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Winter/Spring 2019

Lasting Lessons


The Financial Crisis of 2008 tested markets, theories and values. What have we learned and have we learned enough?


An Update from Dean Russell on VSB’s New Strategic Vision

Q&A on AI / P16

The Trends in Artificial Intelligence and Automation

CONSTANT MOTION / P22 Four Alumni Describe What It’s Like Working in Transportation


The Helen and William O’Toole Dean Joyce E. A. Russell, PhD

Director of Communication and Marketing Cathy J. Toner, JD

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Editor and Assistant Director of Communication Shannon M. Wilson

Contributors Emily G. Brown ’19 VSB Anthony DePaul ’17 MBA Becca Gleeson ’20 VSB Lauren Higgins Kate Lowe Ian MacPherson ’20 VSB Stephanie McMinn Samantha Moccia ’20 VSB Meghan Winch ’15 MA

Design and Production Matthew Schmidt Design


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Principal Photography Ed Cunicelli

A Crisis for Our Time


18 STUDENT SPOTLIGHT (Graduate) Anne Rank ’19 MSA

20 STUDENT SPOTLIGHT (Undergraduate) Paolo Caponong ’20 VSB

22 ALUMNI SPOTLIGHT VSB Alumni in Constant Motion


Villanova Business is available online at To update your mailing address, email Send comments and questions to: VSBCommunicationsandMarketing Villanova Business 800 Lancaster Avenue Villanova, PA 19085-1678 610-519-5424 Follow us: @VU_Business @VSB_Dean @VillanovaBusiness Villanova School of Business Villanova School of Business

Dean’s Update I hope this issue of Villanova Business finds you reinvigorated at the start of a new year! As we look into 2019, I am filled with gratitude and excitement about what lies ahead for VSB. Now in my third year as the Helen and William O’Toole Dean, I continue to be impressed by VSB’s outstanding students, alumni, faculty, staff and friends and the entire Villanova community. In this issue of Villanova Business, you’ll read about our outstanding students, alumni and faculty. This edition features our talented students, award-winning faculty members and inspiring alumni, all using their VSB experience to make their positive impact in the business world. Our cover story deconstructs the financial crisis of 2008 and illustrates how VSB faculty and alumni are involved in the financial industry through research and experience. I invite you to learn more about our strategic plan on page 8 so you can get a sense of where VSB is headed over the next few years. Our students distinguish themselves as business leaders and scholars, including Paolo Caponong ’20 VSB, a triple-major and Presidential Scholar who has already completed several semesters abroad, and our graduate students, like Grace Sica ’19 MBA, who uses the skills she’s learning in class to better collaborate with corporate partners of her nonprofit, and Anne Rank ’19 MSA, who is pursuing a Master of Science in Analytics online while serving full-time in the United States Coast Guard. VSB develops business leaders for a better world. We are in the business of training future leaders to excel and inspire. I am honored to serve that mission as your dean.

Joyce E. A. Russell, PhD The Helen and William O’Toole Dean Professor of Management Villanova School of Business


Lasting Lessons The Financial Crisis of 2008 Tested Markets, Theories and Values

The events leading up to and following the financial crisis contributed to US stock market losses totaling more than $8 trillion between late 2007 and 2009. When factoring in the decline of real estate values and retirement plan losses, Americans lost $9.8 trillion in wealth.1


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For many Americans and investors globally, the financial crisis of 2008 remains fresh in their minds. Amidst an economic recession that already led to the downfall of one major bank, a seismic crisis unfolded in September 2008, which involved the demise of Lehman Brothers, the rescue of Merrill Lynch and government-funded support for other institutions, not to mention its global impact.

Three Weeks That Changed Everything Alumni from across Villanova School of Business (VSB) worked in the thick of the financial crisis in banking and asset management. Many more experienced the financial fall-out—whether professionally, personally or both. Looking back more than 10 years now, most would agree that the learning went deep. But have we learned enough? On September 11, 2008, Chris Halmy ’90 VSB got a call that he needed to pack a bag, head to New York and await further instructions from his senior leadership at Bank of America. At the time, Halmy managed global liquidity for the bank. When he arrived in New York, he joined a small due diligence team that spent 96 hours examining how Bank of America could save Lehman Brothers from financial collapse.

Chris Vogel ’89 VSB also worked at Bank of America during the crisis and spent those same 96 hours analyzing how to unwind Lehman’s massive mortgage holdings and the complex web of derivatives and leverage. When Bank of America realized they couldn’t help Lehman, Vogel and his team conducted that same analysis on Merrill Lynch, which Bank of America agreed to acquire on September 15, 2008.

Halmy was one of seven alumni who discussed the events surrounding the 2008 financial crisis at a panel discussion called “Three Weeks That Changed Everything,” hosted by the VSB Finance Department and the Philadelphia CFA Society. All of the panelists worked in banking or asset management during the financial crisis and shared their first-person accounts of this near-catastrophic event, including what they learned then and what they know now.

Vogel remembers how his colleagues responded during that week in September 2008.

John B. Hall ’94 VSB also saw the financial crisis as a buying opportunity. As an equity portfolio manager for a small-to-mid-cap mutual fund for Bessemer Trust, Hall describes the push-pull of wanting to take advantage of good values in the stock market while questioning the solvency of firms—and with good reason. By November 2008, the S&P 500 was down 45 percent from its 2007 high. “As an investor, you’re taught to buy low, sell high, but when companies relying on the capital markets for liquidity were dropping 10, 20, even 30 percent in one day, it’s not easy to pull the trigger [and buy into that market],” Hall said.

“ There were those who were unable to function or make decisions, paralyzed with panic over the excessive leverage in their own personal finances. Others treated the financial crisis as a call of duty, focused on protecting the company and looking for good buying opportunities in the down markets.” –Chris Vogel ’89 VSB



Warning Signs Many working in banking, asset management and financial services saw early indications of the impending crisis. In early 2006, Pete Geraghty ’87 VSB was the associate general counsel for FBR Group, a boutique investment bank and real estate investment trust in Arlington, Virginia, when one of their banks didn’t renew a credit line that funded their mortgage-backed securities business. That event prompted his firm to start unloading major blocks of mortgages in 2007 ahead of the financial crisis. Others recognized the warning signs in a more personal way. Vogel describes his father opting to sell his home that was worth much more than he could ever afford to buy. Between 2000 and 2006, US housing prices nearly doubled,2 far outpacing historical rates. Looking back, many agree that the 2008 financial crisis started with the rapid rise of residential real estate values and other unsustainable trends such as the growth of residential and commercial mortgages. Of most concern was the rise of subprime mortgages, which grew from 8 percent of originations to 20 percent in 2005 and 2006.3 Many of these mortgages were issued to those who previously couldn’t afford a mortgage and often chose adjustable rates for a low initial monthly payment. Once the higher interest rates kicked in, many of these marginally qualified homeowners couldn’t afford the new monthly payment. So began the delinquencies and foreclosures that contributed to the decline in real estate values. Compounding matters, large financial institutions issued significant debt to invest in mortgage-based securities, betting that real estate values would continue to rise. As Geraghty explained, banks stacked derivatives on top of derivatives, attempting to hedge their exposure but also betting on the future direction of the market. The situation created something like a game of Jenga, according to Geraghty, waiting for someone to pull that one piece that would take it all down.


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“[The financial crisis] was a collective failure. From the person investing in the stock market through his 401(k) plan, to the individual buying the house, to the mortgage broker who is unethical, to the bank who is trying to make the most money, to the regulators who didn’t see it coming, to the rating agencies who were asleep at the wheel, there’s fault all around.”

