Page 1

SOU THER N M ETHO SOUTHER ETHOD D IS T UN U N IV IVE E RS R S IT Y

SPRIN G 2012

COX S CHO C HO O L O F BU B U SIN S IN ES ESS

Invesco CEO Marty Flanagan, an ’82 Cox alumnus, explains why changes to the CFO’s role have been dramatic.

CONQUERING C-SUITE CHALLENGES SMU Cox CEO Sentiment Survey: The Quest to Stay Competitive

The New Kitt Investing & Trading Center

C-Change: The New Role of the CFO and Finance


11th ANNUAL

SUMMER BUSINESS INSTITUTE The Summer Business Institute is a four-week intensive certificate program for non-business majors that gives students a competitive edge. Practical business skills in key areas such as accounting, finance, marketing and operations management are taught by the Cox School’s world-class faculty to help students become more marketable in today’s challenging job market. The Summer Business Institute is designed for current college students with non-business majors and young professionals who’ve earned their bachelor’s degree within the last five years. Program Dates: June 4-29, 2012

Apply by April 30 and receive $500 off tuition. Mention CoxToday for the discount.


DEAN Albert W. Niemi, Jr. ASSISTANT DEAN OF EXTERNAL RELATIONS, EXECUTIVE DIRECTOR OF THE COX ALUMNI ASSOCIATION Kevin Knox ASSISTANT DEAN OF MARKETING & COMMUNICATIONS, MANAGING EDITOR Lynda Welch Oliver DIRECTOR OF DEVELOPMENT Laran O’Neill CONTRIBUTORS Paula Felps Anna Martinez Mark Stuertz Jennifer Warren PHOTOGRAPHERS Karen Campbell Hillsman S. Jackson Ren Morrison George Fiala HOW TO REACH US Marketing and Communications Office Cox School of Business Southern Methodist University PO Box 750333 Dallas, TX 75275-0333 E-mail: communications@cox.smu.edu Website: www.cox.smu.edu Main office: 214.768.1794 Fax: 214.768.3267

Features PRESIDENT & GENERAL MANAGER Gordon Locke DIRECTOR, CLIENT SERVICES Kristen Bohn CREATIVE DIRECTOR Mark Mahorsky FEATURES EDITOR Jarrett Rush PRODUCTION MANAGER Pedro Armstrong DIGITAL IMAGING SPECIALIST John Gay ACCOUNT SERVICE MANAGER Kate Crouse

How to Reach Us 750 North St. Paul Street, Suite 2100 Dallas, Texas 75201 www.dcustom.com 214.523.0300 coxtoday IS DESIGNED BY D CUSTOM, 750 NORTH ST. PAUL STREET, SUITE 2100, DALLAS, TEXAS 75201. COPYRIGHT 2012 BY coxtoday. ALL RIGHTS RESERVED. THE MARKETING AND COMMUNICATIONS OFFICE RETAINS THE RIGHT TO DETERMINE EDITORIAL AND ADVERTISING CONTENT AND MANNER OF PRESENTATION. THE OPINIONS EXPRESSED IN THE MAGAZINE DO NOT NECESSARILY REFLECT OFFICIAL UNIVERSITY POLICY. LETTERS TO THE EDITOR AND CONTRIBUTIONS TO CLASS NOTES ARE WELCOME.

www.cox.smu.edu

18

24

18

Conquering the Challenges of the C-Suite

Maintaining a competitive advantage is the biggest challenge respondents to the 2011 SMU Cox CEO Sentiment Survey say they face. The key is recruiting talented people. The challenge is finding them.

24

BY MARK STUERTZ

C-Change

The roles of C-level executives are changing, perhaps none as significantly as the role of the chief financial officer. With expanded programming in finance and changes to the MBA curriculum, The Cox School is making sure its graduates are prepared for that changing world.

Departments 2 3 12 15 16 28 32 34 35 36 37 38

from the dean program news faculty & staff achievements in the news faculty research new Kitt Investing and Trading Center development executive board contact us calendar of events alumni board cox connections

BY PAULA FELPS

1


COXFROM THE DEAN

C

most grateful for such generosity. The

Congratulations to the Class of 2012!

For our SMU Cox graduates, now comes

continued support of our alumni, parents,

the real work of putting into practice all

business partners and friends is critical

that they have learned. At the Cox School,

to the ongoing success of the largest

we are striving to prepare students for

fundraising initiative in SMU’s history. The Cox School of Business is

the many opportunities and challenges of an uncertain global economic climate.

celebrating success in the form of a

In this issue of CoxToday, we see that a

great rankings achievement. Bloomberg

changing economic situation makes life

Businessweek ranks the SMU Cox EMBA program No.7 in the world, the

at SMU Cox. The Kitt Investing and

SMU Cox PMBA program No.7 in the

pulse of corporate leadership in Dallas

Trading Center which opened this fall,

country and the SMU Cox Full-Time

by virtue of the fifth annual SMU Cox

is another key part of the Cox School’s

MBA No.12, which makes SMU Cox one

CEO Sentiment Survey conducted

efforts to provide students with the

of only two schools in the country to

by Cox professors Miguel Quiñones

finance experience they need for

claim three MBA programs in Bloomberg

and Robert Rasberry. The most recent

changing leadership demands. Thanks

Businessweek’s Top 12.

survey found that in spite of a difficult

to the generosity of Barry and Beth Kitt

We remain cognizant of the fact that

business environment, an overwhelming

and their family, the Kitt Investing and

rankings are ever-changing and arguably

majority of Dallas CEOs remain

Trading Center gives students hands-on

subjective, but certainly they create a

optimistic. As SMU Cox alumnus and

experience in a financial lab where they

recruiting opportunity. In fact, as we

Invesco President and CEO Marty

manage real money. It has revolutionized

prepare for fall 2012, we have a record

Flanagan tells us in our article, titled

the way SMU Cox teaches finance to both

number of BBA applications—between

“C-Change,” effective leadership requires

BBAs and MBAs.

14,000 and 15,000—for 1,400 seats in

especially interesting in the C-Suite. SMU Cox keeps its finger on the

adaptability to change, and adaptability

2

A new Master of Science in Finance is among the expanded degree programs

The Kitt family gift also supports The

the freshman class. Demand is strong

requires preparation. Flanagan explains

Second Century Campaign at SMU,

university-wide, not just at Cox. This

that today’s business leaders prepare

which continues through 2015. SMU

is an encouraging sign for all of us as

themselves by having what he describes

Cox has already raised more than $60

we further advance into SMU’s second

as “good financial underpinnings” – a

million for new endowments that will

century.

thorough understanding of finance and a

support the university’s campaign efforts

trusted CFO who understands the close

to enhance student quality, faculty

link between finance and strategy.

support and academic excellence. We are

Spring 2012


COX

PROGRAMNEWS UNDERGRADUATE PROGRAMS GRADUATE PROGRAMS EXECUTIVE EDUCATION CENTERS OF EXCELLENCE GLOBAL CONNECTIONS

Undergraduate Programs

BBA Students Serve as Community Leaders In 2011, SMU’s Big iDeas program awarded grants to BBA students Amrita Vir and Sean Zech for their concept, “Mustang Microfinance.” Since then, they have turned their concept – providing loans to fledging entrepreneurs in undeserved neighborhoods – into reality. Working with Dallasbased Citysquare, a faith-based nonprofit, and The PLAN Fund, a nonprofit microfinance institution, the Mustang Microfinance team approved six loans, ranging from $200 to $1,000. Shown: BBA team members Timm Wooten, Amrita Vir and Kenny Finch

Internship Program Provides Opportunities for BBA Students Since last summer, 22 BBA students have completed undergraduate marketing internships under the guidance of faculty advisor Sonja Corbin. Internships cover a wide variety of jobs – from working with a hedge fund as a marketing/investor relations intern to serving as a promotions intern in the Dallas Observer events department. Students watched their classroom knowledge come alive in a business setting, gained valuable work experience to enhance future employment opportunities, made useful industry contacts and learned about new jobs for marketing grads.

Fox Sports Media Group Partners with SMU Cox The Fox Sports Media Group and Fox Sports Southwest launched a new partnership with the Cox BBA honors marketing practicum this spring. SMU Cox is one of six universities that Fox chose for its “Creative University” program. Student teams create and present a marketing campaign for Fox Sports Southwest coverage of the Dallas Stars. Fox senior marketing executives choose the winning campaign, which could be used by the network. Meanwhile, students benefit from real-world experience and great networking opportunities. www.cox.smu.edu

Pictured: Seth Ramey; Ryan Allison; Layne Meyers; Chris Hannan, Fox Sports Media Group senior vice president of marketing; Jourdan Bishop; Spencer Kaiser; Mary Hynk, Fox Sports Southwest director of marketing; Allison Hollins; and Judy Foxman, senior lecturer in marketing.

3


COXPROGRAM NEWS

Graduate Programs

MBA Students Compete in GE ECLP Case Competition Five first-year full-time MBA students competed in the first round of the Western Region GE Experienced Commercial Leadership Program (ECLP) Case Competition in Austin, TX. The GE ECLP Case Competition, a case competition focused on real strategic business needs, asks students to challenge the status quo to provide a unique, real, actionable and commercially viable solution. Team members include: Diego Gonzalez, Hunter Johnson, Jordan Mezoff, Abhijit Panda and Sri Prabhu.

Abhijit Panda, Hunter Johnson, Sri Prabhu, Diego Gonzalez and Jordan Mezoff

SMU Cox Introduces Accounting Distinguished Speaker Series SMU Cox PMBA and EMBA Programs Both Ranked #7

Billie Williamson, recently retired as Ernst & Young’s Americas Inclusiveness Officer, spoke about “Leadership and Innovation Through Diverse Perspectives” at the Accounting Distinguished Speaker Series last fall. Williamson, a graduate of SMU Cox, spoke about the value of a global mindset and leadership skills, as well as the importance of personal and professional development.

Bloomberg Businessweek released its biennial ranking of Executive MBA (EMBA) and Professional MBA (PMBA) programs. The Cox EMBA program ranks No.7 in the world and the PMBA program ranks No.7 in the U.S. SMU Cox is one of only two schools in the country with three MBA programs ranked in the top 12 (Cox full-time MBA is No.12).

Billie Williamson at the Accounting Distinguished Speaker Series

4

Spring 2012


COXPROGRAM NEWS

Graduate Programs

SMU Cox Has the Highest CPA Pass Rate in Texas Greg Sommers, director of the Master of Science in Accounting program, reported that SMU Cox had the highest CPA pass rate in Texas for the second straight year. The average student pass rate is 45% nationally. SMU Cox students achieved a 71% pass rate, reflecting their excellent quality and preparation. The best news? 100% of December 2011 graduates were employed upon graduation.

SMU Cox Kicks Off Wall Street Roadshow The Wall Street Roadshow, a new event for select first-year MBA students interested in finance, was organized by Diane Brouillard, MBA finance career coach. The event introduced 22 MBA students to Wall Street organizations and individuals, including senior-level management and junior-level professionals at companies such as Cantor Fitzgerald/CCRE, Credit Suisse, Citadel, Federal Reserve Bank of New York, Goldman Sachs, J.P. Morgan, Morton Capital Management and UBS Investment Bank.

Wall Street Roadshow program participants

EMBA Celebrates Bloomberg Businessweek Ranking

SMU COX Ties for First Place in Case Competition

The Executive MBA program celebrated progressive excellence, upon announcement that the SMU Cox EMBA program moved up to No. 7 in the world. EMBA classes of 2011, 2012 and 2013 attended a reception at the Meadows Museum, where Mark Roglan, EMBA ’12 and director of the museum, gave a private tour of the current exhibit. The two main sources of data used to rank EMBA programs are a survey of EMBA graduates and of EMBA program directors. EMBA ’11 ranked the program No. 2 in the world and gave faculty an A+ and staff an A. The Cox EMBA program has improved in this publication’s ranking every year since 2000 when it was ranked No. 19.

In February, SMU Cox hosted the 6th Annual Wells Fargo Case Competition. Teams of four first-year, full-time MBA students from Washington University (Olin Business School) in St. Louis; Texas Christian University (Neeley School of Business) in Fort Worth; and SMU Cox came together to compete and present their solutions to a finance case in front of Wells Fargo executives. “International Trust” from SMU tied for first place with “Team LB Owned” from Olin.

