School of Business
AN ANNUAL REPORT PREPARED FOR ALUMNI AND FRIENDS
LOVE SCHOOL OF BUSINESS
of Business hosted several notable programs during the academic year:
>>The Third Annual Economic Summit: State of the Economy, sponsored by the Alamance County Chamber of Commerce, featured Dr. Richard Green, director of the Lusk Center for Real Estate at the University of Southern California.
>>Stew Leonard, Jr., president and CEO of Connecticut-based food retailer Stew Leonard’s and an Elon parent, spoke to students about keeping an entrepreneurial mindset when running a business. The event was co-sponsored by the Doherty Center for Entrepreneurial Leadership and Elon Career Services.
>>Dr. Bob Pavlik, associate professor of finance, moderated Understanding the Financial Crisis, a panel discussion on the market downturn co-sponsored by the William Garrard Reed Finance Center, Elon University members of Phi Beta Kappa, and the student Financial Management Association. Panelists included John Slayton, CEO and president, The Trust Company of the South; Chris Baker, former
March >> Global
Supply Chain Issues, a presentation by Dr. James A. Tompkins, CEO of Tompkins Associates and an Elon parent, addressed the changing nature of globalization as it relates to supply chains and logistics.
>>Dr. Ed Moore, of Duke Divinity School,
moderated a panel on Morality and Business in the Current Economy, cosponsored by the Love School of Business, the Truitt Center for Religious and Spiritual Life, and Elon University members of Phi Beta Kappa. Panelists included Dr. Betsy Stevens, associate professor of business communications; Dr. Christy Benson,
CFO, Capitol Bank, and finance executive-inresidence at Elon; Kevin Kelly, former Bear Stearns analyst; and Dr. Steve DeLoach, professor of economics.
Morality and Business Panel
assistant professor of business law; Dr. Scott Gaylord, associate professor of law; Dr. Jeffrey Pugh, professor of religious studies; and Dr. Anthony Weston, professor of philosophy. >>The LSB and Business North Carolina magazine co-sponsored the Business North Carolina Roundtable, a discussion on the Piedmont Triad economy. Panelists included Elon President Leo M. Lambert; David Barksdale, executive vice president and chief banking officer for NewBridge Bancorp in Greensboro; Michael Freeman, vice president for strategic planning for Wake Forest University Baptist Medical Center in Winston-Salem; Henry Isaacson, chair of the Piedmont Triad Airport Authority and a member of Isaacson Isaacson Sheridan & Fountain, LLP law firm in Greensboro; Jim Powell, founder of Burlington-based LabCorp; and Keith Vaughan, chairman of the Piedmont Triad Partnership board and a managing member of Womble Carlyle Sandridge & Rice, PLLC law firm in WinstonSalem. Business North Carolina Roundtable
The Love School
November >>The Doherty Center for Entrepreneurial Leadership hosted the inaugural North Carolina University Entrepreneurship Summit, which Elon co-sponsored with Wake Forest University’s Angell Center for Entrepreneurship. This inaugural event brought together more than 100 leaders in education, research and entrepreneurial enterprises from across the state. The Love School of Business received extension of maintenance of accreditation by AACSB International–The Association to Advance Collegiate Schools of Business. Less than 5 percent of the world’s business schools have earned AACSB accreditation. In notifying the Love School of Business of its decision to continue the school’s accreditation, the AACSB board of directors commended the school on increasing the faculty qualifications and engagement of faculty in scholarship, making effective use of the board of advisors, and the participation in and support of the faculty in the assessment process and Elon’s engaged learning model. The board also noted the Business Fellows program and the Ethical Decision Strategies Inventory used by the MBA program as particular strengths.
2 AN ANNUAL REPORT PREPARED FOR ALUMNI AND FRIENDS
The Love School of Business formally adopted the Principles of Responsible Management Education (PRME), joining 219 institutions worldwide in the initiative to encourage social responsibility in the creation of a sustainable global economy.
U N D E R G R A D U AT E
Highlights & Accomplishments >>Elon’s chapter of Alpha Kappa Psi business fraternity received the Circle of Excellence Award for increasing the number of initiates over the previous year, the Award of Achievement for outstanding improvement in fraternity performance evaluation, and the First Place Fraternity Standing designation for scoring 100,000 points on the annual chapter report at the annual Professional Business Leaders Institute in Atlanta. >>The seventh Annual Meet and Greet sponsored by Beta Alpha Psi in September brought more than 100 accounting and finance students together with representatives from more than two dozen accounting and finance firms for networking and recruiting.
>>The junior and senior Business Fellows traveled to New York City in September and visited the NYSE, Bloomberg, Chelsea Piers, Credit Suisse, Young & Rubicam and the Metropolitan Museum Membership Office, and participated in an alumni event sponsored by Thomson Reuters. The Fellows spring semester service project involved landscaping the grounds of the United Way of Alamance County.
>>Erika Lamanna ’09 and Garrett Pittenger
’09 represented Elon in the Eller Ethics Case Competition at the University of Arizona in
November. Presenting on the hypothetical scenario of re-opening a dormant mine, Lamanna and Pittenger advanced to the semifinals and were praised by organizers for their innovative approach to the case. It was Elon’s first appearance in the prestigious invitation-only contest.