–Chris Halmy ’90 VSB

Misaligned Incentives and Other Lessons Learned Looking back, several panelists pointed to misaligned incentives as a major cause of the financial crisis. They described how the pursuit of short-term gains and hefty performance-based bonuses contributed to reckless behavior and excessive risk-taking. At the same time, many added that responsibility extended far beyond Wall Street and all the way to Main Street. The belief that real estate values would continue to rise without correction clouded the judgment of many, according to Joe Beebe ’81 CLAS, a managing director at Keefe, Bruyette & Woods. “There were a series of unsustainable trends—housing prices, amount of mortgages and number of homes people bought for investment purposes,” Beebe explained. He called for more discipline to stop and ask ourselves, “Is what we’re doing sustainable?” Some also noted the opportunities that emerged from the financial crisis. Laura Rowley ’94 VSB, ’00 MBA described her experience as a corporate banker at National City Bank as extremely stressful but at the same time, very rewarding. “Trouble is opportunity,” she explained. “I’m a better banker and lender today [because of the crisis]. … I now know how bankruptcy really happens—not the way it’s described in text books.”


Where We Are Today The 2008 crisis led to considerable changes for the banking industry. In 2010, Congress passed the DoddFrank Wall Street Reform and Consumer Protection Act to address excessive risk-taking and the banks’ ability to carry out core financial responsibilities amidst a crisis. These regulatory requirements came at a cost. Investment banks now spend an average of $300,000 on compliance, risk management and finance controls per “front office” employee who handles sales and trading activity for clients—up from less than $200,000 before the crisis.4 As a result, banks are more stable today, according to many of the panelists. Leverage exposure is down and banks maintain twice as much capital against trading positions as they did prior to the crisis.5 The added regulations also made many institutions think more carefully about risk. “[Dodd-Frank] forced a lot more self-awareness in the governance process around risk management and the decision-making process and I think we’re better off, despite the challenges with compliance,” shared Rick Davison ’02 VSB, CFO of the US business for Royal Bank of Canada (RBC). The financial crisis and the subsequent reforms had a significant impact on business education and especially research. In the months following the events of September 2008, many VSB faculty including Michael Pagano, PhD, the Robert J. and Mary Ellen Darretta Endowed Chair in Finance, developed new course content to help students put the crisis in the proper context. In Dr. Pagano’s view though, the more meaningful shift happened after the passage of reforms.

understanding of the quantitative side of financial markets with courses on advanced mathematics, statistics, computer programming and data science to help prepare students for today’s finance world. As important as looking forward, many also recognize the importance of learning from the crisis. One of those is John Sedunov, PhD, The Michele and Christopher Iannaccone ’91 Assistant Professor, Finance. Like Dr. Pagano, Dr. Sedunov examines the financial crisis in both the classroom and in his research. With students, he stresses that there’s an optimal point for risk taking— too much is not good but not enough limits the value added to shareholders.

“ The Augustinian tradition at VSB points us toward being good stewards of what we inherit, but in the heat of the moment, it’s a test of character about whether you consider those values.” –John Sedunov, PhD The Michele and Christopher Iannaccone ’91 Assistant Professor, Finance

“[In finance education,] everything traces back to Dodd-Frank today,” Dr. Pagano explained. “It forced us to reexamine the paradigm and rethink how we talk about finance. With higher capital requirements, banks operate differently now. More and more lending is happening elsewhere. Plus, as financial institutions deal with costly compliance issues, there’s a greater focus on automation and artificial intelligence.”

Both Dr. Pagano and Dr. Sedunov have contributed significantly to the research on the risk of financial crisis. They and others within academia, the Federal Reserve and other government-sponsored entities have examined how to measure systemic risk and the possibility of a future financial crisis. In particular, Dr. Sedunov has focused on the various ways to measure a bank’s risk level. He and Dr. Pagano have also examined the relationship between banking risk and sovereign risk to understand how a financial crisis in another country can spill over into the global financial markets, as it did with the European financial crisis that followed the one in the US.

As a result of these changes, the curriculum at VSB has evolved to focus more on technology’s role in finance today. For example, VSB worked closely with industry leaders to develop a new concentration in Applied Quantitative Finance to give finance majors a deeper

Today, there are meaningful ways to measure systemic risk in banking that will help us better anticipate a future crisis, according to Dr. Sedunov: “We won’t know with certainty though until another crisis happens. Let’s hope we never have to find out.” \v/

1 Merle, Renae. “A Guide to the Financial Crisis—10 Years Later,” The Washington Post, September 10, 2018. 2 S&P/Case Shiller 20-City Composite Home Price Index, January 2000-April 2006. 3 “The State of the Nation’s Housing: 2008,” Joint Center for Housing Studies at Harvard University [online] 4 Edelman, Christian and Hunt, Patrick. “How the Great Recession Changed Banking,” Harvard Business Review, October 31, 2017. 5 Ibid.



Key Events from the Financial Crisis (Source: Federal Reserve Bank of St. Louis)



January 11: Bank of America announces a plan to buy Countrywide Financial, a leading subprime lender, for $4 billion.





September 7: The US Government places Fannie Mae and Freddie Mac into conservatorship.

February 27: Mortgage giant Freddie Mac says it will no longer buy the most risky subprime mortgages and mortgage-backed securities.



March 24: New York Federal Reserve Bank provides $29 billion in financing to help JPMorgan Chase purchase a struggling Bear Stearns. September 15: Lehman Brothers Holdings Inc. files for Chapter 11 bankruptcy protection and Bank of America announces plans to buy Merrill Lynch & Co. for $50 billion. September 25: The Office of Thrift Supervision closes Washington Mutual. JPMorgan Chase acquires the banking operations in a deal facilitated by the FDIC.


October 2008: The Treasury buys $125 billion worth of preferred stock in nine banks through Troubled Asset Relief Program (TARP). October 3: President Bush signs into law the Emergency Economic Stabilization Act, which creates the $700 billion TARP.

November 3: The Treasury Department buys $40 billion of AIG shares through TARP.






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December 2008: The Treasury authorizes TARP loans for GM and Chrysler.


VU Board Members in the News George W. Coleman ’78 VSB

Daniel M. DiLella ’73 VSB

George Coleman, retired vice chairman of Global Equities at Credit Suisse, received the 2018 Rev. Joseph C. Bartley, OSA Alumni Medallion at the Business Leaders Forum on October 4, 2018. The Bartley Medallion is the highest distinction VSB can bestow to alumni, and is awarded annually to alumni who have distinguished themselves in their careers while also demonstrating extraordinary service to their communities and to VSB. Coleman stated,

Daniel DiLella, president and CEO of Equus Capital Partners, Ltd., will serve on the Semiquincentennial Commission, formed by Congress to commemorate the 250th anniversary of the founding of the United States, to develop a report for the president and Congress with recommendations for programming and events.

Recipient of the 2018 Rev. Joseph C. Bartley, OSA Alumni Medallion

“As a proud VSB alumnus, I am honored to receive the 2018 Bartley Alumni Medallion and join the impressive group of its past recipients.” Since graduating, Coleman has remained closely connected with the University in numerous ways, serving as a member of the Campaign Executive Committee for the Villanova Campaign to Ignite Change and supporting the University with over $3 million in gifts, establishing one of the first student-managed funds in VSB and a nursing scholarship in memory of his mother, in addition to his contributions to the Davis Center, the Finneran Pavilion renovation project, and an endowment of the Men’s Basketball team’s strength and positioning coach position. As of January 2019, Coleman joined VU’s Board of Trustees. During the Business Leaders Forum, he and Dean Russell had a fireside chat to discuss his career accomplishments and dedication to VSB. “I tell people that Villanova has not been a four-year decision. It’s been a 40-year decision,” Coleman said. “Those four years have stayed with me the entire time.”

