Wake Forest Business - Spring 2014 by Wake Forest University School of Business

SPRING 2014

WA K E F O R E S T U N I V E R S I T Y

BUILDING FUTURE BUSINESS LEADERS FROM THE INSIDE OUT.

EXECUTIVE EDITOR Sylvia Green MANAGING EDITOR Stephanie Skordas CONTRIBUTORS Mary Giunca Matthew O’Connell Kory Riemensperger Alicia Roberts Mark Tosczak PHOTOGRAPHY Allen Aycock Ken Bennett Mallory Johnston Donnie Jones Eric Olson ART DIRECTION, DESIGN & ILLUSTRATION

......................... We welcome feedback from readers. greensm@wfu.edu Phone 336.758.3559 business.wfu.edu © 2014 Wake Forest University School of Business Wake Forest University is accredited by: AACSB International, The Association to Advance Collegiate Schools of Business, which represents the highest standard of achievement for business schools worldwide. Accredited institutions confirm their commitment to quality and continuous improvement through a rigorous and

FEATURES

F RO M T H E G RO U N D U P 0 6 WA K E F O R E S T D E D I C AT E S N E W H O M E F O R S C H O O L O F B U S I N E S S

H OW W E G O T H E R E 2 4 1 0 FAC T S A B O U T FA R R E L L H A L L

B U R N I N G B R I G H T 2 8

comprehensive peer review.

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The Commission on Colleges of the Southern

C E L E B R AT I N G 2 5 Y E A R S : W I N S T O N - S A L E M E V E N I N G M B A P RO G R A M N O T E S A M A J O R M I L E S T O N E

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bachelor's, master's and doctoral degrees. The Commission can be contacted at 404.679.4501, 1866 Southern Lane, Decatur, GA 30033-4097 and

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through sacscoc.org. Inquiries should relate only to the accreditation status of the institution, and not to general admission information.

SPEAKERS

COMPETITIONS

AROUND CAMPUS

IN THE NEWS

FACULTY NEWS

SCHOOL NEWS

A Conversation with Debra Lee/BET: Broyhill Executive Lecture Series On the Horizon: The Hylton Lecture with Tim Ryan Values-based Leadership: Bob McDonald/Proctor & Gamble Do You Have a Fish Story? Jim Donald/Extended Stay America Scorched Earth and Destruction in Zimbabwe: Ben Freeth/Mike Campbell Foundation Rethinking Success: Steelcase’s Nancy Hickey on Evolving Your Career Winning in a World-Class Organization: Nneka Rimmer/Boston Consulting Group Management Expert Ken Blanchard Draws a Crowd at WFU Charlotte Center Network Your Way to Your Next Career Move: Darrell Gurney/Author Searching for the Entrepreneurial Spirit of Generation Y: Alexis Ohanian/Reddit Exploring the World of Financial Services: Dave Hanson/Hanson Wells Partners

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First CRI Marketing Analytics Workshop a Home Run for Students Wake Forest Team Wins the Second Annual Retail Innovation Challenge Wake Forest University Students Win Deloitte’s Battle of the Beltway Wake Forest School of Business Student Team Tallies Win; Heads to Nationals

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Teambuilding Orientation Dawn with the Dean The Hunger Project Summer Internships on Display GE Capital: It’s All About the Leadership Global Strategies Event Autumn Tradition WFU School of Business Hosts Veteran’s Day Ceremony on Two Campuses Pomp & Circumstance Celebrating a New Beginning Recruiters Search for Critical Thinking & Communications Skills International Food Festival: Sharing Food & Fun nfrastructure: A New Frontier for Privatization Herbert Named Morrell Fellow Thomas W. Smith Foundation Commits $600,000 to WFU School of Business Bloomberg Businessweek Features the School and Farrell Hall Biz Ed Features Dean Steve Reinemund Students Achieve #1 CPA Pass Rate in the Nation U.S News Ranks Wake Forest School of Business in the Top 35 What Companies Want from B-School Graduates

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Faculty in the News Philosopher/Economist to Lead BB&T Center for the Study of Capitalism Moms @ Work: Dr. Julie Wayne Discusses Work-Life Balance for the Working Woman Faculty Research

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Learn more about Wake Will Time, Talent & Treasure In Memoriam, Melissa Clark Social media – join the conversation

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facebo ok .co m /WakeFo rest . Experiences

t witter.com /wakeforest biz

go.wfu .ed u / linkedin .WFUSBAlum ni

DEAN'S LETTER

FPO

FOCUS ON FARRELL HALL & OUR EDUCATIONAL FRAMEWORK

In Farrell Hall, the new home of the School of Business, undergraduate and graduate business students spent their first semester settling in and exploring not only the building’s wonderful features, but the educational changes taking place inside. In this issue, we’re demonstrating how the design of Farrell Hall leads to increased collaboration among our faculty, students and staff. The feature section will take you through our new home as we rebuilt our School from the ground up. But that’s not all that has been rebuilt. Since we are building future business leaders from the inside out, we have listened to the market, which demands managers and executives of character who can lead from all levels, use critical thinking skills to solve problems and demonstrate grit in the face of adversity. Our new educational framework focuses on understanding key concepts in business, using experiential learning to make it second nature and developing leaders who know that doing well also means doing good. Our principled, performance-ready professionals leave here ready, able and honorable. Our new home and new focus are an exciting change and a new beginning. But they are built on a strong foundation of business education and alumni who will always be a treasured part of the School of Business. We hope that you enjoy the stories we are sharing with you in this issue of Wake Forest Business and thank you for your ongoing support and commitment to the University and the School of Business.

Steve Reinemund

Dean of Business

From the

Ground Up “ g r e at t h i ng s a r e p o s si ble with

de t er mi n at ion

a dr e a m . ”

Mike Farrell (P ’10, LLD ’13 )

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WHEN THE UNDERGRADUATE AND GRADUATE BUSINESS PROGRAMS WERE UNITED, DEAN STEVE REINEMUND, FACULTY, STAFF AND FRIENDS OF THE UNIVERSITY SHARED A VISION TO MAKE THE NEXT STEP A PHYSICAL ONE â&#x20AC;&#x201C; JOINING THEM UNDER ONE ROOF AND MAKING THE TRANSITION COMPLETE AS THE WAKE FOREST UNIVERSITY SCHOOL OF BUSINESS.

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In October 2010, Mike and Mary Farrell, parents of Michael Edward Farrell (â&#x20AC;&#x2122;10), pledged $10 million, the largest cash commitment by individuals to the School of Business to date. That first gift paved the way for our new home for business education: a state-of-the-art facility designed to foster heightened faculty-student engagement, elegantly finished with a traditional Georgian exterior to match the beauty of the Wake Forest campus.