Tom Perkowski, assistant dean of the Executive MBA program, welcomes current students and alumni. www.cox.smu.edu

“International Trust” team members Samer Abusalbi, Jordan Mezoff, Liang Wangand and Sami Sawaf

5


COXPROGRAM NEWS

Graduate Programs

Prominent Speakers Inspire New Cox EMBAs The Executive MBA class of 2013 welcomed several well-known speakers. Tom Daniel, executive leadership professor and senior vice president of Personnel Decisions International, discussed the first stage of their personal development program. Steve Orsini, SMU athletic director, encouraged everyone to get involved with an SMU sports activity. And, to help students know what to expect for their first graded assignment, professor Don VandeWalle lectured about how to prepare an organizational behavior case.

EMBA class of 2013 at orientation

EMBA alumni: Rob Shepherd, Kent Porter, Jim Ruth and Joel Friedman of Oppmetrix

Cox Students and Alumni Celebrate Second Annual EMBA Reunion Michael Cox, director of the O’Neil Center for Global Markets and Freedom, was the keynote speaker. His presentation, “Looking for the New New World,” explained why people are moving to Texas and consequently changing the local business environment.

Michael Cox uses a graphic to explain why people are moving to Texas. EMBA Reunion: Dean Al Niemi, Preeti Harder (EMBA ’09), Ashok Chenumalla (EMBA ’13) and Greg Clifton (EMBA ’05)

6

Spring 2012


COXPROGRAM NEWS

Graduate Programs

Stacy Heath’s Legacy Lives On Through Her Fellow EMBAs For working students who are pursuing their Cox MBA in the evenings and on weekends, every day is a race to the finish. Dashing from business meetings to graduate classes requires incredible mental and physical stamina, not to mention mutual support from fellow classmates. Now, imagine trying to run that race with Stage 3 Inflammatory Breast Cancer. Stacy Heath was pursuing her EMBA, with plans to graduate in 2010, when she was diagnosed in 2008. Despite a setback that would halt most people in their tracks, Stacy was even more determined to continue her studies. After briefly leaving Cox for treatment, she returned again with the intention of graduating in May 2012. All the while, she inspired those around her. “I was inspired to have Stacy in my study group,” recalled Lynn Lyon. “She was a natural and inspiring leader with a confident smile that carried us through the most excruciating statistics study session.” As testament to their support of their unstoppable classmate, the EMBA class rallied to Stacy’s side in and out of the classroom. They helped with studies. They wore pink Pony Up t-shirts. They ran in the Susan G. Komen Race for the Cure on her behalf. Finally, when Stacy was too ill to continue her studies, her classmates planned to award her with an honorary certificate recognizing her EMBA achievements. Before they could present it to her however, Stacy lost her battle with breast cancer in November 2011. Emulating her penchant for tenacity, Tom Perkowski, assistant dean of EMBA admissions, and the class presented the certificate at her memorial service. Stacy Heath’s legacy and spirit will continue to live on at SMU Cox. In her honor, the class is raising $5,000 for an annual EMBA scholarship. “Stacy showed me how not to sweat the little things in life and acknowledge how truly blessed we are,” said fellow student Tessa Hoskin. “And that time is the most underestimated asset in life.” Big lessons taught by a student. If you would like to donate to the Stacy Heath Memorial EMBA Scholarship, please contact Jessica DuBois at 214-768-2493.

Executive Education

Master Negotiation II Class Launches in Spring

New Energy Program Planned for October

The new Master Negotiation II class, taught by Robin L. Pinkley, Ph.D., professor and creator of the Gain-Gain Approach to Profitable Negotiation, will enhance the understanding, skill set and implementation readiness of master negotiators. Learn more at exed@cox.smu.edu.

Academic Director Warren Wilhelm will join world-class thought leaders in the energy, oil and gas industry October 9-11, 2012 for a program designed for current and emerging leaders whose decisions and authority shape their enterprises. Participants will develop a richer understanding of the industry and the world, enhanced skills for higher levels of responsibility and an expanded network of senior-level peers.

www.cox.smu.edu

7


COXPROGRAM NEWS

Centers of Excellence

Cox BLC Recognizes Disney Institute Class of 2011 In December, the Business Leadership Center (BLC) took a select group of Cox MBA students to the annual BLC Disney Institute Program in Orlando, Florida. SMU Cox is the only graduate school to offer “Creating and Sustaining a Service Culture,” a program in which its facilitators equip students with time-tested classroom and behind-the-scenes experiences at the Walt Disney World Resort. The BLC Disney Institute Program, presented by the BLC via an endowment from Edwin L. Cox, is in its 13th year and is open to Cox full-time MBA and PMBA students by application only. Disney Institute 2011: Students at BLC Disney Institute Program

Fall 2011 SAB class with Neeta Goel

“Starting A Business” Program Celebrates Success The “Starting A Business” certificate course concluded another successful term with an inspirational talk by the keynote distinguished entrepreneur speaker, Neeta Goel. Goel is president of Newt Global, a multi-year winner of the Dallas 100™ Awards and alumnus of the program.

8

Spring 2012


COXPROGRAM NEWS

Centers of Excellence

Caruth Institute Hosts Southwest Venture Forum The Caruth Institute recently hosted the Southwest Venture Forum at the Park City Club. The topic was “Creating Liquidity: Two Success Stories.” Bill Rolley of Amegy Bank served as the moderator of the event. Members of the panel included Arthur Hollingsworth of Lone Star Investment Advisors, LP and John Michelsen, founder of iTKO. SWVF: Arthur Hollingsworth, John Michelsen and Bill Rolley

Dallas 100™ Celebrates Another Successful Year Once again, the Caruth Institute recognized the 100 fastest growing privately held companies in Dallas. Phil Romano was the keynote speaker at the awards ceremony held at the Morton H. Meyerson Symphony Center. Over 1,000 people attended the celebration. Sponsors for the event included Amegy Bank; BKD, LLP; CARR LLP; CresaPartners; Dallas Business Journal; Evolutionary Financial Strategies, LLC; Executive Press; KRLD News Radio 1080; The Intersect Group; and The Stewart Organization.

www.cox.smu.edu

Phil Romano at the Dallas 100™ Awards Ceremony

Jerry White, director of the Caruth Insitute for Entrepreneurship, at the Dallas 100™ Awards Ceremony

9


COXPROGRAM NEWS

Centers of Excellence

Caruth Institute Hosts Texas University Network for Innovation and Entrepreneurship During the TCU vs. SMU football weekend, the Caruth Institute hosted the annual Texas University Network for Innovation and Entrepreneurship (TUNIE) at the Collins Center. Acton, Baylor, Hoover Academy, Prairie View A&M, Rice, St. Edward’s, Texas A&M, TCU, University of Houston, University of Mary HardinBaylor, UNT, UT Dallas, UT Tyler, UT-Pan American, UTSA, and West Texas A&M all attended. Jerry White (center) and Simon Mak (far right) with TUNIE participants

Latest Investment Generates Over $273,000 In Proceeds The SMU Cox MBA Venture Fund, managed by the Caruth Institute for Entrepreneurship, recently had an investment exit resulting in a payment of $273,809 from co-investor Lone Star Investment Advisors. The fund receives investment recommendations from students in John Terry’s Venture Capital Practicum course. Jerry White is the director of the fund and John Terry is on the board.

10

Business Leadership Center Recognizes Students

Presenting the check to Jerry White is Arthur Hollingsworth (front right) and Will Walters MBA ’07 (front right center) of Lone Star Investment Advisors.

The Business Leadership Center recognized 12 students who reached the level of Cox Distinguished Business Leader by accruing 20 BLC seminar credits for 60 contact hours, and who held a leadership role either at Cox or in the community while dedicating at least four hours to community service. Recipients included: Matt Haydis, Caroline French, Eugene Cook, Imran Khan, Kevin Lambert, Jovin Lim, Cody Treese, Amy Trujillo, Tommy Wainscott, Michael Leen, Joy Schwartz and Santharam Kolli.

Spring 2012


COXPROGRAM NEWS

Centers of Excellence

Graduate Business Analytics Certificate Program Celebrates Another Successful Year The Graduate Business Analytics CertiďŹ cate Program recently celebrated the graduation of its Fall 2011 class. This is the 12th graduating class since the inception of the program in 2004. This year’s class included managers and professionals from a variety of leading companies in the DFW area including: Verizon, Bell Helicopter, Blue Cross/Blue Shield of Texas, Six Flags, SuperMedia, AT&T, Priceline.com and 7-Eleven. The 15-week program is designed for managers and professionals in ďŹ nance, marketing, IT or operations who analyze business data. Topics covered during the program include decision modeling and analysis, data and knowledge management, data mining, web analytics and revenue management. The next session will begin in October 2012.

Business Library Receives Major Renovation In 2011, the newly renovated SMU Cox business library re-opened as a beautiful facility, coinciding with the Kitt Investing and Trading Center grand opening. Students now enjoy improved access to centrally located librarians, more study rooms and comfortable areas to conduct research using the prestigious collection of electronic business databases. Designed to be a non-traditional library, the dean envisioned a resource center that would deliver business information to researchers via computers. The original vision has remained true, and the library continues to evolve as a research hub for the Cox School by making top quality business information and services readily available to Cox and the entire SMU community. www.cox.smu.edu

11


COXACHIEVEMENTS

Faculty & Staff

Achievements Neil Bhattacharya, Ernst & Young faculty research fellow in accounting, has been invited to present academic research at two universities in Singapore – Nanyang Technological University and Singapore Management University. He presented his co-authored paper titled “R&D Reporting Rule and Firm Efficiency” at Nanyang on November 18, and at Singapore Management on November 25. He visited Singapore Management University for a month as an invited Academic Fellow. In addition, he co-authored a paper titled “Does Earnings Quality Affect Information Asymmetry: Evidence from Trading Costs” with Hemang Desai and Kumar Venkataraman (see below), which has been accepted for publication in Contemporary Acccounting Research. Andrew Chen, distinguished professor of finance, had two papers published recently in The Chinese Economy: “China’s Corporate Bond Market Development” (with S. Mazumdar and R. Surana), and “Sustainable Growth for China: When Capital Markets and Green Infrastructure Combine” (with Jennifer Warren). Forthcoming is “Portfolio Revision under Mean-Variance and Mean-CVaR with Transaction Costs” (with F. Fabozzi and D. Huang) in Review of Quantitative Finance and Accounting 2012.

12

Hemang Desai, department chair and Robert B. Cullum Professor of Accounting, had two papers accepted for publication. In addition to co-authoring “Does Earnings Quality Affect Information Asymmetry? Evidence from Trading Costs” (see Neil Bhattacharya and Kumar Venkataraman), Desai also co-authored “A First Look at Mutual Funds that Use Short Sales” with Honghui Chen (UCF) and Srini Krishnamurthy (NC-State). The paper is forthcoming in Journal of Financial and Quantitative Analysis. Dwight Lee, the William J. O’Neil Endowed Chair in Global Markets and Freedom and Scholarin-Residence, wrote “Happiness, Adaptation and Decreasing Marginal Utility of Income,” which appeared in The Journal of Private Enterprise. “Shrinking Leviathan: Can the Interaction Between Interest and Ideology Slice Both Ways?” was published in The Independent Review (with J. R. Clark). Lee’s opinion piece, “Market Failure Isn’t Full Story,” was published in Investor’s Business Daily (with J.R. Clark). He wrote “Reducing Real Output by Increasing Federal Spending,” which was a featured article on the Library of Economics and Liberty website. In addition, Lee’s article “Moderating the Dark Side of Emotional Morality with the Bright Side of Market Morality” is forthcoming in The Independent Review, and his article “Comparing the Morality of Government and Markets” is forthcoming in The Freeman.