>> The freshman Business Fellows traveled to Mexico during Winter Term to study business practices in a developing economy and expand their social and cultural horizons. >>Kyle McGrath, Jessica Connelly, Will Taylor, Amelia Henderson, and Rachael Graham, all class of ’09, joined President Leo M. Lambert, Dean Mary Gowan and several friends and alumni in ringing the opening bell for the New York Stock Exchange in March. The group also toured the trading floor. Elon parent Peter Murphy, president of Bear Wagner, sponsored the event.
Three Elon teams placed in the inaugural Elon Innovation Challenge in November. The contest was sponsored by the Doherty Center and held in conjunction with the Stanford Global Innovation Tournament (GIT). The Stanford GIT is a fast-paced competition that challenges student teams to solve a common global problem in just eight days, then convey their result in a short video posted to YouTube. Last year’s challenge was to use discarded water bottles to create an object or solution with as much value as possible. Colleges conduct the tournament locally, and submit their winning entries to Stanford for global judging. Winners are featured on the Global Entrepreneurship Week web site and receive a certificate of recognition from Stanford. The team of Alan Duvall, Brent Gilmore, Katie Pietrowski, and Mike Depace devised the Waterbottle Power Car, which won Audience Favorite in the Elon Challenge and the Most Auto’dacious Award from Stanford judges.
>>Danny Bell, Paul Benedict and Todd Cash placed second in the Best Practices competition at the regional Beta Alpha Psi meeting in Nashville in March. The team won $250 for their entry in the category of “Developing Life Skills: Helping Others Succeed.” The entry, the first for Elon, described the personal finance seminar they delivered to 50 Elon students in February.
NYSE Opening Bell
Now in its 10th year of publication, Issues in Political Economy (IPE), the undergraduate journal co-published by Elon University, continues to support undergraduate research in the study of economics and gain prestige as one of the few journals of its kind. Issues in Political Economy encourages undergraduate scholarship and prepares students for the challenges of graduate studies. IPE is refereed and edited by undergraduate students at Elon and the University of Mary Washington in Fredericksburg, Va. Elon students Andrea Dorrow, ’10, Chris Farnsworth, ’09 and Meredith Mosko, ’09, were editors of the 2009 volume. Elon economics professors Steve DeLoach and Tina Das are the journal’s faculty co-advisors.
AN ANNUAL REPORT PREPARED FOR ALUMNI AND FRIENDS
The Doherty Center For Entrepreneurial Leadership The vision of the Doherty Center for Entrepreneurial Leadership, under the direction of Executive Director Gary Palin, is to cultivate entrepreneurial thinking and leadership among Elon students, positioning alumni for success in the pursuit of exceptional economic and social progress on a global scale. The center is housed within Elon’s Martha and Spencer Love School of Business. The Doherty Center was established by a generous endowment gift from Ed and Joan Doherty, entrepreneurs from Saddle River, N.J. Their company, Doherty Enterprises, Inc., is one of the nation’s leading franchise operators of quality family restaurants, including Applebee’s Neighborhood Grill & Bar, Panera Bread and Chevy’s Fresh Mex. They are parents of Kerry Doherty ’07 and have served on the university’s Parents Council. Ed is an Elon University Trustee.
Executive Presence: Love School of Business hosted notable CEOs >>In April, the Love School of Business and Elon University honored W. Eric Hinshaw, CEO of Mebane, N.C.-based Kingsdown, Inc., with the Frank S. Holt, Jr. Business Leadership Award. The Holt Award is given annually to a business leader who exemplifies leadership through his or her contributions to the community. Kingsdown is one of the leading mattress manufacturers worldwide, with headquarters in Mebane and nine international facilities. Hinshaw is responsible for the company’s Sleep to Live brand, which promotes the relationship between sleep science and better health. Hinshaw, an Alamance County native, is a past advisory board member for the Fuqua School of Business at Duke, and is a member of the National Board for Duke Children’s Hospital. In 2004 he led Kingsdown in a fundraising effort for Children’s Miracle Network, raising more than $1 million for the network. The Holt Award honors the memory of Frank S. Holt, Jr., a business leader remembered for his visionary leadership and his civic contributions to Alamance County. Mr. Eric Hinshaw and President Leo M. Lambert Holt directed the Alamance County United Way campaign, and served on the boards of the Cherokee Council of Boy Scouts, the Hospice in Alamance County, and the Salvation Army Boys and Girls Club. Mr. Holt was also a charter member of the Love School of Business Board of Advisors. >> John A. Allison, chair and CEO of BB&T, was featured as this year’s Business Ethics Speaker in November. Addressing a packed audience of students, faculty, and community members in the LaRose Digital Theatre, Allison shared the principles of the
John A. Allison
4 AN ANNUAL REPORT PREPARED FOR ALUMNI AND FRIENDS
“BB&T Philosophy” and his advice for achieving success in work and in life. “Even if you don’t see yourself as a leader, you have to lead yourself,” Allison told the audience. Copies of the BB&T Philosophy were made available to audience members. Allison, a North Carolina native, began his career with BB&T and retired as chair in December 2008. Under his leadership BB&T expanded to 1,400 branches in 12 states.