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Calling Wake Forest “a unique American institution,” the Farrell family honored Mike Farrell’s father, Michael John Farrell, a maintenance engineer who worked for the New York City Transit Authority. Given Mike’s roots, several New York landmarks served as inspiration for the Farrells’ gift, which came during a deep recession in the United States. At the time, Mike Farrell said, “The Empire State Building, the Rockefeller Center — these things were built during the Depression when people didn’t think they were achievable. When people are confused, scared and concerned about direction, you need to send a strong message that we can’t stop thinking about the future. We need to make sure we have the right leaders in place, and places like Wake Forest create those leaders.” The Farrells’ gift, along with the generosity of other Founding Investors, came at a time when the School sought to transform business education at Wake Forest University. Because of these contributions, we are able to provide robust opportunities to a new generation eager to join the noble profession of business. We gratefully acknowledge the Farrell Hall founders for their leadership investment in business education at Wake Forest University.

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FOUNDING INVESTORS

Mike Farrell (P ’10, LLD ’13) and Mary Farrell (P ’10) Anonymous Friends of Wake Forest in honor of Professor Bern Beatty (P ’88, P ’94) David (MBA ’78) and Marijke Dupree David Nelson ( ’77, P ’07) and Lelia Brown Farr ( ’77, P ’07) Don (MBA ’83) and Robbin Flow John (MBA ’83) and Megan Salzman (MA ’83) Medica Steve and Gail Reinemund Dave (MBA ’82) and Sue Wahrhaftig Eric ( ’77, MBA ’88, P ’07) and Susan Wiseman ( ’78, P ’07) 14

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F E AT U R E S

Wake Forest dedicates

New Home for School of Business

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F E AT U R E S

Surrounded by friends, family, fellow donors and members of the Wake Forest community, University Trustee Mary Farrell (P ’10) helped dedicate Farrell Hall, the new home for the Wake Forest School of Business. The symbolic ribbon cutting marked the fulfillment of the dream she and her late husband, former Trustee Mike Farrell (P ’10, LLD ’13), began three years ago with a $10 million leadership gift, the largest-ever given to the business school by individuals. The $55 million building, which opened for classes in July, unites the undergraduate and graduate business programs under one roof, transforming the University’s approach to business education.

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“Mike has, in his life and his departure, been the inspiration behind this marvelous building. His vision and his life have been a role model for us all,”

expansive space that has become a natural setting for team meetings, faculty-

said Dean of Business Steve Reinemund. “Leaders like Mike make business

student conversations and studying since the building opened for classes in July.

a noble profession.”

Other features include:

“The story of business education at Wake Forest is woven from the threads

LEADING-EDGE TECHNOLOGY: Smart boards, media connectivity and

of resolve and goodwill and, when the moment most demanded it, boldness

HD video screens in classrooms and common areas promote interactivity in

and bravery,” said Wake Forest President Nathan Hatch. “Our story – the one

workscapes and playscapes on all levels;

that includes the names of Babcock, Calloway, Farrell and Reinemund – must continue with the same resolve, boldness, goodwill and determination with which it started.”

INTEGRATED DESIGN: A mix of classroom, office and study spaces on all floors encourages collaboration and chance meetings among faculty, staff and students. A new recruiting center enables students from all disciplines — liberal arts majors

“This building has been highly anticipated, and today, it will be rightfully

as well as those in business, accounting and finance — to meet with potential

celebrated,” said Hatch.

employers and showcase their skills;

Named for Mike’s late father, Michael John Farrell, Farrell Hall honors the

ENVIRONMENTALLY RESPONSIBLE ELEMENTS: From the readily apparent

legacy of two men whose determination and dream paved the way for the

water-saving fixtures in restrooms and motion-responsive lighting to the

next generation of leaders at Wake Forest.

thousands of feet of radiant heat coils buried below the Founders Living Room

DESIGNED FOR EXCELLENCE & ENGAGEMENT In his remarks, President Hatch noted that Farrell Hall represents both the

floor, the building is recognized by the U.S. Green Building Council as Leadership in Energy & Environmental Design (LEED) certified Silver, on track for Gold.

physical culmination of the business school’s tradition and the future of

A NEW HOME BASE FOR BUSINESS LEADERS

business education.

Following the dedication and a campus-wide open house, the keynote event in the

Indeed, the stately 130,000 square-foot Farrell Hall features the same traditional Georgian exterior as the rest of campus, even down to the signature “Deacon Blend” bricks. Inside, the state-of-the-art building is designed to optimize student, faculty and staff interaction and collaboration.

The heart of the building is the 8,500 square-foot Founders Living Room, an

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400-seat Broyhill Auditorium brought together a special alumni panel. Moderator Al Hunt (’65, D.Litt. ’91), columnist for Bloomberg View and host of “Political Capital,” interviewed DISH Network Corporation Co-Founder and CEO Charlie Ergen; Emerson Chairman and CEO David Farr (’77, P ’07); and VF Corporation Chairman, President and CEO Eric Wiseman (’77, MBA ’88, P ’07).

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The thought leaders discussed the impact Pro Humanitate has on their roles as leaders of global organizations, the role of government and business in society and what higher education must do to prepare leaders for today’s global economy. These themes, consistent with Wake Forest’s commitment to prepare students who lead lives that matter, also embody the spirit, legacy and determination of the Farrell family. “This building, Farrell Hall, which is dedicated to the lives of two great men, is a place for learning, but it is also where students will start realizing their hopes and dreams for the future,” said Mary Farrell. “Although my husband, Mike, may not be here with us today, I like to think he is watching us, smiling.”

“WAKE WILL” CREATE, EDUCATE & INSPIRE

The Farrells’ and other Founding Investors’ philanthropy made possible the completion of the first capital project of “Wake Will: The Campaign for Wake Forest.” Senior finance major Matthew Teller says working with microfinance organizations in Peru and the Philippines during his time at Wake Forest has helped him demonstrate that a career in business means doing well and doing good at the same time, in keeping with Wake Will’s commitment to create opportunity, educate the whole person and inspire excellence. “Donors, we are now living your dream,” said Teller, who spoke at the dedication on behalf of the students. “Everything you ever imagined and strived for has become a reality. This new addition has become the center of campus life, innovation and teamwork.”