Frank Lloyd, associate dean of Executive Education, reports that a case study on the National Hispanic Career Council (NHCC) Corporate Executive Development Program at SMU Cox Executive Education was featured in the January-February issue of Diversity Executive Magazine. He also had an article, titled “Land Managers Hold the Key to New Oil & Gas Leadership” published in the Professional Landmen’s Newsletter, a publication of the Houston Association of Professional Landmen. Also, an article titled “Five Things Leaders Could Learn from Graduates,” co-written with Albert W. Niemi, Jr., dean of the Cox School of Business, appeared in SmartBrief: SmartBlog on Leadership. In November, his article “Fourth Dimension Leadership in Oil and Gas: Extending Ethics and Values Beyond the Organization” was published in Petroleum Africa. Lloyd presented his white paper, “Executive Education Markets and Trends, Strategies and Choices,” at the UNICON (Executive Education Consortium) team development conference at USC Marshall School of Business; and for the fourth consecutive year, he conducted the Newcomers Workshop. Lloyd also reports that SMU Cox was selected No.16 among national universities and organizations providing professional leadership by Leadership Excellence. Darius Miller, Caruth Chair in Finance, had his paper “The Use of Foreign Currency Derivatives, Corporate Governance, and Firm Value Around the World” accepted for Spring 2012


publication in the Journal of International Economics. He also was invited to present his paper ( joint with Amar Gande, assistant professor of finance) “Why do U.S. Securities Laws Matter to Non-U.S. Firms? Evidence from Private Class-Action Lawsuits” at the 2011 Conference on Empirical Legal Studies at Northwestern University. In addition, he was appointed as an associate editor for Financial Management Journal and The Journal of Financial Research. Miller was also elected to the Board of Directors of the Financial Management Association as Vice President of Global Services. Maria Minniti, professor and Bobby B. Lyle Chair in Entrepreneurship, has three peer-reviewed papers forthcoming: “Taking Stock of our Ignorance About Entrepreneurship and Economic Growth” in Economia Industrial (in Spanish); “Slipping the Surly Bonds: The Value of Autonomy in Self-Employment,” co-written with David Croson, associate professor of strategy and entrepreneurship at Cox, in the Journal of Economic Psychology; and “Cluster Formation by Entrepreneurial Break-offs,” co-authored with I. Hyeock Lee and M. Levesque, in IEEE Transactions on Engineering Management. Minniti also has written chapters in three books that are being published or have been published: “Mathematical Modeling for Entrepreneurship Research,” with M. Levesque appears in Handbook of Research in Small Business and Entrepreneurship. Forthcoming is “Entrepreneurship Studies,” in the Oxford Handbook of Austrian Economics. She also wrote a chapter that is included in “Perceptions and Heuristics in Entrepreneurial Decisions: www.cox.smu.edu

The Example of Overconfidence,” with P. Koellinger and C. Schade. The chapter appears in The Dynamics of Entrepreneurship: Theory and Evidence. Minniti edited The Dynamics of Entrepreneurship: Evidence from the Global Entrepreneurship Monitor Data, in 2011. She was invited to make a contribution to “The Potential Impact of Healthcare Reform on Entrepreneurial Activities in the United States,” with Y. Gai. Health and Ageing Newsletter of the International Association for the Study of Insurance Economics: The Geneva Association in October 2011. Minniti also lists one refereed conference proceeding: “Entrepreneurial Volatility: A Cross-Country Study,” with E. Amoros and O. Cristi, in Annual Proceedings of the Wealth and Well-Being of Nations. Robin Pinkley, professor of management and organizations, joined the Board of Directors of North West Leadership Society in Camus, Wash. Her tenure continues through 2014. She is a new member of the Advisory Board for the International Association of Conflict Management (IACM), a position which will continue through retirement. She has also been appointed to be part of the IACM’s “Most Influential Paper Published Between 2004-2007” award committee. In addition, Pinkley has become a member of the Board of Directors for Solidus Technologies, a Colorado Springs-based product development company, and will serve on that board through 2016. Her tenure on the Association Board of Focus on Asymmertry, Cognition & Emotion (FACE) continues through 2015.

Miguel Quiñones, the O. Paul Corley Distinguished Chair of Organizational Behavior, received the President’s Associates Outstanding Faculty Award, given by the Center for Teaching Excellence at SMU. The $1,000 award is given annually to tenured faculty for the achievement of teaching and learning and is designed to honor faculty who have sustained high achievement as teachers and whose scholarship makes a meaningful contribution to student learning. Karthik Ramachandran, assistant professor of information technology and operations management, had an article published in the December 2011 issue of Management Science. He co-authored the article, “Integrated Product Architecture and Pricing for Managing Sequential Innovation,” with Vish Krishnan of UCSD. Robert Rasberry, assistant professor of management and organizational behavior, was selected to be part of the Texas Project for Human Rights Education, spearheaded by SMU’s Embrey Human Rights Program and funded through a multi-year $268,000 grant awarded by The Boone Family Foundation. It aims to extend the reach of human rights education at SMU and throughout Texas. Rasberry received a portion of the grant money to incorporate aspects of human rights into academic discipline. As part of the project,

13


COXACHIEVEMENTS

Rasberry also travelled with other project participants to World War II Holocaust sites in Germany and Poland. James Smith, Cary M. Maguire Chair in Oil and Gas Management, has a paper titled “On the Portents of Peak Oil” that has just been accepted for publication by the British journal, Energy Policy. He also just completed a paper, “The Impact of Fiscal Regimes on Resource Exploitation,” which is the result of research conducted for the International Monetary Fund during the course of his sojourn as Visiting Scholar at the IMF last fall. Smith delivered an address titled “Oilfield Unitization in Theory and Practice” at the International Workshop on Microeconomics Applied to the Energy Industry, held in Rio de Janeiro, in December. As part of his assignment at Resources for the Future (Washington, D.C.), where he is spending a sabbatical year with the support of RFF’s Gilbert White Fellowship, he is engaged in a study of the impact of commodity futures trading on physical prices. The goal is to understand how speculators impact the price of oil, if at all. Results are expected later this year. Smith spent February in residence at KAPSARC (King Abdullah Petroleum Studies and Research Center) in Saudi Arabia, where his principal activities were to conduct research and lecture on the world oil market.

14

Johan Sulaeman, assistant professor of finance, had his joint paper “When Do High Stock Returns Trigger Equity Issues?” (with Aydogan Alti) published in the January edition of the Journal of Financial Economics. Also, his joint paper, “Local Religious Beliefs and Mutual Fund Risk Taking,” was accepted for publication by Management Science. Additionally, he presented his joint paper, “Home Away from Home: Economic Relevance and Local Investors,” at the 2012 American Finance Association annual meeting in Chicago. John Sumanth, assistant professor of management and organizational behavior, was nominated for a HOPE Teaching award, based on his teaching of MNO 3370 in the fall semester. Kumar Venkataraman, the James M. Collins Chair in Finance and the academic director of the ENCAP Investments & LCM Group Alternative Asset Management Center at Cox, has joined the Editoral Board of the Journal of Financial Research. Also, a paper he co-authored with Hemang Desai and Neil Bhattacharya titled “Does Earnings Quality Affect Information Asymmetry: Evidence from Trading Costs,” is forthcoming in Contemporary Accounting Review.

Dimitris Vrettos, assistant professor of accounting, co-authored a paper with Karen Sedatole of Michigan State University and Sally Widener of Rice University. “The Use of Management Control Mechanisms to Mitigate Moral Hazard in the Decision to Outsource” has been accepted for publication at the Journal of Accounting Research. This paper was also selected for the 2011 Journal of Accounting Research conference that was held in Chicago last May, and it will be published and discussed in the conference issue of the journal next spring. Bernard Weinstein, associate director of the Maguire Energy Institute and an adjunct professor of business economics, gave his 22nd annual economic outlook speech to the North Dallas Chamber of Commerce in January. Weinstein has been a featured speaker at the event since its inception in 1990. He also gave the keynote address, “The Natural Gas Energy Option for Puerto Rico,” at an energy conference sponsored by the Institute of Public Policy of the Sistema Universitario Ana G. Mendez in San Juan, Puerto Rico in August.

Spring 2012


COXIN THE NEWS

COX

Quotables KRLD-AM

“CEO Spotlight with David Johnson” (10/21/11) Edwin L. Cox, namesake and benefactor of the Cox School of Business, was interviewed during the Cox School’s celebration of his 90th birthday. Reflecting on his long career in the oil business, he said, “We had a wonderful 71 years in the oil business. It was really great. I truly miss it every now and then. Where I pick up a lot of pleasure these days is being at SMU and the School of Business.” Los Angeles Times

“U.S. Dependence on Foreign Oil Wanes as Domestic Production Booms” (10/29/2011) Bruce Bullock, director of the Maguire Energy Institute, was quoted in a story about how domestic energy producers have helped reverse the nation’s once escalating dependence on foreign oil. “Three dimensional seismic technology has become much more sophisticated,” Bullock said. “New drilling methods allow them to penetrate formations that were once thought to be impenetrable. So we’ve seen a lot of investment dollars going back into areas that had appeared very unpromising.” The New York Times

“Sunday Dialogue: Incentives on Energy” (11/5/2011) Bernard “Bud” Weinstein, associate director of the Maguire Energy Institute, wrote an opinion piece critical of the high cost of federal subsidies to the renewable power industry. “Tax incentives for fossil fuels amount to a mere 64 cents per megawatt,” Weinstein said. “Renewables have their place, and perhaps at some time in the future they’ll be able to stand the market test. But they don’t obviate the need for reliable, uninterruptible power.” WFAA-TV

“American Airlines’ Parent Seeks Bankruptcy Protection” (11/05/2011) Mike Davis, senior lecturer of economics, www.cox.smu.edu

Following are recent samples of Cox faculty quoted in the news.

appeared as a live guest on the station’s midday newscast on the day AMR filed for bankruptcy. “One way or the other they [employees] are going to have to accept a reduction in their compensation,” Davis said. “Maybe that could have been negotiated a couple of years ago to avoid bankruptcy, but American has no choice. They have got to get their cost structure under control if they are going to survive.”

pipeline because it might cause the inflation rate to be even above what they anticipate it will be.” D CEO

“’Tis the Season to Analyze Gift-Giving” (12/05/2011) Morgan K. Ward, assistant professor of marketing, shared the results she and a coresearcher came up with as they explored what happens when people buy gifts that counter their own tastes. Their research found that “when gift givers buy presents that friends and family like, but that they don’t care for themselves, they end up spending more money.”

“Riding the Roller Coaster” (12/2011) Miguel Quiñones, O. Paul Corley Distinguished Chair of Organizational Behavior, and Robert Rasberry, assistant professor in the management and organizational behavior department, conducted the 2011 SMU Cox CEO Sentiment Survey, which was published in the December issue of D CEO. “We found that, in spite of a very difficult business environment, 37 percent of CEOs reported meeting their business objectives, while another 30 percent exceeded them,” they wrote. “These results are a testament to the resilience and dynamism of our region’s economy, as well as the dedication and skill of the leaders and employees of the organizations in our sample of respondents.”

The Dallas Morning News

American Banker

“Little Change Seen in 2012, If We’re Lucky” (12/18/2011) Dean Albert W. Niemi, Jr. offered his economic forecast for 2012. Columnist Cheryl Hall quoted the dean and other Cox professors regarding their predictions for a slow economic recovery. “Keys to recovery are jobs, the housing market and consumer spending,” Niemi said. “The average American consumer is roughly in the situation of Greece: bankrupt and overspent. What you’ll be witnessing in the next decade is the great deleveraging of it.”

“Managing in Times of High Anxiety” (2/01/12) Mel Fugate, associate professor of management and organization, was quoted in an article profiling the challenges faced by the manager of a division of Citigroup through the financial crisis. Fugate noted that “the potential drain on the partner cards group and other parts of Citi Holdings would have been well above average.” “Citi was in such dire circumstances” he said. “That urgency would make all the anxiety go way up. What would make it worse is that it was, and still is, a horrible job environment. Trying to manage people who have all that uncertainty about their future? This would have been a manager’s nightmare, and productivity absolutely would have been cut.”

Bloomberg Businessweek

Fox Business Network

“Fed Leaves Rate Unchanged” (12/13/2011) W. Michael Cox, director of the O’Neil Center for Global Markets and Freedom, commented on the Federal Reserve Bank’s decision to continue leaving the interest rate unchanged. “There is a lag between money and inflation,” Cox said. “There is so much money already in the pipeline that they are not willing to put more money in the

15


C O X FA C U LT Y R E S E A R C H

Internet Activity Focusing More on Identity Work ASSOCIATE PROFESSOR OF ITOM ULRIKE SCHULTZE

The Internet has evolved from static web pages to e-commerce — and now to identity play — according to Professor Ulrike Schultze of SMU Cox. Through researching how people use their avatars and operate in Second Life, one of the richest social media environments, Schultze finds new insights into how our on- and off-line identities are increasingly entangled. In the past, we have thought of the Internet as a place of mere words, where, unencumbered by our bodies, our minds interact, suggests Schultze. This notion is captured in the famous 1993 New Yorker “on the Internet, nobody knows you’re a dog” cartoon. “Today, however, the stereotypical concept that your body is removed from cyberspace is outdated,” Schultze says. “For one, the web is much more multimedia, which means that people present themselves in pictures and videos, and they frequently share via Facebook or GPS-cellphone apps, from where they are currently located.