>>In September, John Zeglis, former chair and CEO of AT&T
Wireless and principal owner of the Fort Wayne Mad Ants, an NBA development league team, was featured as this year’s Legends of Business speaker. In his speech, titled “Lessons in Leadership from 30 Years in the Eye of the Telecom Hurricane,” Zeglis told students about his greatest challenges while transforming AT&T Wireless and offered his tips for successful leadership. Dur ing his presentation Zeglis said, “It’s daunting to speak about leadership. Leadership is hard John Zeglis to teach, and for students, even harder to learn. The best thing you can do is to listen to others’ experiences and wisdom.” The Legends of Business series brings retired CEOs to Elon. Former Legends of Business speakers include Robert A. Ingram, vice chairman of GlaxoSmithKline, Jerry D. Neal, cofounder of RF Microdevices, and Thomas S. Monaghan, founder of Domino’s Pizza. The series gives students the chance to interact with prominent business leaders, and is funded through a gift from longtime Elon friend and supporter Cruse Lewis.
Business Intelligence The Doherty Center honors one of this century’s greatest entrepreneurial leaders
s CEO of Cary, N.C.-based software developer SAS, Dr. Jim Goodnight has earned global renown for his visionary leadership, entrepreneurial focus and commitment to building a quality workplace for his employees. He exemplifies Elon’s values of integrity, passion for lifelong learning and commitment to building a dynamic community. Elon University honored Dr. Goodnight and his significant accomplishments with the inaugural Elon University Medal for Entrepreneurial Leadership in April. The award will be given annually by the Doherty Center for Entrepreneurial Leadership. Elon President Leo M. Lambert presented the medal to Goodnight in front of a full crowd of students, faculty and other guests. Dr. Jim Goodnight and President Leo M. Lambert “[Dr. Goodnight] nurtured an idea from a spark to a reality. His leadership has resulted in the recognition of SAS as one of the world’s most respected companies. He’s a legend,” said Lambert. Dr. Goodnight, who holds a Ph.D. in statistics, created the original SAS software with colleagues from North Carolina State University to analyze agricultural research data. Since co-founding SAS in 1976, he has served as the company’s chief executive officer. Today, the company is the world’s leader in business analytics software, with more than 11,000 employees in 54 countries.The company marked its 33rd consecutive year of growth in 2008, with revenues “What I like to do of $2.26 billion. In 2004, Harvard Business School named Dr. Goodnight to their list of the “20th Century’s Great American Business Leaders,” recognizing his impact on “the way people is find really good have lived, worked, and interacted in the 20th century.” He speaks internationally on leadership, education and innovation. people, give them Dr. Goodnight shared with the Elon audience the conditions that have led to that success.“I’ve the ball and let never been a really hands on, top down manager. I don’t really believe in it,” Goodnight said. “What I like to do is find really good people, give them the ball and let them run with it.” them run with it.” His vision for creative freedom is fostered on SAS’s Cary campus, which boasts several landscaped acres, energy-efficient buildings and contemporary sculpture in offices and on the — Dr. Jim Goodnight grounds. Fortune named SAS No. 20 to its 2009 “100 Best Companies to Work For” list. “Everything that we create comes out of the minds of the developers. It’s a situation where you want to figure out, what’s the best environment for these kinds of creative people?” Goodnight said.“One of the best things to do is have an environment that’s extremely enjoyable for people to be in.” For business students, especially those interested in entrepreneurial development, the chance to hear Dr. Goodnight talk about fostering innovation in the workplace was an invaluable experience. Alex Trevisan, a senior business administration major and a 2008-2009 Doherty Scholar, was impressed by Goodnight’s presentation. “It was great to see that such a widely respected leader in the world of business was willing to contribute his time to speak with college students and staff,” said Trevisan. “The chance to hear and learn from Dr. Goodnight makes me feel very proud of all the work that the Love School of Business is doing to turn its students into dynamic business leaders.” AN ANNUAL REPORT PREPARED FOR ALUMNI AND FRIENDS
Leadership in Action A Love Award scholar’s experience in service-learning
Stodghill and friends at Arya Kanya Sadan
“I fell in love with the opportunity to change the life path of my students.” — Miya Stodghill ’09
hat does traveling to India and volunteering at a girls’ orphanage have to do with pursuing a career in business? For Miya Stodghill ’09, it was an opportunity to broaden her global perspective and put her leadership skills to the test.The 2008-2009 recipient of the Love Award for Excellence in Business Leadership witnessed firsthand the social inequalities facing the girls in the orphanage. Completing this service-learning project has fueled Miya’s desire to find ways to give children a chance at education. Stodghill, of Decatur, Ga., is the second recipient of the Love Award for Excellence in Business Leadership, given to business students who demonstrate promise for further development in intellect and leadership.The award provides resources for recipients to participate in a project involving service-learning, an internship, study abroad, leadership development, undergraduate research or a combination of these. Stodghill traveled to India in January 2009 with the nonprofit Institute for Field Research Expeditions (IFRE). She spent three weeks at Arya Kanya Sadan, a girls’ orphanage outside New Delhi, teaching