Villanova changed my life, so it’s very easy for me to give back.”

Appointed Chairperson of the Semiquincentennial Commission for the United States of America

DiLella stated, “as a Commission, we seek to ensure that America’s 250th anniversary achieves its full potential as a historic event that celebrates America’s core values, form of governance and commitment to freedom.” “VSB is grateful to have such an influential and successful alumnus like Dan representing our school and our country,” said Joyce E. A. Russell, PhD, The Helen and William O’Toole Dean of VSB. “We are excited to see Mr. DiLella’s role in the Commission as plans for the 250th anniversary of the United States begin to develop.” DiLella, a member of Villanova University’s Board of Trustees, funded the establishment of the Daniel M. DiLella Center for Real Estate, where he is chair of the Real Estate Advisory Council.

“I am honored and humbled to represent the United States as we commemorate this incredible civic milestone.” –Daniel DiLella ’73 VSB

–George Coleman ’78 VSB



VSB and the New Strategic Vision 2019–2023 An Update from Dean Russell

This year, VSB embarks on its next five-year strategic plan. It is the result of thoughtful research, careful analysis and conversations with hundreds of internal and external stakeholders. It embodies who we are and what we value: critical thinking, integrity, collaboration and a steadfast commitment to the greater good. It capitalizes on our strengths and our legacy as the College of Commerce and Finance while anticipating the growth possibilities that lie ahead for business and our college. Guided by these principles, our strategic plan dovetails naturally with the University-level plan focused on Creating Value for Values to arrive at six initatives for the next five years.

Strategic Initiatives

Strategy Enablers • State-of-the art facilities

Teaching and Learning


To prepare students for careers of the future, we need to continue evolving our curriculum and enhancing students’ competencies in digital and emerging technologies, team-based collaboration, critical thinking and communications, analytics and insights from data, leadership, and ethics.

Elevating our research enterprise means enhancing the quality, impact, and funding of research; attracting and retaining top scholars within the teacher-scholar model; improving student engagement in research; and exploring the addition of various graduate degrees.

Diversity, Equity and Inclusion

Student Experience

At VSB, we strive to model the type of inclusive environment expected in business today as it relates to our faculty, staff and our student population. Read more about our Diversity, Equity and Inclusion strategy on pg. 9.

Viewing students in a holistic way and strengthening their academic, moral and social experiences at VSB will be increasingly important. This will enable us to build business leaders who are successful in their careers and lives, and like their predecessors will continue to make a positive impact in the world.

• Professional Development for Faculty and Staff • Technology and Analytics • Financial Resources • Organizational Structure and Governance These elements need to grow and advance to carry out this plan, which can happen with the continued support of fundraising and revenue generation especially through VSB’s graduate programs. VSB’s strategy for the next five years is bold and ambitious. It will build on our successful history and will require ongoing collaboration with internal and external stakeholders to fulfill our goals. With the unwavering dedication to our values, we are well positioned for continued success.

Our Values VERITAS


Brand and Marketing

Stakeholder Engagement

Branding is essential because it conveys values and reputation. VSB needs to invest in brand and marketing efforts to emphasize our competitive advantages and elevate VSB’s leadership in teaching, research and outcomes.

Alumni and partners are among our most important constituents of our success. These relationships enable VSB to offer experiential learning opportunities to create avenues for career opportunities. It’s critical to commit to building stronger linkages beyond the VSB campus.

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Creative problem solvers tackling emerging business challenges with expertise, integrity and grit. UNITAS

An inclusive community of collaborative leaders who think holistically and work across disciplines. CARITAS

Humble servant leaders who are ethical, empathetic decision makers, focused on the greater good.


VSB Launches Undergraduate Advisory Council Associate Dean Melinda German established the Dean’s Undergraduate Advisory Council (DUSAC) to enhance academic programs and the VSB student experience. Manuel Nuñez, Claire Bruno and Terrill L. Drake

Diversity, Equity and Inclusion at VSB To develop leaders for a better world, few areas are as important today as diversity, equity and inclusion.

This committee, consisting of 30 undergraduate students, provides a forum for students to offer suggestions about the VSB community, ranging from study areas to curriculum to student services.

The Council has influenced enhancements in VSB by:

As the US workforce becomes more diverse and as business becomes more global, it’s critical for business schools to create a learning environment that reflects this paradigm. Dean Russell notes “VSB’s employers and advisory councils have been instrumental in sharing best practices that can guide the strategic work by VSB in this area. We greatly appreciate their partnership.

• Creating a student focus group to address improving conditions in Bartley Hall (e.g., study spaces, classrooms, additional seating in Curley Exchange)

In its new strategic plan, VSB looks to become a leader in inclusion. It starts with cultivating a deeper understanding of differences in race, ethnicity, gender or sexual orientation at VSB and fostering a greater sense of belonging. “When people feel they belong, it improves their chances for success,” said Terrill L. Drake, associate dean of Strategic Initiatives.

• Providing ideas for enhancing communication of professional activities to better engage all students

Drake oversees VSB’s Diversity, Equity and Inclusion strategy in partnership with Manuel Nuñez, faculty director of Diversity and Inclusion and professor of practice, Management and Operations, and Claire Bruno, director of Diversity Initiatives and director of Recruitment and Enrollment Management for Graduate Programs. This trio works closely with a 10-member advisory committee of VSB faculty and staff on a strategy that uses education and open dialogue to encourage a more inclusive culture at VSB. The strategy includes several programs and experiences that address some of the more sensitive issues surrounding inclusion such as identity, unconscious bias, privilege, power dynamics and others. Supporting this strategy is a grassroots effort that includes 12 Diversity Champions who promote these events and conversations in every corner of VSB. These efforts also reflect the expectations of employers. “A recent article by Deloitte, ‘The Diversity and Inclusion Revolution: Eight Powerful Truths,’ reports that organizations with inclusive cultures are twice as likely to meet or exceed financial targets and six times more likely to be innovative and agile,” shared Robert McNeill ’88 VSB, managing partner of the Greater Philadelphia region of Deloitte. “If business schools are to be a beacon for the business world, then they need to mirror this dynamic. The best schools will be a leader on this front.”

• Collaborating with Dining Services on creative ways to encourage students to clean up after meals in common areas “DUSAC gives a voice to the student body of VSB,” said Kriya Amin ’19 VSB, chair of the Majors and Career Paths committee. “This new council will better help us meet the needs of our students,” said German. “It’s inspiring to see so many young people working together on issues that directly impact them, and I’m proud to assist them in their efforts to enhance the VSB experience for all students.”



Faculty Achievements VSB boasts world-class faculty members that are nationally recognized experts in their fields, with 90 percent holding a PhD or the highest degree in their discipline. They excel across the board—in research, instruction and innovation. Our renowned faculty are media savvy professionals and can provide insightful commentary on a multitude of businessrelated topics both nationally and locally. Among their many qualifications are degrees from prestigious institutions, articles in premier academic journals and experience working with the world’s top organizations.