1968

BABCOCK GRADUATE SCHOOL OF MANAGEMENT

1949

OUR EARLY BEGINNINGS & BECOMING THE CALLOWAY SCHOOL OF BUSINESS & ACCOUNTANCY

The undergraduate business school at Wake Forest University was founded in 1949 as the Wake Forest School of Business Administration with Professor Gaines M. Rogers serving as the first dean. The original School employed eight full-time faculty and offered two degrees: B.S. and B.B.A. In 1970, the school was changed into a department within the college, and in doing so it surrendered its accreditation from the American Association of Collegiate Schools of Business, as accreditation requires a dean for the business program. In 1980, the department was reorganized into the School of Business and Accountancy with Thomas C. Taylor as dean, earning accreditation in 1985. In 1992, Dana Johnson became dean, and in 1994, the school began to offer two new programs: a Master of Science in Accountancy and a B.S. in Analytical Finance. In 1995, the school was named the Wayne Calloway School of Business and Accountancy, after Wake Forest graduate and then chairman and CEO of PepsiCo Wayne Calloway

The Charles H. Babcock School of Business Administration was established in 1968 through a gift from the Mary Reynolds Babcock Foundation. It was named in memory of Charles H. Babcock, a noted businessman and philanthropist who led the civic, cultural and business development of WinstonSalem and North Carolina. The School was renamed the Babcock Graduate School of Management in 1973. The School admitted its first classes of full-time and executive students in 1971 and presented its first graduating class in 1973. In 1985, the Babcock Graduate School of Management earned its accreditation from the Association to Advance Collegiate Schools of Business, and in 1993, the School moved into the newly constructed Worrell Professional Center, the first building in the nation to house both graduate business and law schools under one roof. In 1987, the Babcock Graduate School of Management launched its evening MBA program in Winston-Salem, followed by an evening MBA program in Charlotte in 1995 and a Saturday MBA program in Charlotte in 2004. The Master of Arts in Management program was established in 2006.

(’59, LLD ’88), who had been the chair of the Board of Trustees for Wake Forest University and a long-standing friend of the University. Jack Wilkerson was named dean in 1997, and in 2003, the school expanded to F.M. Kirby Hall in the Wayne Calloway Center.

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How we got here. THE WFU SCHOOL OF BUSINESS IS BUILT ON A STRONG FOUNDATION OF UNDERGRADUATE & GRADUATE BUSINESS EDUCATION

2013

WAKE FOREST UNIVERSITY SCHOOL OF BUSINESS

2008

Reflecting our move to Farrell Hall, with the undergraduate and graduate programs under one roof, we revised our

WAKE FOREST UNIVERSITY SCHOOLS OF BUSINESS

name to reflect our singular purpose – to develop passionate, ethical business leaders driven to achieve results with integrity through a dynamic combination of

In September 2007, President Nathan Hatch announced

thought leadership, rigorous academic preparation and

plans to appoint a single dean to lead both the Babcock

unrivaled connection to the market.

Graduate School of Management and the Calloway School of Business and Accountancy. On July 1, 2008, former PepsiCo chairman and CEO Steve Reinemund assumed responsibilities as dean of business and professor of leadership and strategy. Dean Reinemund then led an integration study involving the faculties, staffs, and boards of both schools, which adopted a comprehensive plan for integrating the Calloway School of Business and Accountancy and the Babcock Graduate School of Management as the Wake Forest University Schools of Business.

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The Founders Living Room is the same size as three regulation basketball courts laid side-by-side.

The Founders Living Room has no heating or cooling vents - the temperature in that area is controlled by the radiant heat and cooling system that is buried 6 inches beneath the floor in concrete.

When the foundation for Farrell Hall was dug, at its largest the excavated area was nearly as big as the Hearn Quad.

At its peak of construction, there were 180 people working in Farrell Hall at one time.

All of the granite in the building is from the worldâ&#x20AC;&#x2122;s largest open-pit granite mine - which is located in Mt. Airy, NC (NC Granite).

When the foundation of Farrell Hall was being dug, nearly a hundred trees were removed and transplanted to another area of campus.

fa ct s a b o u t

FARRELL HALL

Sixteen of the eighteen classrooms are naturally lit, even though four of the classrooms are nearly fifteen feet below ground.

The marble tables in the Founders Living Room are imported from Italy.

Farrell Hall is LEED (Leadership in Energy & Environmental Design) certified. LEED standards are levels of environmental sustainability used mainly in construction. The level of LEED certification is determined by level of: sustainable site development, water savings, energy efficiency, materials selection and indoor environmental quality.

The building has an interactive touchscreen that details the buildingâ&#x20AC;&#x2122;s energy consumption and other information. You can find this energy use panel on the north side of the building, near the elevator.

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F E AT U R E S

– B U R N I N G

–

BRIGHT One of Farrell Hall’s features is this fire pit, designed to be a gathering place for students in the School of Business and across campus. Adjacent to the Reynolds American Foundation Terrace, this 10-foot wide fire pit was lit in a ceremony on October 24 with faculty, staff and students enjoying cupcakes, hot chocolate and cider on a brisk afternoon.

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WELCOME TO OUR FUTURE. THE NEW SCHOOL OF BUSINESS.

THE NEW SCHOOL

FOR

BUSINESS. 30

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A NEW BUILDING. A NEW SENSE OF PURPOSE. Walk through any door of Farrell Hall and you’ll find yourself in the Founders Living Room — a three-story, 8,500-square-foot area where students, faculty and staff gather, study and socialize. In a sense, it’s the equivalent (albeit on a grand scale) of the office water cooler. And that’s exactly the point. The living room, and the entire building that surrounds it, was designed to promote constant collaboration between all of the people who make up the Wake Forest University School of Business community. Look in any direction — at couches, tables, seats, glass meeting spaces, offices, or the Einstein Bros. Bagels in the lobby— and you’ll see groups of students collaborating, faculty having impromptu conversations with their students, and staff chatting with touring students and their families. In fact, this new home for the School of Business doesn’t simply facilitate collaboration, it encourages and even demands it. And while some might simply see it as a building, in a much larger sense it’s the crucible where the core elements of business education can be broken down and reconfigured into something altogether new and more powerful. A place where, working together, we can develop the principled, performance-ready professionals the business world so desperately needs and wants.

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WHAT DOES IT MEAN TO BE A BUSINESS PROFESSIONAL? Doctors have the Hippocratic Oath and are governed by the American Medical Association. Lawyers have an official oath in each state where they practice, overseen by the State Bar Association and the National Bar Association. Business professionals have neither. Yet that doesn’t mean they should be any less responsible to the companies and customers they serve. “Business as an enterprise — not just particular firms or industries — doesn’t have a code of ethics,” says Jim Otteson, executive director, BB&T Center for the Study of Capitalism and teaching professor. “But what we here

1. CONCEPTUAL KNOWLEDGE

and he’ll tell you it’s because the challenges in business are

to engage society on behalf of your profession, and representing

2. PRACTICAL COMPETENCE

becoming more complex as economies become more global.

that profession. So we need to teach students that when you

3. STRENGTH OF CHARACTER

“The global business environment has a lot of new challenges

engage with anyone — client, colleague, customer, competitor — in part what you’re doing is stewarding your profession.”