and helping the girls with projects around the orphanage, as well as doing field research. Her service-learning project and field research at the orphanage resulted in a paper, “Women’s Education and its Effects on Developing Nations: A Collaboration of Research and International Service,” which focuses on the factors driving inequalities and obstacles to educating women and girls in developing countries. She presented her work at Elon’s Spring Undergraduate Research Forum in April. “Her depictions of life at the orphanage in India and of her daily activities were very vivid and engaging,” said Dr. Susan Manring, faculty chair of the award committee. “She explored important questions about the significance of an orphanage for girls in a culture where girls are not highly valued.” Larry Vellani, director of corporate and foundation relations, works closely with the Love Award’s donors and also had praise for Stodghill. “Miya has set a very high bar for future recipients of the award,” he said. Beyond her Love Award work, Stodghill served as an Elon Student Ambassador and executive vice president of the Alpha Kappa Psi professional business fraternity. She also traveled to Ghana to work with the Impact Movement, a ministry whose stated mission is “producing leaders of African descent who are spiritually focused, financially responsible and morally fit.” In August, Stodghill began her postgraduate career with Teach for America, a national education corps, teaching kindergarten in the Charlotte area. After completing her Teach for America commitment, Stodghill hopes to establish and manage daycare centers. She credits the Love Award for making it possible to conduct her service-learning project in India, and for broadening her global perspective and helping her start on a career path. “We believe these awards will inspire some of Elon’s best business students to further develop their leadership skills,” said Charles Love, president of the Love Foundation, which endowed the award. Love is the son of Martha and Spencer Love, for whom the business school is named.“Students who receive these awards will have excelled not only as students, but outside the classroom as citizens who are committed to improving their communities.”
6 AN ANNUAL REPORT PREPARED FOR ALUMNI AND FRIENDS
Tom Amick CEO, Aldagen
om Amick graduated from Elon College in 1969, never imagining his journey would one day bring him back full circle. Besides achieving success as a biotech executive, Amick is a member of the Love School of Business Advisory Board, chair of the board of advisors for the Doherty Center for Entrepreneurial Leadership, and now an Elon parent. After graduation, Amick worked for Proctor & Gamble in sales but soon realized that his real career interest was pharmaceuticals. Following his passion, he joined the world’s largest healthcare company, Johnson & Johnson. When in the late 1980s the company ventured into the biotechnology business, Amick got in on the ground floor and moved quickly through the ranks. He became president of Janssen Ortho Canada with responsibility for all of Johnson & Johnson’s pharmaceutical and biotech business for Canada. Amick then moved to Europe as president of Ortho Biotech Europe, where he was charged with building the biotech business in western Europe. With offices in England, Germany, France, Italy, and Spain, Amick and his family experienced many different cultures. At the end of his European assignment, he moved back to the U.S. and joined Johnson & Johnson Development Corporation, the venture capital arm of the company, where he worked closely with many of the leading venture capitalists in the U.S. Retirement in 2004 to his beach house in Emerald Isle, N.C., was shortlived. A month into retirement he was asked to join the board of directors of several biotech companies, and he began to serve in advisory roles for Quaker Bioventures in Philadelphia and Intersouth Partners in Durham, N.C., both venture capital firms. He now serves as chairman and CEO of Durham, N.C.-based Aldagen Inc., a portfolio company of Intersouth that focuses on regenerative medicine. Amick is also chairman of the board of directors of Discovery Labs in Philadelphia, and recently became the company’s acting CEO. In an interview, Tom shared insights on his career in biotechnology and encourages Elon students to “have a passion for what they study.”
Tom Amick ‘69 and daughter Christine, class of 2013
You moved to a start-up environment after years as a corporate executive at a Fortune 100 firm. What has that experience been like for you?
Johnson & Johnson is unique in that it is very decentralized, so you have the opportunity to employ an entrepreneurial spirit in running your businesses. I built the oncology business at Ortho Biotech, began and built the biotech business in Europe, and turned the Canadian operation from being flat to having one of the strongest year-on-year growth rates in the industry in Canada. The biggest difference between my experience at Johnson & Johnson and starting new biotech companies is the limited resources available to you. Therefore, your responsibilities are broader than those at a large company where you have unlimited resources, but it’s also more exciting.
What are the greatest opportunities and challenges you face as a biotech entrepreneur?
The challenges are recruiting quality people for both your scientific and overall management team as well as raising enough capital to support your research and development. The opportunities are being involved in cutting-edge science and technology from all stages of development. From a healthcare perspective, these technologies have the potential to transform medicine as it’s performed today. That’s where being an entrepreneur in this field is fun and exciting.
What advice would you offer to students pursuing an undergraduate degree in business and/or an MBA degree?
