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Carl Sewell:

A Driving Force At SMU

INSIDE Agents of Change | Changing Careers with an MBA



pany in his Carl started a small tuto ring com esso rs encouraged dorm roo m. One of his MBA prof pro fes sion . him to tur n it into a full -tim e up Excelle nce, Now his 300 -pe rson busi ness, Gro of stru ggli ng prov ides mentors to tho usands learners. He’s changing the world one stud ent at a time .

From our tree-lined campus near the heart of Dallas, the students, faculty and alumni of SMU have an impact on the world every day. Learn more at SMU is an Affirmative Action/Equal Opportunity Institution.


World Changers Shaped Here

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24 Carl Sewell

A Driving Force at SMU


Albert W. Niemi, Jr.

28 Agents of Change


SMU Cox students and graduates are making a difference in the world.


Lynda Welch Oliver




Laran O’Neill


From the Dean

Kasi Zieminski


Program News


14 Graduation


Paula Felps Sharon Gambulos Pamela Gwyn Kripke Anna Martinez Jennifer Warren PHOTOGRAPHERS

Dean Dominguez Juan Garcia Hillsman Jackson Ren Morrison Clayton Smith

16 Faculty & Staff Achievements 19 New Faculty


20 In the News 21 O’Neil Center Report 22 Faculty Research 32 Changing Careers with an MBA


Marketing and Communications Office Cox School of Business Southern Methodist University PO Box 750333 Dallas TX 75275-0333 E-mail: Website: Main Office: 214.768.9747 Fax: 214.768.3267

34 Development 38 Calendar of Events 39 Contact Us


40 Executive Board 41 Alumni Board 42 Distinguished Alumni & Outstanding Young Alumni

SMU will not discriminate in any employment practice, education program or educational activity on the basis of race, color, religion, national origin, sex, age, disability, genetic information or veteran status. SMU’s commitment to equal opportunity includes nondiscrimination on the basis of sexual orientation or gender identity and expression.

44 Class Notes 50 Cox Connections

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he beginning of each new academic year brings renewed energy and excitement across campus, especially at SMU Cox. Undergraduate interest in pursuing a business degree remains high, with 37 percent of SMU’s first-year students enrolled as pre-business this fall. Meanwhile, the caliber of our Cox BBA Scholars continues to rise, with this year’s average SAT score up to 1439. That’s 132 points higher than it was when SMU Cox welcomed the first class of BBA Scholars in the fall of 2002. The BBA Scholars program is vitally important to the Cox School and to SMU. It’s with great appreciation for one of the program’s biggest supporters that we feature Cox Executive Board member and SMU Board Chair Emeritus Carl Sewell on the cover of this CoxToday.


We are grateful for the generosity of dedicated alumni and loyal supporters, which creates opportunities yet to be explored and ensures that SMU Cox makes a difference for students today and the world tomorrow.

Simply put, the BBA Scholars program would not have become the thriving program it is today without Carl Sewell. Carl’s passion for education and for increasing the national status of SMU and the Cox School moved him to take the lead in the BBA Scholars program, quickly gaining substantial backing from Ed Cox and other likeminded supporters. Thanks to their efforts, SMU Cox is now one of the most selective undergraduate business schools in the country. In the ever-changing landscape of education, SMU Cox takes pride in offering a range of business programs to prepare tomorrow’s leaders. SMU Cox graduate programs also continue to thrive, with Full-Time MBA applications up again this year. As well, our one-year Master of Science programs are increasingly popular. In addition to MS programs in Accounting, Finance and Management, we now offer an MS in Sport Management, in collaboration with the Simmons School, and will begin taking applications for another new MS program — the Master of Science in Business Analytics. Classes will debut next fall. Another way that Cox is preparing tomorrow’s leaders is through Executive Education’s new Latino Leadership Initiative, highlighted in this issue. With the support of eight corporate sponsors, Cox is helping to fill a need in a demographically evolving marketplace. Research tells us that historically, Latino executives are often the first to be promoted, yet executive leadership roles tend to be more elusive. Our program, in partnership with the National Hispanic Corporate Council, will seek to affect that trend.


Continuing with the theme of inevitable change, I invite you to read how our alumni touch the world well beyond the boardroom in the story titled “Agents of Change,” which introduces readers to Cox students and graduates who are making a positive and lasting impact on the world around us in a variety of ways. We are grateful for the generosity of dedicated alumni and loyal supporters, which creates opportunities yet to be explored and ensures that SMU Cox makes a difference for students today and the world tomorrow. Thank you for the continued support that makes it all possible.

Albert W. Niemi, Jr. Dean, SMU Cox School of Business



P RO G R A M N E WS Undergraduate Programs | Graduate Programs | Executive Education | Centers of Excellence | Global Connections


BBA Marketing Practicum: Ramon Alvarez, director of public relations, FOX Sports Southwest; Mary Hyink, director of marketing, FOX Sports Southwest; students Caroline Stapleton, Jessica Webb, Samantha Zivin, Lauren Miller, Jeremy Moran; Judy Foxman, senior lecturer of marketing, Cox; and Ryan Allison (BBA ‘12), marketing coordinator, FOX Sports Southwest.

Cox Marketing Team Wins with FOX Sports FOX Sports Southwest and the FOX Sports Media Group selected the marketing campaign created by Team “Synergy” as its top pick after a semester-long competition. The program was a partnership between FOX Sports’ Creative University program and the Cox BBA Honors Marketing Practicum taught by Senior Lecturer Judy Foxman. The class was divided into four teams, each of which worked to develop a marketing campaign to drive

viewership and ratings for college football programming on FOX Sports Southwest. In April, teams presented their campaign proposals to FOX Sports senior marketing executives, who announced the winning team on the final day of class. Students gained valuable networking opportunities and real-world experience. FOX Sports Southwest plans to use all or parts of the winning campaign, including a TV commercial, and some of the ideas presented by the other three teams.

Actor Bryan Massey played “Crazed Fan #1” for the Creative University commercial shoot for FOX Sports Southwest. For more information on the Creative University program, visit smu/spring-2013.

SMU Cox Welcomes the Class of 2017 The BBA Admissions office welcomes the Class of 2017! Of the incoming SMU class of nearly 1,450 students, more than one-third of the students have an interest in business. Additionally, Cox has an incoming BBA Scholar class of 120 students, with an average SAT of 1439. Sixty percent of the BBA Scholars come from outside Texas, with the top states being California, Georgia, Missouri and Oklahoma.

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Marketing Department Presents BBA Awards

BBA Marketing Award honorees

The Marketing Department held its annual BBA Marketing Awards Luncheon in April. Honorees: Distinguished Marketing Student Awards: Rebecca Hanna, Kimbrell Hughes, Elizabeth Hartnett, Matthew Schklair; JCPenney Outstanding Student Award: Katherine Boomer; Outstanding Marketing Student Award: Mark Trautmann. The keynote speaker at the luncheon was Paul Monroe, vice president of marketing and communications for the Dallas Mavericks.

BBA Career Center Launches Consulting Academy

BBA students participate in Consulting Roundtable.

Cox BBAs are increasingly pursuing careers in the consulting field. To help students make their career goals a reality, the BBA Career Center introduced new events and training to educate students about consulting options, prepare them for the hiring process and connect them to potential employers. The BBA Career Center also launched the Cox Collegiate Consulting Academy, a selective consultant development program led in partnership with the 10 consulting firms currently recruiting at Cox. Ed Horne (‘96), a director with Deloitte Consulting’s technology practice, chairs


the consulting firms’ involvement in the Academy. “As an SMU alumnus, I am always looking for ways to help my fellow Mustangs get jobs with top organizations. Participants in the Consulting Academy will not only have a leg up on the competition, but they will also develop skills to enable a successful launch into the consulting field.” There were 32 undergraduates accepted into the inaugural program. The number of Cox BBAs hired as consultants has doubled in the last three years and is expected to increase with the launch of the new Academy. n



Application Deadlines for MBA Programs Professional MBA

Full-Time MBA

Deadline for Spring 2014: November 15, 2013 Round 1 for Fall 2014 Entry: November 5 (international) November 20 (domestic)

Cox Launches Master of Science in Business Analytics In the field of business analytics, 85 percent of positions posted on job sites require an advanced degree. SMU Cox recognizes this high-growth, high-reward career path and has developed the Master of Science in Business Analytics (MSBA) program

for those interested in solving business challenges using big data. The ninemonth degree will provide students with the expertise and specialized skills employers in IT, marketing, operations and consulting demand. The program is accepting applications for Fall 2014.

The first MSBA class will start in Fall 2014. For more information, visit

The MSF Class of 2013 celebrates at Bowl and Barrel.

MSF Students Support Texas Scottish Rite Hospital The Master of Science in Finance (MSF) Class of 2013 celebrated the end of the program by hosting a charity event for Texas Scottish Rite Hospital for Children that raised more than $1,000.

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MBA Students Receive External Scholarships The Texas Business Hall of Fame awarded a $10,000 scholarship to Ben Briggs (MBA ’14). Briggs will be recognized at a luncheon and induction dinner in San Antonio in November. The ICSC (International Council of Shopping Centers) Foundation awarded the $10,000 Charles Grossman Graduate Scholarship to Melanie Samuels (MBA ’13). Samuels was recognized at the Global Retail Real Estate Conference in Las Vegas in May.

EMBA Council attendees tour the Meadows Museum.

Cox Hosts EMBA Council Regional Meeting

Winning teammates Ana Snyder, Fabrice Gonfalone and Tiffany Etheridge with judge John Adler

EMBA Hosts Business Plan Competition The annual Executive MBA Business Plan Competition awarded $18,500 this year. John Adler of Silver Creek Ventures led the judging team. The first-place team included Tiffany Etheridge, Fabrice Gonfalone and Ana Snyder (all EMBA ’13), who together received $10,000. Their business concept, “Medi-Co,” provides healthcare to undocumented immigrants without insurance.


The annual Executive MBA Council Southwest Regional Meeting was held at SMU in June. Faculty and staff from surrounding campuses meet to keep the industry informed and educated about recent trends and happenings. A combination of incoming students, current students, alumni, faculty and staff participated in sessions about recruiting, technology in the classroom, the global experience and much more. Professor Miguel Quiñones led an interactive discussion on developing a personal brand. The group also visited the George W. Bush Presidential Center and enjoyed a tour of the Meadows Museum led by Mark Roglán (EMBA ‘12), museum director.

EMBAs Bring Their Bosses to School The second annual Bosses’ Night was held in March. This military tradition encourages camaraderie throughout the chain of command and allows current students to bring their bosses and/or colleagues to the Collins Center for a night of networking and a glimpse into the EMBA program. Special thanks to sponsors Strasburger & Price and Anheuser-Busch.


EMBA Program Awards First Stacy Heath Memorial Scholarship The Executive MBA program honored Ryan McCarthy (EMBA ’13) as its first recipient of the Stacy Heath Memorial EMBA Scholarship. Heath’s family, friends and classmates established the scholarship in her honor after the EMBA student died of breast cancer in 2011. McCarthy graduated in May and recently launched his own company, Ascent Advisory Group.

Ron Heath, Stacy’s husband; Lisa and Ryan McCarthy (EMBA ’13); Tessa Hoskin (EMBA ’09), Stacy’s classmate; and Jan Bower, Stacy’s mother.

“Stacy’s touching story stopped me in my tracks and put hard work, passion, perseverance and giving into perspective,” says McCarthy. “Her scholarship has instilled a bigger purpose and meaning into my academic experience at SMU Cox and my professional aspirations moving forward.”

MBA Venture Capital Practicum class

MBA Venture Capital Practicum Continues The MBA Venture Capital Practicum class, taught by professor John Terry, presented its annual investment candidates to the Cox MBA Venture Fund Advisory Board and Investment Committee in May. The students spent the spring semester studying venture investment principles, securing and evaluating deal flow, performing due diligence and working with venture partners. n

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General Counsel Forum Offers Advanced Business Strategies In May, 19 corporate counsel, general counsel and attorneys from Chevron, Interstate Battery, 7-Eleven and other firms attended a follow-up offering to the popular Forum Institute for Leadership in the Law Advanced Business Strategies Program. Barbara Kincaid, senior lecturer in business law, serves as the academic director for the program. The accelerated program dives into financial decision-making regarding investing in businesses, accounting for mergers and acquisitions, collaboration across enterprise boundaries, leveraging and aligning human capital with strategic initiatives, digital and social media, and strategic planning.

GBACP Graduates 14th Class The Graduate Business Analytics Certificate Program celebrated the graduation of its Fall 2012 class, which included managers and professionals from leading companies such as Alcon Labs, Bank of America, Blue Cross Blue Shield, Hewlett Packard, IBM, KPMG, Natural Resources, Pioneer and Verizon.

GBACP Fall 2012 class

The 15-week program is designed for managers and professionals in finance, marketing, IT or operations who analyze business data. The program addresses topics like decision modeling and analysis, data and knowledge management, data mining, web analytics and revenue management.

12th Annual Summer Business Institute

2013 Summer Business Institute class with Dean Al Niemi and Professor Hemang Desai


The 12th Annual Summer Business Institute welcomed 35 students this year. Current college students and recent graduates from around the country were immersed in a four-week intensive certificate program covering accounting, finance, marketing, business law, career planning, computer skills, entrepreneurship and corporate social responsibility. The students also participated in a team-building exercise at the North Texas Food Bank, where they packaged more than 15,000 meals for local school programs. They also toured KidKraft and learned about the company’s global operations. Dean Al Niemi shared his economic forecast with the students at a luncheon during the program, a highlight for the participants.


Executive Education Custom Programs Thrive Last spring, Six Flags launched its Learning and Leadership Development Program in partnership with Cox Executive Education. The program will be delivered in seven regions around the country. Topics include Strategic Alignment and Execution, Leading Effectively and Results Through Influence. Devon Energy, Apache, Anadarko, Spectra, Gamestop, Lockheed Martin and other companies continue their leadership and management development with custom programs delivered through a collaborative process at the Cox School. To learn more, visit or call 214.768.3335.

Run for the Money! Team up with four co-workers and join us in the 2013 SMU Cox Corporate Relay Challenge presented by Behringer Harvard. On December 8, 2013, corporate teams will run the full MetroPCS Dallas Marathon as a five-person relay. Winning relay teams share $30,000 in prize money, which Behringer Harvard gives directly to Texas Scottish Rite Hospital for Children on their behalf. For more information or to register, go to n


SMU Cox and Meadows Launch National Center for Arts Research The Cox and Meadows schools recently launched the National Center for Arts Research (NCAR) at SMU. The center, the first of its kind in the nation, aims to act as a catalyst for the transformation and sustainability of the national arts and cultural community. With plans to analyze the largest database of arts research ever assembled and investigate important issues in arts management and patronage, the center will make its findings available to arts leaders, funders, policymakers, researchers and the general public. The first annual report will be released later this fall. Glenn Voss, Marilyn R. and Leo F. Corrigan, Jr. Endowed Professor of Marketing, and Zannie Voss, chair and professor of arts management and arts entrepreneurship in the Meadows and Cox schools, are serving as research director and director, respectively, of NCAR. Richard A. Briesch, associate professor of marketing and Corrigan Research Professor, is an NCAR research fellow involved in developing the annual report, along with Bill Dillon, senior associate dean, Herman W. Lay Professor of Marketing and professor of statistics.

Professors Zannie Voss and Glenn Voss

Folsom Institute for Real Estate Expands Offerings

Phil Riordan speaks at the SMU Real Estate Society meeting in April.

Phil Riordan (BBA ’74), head of real estate investments for General Electric Pension Plans, was the keynote speaker at the SMU Real Estate Society meeting in April. At the spring meeting, Dean Niemi announced that the school will expand its real estate offerings with a well-financed and more active real estate institute. The Robert and Margaret Folsom Institute for Real Estate was established in the 1980s

at SMU with a generous gift from Robert S. Folsom (BBA ’49), former mayor of Dallas. The Folsom Institute’s expanded real estate programming will focus on academics, community outreach and research. SMU Cox is in the process of a director search, while Bill Brueggeman, the Clara R. and Leo F. Corrigan, Sr. Endowed Chair in Real Estate, will continue in his present role as chair of the Real Estate Department.

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Don Jackson Center Names Board Chair, Hosts Speaker Series The Don Jackson Center for Financial Studies announced its new board chair, Kirk Rimer, managing director of Crow Holdings and executive-inresidence in the Finance Department. Throughout the year, the Jackson Center invited numerous outside speakers to present to BBA, MBA and MSF students, including:  Speaker/Company Topic Christopher Miller, Citigroup Financing a Deal and Going Private Eric Bauer, Evercore Partners Valuing an Oil and Gas Firm Mike Silverman, Crow Holdings Investment Manager Selection Kevin Dunleavy, Morgan Stanley Global Investment Banking/Hedge Funds William McKiernan, WSM Capital Starting and Running a Business Mike McGill, MHT Partners Middle Market M&A Leland White, Energy Trust Capital Capital Investment in Upstream Energy Amir Yoffe, CIC Partners Private Equity: Walking Through a Deal Chad Whitney, Goldman Sachs Alternative Asset Allocation Decisions David Haley, HBK Hedge Funds: The Basics Mark Shenkman, Shenkman Capital An Overview of Leveraged Finance

Alternative Asset Management Students Evaluate Michaels Stores’ IPO The highly selective EnCap Investments and LCM Group Alternative Asset Management Center (AAMC) accepted 25 new students last year. The students’ final project for the Alternative Assets I course was the valuation of Michaels Stores’ IPO. Three teams were chosen to present a fairness opinion to the CFO of Michaels, a J.P. Morgan managing director and the AAMC board of directors. Students Salvador Bonilla-Mathe and Andrew Fiepke won a tight contest. The AAMC also held a year-end event attended by graduating seniors, their families and AAMC board members.