According to Steve Reinemund, dean of the School of Business;

examples are rapid change, disparity of income, ethical lapses

and professor of leadership and strategy, “These three cores,

in managerial judgment, and questions about free markets and

In other words, if you don’t act professionally and make

when fully integrated into each of the School’s programs

the obligation of corporations to society.” These challenges,

decisions that are grounded in morals and ethics, it looks

and disciplines, become not only the guiding principles of

says Iacovou, require us to rethink what it means to teach

bad for every other person engaged in the world of business.

tomorrow’s business education at Wake Forest University, but

future business leaders. “They force us all to ask, what is my

The lesson for students? It’s important to steward not only

consistent checkpoints we can use to continually assess the

job as a teacher? How do I help address the income disparity

your own reputation, but the reputation of business at large.

strengths of the School’s students before, during and after their

question? How do I help address ethical lapses in business?

time here. If we’re covering each of these three core elements

How can I help create leaders who are more adept at managing

This message is something we’ve heard again and again from

at Wake Forest believe, and are trying to instill in every one of our students, is that just because there isn’t a shared code doesn’t mean there isn’t a shared responsibility. To act professionally. To make business decisions that are not only financially sound but also morally and

rapidly changing environments? What do I teach? What does

— at all of the touch points we have with students — then we

employers, our marketplace. They want

know we can reach our goal of developing

the marketplace need? What is the role of

employees who understand that their actions,

not just skilled business professionals,

business schools, and how do we influence

and words, not only live with them but also

but principled, performance-ready

students not just here, on campus, but once

their employers. The leaders of companies

professionals. It’s a fundamental shift, and

they enter the world of business?”

want to hire people who have a focus on

one we feel is necessary to give our students

stewardship, who want to make money

the full set of tools they need to succeed in

Melenie Lankau, senior associate dean

honorably, and who are interested in — and

all the ways one can define success.”

diversity and global initiatives, professor

invested in — industries overall.

ethically sound. To do what’s right.” It raises the question, how much different might the past ten years have looked if business professionals, like doctors, operated under the primary principle of “Do No Harm?” To be very clear, we are not proposing that the world of business should adopt a unified code of ethics. What we are saying is that we have a duty to teach the next generation of business leaders what it means to be a professional, to have a professional identity. According to Matthew Phillips, professor of practice, “One of the core attributes of any professional identity is that you have

we need to prepare students to address and tackle. A few

What we’re saying to those employers is, “We hear you, we agree, and we’re doing something about it.”

of leadership and organizational behavior, Jack Wilkerson, senior associate dean,

puts it this way. “We have to fundamentally

accountancy programs, agrees that focusing

change what we teach and how we teach it

equally on all three cores is key. “If we get the first core right,

because the demands on our future leaders are fundamentally

we’re doing the same thing most good of business schools

changing. They’re going to need to solve problems we can’t

THREE CORE ELEMENTS. A CRUCIAL TIME.

are doing. If we get the second core right, we’re certainly

even imagine yet. They’re going to be in industries that haven’t

If developing principled, performance-ready professionals

adding value. However, if we get all three cores right, we’re

been created yet. They’re going to be using technologies that

is the end goal, what are those core elements of business

accomplishing something very few, if any, business schools are

haven’t been invented yet. They’re going to be facing emerging

education we need to put into the crucible? What will serve

doing right now. It’s a comprehensive rest for our school, our

economies that don’t exist yet. So how do we prepare our

as the building blocks for the future of business education

students and graduates, and — in a broader sense — for the

students to engage in a learning process, a practice process, a

at Wake Forest University?

world of business. Because we’re developing future leaders who

defining problem process, when we can’t even be sure what the

are genuinely ready, able and honorable.”

business environment is going to be like in three, five or ten

We have identified three distinct, and equally important, core elements which we believe are the keys to success:

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years? How do we prepare them to handle not only complexity, Why do we need a new way of teaching and developing our

but ambiguity and uncertainty? For us, moving forward, the

students as future business leaders? And why now? Ask

answer is we prepare them with equal measures of conceptual

Charles Iacovou, vice dean and professor of management,

knowledge, practical competence and strength of character.”

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SHARED MANDATE, SHARED MISSION, SHARED LEADERSHIP

FRAMEWORK FOCUS

Once the three core elements were identified, the School of

Six proponent teams. More than one hundred faculty

Business put the new framework to a vote. After all, to make changes this drastic it was important to ensure people were on board. As it turns out, the vast majority were. “Almost 90% of the faculty and staff voted in favor of the new framework,” says Gordon McCray, senior associate dean of business academic

and staff working collaboratively. Teams from the following six proponent groups have been meeting, collaborating and laying the groundwork for a new era in business education at WFU.

programs and AT&T faculty fellow. “Together, we understood the tremendously positive impact these changes would have

1. The Art of Practicing Business

on our students, student groups, firms, partners, and society

(Supported by the Center for Retail Innovation)

more broadly.”

2. Business in Context (Supported by the BB&T Center for the Study of Capitalism)

Sean Hannah, Tylee Wilson Chair in Business Ethics and

3. Leadership and Character

professor of management, executive director of the Center

(Supported by the Center for Leadership and Character)

for Leadership and Character, points out that, “The staff

4. Professional Identity

and faculty created this framework together, adopted this

5. Communicating in Business

framework together, and are embracing the changes of the

6. Pluralism in Business

framework together. Which is critically important, because we are changing as an institution, not just the way we teach. At the same time we’re developing our students as future business leaders, we’re also developing ourselves. Our faculty. Our staff. Our culture. This isn’t a top down scenario. This is a perfect

With this new guiding framework established, we now have a

example of shared leadership from start to finish.”

roadmap for how to ensure our students come out equipped

In the spirit of that shared leadership, almost every faculty and staff member within the School of Business is playing a role

for today’s business environment — to make them not only better when they hit the ground running, but also give them a better sense of where to go.

in implementing the sweeping changes. After identifying and defining the three core elements of business education, six

Now, the really hard part begins; turning the plan into

proponent teams were established — made up of faculty and

reality. We’ve known, since day one, that reinventing business

staff — to focus on exactly how to integrate the core elements

education at Wake Forest was going to mean more than

and the proponent ideas throughout the curriculum and

introducing a few new classes. Instead it means fundamentally

culture of all programs and disciplines.

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TURNING THE PLAN INTO ACTION

altering the way we teach. In class and out.

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We’ve always believed in the power of experiential learning.

perspective,” adds Mercy Eyadiel, executive director of

Now we’re bringing it to a whole new level, while at the same

employer relations. “What we’re doing now is adding to

time instilling leadership and character values whenever and

that knowledge and perspective, and helping students

wherever possible.

connect the dots between the academic experience and the real business world.”