I think it’s important that students have a passion for what they decide to study. I would recommend that they work very closely with the faculty and administration of the LSB and the Doherty Center to ensure that they have exposure to entrepreneurs and their businesses, internships at successful businesses, and international experience. All of these avenues are available to students at Elon, but students have to take advantage of them. It’s really important for students to know and understand that they will face adversity and roadblocks in school, personal life and careers. It’s the passion and willingness to keep working through the tough times that will make them successful.
Your daughter is an incoming freshman. How do you think her experience at Elon will differ from yours?
Let me start out out by saying how thrilled I am that Christine (Conti) has chosen Elon. It makes me very proud. Elon has changed significantly since I went there and it was named Elon College. Through Leo Lambert’s leadership it has grown into a university that is on par with some of the best private universities in the country. Elon truly cares about its students and offers the support needed for them to be successful. I have no doubt that Christine will take advantage of all of the opportunities that Elon has to offer, and that Elon will become a part of her life forever. AN ANNUAL REPORT PREPARED FOR ALUMNI AND FRIENDS
The Future of Sales A new center in the Love School of Business empowers students and professionals in the field
Thomas and Lynne Chandler
“People need good sales training today… The Sales Center will give Elon business students that experience.” — Thomas Chandler
hanks to a generous gift from longtime Elon supporters Thomas and Lynne Chandler, the new center at the Love School of Business that bears their name will make sales education possible for students and area firms.The Chandler Family Professional Sales Center, established through an endowment from the Chandler Family, is scheduled to open in fall 2009. The center’s purpose is to promote professional selling and sales management, provide instruction to students and sales executives, and conduct research that advances the field of sales. When asked about the importance of the new center for the LSB, Dean Mary Gowan commented that “The Chandler Family Center allows Elon to join a select group of about 40 universities nationwide that have centers for professional sales. We are very grateful to the Chandler family for making the center a reality and are appreciative of Dr. Earl Honeycutt’s leadership in this initiative.” Thomas Chandler is owner of Chandler Concrete, a Burlington-based company that operates in N.C.,Virginia, and Tennessee. A member of Elon’s Board of Trustees since 1999, Chandler is also a member of the Board’s executive committee, and serves as chair of the development committee and vice chair of the campaign leadership committee. The center is named for the Chandler family, which includes daughter Louise Cox and sons Thomas Jr. (Ted) and Bob, who is vice president of sales and marketing for Chandler Concrete and also sits on the Sales Center advisory board. “More and more, people need good sales training today, and we feel that the sales center will give Elon business students that experience,” says Thomas Chandler of his commitment to the Sales Center. Dr. Earl Honeycutt, director of the center, agrees.“Approximately half or more of our students begin their careers in some form of sales,” he notes. Coursework will focus on preparing students to begin their professional careers with a competitive edge by studying topics such as negotiation and customer relationship management.Workshops led by sales professionals, internships, and opportunities to attend national sales conferences and participate in Pi Sigma Epsilon, the national sales fraternity, will complement the coursework. The Chandler Family Center isn’t just for Elon students. Professional development for sales executives will be another key component. The Center will be a local clearinghouse for periodicals, reference books, and research assistance, and will also sponsor training seminars for local firms led by high-profile sales experts. Dr. Honeycutt also is developing a short course on professional selling for regional companies. An additional goal for the Center is to increase the level of interaction between LSB students and companies in the area, whether through more internships or by bringing MBA or undergraduate student teams to local firms to work on projects. “The responsibilities and role of a sales person have changed over the years and will continue to change. I think it is very important for business graduates to have a foundation or at least an introduction to the role of a sales person in today’s business environment,” says Bob Chandler. “Our family is passionate about the Sales Center and the opportunity it has to help prepare people for a future in sales.”
8 AN ANNUAL REPORT PREPARED FOR ALUMNI AND FRIENDS
East meets West
Yuyuan Garden, Shanghai
Elon’s partnership with Cisco benefits the MBA program
magine sitting in a room in Beijing and having a conference in the “same room” with colleagues in San Jose, Calif., and Shanghai. MBA students participating in the January 2009 study abroad experience were able to do just that during their visit to Cisco’s Customer Briefing Center in Beijing. Students traveled to China with Dr. Kevin O’Mara, professor of management, Dean Mary Gowan and Judy Dulberg, Elon MBA program coordinator. In addition to Cisco, the group visited Thomson Reuters, Volvo Truck Group and Li Ning Company Limited in Beijing, and in Shanghai visited Baosteel, RFMD and the Port of Shanghai. The Cisco visit provided students a unique opportunity to use the company’s new virtual meeting technology, TelePresence. Following a tour of the Cisco offices, students participated in a discussion with company principals about ways of doing business in the China market, then joined a virtual meeting with Cisco managers based in Beijing, Shanghai and San Jose to continue the conversation. TelePresence is a collaborative technology that integrates advanced audio, high-definition video and interactive Cisco Customer Briefing Center, Beijing elements to deliver a real-time meeting experience. The Cisco employees in Shanghai and San Jose sat in a room identical to the Beijing meeting space and appeared life-size, enhancing the perception that all were participating in the same meeting. The exposure to TelePresence gave students a preview of how new platforms may change the way firms will conduct business, especially when employees are located in different parts of the world. Dr. O’Mara noted the technology opens up many possibilities for better collaboration on projects. “Brief updating meetings could not be held without this technology. The cost and time involved in travel make such meetings impractical. And, while some of the information could be conveyed by e-mail, the information exchange would have been much less rich,” he said. “This aspect really resonated with me since project coordination typically needs a lot of brief, quick interactions that clarify next steps, address unplanned minor hurdles and keep the momentum going.” Students also found the demonstration enlightening. “What impressed me about the TelePresence technology was how seamless it was,” said Trent Williams, a new product integration engineer at Gilbarco in Greensboro, N.C. “With companies like mine doing business globally, I can see how this technology would prove essential. It really was like being in the same room with someone hundreds, if not thousands, of miles away.” The visit to Cisco’s Beijing headquarters was facilitated by Paul Sutherland, Cisco account manager for the North Carolina public sector. “Elon University sets the bar for private higher education customers in North Carolina,” Sutherland said. “Hosting Dr. O’Mara’s MBA group was a simple gesture and something that, as a strategic business partner, we are happy to do.”