O’Neil Center Creates Advisory Board

Don Shelly and Kelsey Knobloch

Robert Mills and Bill Maxwell

Finance Professors Mentor Don Jackson Fellows The Don Jackson Center sponsored six students as Don Jackson Fellows in 2013: Student Professor Asad Berani Indraneel Chakraborty Ni Huilin James Smith Kelsey Knobloch Don Shelly Robert Mills Bill Maxwell James Moreton Kumar Venkataraman Jaison Thomas Jim Linck

Employer Interning with Citi Energy Interning with Match Point Assets Neuberger Berman Alternatives Goldman Sachs RBC – Capital Markets Energy Group Interning with RBC

The professors served as mentors to the students, who were assigned projects that provided a challenging work experience to expand their knowledge base. The fellows’ year culminated in April with an event at TopGolf, pitting the students against their professors in a friendly competition, and a dinner at Sevy’s with David Miller, Kirk Rimer and Don and Fran Jackson.


The O’Neil Center for Global Markets and Freedom organized its first advisory board in 2012, led by Chair Jerome M. Fullinwider. The board provides strategic direction and reviews and evaluates prospective center programs. Board members are expected to contribute ideas, provide contacts with other community leaders and support the center’s activities. Members include William J. O’Neil (chairman emeritus), William S. Spears (vice chairman), Allie Beth Allman, Michael M. Boone, Todd Furniss, Ronald C. Lazof, Thomas C. Leppert, John D. McStay, Sarah F. Perot, Gail Plummer, Michael S. Rawlings, Eric Stroud, James R. Von Ehr, II, Ray Washburne and Richard H. Wright. The board’s first meeting was held in February.


O’Neil Center Continues Speaker Series

2012-13 BLC Dean’s Circle award winners

BLC Recognizes Outstanding Students and Instructors This spring, Dean Al Niemi hosted the annual Business Leadership Center (BLC) and Edwin L. Cox BBA Business Leadership Institute (BLI) Awards Luncheon to honor Cox students and instructors who earned awards during the 2012-13 academic year. Edwin L. Cox was an honored guest at the event, where 26 Cox graduate students were recognized as Dean’s Circle members for completing more than 90 contact hours / 30+ BLC credits through

seminars and applied leadership programs. Outstanding BBA students were also recognized. In addition, 20 BLC corporate instructors, who received a 4.8 out of 5.0 evaluation from the students, were honored for earning at least one Teaching Excellence Award.

Andrews Distributing, a Dallasbased beverage company, donated $25,000 in 2012-13 to continue the O’Neil Center Speakers Series. Its mission is to bring leading scholars to the SMU campus, where they engage students, faculty members, business leaders and the general public in a dialogue about how markets work, the power of economic freedom and the role of government in a free society. In February, the O’Neil Center Speaker Series welcomed Arthur Brooks, president of the American Enterprise Institute and author of The Road To Freedom. Brooks gave a powerful lecture on the morality of capitalism to an audience of 200 guests.

For more information on BLC Awards and Recognition, please visit cox.smu. edu/web/blc/awards-and-recognition.

O’Neil Center Launches Youth Initiative Last spring, the O’Neil Center introduced a new youth initiative, led by Kathryn Shelton and under the direction of O’Neil Center Director W. Michael Cox. Targeting a younger audience of students and professionals aged 13 to 30, the initiative will spread free-market ideas through five interrelated programs: (1) an educational video series designed to educate youth in an interactive format; (2) web resources for educators; (3) a Liberty and Markets Reading Group for SMU undergraduate students; (4) presentations to students in middle and high schools; and (5) a partnership with the Dallas chapter of America’s Future Foundation, the premier national organization dedicated to the communication of free-market principles.

Arthur Brooks

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Calvin Carter, Steven Horne, Bill Rolley

Caruth Hosts Southwest Venture Forum Programs The January program was “Venture Capital Update 2013,” led by John S. Taylor, vice president of research, National Venture Capital Association. The March program was “Angel Investing Update 2013,” led by Jim Lafferty, North Texas Angel Network; Jamie Rhodes, Central Texas Angel Network; and Jan Norton, Golden Seeds. The May program was “The Fastest Growing Companies in the Dallas 100™,” led by Dallas 100™ company founders Calvin Carter, Bottle Rocket Apps, with Steven Horne, Wingspan Portfolio Advisors LLC, and moderated by Bill Rolley, senior vice president, Texas Capital Bank. For more information, go to

Winning team Todd Earsley and Sean Tremblay with judges Joseph A. Hoffman, partner at Andrews Kurth LLP (left), and Hubert Zajicek (PMBA ’06), executive director and co-founder of HealthWildcatters (right). Presenting the check is club president Jay Fuquay (center).

MBAs Compete for Business Plan Prize In February, the MBA Strategy and Entrepreneurship Club and the Caruth Institute hosted the annual MBA Business Plan Competition. The

$30,000 top prize was awarded to MBA students Todd Earsley and Sean Tremblay for their concept, “My Shop Assist.” For more information, go to

Club officers Prithvi Rudrappa, Ashley Wali, Luciano Vizza, Jared McCluskey and Emma Blackwood with Andres Ruzo and Simon Mak

Caruth Institute Launches SMU Undergrad Entrepreneurship Club 2012 Dallas 100™ winner Andres Ruzo, founder of Link America, and Wick Allison, founder of D magazine, spoke at the club’s fall and spring meetings. Club activities included competition in the TCU Values and Ventures Business Plan Contest, where students Michael

Tran, Gloria Steinke and Lovis Kauf presented their concept, SMOOCHIES: Kisses of Nature. At the club’s first Mustang Minute Business Pitch Contest held at the flagpole, SMU students had one minute to pitch their ideas. Winner Tyler Nelson received $100 for his 60-second effort.

Caruth Institute Continues “Starting a Business” Course

Spring 2013 Starting a Business class


The Caruth Institute hosted the Spring 2013 “Starting a Business” course with more than 60 students. The class ended with a keynote presentation from Jeff Tucker (BBA ‘94), co-founder of Century Bridge Capital, on investment successes in China. For more information, go to n



Cox MBAs Travel the World with the GLP In May, Cox first-year MBAs embarked on four different 10-day trips to various regions around the world as part of the Cox Global Leadership Program (GLP), a global immersion experience where MBA students meet with international business leaders and explore the history, political climate, economy, culture and business etiquette of a country or region. In East Asia, China, Europe and

South America, students met with company executives and government officials and visited important cultural and historical sites. Upon their return, student groups participated in the GLP Symposium to present their findings about the unique challenges and opportunities of each global region before peers, professors and local corporate leaders.

Caruth Institute Hosts International Delegation

Japanese delegation

In January, the Caruth Institute hosted a delegation from Japan, sponsored by the U.S. State Department’s International Visitor Leadership Program. Simon Mak, Caruth Institute associate director, and Linda Kao, assistant dean of global programs, presented the delegates with SMU Cox visors and firstedition copies of Texas Did it Right, a book authored by Sam and Andrew Wyly.

SMU Welcomes Bush Presidential Center to Campus On April 25, the world watched as the five living U.S. presidents and 10,000 guests dedicated the George W. Bush Presidential Center. Located on a 23-acre site on the east side of campus, the Bush Center houses the Presidential Library and Museum and the George W. Bush Institute. Open to the public since May 1, the archives and artifacts of the Bush Administration include 80 terabytes of digital information, 200 million e-mails and 43,000 artifacts. “The resources of the Bush Center will provide unique learning experiences for our students, as well as research opportunities for our faculty and scholars around the world,” said SMU President R. Gerald Turner. Active since 2010, the Bush Institute held 12 symposia in the Collins Center, attracting more than 2,500 participants from around the world and involving faculty and students in related disciplines. n

President Barack Obama and former presidents George W. Bush, Bill Clinton, George H.W. Bush and Jimmy Carter at the dedication of the George W. Bush Presidential Center. Photo by Paul Morse.

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ACHIEVEMENTS Ellen Parker Allen, clinical professor of information technology and operations management, received the Distinguished Professor Award for 2012-2013 from Delta Sigma Pi, the business honor fraternity. Richard Alm, writerin-residence for the O’Neil Center for Global Markets and Freedom, presented a paper in April that he co-authored with O’Neil Center Director W. Michael Cox, titled “Economic Freedom and the Returns to Education,” at the Association of Private Enterprise Education’s (APEE) international conference in Lahaina, Hawaii. Marci Armstrong, associate dean of graduate programs, presented on a panel at the GMAC Leadership Conference in San Francisco, attended by deans, associate deans and assistant deans from the top 100 business schools. Her panel, titled “Managing a Balanced Portfolio of Programs,” focused on the growth of MS programs in business schools and the strategic, financial and organizational factors and challenges faced when launching, managing and terminating programs. She was subsequently invited to lead similar sessions at other conferences. Jay Carson, assistant professor of management and organizations, presented “Leading the Way: Incorporating Network Analytics into Leadership Research” with his co-authors at the Society of Industrial and Organizational Psychology (SIOP) Conference in Houston. His co-authored paper “The Topology of Collective Leadership” was published in Leadership Quarterly. Carson participated in the International Women’s Day celebration of the Bush Women’s


Initiative Leadership Fellowship and taught a class on building teams to 19 Egyptian women representing the 2013 class of BWI Fellows. He also went to Cairo, Egypt, in June to teach leadership training to the Egyptian women participating in the fellowship program. In July, Carson participated in a symposium at the INGroup (Interdisciplinary Network for Group Research) Conference in Atlanta. Carson and co-authors presented “Teams on the Hyper-Edge: Using Hypergraph Network Methodology to Understand Teams,” which explores the conceptual advancement of hypergraph metrics for studying teams. W. Michael Cox, director of the O’Neil Center for Global Markets and Freedom, gave a series of speeches around the nation on the topics of “Preparing for the Inevitable: Rising Interest Rates”; “The Imagination Age: An Optimistic Perspective on America’s Hard Times”; “Making Good Money in a Bad Economy”; “Looking for the (New) New World”; “How to Fix Social Security”; and “Capitalism: Society’s Anti-Poverty Program.” Maribeth Kuenzi and John Sumanth, both assistant professors of management and organizations, co-wrote “Employee Voice, Values, Practices and Organizational Climate: A Conceptual Integration.” Kuenzi and Sumanth presented their paper at the Society for Industrial and Organizational Psychology (SIOP) Conference in Houston. Robert Lawson, the Jerome M. Fullinwider Endowed Centennial Chair in Economic Freedom, presented two papers, “Do Travel Visa Requirements Impede Tourist Travel?” and “Grouping Countries by Economic Freedom Using K-Means Clustering,” at the April meeting of the Association of Private Enterprise Education (APEE) in Hawaii, the

largest gathering of free market academics in the country. Lawson also presented APEE’s Herman W. Lay Award to Jerome M. Fullinwider, chair of the O’Neil Center Advisory Board, in recognition of his many decades of philanthropy and service. A past president and current board member of APEE, Lawson was honored with the Kent-Aronoff Award for service to the association. Dwight Lee, William J. O’Neil Chair of Global Markets and Freedom, co-wrote a peerreviewed article, “The Case for Abolishing Federal Taxation,” with O’Neil Center writer-in-residence Richard Alm, which was published in The Journal of Private Enterprise. With Alm, he also wrote “Don’t Californize Texas,” which appeared in Regulation magazine. Lee co-wrote “Market Failures, Government Solutions, and Moral Perceptions,” which was published in The Cato Journal. Lee served on a panel discussing the book Redeeming Economics by John D. Mueller in April at the Association of Private Enterprise Education (APEE). Lee presented his paper “The Two Moralities of Ebenezer Scrooge” in an APEE session on Literature and Liberty, and it appeared as a featured article on the Library of Economics and Liberty website in May. Also featured was his article “Socially Responsible Corporations: The Seen and the Unseen.” Lee’s co-authored paper “An Economic Analysis of the Effects of Fair Trade: With Rumination on the Popularity of Economists” was published in the Journal of Public Finance and Public Choice. His article “Reducing Income Inequality at the Expense of the Poor” was published in The Freeman. Also published in The Freeman was Lee’s review of the Michael J. Sandel book What Money Can’t Buy: The Moral Limits of Markets. Lee is a contributing editor to a book published this year, The Origins of Public Choice: The Legacy of Buchanan and Tullock. He co-wrote “The Impact of Calculus of Consent” as a chapter in the book.


Karen Leeseberg, outreach librarian for the Business Library, presented with librarians from UT Austin and Dallas Public Library at the Texas Library Association Annual Conference held in Fort Worth in April. The half-day workshop, “Business Reference 101,” helped 20 non-business librarians learn more about resources to answer typical inquiries on companies and industries using a “starting-a-business” scenario.   James S. Linck, Distinguished Chair in Finance, wrote an article titled “Can Earnings Management Ease Financial Constraints? Evidence from Earnings Management Prior to Investment,” which was accepted by The Accounting Review, a journal of the American Accounting Association. Linck spoke at the 5th Annual Florida State University SunTrust Beach Conference in Sandestin, Florida, on “The Consequences of Independent Director Reputation Incentives on Board DecisionMaking and Firm Actions.” Frank Lloyd, associate dean of executive education, contributed the following articles for publication: “Bilingual Industry” appeared in Middle East Oil & Gas in March; “Building a High Performance Workforce with a New Type of Corporate Leadership” appeared in PennEnergy in May; “Reshaping the HR Barbell” appeared in OTC Daily Newspaper in May; and “Filling the Hispanic Leadership Gap” was published in Training Magazine in June. William Maxwell, Rauscher Chair in Financial Investment, had his co-authored paper “Refinancing Risk and Cash Holdings” accepted by the Journal of Finance. The paper argues that firms are holding more cash on their balance sheets because of refinancing risk. For more, read Faculty Research page 23.

T. Andrew Poehlman, assistant professor of marketing, gave a talk at the Society of Consumer Psychology in San Antonio in March titled “The Valuation of Future Achievement.” His research explores how people value the notion of future performance potential even when making consumption decisions only experienced in the present. Ravindra Sastry, assistant professor of finance, presented his paper “Tales of Tails: Quantifying Extreme Downside Risk” at the 2013 NBER-NSF Seminar on Bayesian Inference in Econometrics and Statistics in May at Washington University in St. Louis. Canan Savaskan-Ebert, Corrigan Research Professor and associate professor of information technology and operations management, had her co-authored paper “Dynamic Pricing of Remanufacturable Products under Demand Substitution: A Product Life Cycle Model” published in Annals of Operations Research. In March, Savaskan-Ebert was invited to present her paper “Implications of Direct-Store-Delivery on Channel Management” at the Fisher School of Business, Ohio State University. The paper was also presented at at the Annual Manufacturing and Service Operations Management (MSOM) conference in July. Raj Sethuraman, Marilyn R. and Leo F. Corrigan, Jr. Endowed Professor of Marketing and Marketing Department chair, presented his paper “Testing the Traditional View of National Brands and Store Brands: A Comparison of Response Elasticities and Brand Equity in Carbonated Soft Drinks” at an April research camp at the University of North Carolina at Chapel Hill.

Wayne Shaw, the Helmut Sohmen Distinguished Professor of Corporate Governance, was an honoree in D CEO magazine’s 2013 Financial Executive Awards. The award for Excellence in Corporate Governance was presented to Shaw at an April awards event. He was chosen by an independent panel of experts from D CEO, Financial Executives International, the Dallas CPA Society and the Association for Corporate Growth. John W. Slocum, Jr., professor emeritus of management and organizations, and David Lei, assistant professor of management and organizations, co-wrote the book Demystifying Your Business Strategy, published in August. Slocum presented a seminar at Bond University in Robina, Australia, titled “Dynamics of Business Strategies” and at the University of Queensland in Brisbane, Australia, titled “Understand Corporate Cultures.” His co-authored paper “Top Management Talent, Strategic Capabilities and Firm Performance” was published in the journal Organizational Dynamics in 2012. James L. Smith, Cary M. Maguire Chair in Oil and Gas Management, spoke on “Oil Price Forecasts and Trends” at an April symposium sponsored by the Cato Institute in Washington, D.C., on “The Impact of Cartel Behavior on Global Oil Prices and the Challenge to Free Markets.” Smith also spoke at the 2013 International Workshop in Milan, Italy, at the invitation of Italian Energy Institute, FEEM (Fondazione Eni Enrico Mattei), an offshoot of ENI, the Italian-based international oil company. At the request of the International Association for Energy Economics (IAEE), Smith also organized a plenary session on “Developments in the Global LNG Market” at the IAEE’s international conference held in Daegu, South Korea, in June.