“Conceptual knowledge is, of course, the cornerstone of the traditional higher education experience. But we believe that

In essence, we’re creating more and more real-world

practical competence is equally important,” says Roger Beahm,

experiences, so when our students get hired they’re already

professor of practice in marketing and executive director of

prepared to handle the ambiguity that often exists in business.

the School’s Center for Retail Innovation. “So we’re discovering

This way, they’re prepared to react to situations like they’ve

new ways we can help students analyze and think critically,

already been doing it for years. Because, here, they have.

develop effective plans, embrace complexity and ambiguity, manage efficiently and effectively, and apply

LEADERSHIP AND CHARACTER AT EVERY TURN Our increased focus on experiential learning

practical wisdom. So often, education is

also gives us more opportunities

about right and wrong answers. What we’re

to infuse lessons in leadership and character

teaching is that sometimes there aren’t

during every teaching moment. When

right or wrong answers. It’s a matter of

students are working in teams or groups, or

exploring strategic options, deciding which

interacting with colleagues, or taking part

strategy makes the most sense and why, and translating that strategy into execution.”

in competitions, they’re not just being

Why is that important? Because these

They’re being tested in interpersonal skills,

tested in real-world scenarios and situations. communication, leadership by example and

experiences, whether they come in the form of internships, action learning projects, team competitions, or other experiential learning activities, give our students a much richer education. Instead of just explaining business, it shows students why and how things happen. They can actually experience cause and effect, instead of just reading about examples. Which gives them invaluable practical competence. And we know, from listening to the market, these are

doing what’s right for the team — not just themselves. “When I’m out talking to business managers and executives,” says Sam Beck, director, student professional development, EY Professional Development Center, “They can’t overemphasize the importance of communication and interpersonal skills. So whether you’re studying marketing, or quant or accounting — whether you’re an undergrad, MA, MSA, or MBA student —

characteristics that employers value.

communication is a universally important leadership tool. All

“Employers already understand that when students come through this school, there is a certain level of academic rigor or knowledge exchange that goes on, that Wake Forest business

of us use it. We all communicate daily. And it’s imperative that all of us understand and model effective communication skills if we want to be effective leaders.”

students are prepared from an academic or intellectual

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“It’s not enough to teach leadership and character in a course,”

READY. ABLE. HONORABLE.

says Pat Sweeney, director of leadership, character & business

The School of Business exists as part of the larger Wake Forest

ethics initiatives. “Which is, unfortunately, what far too

community and needs to reflect the values of the University —

many business schools attempt. Because it’s not really about

including teaching the whole person. We cannot, and should

teaching leadership and character. It’s about building leaders

not, stand apart from it.

with character.” That is, in part, why we have made a full commitment to this According to Hannah, “Most business schools have at least a

change in business education. It’s not just an afterthought, or

peripheral leadership program. Some of their students can

a couple of throwaway classes. It’s part of the curriculum, the

apply for and receive more in depth leadership experiences.

culture and our entire way of life.

This one, where it’s integrated throughout the entire school of business, is new. A lot of people, when they talk about leaders

We know that business is rapidly evolving. Keeping up requires

or leadership, mean someone in a formal leadership position.

a radical new approach to how business students are taught.

We view that everybody who comes out of the school is a

That’s why we’re transforming our business school from the

leader. You can do that by setting an example, being a good

ground up; to build a better business graduate from the inside

team player, keeping morale up, doing the right thing. What

out. Because it’s about more than what leaders know in their

we say is that our graduates have the ability to exercise positive

heads. It’s also about what they know in their hearts. We

influence and ensure the organization is successful. Just

believe that this new approach to teaching business at Wake

coming to work and being positive and doing the right

Forest University will develop passionate, ethical leaders

thing makes an employee a powerful leader no matter what

driven to achieve results with integrity, through a dynamic

the position.”

combination of thought leadership, rigorous academic preparation, and an unrivaled connection to the market. Leaders who are ready, able and honorable.

READY Here, students don’t just enroll, they commit. They gain a strong theoretical and conceptual foundation, and they learn to recognize how disciplines support and interact with each other, to interpret and explain trends, and to understand the characteristics of free markets and competition. Here, being ready means embracing lifelong learning and possessing the knowledge and acumen to be a thought leader.

ABLE Here students come to school prepared to work, and graduate prepared to make an impact. They learn to identify and pursue opportunities, solve problems, communicate with passion and precision, manage efficiently and effectively, inspire others, and lead by example. Here, being able means gaining market-informed and market-relevant skills, and achieving measurable results.

HONORABLE Here, students learn to do good. They learn the value of being purpose-driven, being courageous when the moment calls for it and resilient in the face of adversity. They learn to be authentic leaders who compete and succeed with integrity, build and thrive in diverse organizations and inspire teams to achieve collective goals. Here, being honorable means being committed to one’s profession, to society and to make a difference in both.

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WINSTON-SALEM EVENING MBA PROGRAM NOTES A MAJOR MILESTONE

The first weekend in November was a busy one at the School of Business. Not only did the School celebrate the grand opening and dedication of its new home, Farrell Hall, but it also recognized the 25th Anniversary of the Winston-Salem Evening MBA program and the 1,475 alumni it has produced. The program began in 1987 by Peter Peacock, and graduated its first student, Tina Ketchie Stearns, in December 1988. Twelve more students followed in that first class, graduating in May 1989. In 1993, the program moved from the Management House at Graylyn, to the Worrell Professional Center on the Reynolda Campus. Worrell was the first building in the nation to house both graduate business and law schools under one roof. And now, with the move to Farrell Hall, the undergraduate and graduate programs of the School of Business are under one roof.

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what felt like an easy conversation between friends, Lee talked about going to Harvard Law to become the next Thurgood Marshall, but didn’t see that social emphasis in her classwork, which she said focused more on corporate law. “I couldn’t drop out,” Lee explained. “So I added on a degree in public policy.”

Respect. Reflect. Elevate.

These three words helped BET Networks Chairman and CEO Debra Lee define her vision for the company and fully step into the role of leader at the television network. Lee says her journey towards leading a major cable network isn’t the career path most people would take, and certainly not the one she initially planned as a teen in nearby Greensboro, N.C., when she graduated from Dudley High School and headed off to college.

“I wanted to go into journalism,” she explained to the Wake Forest School of Business students, faculty and staff in the 400-seat Broyhill Auditorium. “I liked to write. I thought I was going to go into journalism, but then I went away to Brown University and they really encouraged us to go into law school or medical school. Business school wasn’t even in the equation at that point.” For Lee, it was law school. “I majored in Chinese Communist ideologies,” she said as the crowd chuckled. “It was the 70s.”

That degree came in handy while clerking at a law firm in Washington, D.C., where she worked with clients such as the Federal Communications Commission and a small cable network with 10 million subscribers in mostly rural areas called Black Entertainment Television. CEO Bob Johnson asked her to join BET and start the legal department as general counsel. “As I started working in business on strategy and legal issues and doing deals, I found I really liked business more than law,” Lee said. “I ended up at a good place. It wasn’t a straight road, but I learned that I loved communication through my work at BET and my business side just came naturally.” While at BET, Lee helped take the network public in 1991 – the first African-American owned company to trade on the New York Stock Exchange. She said it was a major change, as the company quickly transitioned from a small cable network to a large media company with significant influence on Americans. Along with the growth came the demands of pleasing a new audience: shareholders.