“With companies like mine doing business globally, I can see how Cisco’s TelePresence would prove essential.” — Trent Williams, Gilbarco engineer and MBA student
AN ANNUAL REPORT PREPARED FOR ALUMNI AND FRIENDS
Faculty Updates The Love School of Business welcomed several new faculty for the 2008-2009 academic year, and recognized other faculty and staff for their teaching, scholarship and service. New Faculty Accounting
Anthony A m o r u s o , A s s i s t a n t Professor of Accounting. Dr. Amoruso earned his Ph.D. in accounting from the University of Georgia. Dr. Amoruso has been a senior manager with an international accounting firm focusing on auditing and professional standards, served as a technical manager with the International Auditing and Assurance Standards Board, and a faculty member at Appalachian State University. His research focuses on financial accounting, auditing, ethics, and accounting and the public interest, and has been published in a variety of accounting journals.
Chiang, Assistant Professor of Accounting. Dr. Chiang earned her Ph.D. in accounting from Baruch CollegeCity University of New York. Prior to pursuing her graduate degree, she worked as an auditor. She has been on the faculty at North Carolina Central University. Her research interests focus on capital markets, especially in the areas of accounting for intangible assets and financial reporting quality. She has published articles in the Journal of Accounting and Public Policy and Review of Quantitative Finance and Accounting, among others.
>>Dr. Karen Nunez, Assistant Professor of Accounting. Dr. Nunez earned her Ph.D. in accounting at the University of Oklahoma. Her work experience includes various financial planning and analysis positions at The Pillsbury Company and The Pepsi10 AN ANNUAL REPORT PREPARED FOR ALUMNI AND FRIENDS
Co l a Co m p a ny. She joined Elon from the faculty at North Carolina State University. Dr. Nunez has received multiple grants and awards in the past eight years. Her research interests are in the areas of financial reporting, financial statement analysis, and managerial accounting, and her work has been published in numerous accounting journals.
> > D r. M a r k Kurt, Assistant Professor of Economics. Dr. Kurt completed his Ph.D. at the University of Iowa where he worked as a research assistant on the Iowa Electronic Markets. His research interests focus on labor economics, macroeconomics and health economics. Prior to entering graduate school, Dr. Kurt was employed at Lockheed Martin. Entrepreneurship
>> Gar y Palin, E x e c u t i v e Director of the Doherty Center for Entrepreneurial Leadership and Senior Lecturer in Entrepreneurship. Palin joined Elon University from North Carolina State University where he had served since 1992 as executive director of the Entrepreneurship Education Initiative and as lecturer. A graduate of the MBA program at Bryant University, Palin has extensive experience as an entrepreneur having founded several successful business ventures. Palin’s
areas of expertise include new venture development, social entrepreneurship, intrapreneurship and venture growth. He is a frequent keynote speaker at international entrepreneurship programs and is the creator of the Entrepreneurship and Education Network, a social and information networking site.
Faculty Awards > > D r. E a r l Honeycutt was named the 20082009 Distinguished Scholar for Elon University. He gave a presentation on the value of academic research and scholarship in April as part of the Distinguished Scholar program. >> Management
professor Dr. Matt Valle received the Dr. Gerald L. Francis Award for Excellence in Teaching. The Elon SGA presented the award to Dr. Valle at a banquet in March. The award was recently renamed in honor of Dr. Francis, who before taking on the role of executive vice president of the university served as vice president for academic affairs and provost for 15 years.
>> D e a n M a r y Gowan was honored by the Triad Business Journal as one of the Triad’s 2009 Women in Business at a luncheon on May 1. The paper praised Gowan’s efforts to enhance volunteer opportunities for students, expand internship opportunities, and bring national business leaders to Elon.
Elingburg Gift Endows Professorship Dr. Art Cassill was named the first Wesley R. Elingburg Professor in October 2008. He
Love School of Business Awards Several faculty and staff were honored during the annual LSB awards ceremony in April.