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Greg Sommers, professor of practice in accounting and director of the Master of Science in Accounting program, received a $10,000 award through the PwC INQuires program. PwC has awarded over $2.5 million through this program since 2007 to fund curriculum redesign for current developments in the profession or to incorporate sustainability, development of diversity initiatives and applied research projects. Sommers will use the award to complete a new textbook on valuation, with particular emphasis on accounting-based valuation, currently being co-authored with Peter Easton at Notre Dame. Johan Sulaeman, assistant professor of finance, and his coauthors received the Best Paper Award in Corporate Finance at the 2013 Eastern Finance Association annual meeting for their paper titled “Institutional Trading During a Wave of Corporate Scandals: ‘Perfect Payday’?” He was interviewed in July by the trade publication aiCIO about his coauthored paper “Are Institutional Investors Truly Skilled or Merely Opportunistic?” Kumar Venkataraman, Fabacher Endowed Professor of Alternative Asset Management and Finance Department chair, served as a panelist at the Securities and Exchange Commission’s Fixed Income Roundtable in Washington, D.C., in April. He also presented his paper “Should Exchanges Impose Market Maker Obligations?”

at the SEC and at the Commodities Futures Trading Commission. He was the only academic to participate as a panelist. Venkataraman presented his paper “Insider Trading before Unscheduled Corporate Events: Theory and Evidence” at Rice University and again at the 2013 Stern Microstructure Conference at NYU. In May, Venkataraman presented his paper “Introducing Daylight in Structured Credit Products” at the 2013 Society for Financial Studies Cavalcade in Miami. Dimitris Vrettos, assistant professor of accounting, will have his research paper “Are Relative Performance Measures in CEO Incentive Contracts Used for Risk Reduction and/ or for Strategic Interaction?” published in Accounting Review. Gordon Walker, David B. Miller Professor of Business and chair of the Strategy and Entrepreneurship Department, presented his paper “Ownership of the Firm and Product Innovation in Chinese Manufacturing, 19982007,” co-authored with Frank Xia, at the Organization Science Winter Conference in Steamboat Springs, Colorado. Walker presented “The Dynamics of Venture Capital Network Position and Performance, 19802001” at the University of Florida in February. Bernard Weinstein, associate director of the Maguire Energy Institute and adjunct professor of business economics, traveled to Lubbock and El Paso to speak to community groups about the need for the U.S. to develop and adhere to a cohesive energy policy. He

addressed the same topic at the McKinney Rotary Club and the Uptown Rotary Club in Dallas. In April, he was the keynote speaker at Duke University at the Association for Corporate Growth Capital Conference. In May, Weinstein attended the U.S.-Azerbaijan Convention: Vision for the Future in Baku, Azerbaijan, and presented a discussion titled “The Transanatolian Pipeline and Energy Diversity for Europe.” In June, he addressed U.S. energy policy at the Santa Fe Council on International Relations. Weinstein presented “Economic Outlook for the U.S., Texas and DFW: Mid-Year Assessment” at a meeting of the Texas Society of CPAs-Fort Worth chapter. “Energy and The Economy” was the topic when he spoke to the Allen-Fairview Chamber of Commerce, also in June. At the Dallas-Fort Worth Association for Business Economics, his discussion was titled “Can the U.S. Achieve Energy Independence and Should That Be the Goal of Public Policy?” In July, Weinstein spoke to the Dallas Society of Petroleum Engineers about ways the U.S. can live up to its energy potential. Also in July, Weinstein testified before the U.S. House Subcommittee on Agriculture, Energy and Trade about how recently proposed regulations could affect U.S. small businesses. Highlights of his testimony were posted on the Bush Center “4% Growth Project” blog. Weinstein is a Bush Fellow. Jiewei “Jeff” Yu, assistant professor of accounting, had his co-authored paper “The Spillover Effect of Fraudulent Financial Reporting on Peer Firms’ Investment Efficiency” accepted for publication in the Journal of Accounting and Economics. n

C O X 2 0 1 3 F A C U LT Y A N D S T A F F A W A R D S At the 2013 Faculty and Staff Awards Luncheon in May, Dean Niemi recognized several members of the Cox faculty and staff for their contributions to the school. Rick Briesch and Kumar Venkataraman received the ELCSB Research Excellence Award. Jay Carson received the Carl Sewell Distinguished Service to the Community Award. Don Shelly received the C. Jackson Grayson Endowed Faculty Innovation Award. Barry Bryan received the Eugene T. Byrne Endowed Faculty Innovation Award. Bill Dillon received the Boghetich Family Distinguished Teaching Award. Barry Bryan, Judy Foxman, Barbara Kincaid, Don Shelly, Greg Sommers and Catherine Weber received BBA Outstanding Teaching Awards. David Lei, William Maxwell and Al Neimi received BBA Distinguished Teaching Awards. Jay Carson, Doug Hanna, Barbara Kincaid and Susan Riffe received MBA Outstanding Teaching Awards. Barry Bryan, Darius Miller, Tassu Shervani and Don Vandewalle received MBA Distinguished Teaching Awards. Media Expert Awards were presented to faculty who received the most media coverage in 2012; the first-place winner was Bernard Weinstein. Other faculty winners included Bruce Bullock, W. Michael Cox, Mike Davis, Steve Denson, Edward Fox, Daniel Howard and Al Niemi. Dean Niemi also recognized staff members nominated by their peers for their outstanding service. This year’s Staff Recognition Awards went to Gwen Beauchamp, Jonathan Buck, Jill McGinnis, Jan Olavarri and Faith Rose.



N E W F A C U LT Y Michael Braun, associate professor of marketing, joins the Cox School of Business from the MIT Sloan School of Management. The core of his research is the statistical analysis of large and complex customer databases. He has taught sales forecasting, customer retention and valuation, marketing ROI, social networking models, segmentation and targeting strategies, online advertising and insurance decisions. Braun’s work has been published in top academic publications, and he is a member of the Marketing Science Editorial Review Board. Braun’s teaching interest is to train the next generation of business leaders how to analyze, interpret and use marketing data to address real-world managerial problems. Braun earned his Ph.D. from the Wharton School of the University of Pennsylvania. He holds an A.B. with Honors in Economics from Princeton University and an MBA from the Fuqua School of Business at Duke University. Before entering academia, he worked on the development and deployment of broadband Internet products for such companies as Comcast, Marcus Cable and Charter Communications.

Virginia Stewart Kay joins the Cox School of Business as a visiting instructor of organizational behavior. She graduated from the University of Virginia with a B.A. in economics and Spanish and is completing a doctorate in organizational behavior at the University of North Carolina at Chapel Hill. Kay’s dissertation examines the effectiveness of team accountability structures. In a secondary line of research she investigates the unanticipated consequences of honesty during critical moments in organizational life, including job interviews, accounting for performance lapses and whistleblowing. Prior to graduate school, Kay served the U.S. intelligence community as an economic analyst and as an undercover counter-terrorism officer. She will be teaching the core undergraduate management course in the spring semester. Julian Kolev joins the Cox School of Business as an assistant professor of strategy and entrepreneurship. He received a B.A. in economics from Harvard College before continuing to a Ph.D. in

business economics at Harvard Business School and a post-doctoral fellowship at the MIT Sloan School of Management. Kolev’s research interests include entrepreneurial finance, technology transfer, the management of intellectual property and the role of financial markets in corporations’ labor and R&D decisions. His dissertation documents how the cyclical nature of venture capital funding drives life science researchers to transition to the private sector and create start-ups when funding is readily available, generating more patents while focusing on short-horizon innovations. Stanimir Markov joins the Cox School of Business as an associate professor of accounting. At the University of Texas at Dallas and Emory University, Markov taught financial statement analysis and financial accounting, as well as a doctoral course examining the role of information intermediaries (sell-side analysts, credit rating agencies and the financial press) in capital markets. Markov’s research focuses on how information, both accounting and non-accounting, is produced and used by information intermediaries and the capital market. His research is empirical and economics-based, and it has been published in premier academic journals. Markov has a Ph.D. in business administration (major in accounting, minor in finance), an M.S. in applied economics from University of Rochester and an MBA from Georgetown University. Rajiv Mukherjee joins the Cox School of Business as an assistant professor of information, technology and operations management (ITOM). His research interest lies in the economics of information technology (IT) and delves primarily into competing technology network strategies and consumer dynamics in the presence of network externalities and reputation effects. He studies the implications of such strategies on adoption and diffusion of innovation in socially embedded technology platforms. Mukherjee’s recent study on the effect of big data on corporate performance was extensively covered by the media for its impact on the industry. Mukherjee earned his Ph.D. and M.S. in information, risk and operations management from the University of Texas at Austin. In his past life as an engineer, he worked in hi-tech embedded systems research and specialized in analyzing big data in the biometrics industry. 

Muku Santhanakrishnan joins the Cox School of Business as a visiting professor of practice of finance. He earned his Ph.D. from the W.P. Carey School of Business at Arizona State University. He has previously taught a broad range of finance topics at Arizona State University, Portland State University and Idaho State University. His research focuses on empirical behavioral finance and, in particular, on the behavior of individual investors. His most recent work examines the interplay between fluency of ticker symbols, level of investor sentiment and individual investors’ decision-making. Nathan Walcott joins the Cox School of Business as finance professor of practice. Most recently, Walcott was assistant professor in the Department of Finance and Management Science at Washington State University. Walcott received his B.A. in biochemistry from Rice University before pursuing his M.S., MBA and Ph.D. in finance from the University of Washington’s Foster School of Business. Walcott’s research and teaching interests are in the areas of corporate finance, mergers and acquisitions, capital structure, executive compensation, business evaluation and information asymmetry. Kara Wells joins the Cox School of Business as an assistant professor of accounting. She received a B.S. in quantitative finance and financial economics from James Madison University and an M.S. in finance from Villanova University before earning a Ph.D. in accounting from the Leventhal School of Accounting and the Marshall School of Business at the University of Southern California. Wells’ research interests include financial reporting, corporate governance and the role of managers in accounting choices. Her dissertation examines how individual managers at publicly traded companies impact the overall accounting quality of a firm even after controlling for previously documented determinants of accounting quality. n

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Bloomberg Businessweek

Los Angeles Times

“Amend Texas Constitution to Hogtie Public Spending”

“Mexico Edges toward Letting Foreign Oil Firms Invest in Pemex”

“Image Experts Support Smithfield on Paula Deen”

W. Michael Cox, director of the O’Neil Center for Global Markets and Freedom, and Richard Alm, O’Neil Center writerin-residence, wrote a published opinion piece calling for an amendment to the Texas constitution that would prevent state lawmakers from spending the state’s $8.8 million surplus. “Constitutional limits on spending blunt the political incentives to spend more. They’re the only long-term way to restrain the size of government.”

Bruce Bullock, director of the Maguire Energy Institute, commented on Mexico’s ruling party efforts toward the potential opening of the state-run oil company, Pemex, to foreign oil firms. If such a change occurs, it could allow U.S. oil firms to drill south of the border. According to Bullock, U.S. oil companies are well positioned to both refine and consume the oil produced. “The more oil we get out of friendly places like Canada and Mexico, and the less oil we get out of places like Venezuela and the Middle East, certainly the less volatile oil prices will be.”

Dan Howard, professor of marketing, weighed in on the marketing ramifications of racism charges against celebrity chef Paula Deen. Smithfield Foods, based in Norfolk, VA, was among several companies that severed its relationship with Deen after the allegations surfaced. “The truth about whether or not she has racist feelings really doesn’t matter. What matters is the perception. With someone with a negative aura around their head, do I want them associated with my brand name? The answer is no.” (6/30/13)


The Wall Street Journal

“A Higher Minimum Wage — But Not for Interns in Congress”

Dwight Lee, William J. O’Neil Endowed Chair of Global Markets and Freedom, questioned the president’s State of the Union call for an increase in the minimum wage. In a published opinion piece, Lee contrasted the college students who work for free as White House and Capitol Hill interns, but get great and prestigious job experience, with young people from low-income homes who can’t afford college or unpaid internships. “For these young people, the first jobs they find are seldom those in which they start out being productive enough to be worth even the current minimum wage of $7.25. The teenage unemployment rate reported in January was 23.4 percent, according to the Bureau of Labor Statistics. One wonders how much higher it has to go before Washington wakes up.” (2/21/13)

CNBC On the Money with Maria Bartiromo “MBA Class of 2013” Clayton Laughter (MBA ’13) was one of five May business school graduates interviewed in a taped TV discussion about the value of an MBA degree, graduate career prospects and the future of business. Laughter explained why he decided to pursue an MBA. “Being an engineer, I had a limited career path going forward. I had higher career goals and aspirations, and I knew if I wanted to get there, I was actually going to have to take risks.” (5/26/13)


The Virginian Pilot


American Public Media Marketplace Morning Report “JCPenney Tries to Freshen Up with Joe Fresh” Ed Fox, W. R. and Judy Howell Director of the JCPenney Center for Retail Excellence and associate professor of marketing, was interviewed about JCPenney’s efforts to attract younger consumers by expanding the online “Joe Fresh” clothing brand in-store. Fox explained that many core customers may be feeling confused about the store’s identity. “They’ve lost 30 percent of their business. It’s just gone away. That’s an incredible hurdle for a retailer to try to clear.” (3/14/13)

The New York Times

“A Financial Backer When a Parent’s Wallet Isn’t an Option”

David Croson, clinical professor of entrepreneurship, explained what he believes to be the benefits of a new site that pairs investors with those finishing college after 2008 seeking money to finance their entrepreneurial ideas. Investors, or backers, receive a percentage of the young person’s income for 10 years, regardless of whether the idea they backed is successful. Croson said he has invested in about two dozen young entrepreneurs because he knows how hard it is to get started. He acknowledged low expectations for a big return on his investment. “It’s almost like being on the board of directors of these companies. All it takes is for one of these people to succeed for it to work out.” (6/7/12)

U.S. News & World Report “Are Women Lousy Salary Negotiators?”

Robin Pinkley, professor of management and organizations, talked about why it is important for both young women and men entering the job market to enhance their negotiating skills. “If you don’t negotiate for more money, and someone else gets your position and 7 percent more money, that can translate into hundreds of thousands of dollars over a lifetime — and out of the mouths of your future children. You also are almost never negotiating on behalf of just you but your peers. If you make more, they’ll benefit, too.” (7/2/13)

NBC NBC Nightly News “Higher Prices for Fruit, Veggies Ahead as Heavy Rains Cripple Crops” Bernard Weinstein, business economist and associate director of the Maguire Energy Institute, commented on the economic impact of the unusually heavy rainfall across southeastern states this summer, which is expected to continue through the fall. Combined with a continued drought in western states, Weinstein predicted the agricultural toll has the potential to translate into higher consumer food prices. “I would expect to see average prices for fruits and veggies maybe 10 percent higher this fall than they were in the spring or where they are right now, just because there’s going to be less supply available.” (7/30/13)




Rebuilding America’s Middle Class Prosperity Requires Capitalism in the Classroom Many Americans are finding it tougher to get to the middle class and stay there, and most of us really don’t quite know why or what to do about it. W. Michael Cox, director of SMU Cox’s O’Neil Center for Global Markets and Freedom, and Richard Alm, the center’s writer-inresidence, provide some answers in the O’Neil Center’s annual report essay. Start with the first issue: why it’s getting tougher to get to the middle class and stay there. According to Cox and Alm, America’s first middle class grew out of the Industrial Age and its reliance on physical capital — the machinery and equipment that made workers more productive and raised wages. Industrialists supplied the physical capital; the jobs that went with it typically required physical strength and manual dexterity. Workers learned most of what they needed on the job, not in the classroom. That world doesn’t exist anymore, say Cox and Alm. Over the past four or five decades, expanding trade, advancing technology and shifting consumer preferences have transformed the economy and the nature of work. Today, physical capital doesn’t support nearly as many well-paying jobs producing goods. Americans sought a new path to the middle class — and many have found it in knowledge-related occupations. Earning a middle class income now depends on intellectual capital, a short-hand term for what workers know that makes them more productive. Industrialists don’t provide intellectual capital. Workers build it themselves by investing time and effort in learning, usually by going to school. Earning a middle-class income has become more a matter of brains than brawn. However, U.S. public schools are failing to prepare many workers for today’s knowledgebased jobs. Among 15-year-old students in 34 Organization for Economic Cooperation and Development countries, tests measuring 2009 student performance rank Americans 25th in reading, 17th in math and 14th in science. Cox and Alm turn next to the second question of

middle-class malaise: what to do about it. Their focus on the economy’s transformation suggests that rebuilding America’s middle class will require better schools — from kindergarten through high school. Cox and Alm contend it’s not a matter of money. They prove it by looking at state-by-state spending per student, adjusted for differences in cost of living and demographic composition. With these data, the often-touted link between higher school spending and higher student achievement disappears — spending is no longer statistically significant. The analysis finds a solid link between demographically corrected test scores and higher incomes and better educated parents. The middle class will struggle until America fixes its schools, Cox and Alm contend, but nothing will happen as long as bureaucrats decide how America educates its students. Government institutions typically reduce choice, wallow in red tape, resist change and protect entrenched interests. Cox and Alm offer an alternative: an educational system built on choice and competition, two key principles of free enterprise. Privatize education and run schools as businesses. Give parents and students choice in education, and make schools compete for students. “It’s time to harness the tried and true forces of capitalism — most important, choice and competition. Capitalism in the classroom will create proper incentives, spur innovation and drive entrepreneurial activity,” Cox and Alm write. “The same system that forged the physical capital to build America’s first middle class can mold the intellectual capital to construct a middle class for the knowledge-intensive economy.” Editor’s note: In September, the O’Neil Center explored the essay’s themes further at its fifth annual conference, Entrepreneurship in Education: The Key to Rebuilding America’s Middle Class. Both the full report and conference videos are available at n

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C O X F A C U LT Y R E S E A R C H Vanishing Liquidity Hurts Investor Confidence Kumar Venkataraman, Finance Department Chair and Fabacher Endowed Professor of Alternative Asset Management


egulators are grappling with serious questions about liquidity in the market, especially during times of stress like the Flash Crash of 2010. High-frequency traders (HFTs), also known as proprietary (“prop”) traders, withdrew from the market in droves, and the market dropped about 10 percent in a matter of minutes. Stock markets can be volatile, and some traders may do more harm than good in times of market stress. “Should Exchanges Impose Market Maker Obligations?” That’s the question posed by SMU Cox Finance Professor Kumar Venkataraman and coauthor Amber Anand of Syracuse University. Their research pushes the debate about highfrequency traders’ impact on market stability and the value of the “specialist” market maker. Venkataraman suggests, “Mini-crashes are observed in markets around the world.