The October 1 Broyhill Executive Lecture Series, “Leading Out Loud: A Conversation with Debra Lee,” the first in the new Farrell Hall, demonstrated that leadership can come through different educational paths. As Lee and Dean of Business, Professor of Leadership and Strategy Steve Reinemund sat in armchairs for

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Lee told the Wake Forest audience that leadership at BET felt an extra responsibility to their viewers, since for many years, BET was the only 24-hour, daily entertainment channel dedicated to African-Americans. Examining the actions of other CEOs through sitting on corporate boards helped Lee grow as an executive. “As I was getting my feet wet as COO, and learning how to run a company, those boards really helped me as I watched other CEOs and how they ran their companies.” After becoming CEO, Lee found her stride running the company, but not without some challenges along the way. Lee talked about making the switch from COO – good at taking orders and making projects happen – to CEO where she had to express her own vision for the company. Ironically, she found herself making that transition during a time when protestors targeted her home to ask for a ban on racy hip-hop videos. The crisis helped her focus on a vision for the network. “That’s when we went through the brand strategy of who do we want to be as BET,” she said. “Not just a black network, but what do we stand for and what are our values.” The network worked on a brand strategy and selected three values that would act like a litmus test for original programming: respect, reflect and elevate. “We’re going to show what’s hot, what’s next and what matters,” Lee said. “Artists have freedom of speech and they can make whatever they want, but it doesn’t have to be on BET,” Lee said. “If someone has to be the adult in the room, and say no, that’s not exactly the job I wanted, but if that’s what I have to do... I learned how to say no to Jay-Z and Rihanna, or whoever made these videos that were inappropriate for our air.”

According to Lee, what seemed like a crisis at the time became a turning point for BET, which found higher ratings through original programming instead of reality TV or music videos.

“People think they have to leave their values outside their work,” Lee said. “But you have to draw the line and say what you stand for.” Lee said along the way she’s relied on her gut feelings to know when she needed to make a change. “If you hate getting out of bed in the morning and going to work, you know there’s something wrong. If what you’re doing is so uninteresting that you’re not learning anything, you know it’s time to leave. My father told me early on that you can learn something at every job. And I think that’s true, but there may be some jobs that you’ve learned all you’re going to learn. When Dean Reinemund asked Lee her advice for students on finding their passion, she was happy to answer. “I think it’s important to find your passion; we all work so hard that you really want to care about and be committed to what you’re working on. At the same time when you first come out of graduate school or college, you really have to hone your skills,” she said. While her background in public policy and law might not be the straightest path to CEO, Lee says knowing where you want to go and being willing to take a job for the experience it offers will help you hone your skills. “It’s important to stick with something for awhile to really make sure you get the experience, to build your resumé,” Lee said. “And eventually you will find what you’re really passionate about.”

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THE

H Y LTO N

LECTURE

SERIES

For PwC’s Tim Ryan, the future of the accounting profession

Ryan says leadership means speaking up when you see an

has something to do with The Golden Rule – treat others as

issue that impacts not only you, but your coworkers. His

you’d like to be treated. As Vice Chairman and the Markets,

example – an important meeting scheduled offsite the day after

Strategy and Stakeholders Leader at PwC, Ryan is responsible

Halloween. Since he’s the father of six, Ryan says he knows how

for strategy and stakeholder relationships, which includes

challenging Halloween can be for working parents. Instead

investor relations, regulatory affairs, public policy, corporate

of stewing about it, he walked down to the CEO’s office and

responsibility and human capital. He’s also had just two

suggested changing the meeting date. Problem solved.

employers his whole life: PwC and before that, a supermarket – his first job in high school.

He offered this advice to future leaders: Speak up: Share your point of view and create an

Ryan says he learned one of his biggest leadership lessons

environment where others feel comfortable sharing theirs.

while working at the supermarket. As he and some buddies

Allow constructive conflict – collaboration allows teams to

worked quickly to prep some produce, they criticized an absent

build something great.

employee’s slow pace. Their manager overheard and reminded

Share the burden: At some point in your career, there will be

the group the employee was giving 100 percent of his abilities –

a tough call. Do your best, but don’t be afraid to consult with

and they shouldn’t ask for anything more.

others. Bad news doesn’t age well anyway. Be inspired: Public accounting allows young people to be

“I have never forgotten that lesson,” Ryan told the crowd of

On the Horizon Perspectives on the Future of the Accounting Profession and Success Principles for Tomorrow's Business Leaders

On the Horizon

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Perspectives on the Future of the Accounting Profession

leaders. Be optimistic and realistic while making the best of a

business students in Broyhill Auditorium. “What I learned that

situation – that’s the kind of leader people want to follow.

day is that leading people is not having everybody be like you,

Have fun: Know when to work hard and when to take time out

but having everyone treated the way you would want – with

and go for a walk or spend time with your family. Attending to

the same level of respect and dignity.”

your personal needs helps you balance a professional career.

Ryan says PwC also takes that lesson seriously, through formal

“We realized that to create an environment that is attractive

and informal surveys of its approximately 40,000 employees to

for the best talent out there, it has to appeal to the whole

find out what they want from the workplace. The information

person. And it starts at the top of the firm,” Ryan suggested to

they receive will allow the company to structure policies and

jobseekers in the audience. “As you look at future employers,

environment so employees know their hard work is valued and

look at what they stand for and think about the Golden Rule.”

their talents are appreciated.

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“Leading people is not having everybody be like you, but having everyone treated the way you would want – with the same level of respect and dignity.”

Megatrends in Public Accounting During his talk, Ryan said PwC has identified five megatrends coming in the next five years: Urbanization: Expect a billion and a half people to move from rural to urban areas in the next few years. Trillions of dollars will be spent on this move, which results from the growing middle class. Demography: Approximately 40% of the world will see a decline in birthrates, which suggests new challenges in caring for a boom in the elderly. Additionally, educating and employing the 60% with unchanging birthrates presents its own set of challenges. Climate change: Businesses face compliance with climate change as governments around the globe issue new standards. Conserving and wisely using natural resources will be key. Going from the west to the east: It’s estimated the GDP will be double of the G7 countries today. Companies are racing to emerging markets. Technology: Significant advancements will come to all aspects of business as technology disrupts the status quo. New technology means new changes for business. Ryan says these megatrends will result in more transparency for business, especially for the accounting profession, which will embrace it for complete audits from financials to carbon footprints.

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BOB MCDONALD, RETIRED CEO OF PROCTER & GAMBLE, OFFERS INSIGHTS & INSPIRATION

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“Living a life driven by purpose is more meaningful and rewarding than meandering through life without direction,” said Bob McDonald to a standing-room only crowd in Farrell Hall’s Broyhill Auditorium August 21, 2013. McDonald, who recently retired as Chairman of the Board, President and CEO of Procter & Gamble, offered insights rooted in his own personal history as well as lessons learned while he traveled the globe and experienced many cultures during his work with P&G.

As a young cadet at West Point, McDonald said he quickly learned there were only four answers he could give to a senior officer – “Yes, sir,” “No, Sir,” “Sir, I do not understand” and “No excuse, Sir.” He shared the story of how he relied on the third answer – “Sir, I do not understand” when confronted with an issue regarding his uniform, which worked for that situation, but wasn’t the right answer. Instead, he says the right answer to almost any situation was “No excuse, Sir,” — that taking personal responsibility not only helped him grow but serve as a leader of his men in the Army. He left the service to join Procter and Gamble in 1980. He shared P&G’s purpose statement to illustrate how the entire company was not only dedicated to creating great products, but focused on improving lives of the world’s consumers. “Companies must do well, and they must do good,” McDonald said. He illustrated the concept with an overview of an initiative P&G began to provide safe water for developing countries.