Dr. Buck McGregor, associate professor of accounting, received the Dean’s Award for Excellence in Teaching. Dr. Steve DeLoach, professor of economics, received the Dean’s Award for Excellence in Scholarship Dr. Susan Manring, associate professor of management, was given the Dean’s Award for Exemplary Service–Faculty.
Rob Springer, Elon University Director of Institutional Research, was recognized with the Dean’s Award for External Exemplary Service. Brenda Crutchfield, assistant in the Love School of Business, was honored with the Dean’s Award for Exemplary Service–Staff.
Faculty Members Publish Textbooks with Pearson Prentice Hall
Dr. Earl Honeycutt co-authored a new textbook, “Sales Management: Shaping Future Sales Leaders.”The textbook focuses on designing and leading a sales organization based on the strategic approach of the firm. Honeycutt is a professor of marketing and director of the Chandler Family Center for Professional Sales.
Dr. Mary Gowan co-authored a new textbook, “Human Resource Management: Managing Employees for Competitive Advantage.” The textbook uses a strategic framework focused on managing employees within the context of organizational demands and environmental influences. In addition to her duties as dean, Gowan teaches courses in human resources management.
joined the Martha and Spencer Love School of Business in July 2002 as chair and professor in the Department of Accounting. Cassill has worked with undergraduates on research projects, developed and led Winter Term study abroad Art Cassill trips, mentored junior faculty, collaborated on research projects with colleagues, and led executive education programs. Among his most significant contributions to the LSB and Elon is the greater visibility he has brought to the accounting program in the local and national accounting communities. Wesley R. Elingburg and his wife Cathy are longtime supporters of Elon University and the Love School of Business.Their recent gift of the Wesley R. Elingburg Professorship provides an important resource to assist Elon with attracting and retaining excellent faculty for the Love School of Business. Wes Elingburg is a 1978 graduate of Western Carolina University. In 2005, after a 25-year career with LabCorp, Wes retired from the position of chief financial officer, a position he had held since 1996. He serves as chair of the board of Hospice Cathy and Wesley R. Elingburg of Alamance and Caswell counties, and is a managing partner of the Greensboro Grasshoppers minor league baseball team. Cathy Elingburg graduated from UNC–Chapel Hill in 1975 with a bachelor’s degree in English.Their son Nolan is a member of the Elon class of 2011. Elingburg’s contributions to Elon and the LSB go back many years. He served on the LSB Board of Advisors for five years before joining the Elon University Board of Trustees in 2005. While at LabCorp, Wes helped establish a summer internship program for LSB students. He also was involved in the early planning of Elon’s executive education program, which has provided leadership development for many LabCorp executives. Wes is co-chair of the Elon University Strategic Planning Committee. The Elingburg’s gift is a part of the Ever Elon Campaign. AN ANNUAL REPORT PREPARED FOR ALUMNI AND FRIENDS
n Bill and Frances Creekmuir P’09’10, have established The
Creekmuir Family Scholarship for Business Fellows. Bill and Frances are members of the Elon Parents Council, and Bill also serves on the LSB Board of Advisors. n David Stevens ’81, a member of the LSB Board of Advisors,
has established an endowment to support student internships. n Samuel Burke ’89, a member of the LSB Board of Advisors,
has established an endowed fund to support engaged learning opportunities for accounting majors.
Ever Elon:The Campaign for the Future of Our University is designed to secure Elon University’s excellence by building its endowment. By engaging alumni, parents, faculty and staff, and friends, and by attracting new donors, the university seeks to raise $70 million in new endowment and a total of $100 million for all purposes by the year 2011. The Ever Elon Campaign will provide funds for student scholarships, engaged learning opportunities, and excellent teaching and faculty scholarship, as well as campus preservation and expansion.To date, the campaign has raised $67 million, of which $39 million is designated for the endowment. Several donors have stepped up and made campaign gifts that directly benefit the students and faculty of the Love School of Business.
endowed a fund to underwrite internships for business students. n Ashton Newhall ’98, a member of the Elon University Board
of Trustees and former member of the LSB Board of Advisors, has created an endowed lecture series in entrepreneurship. n Donald S. Galante P’08, father of Greg ’08, and a member
of the LSB Board of Advisors, has endowed a fund for business student internships. n An anonymous 2005 graduate has established an endowment
to support engaged learning in the economics program.
Each of these endowments supports the mission and goals of the Love School of Business, and helps secure the future of Elon University.
Class Notes Policy Class notes must come firsthand from the graduates who have news, a birth or marriage to report. Please send in your news as soon as you have something to share.We welcome news that is no more than a year old.
online at www.elon.edu/classnotes
n Harry and Carol Rose P’96, parents of Jason Rose ’96, have
Photo acceptance policy Photos will be accepted in these formats: slide, print or digital.You may e-mail your Class
Notes photos to firstname.lastname@example.org or mail them to the address at the bottom of this form. We reserve the right to determine the quality of your images. Poor quality images will NOT be used.
Please fill out completely.