Narda Quigley, PhD Chair, Management & Operations and Professor of Management, Part of $3M NSF ADVANCE Institutional Transformation Grant Dr. Quigley is part of an interdisciplinary team at Villanova that was awarded a $3M National Science Foundation ADVANCE Institutional Transformation Grant to fund a project that will encourage and support the advancement of women and underrepresented faculty in the STEM fields. Villanova is one of only five higher education institutions to receive the grant in 2018. VU’s research team will examine how higher education institutions can position themselves to increase the full participation of women and underrepresented minorities in STEM fields to ensure that they play a role in defining, and benefit from, changes occurring in an evolving educational landscape. “With this grant, Villanova has an incredible opportunity to engage further in a transformational process that will benefit our community,” said Dr. Quigley, who serves as co-principal investigator. “We hope that the work we accomplish will serve as an example for other universities looking to improve their recruitment, hiring and retention practices.”

The Villanova University $3 NSF ADVANCE Institutional Transformation Grant Team Principal Investigator Amanda M. Grannas, PhD, associate vice provost for Research and professor of Chemistry; Co-principal Investigator Noelle Comolli, PhD, associate professor and chair of Chemical Engineering; Co-principal Investigator Terry Nance, PhD, associate vice provost for Diversity and Inclusion and chief diversity officer; Internal Evaluator Seth Matthew Fishman, PhD, director of Curriculum and Academic Outcomes and assistant professor of Education and Counseling in the College of Liberal Arts and Sciences; and research team member Terri Boyer, EdD, director of the Anne Welsh McNulty Institute for Women’s Leadership.


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David Anderson, PhD

Peggy E. Chaudhry, PhD

Assistant Professor, Management & Operations, Recognized at Nordic Startup Awards for Faculty-Founded App “PayAnalytics”

Associate Professor, Management & Operations, Invited to Present Research Updates at US Patent Trade Office

As part of the Global Startup Awards, a competition to recognize the best talents of the global startup ecosystem, PayAnalytics was honored with the Newcomer of the Year and Best Social Impact Startup in Iceland at the 2018 Nordic Startup Awards. Founded in 2017 by David Anderson and Margrét Bjarnadóttir, assistant professor of Management Science and Statistics at the Robert H. Smith School of Business at University of Maryland, PayAnalytics helps companies measure gender pay gaps and close them as fairly and efficiently as possible. It offers a software solution that enables human resources managers to conduct their own salary analysis and understand the impact of hiring, promotion and salary adjustment decisions on pay gaps. “We’re thrilled to be honored with this award for our work on this important social issue,” said Dr. Anderson.

Dr. Chaudhry was invited by the USPTO in Washington, DC to present updates on her research twice last fall. She served on an advisory panel of independent experts to provide feedback at key stages of research conducted by Oxford Economics for a publication titled “Combating Illicit Trade: Consumer Motivations and Stakeholders Perspectives.” In September, she presented these findings at the Roundtable on Counterfeit Goods. She received an invitation to return in November where she presented consumer-focused data at the Roundtable on Intellectual Property and Consumer Behavior, which informed the USPTO’s analysis of the economic impact of illicit trade. “It was a pleasure to have the opportunity to speak at two prestigious roundtables, and having Villanova alumnae in the audience who work in the USPTO shows just how strong VU’s sense of community is,” she said.



Leadership in Church Management How Three VSB Programs Advance Research Globally International Festival of Creativity in Church Management The Center for Church Management (CCM), in collaboration with the Pontifical Lateran University, hosted the second International Festival of Creativity in Church Management on campus in June 2018. A distinguished group of 65 researchers and practitioners gathered to explore “The Entrepreneurial Spirit in a Mission Driven Church.” The group included priests, deacons, and religious and lay leaders from Italy, Germany, Spain, Portugal, Peru, Nigeria, Ireland, England, Australia and the United States. Bishop Jude Arogundade from the Diocese of Ondo, Nigeria, expressed his gratitude for the opportunities offered “in the ongoing formation of our priests; particularly, in the area of skills and knowledge, which are so important for church management and leadership.”

Fr. Augustine Deji Dada, ’20 MSCM, from the Diocese of Ondo, Nigeria, presents models of parish and diocesan life at the International Festival.

I appreciate your trust and willingness to contribute to [the] growth of the Church in Nigeria and the world. Please know that we in Ondo Diocese will keep Villanova, its students and its faculty in our daily prayers.” –Bishop Jude Arogundade

CCM hosted the second International Festival of Creativity in Church Management for church scholars and practitioners from around the globe at Villanova.

The full findings from the second International Festival will be published in 2019.


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2018 Rev. Louis J. Luzbetak, SVD, Award for Exemplary Church Research

Lilly Endowment Grant CCM also received a three-year $750,000 grant from the Lilly Endowment to improve clergy financial literacy. One element of that grant is a focus on developing a new generation of researchers in church management. This past summer, a diverse group of 12 church management research fellows and eight research advisers met for three days at the Inn at Villanova to begin their research projects. The group represents a cross-section of schools, faiths, geographies and research interests. Their research topics included: • Student loan debt and its impact on clergy effectiveness • Latino financial giving • Comparison of ministers who chose bi-vocationality versus those who are forced into it • Black millennial clergywomen who have created businesses to support their vocational visions The 12 researchers will return to campus in June 2019 to present the results of their research.

“This clergy finance research fellowship helps me see how my social scientific methods and theological training can come together to better understand how clergy impact the ways church members steward their parishes. It also is illuminating my understanding of the reasons Catholics may tend toward time, talent or treasure during stewardship. Gaining a better sense of these groups will improve the management of parishes.” –Maureen Day Assistant Professor of Religion and Society, Franciscan School of Theology

In a special ceremony at Georgetown University in October, the Center for Applied Research in the Apostolate presented the 2018 Rev. Louis J. Luzbetak, SVD, Award for Exemplary Church Research to the Center for Church Management at Villanova University in recognition of more than a decade of service to the Church. Jim Gallo, EdD, the CCM director, and Mike Castellano, chair of the Advisory Council, accepted the award on behalf of the Center. Dr. Gallo acknowledged, “We’re blessed to have had our Center’s founder, Charles Zech, PhD, professor emeritus, who set such a high standard to warrant this special recognition today.” He further promised, “We are committed to the same level of excellence in pursuit of new knowledge through research in service to our Lord, our church and our world.” \v/

Gallo cantors a Mass at St. Thomas of Villanova held as part of the second International Festival of Creativity in Church Management.


Exchange Traded Funds What VSB’s Leading Researchers Tell Us About the Risks and Rewards of This Highly Traded Product

See how these two distinct voices are taking the lead in researching the market effects of ETFs.


Exchange traded funds, or ETFs, are a mutual fund-like product offering investors diverse exposure to the market with the added bonuses of intraday liquidity and lower trading costs, but they aren’t without limitations. Dr. Dannhauser’s research documented significant valuation effects for corporate bonds held by ETFs, while Dr. Moussawi’s work examined how ETFs exacerbate the volatility and liquidity in equity markets. Together, their work generates meaningful insights that advance the understanding of ETFs and their role in investment portfolios.

Caitlin Dannhauser ’05 VSB, PhD

Rabih Moussawi, PhD

The Michelle and Sean Traynor ’71 Assistant Professor of Finance

The Vincent B. DiDomenico Jr. ’88 Assistant Professor of Finance

Dr. Dannhauser brings to her research both an industry and academic perspective. After graduating summa cum laude in 2005 with a double major in Finance and International Business, she worked on Wall Street for Credit Suisse before pursuing her PhD in Finance at Boston College. When the time came to apply for teaching positions, Dr. Dannhauser felt a strong pull to return to VSB. “The research interests and ambitions of the department closely aligned with my own and since I started in 2015, it has been a thrill to watch the department’s research profile surge.”