But what causes them? If [a market decline is] based on fundamental news, that’s okay. But if it is driven by vanishing liquidity, then it poses a problem and hurts investor confidence. Market declines that are followed by almost complete price reversals similar to the 2010 Flash Crash reveal serious flaws in market structure that need to be addressed.” The authors document that high-frequency traders do a decent job of trading in large, liquid stocks, but not in small, illiquid stocks. The study concludes that a specialist is not only an incremental liquidity provider, but also the only reliable counterparty available for investors in smaller cap stocks. The research compares and contrasts the specialist market makers who have exchangeassigned trading obligations with other liquidity providers who do not. It identifies market conditions when one group is active and the other inactive. Ultimately,

the authors shed light on the true value of a market structure with market maker obligations. Venkataraman remarks, “If you impose obligations on specialists to trade at unprofitable times or in less profitable stocks (because the HFTs will compete with them when it is profitable), we need to figure out how specialists should be compensated for the liquidity services they provide.” Venkataraman presented his research findings to the Securities and Exchange Commission on April 25 and the Commodities Futures Trading Commission on April 26.

Familiarity Breeds Content Morgan Ward, Assistant Professor of Marketing


any music listeners, especially those from younger generations, perceive themselves as listening to new, cutting-edge music. Not so, according to new research by SMU Cox Marketing Professor Morgan Ward and co-authors Joseph Goodman of Washington University and Julie Irwin of University of Texas. The research paper “The Same Old Song: The Power of Familiarity in Music Choice,” currently under review, indicates that familiarity trumps novelty. Ward explains, “In life we have many day-to-day decisions and responsibilities. We are sorting through so much information, and at the end of the day, we are ‘cognitive misers.’ Choosing something familiar is easy to process and comfortable. The desire to not expend so much energy on choices is what I believe drives these findings.”


Familiarity is a stronger predictor of music choice than other prevalent measures such as “liking” and satiation, according to this research, the first to quantify the effect of familiarity versus other forces (including “liking”) on consumer choice and to determine the power of these variables on actual market behavior. Also factored into the study is the listener’s stimulation level and cognitive load. The authors prove that when people are engaged in activities requiring more stimulation, they prefer more familiar music. The findings indicate that familiarity is a major driver of actual music choice and market share. ”People were under the impression that radio was no longer relevant,” says Ward. “Radio is very relevant. We now have new forms of music on

popular websites like Pandora and Spotify, and these brands are already maximizing insights such as ours.”  Ward and her fellow researchers note that music outlets with playlists would do well to concentrate on familiar songs, even if consumers say they want more novelty. When a new song is introduced, the authors suggest it should be played often and be offered to consumers through promotions. For music platforms allowing users to create a playlist, such as iTunes, marketers should heavily promote familiar music and make it easy to find for purchase, rather than emphasizing unfamiliar music. The researchers predict sucess for apps like Spotify and Pandora, which offer newly released music along with familiar artists, styles and melodies.


Digital Innovation Shakes Up Auto Industry Ulrike Schultze, Associate Professor of Information Technology and Operations Management


he car is increasingly regarded as a technology platform just like Google and Facebook. SMU Cox Information Technology Professor Ulrike Schultze notes, “Digital innovation is not just a matter of developing a layered product architecture in terms of protocols and application programming interfaces (APIs), but it is also a matter of the organizational infrastructure evolving to match the material one.” New research by Schultze and Ph.D. student Lena Hylving at Viktoria Swedish ICT in Gothenburg, Sweden, offers insight into some of the challenges faced and overcome by an auto industry innovator searching for a competitive advantage. Their research paper, “Increasing Digitalization in Product Innovation: Material and Organizational Implications,” focuses on the evolution of

the instrument cluster in the car’s dashboard, also referred to as the Human-Machine Interface, or HMI. The HMI is the connection point between car and driver. Why focus on the HMI? According to Schultze, “This is how you as a consumer know the product has changed. HMI is the face of the product; it is where digital innovation becomes manifest. It’s how you become aware you have additional functionality available to you. By implication, the HMI is key to communicating digital innovations. It encompasses material components such as touch screens or volume buttons, as well as the information content that it displays.” The authors compared three different HMI projects over roughly a 10-year period. Each project represented an increase in

digitalization. The research traced the implications of digital innovation on the architecture of the firm’s products, as well as on the firm’s organizational infrastructure. Each iteration of the CarCorp HMI produced clearly defined boundaries between the layers of the product’s stack. The research determined that changes in the product’s material architecture need to be accompanied by changes in the organization’s infrastructure. Sometimes an organization leads change, but says Schultze, “the material changes or the technology desired by consumers drove the organizational change in this case.” This research paper will be submitted to the International Conference on Information Systems held in Milan, Italy, in December.

Corporate America’s Cash Pile-Up a Reaction to Refinancing Risk William Maxwell, Rauscher Chair in Financial Investment


orporate America is awash in record levels of cash. Theories abound as to why: firms themselves are riskier, volatile, pessimistic, have record profits and so on. One overlooked reason, according to SMU Cox Finance Professor William Maxwell, is that firms are holding more cash on their balance sheets because of refinancing risk. In “Refinancing Risk and Cash Holdings,” forthcoming in the Journal of Finance, Maxwell and co-authors Jarrad Harford of University of Washington and Sandy Klasa of University of Arizona show that firms are changing their policies on cash to manage this risk. U.S. firms’ long-term debt maturities have shortened. Firms need to roll over their debt sooner than in the past, which presents the risk that they cannot access capital markets to finance their activities. Numerous firms experienced that phenomenon postfinancial crisis. Today bank loans and notes have shorter maturities, which offer more potential for refinancing risk. To manage, firms are stashing cash. “If a firm gets caught in a bad cycle or shock, it is not the face amounts or percentage of debt they have outstanding that matters; it is a function of when the repayment is coming due,” explains Maxwell. According to the research, the market rewards the firm holding

ample cash with shorter maturity debt through higher valuation, particularly when credit markets are tight. The firm that invests wisely also gets market approval. Firms have to hold cash for the right reasons, though. According to Standard & Poor’s Capital IQ, 202 firms of the S&P 500-stock index have $1 billion or more in cash. There are record levels of firms in this billionaires’ club and record amounts amassed compared to previous decades. “We all think differently than we did before the financial crisis,” says Maxwell. “Everyone is putting more cash away.” Given that firms are more flush these days, how and when should they spend it? According to Maxwell, “Cash should be used as a hedge on a rainy day. Liquidity helps pay the bills and allows firms to take advantage of opportunities. If some calamity hits — and in general they do every 5-7 years — the firm can weather the headwinds.” Maxwell describes current credit conditions as looser than ever before. “If you can raise money now, do it,” he concludes. “It is ridiculously cheap money. The QE (quantitative easing) programs are like a huge binge, with firms drinking shot after shot of cheap money. And it’s not like a glass of wine with dinner; these are tequila shots.” It may feel great when you are doing it, he warns, but tomorrow always comes. n

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ne conversation still resonates with Carl Sewell (BBA ’66). “What will your legacy be?” his mentor Stanley Marcus asked him. At a young age, Sewell hit upon an answer, launching a tradition of generosity and leadership that has propelled SMU’s academic standing head first into the future. Sewell, a Cox graduate and CEO of the 102-year-old Sewell Automotive Companies, is passionate about education, and about SMU’s ascent into the intellectual ethers. A revered donor on campus and beyond, Sewell connects the university’s stature to the larger mission of supporting Dallas as a place for innovation and brainpower. “SMU is an importer of IQ points. It brings people here from all over the world, and they tend to stay here,” he said. “The more intellectual capital we can bring to Dallas, the stronger our city will be.” To that end, Sewell and his wife Peggy (’72) have focused their philanthropy on supporting exceptional students who might not have been able to matriculate without assistance. The Carl and Peggy Sewell Endowed President’s Scholarship Fund, the Sewell Scholarship Provost Fund and the Cox BBA Scholars Program — the couple’s major areas of giving — all bring exceptional students to the university and, in the process, help shape its future academic landscape. They were also first to fund similar scholarships at Meadows, Lyle and Dedman.

The Cox BBA Scholars program, for instance, has been a highly successful program that has attracted students who might have enrolled elsewhere. When Cox Dean Al Niemi conceived the idea, the intention was to entice those top students who wouldn’t have been able to attend Cox without scholarships. “Al has been a wonderful friend and a teacher for me in so many ways, helping me understand how universities work, how I could be of most help,” said Sewell. “Al felt that BBA Scholars would work, and it has.” So well, in fact, that the program was translated to Dedman College and the Lyle and Meadows schools. “I may have had the vision, but Carl came to the table with contagious enthusiasm and support for the program. He knew that the BBA Scholars program would be critical to broadening SMU Cox’s geographic reach and appeal,” said Dean Niemi. “These are special students selected via an extensive evaluation process that considers a student’s GPA and AP coursework in addition to SAT scores, which incidentally have climbed from 1309 to 1439 since the program’s inception.” Today, Cox is one of the five most selective undergraduate business programs in the country, according to Dean Niemi. Further, Sewell’s passion has been inspirational to others. Upon the program’s kick-off, Edwin L. Cox, Sr. (‘42), the school’s namesake, issued continued on next page

“The more intellectual capital we can bring to Dallas, the stronger our city will be.” go to 25

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Peggy Higgins Sewell (’72) is a 2013 SMU Distinguished Alumni Award recipient, honored during Homecoming weekend in October.

The Sewell family Photo: The Dallas Morning News


a jaw-dropping financial challenge to the other Cox supporters: if they raised $5 million, he would match that amount for a significant $10 million endowment. True to form, generous donors worked together to not only match Cox’s challenge, but also to surpass their original goals. Hence, the BBA Scholars program has been one of the most successful initiatives in SMU’s Second Century Campaign. “The business school deserves a lot of credit for the rapid improvement in student growth at SMU,” said Sewell. “While things like athletics are fun, this is ultimately about building a great university for Dallas. The city needs to have a preeminent university, and SMU needs to lead that charge.” For Sewell, who has been on the SMU Board of Trustees for 17 years and served as its chair from 2006 to 2010, creating beneficial change at the institution that nurtured him and his family is also a mission of gratitude. Not only did SMU “import Peggy to

Dallas,” something for which Sewell says he is most thankful, the school provided ample education for his family. Other Sewell family degree recipients include his sister, Susan Sewell Ferguson (’68); son J. Carl Sewell, III (MSM ’07); daughter Jacquelin Sewell Taylor (MSM ’07); and her husband, Phillip Taylor (MBA ’11). So it is with family pride and commitment that Sewell serves on the Cox School’s Executive Board and Campaign Steering Committee, as well as SMU’s Second Century Centennial Celebration Organizing Committee and Capital Campaign, which he co-chairs. Sewell’s philosophy of giving, particularly to efforts that further education, is a foundation of his family business, which is a national leader in the automotive industry. He provides training and education for all associates he employs and will even fund undergraduate work at the university level if someone has not completed a degree. The company offers several professional


Carl Sewell, Edwin L. Cox, Sr., Albert Niemi

development classes, from Dale Carnegie courses to workshops in etiquette and real-world skills. Managers, who are required to complete 40 hours of professional development training in their specialty each year, routinely attend executive education programs at Harvard University, the University of Virginia and SMU. “Why would a company in this day and age, knowing that very few employees will stay their whole lives, give money for classes?” asked Chip Besio, who was Sewell Automotive’s director of marketing for 19 years and is currently director of the Center for Marketing and Management Studies at SMU Cox. When Besio began at the company in 1992, he had been teaching at Cox for eight years. Unlike other employers who might have required that Besio give up his faculty position, Sewell worked out a way for him to continue. “Carl is passionate about continued learning. Because of him, it is endemic to the organization. He is very successful at building the business and encourages people to work hard, be innovative and find ways to improve whatever their roles are in the organization. He is very supportive and loyal.”

With his exceptional warmth and concern for others, it is not surprising that Sewell forged many long-standing friendships at SMU that remain today. In fact, several of his school buddies serve with him on the Board of Trustees, including Jerry Ford, Jimmy Gibbs, Paul Loyd, Richard Ware, Gary Crum, Ray Hunt and Mike Boone. “We were all at school together, and we have all contributed in our own ways, ways that have helped build the university,” said Sewell, adding that having the same president for 18 years and the same dean for 16 has had a huge impact on progress. “I haven’t inspired anyone. This is a special collection of people who have been devoted to the school for a long time. It allows the mission to be very clear for all of us. And, it’s also fun when we get together. If anybody gets too far out of line, we’ve got a story to bring him back.” “More than anybody, Carl is passionate about improving the quality of SMU’s undergraduate programs,” said Dean Niemi. “He has led the charge and inspired others to follow. We would not be the national treasure we are today without his leadership.” n

Sewell learned early about investment — both in employees as well as customers — from his father, Carl Sewell, Sr., who ran the company for decades before he did. “Dad took care of the soldiers from World War II after they came home,” said Sewell. “Not long ago, I received a letter from one of these men, written in shaky handwriting, thanking me for what my dad had done.” When he assumed the role of CEO after his father passed away in 1972, Sewell made customer service a hallmark of his business. So dedicated he was to the notion of being “obsessed with customer service,” (the company’s motto) that he wrote a book about it, Customers For Life, (Doubleday, 1990) which sold more than one million copies in 17 languages. “At the time, I thought that if we could sell 30,000 copies to all the car companies, we’d have a home run,” said Sewell, adding that even Doubleday was surprised with the book’s success. An examination of the elements of the buyer-seller relationship — trust, reliability, innovation, conviction and personal involvement — the book is a staple on the reading lists of many business schools.

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Students and graduates of SMU Cox are putting their education to work in many ways — and that means using it to improve the world they live in. Whether it’s in their backyard or around the globe, they are inventing innovative ways to improve education, effect change for social good and make a lasting impact. Here’s a look at just a few ways SMU Cox students and alumni are working within existing organizations (or creating their own) to make the world a better place.

AGENTS By Paula Felps

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Millennials Mission As chief of external affairs for the Dallas Children’s Advocacy Center (DCAC), Ellen Magnis knew they needed to do a better job of reaching millennials with their message, but they didn’t know how. As advocates for severely abused children in Dallas, the DCAC wanted to find a way to bring more attention to its difficult mission during Child Abuse Awareness Month in April. “One of our board members told us they knew someone who might be able to work with us on this project,” Magnis says. “So we reached out to SMU Cox, and it was a wonderful experience.”

Turning to the Cox Business Leadership Center Nonprofit Consulting Program, the DCAC became one of four local nonprofit organizations that benefited from the skills and insight of 35 FullTime and Professional MBA students earlier this year. The program, which lasts between six and ten weeks, matches students’ abilities and professional backgrounds with the needs of local nonprofits to provide valuable services that would otherwise cost the organizations thousands of dollars. Dallas partners for 2012-13 also included the Texas Scottish Rite Hospital for Children, Volunteers of

America and Kitchen Dog Theater. “They gave us a fantastic overview of who millennials are, what’s most important to them and what strategy we should use to reach them,” Magnis says. “We immediately implemented many of their recommendations, particularly those using social media, and will eventually implement about 98 percent of what they recommended.” The Nonprofit Consulting Program is one of the many ways that SMU Cox students and graduates are putting their educations to work to change their world for the better.

of Change continued next page

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AGENTS of Change continued from previous page


“The program provides a great opportunity to exercise some of the soft skills you need in the business world, and it teaches you how to be a better business leader,” explains Krysten Howey (MBA ’14). As part of a five-person team, Howey worked on the marketing aspects of the DCAC project and says everyone on the team was passionate about the cause — and about getting results. “Many times you feel like you have to choose between making money in the corporate world and changing the world,” she says. “This shows that you can do both. You don’t have to convince your company to change the world, but each person can take what they’ve learned at a company and use it to help someone else. It’s about giving your time to something you care about.”

The Cox MBA Nonprofit Consulting team tours the new DCAC facility, including the new Clothes Closet that supplies victims with clothes and toiletries.


The SMU Cox School of Business has a strong history of developing leaders who create positive change. Alexandra Almaguer (MBA ’13) saw an opportunity to strengthen the campus organization Cox for Community by expanding it into a Net Impact chapter. Net Impact is an organization designed for students and business professionals who want to use their business skills to support various social and environmental causes. Almaguer and two fellow MBA students, Chris Cunningham and Alisa Livingstone, launched the Cox MBA Net Impact chapter last fall with 50 members, thereby joining a nonprofit community of 40,000 student and professional leaders in 300 chapters worldwide. “All of the nation’s leading MBA programs have a Net Impact chapter, so we knew this would make Cox more competitive,” Almaguer says. In February, they hosted an awareness week of community outreach that included building homes with Habitat

for Humanity, holding a bake sale that netted more than $1,000 for a West Dallas learning center and organizing a lunch to promote sustainability. Members also held a drawing for prizes ranging from SMU-branded items to a special “Breakfast with the Dean” event to further educate their fellow students about making a positive impact through volunteerism, conservation and environmental awareness. “SMU Cox is a school that is well positioned to give back to the community,” Almaguer points out. “And this generation is very likely to do that. Today’s students are looking for socially responsible, sustainable companies with a strong emphasis on corporate social responsibility. That’s something that is just as important these days as the company’s brand. It’s important for us to be able to give back.”