Furthermore, the identities that people are constructing online are no longer entirely under their control. With social media, the comments our friends post co-construct how we see ourselves and how we are seen by others.” “So, we need to change how we think about identities—how we construct and maintain them, both on- and off-line,” she says. Schultze maintains, especially, as social media and online games constitute more and more of our Internet activities. Cyberspace is no longer just a stage or performance space, where users and firms control their message in order to represent an established or desired identity; instead it has become a “performative” space of co-creation, where identities are constructed through the actions taken not only by individuals or firms but also by their social networks. The question Schultze puzzles out is: How do we manage our identities in a social media environment, where our online identities

are increasingly distributed, co-constructed and entangled with our offline identities? Her answer: People rely on their experience of physical embodiment as a way of making life online meaningful and construct an identity that straddles actual and virtual reality. In this way, virtual identities are both online performances that are planned by the user, but also co-constructed, performative experiences that shape the user’s on- and off-line identity. The paper, “Embodies Identity in Virtual Worlds: A Performative Perspective,” by Information Technology Professor Ulrike Schultze is under review at the European Journal of Information Systems. Her work is funded by a National Science Foundation grant.

Debt a Stigma in Venture Capital Firms ASSISTANT PROFESSOR OF FINANCE INDRANEEL CHAKRABORTY

In a venture capital or entrepreneurial setting, the cost of debt extends beyond the direct financial costs. Investors may interpret the choice of debt financing as a negative signal about firm quality. Even if debt is repaid, the firm has lower value and reduced prospects for a successful exit, according to new research. For a venture capital (VC) firm, a successful exit is either an initial purchase option (IPO) or acquisition by another firm. Finance Professor Indraneel Chakraborty of SMU Cox School and co-author Michael Ewens of Carnegie Mellon University provide new insights into the nature of debt in an entrepreneurial or VC-backed firm in their paper “Does Security Matter in Venture Capital? The Case of Venture Debt.” Entrepreneurs and venture capitalists finance their ventures with equity for the lion’s share of the investment. Debt financing in these settings comprises generally the other 15%. Conventional wisdom says that debt financing is obtained by firms that believe their equity is undervalued. In their study of VC

16

financings from 1992 - 2011, after a round of debt the firm value drops 33%; and the firm then has a 25% lower probability of success, achieving an IPO or being acquired. “That debt can be a negative signal for the firm is quite striking to us,” says Chakraborty. “Prior literature has shown that firms obtain debt due to tax benefits or to signal that the firm’s equity is undervalued, among other reasons.” This makes debt a positive signal about firm quality. “What we find is that in VC-backed firms, this is not the case, and borrowing, in fact, corresponds to lower future prospects even after debt is paid back.” The authors’ findings suggest that who is lending the funds to the VC-backed firm matters in determining the impact on firm prospects. When an insider provides debt, such as a venture capitalist already having a stake in the firm, it is a negative signal. Chakraborty explains, “The key difference is that the venture capitalists themselves are the lenders versus in a typical firm where the funds come from outside sources.” He says this is important because “it is similar

to someone close to you saying that they would rather lend to you than own a piece of your business. This shows that they do not believe that the firm’s prospects are bright.” The venture capitalist will prefer debt finance versus liquidation even if the venture capitalist believes that the firm’s future is not as bright. This is because the venture capitalist already has an equity stake in the firm, which will lose all value if the firm is liquidated. During times of crisis, debt may be the only solution. Chakraborty says that because the recent financial crisis was an exogenous shock (i.e., not related to firmspecific characteristics), venture capitalists lent funds because of liquidity needs when there were no sources externally. This allowed firms to survive in a difficult period. In general, small businesses employ about 60% of the U.S. labor force and contribute roughly 50% to GDP. Thus, the fact that many such firms were able to continue through the crisis due to debt financing is a positive for the world economy.

Spring 2012


CEO Risk-Taking Incentives at Financial Firms and the Financial Crisis

ASSISTANT PROFESSORS OF FINANCE AMAR GANDE AND SWAMINATHAN KALPATHY

As financial historians, researchers and analysts attempt to explain and identify the causes of the financial crisis, excessive risktaking emerges as an important explanation. According to evidence from new research by Finance Professors Amar Gande and Swaminathan Kalpathy, U.S. Federal Reserve emergency financial assistance (“bailouts”) is higher among firms whose CEOs have stronger risk-taking incentives. In “CEO Compensation at Financial Firms,” the authors disentangle whether the incentives inherent in CEO compensation contributed to the financial crisis. This is the first paper to use the recently available data from the bailouts to assess some of the damage. The study presents evidence that CEO compensation contracts may have embedded incentives for CEOs to take on excessive risks. This paper adds to the literature by explaining whether or not executive compensation incentives had a role to play in incentivizing financial firms’ CEOs to undertake excessive risks prior to the financial crisis. The authors use a novel dataset of emergency capital provided by

the U.S. Federal Reserve to eighty-three large financial firms (for which executive compensation data exists) through five government programs during the crisis period of 2007-2010. The typical financial firm that receives financial assistance has an average market capitalization of $21 billion and average book value of assets of nearly $80 billion. Bailouts are considered to be an ex-post (or after the fact) measure of the excessive risk-taking before the crisis. “Our underlying assumption is that if an executive is involved in certain types of risk-taking, the crisis exposed and measured the outcome of those risk-taking activities,” says Kalpathy. “The bailout is an outcome [in this case].” Further, the authors questioned whether the incentives set prior to the crisis had any ability in explaining the variation in how much assistance a financial institution received during the crisis. Findings suggest that equity incentives embedded in CEO compensation contracts are positively associated with risk-taking in financial firms. The authors suggest that federal

emergency capital assistance serves as an empirical proxy for the true financial health of these financial firms. The amount of assistance received by financial firms is likely a better signal of financial health than accounting- or stock price-based measures of firm performance derived from financial statements. “There is a link between excessive risktaking incentives and bailouts,” Gande says. “We conclude that this issue should be priced in, such as in Federal Deposit Insurance Corporation (FDIC) insurance premiums. Moreover, if a firm is receiving bailout money, then the interest rate and amount should be based on incentive features provided by the firm. Firms, which are cranking up on risk, may see bailouts as less costly money. If the government wants to address this issue, it should be based on pricing it in, as opposed to direct regulation. Regulation may not always work since sometimes it has unintended consequences.”

Honoring the Code: Infusing the Firm’s Ethical Climate ASSISTANT PROFESSOR OF MANAGEMENT AND ORGANIZATION MARIBETH KUENZI

In the wake of yet another period of corporate scandals and heightened attention to social responsibility, there is a renewed focus on managing and working for an ethical organization. But firms with ethical climates may actually perform better, bringing tangible and intangible returns to employees, managers and stakeholders. In new research about creating an ethical organizational environment, Management Professor Maribeth Kuenzi of SMU Cox and co-authors develop a model that can help firms see where they are succeeding or breaking down. Professor Kuenzi parses the research: “There are many nuances in developing an ethical organization. Is it about an ethical culture, climate or practices? We break it down. We say that organizations have overall goals, and leaders are the ones who interpret or filter that.” Leaders www.cox.smu.edu

must not only be moral managers, ie., good people themselves who have integrity, but also be moral leaders. In other words, they must also demonstrate and role model their capacity for ethics. “A major part of ethical leadership is helping employees mimic those ethical behaviors,” says Kuenzi. “People also learn by what is rewarded, punished and emphasized by the leader.” The research offers six different practices that portray the ethical organization. From these practices, an environment develops that leads to the ethical climate. The authors find that when an ethical climate is in place, and people try to make decisions and take action, they tend to observe how that climate’s practices transfer in their surroundings. And if it

is an ethical environment, they will hopefully use those observations to guide their behavior with positive actions and develop more trust of the leadership. The authors find a link between ethical climate and unethical behavior, and unethical behavior has been associated with negative outcomes such as increased lawsuits and decreased bottom-line outcomes, all reasons for an organization to track and maintain an ethical environment. “The ethical leader sets the tone but if people in a department are cutting corners and getting rewarded, that has more impact on employees’ behavior than the leader’s words and actions,” Kuenzi explains. “Employees often talk more to peers than their leader.”

17


18

Spring 2012


Special Report: 2011 SMU Cox CEO Sentiment Survey

CONQUERING THE CHALLENGES OF THE C-SUITE With ďŹ ve years of insights from Dallasarea CEOs, the Cox School is in position to help executives tackle tough issues By Mark Stuertz

www.cox.smu.edu

19


F

“SMU’s CEO Sentiment Survey has become the most reliable barometer of what top executives in North Texas are seeing and thinking,” says Glenn Hunter, the executive editor of D CEO. “Unlike any other study, it puts Dallas-Fort Worth’s business climate in context with national trends, and helps decision makers identify the potential problems — and opportunities — that lie ahead.”

the SMU Cox CEO Sentiment Survey has helped position the Cox School as a hub of C-suite information that can’t be found anywhere else. Thanks to extensive and candid input from hundreds of the area’s most dynamic leaders, Cox professors Miguel A. Quiñones and Robert Rasberry spend each fall digging through research data, evaluating survey responses, and assessing trends. The end result is a thorough and robust report on the state of our global, national and regional business landscapes, as seen through the eyes of our local CEOs. In an everchanging economy, this growing vault of data and trends becomes invaluable information. “SMU’s CEO Sentiment Survey has become the most reliable barometer of what top executives in North Texas are seeing and thinking,” says Glenn Hunter, the executive editor of D CEO. “Unlike any other study, it puts DallasFort Worth’s business climate in context with national trends, and helps decision makers identify the potential problems — and opportunities — that lie ahead. We’re proud to present the survey in

MARK CUBAN

CEO

EXCLUS IVE:

SMU COX CEO SURVEY

WHAT’S AHEAD FOR NORTH TEXAS ?

REST SHARE THEIR RECIPES FOR SUCCESS

W W W. D M A G A Z I N E

DECEMBER 2011

PERCENT OF RESPONDENTS

DFW’s Top Executives Select

! R UP DEATEU ORAUR RS

our magazine each December, because it provides our readers with valuable localized ‘business intelligence’ they can’t find anywhere else.” The Dallas-area executives who answer the survey steer successful organizations operating in what is one of the most thriving regional economies anywhere. During the twoyear recession, the state added 262,000 jobs, and the DFW area was a large contributor to that growth. Over the last decade, the region’s population has skyrocketed. There are 24 Fortune 500 companies that call the area home, and, thanks to several corporate relocations, the economic development outlook is strong. DFW is ranked fourth nationally for adding jobs in the past year. What’s more, Dallas is ranked fifth out of 65 metro areas for the best place for young adults to start a career. After five years of surveys, this is an economy that Cox knows like a close friend. As interesting as the year-to-year results are, it’s the information buried in the five years of data that could be the most useful. The Cox School has captured the minds of the Dallas-area CEOs during what has been a tumultuous

HOW SATISFIED ARE YOU WITH YOUR JOB?

OF 2011 CEOTHEYEAR

CEO

or the past five years,

60.0 52

45.0

VERY DISSATISFIED SOMEWHAT DISSATISFIED

29.7

30.0

NEUTRAL SOMEWHAT SATISFIED VERY SATISFIED

15.0 4.6

$4.95

7

5

0

.COM

A Z I N E . C O M W W W . D M A G

20

11/2/11 11:12 AM

Spring 2012


DECLINE

DFW AREA ECONOMIC OUTLOOK

STAY THE SAME IMPROVE

80.0

PERCENT OF RESPONDENTS

60.0

70.5 59.9

40.0

57.3

52.9 46.9 42.0

20.0 36.5 31.0

0

23.9

23.9 14.6 9.8

9.5

9.5

5.6

time economically. Just knowing what these business leaders were thinking while the U.S. economy was on its rollercoaster ride can be valuable when looking for trends or trying to predict reactions to similar economic swings in the future. “One of the reasons people come here from all over the world to earn their MBAs and undergraduate degrees is because Cox is plugged into this economy,” says Quiñones, O. Paul Corley Distinguished Chair in Organizational Behavior. “Cox has its finger on the pulse of business leadership. So if you want to know what top business leaders are thinking, come to Cox.”

WHAT THE CEOS ARE SAYING THIS YEAR

Right now, business leaders are thinking about sustaining a competitive advantage.

www.cox.smu.edu

2008

2009

2010

2011

DECLINE

ECONOMIC OUTLOOK

PERCENT OF RESPONDENTS

2007

STAY THE SAME IMPROVE

60.0 59.6

45.0 40.0

46.9

44.8

42.0

30.0 28.9

15.0 13.6

0

7.2

WORLD

U.S.