Prior to becoming a thought leader and researcher at VSB, Dr. Moussawi completed his BA and MBA at the American University of Beirut, and then pursued his dream of coming to America to obtain his PhD at The University of Texas at Dallas. He also brings industry perspective, having worked for Barclays Global Investors, now part of BlackRock, and the Wharton Research and Data Services Center at The Wharton School prior to VSB.

Dr. Dannhauser acknowledges the seemingly positive aspects of ETFs: low-cost, diversified exposure that an investor may not otherwise be able to obtain. In particular, the ease of trading ETFs stands in sharp contrast to the illiquid market that is typical for certain asset classes, such as corporate bonds. Despite these benefits, Dr. Dannhauser’s research focuses on potential unintended consequences of this “liquidity mismatch,” particularly in times of market turmoil. By studying the 2013 taper tantrum when US interest rates spiked significantly, Dr. Dannhauser and Saeid Hoseinzade, PhD, from Suffolk University found that the unique structure of ETFs transmits the quick trading available on the equity exchange to the underlying bonds and results in price distortions of corporate bonds, which has implications for corporations, institutional investors, and individual investors. Firms often finance investments with corporate debt while an increasing number of investors hold bond funds in their retirement accounts. Because of these circumstances, Dr. Dannhauser suggests that market participants must weigh the upside of increased trading ability with potential pricing effects. In fact, her recent research shows that although ETF traders are considered passive investors, they are actually trading aggressively.

Whereas Dr. Dannhauser focuses on the corporate bond market, Dr. Moussawi’s research examines the positive and negative consequences of the trading of ETFs in equity markets. ETFs have become appealing for liquidity and risk management purposes besides the traditional allocation needs. ETFs are being traded in high volume and very quickly. They open new venues to get long and short exposures to a variety of asset classes, styles and sectors, which creates faster price discovery and allows for better risk management. His research has also identified unintended consequences of such innovation. “We found that the prices of stocks have become noisier and this additional layer of nonfundamental volatility is caused by ETFs. Stocks spike more frequently because they are held in the same ETF baskets that are subject to liquidity shocks and become more correlated and more sensitive to stressful market conditions,” said Dr. Moussawi. ETFs could potentially exacerbate a flash crash like in May 2010 or August 2015, leading to more risk within the market. Time will tell if these concerns about ETFs amplifying market volatility and liquidity risk are detrimental for the economy. Even though their research has focused on different asset classes, Dr. Dannhauser and Dr. Moussawi reach similar conclusions. ETFs are being bought and sold at a blistering pace due to the unprecedented liquidity they provide, whilst arguably encouraging impulsive trading. However, the diversified exposure, price discovery, and tax efficiency of ETFs may yet yield benefits that outweigh the various costs and risks. What we can be sure of is that both professors will research these risks and pass on the lessons learned to new generations of VSB students.



Artificial Intelligence with Stephen Andriole & Keith Wright

No one can truly predict the future, but these Villanova faculty have the experience and foresight to confidently assess the trends in artificial intelligence and automation. Stephen J. Andriole, PhD Thomas G. Labrecque Professor of Business Technology Dr. Andriole has worked in both industry and academia. He’s been an entrepreneur, an active angel investor, a company director, and a consultant to major government agencies and large corporations, and has published three books about artificial intelligence. His most rewarding experiences as a professor come from teaching business technology.

Keith P. Wright Instructor, Accounting & Information Systems Mr. Wright began his career in academia, teaching computer science for more than 10 years before moving to Palo Alto, joining the software industry during the height of the original dotcom boom. After 15 years as a global VP, SVP and COO at SAP in sales and professional services, Wright returned to the academic world, teaching MIS at Villanova while still being active in angel investing and IT consulting.


Villanova Business Winter/Spring 2019



In your opinion, does our future lie in harnessing artificial intelligence and why?


What professions or industries are most likely to be impacted by AI?

Andriole: Most certainly. I’ve been working in the broad field of AI since the late 1970s. Back then, virtually no one felt a sense of doom about AI. Now significant concerns about the scope and power of AI exist. While all technologies have evil twins, the benefits of AI and machine learning will far exceed the dangers.

Andriole: Professions with defined rules, protocols and processes, like auditing, medical diagnostics and major aspects of the law. People in these and similar fields will first be augmented by AI before they’re replaced altogether. The unknown is timing; no one knows exactly when the transition will occur, but it will.

Wright: Yes. AI focuses on the development and analysis of algorithms, which perform intelligent behavior with minimal human intervention. Because AI directly interacts and influences the destinies of human beings, it is our future.

Wright: Every profession and industry will be negatively impacted to some extent. Costs for AI and robots are rapidly decreasing below human labor. Robots work around the clock, increasing productivity, improving precision and eliminating human error.


How can universities work with thought leaders and industry Titans to prepare students for the impact of AI?


Since there is a yin to every yang, what professions are relatively immune or could benefit by the evolution of AI?

Andriole: It’s important to think about the evolution of an AI ecosystem comprised of academics, industry professionals and entrepreneurs who will feed on each other’s research and applications. Partnership is the key to success. At VSB, we’re already tapping into that ecosystem and will become active educators working with local and regional companies to provide students with implementation opportunities.

Andriole: There will be an increase in the number of professional opportunities for those with AI programming, knowledge representation and machine learning skills and competencies. Many of the professions that require inductive reasoning and empathy-based analysis, or creative reasoning, will fare better than the professions that rely on deductive reasoning.

Wright: We have passed the tipping point; AI is now pervasive. It began years ago with some jobs entirely transformed by AI and ML technology: for example the replacement of toll collectors with the invention of EZ-Pass. As algorithms continue to replace human traders on Wall Street, people will take notice. It is our responsibility to prepare students for these changes in the workforce with support from industry.

Wright: No profession will be immune. Each new robot added to the US workforce means the loss of between 3 to 5 human jobs. AI will be a cold, dark yin to traditional human labor. Two thirds of Americans believe robots will soon perform most of the work done by humans; however, 80 percent also believe their jobs will be unaffected. This is delusional optimism. Like it or not, the age of work is coming to an end.


Let’s have some fun: what are some realistic sciencefiction-like applications of AI?

Andriole: One application that comes to mind is holographic doctors, lawyers and engineers who make virtual appearances whenever they’re summoned (or proactively appear) where they process patient test results in real-time and diagnose and treat diseases before they grow. Wright: Recently I toured several lights-out manufacturing factories. These are fully automated and require no human presence, lighting or heat on-site. Fuji Automatic NUmerical Control (FANUC) in Japan has been building robots at a rate of about 50 per day since 2001 and can run unsupervised for 30 days at a time. In China, Changying Precision Technologies recently replaced 90 percent of their 650-human workforce with AI and robotics.


Lastly, what would you like the wider VSB community to know about you that we cannot find online?