McDonald said his goal was to save one life every hour by 2020, and committed to building a new plant with the water purification capability necessary to meet it. But McDonald says leadership is about more than setting big goals. It’s about putting people in the right jobs, realizing that diverse groups are more innovative than homogenous ones and putting the needs of the organization above your own. “You have to take personal responsibility,” he said, returning to a central theme of his talk. “When I was in the military, the officers ate last. We made sure all the soldiers had eaten before we sat down at the table. Our soldiers needed to know that we valued their lives above our own.” McDonald says organizations must renew themselves to stay viable. “Be curious, learn new things,” McDonald urged the students. “And for those of you who are older, stay in touch with technology. Maybe ask someone younger to be a reverse mentor.” McDonald says change is happening in the world faster than ever and as leaders, we must manage the change for our companies. During an interactive exchange with the MBA, MSA and MA students in the audience, McDonald talked more about his global experiences, how philanthropy can be team building, and why he likes to give gifts more than receive them. But he left the students with one big takeaway on leadership.

“The truest test of leadership is the performance of the organization after the leader is gone.”

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Donald learned dance lesson No. 2 – Never be bigger than the front line – while working for Sam Walton, founder of Walmart. He watched Walton give the same talk to two groups of employees; each time, he fumbled with his glasses and dropped his pocket’s contents all over the floor.

“The job of a leader is not to make the numbers dance. It wasn’t my job to take revenue to new heights, to grow the bottom line,” he says. “The job of a leader is to make his associates dance, so they make the numbers dance.” DONALD’S DANCE STEPS, IN ORDER:

1. Always have a fish story. At Extended Stay, one of the first things he did was put on a neon green gorilla suit to address the 800-pound gorilla in the room – that the company had cleared bankruptcy and was moving toward success. 2. Never be bigger than the front line. You can’t succeed if the people who work for you aren’t engaged and don’t feel important. 3. Go where you’ve never been before. Extended Stay’s comeback ad campaign? A message about better coffee, showing a mob of guests rallying to Twisted Sister’s “We’re Not Gonna Take It.” 4. Communicate to everyone in the organization. He leaves a daily voicemail for team leaders that explains quick-hit initiatives. A recent campaign – that a “Just Ask” note be posted on every check-in computer screen – received 100 percent compliance within six hours.

WHAT YOUR CAREER COMES DOWN TO IS A FISH STORY, SAYS JIM DONALD, CEO OF EXTENDED STAY AMERICA AND FORMER CEO OF STARBUCKS. AND, IN HIS CASE, THE STORY INVOLVES AN ACTUAL FISH. Donald brought his fish story – and a two-foot salmon packed in dry ice – to Wake Forest University Charlotte Center on Oct. 1 to talk about building your brand, growing your career and developing business “street cred.” Donald came to be known as the guy with the fish in the mid-1990s, when he took over Pathmark, an ailing East Coast supermarket chain. During a meeting he called with vendors to ask for help in keeping the company afloat, he kicked a white foam cooler into the middle of the room, snapped on some latex gloves and pulled out a dead fish. Then he said: “This

is us, everybody… This salmon, in its last days, does what? Swims upstream. That’s what we’re doing. Because the debt is dragging us down… And we’re dead. Thank you for your time.” 58

He left the room and ended the meeting.

5. Encourage risk-taking with the freedom to fail. Donald hands out “Get Out of Jail Free” cards to all employees – so he can bail them out of trouble if a risk doesn’t pan out. For example, an employee cold-called a nearby film shoot and signed $250,000 in business – but she wasn’t a salesperson. She asked for his blessing. She got it.

“He wanted to show them that he was just another guy,” Donald says.

“If you want to be successful… never, ever be bigger than the front line.” At Extended Stay, which is preparing its IPO, he flipped the organizational structure upside-down on his first day – putting his front-line employees, the ones who interact with hotel guests every day, at the forefront. “Doesn’t it make sense to put them at the top of the organization?” Donald asks. Jen Muckley, an evening program candidate and a financial planner at Wells Fargo’s Abbot Downing, says that was the most important message she got from Donald’s talk. “You need to try to think about it every day,” she says. She’s still working on her fish story.

6. Celebrate the successes of others.

That story and what it symbolizes – that Donald, as a leader, isn’t afraid to make big statements and leave an impression – has followed him throughout his career. He once walked into his first meeting of a corporate board to find a white cooler in the middle of the table. It contained a fish. Pathmark got the funding he asked for that day, though Donald had to ask for a loan a few months later. (He took the fish. He got the loan.) But that experience earned him a reputation for going to extremes to save ailing companies. “If you don’t have a fish story, you gotta start working on one today,” he says. The fish story is part of what Donald calls “JD’s Street Cred Dance Lessons.” It’s how he engages his associates at each company – which is the real secret to success in business, he says.

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As a young man, Ben Freeth told his parents he was studying in “the University of Life.” He travelled the world and then returned to Zimbabwe, where he had spent much of his childhood. He married Laura Campbell and settled on her family’s 3,000-acre farm, Mount Carmel. Life was good. The Freeths and Campbells raised mangos, citrus and corn. Part of the farm was a wildlife preserve where giraffe, warthogs and other animals roamed. Then in 2000, representatives from President Robert Mugabe’s government claimed Mount Carmel as part of a redistribution program that would return white-owned farms to black Africans who didn’t own property. They burned stacks of hay, plowed up the driveway and slaughtered animals. “You feel so incredibly helpless. Your property is destroyed before your eyes and there’s nothing you can do,” he said. “We realized we needed to use whatever influence we had to stop what was taking place.” Freeth, who wants to make the world aware of what’s happening to thousands of people in Zimbabwe, joined with Craig Richardson, an associate professor of economics at Winston-Salem State University, to speak on: “Scorched Earth and Destruction in Zimbabwe: Lessons on Property Rights and Markets.” The talk on Sept. 17 was sponsored by the BB&T Center for the Study of Capitalism, which investigates the political, economic and cultural institutions that enable human prosperity. Capitalism has played an important role in helping people rise out of poverty, but more study is needed to understand how people can flourish in humane and just societies, said James Otteson, the executive director of the Center.