E-mail address Birth:
Telephone: Home (
Yes: Class of
daughter Child’s name
Marriage: date of marriage Your occupation
(do not send prior to marriage) Date assumed
Spouse’s occupation (if alumnus) News/Promotions/Honors Signature (required) Help us keep you in touch with your classmates and Elon. If you have moved, send us your current address and telephone number. Return this form with your news or story idea to the following address: Elon Office of University Relations/2030 Campus Box/ Elon, North Carolina 27244-2020 Fax: 336-524-0100 Phone: 336-278-7415 E-mail: email@example.com LSB 2009
12 AN ANNUAL REPORT PREPARED FOR ALUMNI AND FRIENDS
M artha and spencer L ove S chool of B usiness Board of Advisors 2009-2010 Peter L.Tourtellot, Chair of Board of Advisors Anderson Bauman Tourtellot Vos W.Thomas Amick Aldagen, Inc. Samuel L. Burke PricewaterhouseCoopers, LLP Britt W. Carter Fleishman-Hilliard, Inc. Charles R. Clohan Dittmar Company William S. Creekmuir Simmons Bedding Company John G. Currin, Jr. Alamance Regional Medical Center Donald A. Dibble Delaware Investments Victoria Dixon Elon MBA Representative Donald S. Galante MF Global Securities Inc. Michael T. Gannaway VF Corp. Charles D. Greene AT&T North Carolina Captain Thomas J. Harper William B. Hayes LabCorp Jim Hilboldt Pfizer Inc. Frank S. Holt III Holt Sublimation Printing and Products Co. Victor Hughes Nicholas Igdalsky Mattco, Inc./Pocono Raceway Robert R. Lane KeyBank Jeffrey W. LeRose Research Triangle Software, Inc.
Thomas K. Manning Fidelity Bank John R. Maynard Tarheel Research, Ltd. Judy C. Miller RSVP Communications, Inc. James A. Moncure II IBM Igor Pavlov Morgan Stanley
ADVISORY BOARDS 2009â€“2010 Chandler Family Professional Sales Center Traci Butler LabCorp
Kevin Kelly UBS
Bob Chandler Chandler Concrete
James McCarthy British Telecom
Michael T. Gannaway VF Corp.
J. Karl Sherrill, Jr. Senn Dunn Insurance
Doherty Center For Entrepreneurial Leadership W. Thomas Amick Aldagen, Inc.
Mitch Javidi Catevo Group
Raj Ananthanpillai InfoZen, Inc.
John R. Maynard Tarheel Research, Ltd.
J. Karl Sherrill, Jr. Senn Dunn Insurance
Greg Chabon Womble Carlyle Sandridge & Rice, PLLC
Duffie McKee Capital Bank
John H. Slayton The Trust Company of The South
Ed Doherty Doherty Enterprises, Inc.
Annabelle C. Powell Omni Resources Louis M. Riccio La-Z-Boy Incorporated
Bernadette M. Spong Rex Healthcare David A. Stevens Wachovia Bank, N.A. Philip D. Stuart Stout Stuart McGowen & King LLP Linda T.Weavil Elon University Mac Williams Alamance County Area Chamber of Commerce Elmer D.Yost Yost & Little Realty, Inc.
Joan Seifert Rose Council for Entrepreneurial Development
Joan Doherty Doherty Enterprises, Inc. Department of Accounting Linda Aldridge Stout Stuart McGowen & King, LLP Greg Allender McGladrey & Pullen, LLP Michele Cash Blue Cross Blue Shield of North Carolina Neil Boswell IBM Ed Dodson LabCorp Susan Ezekiel Cobb Ezekiel Loy & Co. PA David Johnson Apple Bell Johnson & Co. PA Jonathan Kraftchick Cherry, Bekaert & Holland, LLP James Mitchell, IV Smith Leonard
Karla D. Munden Lincoln Financial Group Phil Petros PricewaterhouseCoopers, LLP Hugh Reynolds Crowe Chizek and Company, LLC David Sherman Sealy Inc. Rhonda Skiles Bernard Robinson & Co., LLP C. Thomas Steele, Jr. Wishart Norris Henninger & Pittman PA Gary Smith Glen Raven Mills Ted Szott Cogent Communications Bill Wilkinson Gilliam Coble & Moser
2075 Campus Box Elon University Elon, NC 27244-2010 336-278-6000 www.elon.edu/e-web/academics/business/ Change Service Requested
Homecoming 2009 Love School of Business alumni are invited to return to Elon the weekend of Oct. 23-25 for Homecoming. The Alumni Association and campus partners have planned a number of opportunities to reconnect with classmates and faculty. The LSB faculty, staff and students are excited to host returning alumni on Friday, Oct. 23 for the following events: 3 p.m. Martha and Spencer Love School of Business Alumni Panel LaRose Digital Theatre, Koury Business Center 4 p.m. LSB Alumni and Student Networking Reception Wallace L. Chandler Fountain and Plaza (Rain Location: Koury Business Center Atrium) For a full schedule of events and to pre-register, visit www.elon.edu/homecoming.
Nonprofit Org. U.S. Postage PAID Elon, NC Permit 1