Andriole: I’m a very transparent professional, so there’s not much about my career one cannot find on or elsewhere online. On a more personal level, VSB provides a platform for not just educating our students but working with them with career planning and after-graduation counseling—which is incredibly rewarding (and fun). Wright: Villanova is a very special place because of its students, faculty and staff; they give me hope for the future every day. After leaving the software industry, I took two years off to contemplate my next move. Averaging over 300,000 air miles per year for 15 years and attempting to run 50 marathons before I turned 50 had taken a toll on me. But since returning to the classroom, I feel completely reenergized. \v/



Always Ready

for Adventure Anne Rank ’19 MSA expects to complete

her Master of Science in Analytics next fall. Even more impressive, she’s completing her degree online while serving full-time in the United States Coast Guard. After growing up in Boise, Idaho, Rank graduated from the Coast Guard Academy in 2015, where she majored in Operations Research and Computer Analysis, or ORCA. “I felt called to the military and something more than the traditional college experience,” said Rank. “I made the rounds of the other service academies, but when I visited the Coast Guard Academy, that made the difference.” Although she originally thought she’d major in biology, ORCA turned out to be a better fit. “I always liked math, and ORCA gave me a great grounding in mathematical theory before moving on to more applied courses,” Rank said. “Operations research uses an analytical approach to problem-solving to help people make better decisions. My capstone project was to help the Coast Guard decide where to place its new cutters.” Cutters are large (65 feet or greater in length) commissioned vessels used by the Coast Guard. The Coast Guard, the smallest of the five US service branches, carries out three roles: maritime safety, security and stewardship. Graduates of its academy are placed in leadership positions with substantial responsibilities. Upon graduation, Rank was assigned to a 418-foot cutter where she served as an Officer of the Deck. Now she is back on land, serving at a fusion center in California. “My husband and I were lucky enough to be assigned close by this time,” she said. Rank met her husband Jordan at the Academy, and they married soon after she graduated. “The Coast Guard tries its best to co-locate you, but the mission comes first.” Although still part of a 24/7 operation, her duties on land now afford her enough time to further pursue her interest in analytics, so she spent some time researching online degrees. “I knew it had to be online, and I needed flexibility that could work with my schedule. I looked at Arizona State, Penn State and Villanova,” Rank said.

Officer Rank’s duties included directing the safe navigation of the cutter and coordinating the launch and recovery of the helicopter and small boats used in the operations.

Lives depended on how she did her job. Along with her fellow officers and crew, one of her greatest accomplishments during her two-year stint on board was interdicting over $806 million worth of cocaine in the Eastern Pacific. In addition to her time in the Eastern Pacific, Rank also completed a patrol in the Bering Sea, boarding some of the boats on the Deadliest Catch.

For her, Villanova was the best fit. “I wanted something business-applicable, and I really liked Villanova. It has a lot of history, and that appealed to me. I also have the flexibility to attend classes live or, if my schedule won’t allow that, I can listen to the recordings.” She continued, “I’ve met incredible people and made great friends with my classmates as we work on group projects, although we haven’t yet met face-to-face. I’m looking forward to graduation— it will be great to finally meet my fellow students in person.”


Villanova Business Winter/Spring 2019

Photo: ©2018 Gabriela Hasbun



Paolo Caponong ’20 VSB

Is Going Places Paolo has an enormous appetite for life, embracing new experiences with open arms and zest. It’s a good thing, because he is busy. A Presidential Scholar and student in the Honors Program he doesn’t stop there: he’s a triple major in Marketing, International Business and Business Analytics, while also minoring in Chinese, Asian Studies and Honors.


Villanova Business Winter/Spring 2019


You might think with such a heavy academic load, Paolo would be holed up at a desk surrounded by textbooks, with no time to participate in campus life or socialize. Not Paolo. He likes people too much and is far too curious about the world. He’s a world traveler, and began combining academics and travel while attending Regis High School in New York, studying in Suzhou, China, where he developed his interest in international business and Mandarin Chinese. His love of new places and people started much earlier, however.

“Growing up, my parents took us abroad. It stoked my love of travel and my ability to adapt to new experiences.”

Paolo has traveled to more than 14 countries during his time at Villanova, including: Austria China France Germany Iceland Indonesia

Paolo is a native of Yonkers, NY, where his family, father Carlo and mother Maria, still live—his brother Leandro is studying Civil Engineering at the City College of New York. His parents immigrated to the US from the Philippines before his birth, though they returned to the Philippines afterward to have him baptized. In addition to his studies, Paolo works part-time for the Elenore and Robert F. Moran Center for Global Leadership, serves as co-president of Business & Leadership Society and the Outreach chair of Business Without Borders, and is also involved in the Alpha Phi Omega Service Fraternity. The common thread in all of these is a focus on leadership and service, all with a global perspective. Paolo has interspersed his campus experience with time abroad, including his second semester as a freshman studying and interning in Singapore, a summer at the American University of Rome, and a recent internship at global power management company Eaton Corporation’s Product Quality-APAC division in Shanghai, China.

“I was glad I went to Sinapore during my second semester because spending my first semester on campus gave me time to develop a sense of community and form friendships. I had a support system established before I went to Singapore,” Paolo said. “My return to campus was very smooth. Villanova has a variety of social activities that just draw you in. The classes are structured to expose you to all aspects of business—you’re learning all the time. And the teachers are very approachable. My classmates and I show up for class excited to learn.” Paolo credits hard work, discipline and his time management skills with keeping on track. His schedule is organized down to the minute and saved on his phone calendar. It must be working because he still finds time to hang out with friends watching sports or playing basketball. For the summer, Paolo has committed to a frontline feld sales internship at 3M. “I want to give a shout out to the Center for Global Leadership. Director Kim Cahill and Dr. Jonathan Doh, a co-faculty director, have opened my eyes to opportunities. I’m looking at global sales and marketing positions at a variety of industries, but I’d love to start my own company one day. Ideally one that supports a good cause. I do know that whatever I do will be something I enjoy and feel passionate about.” \v/

Italy Malaysia Monaco Myanmar (Burma) Philippines Singapore Thailand Vietnam

I loved Singapore. It’s a melting pot of various cultures, with really good food from everywhere.” –Paolo Caponong ’20 VSB


As the world becomes smaller and our lives move faster, keeping us moving is no small task. Four VSB alumni describe what it’s like working in transportation and what it takes to stay in‌




Tom Nealon ’83 VSB President Southwest Airlines

Southwest Airlines

100 US cities

Talking to Tom Nealon, you get the impression that there’s no place else he’d rather be than Southwest Airlines—and he could be literally anywhere. As president, he runs the world’s second largest airline and the largest domestic carrier, serving more than 100 US cities and 10 countries and transporting more than 120 million passengers annually. And yet, he didn’t set out to work for an airline. Nealon began his career in IT, influenced by his father, who worked at IBM. He recalls learning at the dinner table how technology would fundamentally change business. “I’ve always been consumed with the business application [of IT] and the value [it creates],” Nealon explained. Technology enabled Nealon to grow as a leader while feeding his passion to understand the depths of different businesses. The journey of his career included stops at Frito-Lay followed by Southwest, then J.C. Penney, and back to Southwest. At each one, he used IT as a platform to understand the inner workings and strategy of the organization, whether it was the distribution model and consumer packaging at Frito-Lay, the airline industry at Southwest, or the ecommerce business at J.C. Penney. Systems thinking factors heavily in his approach because he wants to understand how all the parts of the business influence and shape one another. Today as president of Southwest, his role encompasses finance, network planning, revenue management, marketing, strategy, technology, continuous function and data sciences, to name a few. He enjoys it all because he sees how the different areas interconnect—a nod to systems thinking. Most of all though, he loves the culture of Southwest. “[Passengers] expect us to be happy and kind; smile and look them in the eye. That’s the expectation at Southwest and new employees will feel compelled to live up to the legacy of all the Southwest employees who came before them.”

What Moves You?

“ What moves me? Usually a Southwest Airlines plane! Seriously, what motivates me is our people and keeping this great inheritance from our founders alive and growing stronger.”




million passengers transportated annually

Values such as respect and common courtesy underpin Southwest, which are not unlike the ones he learned growing up and at Villanova.