9.5

DFW

21


TOP GOVERNMENT ACTIONS NEEDED GOVERNMENT ACTION

% SELECTING

Increase Financial Incentives for Business

45.6

Improve Public School Education

24.8

Control Energy Costs

8.0

Improve Public Transportation

2.4

Create More Affordable Housing

2.4

Improve Zoning Policies

2.4

Improve Air/Water Quality

.7

TOP THREE CHALLENGES AS CEO CEO CHALLENGE Sustaining Competitive Advantage

65.6

Attracting and Retaining Good Employees

32.3

Meeting Quarterly Earnings Projections

28.0

It was the top issue identified in this year’s survey. Recruiting top talent is the key to maintaining that advantage, but the problem executives are running into is finding that talent. Most who responded rated the quality of the available labor pool as simply adequate. “You would think that with unemployment close to nine percent nationally, business leaders would have easy pickings when they need to fill key positions,” points out Frank R. Lloyd,

22

% SELECTING

associate dean, Executive Education. “But that’s not the case. They can’t find the people with the leadership and business skills needed for the higher levels in the organization.” There is a deep well of professional talent with high technical and functional skills, says Lloyd. But demand far outstrips supply for those with enterprise-level business and leadership abilities. This scarcity represents the need for the kind of graduate that Cox produces, he insists. “To provide the breadth of business skills

INVEST IN YOUR FUTURE Today’s competitive pace of business requires agility and adaptability. Professional development gives leaders the competitive edge. From top-ranked MBA programs to customized executive education programs, SMU Cox prepares you for any challenge. To learn more, go to cox.smu.edu.

Spring 2012


that [covers] financial acumen, strategic thinking, decision making, and human capital development—that’s our bread and butter,” he says. But what is driving this scarcity? Is the executive talent pool less competent and capable than it has been in years past? Or has something else changed? “What’s different is that the demands of the economy today spotlight the need for a special breadth of skills,” Lloyd maintains. “You can boil it down to an ability to be flexible and adaptable in the face of rapidly changing conditions. You have to be innovative. You have to be forward thinking.”

According to the survey, only 26 percent of executives plan to increase training budgets. This reluctance to fund employee development will likely dampen competiveness in the future.

DECREASING TRAINING CAN LEAD TO DECLINING GROWTH

Being “forward thinking” just might mean spending money on training at a time when most CEOs aren’t. According to the

INDUSTRIES OF SURVEY RESPONDENTS INDUSTRY

%

INDUSTRY

%

Construction

18.2

Real Estate

4.5

Manufacturing

16.5

Energy

4.0

Wholesale Trade

7.7

Travel and Transportation

3.7

Financial Services

6.5

Restaurant and Hospitality

2.0

Retail Trade

6.2

Communications

1.2

Healthcare

6.0

Agriculture

0.2

Professional Services

5.0

Other

18.2

PROFILING OUR RESPONDENTS

This year we received responses from 436 DFW area CEOs, presidents and business owners. The vast majority (44.7 percent) were between 50 and 59 years of age or older (35.1 percent). Also, 91 percent of them were male and had over 10 years of experience leading their current organizations (67.6 percent). They led mostly privately held organizations (91.2 percent) and were either the founders (45.6 percent) and/or owners (63.1 percent) of their businesses. In terms of revenue, 57 percent brought in less than $10 million, while 14 percent had revenue exceeding $50 million. The vast majority (93.6 percent) had 1,000 or fewer employees.

www.cox.smu.edu

survey, only 26 percent of executives plan to increase training budgets. This reluctance to fund employee development will likely dampen competiveness in the future. “Resources for training and hiring are the first to go during challenging economic times,” says Rasberry, management and organizational behavior assistant professor. “Training is critical to being strategically positioned for tomorrow. These organizations have gotten as thin as they possibly can get. But this thinning is also inhibiting their future growth.” This is where Cox comes in. Aside from the gold-standard MBA, there are many short-term flexible options available to professionals who want to get the knowledge they need to step into leadership roles. With its customizable programs, professional certificates, executive education, and professional development seminars, Cox offers endless options for advanced training that can be customized to any industry. “Everyone thinks that an MBA is the only way to get the knowledge they need to step up into leadership roles,” says Rasberry. “And while an MBA is incredibly valuable, what many don’t realize is that there are options other than an advanced degree.”

EARNING PROJECTIONS

As these leaders prepare to confront these hurdles head-on, they also revealed a level of economic pessimism unseen in previous surveys over the last five years. Some 60 percent of business leaders in industries ranging from manufacturing to professional services expect the world economy to decline over the next year. However, their perception of the resilience and vitality of the North Texas regional economy stands in contrast to this pessimism. Even more surprising: They were downright bullish about their own organizations. “There seems to be this disconnect between what people say in general and what they say about their own circumstances,” Quiñones says. “The level of optimism seems to rise as you get closer to their sphere of influence.” To read the full results of the 2011 Cox CEO Sentiment Survey, visit coxceosurvey.org.

23


Invesco CEO Marty Flanagan, ’82 Cox Alumnus, says that changes to the CFO’s role in an organization have been dramatic.

24

Spring 2012


CHANGE Today’s CFO is more important than ever as finance becomes the competitive factor between success and failure BY PAULA FELPS

I

N THE 30 YEARS SINCE MARTY FLANAGAN EARNED HIS BA (’82) and BBA (’82) from SMU, he has watched the role of C-level executives change. But perhaps none have changed as significantly as the role of the chief financial officer. “Today, the CEO and CFO are joined at the hip for so many reasons,” says Flanagan, who is director, president and CEO of the investment firm Invesco, and previously served various roles for Franklin Resources, Inc., including those of president, COO and CFO. “Strategy and finance are linked together in the process for an organization to achieve the desired outcome for both clients and

www.cox.smu.edu

25


“To have a long-term strategic view, you have to be able to look at the markets, the economy, the market you work in … so without good financial underpinnings, you’re set up for failure,” Flanagan observes. “So for today’s CFO, just being a superb accountant isn’t good enough.”

shareholders, and integrating those two roles are the key elements for success in an organization.” Navigating the tumultuous economics of the past few years has required careful strategic financial moves, and many of the necessary decisions have required more financial strategies than managerial excellence. Adding to this complexity is the increasing pressure for CFOs to prove ROI in nearly every aspect of the enterprise, from procurement to marketing. This level of accountability now affects every major CFO decision, from expansion to existing expenses, forcing the C-suite to question ROI at every turn. “To have a long-term strategic view, you have to be able to look at the markets, the economy, the market you work in … so without good financial underpinnings, you’re set up for failure,” Flanagan observes. “So for today’s CFO, just being a superb accountant isn’t good enough.” To provide the experience needed for today’s complex finance demands, the Cox School of Business has expanded its programming and is providing additional finance education for its MBA students, as well as adding a Master of Science in Finance program (see sidebar). “The MBA curriculum is being revised to offer a stronger finance component,” says Professor William Maxwell, Rauscher Chair in Financial Investments and Finance Department Chair. “We are moving toward offering a finance minor for our MBA students.”

He says the goal of the new series of classes is to provide “the basic financial concepts” needed by a CEO to thrive in today’s marketplace. “If anything, the financial crisis has demonstrated the importance of CEOs and upper management having a stronger understanding of finance,” Maxwell says. “The error was not so much in the finance theories, but more from people believing that they knew finance—and they just flat didn’t. Finance is complex. What is dangerous is having a little bit of knowledge and thinking that you have a lot.”

Changing the rules

The new world order has changed the dynamics between CEOs and CFOs. Not only are they partnering together more than ever before, but also forward-thinking CEOs are opening seats at the table for people who may or may not have been included in these inner councils in the past. Among the many offerings at the Cox School are non-credit programs for working managers and executives, attracting finance executives and CFOs from both mid-size and large companies who want to sharpen their finance skills.

By the numbers

In addition to the financial tools provided by the non-credit programs, the Cox School is providing tomorrow’s leaders with the skills to handle the expanding role of the modern-day CFO. Don Shelly, director of the Alternative Asset Management Center, says

Last year, Marty Flanagan was instrumental in bringing the NYSE Euronext to the SMU Cox campus for a day of financial discussions, a CEO panel and an exciting closing bell ceremony. Shown: Marty Flanagan, SMU President R. Gerald Turner, NYSE CEO Duncan Niederauer and Dean Albert W. Niemi, Jr.

26

Spring 2012


that the changing economic tide has created demand for a larger depth and breadth of skills. “So much of the CFO’s job today is just managing risk rather than counting numbers and dealing with profits,” he says. “Now, the CFO has become another face of the company. They have to be able to deal with the media, do speeches, be good in an interview… you see them on Bloomberg News, on CNBC—all the places where you see the CEO.” Case in point is Isabella (Bella) Goren, CFO and senior vice president of AMR Corporation and American Airlines. The Cox alumna is focusing on AMR’s ability to be profitable as AMR and its companies navigate bankruptcy. Just last year, Goren also joined the board of Gap, Inc. The Cox School is in an unusually advantageous position to not only teach these skill sets, but also to offer the hands-on opportunity to test-drive them. According to Shelly, about 60 percent of the school’s undergraduates are finance majors, and the Dallas-Fort Worth area provides a wealth of businesses and leaders who are willing to help students hone their newly acquired skills. “We’re fortunate to be in an area with a lot of Fortune 1000 companies, so it is a strategic location for our students. Not only does this provide ample job opportunities for graduates, but it also allows us to bring successful finance professionals to campus to address students and share their wisdom and experience. For example, last year Marty Ellen, the CFO of the Dr Pepper Snapple Group (DPS), spoke to a standing-room only crowd about the challenges facing a CFO in a public company.” Another hands-on opportunity is the Kitt Investing and Trading Center, a 1,500 squarefoot facility that opened last year in Cox’s newly renovated Business Information Center. The Center is a state-of-the-art instructional and research facility and is designed to integrate finance curriculum, enhance innovative faculty research and teach students practical finance and investment applications. “We are already seeing better research and a higher quality work product from students,” Shelly says. “The skills they are learning will make them more productive on the job and more valuable to employers.” For Invesco’s Flanagan, the advantage of students who are receiving such in-depth financial training is clear. “The skills that these graduates are leaving with are so dramatically improved,” he says. “There’s no question. You have to have that foundation to succeed in today’s world.”

www.cox.smu.edu

Heeding the Call

As the business world continues turning its attention more closely to the world of finance, the need for analytic skills becomes more important than ever before. With that in mind, the Cox School of Business has unveiled its Master of Science in Finance program, presently in its first year of recruitment. “There’s an area in finance that is somewhat underserved and has created this demand for an MSF degree,” says Rex Thompson, who heads the new program. “It’s a need for specialized training in analytic and modeling skills that are critical [to business]. The program is designed to build analyst-level skills for positions that support high-level visionary thinkers.” The skill sets offered by the MSF will be particularly crucial to back-office analytics, and though some of those skills have been taught in many MBA programs, they have taken a back seat to courses more specifically geared toward becoming a good manager. With the MSF program, Thompson says they have the ability to emphasize those skills and create a workforce that can do the tasks depended upon by business leaders. “Everything we’re teaching is needed for the deals that MBAs are making. They depend on the numbers coming from the back office to guide their conclusions,” he notes. “We’re trying to fill a niche that has been underserved, and also has gotten wider because of the complexity of the markets we’re facing. We’re creating the support team for the leaders.” The program also puts the Cox School in the same league with other top schools that have recognized the need for, and value of, MSF programs. “Over the past five years, they’ve gained recognition,” Thompson says. “There are good programs now in schools from NYU and Wharton to Washington University and Vanderbilt. We feel we have the community, the specialized resources and the right finance department to teach the level of courses needed for our students to be successful.”

27


The New Kitt Investing and Trading Center

28

Spring 2012


www.cox.smu.edu

29


S

antiago Zepeda, BBA ’12, came to SMU from Highland Park High School thinking that he would study biochemistry. A practical thinker, Zepeda planned to use investments to do further research on the science of aging, but after some practical experience with investments he was hooked. Zepeda discovered he had a passion and a talent for investing. The stock market fascinated him. The would-be biochemist decided to instead major in finance with a specialization in alternative assets. Zepeda is also working toward a second major, a Bachelor of Science in Economics. “I like working with investments because of the possibilities. The returns distribution is great, but what you do determines your results,” said Zepeda. The Kitt Investing and Trading Center opened just in time for Zepeda’s senior year. With big LCDTV screens and a dozen Bloomberg professional terminals, Zepeda found the state-of-the-art facility the perfect

place to hone his investing and trading skills. “I never thought I would be able to do what I do now; the tools have definitely helped. The Bloomberg terminals are really useful in looking up the financial statements of foreign companies. Foreign markets present huge opportunities, and thanks to these terminals I have been able to spot many profitable opportunities” Zepeda said. Hyla “Chandler” Tannery, MBA ’12, also appreciates the unique learning opportunity that the Kitt Investing and Trading Center presents. A finance and economics graduate of Mercer University, Tannery decided to pursue her MBA to advance her investments career. Tannery had never experienced working on a Bloomberg terminal until the center opened in the fall. “It’s a much more hands-on experience than listening to a classroom lecture. It’s made learning more exciting.” Zepeda and Tannery are just two of the many BBA and MBA finance students at Cox who have benefited from the generosity of

“SMU Cox has offered a wonderful experience to our sons, and by extension to our entire family,” Barry Kitt said. “We feel fortunate to have this unique opportunity to support the university.”