Cox MBA Net Impact members build a home with Habitat for Humanity.


One-to-One Giving That need to give back is what prompted four Cox undergrads — Asad Berani (BBA ‘14), Shameel Thawerbhoy (BBA ‘13), Jaison Thomas (BBA ‘14) and Arvind Venkataraman (BBA ‘16) — to start their own business. Apollo Tutors was launched in February to provide afterschool tutoring to college and privateschool students. But, like the business model utilized by TOMS Shoes, the service gives away one hour of tutoring to an atrisk child for every paid tutoring session.

“We were sitting around one night talking about how we would give back to the community if we were all billionaires,” says Venkataraman. “All of us agreed it would have to be something to do with education, and Jaison came up with the idea of starting a tutoring company that gives back.” Working with students in East Dallas, Apollo Tutors donated more than 235 one-on-one tutoring hours in its first five months and hopes to reach 1,000

their career goals,” Wooten says. “It’s not a lack of determination; it’s a lack of resources.” Props Social Ventures functioned for one year as a student club and has been an LLC for about a year. During that time, it has given out Giving for Good about 20 loans. One recipient turned her loan into a full-time business Being different while making a difference has also been a successful making healthy, tasty alternatives to candy; she was able to quit her model for Props Social Ventures, an three jobs and now has a thriving organization launched by William enterprise. Props Social Ventures has “Timm” Wooten (BBA ’15) and received tremendous community accepted into the SMU Engaged Learning program. Engaged Learning support, something that Wooten says underscores just how philanthropic encourages creative, civic-minded the Dallas community is. And it has projects targeting the specific needs given him a new appreciation for of a population or community. Wooten’s venture led to the creation what he is learning every day. “Sometimes school feels like a grind of a microfinancing program to provide loans to small entrepreneurs. because you don’t see what you’re learning or what talents you are Props Social Ventures works with cultivating,” he says. “Being able to do CitySquare, a Dallas nonprofit that something like this and see what those fights the root causes of poverty, to identify possible recipients and award skills are doing makes a big difference. When I see the impact of what I’m loans ranging from $100 to $1,000. doing, it’s very grounding to me. It’s so “We’ve seen brilliant ideas from people who just didn’t have access to much more satisfying than knowing I’m just working toward a degree.” the education they needed to reach


Many times you feel

like you have to choose between making money in the corporate world and


Shameel Thawerbhoy, Arvind Venkataraman, Jaison Thomas and Asad Berani

hours by its one-year anniversary in February 2014. “One thing we are looking at is providing the Dallas Independent School District with SAT tutoring,” says Venkataraman. “More than 60 percent of high school students don’t receive an adequate education, and it’s alarming to think this is happening in our own backyard. All four of us are from the Dallas area, and we want to do something to change that here.” Doing good for others has also helped the company do well, as clients like knowing that they are helping another child get an education each time they buy a tutoring session. “That’s turned out to be our greatest marketing tool. It differentiates us from everyone else out there,” says Venkataraman.

changing the world. This shows you can do both.

Whether they are launching a nonprofit organization, working for change within a company or creating a better world through volunteer efforts and personal donations, students who graduate from SMU Cox often do so with a sincere determination to make a difference in the world. “We are a generation that cares a lot,” explains Almaguer. “It is important for us to take care of the world around us.” n

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Doors are Opening to MBA Grads Looking for a Career Change “Life is short. I like to experience as much as I can,” said SMU Cox alum Marshall Hays (MBA ’98) of his career change following grad school. Unlike past generations, today’s professionals don’t aspire to have lifelong tenures at one company that might reward their loyalty with executive pensions and endless benefits upon retirement. These days, without those perks of yesteryear, people change jobs fairly often — almost every five years. Even today’s younger baby boomers (born 1957-1964) averaged 11 different jobs before they were 46 years old, according to the U.S. Bureau of Labor Statistics (BLS). Fortunately, the dearth of “golden handcuffs” has an upside. Many ambitious professionals capitalize upon this freedom to move from company to company, even industry to industry, without penalty. As long as they’re properly prepared, career switchers can enjoy a lucrative and dynamic professional life. Thus, it’s no surprise that MBA graduates are leveraging the recent employment trends to make career changes at an increasing rate. In fact, according to the Graduate Management Admission Council (GMAC), 64 percent of MBAs who graduated in 2012 entered a new industry, up from 55 percent in 2011. And, as employers increase their hiring rates, they are less rigid in their quest for “perfect fits”— those prospects who already have industry experience — and are instead opening doors to business school graduates who have specialized in an area of expertise but may not necessarily have hands-on experience. Enrolling in a top-ranked MBA program can be an excellent facilitator in a career change. Even better, some schools like SMU Cox’s Full-Time MBA 32



I went to business school because I wanted to switch careers but was not entirely sure what I wanted to do next.


and Professional MBA (PMBA) programs offer students the option to specialize in various industries such as marketing, finance, accounting, real estate, strategy and entrepreneurship. As a result, students may either enhance their current area of expertise or perhaps explore and move into a completely new industry. “I went to business school because I wanted to switch careers but was not entirely sure what I wanted to do next,” said Vik Thapar (MBA ‘09). Thapar worked at a software consulting firm but knew he wanted something more exciting and lucrative. “I became interested in the investment and entrepreneur community through my classes and the backgrounds of my professors and visiting speakers.” Accordingly, Thapar concentrated his PMBA studies in entrepreneurship and strategy and immersed himself in SMU’s investment community via the Venture Capital Practicum and by volunteering at the Southwest Venture Forum, where he connected with many SMU Cox alumni. His persistence and focus paid off. Today, Thapar is a venture partner at Cypress Growth Capital. “I could not be in a better position, and we are actively investing in technology companies!” Nate Ruby (MBA ‘07) spent years pursuing his bachelor’s and master’s degrees in biochemistry and biology with the intention of becoming a professor. Midway through his pursuit, Ruby decided his desire to help people develop and build productive teams aligned more closely with the business world than academia. So he went back to school. Again. Only this time, Ruby pursued an MBA at SMU Cox with concentrations in information technology and operations management (ITOM) and marketing. With help from the SMU Cox Career Management Center, he got a job with TXU Energy in the financial planning group. He dove into his new company with the same dedication he applied in his academic career and was promoted three times in his first five years. “As

head of residential pricing, I use the financial modeling skills from my ITOM concentration, knowledge of selling techniques and consumer behavior from my marketing concentration and leadership skills honed through the BLC on a daily basis.” Like others, Marshall Hays, the aforementioned MBA student who knew life was too short not to embrace change, was inspired by his experience at Cox to stop working for others and branch out on his own. “Jerry White exposed us to so many different industries and entrepreneurs that I knew I had to be my own boss,” said Hays. After starting an Internet content site as well as a television production company, Hays now runs his own “mini-empire” of Lucky Ducky Car Wash & Lube Centers, as well as a Lucky Ducky Dogs gourmet food truck.

If you are considering a career change via grad school, be sure to heed the advice of Hays and other graduates: attend every student function and get to know everyone in your class. Others stressed that students should take full advantage of the Cox mentorship programs, the Career Management Center and the Business Leadership Center. These resources arm students with critical networking and soft skills to augment their studies. The formidable combination of a top-ranked MBA program, a specialized area of concentration and strong networking skills instills confidence in new grads so they can follow their dreams — even if they started their careers in a completely different industry. Dana Centola (MBA ‘11), who deftly switched from publishing to technology after graduation, surmised,“The education at Cox allowed me to more easily transition between industries by filling the gaps in my business knowledge. It opened doors that wouldn’t have even been in the same hallway I was in previously.” n

Want to Switch Careers? An MBA from SMU Cox Can Help. SMU Cox Full-Time MBA and Professional MBA (PMBA) programs both offer the option to concentrate your studies in a specific area of interest. Specializations include: • Accounting • Business Analytics • Finance (corporate, energy or investment) • Financial Consulting • General Business • Information and Operations • Management • Marketing • Real Estate • Strategy and Entrepreneurship Fortunately, today’s students have options for how to make their careerswitch dream a reality. The SMU Cox PMBA program enables students to obtain their MBA without having to leave their current job by scheduling classes conveniently on nights and weekends. Students who want to go back to school full-time but are concerned about living without a salary for two years should consider this: Forbes ranks the Cox MBA #25 in the U.S. for ROI with a break-even of 3.4 years. In other words, students who forgo salaries for two years typically make up wages and tuition in only 3.4 years. Either way, don’t delay pursuing your dream career. It’s never too late to change! Go to to learn more.

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Bill Ware in 1971

Patrick Ware (’01, MBA ’07), Ed Cox, Jr., William Ware (’01), Edwin L. Cox, Sr. (’42), Tol Ware

S M U’S FIRST ENDO W E D CE NTENNIAL SCH O LA RSH IP The Bill Ware Memorial Endowed Centennial BBA Scholarship When Bill Ware (BBA ’70) passed away in the spring of 2012, his family, friends and colleagues wanted to create a lasting memorial to his life in a way that would positively impact many generations to come. Besides his successful banking career, Bill Ware was generous in his civic and philanthropic involvement in both his hometown of Amarillo and his home state of Texas. The Ware family has a strong history with SMU: Bill’s brother Richard Ware (BBA ’68) has held several leadership positions at the university, including 27 years of service on the SMU Board of Trustees, and many of both brothers’ children are SMU alumni.


Bill Ware attended SMU on a tennis scholarship and was a member of the Sigma Alpha Epsilon fraternity. The Wares ran the family-owned Amarillo National Bank. In 1999, they were named Texas Bankers of the Century by Texas Monthly magazine. As an alumnus of SMU, Bill Ware was an active supporter of SMU Athletics and was a member of the Mustang Club Board of Directors. To honor Bill Ware’s philanthropic service and to commemorate his alma mater, efforts led by Ed Cox, Jr. were soon underway to create an endowed BBA scholarship in Bill’s name. Cox, a long-time friend and business colleague of Bill Ware’s,

believes that this scholarship is a great way to honor the relationship they shared over the years. Cox and his son Brad made the initial large donation to the scholarship, and the Ware Foundation matched it. Additional donations came from friends and business associates (each usually with a fun story and a smile). Not only did Richard Ware and Cox reach their goal, but they were able to name the first SMU Endowed Centennial Scholarship in memory of Bill Ware. During the commemorative period of the centennial of SMU’s founding and opening, the Board of Trustees created opportunities to establish


The Bill Ware Memorial BBA Scholarship Recipients

Ryan Reese

Bill Ware and Ed Cox, Jr.

“Bill always felt that personality and sports rounded out an individual and that both were critical for success in later life.” special centennial endowments, which include operational funding for immediate needs while the long-term funds mature. Due to the operational component of the scholarship, this merit-based scholarship has been awarded to two high-achieving BBA Scholars this fall. Richard Ware is very pleased with this tribute to his brother. “The Bill Ware Scholarship is a great way to honor Bill by providing financial assistance to undergraduate BBA students who have dynamic personalities and possibly some connection to athletics. Bill always felt that personality and sports rounded out an individual and that both were critical for success in later life.”

From: Albuquerque, NM Activities: Varsity Lacrosse, Varsity Track, Eagle Scout Intended Majors: Finance (Alternative Asset Management) and Math “I did a lot of research to find a business school with outstanding faculty and a strong alumni network. I knew SMU Cox was the right place for me. Receiving this scholarship is special to me, and I appreciate the confidence the school has in me. I will work hard over the next four years to make both the Cox School and the Ware family proud.”

Alex Atwood From: Lexington, KY Activities: Varsity Tennis, Club Lacrosse, Coaching, Mentoring Intended Majors: Finance and Accounting, or Finance and Economics “I’m impressed with how distinguished alumni are so in touch with Cox students; it speaks volumes about the community at SMU. Receiving this scholarship is a great honor and a large factor in my decision to attend SMU. It will certainly drive me to reach my full potential at SMU Cox.”

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BRIDWELL ENDOWED MBA SCHOLARSHIP HONORS DAVID MILLER Many Cox students forge friendships while at SMU that later grow into strong, lifelong relationships. Such is the case between Tucker Bridwell (BBA ’73, MBA ’74) and David Miller (BBA ’72, MBA ’73). Both Bridwell and Miller received their undergraduate and graduate degrees from SMU Cox and remain committed to the Cox School of Business through their service on the Cox Executive Board and the Second Century Campaign Steering Committee for the Cox School. Bridwell is president of Abilene-based Mansefeldt Investment Corporation, a privately owned investment company, and the Dian Graves Owen Foundation, a private charitable foundation. He has been in the energy business in various capacities for more than 25 years. Bridwell credits much of his success to his alma mater SMU, the Cox School of Business and the relationships he made there as a student. “Certainly I went to SMU and the Cox School to get an excellent education, yet, equally important are the lifelong friendships I made while there.” Miller is a co-founder and managing partner of EnCap Investments L.P., a private equity firm based in Houston and Dallas. Several years ago, Bridwell turned to his old friend for advice on an oil and gas investment; Miller and EnCap’s contribution produced a successful outcome. Since then, the two have been partners in several successful ventures. In gratitude for Miller’s positive influence, and in honor of their shared commitment to SMU, Bridwell is recognizing his friend and colleague through a gift to their alma mater.


“I was deeply touched when I learned that the Bridwells were making two such meaningful gifts in my honor,” says Miller.

Bridwell’s dual-designated gift will honor Miller’s two strong interests at SMU: SMU Athletics and the Cox School of Business. At Cox, Bridwell and his wife, Gina, bestowed a $1.5 million merit-based scholarship for MBA students — the largest single gift to support MBA scholarships in this campaign. The Bridwells, the Dian Graves Owen Foundation and Tejon Exploration have also committed $2.5 million to name the Champions Club for Miller in the newly renovated Moody Coliseum, set to open in 2014. “David and I met at SMU more than 40 years ago,” reminisces Bridwell. “About 15 years ago we rekindled our relationship through a business deal. Today, David is one of my closest friends. David and his firm, EnCap, have been the most important business relationship we’ve had. Gina and I, and the entities we represent, are pleased to help give others an opportunity to reap the benefits of an SMU Cox MBA.” Miller is humbled by the Bridwell tribute to SMU on his behalf. “Tucker and I have been friends since our early days at SMU, and that has evolved into a very special relationship both on a professional level and between our families,” says Miller. “We often talk about how our SMU experience played a huge role in shaping our lives, and we share an


Tucker Bridwell and David Miller

equally strong feeling that we need to give something back to the university. Needless to say, I was deeply touched when I learned that the Bridwells were making two such meaningful gifts in my honor.” The Bridwells have a history of giving back to SMU Cox. Earlier in SMU’s Second Century Campaign, they gifted the Cox School with an endowed scholarship for BBA students. This generous donation funded its first merit-based scholarship for a BBA student this fall and will continue to generate scholarships for many generations to come. Graduate student scholarships are a top priority for the Cox School, and Dean Al Niemi is extremely pleased with this significant and meaningful endowment to the MBA program. “Gina and Tucker Bridwell will enable us to continue to attract talented students who will benefit from SMU Cox’s excellent graduate programs and contribute to our rise in academic quality. We are very grateful to the Bridwells for their generosity in making this gift.” For more information about how you can support Cox BBA or MBA scholarship programs, contact the Cox Development Office at 214.768.3074. To view updated quarterly status reports on The Second Century Campaign, go to To view the 2012-13 SMU Annual Report, go to


LATINO LEADERSHIP INITIATIVE GAINS STRONG CORPORATE SPONSORSHIP SMU Cox Executive Education is joining eight corporate sponsors to create the Latino Leadership Initiative (LLI) to help meet the nation’s growing need for corporate leaders as the economy improves and demographics evolve. The initiative grew out of research that shows a gap in talent at the country’s executive leadership level. AT&T took the first steps toward making the LLI a reality by signing on as lead sponsor, and Wal-Mart serves as the effort’s presenting sponsor. Additional founding sponsors committing to three-year sponsorships are Baylor Health Care System, Cash America, Kimberly-Clark, JCPenney, Shell Oil Company and State Farm. “The Latino Leadership Initiative offers a solution to the talent gap and provides career growth opportunities for Latino professionals, as well as opportunities for corporations to engage in the discussion around a more multicultural workplace and to help develop a research agenda to uncover new insights into the growing Hispanic workforce and marketplace,” said Frank Lloyd, associate dean of SMU Cox Executive Education. “Thanks to the generous support of our corporate sponsors, SMU Cox Executive Education is in an excellent position to effect positive change.” A study by the Hispanic Association for Corporate Responsibility indicates that Latino managers are significantly underrepresented in executive and senior executive positions. Research shows that, although Latino managers reach mid-level management positions faster than their peers, they are traditionally slower to climb to higher levels within their companies.