At Southwest, we think a lot about what strengthens our culture. Traditions are important here and they unify us.” –Tom Nealon ’83 VSB

Villanova Business asked these titans of transportation “What moves you?” Some responded humorously, but all shared thoughts about what motivates and inspires them—in work and life.




Gerry Lee ’73 VSB

Vice President of Vehicle Planning and Logistics, Subaru of America Subaru of America


thousand cars produced in 2008




thousand cars produced in 2017


of the time meets or beats forcasted ETA delivery

Business has been anything but slow for Subaru in recent years. US sales nearly doubled over a recent four-year period while production surged from 187,000 cars to 648,000 over the past 10 years. Such growth might lend itself to hiccups, but not in terms of logistics at Subaru. In a business where dealers demand accuracy when it comes to the estimated time of arrival (ETA) for vehicle delivery, Subaru doesn’t disappoint—thanks in large part to Gerry Lee ’73 VSB. As vice president of Vehicle Planning and Logistics at Subaru of America, Lee oversees the entire delivery cycle, including ordering from the field offices to the factory, accessorization at ports and the factory motor pool, distribution, and logistics. With so many moving parts, challenges arise in any number of ways, but currently Subaru meets or beats its forecasted ETA for delivery 93 percent of the time. Lee attributes the company’s logistics success to one thing: steady and smooth flow of production and shipments. “We try to schedule the same number of work hours each month so our products are being processed and shipped consistently on a daily basis. In the auto industry, many competitors will push their deliveries at the end of the month to hit a sales number. That puts a lot of stress on the car haulers to have enough truck capacity for that delivery surge,” Lee explained. “Our trucking company partners always compliment Subaru’s reasonable and rational approach.” Though vehicle planning has been Lee’s focus for more than 20 years, he came to Subaru from Arthur Young (now EY) in a finance role supporting vehicle sales. Lee, an economics major, acknowledges the value of having a strong analytical background. The first time he used standard deviations in a presentation, he was met with dissent from some while others noticed his ability to explain the bigger picture. One day, the head of Sales at Subaru turned to Lee and asked, “Gerry, do you just want to keep score, or do you want to get in the game?” “I struggled a bit because I worked hard to be a CPA; it was difficult to give that up,” Lee shares. “Once I switched over to manage Subaru’s vehicle supply chain, I never looked back.”

What Moves You?


Villanova Business Winter/Spring 2019

“What moves me are classic cars. I like the wild de-

signs of Bugattis and Delahayes with their swooping fenders. All Villanovans should see the Simeone [Foundation] Automotive Museum in Philly.”



Heather Garboden ’02 VSB Vice President – Financial Planning American Airlines Group

After a decade of heavy merger and acquisition activity, the airline industry is experiencing a financial upswing and American Airlines Group is no exception. Having merged with and absorbed many noteworthy brands, American has become the world’s largest airline. For many American employees like Heather Garboden ’02 VSB, these changes led to career-making opportunities and much more.

Teams have always been an integral part of Garboden’s life, even as a child playing softball in Beaverton, Oregon.

Garboden landed her first job at America West in 2003 as an analyst in Revenue Management. It was a challenging time, as many airlines continued to recover from the financial fall-out of the September 11 attacks. It ultimately led America West to combine with a struggling US Airways in 2005, which subsequently merged with American in 2013. For Garboden, these opportunities were challenging and “exciting and always led to more. By 2016, Garboden became vice president of Financial Planning, responsible for American’s capital and operating budget, long-range financial planning, forecasting systems and the corporate purchasing department where she had a unique perspective on American’s improving financial strength. Still, it’s the people who Garboden values most.

She chose Villanova because she felt a strong connection to the women’s softball team on her very first visit. She went on to apply a team-oriented approach to her entire Villanova experience.

“I’m still friends with many people I met 15 years ago. I love American Airlines for many reasons but it’s the team environment that makes it special.” At American, Garboden fostered a team mentality throughout the organization, particularly among women. She led American Airlines’ Women’s Leadership Program, which provides resources and learning opportunities to women looking to advance. “Right now, we don’t have total gender balance, especially in finance and leadership roles, but we’re making progress,” Garboden explained. Editor’s Note: Heather Garboden left American Airlines at the end of 2018 to pursue personal interests but remains grateful for the many opportunities that shaped her 15-year career.

I knew that if I wanted to succeed at [VSB], I needed to have good working relationships with other students and faculty.” –Heather Garboden ’02 VSB

What Moves You?

“At American, I’m motivated by that feeling of

accomplishment when you finish something together as a team. It’s a tremendous environment for hard-working, analytical thinkers like those at VSB.”




Krishna R. Bhupal ’05 VSB Promoter-Director GVK Power & Infrastructure Ltd Mumbai Airport (CSIA) Managed and operated by GVK Power & Infrastructure


busiest airport in the world


million passengers annually

Transportation is essential for not only urban transformation but also for the productive and swift movement of goods and services across the country. It is the future of mobility.” –Krishna R. Bhupal ’05 VSB

Many leaders in the transportation industry describe their work as exciting, dynamic, often unpredictable and generally quite rewarding. Few can characterize it as truly transformative—except perhaps for Krishna R. Bhupal ’05 VSB. As the promoter-director of GVK Power & Infrastructure Ltd, a leading India-based conglomerate, Bhupal has been instrumental in modernizing some of the world’s busiest airports in his homeland of India and elsewhere in Asia. In particular, he led the refurbishment of Mumbai’s Chhatrapati Shivaji International Airport (CSIA), the second busiest airport in India and 29th busiest in the world. Bhupal led the development of a competitive customer experience along with the systems and infrastructure to support it. It was adjudged the Best Airport in Asia Pacific and the World’s Best Airport in the Over 40 Million Passengers per Year category at the Airport Service Quality Awards in 2017. Apart from the accolades, Bhupal is especially proud of this project. “My position gives me a chance to lead and drive projects and resolve complex management tasks, yet remain committed to my values,” he said. “My involvement in the transportation sector means being committed to nation-building, which is an important part of my ethos.” Bhupal’s dedication to advancing India’s economic development made him travel halfway around the world to attend VSB. “I learned how Augustinian values—‘nothing is to be preferred to the search for truth’—could help me grow as a leader and potentially support the transformation of my country,” he said. In addition to Mumbai’s CSIA, GVK also launched a new terminal at Kempegowda International Airport in Bengaluru, India, in 2014, which “not only reflected the city’s dreams but also embraced the culture and landscape of the state of Karnataka,” according to Bhupal. The expansion doubled the airport’s capacity to 25 million passengers annually, while adding modern conveniences, amenities and facilities to enhance travelers’ experience. Bhupal explained, “Transforming transport in India means boosting public transport with end-to-end connectivity.”

What Moves You?


Villanova Business Winter/Spring 2019

“I love challenges. All the projects I’ve done and am

currently involved in are high value. It is personally satisfying to see them come to fruition and contribute to the Group’s growth.”