Barry and Beth Kitt. The couple, along with their three children, made a substantial gift to the university last fall to establish the Kitt Investing and Trading Center. Barry Kitt found success early in his career working as a market maker on the Chicago Board of Options Exchange. Several years later, he moved to Texas where he launched two successful hedge funds. While managing those hedge funds, Mr. Kitt and his wife, Beth, raised three children in the Dallas area, two of whom chose to pursue their college education at SMU. “SMU Cox has offered a wonderful experience to our sons, and by extension to our entire family,” Mr. Kitt said. “We feel fortunate to have this unique opportunity to support the university.” The Kitts’ eldest son, Gregory, graduated magna cum laude from SMU Cox in 2008 with a major in finance and a minor in Chinese. He works for a U.S.– based investment bank, which has recently returned Gregory to southern California after more than three years working in Shanghai, China. The Kitts’ youngest son, Steven, is majoring in finance at Cox and economics with financial applications at Dedman College of Humanities and Sciences. Their daughter, Monica, graduated from

SMU Board of Trustees Chair Caren Prothro; SMU President R. Gerald Turner; Gregory Kitt; Beth M. Kitt; Barry M. Kitt; Steven Kitt; Edwin L. Cox; Dean Albert W. Niemi, Jr.

30

Spring 2012


Wake Forest in 2010 and pursued a double major, business/enterprise management and Chinese language and culture, with a minor in international studies. Monica currently works in Shanghai. All three children were involved in the Kitt family decision to make the gift. “Because our children are all part of the business and finance world, we decided together that a gift to the Cox School of Business was a good fit for our family. We really like the idea of making an impact on the future of the students who will become the next generation of leaders educated at SMU,” Mrs. Kitt said. In conjunction with the Ann Rife Cox Undergraduate and Nancy Chambers Underwood Graduate student-managed investment portfolios, the 32-seat Kitt Center gives students the opportunity to learn practical finance and investment applications. Inspired by Mr. Kitt’s years in the financial markets, the Kitt Investing and Trading Center contains an LED stock ticker, three video walls, 22 high-end work stations and 10 Bloomberg professional terminals— bringing the school’s total to 12, with state-ofthe-art data feeds and financial software. The Kitt Investing and Trading Center,

“The generosity of the Kitt family is inspirational. The Kitt Investing and Trading Center will offer a real-world learning experience and make a difference in the education and careers of SMU’s business graduates well into SMU’s second century,” said SMU President R. Gerald Turner. located next to the lower level atrium of the Cox School, was dedicated on September 28. “The Kitt Investing and Trading Center takes our finance curriculum to the next level,” said Albert W. Niemi, Jr., dean of SMU Cox. “We are most grateful to the Kitt family for having the vision to create a tool that will give students at SMU Cox the opportunity to gain hands-on investing and trading experience, even before they enter the competitive job market. What a wonderful gift to our students, the Cox School and the university.” The Kitt family gift comes during the Centennial celebration of the university’s founding year. It is the first large capital gift that has been given to SMU Cox as part of The Second Century Campaign. “The generosity of the Kitt family is inspirational. The Kitt Investing and Trading Center will offer a real-world learning experience and make a difference in the education and careers of SMU’s business graduates well

into SMU’s second century,” said SMU President R. Gerald Turner. The Kitt Investing and Trading Center has given Tannery, who hopes to be hired as a research analyst, what she calls “a leg up” in the competitive job market. “I appreciate the Kitt family for making the Investing and Trading Center possible,” Tannery said. “It really elevates the level of business education at Cox.” Zepeda, part of a proprietary trading firm, plans to start his own hedge fund and take it public three or four years after he graduates. He believes the Kitt Investing and Trading Center is helping him achieve that goal. “All of us are very thankful for their gift. The Kitt Center has definitely had a positive impact on our learning experience and the appeal of the alternative assets and portfolio practicum program,” Zepeda said.

Top: Don Shelly, director of the Alternative Asset Management Center, teaches both MBAs and BBAs in the Kitt Investing and Trading Center. Bottom left: Hyla “Chandler” Tannery, MBA ’12 Bottom right: Santiago Zepeda, BBA ’12

www.cox.smu.edu

31


COXDEVELOPMENT

S

MU Unbridled: The Second Century Campaign is the largest fundraising initiative in SMU’s history with an announced goal of raising $750 million by 2015. Thanks to the generosity of SMU alumni, parents and friends, the campaign has raised more than 80 percent of the total with three years remaining to complete the goal. Scholarships, student support, faculty and academic excellence and the campus experience are at the heart of this campaign. These areas will define SMU’s second century. Annual alumni giving participation – no matter the amount – is equally defining for SMU, which is why two of the goals for this campaign revolve around continuing to increase alumni involvement on an annual basis, in perpetuity. SMU and the Cox School of Business thank all who have participated in, or plan to contribute to, this campaign. As of January 2012, SMU made significant progress toward its three campaign goals. To learn more about how your gift can continue this momentum, please contact the Cox Development Office at 214.768.3074.

Campaign Yearly Alumni Participation Goal: 25% per year

Campaign Yearly Alumni Participation Goal: 50% by 2015

Campaign Financial Goal: $750 million

32

Spring 2012


COXDEVELOPMENT

The Professional MBA Program: Rising in Rankings and Support

I

t is an exciting time at the Cox School of Business. The school continues to attract bright students from across the nation and around the globe to both its undergraduate and graduate programs. As a result, the school’s competitiveness, as well as rankings, have continued to increase. Most recently, the Professional Master of Business Administration program (PMBA), climbed in its ranking from No.15 to No.7 in the nation according to Bloomberg Businessweek. The Cox School is proud of recent successes with the PMBA program. In addition to the new ranking, scholarship support from generous PMBA alumni has been on the rise, providing financial assistance to current and future PMBAs. Historically, it was commonplace for PMBA students to receive tuition assistance from their employers, which created the perception that scholarship support was unnecessary for this group of students. However, since the economic downturn, corporate tuition reimbursement has nearly disappeared, leaving PMBA students with the responsibility of paying full tuition, which often results in hefty student loans. Chris Jones, a 2000 PMBA graduate and president of Swagelok Southeast Texas, along with his wife, Shelley, provided The Shelley and Chris Jones Annual PMBA Scholarship. “There wasn’t scholarship support when I attended the program, and I was the minority in that most of my peers had corporate assistance. That is no longer the case. My wife and I chose to provide a merit-based scholarship because we know how much it would have

www.cox.smu.edu

meant to us when I was going through the program,” said Jones. Chris Loy, a 1992 PMBA alum and vice president of finance for Time Warner Cable, and his wife, Susan, are also generous PMBA scholarship donors. Loy said, “Parttime students make up the biggest graduate population at Cox and having been one of these students, I have a softspot for those who are juggling careers, family and school. As much as anything, we want to help ensure that future PMBA students have access to the same opportunities that I did and that financing their education doesn’t become an insurmountable obstacle.” Scholarship support not only helps current students, it also helps Cox recruit top talent that will, in turn, elevate the quality of candidates in the job market. Bryan Whitworth, a current PMBA student and scholarship donor, said, “Even as a current student, I planned on giving back from the start. I want to help other students because in the end, it builds the program and puts stronger candidates into the job community. I am involved in real estate, and it’s important to me to grow that industry with strong talent.” The Cox School of Business is grateful for the generous alumni, parents and friends who provide crucial support to various programs like the PMBA scholarship fund. With continued support from our constituents, SMU and the Cox School will continue to be a premier institution that attracts and trains leaders of tomorrow who positively impact our community, nation and world. For more information about supporting the PMBA scholarship fund or other initiatives at SMU Cox, please contact the Cox Development Office at 214.768.3074.

33


COXEXECUTIVE BOARD

Edwin L. Cox School of Business

Executive Board Chairman of the Board Mr. John C. Tolleson Mr. David E. Alexander Retired Ernst & Young LLP Mr. Gerald B. Alley President Con-Real, Inc. Mr. Victor D. Almeida President and CEO Interceramic Mr. F. Thaddeus Arroyo Chief Information Officer AT&T Ms. Marilyn Augur Chairman Marilyn Augur Enterprises Mr. Norman P. Bagwell Chairman and CEO Bank of Texas, N.A. Mr. C. Fred Ball, Jr. Senior Chair of the Board Bank of Texas, N.A. Mr. J. Gabriel Barbier-Mueller Chairman & CEO Harwood International Mr. Raymond A. Basye, Jr. Sewell Cadillac Dallas Mr. James F. Berry President Lockheed Martin Missiles and Fire Control Mr. Albert C. Black, Jr. President and CEO On-Target Supplies & Logistics, Ltd. Ms. Jan Hart Black Managing Director Black Muncy Davis and Associates Mr. Raymond A. Blanchette President & CEO Ignite Restaurant Group Mr. William A. Blase, Jr. Senior Executive Vice PresidentHuman Resources AT&T Inc. Mr. Tony Boghetich Owner & CEO Omar B. Milligan Enterprises Mr. Pat S. Bolin President Eagle Oil & Gas Company Ms. Julie Ann Brice Founder and Former Owner I Can’t Believe It’s Yogurt, Inc. Mr. Tucker S. Bridwell President Mansefeldt Investment Corporation Mr. Bradley Brookshire Chairman Brookshire Grocery Company Mr. Peter D. Brundage Managing Director Goldman Sachs Mr. Donald J. Carty Retired Chairman American Airlines & Retired Vice Chairman Dell Inc. Mr. Felix Chen President and CEO PAJ Inc. Mr. Greg T. Clifton, ChFC, CFP President Clifton Capital Partners, Inc.

34

Mr. Gus Comiskey Senior Vice President & Managing Director Clark Consulting Mr. Dan W. Cook, III Senior Advisor MHT Partners Mr. William R. Cooper Chairman Paragon Group Mr. Edwin L. Cox Chairman and CEO Edwin L. Cox Company Mr. Gary T. Crum President CFP Foundation Mr. William A. Custard President and CEO Dallas Production, Inc. Mr. Terry R. Dallas Executive Vice President & Managing Director, Wells Fargo U.S. Corporate Banking Mr. Joseph M. DePinto President & CEO 7-Eleven, Inc. Mr. Derek E. Dewan Mr. Frank M. Dunlevy Vice Chairman, Managing Director Cowen & Company, LLC Mr. Juan Elek Co-Chairman Elek, Moreno Valle y Asociados Mr. Bryant R. Fisher Retired Senior Vice President Federated Mr. Martin L. Flanagan President and CEO INVESCO Ms. Lisa A. Gardner President & CEO OMS Strategic Advisors, LLC Mr. James F. Geiger CEO Cbeyond Mr. William W. George Dr. James R. Gibbs Chairman, President and CEO Frontier Oil Corporation Mr. David L. Gonzales Mr. Norman Green Founder and Former Owner Dallas Stars Hockey Mr. Charles L. Gummer Chairman Keystone Investments, LLC Mr. Seth Hall President Source One Spares Ms. Linda W. Hart Vice Chairman & CEO Hart Group, Inc. Mr. Brad K. Heppner Chairman & CEO Heritage Highland Finance & Management Services Mr. James M. Hoak Chairman Hoak Media Corporation Mr. Denny Holman Chairman of the Board Folsom Properties, Inc. Mr. Thomas W. Horton Chairman, President and CEO AMR Corporation and American Airlines