“AT&T is proud to partner with SMU Cox and the other founding sponsors on the Latino Leadership Initiative,” said Debbie Storey, SVP of talent development and chief diversity officer at AT&T. “Our customers, suppliers and investors come from all walks of life — and we serve them best when our workforce and our leadership team connect with them where they are. This initiative advances those efforts.” Cox Executive Education first began working with the National Hispanic Corporate Council (NHCC) to offer the Corporate Executive Development Program in 2010. Through Cox Executive Education, and now under the responsibility of the LLI, the Corporate Executive Development Program offers leadership training and networking opportunities to highpotential Latino managers working in Fortune 1000 companies and seeking their first executive management roles. Opportunities will be expanded to include companies outside of the Fortune 1000. “This initiative could not have come at a better time in this country’s history or be in a better place than right here at SMU in Dallas, Texas,” said Dean Al Niemi. “The tremendous amount of support received from the corporate sector in such a short time frame serves to validate the importance of the Latino Leadership Initiative’s mission and vision.” The LLI Advisory Board, which consists of representatives from each of the effort’s founding corporate sponsors, held its inaugural meeting in July at the Cox School. Bill Diaz, State Farm director of property and casualty underwriting and an alumnus of the CEDP program, serves as executive-

Frank Lloyd and Bill Diaz

on-loan and the LLI launch executive director. Miguel Quiñones, the O. Paul Corley Distinguished Chair of Organizational Behavior at Cox, is the program’s academic director. A November launch event for the initiative will be held at SMU’s James M. Collins Executive Education Center. Additional sponsorship opportunities are still available, and all sponsorships and gifts to the Latino Leadership Initiative are part of the SMU Second Century Campaign. Contact the SMU Cox Development Office for more information at 214.768.1595. n

According to the Pew Hispanic Center, U.S. Census Bureau and the Selig Center for Economic Growth, Latinos will be 70 percent of the labor force growth between 2010 and 2020, with 30 percent of the U.S. population projected to be Latino by 2050.

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C A L E N D A R OF E V E N T S October 19

November 19

SMU at Memphis

October 26

Latino Leadership Initiative Launch Collins Center Contact: Executive Education, 214.768.3335

SMU Homecoming SMU vs. Temple, TBA at Ford Stadium*

November 23

November 9 Cox MBA Fall Preview Day Contact:

November 29 SMU at Houston

November 9

December 3

SMU at Cincinnati

Cox Alumni Association Reception Atlanta, GA

November 13 DCEO Reception 6 p.m. – 8 p.m. Collins Center Contact: Andrea Smith

November 14 Dallas 100™ Awards 6 p.m. – 10 p.m. Omni Dallas Hotel Contact: Ann Faison, 214.768.3030

November 16 SMU vs. Connecticut, TBA at Ford Stadium*



December 4 Cox Alumni Association Reception Birmingham, AL

December 7 SMU vs. UCF, TBA at Ford Stadium*

December 8 SMU Cox Corporate Relay Challenge at the MetroPCS Dallas Marathon

December 10 L. Frank Pitts Energy Leadership Awards 11:30 a.m. – 1:30 p.m. Contact: Catherine Maurer, 214.768.1595

*Dean’s Tailgate On the Boulevard begins two hours prior to kickoff at every home game in front of the Cox School of Business. For the full football schedule, go to



March 5: Attending the New York reception, Sandy Gennrich (MBA ’98) and Gayle Maurin (BBA, MBA) along with current MBA students Kevin Glomb and Danny Weidich

March 15: The annual MBA International Festival, featuring food and entertainment

May 3: Attending the MBA social hour hosted by MillerCoors are Elizabeth George and Darren Grahsl (MBA ‘09).

ACADEMIC DEPARTMENT CHAIRS Accounting: Hemang Desai Finance: Kumar Venkataraman Information Technology and Operations Management: Amit Basu Management and Organizations: Don Vandewalle Marketing: Raj Sethuraman Real Estate/Insurance/Business Law: Bill Brueggeman Strategy and Entrepreneurship: Gordon Walker

214.768.3185 214.768.7005 214.768.8257 214.768.1239 214.768.3403 214.768.3182 214.768.2191

ALUMNI AND EXTERNAL RELATIONS Assistant Dean of External Relations and Executive Director of the Cox Alumni Association: Kevin Knox


BBA PROGRAM Associate Dean: Gary Moskowitz


BUSINESS LIBRARY Director: Sandy Miller The Kitt Investing and Trading Center

214.768.4113 214.768.4113

CENTERS AND INSTITUTES Caruth Institute for Entrepreneurship Don Jackson Center for Financial Studies EnCap Investments & LCM Group Alternative Asset Management Center Folsom Institute for Real Estate JCPenney Center for Retail Excellence Maguire Energy Institute William J. O’Neil Center for Global Markets and Freedom

214.768.3689 214.768.8256 214.768.8256 214.768.3548 214.768.3943 214.768.3692 214.768.3251

CERTIFICATE PROGRAMS Entrepreneurship Certificate Program Graduate Business Analytics Certificate Program Graduate Finance Certificate Program Graduate Marketing Certificate Program

214.768.3689 214.768.1246 214.768.4155 214.768.2722

DEAN’S OFFICE Dean: Albert W. Niemi, Jr.




EXECUTIVE EDUCATION Associate Dean: Frank Lloyd


GRADUATE PROGRAMS Associate Dean: Marci Armstrong


MARKETING AND COMMUNICATIONS Assistant Dean: Lynda Welch Oliver



May 21: Linda Kao (BBA ’78), assistant dean of global programs, welcomes the audience to the 13th annual GLP Symposium.

MBA GLOBAL PROGRAMS Assistant Dean: Linda Kao




SPEAKER SERIES Bank of Texas Business Leaders Spotlight Series Ernst & Young Management Briefing Series L. Frank Pitts Oil and Gas Lecture Series O’Neil Center Speaker Series Southwest Venture Forum

214.768.3030 214.768.4266 214.768.3692 214.768.4210 214.768.3689

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Mr. Clark K. Hunt

Ms. Melissa M. Reiff

President Con-Real, Inc.

Mrs. Katherine R. Crow

Mr. Thomas W. Jasper

Mr. Kirk L. Rimer

Vice Chairman, The Business Bank Comerica Bank

President CFP Foundation

Mr. David K. Kao

President & CEO Dallas Production, Inc.

Mr. James W. Keyes

Retired Former Chairman, President & CEO EDS

Executive Vice President & Managing Director Wells Fargo U.S. Corporate Banking

Mr. Barry M. Kitt

Owner Romano Concepts, Ltd

Ms. Nancy Loewe

Co-Founder RealtyTrac

Mr. David E. Alexander

Retired—Ernst & Young LLP

Mr. Gerald B. Alley

Mr. Lars C. Anderson

Mr. Stephen L. Arata

Executive Vice President & CFO Caiman Energy, LLC

Mr. F. Thaddeus Arroyo Chief Information Officer AT&T

Mr. Norman P. Bagwell Chairman & CEO Bank of Texas, N.A.

Mr. C. Fred Ball, Jr.

Senior Chairman of the Board Bank of Texas, N.A.

Mr. J. Gabriel Barbier-Mueller Chairman & CEO Harwood International

Mr. Raymond A. Basye, Jr.

Chairman & CEO Edwin L. Cox Company

Civic and Philanthropic Leader

Mr. Gary T. Crum

Mr. William A. Custard

Managing Partner Advantage Resources Group

Mr. Terry R. Dallas

Chairman Wild Oats Marketplace

Mr. Philip J. Romano

Pinnacle Family Office Investments, L.P.

Mr. James Saccacio

Chief Strategy Officer Kimberly Clark Corp.

Mr. Robert J. Schlegel

Mr. Joseph M. DePinto President & CEO 7-Eleven, Inc.

Mr. Derek E. Dewan

Mr. Paul B. Loyd, Jr. Mr. D. Scott Luttrell

Mr. Antoine L.V. Dijkstra

Dr. Bobby B. Lyle

Former Chairman & CEO MPS Group

Sewell Cadillac Dallas

Retired President Lockheed Martin Missiles and Fire Control

Vice Chairman, Investment Banking Cowen & Company, LLC

Mr. Raymond A. Blanchette CEO Ignite Restaurant Group

Mr. William A. Blase, Jr.

Senior Executive Vice President, Human Resources AT&T

Mr. Mark A. Blinn

President & CEO Flowserve Corporation

Mr. Tony Boghetich

Owner & CEO Omar B. Milligan Enterprises

Mr. Pat S. Bolin

Chairman & CEO Eagle Oil & Gas Co.

Ms. Julie Ann Brice

Former Owner & Founder I Can’t Believe It’s Yogurt, Inc.

Mr. Tucker S. Bridwell

President Mansfeldt 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 & CEO PAJ, Inc.

Mr. Thomas Codd

Managing Partner PricewaterhouseCoopers LLP

Mr. Gus Comiskey

President Comiskey Kaufman Consulting, LLC

Ms. Kelly H. Compton

Executive Director The Hoglund Foundation

Mr. William R. Cooper Chairman Paragon Group


President The Container Store

Managing Partner Manursing Partners, LLC

Partner & Co-Founder Implexus Capital & Partners

Mr. James F. Berry

Chairman of the Board & CEO Kansas City Chiefs

Mr. Frank M. Dunlevy

Mr. Manny Fernandez Managing Partner KPMG LLP - Dallas Office

Mr. Andrew S. Fisher Mr. Bryant R. Fisher

Retired Senior Vice President Federated

Mr. Martin L. Flanagan President & CEO INVESCO

Ms. Lisa A. Gardner

CEO OMS Strategic Advisors, LLC

Mr. James F. Geiger CEO Cbeyond

Mr. William W. George Mr. David L. Gonzales

Global Talent Management & Diversity & Inclusion Lead Human Resources Merck

Mr. Norman Green Founder & Former Owner Dallas Stars Hockey

Mr. Seth W. 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. Denny Holman

Chairman of the Board Folsom Properties, Inc.

Mr. Thomas W. Horton

Chairman & CEO AMR Corporation & American Airlines

Mr. Doug Houser Principal Mega Capital, LLC

Mr. Kevin C. Howe

General Partner, Mercury Ventures Chairman & CEO, River Logic

Principal Crow Holdings

Mr. Ronald A. Rittenmeyer


Chairman & CEO Bedrock Logistics Founder & Retired CEO/Owner Pavestone Company

Mr. Jeffrey R. Schmid Chairman & CEO Mutual of Omaha Bank

Founder & Chairman Lyco Holdings Incorporated

Mr. Mark W. Schortman

Mr. James H. MacNaughton Vice Chairman BMO Capital Markets

Senior Vice President & General Manager Coca-Cola Refreshments

President & CEO Maguire Oil Company

Chairman & CEO Fluor Corporation

Mr. David T. Seaton

Mr. Cary M. Maguire

Mr. Carl Sewell

Mr. Ken Malcolmson

Chairman Sewell Automotive Companies

Regional CEO, West Central Region Humana

Mr. Michael J. Skillman

Mr. Michael P. McCloskey

CEO Cadence Capital Management

Chairman & CEO FRI Investors

Mr. Michael G. Smith

Mr. Michael F. McGehee

Private Investments

CEO Wilmac Companies, LLC

Mr. Richard K. Templeton

CEO Amegy Bank of Texas

Mr. John C. Tolleson*

President, CEO & Director Texas Instruments, Inc.

Mr. Scott J. McLean

Chairman & CEO Tolleson Wealth Management

Mr. Michael A. Merriman

President & CEO Financial Holding Corporation

Mr. William Vanderstraaten

Mr. David B. Miller**

President Chief Partners LP

Founder & Managing Partner EnCap Investments, LP

Mr. Scott B. Walker

Mr. Roger Nanney Vice Chairman Deloitte LLP

President & CEO Scowal Investments Partnership LTD

Chairman Emeritus TXU Corp.

President Amarillo National Bank

Mr. Richard Ware

Mr. Erle A. Nye

Mr. Garry Weber

Mrs. Connie O’Neill Civic and Philanthropic Leader Ms. Karen L. Parkhill

Chairman of the Board Weber Financial, Inc.

Vice Chairman & CFO Comerica Incorporated

Mr. Kevin D. Welsh

President Patterson Investments

Mr. William M. Wheless, III

Ms. Patricia Patterson

Partner & Senior Managing Director Kayne Anderson Capital Advisors, LP

Dr. Sheron Patterson

President Wheless Properties

Communications Officer The United Methodist Church of North Texas

Mr. Randal L. Perkins Private Investor Private Advisory Group

Mr. Timothy E. Perry Managing Director Credit Suisse AG

Ms. Angela Raitzin

Principal Constellation Wealth Advisors

Mr. Robert A. Wilson

Executive Vice President Kemmons-Wilson Companies

Mr. Royce E. (Ed) Wilson, Sr. Vice Chairman & CEO Attensity Media, LLC

Ms. Trea C. Yip

CEO TY Commercial Group, Inc. * Chair ** Vice Chair


ALUMNI BOARD Cox Alumni Association Board of Directors James Alvetro Clark Bacon Jim Bernard Dennis Cail Rick Calero Jordan Carter Jack Chapman Trey Chappell Paul Collins Clayton Dallas Paul Divis ** Jeff Dyer Dan Einhorn Gonzalo Escamez Sada Mark Galyardt Angela Gieras Dan Goe John Goodrum Brooke Green Paul Henderson Chip Hiemenz Tessa Hoskin A. J. Hu Taruna Jain Nick Kapral Pam Hoyerman Kemper Melissa MacLeod Dave Manges Kyle Martin Ashley Wilson McClellan Frank McGrew Max Meggs Aakash Moondhra Phil Moran Fabio Okamoto Carlton O’Neal Kylie Wood Owens Jonathan Parker Bruce Parkerson Matt Peakes Kyle Perkins Evan Radler Angela Raitzin Chris Reilly Merrill Reynolds Wayne Richard David Rouse Elisabeth Schmidt Allen Shank Javier Silvera Chase Spirito Jay Staley Cristine Struble Matthew Struble Arun Subramanian Katy Thomas *** Laura Till David Visinsky Catherine Walts Chris Wilson Rich Wilson Jiang Wu Liz Youngblood

MBA ’99 BBA ’04 PMBA ’02 EMBA ’06 EMBA ’08 BBA ‘08 BBA ‘10 BBA ’00 MBA ’02 BBA ’10 EMBA ’99 MBA ’03 MBA ’02 MBA ’90 MBA ’88 MA/MBA ’03 MBA ’99 BBA ’05 MBA ’99 PMBA ’94 BBA ’06 EMBA ’09 MBA ’01 BBA ’95, MBA ’01 PMBA ’10 BBA ’79 BBA ’07 PMBA ’07 PMBA ’09 BBA ’04 BBA ’90 BBA ’06 MBA ’03 MBA ’87 MBA ’95 PMBA ’87, JD ’91 BBA ’06 MBA ’05 BBA ’79, JD ’82 BBA ’00, MBA ’07 BBA ’09 BBA ’05, PMBA ’10 MBA ’00 PMBA ’01 BBA ’76 BBA ’80 PMBA ’95 BBA ’87 BBA ’02, MSA ’03 MBA ’07 BBA ’06 MBA ’13 BBA ’96 PMBA ’00 MBA ’01 BBA ’07 BBA ’82 BBA ’98 BBA ’99 BBA ’03 MBA ’05 MBA ’00 EMBA ’05

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

March 19: Kevin Knox joined with Honore Comfort (MBA ’93), executive director of the Sonoma County Vintners, for a wine tasting at the Mansion on Turtle Creek.

March 21: Panelists for the Maguire Energy Institute and Amegy Bank-Houston energy industry update were Bud Weinstein and Bruce Bullock of the Maguire Energy Institute; Joe Dancy, LSGI Advisors Inc. and Cox adjunct professor; and Gary Evans, GreenHunter Energy.

April 20: The Cox Alumni Board of Directors held their spring meeting during SMU Founders’ Day weekend. Pictured: Cox Alumni Board members Chip Hiemenz, Katy Thomas, Elizabeth Schmidt, Chris Reilly, Mark Galyardt, Pam Kemper, Dean Niemi, Catherine Walts, Chris Wilson, Angela Raitzin, John Goodrum, Max Meggs, Trey Chappell, Paul Henderson, Don Shelly, David Manges, Rich Wilson, Paul Divis, Jonathan Parker, Frank McGrew, Kevin Knox, David Rouse, Dennis Cail, Kyle Perkins.

** Chair *** Vice Chair

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DISTINGUISHED A LU M N I Gerald Byron Alley (MBA ’75) President and CEO Con-Real LP Gerald Byron Alley was born and raised in Pine Bluff, Arkansas. He entered the University of Arkansas in Fayetteville when he was 16, and Sanger Harris Department Stores in Dallas recruited him to join its Management Executive Training Program directly out of college. He was then awarded a scholarship to the Full-Time MBA program at SMU Cox. He earned his MBA in finance and real estate in 1975, and later, a Graduate Certificate of Achievement from the SMU Cox Caruth Institute of Entrepreneurship. By 1978, Alley had started his own business, providing management and technical services to small businesses in construction industries. With his brother, Troy Alley, Jr., he formed Con-Real, a full-service construction and real estate firm that serves Fortune 500 companies nationally. Their mission is to change the perception of African-American owned businesses in the construction and real estate industries. As president and CEO of Con-Real, Gerald Alley directs the company’s growth and philosophy. Alley serves on various corporate and nonprofit boards, including the Cox Executive Board.