In early October, busloads of excited children entered a building in downtown Philadelphia where they were greeted by equally excited volunteers from a local community organization and boxes of brand-new winter coats of all sizes and colors. In Philadelphia, where the average winter temperature is 35 degrees and 126,144 children live in poverty, these children got to shop for the perfect coat and ensure they have a warm winter. For Operation Warm, a nonprofit apparel organization that manufactures coats and distributes them through corporations and community organization partners to children in need, it’s more than just a coat. “It empowers a child with hope and self-confidence,” said Grace Sica ’19 MBA, vice president of Corporate Partnerships. . Driven by a desire to make an impact in the world, Sica joined Operation Warm in 2016 to develop the corporate partnerships program. After spending years working on climate change policy she redirected her career and found that in social enterprise, she could make a lasting impact. To gain a better understanding of business, Sica is pursuing her MBA. “Villanova provides me the framework to develop the corporate program with confidence and acumen” Sica said. “The wide array of courses that drew me to VSB has been invaluable.” For example, during her equity valuations class, she researched her largest corporate partners, Abercrombie & Fitch and FedEx, gaining insight into how the corporations run and how she can better collaborate with them. Operation Warm gifted 18,246 coats in 2017 to children in Philadelphia, but 16,244 coat requests remained unfunded. This year the organization has already received requests for 60,130 coats nationally. To volunteer or help provide a coat, visit



Operation Warm’s latest innovation, the Green Guardian coat, is made from recycled plastic equal to the amount used in 32 water bottles. This year 15,000 children will receive the coat and keep 480,000 plastic bottles out of landfills and oceans.



Paying It Forward A recent gift creates more opportunities to advance gender equality. Two things are abundantly clear when you speak to Sue Coté P ’19. First, she sounds very much like a Villanovan when it comes to giving back and driving positive change. Second, her approach to gender equality issues is as honest and as logical as it gets. It’s little wonder why Coté sits on the Advisory Council for Villanova’s Anne Welsh McNulty Institute for Women’s Leadership. At the same time, she’s an ardent supporter of Villanova School of Business—to create opportunities for her daughter, Danielle ’19 VSB, and other women the way others supported her. In fact, a recent multi-year gift from Sue and her husband Rick does just that.

Learning Through Experience Sue Coté spent the majority of her career in industries where few women held leadership positions—public accounting, finance and investment management. It wasn’t until the early 1990s when she ran mutual fund operations for Prudential Investments’ Mutual Funds and Annuities that Coté first reported to a woman. By then, Coté had learned to be successful with few female role models. She worked exceptionally hard and received considerable support from mentors, but the key was building relationships with her male colleagues—a message she stresses with the women (and men) she’s mentored over the years. “For me, it was about finding commonality,” Coté explained. “Whether it was about sports, family or some other interest, establishing a connection helped minimize the gender differences.”

Turning Point After Prudential, Coté returned to public accounting as a partner at EY in New York. Again, she noticed the small number of women in leadership, but EY was committed to addressing it. That was a turning point for Coté. Until then, she mentored colleagues to pay it forward; now, she could drive meaningful change. She championed programs that coached women to build relationships and find commonalities with male colleagues, and supported efforts to better understand why more women than men left the profession to help retain talent.

“ [Businesses] need gender diversity, age diversity and racial diversity to create a collaborative, challenging environment. It’s a business imperative.” After years of giving to VSB, Sue and Rick Coté recently decided to focus their support on gender equality issues. Among other things, Coté hopes it creates more opportunities for female faculty in areas like finance and investment management who can serve as role models to young women and give them something to which they can aspire.


Villanova Business Winter/Spring 2019


VSB Dean’s Advisory Council (DAC) The DAC provides advice and guidance to the dean of the Villanova School of Business on important strategic initiatives under consideration at the school. Josef “Joe” Allen ’89 VSB

Kevin Felix P ’20

Francis I. “Frank” Perier Jr. ’81 VSB

General Manager, US Global Operations Center GE

President and CEO Scotia Capital USA Inc., Scotiabank

Retired EVP Finance and CFO Forest Laboratories, Inc.

Robert “Rob” Arning P ’17

Christopher Gheysens ’93 VSB; Chair

Michael “Mike” Petrane ’93 VSB

President and CEO Wawa, Inc.

Partner, Assurance Services Ernst & Young LLP

Lisa M. Gray ’86 VSB

Kenneth M. “Ken” Roessler ’84 VSB

Co-Founder and Managing Partner Phoenix IP Ventures

President and Chief Executive Officer BWAY Corporation

Peter J. Hofbauer ’84 VSB

Joyce E. A. Russell, PhD

Chief Operating Officer Concord International Investments Group

The Helen and William O’Toole Dean Villanova School of Business

Vice Chair, Market Development KPMG LLP

Madeleine Barber Esq. ’85 VSB, ’88 CWSL, ’92 CWSL Senior Vice President and Chief Tax Officer CBRE

Jennifer Barbetta ’95 VSB Partner & Managing Director Goldman Sachs

Eileen Barker ’93 VSB Former Senior Vice President IT Cosmetics

Kenneth “Ken” Bodmer ’87 VSB Vice President, Trade Analytics CVS Health

Peter Cieszko ’82 VSB, P ’20 Chief Client Officer – Americas American Century Investments

Stephen “Steve” DeAngelis ’88 VSB Executive VP and Head of Distribution FS Investment Solutions

Joseph V. “Joe” Del Raso, Esq. ’74 VSB, ’83 CWSL Partner Pepper Hamilton LLP

Justin DiGaetano ’02 VSB Founding Partner and Principal Fidato Partners

Christine Dorfler ’97 VSB CFO NBCUniversal Owned Television Stations

Charles P. Dougherty ’93 MBA President and Chief Executive Officer Hardinge Inc.

Kevin J. Dunphy ’82 VSB Managing Director, Head of Public Finance Bank of Tokyo-Mitsubishi UFJ. Ltd

Michele Etzel ’87 VSB

Martin “Marty” Hughes ’79 VSB Chief Executive Officer and Director Redwood Trust

Clare P. Kelly ’97 VSB, ’08 EMBA Chief Financial Officer and Chief Compliance Officer Atairos Management LP

William M. “Bill” Kelly ’72 VSB Chief Executive Officer Blue Tee Corporation

Peter Knobloch ’75 VSB Retired Chief Investment Officer Assembly

John McCarthy P ’15 President and COO McCarthy Tire & Automotive Centers

Bill R. McDermott Chief Executive Officer SAP SE

Michael “Mike” McLaughlin ’88 VSB US Country Head and Head of Credit Markets Macquarie Group Limited

Robert A. “Bob” McMahon ’79 VSB President, US Markets Merck & Co., Inc.

Robert J. “Rob” McNeill Jr. ’88 VSB Managing Partner, Greater Philadelphia Deloitte & Touche LLP

Robert Mulhall ’80 VSB, P ’07; VUAA Liaison

Michael P. “Mike” Russomano Jr. ’79 VSB Retired President and Chief Executive Officer, Global Business Head – Wyeth Nutrition Nestlé S.A.

Christopher G. “Chris” Ryan ’83 EG President, Americas; Pharmaceutical Packaging Systems West Pharmaceutical Services, Inc.

William M. “Bill” Shockley ’83 VSB, P ’14, ’16 Partner Tinicum Capital Partners

Celestine “Tina” Simmons ’89 VSB Senior Vice President, Human Resources, Central Division Comcast Corporation

Stephen “Steve” Spaeder ’88 VSB, ’92 MBA SVP, Acquisitions and Development Equus Capital Partners, Ltd.

Lorraine “Lori” Waldron Esq. ’90 VSB, ’93 CWSL, ’93 MBA Partner Sills Cummis & Gross P.C.

Valerie Wieman ’92 VSB Assurance Partner PricewaterhouseCoopers LLP

Susan Wolford ’77 CLAS Managing Director, Group Head of the Business Services and Media Group BMO Capital Markets Corp.

Retired Partner, Assurance Ernst & Young LLP

CFO and Executive Vice President National Graphics, Inc.





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