Mr. Kevin C. Howe Managing Partner Mercury Ventures Mr. Clark K. Hunt Chairman Kansas City Chiefs Mr. Douglas E. Hutt Community Bancorp, LLC Mr. Mark M. Jacobs Mr. Thomas W. Jasper Managing Partner Manursing Partners, LLC Mr. Hugh W. Jones President and CEO Travelocity Global Mr. David K. Kao Managing Partner Advantage Resources Group Mr. James W. Keyes Chairman Key Development Ms. Nancy Loewe Vice President and Treasurer Kimberly Clark Mr. Paul B. Loyd, Jr. Mr. D. Scott Luttrell CEO LCM Group Dr. Bobby B. Lyle Chairman, President & CEO Lyco Holdings Incorporated Mr. James H. MacNaughton Vice Chairman BMO Capital Markets Mr. Cary M. Maguire President & CEO Maguire Oil Company Mr. Ken Malcolmson Regional CEO, West Central Region Humana Mr. Michael P. McCloskey Chairman and CEO FRI Investors Mr. Michael F. McGehee CEO Wilmac Companies, LLC Mr. Michael A. Merriman President & CEO Financial Holding Corporation Mr. David B. Miller Senior Managing Partner EnCap Investments, LLP Mr. Tyree B. Miller President A.G. Hill Partners, LP Mr. Roger Nanney Vice Chairman Deloitte LLP Mr. Erle A. Nye Chairman Emeritus TXU Corp. Mr. P. Scott Ozanus Vice Chairman - Tax KPMG, LLP Ms. Patricia Patterson President Patterson Investments Dr. Sheron Patterson Communications Officer The North Texas Conference of the United Methodist Church Mr. Randal L. Perkins Private Investor Private Advisory Group

Mr. John C. Phelan Managing Principal and Co-Founder MSD Capital, L.P. Mr. Charles Pistor Retired Vice Chair Southern Methodist University Ms. Melissa M. Reiff President The Container Store Mr. Rick Richards Senior Vice President Hunt Global Resources, Inc. Mr. Ronald H. Ridlehuber Chairman First Choice Network, LLC Mr. Ronald A. Rittenmeyer Former Chairman, President & CEO EDS Mr. Robert D. Rogers Chairman of the Board Texas Industries, Inc. Mr. Philip J. Romano Owner Romano Concepts, Ltd. Mr. James J. Saccacio Mr. Robert J. Schlegel Chairman Pavestone Company Mr. Jeffrey R. Schmid Chairman and CEO Mutual of Omaha Bank Mr. Mark W. Schortman Vice President and General Manager Coca-Cola Enterprises Mr. John M. Scott, III Mr. Carl Sewell Chairman Sewell Automotive Companies Mr. Michael G. Smith Private Investments Mr. Richard K. Templeton President, CEO and Director Texas Instruments Inc. Mr. Guy R. Thomas Retired Vice President U.S. Sales Operations Coca-Cola Enterprises Mr. John C. Tolleson Chairman & CEO Tolleson Wealth Management Mr. Scott B. Walker President Downstream Capital, LLC Mr. Garry Weber Chairman of the Board Weber Financial, Inc. Ms. Julia C. Wellborn Executive Vice President, Wealth Management, Executive Director Comerica Bank Mr. William M. Wheless, III President Wheless Properties Mr. Robert A. Wilson Executive Vice President Kemmons-Wilson Companies Ms. Trea C. Yip CEO TY Commercial Group, Inc.

Spring 2012


C O X C O N TA C T U S

Important Numbers for

Cox Alumni & Friends July 28: SMU-in-Plano Social Hour

November 9: Insurance Council reception and speaker engagement

December 17: Dean Niemi’s commencement reception for new graduates, families and friends

www.cox.smu.edu

ACADEMIC DEPARTMENT CHAIRS Accounting: Hemang Desai ................................................................................214.768.3185 Finance: Bill Maxwell ..........................................................................................214.768.4150 Information Technology and Operations Management: John Semple............214.768.2546 Management and Organizations: Don VandeWalle .........................................214.768.1239 Marketing: Raj Sethuraman ...............................................................................214.768.3403 Real Estate/Insurance/Business Law: Bill Brueggeman ......................................214.768.3182 Strategy and Entrepreneurship: Gordon Walker ..............................................214.768.2191 ALUMNI AND EXTERNAL RELATIONS Assistant Dean of External Relations and Executive Director of the Cox Alumni Association: Kevin Knox .............................................................214.768.8338 BBA PROGRAM Associate Dean: Gary Moskowitz .......................................................................214.768.1575 BUSINESS LIBRARY Director: Sandy Miller .........................................................................................214.768.4113 The Kitt Investing and Trading Center ...............................................................214.768.4113 CENTERS AND INSTITUTES Caruth Institute for Entrepreneurship ...............................................................214.768.3689 EnCap Investments & LCM Group Alternative Asset Management Center .....214.768.8256 Don Jackson Center for Financial Studies ..........................................................214.768.8256 JCPenney Center for Retail Excellence ...............................................................214.768.3943 Maguire Energy Institute ....................................................................................214.768.3692 William J. O’Neil Center for Global Markets and Freedom ..............................214.768.3251 CERTIFICATE PROGRAMS Graduate Business Analytics Certificate Program .............................................214.768.1246 Entrepreneurship Certificate Program...............................................................214.768.3689 Graduate Finance Certificate Program ..............................................................214.768.4155 Graduate Marketing Certificate Program .........................................................214.768.2679 DEAN’S OFFICE Dean: Albert W. Niemi, Jr. ..................................................................................214.768.3012 DEVELOPMENT AND MAJOR GIFTS Director: Laran O’Neill ........................................................................................214.768.4988 EXECUTIVE EDUCATION Associate Dean: Frank Lloyd ...............................................................................214.768.3191 GRADUATE PROGRAMS Associate Dean: Marci Armstrong ......................................................................214.768.4486 MARKETING AND COMMUNICATIONS Assistant Dean: Lynda Oliver ..............................................................................214.768.3678 MBA BUSINESS LEADERSHIP CENTER/BBA LEADERSHIP INSTITUTE Director: Paula (Hill) Strasser ..............................................................................214.768.3104 MBA CAREER MANAGEMENT CENTER ..................................................................214.768.6227 MBA GLOBAL PROGRAMS Assistant Dean: Linda Kao ..................................................................................214.768.4754 SOUTHWESTERN GRADUATE SCHOOL OF BANKING President and CEO: Scott MacDonald ................................................................214.768.2995 SPEAKER SERIES Bank of Texas Business Leaders Spotlight Series ...............................................214.768.3030 Ernst & Young Management Briefing Series .....................................................214.768.4266 L. Frank Pitts Oil and Gas Lecture Series ............................................................214.768.3692 Southwest Venture Forum ..................................................................................214.768.3689

35


COXCALENDAR OF EVENTS

Cox Events: 2012

May 8-9

Master Negotiation Cox Executive Education Certificate Course

May 11

Cox Distinguished Alumni and Outstanding Young Alumni Awards Luncheon 11:00 a.m. reception, noon luncheon Collins Center Contact: Ann Faison, 214.768.3030 afaison@smu.edu

1

May 12

SMU Cox Graduation 1:30 p.m. BBA graduation 3:30 p.m. MBA graduation Moody Coliseum

May 14

Golf for Cox Tournament 11:30 a.m. check-in Cowboys Golf Club Alumni, friends, corporate sponsors welcome Contact: Kevin Knox kknox@smu.edu

June 4-29

Summer Business Institute Cox Executive Education

September 1 SMU at Baylor

2

September 8

SMU vs. Stephen F. Austin, TBA Ford Stadium*

September 15

SMU vs. Texas A&M, TBA Ford Stadium*

September 29

SMU vs. TCU, TBA Ford Stadium*

October 6 SMU at UTEP

October 13 SMU at Tulane 1-January 7: Birmingham Cox BBA students, William O’Connor and Will Slack, along with President Turner and others lead the pep rally prior to the BBVA Compass Bowl. SMU defeated Pittsburgh, 28-6.

2-January 7: BBVA Compass Bowl: John Loftus (EMBA ’07); Joel Friedman (EMBA ’06); Chip Schneider (EMBA ’07); Kevin Kuenn (EMBA ’06); Tom Perkowski, assistant dean-EMBA Program; and Professor John Slocum.

For information about upcoming events go to www.smucoxalumni.com. 36

October 20

SMU vs. Houston, TBA Ford Stadium*

October 27

SMU vs. Memphis, TBA Ford Stadium* *Dean’s Tailgate on the boulevard begins two hours prior to kickoff at every home game in front of the Cox School of Business. Spring 2012


COXALUMNI BOARD

Cox Alumni Association January 21: Little Rock: Kevin Knox and Lauren McDonald, Chair-Cox Alumni Board of Directors, attended the Alley Scholars mixer hosted by Troy Alley (MBA ’76) and Gerald Alley (MBA ’75, Cox Executive Board)

November 30: Atlanta: Cox alumni, guests, prospective students and parents attended a reception for Dean Niemi hosted by Alyssa and Jim Gieger

January 19: Houston: Paul Bryant Coach of the Year Dinner and Awards, benefiting the American Heart Association, presented the Legends Award to former SMU head football coach Hayden Fry. With Coach Fry, Jerry Levias (BBA ’69) and Phil Moran (MBA ’87, Cox Alumni Board of Directors)

Don’t forget to submit your class notes to be printed in the fall edition of CoxToday! Be sure to post the latest news about yourself at www.coxalums.com.

Like us on Facebook! Find us at facebook.com/smucox. Join us on LinkedIn! Find us at tiny.cc/cox-linkedin. Follow us on Twitter! Find us at @smucox. www.cox.smu.edu

Board of Directors James Alvetro Clark Bacon Dennis Cail Rick Calero Jack Chapman Trey Chappell Paul Collins Richard de Garis Paul Divis *** Jeff Dyer Dan Einhorn Gonzalo Escamez Sada Mark Galyardt Angela Gieras Dan Goe Grant Goodman John Goodrum Brooke Green Paul Henderson Chip Hiemenz Kevin Hight Tessa Hoskin A. J. Hu Taruna Jain Chris Jones Pam Hoyerman Kemper Dave Manges Ashley Wilson McClellan Lauren McDonald ** Frank McGrew Max Meggs Mike Miers Aakash Moondhra Phil Moran Rhonda Murphy Fabio Okamoto Carlton O’Neal Kylie Wood Owens Bruce Parkerson Kyle Perkins Matt Peakes Evan Radler Angela Raitzin Chris Reilly Wayne Richard David Rouse Elisabeth Schmidt Allen Shank Javier Silvera Chase Spirito Cristine Struble Matthew Struble Arun Subramanian Katy Thomas Laura Till David Visinsky Catherine Walts Chris Wilson Jiang Wu Liz Youngblood ** Chair

*** Vice Chair

MBA ’99 BBA ’04 EMBA ’06 MBA ’08 BBA ’10 BBA ’00 MBA ’02 MBA ’06 EMBA ’99 MBA ’03 MBA ’02 MBA ’90 MBA ’88 MA/MBA ’03 MBA ’99 MBA ’11 BBA ’05 MBA ’99 PMBA ’94 BBA ’06 MBA ’99 EMBA ’09 MBA ’01 MBA ’01 PMBA ’00 BBA ’79 PMBA ’07 BBA ’04 MBA ’82 BBA ’90 BBA ’06 MBA ’98 MBA ’03 MBA ’87 MBA ’98 MBA ’95 PMBA ’87, JD ’91 BBA ’06 BBA ’79, JD ’82 BBA ’09 MBA ’07 BBA ’05, PMBA ’10 MBA ’00 PMBA ’01 BBA ’80 PMBA ’95 BBA ’87 BBA ’02, MSA ’03 MBA ’07 BBA ’06 BBA ’96 PMBA ’00 MBA ’01 BBA ’07 BBA ’82 BBA ’98 BBA ’99 BBA ’03 MBA ’00 EMBA ’05

Sydney, Australia Los Angeles, CA Dallas, TX Portland, OR Austin, TX Phoenix, AZ Summit, NJ Miami, FL Dallas, TX Ft. Worth, TX Milwaukee, WI Santiago, Mexico Atlanta, GA Jacksonville, FL Denver, CO Chicago, IL Austin, TX San Francisco, CA Sunnyvale, CA St. Louis, MO Austin, TX Dallas, TX Shanghai, China Austin, TX Houston, TX Boston, MA Seattle, WA Dallas, TX Little Rock, AR Nashville, TN Dallas, TX Tulsa, OK New Delhi, India Houston, TX York, PA Sao Paolo, Brazil La Jolla, CA Kansas City, MO New Orleans, LA La Jolla, CA Dallas, TX Ft. Worth, TX New York, NY San Antonio, TX Dallas, TX Dallas, TX Washington, DC Dallas, TX Hong Kong, China London, England Chicago, IL Chicago, IL Bangalore, India New York, NY Albany, NY Memphis, TN Atlanta, GA Oklahoma City, OK Beijing, China Plano, TX

james@getfundamental.com clark.bacon@ubs.com dennis.cail@komia.com rickcalero@umpquabank.com jchapmanx@gmail.com tchappell@att.net pcollins@bbmetro.com rdegaris@alum.cox.smu.edu paul@megacapital.com jdyer@crescent.com deinhorn@capitalmidwest.com gescamez@prodigy.net.mx mark.galyardt@xioss.com angfuf1@hotmail.com daniel_e_goe@yahoo.com gngoodman@gmail.com john.goodrum@gmail.com brookegreensf@gmail.com phenderson@successfactors.com chip.hiemenz@gmail.com kevin.hight@dimensional.com tessahoskin@tx.rr.com aj.hu@jljgroup.com tarunajn@yahoo.com chris.jones@swageok.com pamelakemper@gmail.com davidmanges@yahoo.com ashley.mcclellan@hcahealthcare.com lemcdonald@aol.com frank.mcgrew@morgankeegan.com max.meggs@thehartford.com mmiers@oneok.com aakash.moondhra@gmail.com pmoran@pacadvisory.com rhonda_murphy@alum.cox.smu.edu fabio.okamoto@riobravo.com.br carlton@carltononeal.com kylie.owens@hotmail.com bparkerson@pmpllp.com kyle@westviewfg.com mpeakes@gmail.com eradler@tug-hillop.com araitzin@mortoncapital.com chris.reilly@reillyassociatesllc.com wrichard@icglobal.net david.rouse@yum.com elisabeth.s.schmidt@accenture.com ashank@lockelord.com javier.o.silvera@citi.com chase.spirito@baml.com cristine.struble@sbcglobal.net matthew.struble@elkay.com psarun@hotmail.com kathryn.d.thomas@jpmorgan.com ltill@financialguide.com dvisinsky@hotmail.com Catherine.walts@gapac.com cwilson@gobaker.com jiang.wu@power.alstom.com elizayou@baylorhealth.edu

37


COXCONNECTIONS

1

1-July 7: EMBA Class of 2006 social hour. Shown: Professor John Slocum; Rob Shepherd; Raj Devasigamani; Jim Ruth; Kevin Knox, assistant dean-external relations, executive director-Cox Alumni Association.