Troy Alley, Jr. (MBA ’76) Executive Vice President and Chief Operating Officer Con-Real LP Troy Alley, Jr. graduated from the the University of Arkansas in Fayetteville. In 1976, he earned his MBA in finance and real estate at Cox and later attended MIT’s Advanced Real Estate Development Program. He went on to found and organize the Commercial Division of Galloway Herron Realtors and later partnered with his brother Gerald to form Con-Real. Troy and Gerald Alley’s father was the first African American to own a service station in Pine Bluff, and their mother was the first African American to earn a master’s degree in English at the University of Kansas. Born into a family of trailblazers, Troy Alley, Jr. is the first African American to become a member of the commercial division of the Dallas Board of Realtors; become a Certified Property Manager; become a member of the Appraisal Institute in North Texas; and is among the first African-American graduates of the College of Engineering at the University of Arkansas. Alley mentors business students through the Cox Associate Board.

Tony Boghetich (BBA ’75) Owner and CEO Omar B. Milligan Enterprises Inc. and the Bogan Companies Tony Boghetich was born in Milan, Italy, and came to the United States with his family when he was still a toddler. His family settled in Texas, and he became a naturalized citizen at age six. Boghetich first visited SMU as an 11th-grader from Clear Creek High School in League City to compete in a debate tournament. The campus made a big impression on him. Although his family moved near Chicago just before his senior year, he struck a deal with his father that if he could do well as a freshman at a local community college, he would be allowed to transfer to SMU. Boghetich went on to earn a BBA with a double major in finance and marketing from Cox in 1975. He met Jilene Milligan (BBA ’76), the woman who would eventually become his wife, in a Cox business law class. Three of their four children are SMU alumni. Boghetich earned his law degree at the University of Oklahoma in 1978 and has practiced law in Texas and Oklahoma. In 1986, he became the owner, CEO and president of private oil and gas company Omar B. Milligan Enterprises Inc. He serves on the Cox Executive Board and has been a member of the Cox Alumni Board.



Melissa Reiff (SMU ’77) President and Chief Operating Officer The Container Store Melissa Reiff grew up in Independence, Missouri, and wanted to experience “a big city with big opportunities.” She chose SMU in Dallas. Shortly after graduating in 1977, she launched an illustrious career that included leadership roles with Success Unlimited Magazine, Dallas-based La Papillion and Crabtree & Evelyn. In 1995, Reiff joined The Container Store as vice president of sales and marketing. Her efforts resulted in her promotion to executive vice president of stores and marketing in 2003, which gave her responsibility for guiding and directing store management, store development, store communication, sales management, training, recruiting and all aspects of sales and marketing. Three years later, Reiff was named president of the company that had become the nation’s leading retailer of storage and organization products. She added COO responsibilities in 2013. Reiff is a member of the Cox Executive Board, stays active on the Cox Associate Board and works closely with the Cox Business Leadership Center. n

OUTSTANDING Y O U N G A L U M N I Bradley Wilson (MBA ’01) Chief Marketing Officer Travelocity, North America Brad Wilson has helped build, launch and grow some of the most recognizable consumer brands on the web today. As chief marketing officer for Travelocity, North America, he is responsible for brand strategy, customer life cycle management and marketing communications throughout North America. Before joining Travelocity, Wilson served on the leadership teams at Nutrisystem, Blockbuster Online and His marketing skills have positively impacted customer acquisition and revenue generation at each of these corporations. While in the MBA program, Wilson was part of the first class to participate in the Cox Global Leadership Program. He visited Brazil, Chile and Mexico at a time when globalization truly began to take shape. He was also active in rugby and traveled to the MBA Rugby World Championship at Duke University. Wilson received his undergraduate degree from the University of Texas at Austin.

Todd Abbott (MBA ’03) President Pioneer Natural Resources Alaska Inc. Although Todd Abbott now makes his home in Alaska, he started out as an Aggie, graduating from Texas A&M in 1996. He took a position as an engineering consultant just after graduation and eventually started exploring career options. Abbott pursued the Full-Time MBA at SMU Cox through the generosity of the Susie V. and Edgar W. Armentrout Memorial Scholarship and completed the program in 2003. Abbott has been with Pioneer Natural Resources for 10 years, moving up the ranks first as a senior analyst in acquisitions and divestitures, then worldwide operations, then vice president of corporate finance. He has held his current position as president of Pioneer Natural Resources Alaska for two years. While at Cox, Abbott and his wife, Jenny, built the foundation for long-lasting friendships with fellow classmates and their spouses. Abbott also forged a strong relationship with several of his professors including Jim Smith, Susan Riffe and Dave Mauer, to whom he gives credit for encouraging his career interest in accounting and finance. n

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CLASS NOTES n Class of 1943: Ray Hall (BBA) is a retired special agent from the FBI. Ray is looking forward to November 22, 2013, when Dallas will host activities to recognize the 50th anniversary of the assassination of President John F. Kennedy. Immediately after President Kennedy was assassinated in November 1963, Ray conducted extensive investigations in the Dallas and Houston areas. When Jack Ruby shot Lee Harvey Oswald, President Johnson ordered the FBI to immediately interview Jack Ruby, and Ray was designated to do the interview. Hall is also looking forward to celebrating his 95th birthday in January 2014.

n Class of 1953: Bill Ferrell (BBA) is the development director for Mercy Street, a Christian mentoring program in West Dallas that mentors more than 600 innercity children.

n Class of 1956: Richard Frank Kantenberger (BBA) is currently a business development and marketing consultant and national gifted education writer.

n Class of 1969: James D. Milligan (BBA) is the general manager of the Mid-Atlantic Processing Plant and Distribution Center. Don White (BBA) is a petroleum landman.

n Class of 1970: Alan Greenberg (BBA) has retired from years in real estate and finance. Upon retirement, he started Orco Development, a program designed to educate college-aged, foreign-born students about American film, politics, military and history.

n Class of 1971: Michael K. Goodwin (MBA) has retired from the MidAmerican Energy Company. Richard Mason (BBA) retired in 2013 and is building a retirement home in Saluda, NC, where he and his wife will relax and plan their next adventure.

n Class of 1976: Arden Bennett (MBA) is now the senior vice president of client experience at Succeed Management Solutions LLC.

n Class of 1977:

Herschel E. Milner (BBA) is currently the president of Bud Milner & Company Inc. and the owner of Bud Milner Clocks.

Tom Harrell (BBA) retired from IBM as senior manger and joined Baughm, Harrell, Schmidt and Associates as a managing partner and consultant in project management.

n Class of 1963:

Gary Thomas Siegel (BBA) is the chief human resource officer at ZTEUSA Inc.

n Class of 1962:

Perry T. Dunlap, Jr. (MBA) retired from Abbott Labs, where he was district manager, in 1988.


n Class of 1978: Don Abernathy (BBA) is celebrating his 20th anniversary as president and CEO of The Bankers Bank in Oklahoma City. Vicki Hill (MBA) is CFO for the nonPareil Institute. Kevin Huitt (MBA) and Susan Tiger Huitt (MBA ’79) live in Morganton & Boone, NC. Kevin is president of hosiery manufacturer Huitt Mills Inc., which proudly manufactures 100 percent NCmade sport, casual and athletic socks and other sock-related items. Susan is a manager of Huitt Investments LLC, a private real estate investment company focusing on residential, commercial and investment properties in university, resort and retirement destinations. Susan also works as a realtor/broker with Keller Williams Realty in Boone, NC. Brendia Staggers (BBA) is the assistant member engagement manager for Lifetime Fitness and has won the Artistry Performance Award for the past two years.


n Class of 1979:

n Class 1982:

Alice Tidball (MBA) served as director for the office of International Narcotics and Law Enforcement at the U.S. Consulate General in Jerusalem. She retired in August 2013 and plans to road trip across Canada in her 1964 Bonneville Pontiac convertible.

Haley K. Moy (MBA) is the technical launch manager for production at BancVue in Austin, TX.

n Class of 1983:

Terence J. Shea, Jr. (BBA) has been employed with Unisource Paper Company for the past 30 years. He has enjoyed 30 years of marriage and has two children.

Bob King (MBA) is the director of employment services at Memorial Assistance Ministries, an outreach collaboration of 30 church congregations in West Houston. At MAM, Bob has built a self-sufficiency program helping more than 500 clients per year to identify and overcome obstacles to finding and keeping a steady and meaningful job.

n Class of 1981:

n Class of 1985:

Len Musgrove (BBA) is proud to announce the first anniversary of Musgrove Law Firm P.C. Since graduating from SMU, Len has been a practicing attorney in Dallas for 28 years, most recently serving as managing partner for Bellinger & DeWolf LLP. Musgrove Law Firm P.C. specializes in corporate and partnership law, taxation, mergers and acquisitions, estate planning and general corporate law matters. Both the Musgrove Law Firm P.C. and Len have attained the “AV Preeminent” ranking from Martindale-Hubbell, the highest possible ranking from legal peers.

John Arcidiacono (BBA) was promoted to CMO at Stewart Information Services Corp.

n Class of 1980: Hal Hyneman (MBA) is the president of Hyneman & Associates Inc.

Terri Peeters (MBA) is working in global human resources for Bank of America. She is married with one child.

George Killebrew (BBA) was promoted to executive vice president of the Dallas Mavericks. He oversees the corporate sponsorship team as well as the ownership piece in the American Airlines Center. 

n Class of 1987: Melinda Hipp (MA/MBA) has opened her own branch of VanDyk Mortgage Corporation in San Antonio. Specializing in residential mortgages and reverse mortgages, Melinda has more than 15 years experience in the residential lending business and has put her experience to good use with this private mortgage banker based out of Grand Rapids, MI. Her office is in the far north central area of San Antonio. Melinda spends her spare time as a U.S. Golf Association Rules Official on the local and state levels and serves as a member of the USGA Women’s Mid-Amateur Championship Committee. She and her musician husband, Lee Hipp (MM ’85), celebrated their 33rd wedding anniversary this year.  Jeff Woodward (MBA) worked in Dallas and then in Houston for Schlumberger after graduation. He has lived in Singapore for 14 years, living previously in Jakarta, Indonesia, and Dhahran, Saudi Arabia. He worked for Oracle Asia-Pacific for six years and then ran his own consulting firm for eight years. Now, Jeff will be taking a new role as a director with Teradata Singapore.

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n Class of 1988: John P. Albright (BBA) is the president and CEO of Consolidated-Tomoka Land. Paul Einarsson (MBA) married Tami Hellegas, whom he met in this program. They will celebrate their 25th anniversary as he celebrates his 50th birthday in 2014. Paul and Tami work together in a company he helped start and build, which has since become the largest owner of seismic data used for offshore oil and gas exploration in Canada.

n Class of 1989: Bruce Jones (MBA) is the managing director at ClearRidge LLC.

n Class of 1990: Todd C. Williams (BBA) has been president of Double Diamond Custom Homes since 2000 and has expanded its building and remodeling operations into Austin and the Hill Country area.  Todd and his wife Christina Carpenter Williams (‘92) live in San Antonio with their two sons, Hunter and Chase.

n Class of 1991: Akio Otsuka (MBA), a law professor, became the dean of the University of Tsukuba Law School as of April 2013 for a two-year office. Michael Teester (MBA) is the senior vice president of global sales at Getty Images.

n Class of 1992: Lisa Decker (BBA) celebrated her 20th anniversary with the Lucas Group as a finance and accounting recruiter.

n Class of 1993: Frank Koye (PMBA) graduated 20 years ago in August from the part-time program while working on highly classified missile programs involving emerging technologies. He then joined Prudential Preferred Financial Services near New York City, but was soon given orders back to active duty in Bosnia. Frank initially served as assistant chief of staff for communications and information systems for NATO Naval Striking and Support Forces, and then as theater plans officer and reserve coordinator for the U.S. 6th Fleet in Bosnia. His follow-on orders took him to serve as the U.S. 7th Fleet Commander’s liaison to the Japanese Fleet Commander in Tokyo. Afterward, he was sent to the Balkans for a year to serve as liaison to the Albanian Ministry of Defense. He next flew to Malaysia to work for the U.S. 7th Fleet Commander, working with communications and information technology in a job that took him to Kuala Lumpur, Bali, Guam, Hong Kong, Australia and Japan. When Frank returned to civilian life, he used his MBA to work as a venture capitalist in emerging markets in the Balkans doing 100-percent equity-owned ventures to start businesses in banking, manufacturing and real estate development. He later worked as the subject matter expert briefing at a NATO emergency plenary session on Kosovo and with Marine reconnaissance teams. Osama Bin Laden was using the area as an operational base, and following a successful operation that captured three top Al Qaeda operatives, Frank was recalled to take charge of military forces, 30 Navy SEALs and 155 special operations-capable Marines. These forces were sent in by President Clinton to conduct noncombatant evacuation operations and prevent the assassination of senior military and civilian leaders by Al Qaeda. After these special operations, Frank subsequently received orders to work in intelligence operations with national security providing critical intelligence to senior civilian and military leaders. He later worked in human intelligence with DIA and special operations with Naval Special Warfare Group Four. For the last 10 years he has worked for BAE Systems Inc. in different roles. He was a network-centric operations consultant and initially headed R&D involving ultra-wide band wireless technology, and then worked for the CIA, FBI and DNI on national security and information sharing. Frank currently works for an international consortium of nations holding missile systems that are employed on more than 200 ships across the globe and are designed to shoot down enemy missiles. Frank has also served as president of the SMU Alumni Association in Washington, D.C., and volunteered his time as a Scout leader internationally. He has served on the Mass Rescue Operations working group of the National Search and Rescue Committee, as well as on the boards of directors for two divisions of the National Defense Industrial Association: Special Operations and Low Intensity Conflict, and Homeland Security. He retired from the Navy as a commander in 2006 and is the father of four children. Robert Sawyer (EMBA) joined Felextronics Penang in Malaysia in 2013 as senior director at NPI Engineering Operations. He married Diana Sihombing on December 22, 2012, in Medan, Indonesia.



n Class 1994:

n Class of 1997:

Alan DeSantis (MBA) is the president and owner of bkg Service Corporation, a full-service project management company specializing in upscale hotels.

Alan P. Bruderer (BBA) is the general manager for Palo Blanco S.A.

Stefan Howard (BBA) relocated to Palo Alto, CA, in June 2013 and began a new position at Stanford University as the administrative associate team supervisor in undergraduate admission.

n Class of 1995: Chris Gummer (BBA) was selected by the Texas Society of Certified Public Accountants as one of its 2013 Rising Stars for leadership in the profession for society members 40 years and under. Chris Wilkinson (EMBA) and Tom Jones (EMBA) have become joint venture investment partners in the Low T. Center LLC, a network of medical clinics focused on the diagnosis and treatment of low testosterone conditions in men. In addition to their equity investment in the company, they have opened clinic locations in Dallas, McKinney, Denver, Chicago and Austin. Chris and Tom met as members of the same study group during the EMBA program.

St. Denis J. Villere, III (BBA) is a partner at St. Denis J. Villere & Co. and just launched the Villere Equity Fund (VLEQX) in May 2013.

n Class of 1998: Doug Spencer (EMBA) is the CFO at Level 3 Audio Visual LLC.

n Class of 1999: Branden Mair (BBA) has worked with AT&T for the past 13 years and currently serves as a client business manager with the Department of Defense.

n Class of 2000: Julio Tamacas (MBA) is the Asia Pacific credit manager for ExxonMobil Corporation.

n Class of 2002: Jeffrey Eckmann (BBA) graduated from Northwestern University with a master’s degree in information systems last fall. He is an equity analyst at Leska Parker (BBA) recently moved to League City, TX, with her family. Michael Petridis (PMBA) continues to expand his private jet business in Southeast Asia and China, with consulting assignments in Beijing and Bangkok this summer. Mike also just completed two years as the Dallas chapter chairman for the Alliance of Merger & Acquisition Advisors and enjoys his time as part of the Cox Associate Board. Jim Yuan (BBA) has lived in Shanghai, China, for the last eight years and is a managing director for Thomson Reuters.

n Class 2003: n Class of 2001: Jean Birch (EMBA) is currently on the boards of the Children’s Miracle Network Hospitals and the California Council for Economic Education. In addition to her philanthropic work, she is exploring for-profit board opportunities in retail, restaurants, healthcare and REITs. Jeff Drayer (BBA) lives in North Dallas where he works in IT for IBA consulting. He also owns and manages six rental homes. Alex Stem (MBA) recently moved to the UK after accepting a three-year assignment as senior brand manager for Victor Technologies developing its Europe, Middle East and Africa business.

Angela Lee Gieras (MA/MBA) accepted a position as the executive director of Kansas City Repertory Theatre, a LORT B theatre with a $7 million budget located in Kansas City, MO. This position has been her goal since leaving her banking career more than a decade ago and is a tremendous professional leadership opportunity. Her husband, John, was able to transfer to Kansas City with his current employer. Angela left the Dallas Theater Center in 2007. Angela and her family are thrilled about the move and this opportunity to co-lead a theatre with inspiring artistic ambition and a stable foundation for growth.  Josie Godshall Morgan (BBA) and her husband, Phil, welcomed son Davis Hamilton Morgan on September 16, 2012. Josie and Phil live in Houston, where she is currently the manager of business development at Bracewell & Giuliani.

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n Class of 2004: Jason Signor (MBA) is the CEO of Caddis Partners LLC, named #40 on the Dallas 100™ list in 2011.

n Class of 2005: Paige Brown (BBA) moved to Boston to pursue her startup business, Dashbell. Kyle D. Goss (BBA) is a principal at Elm Park Capital Management, a Dallasbased private investment fund focused on making direct credit investments in lower middle market companies across a broad range of industries. Michael Kemp (PMBA) recently became a senior product manager in product licensing for Microsoft in Redmond, WA. Richard Nystrom (BBA) is an analyst at Barclays. Delton Smith (BBA) is living and working in Hong Kong on behalf of Hyatt Hotels in the real estate and development group. Craig Zieminski (BBA) graduated from Stanford Law School in 2008 and returned to Dallas. He is an associate in the commercial litigation section of Vinson & Elkins LLP, where he focuses on fiduciary duty, antitrust and breach of contract litigation. Craig has represented financial institutions, energy businesses, commercial landlords, private equity firms, technology companies, agribusinesses, manufacturers, retailers and many others. Craig married Kasi (BA ’06) in May 2008 at SMU’s Perkins Chapel. They live in East Dallas and enjoy spending time with family and friends.

n Class of 2006: Jessica Anderson (BBA) recently graduated with her MBA/MHSM from Texas Woman’s University and is actively pursuing opportunities in the healthcare sector. Orin Atkins (BBA) currently works for Regency Energy Partners as a manager of gas supply and commercial. He returned to Cox this fall to pursue an MBA in energy finance.

n Class of 2007:

Katie Bartush (BBA) is starting her orthopedic residency in San Antonio. Nick Niver (BBA) is currently a senior consultant at Deloitte Consulting LLP.

Christine Cockran (BBA) recently graduated from Santa Clara University in California with her MBA. After five years in finance at Apple, she has spent the last year at Google in the treasury department.

Manuel Ortiz (PMBA) is an investor relations associate with Civitas Capital Group.

Zach Stoller (BBA) opened Castle Spirits, a wine and spirits boutique, in Lewisville, TX, in 2012.

Sarah Taunton (BBA) is attending medical school at the University of Texas Medical Branch.

n Class of 2008: Christopher Halstedt (BBA) is pursuing a career in investment management; he recently started a new position in Dallas with Goldman Sachs as a private wealth advisor in the investment management division.  MaryPat Higgins (MBA) is currently the president and CEO of the Dallas Holocaust Museum.


n Class of 2009:

David Overfield (PMBA) was promoted to vice president of finance and accounting at Safety-Kleen.

Sunil Varghese (MBA) was recently hired as the vice president of the middle market banking group at BBVA Compass in Dallas.


n Class of 2010: Eric Knipp (PMBA) became managing vice president of application platform strategy for Gartner Research in 2012. He and his wife Laura live in Plano, where they are expecting their third child in the winter of 2013. Lindsay Machacek (BBA) is living in San Francisco and working as a bond underwriter at CNA Surety.  James Byron Pascoe (PMBA) is the vice president of ViewPoint Bank N.A. Stephen Reiff (BBA) has worked for defense contractor Raytheon as a member of its finance leadership development program, and he most recently worked on Mitt Romney’s presidential campaign as the director of donor programs for the finance team. Stephen started the MBA program at the Darden School of Business at the University of Virginia this fall. Karl B. Willard (EMBA) was promoted to group profit and operations business manager in the deposit products group at Wells Fargo, responsible for feebased services, customer experience and efficiencies related to customers’ interactions.

n Class of 2011: Daniel Dower (EMBA) is the president and CEO of Dower Strategic Capital Inc. Jim Worlein (MBA) is celebrating his one-year anniversary as an operations manager for Comverge Inc. in DFW.

n Class of 2012: John Craig Dawson (PMBA) was born December 25, 1977, in Ottawa, Ontario, and died May 1, 2013, at home in the arms of his loving wife, Catrina. He was the son of John and Mary Dawson and the older brother of Mark Dawson, all of Ottawa. Craig and Catrina married on October 19, 2002, in Milwaukee, WI. They have one son, John Truman Dawson. Craig graduated from Carleton University in Ottawa with a Bachelor of Commerce and from Southern Methodist University with a Master of Business Administration. He worked as a financial analyst for Xerox and was a member of the Society of Management Accountants of Ontario and of the AIESEC. Craig and Catrina are members of One Community Church in Plano. Craig’s faith guided him throughout his life, including his participation in Kairos Prison Ministry and the Appalachia Service Project. Craig and Catrina were known for their dinner parties as well as their inclination to perform surprise good deeds for their friends and neighbors. Known by his friends as a handyman extraordinaire, foodie and straight-faced amateur comedian, Craig’s presence on this earth will be sorely missed. Craig died of Stage IV Melanoma, the least common and most deadly form of skin cancer. Upon his diagnosis four years ago, Craig committed himself to promoting and participating in research and clinical trials to find a cure. Scott Hoffheiser (MBA) is the head of operations, finance and marketing initiatives for Reviver, a startup consumer packaged goods company in Dallas. Thomas L. Johnson (BBA) is the owner of X-Treme Tricking & Tumbling LLC and the director of retail sales, distribution and the special needs program at Cheer Athletics Inc. Elizabeth Kegley (MA/MBA) is the new executive director of Merrimack Repertory Theatre, the award-winning regional theater in Lowell, MA. Elizabeth follows in the not-too-distant footsteps of Tom Parrish (MA/MBA ’03) who held the position from 2006-2011. Elizabeth previously served as managing director of Kitchen Dog Theater in Dallas. n

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COX CONNECTIONS 1. January 31: MetroPCS Dallas Marathon and SMU Cox Corporate Relay Challenge awards reception at the Collins Center. Thanks to presenting sponsor Behringer Harvard, awards were made to Texas Scottish Rite Hospital for Children on behalf of the winning relay teams. Pictured: Representatives from Sewell Automotive who won 3rd place for Fastest Team, 1st place for Most Corporate Teams, 1st place for Oldest Team, and 1st and 2nd places for Youngest Team.



2. February 2: The Alley Scholars Forum was held at the Collins Center, with more than 200 students, administrators and company representatives in attendance. Hosting the forum were Troy Alley, Jr. (MBA ’76) and Gerald Alley (MBA ‘75). Pictured: Gerald Alley; Trey Alley, son of Troy Alley and incoming student for Fall 2013; Troy Alley, Jr.


3. February 5: Kevin Hanigan, president and CEO of Viewpoint Bank, welcomes the audience to the 5th annual economic forecast lunch at SMU-in-Plano. Keynote speaker was Cox Dean Al Niemi. The event was co-sponsored by Collin County Business Press.


4. February 7-8: Terry Dallas, EVP and managing director, Wells Fargo U.S. Corporate Banking, welcomed MBA teams from SMU Cox, TCU Neeley and OU Price to the annual Wells Fargo Case Competition. Pictured with Terry Dallas is the winning team from OU Price.


5. February 27: Kevin Dunleavy, managing director for Global Clients Services with Morgan Stanley, made a presentation and visited with Cox finance students. Pictured: Dunleavy with Professor Bill Maxwell and Kevin Knox, assistant dean of external relations. 6. March 1: Graduate Marketing Certificate Program (GMCP) graduation, featuring keynote speaker Andrew Wolf (PMBA ’07) with PepsiCo Frito-Lay. Pictured: Jane Ito, Sheila George, Mandelin Meehling, Stephanie McElligott, Douglas DoNascimento, Terri Gibbs, Vivian Sommerfeld, Pamela Tyll, Mary Kelso, Shilpi Gupta, Shelly Hairston, Sarah Bell, Sameer Bansal, Lu Yang, Tamara Wren, Ishrat Jahan, Lynette Finley, Melissa Liedkie, Simms Carbine, Rene Asprion, Elizabeth Hambleton, Chris Schembri, Rosana Loureiro, Jay Wilkins, Mukta Paliwal, Jeanne Long, Natalia Fisher, Kristyn Meade, Natalie Wilson, Winnie Kwon, Christie Gard, Irfan Kawosa, Ana Mehryari, Sean Vestal, with Marci Armstrong and Ginny Shearin. 7. March 5: MBA Scholars and Cox faculty and staff on the floor of the New York Stock Exchange. Pictured: Todd Alsup, Marci Armstrong, Michael Barry, Michael Caplan, Michael Crowley, Chris Cunningham, Kevin Glomb, Johan Sulaeman, Hannah Mendoza, Stephanie Montgomery, Lynda Oliver, Sri Prabhu, Jay Staley, Kim Sweetman, Conor Wagner, Michelle Walla, Daniel Weidich.

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8. March 5: Cox Alumni Association and prospective student reception at the Yale Club in New York. Pictured: LouAnn Daggs, John Carter (MBA ’01), John Kent (MBA ’04), Andy Von Kennel (MBA ’03). 9. March 11: Cox Alumni Association and prospective student reception in Chicago. Pictured here: Emily Jurgens (BBA ’03, MSA ’04), Tracey Williams (MBA ’09), Ariel Crispin (MBA ’13), Matthew Struble (MBA ’00, Cox Alumni Association Board of Directors). 10. and 11. March 15: Planned by the international MBA students, the annual International Festival was held at the Collins Center.


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12. March 16: Cox Alumni Association and prospective student and parent reception in Los Angeles, hosted by Leslie (BBA ‘81) and Ed Wilson (Cox Executive Board, SMU Board of Trustees). Pictured: Brady Thomson (BBA ’10) and Clark Bacon (BBA ’04), Cox Alumni Board of Directors. 13. March 20: Houston Alumni at Bayou Club, hosted by Laura and Bill Wheless (MBA ’71, Cox Executive Board). Pictured: Dean Niemi addressing those in attendance.

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14. March 21: The Maguire Energy Institute and Amegy Bank-Houston teamed up to present an energy industry update for media, alumni, friends and corporate partners in Houston. Pictured: Scott McLean (BBA ’77, SMU Board of Trustees, Cox Executive Board) welcomes guests to the Amegy Bank office for the presentation. 15. April 2: Mary Gill and Brooke Shelby, co-chairs of the 40th Annual Cattle Baron’s Ball, with the American Cancer Society President Maria Clark, at the Conversations about Cancer Research Symposium hosted by SMU Cox and sponsored by Jennifer and Richard Dix.



17. April 6: MBA students participated in the Carroll School of Management/Boston College Fun Run to benefit the Doug Flutie, Jr. Foundation for Autism. Pictured: MBA students Liz Schaab, Elizabeth Bauman, Sarah Michels, Jess Morrison, and Andy McIntosh. Also running with the Cox group were Jordan Day and David Murray.



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16. April 3: The Cox Business Leadership Center (BLC) hosted a lunch and celebrated the school year by recognizing outstanding students and instructors. Pictured: BLC instructors receiving awards. Seated, left to right: George Meza, April Wilson, Genevieve Meek, Edwin L. Cox, Jim Young, Tonya Brenneman. Standing, left to right: Richard Graves, Andrew Hutchison, Joe Jordan, Jim Roach, Craig Haptonstall, Randy Pennington, Mike Bogda, Ed Dawson, Merrie Spaeth, Randy Mayeux, Steve Zipkoff, Dave Gunby, Paula Strasser.



18. April 6: Sherri and Mike Skillman (SMU parents, Cox Executive Board) hosted a reception for members of the Cox Alumni Association and prospective students and parents in Wellsley, Massachusetts. Pictured: Kevin Knox, Liz Schaab (MBA ’14), Mike Skillman, Andrew McIntosh (MBA ’14). 19. April 6: Also attending the Skillman’s reception were Stephen Reiff (BBA ‘10), incoming student Preksha Chowdhary and Jim Bryan (JD ’11), assistant dean of BBA admissions. 20. April 12-14: Duke MBA Rugby World Championship, where the Cox School’s Rugby Club participated for the 14th year. 21. April 19: SMU Founders’ Day: SMU welcomes the George W. Bush Presidential Center. Pictured: Chip Hiemenz (BBA ’06, Cox Alumni Board), Alexis Millenbaugh (BBA ’11, MSA ’12). 22. April 19: Also attending SMU Founders’ Day celebration were Bill Crisler (BBA ’53) and Gerri Noonan.



23. April 25-26:  During activities surrounding the George W. Bush Presidential Center dedication, Jim Bryan (JD ’11), Hilary McIlvain (PMBA ‘11) and Kevin Knox, had the opportunity to visit with David Gregory, host of NBC’s Meet the Press.

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24. April 27: SMU Real Estate Club hosted its annual chili cook off. Pictured: Scott Huffheiser (MBA ’12), Reid Cossey (MBA ’13), and Ross Dwulet (MBA ’13), representing the Cox Rugby Club, had the winning recipe and will defend their title next year.


25. May 2: Bank of Texas, sponsor for the Business Leaders Spotlight series, hosted Larry Brown, SMU head basketball coach, as the keynote speaker. Pictured: Kevin Knox, Larry Brown, Norm Bagwell (BBA ’85), chairman, CEO and president, Bank of Texas. 26. May 3: Cara McGarry (PMBA ’04) and Paige Phillips with MillerCoors hosted the year-end MBA alumni, students and friends social hour at the Collins Center. Pictured: Rob Paugh (PMBA ’07), Chris Goodman (PMBA ’10), Glenn Pfenninger (PMBA ’12), Matt Stoltzfus (PMBA ’10), Randy Greer (PMBA ’10). 27. May 15: At the Cox faculty and staff awards luncheon, Peruna made a special appearance to thank everyone for their support and contributions to SMU’s Second Century Campaign. Pictured with Peruna: Lesley Tsuchiya, Sandy Miller, Melissa Place.


28. May 15: Also at the luncheon, Senior Associate Dean Bill Dillon won the Boghetich Family Distinguished Teaching Award, the top faculty award at the Cox School. Pictured: Cody Boghetich (BBA ’07, PMBA ’10), Bill Dillon, Dean Niemi. 29. May 31: The Graduate Marketing Certificate Program (GMCP) held a graduation ceremony for the program ending at the SMU-in-Plano campus. Pat O’Toole (MBA ’07), director of shopper marketing for the grocery channel at PepsiCo Frito-Lay, was the graduation speaker. Pictured: Vaidy Subramanian, Wes McFarland, Randy Hollar, Jordan Schartz, Kati Romines, Art Sanchez, Rafael Ruiz, Richard Barnor, Katie Brown, Cheryl Zapata, Amar Shariff, Brian Nickerson, Marci Armstrong,Gail Bruenning, Ginny Shearin, Jenni McClure, Cheryl Vaca, Sheryl Standifer, Shicara Hollie, Celia Jackson, Lorena Cuellar, Ashleigh Pollock, Mary Leos, Karen Peska, and Kecia Gray.


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30. June 13: New York interns’ reception: Max Marshal, Sydney Seid, Molly McGlung, Andy McIntosh, Liz Schaab, (all MBA ’14). 31. June 13: New York event with Royce Wilson (BS ‘09); Paul Foley, SMU parent and Mustang supporter; Wil Danielson (BA ’10); Maggie Miller (BBA ’14). 32. June 13: Also attending the New York event were Marcos Moore and Laura Till (BBA ’82, Cox Alumni Board). 33. June 19: Deployment for Employment, an all-star discussion panel sponsored by Amegy Bank and News Radio 1080 KRLD designed to motivate Dallas business leaders to hire American veterans. Pictured: Stephen Holley, former Navy Seal, now with Jones Lang LaSalle and co-founder of Carry the Load; Matt Hildreth, president, Amegy Bank-Dallas; Clint Bruce, president, Trident Response Group and co-founder of Carry the Load; Mike Rogers, News Radio 1080 KRLD; Sandra Bond Chapman, Ph.D., founder and chief director of the Center for BrainHealth at UT-Dallas; Cpl. Jacob Schick, USMC (ret.), Warrior Training Team at Center for BrainHealth and ambassador for Carry the Load; Chad Hennings, former U.S. Air Force pilot and former Dallas Cowboy. The event was cosponsored by Dean Niemi’s office and Cox Veterans in Business. 34. June 26: The Shaddock family visits with Dean Niemi. Pictured: Will Shaddock (BBA ’06), Dean Niemi, Bill Shaddock (MBA ’74), Andrew Shaddock (BS ’09, MBA ’13). 35. June 27: Cox Alumni social hour at Sevy’s Grill in Dallas. Pictured: Amber Mahan, Suresh Narayanan, Phillip Eshelbrenner, James Lo (all PMBA ’15). n


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Top 10 Ways

To Be Informed, Involved, Invested

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Maintain a current mailing and email address in the Cox alumni database. Update it at and subscribe to lifetime email forwarding.

Attend Cox events: social hours, Dean’s Tailgates On the Boulevard, reunions, career fairs, educational forums, discussion panels, industry-specific organizations and awards programs. Invite classmates, alumni, friends, family and workmates to join you. Find our calendar of events at alumni/event-calendar.

Help recruit students for Cox undergraduate, graduate and executive education programs.

Encourage employers to hire Cox students and alumni for internships, project work, and part-time and full-time job opportunities. Make a gift to the Cox Annual Fund and ongoing capital campaigns.


Become an event sponsor: executive speaker events, tailgates, new student orientation sessions, undergraduate and graduate student club meetings, career fairs and social hours.


Host receptions for Cox alumni, prospective students and parents in your area.


Purchase Cox logo merchandise from our online collection (not available in stores) at


Update us on your career and family for the Class Notes section of CoxToday magazine – find it at


Contact Cox Alumni Association board members in your area. Find the list of board members at and on page 41.

Southern Methodist University Cox School of Business P.O. Box 750333 Dallas, Texas 75275-0333 Address Service Requested

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