2

2-July 28: Cox alumni and friends social hour

3

4

at the SMU-in-Plano campus, sponsored by Shaddock Development, Bank of Texas, advertiser-Capital Title. Shown: Carl Pankratz (JD ’06); Will Shaddock (BBA ’06); Edward Beal and John Mearns (MBA ’93).

3-July 28: SMU-in-Plano social hour. Shown:

Vivek (GMCP); Mick Boaz (GMCP); Jill Jones (GMCP) and Phillip Eshelbrenner (PMBA ’07).

4-July 28: SMU-in-Plano social hour. Shown:

representing the sponsors and advertisers, Bill Shaddock (MBA ’74) of Shaddock Development.

5-August 2: Dane Poeske of Procter & Gamble visits SMU and the Cox School of Business. 5

6

6-September 4: Atlanta: Tim Moore, SMU director of development and Kevin Knox visit with recent SMU graduate, Freddy Akers (SMU ’11). 7-September 10: SMU vs UTEP: Dean’s Tailgate

on the boulevard. Thanks to our generous sponsors throughout the football season: Affairs to Remember, Aramark, Central Market, Chili’s, Corner Bakery, Joe’s Crab Shack, Andrews Distributing, Coca-Cola and Hotel Lumen.

7

8

8-September 11: Dean Niemi kicks off the Global

Leadership Program for the first-year MBA program students, who will prepare for their trips abroad in May.

9-September 15: Houston: Kevin Lilly (MBA ‘88)

hosted an evening reception at the Coronado Club for students who are members of the Cox Energy Club, alumni and faculty. Shown: Kevin Knox, Ty Solsbery (MBA ’99) and Kevin Lilly.

9

11

38

10

10-September 15: Houston: Also attending the reception at the Coronado Club: Clayton Dallas (BBA ’09); Dainon Jensen (MBA ’12); Casey Friedel (MBA ’12); Ava Jones. 11-September 19: New York City: Led by MBA Career Management Coach Diane Broulliard, Cox students visited with top Wall Street investment firms: Ben Johnson, Mark Marynick, Kevin Glomb, Michelle Walla, Lewis Wang, Valentine Nwankwo, Rich Bowman, Ben Barshop, Savannah Campbell, Steve Lightbody, Sudhir Ippagunta, Leila Cornelius, Rodney Hampton, Dennis Kim, Danny Weidlich, Conor Wagner, Jay Staley, Ryan Peterson, Caroline Lemon, Ross Stewart, Alex Fedorova, Megan Kneipp, Oksana Khariv, Diane Brouillard and Indraneel Chakraborty.

Spring 2012


12-September 19: New York City: MBA students

visit Wall Street.

12

13

13-September 26: Women in Business (WIB) hosted Allison Cerra (PMBA ’99) keynote speaker for their fall luncheon. Allison is vice president for Alcatel, American Region Marketing. Shown: Allison Cerra receiving speaker’s gifts from Kevin Knox. 14-October 11: Alumni and friends attended a

luncheon honoring former Cox School of Business professor Don Jackson to announce the Don Jackson Center for Financial Studies. Shown: Dean Niemi, Professor Don Jackson, David Miller (BBA ’73, MBA ’74) and Kevin Knox.

14

15

16

17

18

19

20

21

22

23

15-October 20: The Caruth Institute for

Entrepreneurship and the Cox School hosted the Presidents and CEOs Reception for the 2011 Dallas 100 winning companies. Shown: Maureen Paulsen with Carr LLP, a Dallas 100 sponsor, and Pat Kriska, Dallas 100 events coordinator for the Caruth Institute.

16-October 20: David Cush (MBA ’82), CEO of

Virgin America Airlines, was the keynote speaker for the Dallas 100 Presidents and CEOs reception.

17-October 20: Sevy’s social hour. Shown: Brian

Betzer, and Fred Lehman, both members of the MBA Class of 2000.

18-October 20: Sevy’s social hour. Shown here:

Stacey Westbay (MBA ’07); Chip Brosseau (MBA ’07); Jessica Daw (MBA ’07) and Chris Godman.

19-October 25: The Management Briefing Series,

sponsored by Ernst & Young, hosted keynote speaker, Frank Lavin. Lanvin is the Global CEO for Export Now.

20-November 4: Cox BBA Scholars Reunion, a

celebration of all alumni and students from the BBA Scholars program. Shown: Jessica North (BBA) and Cody Boghetich (BBA, PMBA).

21-November 4: Also attending the BBA Scholars

Reunion, Jim Bryan, director of BBA admissions, and Colin Aufhammer (BBA).

22-November 5: Cox School of Business Alumni

Association Board of Directors meeting. Led by Chair and Vice Chair, Lauren McDonald (BFA, MBA ’82) and Paul Divis (EMBA ’99). James Stewart, Cox digital marketing director; Dennis Grindle, MBA Career Management and Kim Austin, BBA Career Management. Dean Niemi presented Cox updates.

23-November 5: SMU vs. Navy, Dean’s Tailgate

on the boulevard. Thanks to our generous sponsors throughout the football season: Affairs to Remember, Aramark, Central Market, Chili’s, Corner Bakery, Joe’s Crab Shack, Andrews Distributing, Coca-Cola and Hotel Lumen.

www.cox.smu.edu

39


24

25

24-November 9: SMU Insurance Council

Fall meeting in the Ernst & Young Gallery. Shown: Tammy Land, executive director of the Independent Insurance Agents of Dallas and Scott Miles (BBA ’72).

25-November 9: Keynote speaker for the SMU

Insurance Council Thomas C. Tucker, CEO of Chartis Insurance.

26

27

26-November 11: GLP kick-off keynote speaker Chris Exline (BA ‘87) traveled from Hong Kong to speak to MBA students about traveling abroad and his business in Asia. Shown: Lauren Clinkscales, MBA Global Programs; Jan LaDue, MBA Career Management; Chris Exline and Linda Kao, assistant dean-Global Programs. 27-November 15: Professors and co-authors Robert Rasberry and Mickey Quiñones at the fifth annual Cox CEO Sentiment Survey and CEO of the Year unveiling.

28

29

28-November 16: 16th Annual Dallas 100 Awards

Ceremony.

29-November 17: SMU Real Estate Society at the Cox School fall meeting. Chuck Dannis (BBA ’71), SMU adjunct professor in real estate, hosted Barbara Cambon (MBA ’80) as the keynote speaker of the forum. Shown: Chuck Dannis, Barbara Cambon and Professor Bill Brueggeman.

30

31

30-November 19: PMBA students holiday social at the Granada Theater. Shown here: Rob Paugh (PMBA ’07), Manana Paugh, PMBA student coordinator and Kevin Knox. 31-November 30: Atlanta: Jim Geiger (Cox Executive Board) and his wife, Alyssa, hosted a reception for Dean Niemi, Cox alumni, prospective students and parents. 32-November 30: Atlanta: At the reception, Dean Niemi visits with Mary Davenport (BBA ’85) and Duboise White (MBA ’93).

32

33

33-November 30: Atlanta: Also at the reception, John Miller (BBA ’76), Kiki Wright and Ken Wright (BBA ’62). 34-December 13: The Business Leaders Spotlight, sponsored by Bank of Texas, hosted Steve Orsini as the keynote speaker. Orsini is the director of athletics at SMU.

34

40

35

35-December 17: After commencement at Moody Coliseum, Dean Niemi hosted a reception for all new Cox graduates and their families and friends.

Spring 2012


36-December 17: At the reception, new graduate Sheilena Dorsey (PMBA ’12) is congratulated by Kevin Knox.

36

37

38

39

40

41

42

43

44

45

46

47

37-December 17: At the commencement reception, new graduates Karen Keeler, Peter Cavazos and Victor Bloede are joined by Alex Federova (MBA ’12). 38-January 7: San Diego: Leslie Bowen and

Randy Perkins (Cox Executive Board) hosted a reception for Dean Niemi, Cox School alumni, prospective students and their parents. Shown: Kyle Perkins (BBA ’09, Cox Alumni Board of Directors), Marko Myllymaki (EMBA ’01); Carlton O’Neal (PMBA ’87, JD ’91, Cox Alumni Board of Directors) and John Sullivan (EMBA ’10).

39-January 7: San Diego: also attending the

reception, current SMU student Andie Sabourin (BA ’12), shown with Dean Niemi.

40-January 8: Newport Beach: Dana and Seth

Hall (MBA ’96, Cox Executive Board) hosted a reception for Dean Niemi, Cox School alumni, prospective students and their parents. Shown: Kent Martin, Chase Macleod (BA ’07); John Santry (PMBA ’00) and Marsha Santry.

41-January 8: Newport Beach: Also attending

the reception, Lorna Ferrell; Kenny Harrison, (BBA ’76); Debra Harrison (BA, BS ’81) and Cedric Ferrell (MBA ’92).

42-January 18: SMU-in-Plano Campus: Dean Niemi delivered his annual economic forecast. Sponsors for the luncheon were ViewPoint Bank and Collin County Business Press. 43-January 21: Little Rock: Lauren McDonald (MBA, Chair of the Cox Alumni Board) and Kevin Knox hosted a social hour at the Capital Hotel. Shown: Clement Fox (BFA ’81); Mark Rydel (BBA ’72); Julie Johnson and Scott Johnson (BBA ’82). 44-January 25: Palm Beach: Holly and Michael McCloskey (Cox Executive Board) hosted a reception for Dean Niemi and Maria Niemi, Cox School alumni, prospective students and their parents. Shown: Dean Niemi, Holly McCloskey, Maria Niemi and Michael McCloskey. 45-January 25: Palm Beach: also attending the reception: Winston Kutte (MBA ’01); Cheree Kutte, Jenny Braselton; Dude Brasleton (BBA ’96). 46-February 2: Dallas Alumni Event Art of India hosted by Rupal Dalas (MBA ‘11) and family. Shown: Rupal and her father, Pankaj Dalal. 47-February 2: Dallas Art of India reception with alumni and current students. Shown: Reid Cossey, Diane Broulliard - Cox Career Coach and Brian Horan.

www.cox.smu.edu

41


Non-Profit U.S. Postage

PAID

Liberty, MO Permit No. 441

Southern Methodist University Cox School of Business PO Box 750333 Dallas, TX 75275-0333 Address Service Requested

The only school in Texas with three top-12 MBA programs. ~Bloomberg Businessweek

Dallas Information Session: 6:30 p.m., Thursday, May 17

News: Refer a Friend and Get Paid For It! Current MBA students and MBA alumni can now be awarded $250 for referring a candidate that is admitted and starts the PMBA or EMBA program. For full details, contact mbainfo@cox.smu.edu.

Dallas 路 Plano

coxgrad.com


CoxToday Spring 2012  

Invesco CEO Marty Flanagan, an ’82 Cox alumnus, explains why changes to the CFO’s role have been dramatic.

Advertisement
Read more
Read more
Similar to
Popular now
Just for you