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Freeth and his father-in-law, Mike Campbell, who had bought the family mango farm in 1974, inspired the documentary, “Mugabe and the White African,” which was shown on campus Sept. 10. The documentary was sponsored by the WFU BB&T Center for the Study of Capitalism and the Center for Documentary Studies. The talk and the documentary raised provocative questions. Why are property rights important? Is it possible to be a white man and an African? How far should one go to stand up to a dictator? “We at the Center believe it is crucially important for students to see that the questions we raise and confront in class have actual consequences in real human lives,” Otteson said. “We need to treat the questions of political economy as if getting them right, or wrong, can make the difference between life and death. Because it does. Ben Freeth’s presence on our campus drives that point home.” THE ROLLER COASTER OF ZIMBABWE Richardson has studied the Zimbabwean economy since the 1990s. He said that Freeth represents the face behind the statistics, in a country that has moved from being a success story to a disaster. Zimbabwe’s economy is a roller coaster, but one that offers important lessons to the United States, and North Carolina, about the importance of property rights and the rule of law. Zimbabwe was known as the “the Jewel of Africa” in the 1980s and 1990s. The country had a 92 percent literacy rate and a thriving economy, much of it focused on agriculture. Zimbabwean tobacco was being shipped to Winston-Salem. In the early 2000s, the economy of the country began collapsing

faster than any other in the world. Richardson wondered why. When he visited Zimbabwe, he saw that inflation was rampant. Each time he returned and exchanged money, he was given larger fistfuls of Zimbabwean bills. He photographed a sign outside of a restroom that said, “Toilet Paper Only. No Zimbabwe dollars.” He learned that of the 3,500 white-owned commercial farms that had existed in 1999, only 300 remained. Most farms had been stripped of their assets, and no one had titles to the properties. Farm workers were often beaten and fled, without finding other work. Investment money dried up. Using Google Earth images taken over a five-year period, Richardson showed that where farmland was in private hands, the land was green, irrigated and growing crops. Where property had been seized, the land was brown from deforestation and erosion. Without property rights, there was no incentive to farm, Richardson said. Anyone could come along and steal the crops a farmer had worked to raise. Without title to the land, no one could borrow money for the equipment, fertilizer and other supplies needed for agriculture. Not only was there little food for export, but the domestic economy that was fed by the commercial farms shrank. In the late 1990s, Richardson found that 5,000 tractors were sold in the country. By 2001, only three tractors were sold. The government in Zimbabwe lost the taxes from the farmers, farm workers and the businesses that were tied to farming. To cope with the shortfall, the government printed more money. And it kept printing money. Richardson said he had recently seen a 100 trillion dollar Zimbabwean bill for sale on eBay.

In 2009, Zimbabwe adopted the U.S. dollar, which stopped the economy’s fall, but created another problem. Zimbabwean banks are now holding huge cash reserves. No one knows how to bring those reserves down. If cash enters the Zimbabwean economy too quickly, prices would rise. THE MAN BEHIND THE STATISTICS Freeth said he cried the day his father-in-law signed the papers taking Mugabe to court, but he felt the fight was necessary. Much of the documentary about the Freeths’ and Campbells’ fight was filmed covertly. The families are seen confronting Mugabe’s men on their farm and viewing the destruction at Mount Carmel and neighboring farms. Cameras capture several trips to court, where Mugabe’s lawyers kept stalling the case. “I think we’ve been put here for a purpose,” Freeth said in the documentary, “and we must carry out that purpose for which we were put here.”

Campbells taken right after the beatings. The brutal images made their lawyer cry. The court ruled in Campbell’s and Freeth’s favor. It was the first time an African citizen’s rights were upheld in international court. ZIMBABWE - RISE OR FALL? After the international court ruling, Freeth’s house was completely burned. Campbell died in 2011, as a result of injuries he sustained in the abduction. Mugabe is still in power. Freeth and his family are still in Zimbabwe. He visited the farm two weeks before he came to the United States, and found the mango trees had recently been burned. “We all do get tired sometimes. Courage is like a bank account,” he said. “You can take it and take it, but sometimes it can get pretty low.” He carries on his father-in-law’s fight through the Mike Campbell Foundation. The foundation’s mission is to restore justice, the rule of law and human rights in Zimbabwe.

About two weeks before their case was to be heard, Campbell, his wife, Angela, and Freeth were abducted and beaten. Freeth told students that he laid on the ground in the cold night not knowing if he would live through the night. The Bible verse: “Love your enemies. Bless those who persecute you,” came into his mind, but he rejected that notion. As his attackers beat the soles of his feet, something changed.

Both Richardson and Freeth believe that once the 89-year-old Mugabe is dead, the country will have a chance to prosper. About a fourth of the population left during the turmoil, but many of them would return if conditions improved.

“I suddenly had a love for the people who were doing these terrible things to me,” he said. “I was set free that night. It’s a supernatural lesson.”

Michael Boone (MA ’14) said that he was inspired by Freeth’s experiences and his presence, when he and a group of students had breakfast with him.

The final scenes in the documentary show Freeth in court, with his bruises still visible. Campbell was too sick to make the trip. Lawyers show the judge graphic pictures of Freeth and both

“He’s incredibly genuine, very down-to-earth,” he said. “I think more than anything, I definitely take a lot from his Christian beliefs, his perseverance and his endurance.”

Nancy Hickey is Senior Vice President, Chief Administrative Officer for Steelcase, Inc., a global leader in the office furniture industry. But you might be surprised to learn about her first job after college. “I became a really good writer [in college], and I clearly remember the day my dad was driving me back for senior year,” Hickey told the Master of Arts in Management students in Broyhill Auditorium. “He said ‘this time next year you’ll be supporting yourself.’ ” That’s how Hickey became a high school English teacher. She credits her liberal arts education for helping to find her passion, and says she loved teaching for four years. But around that time, she realized she wanted a new challenge. So how does a high school English teacher enter the business world? “The breakthrough came when I could tell what teaching meant to me,” Hickey said. “My job was to get students focused on learning – what I was communicating to them. I had to find different ideas and make them see the value of learning. I wasn’t just teaching, I was selling.” Hickey told students to take the same approach – think about their skills and experiences and consider how they can promote their abilities to a prospective employer. Above all, she says,

students should take some risks and seek new experiences to develop new skills. Hickey suggests three key attributes companies look for in a future leader: Competence and confidence “Be trusted and someone who cares about being good at what you do. Believe in yourself and know that you’re not always perfect. Be vulnerable and have the confidence to be honest with yourself.” Curious, connected and committed “Be willing to take a little risk – believe that you are going to learn something through your curiosity.” Authenticity “Authenticity is the number one attribute of a leader. If you can’t be who you are where you’re working, then you’re probably not making the best fit for yourself. A leader who is honest about shortcomings inspires others to think they can be leaders too.” Hickey says good leaders not only have presence, but are fully present and engaged. “At the end of the day, I may not have spent as much time with the people I want, but I was involved. What I did, I did genuinely.”

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WINNING IN A

WORLD-CLASS ORGANIZATION Boston Consulting Group’s Nneka Rimmer shares career advice with MA students.

Nneka Rimmer is the first African-American female partner in Boston Consulting Group’s (BCG) 50-year history, but the story of her career path captivated the Masters of Arts in Management students in Broyhill Auditorium in October. Like most students in the room, Rimmer said she envisioned a pretty straight forward career when she entered the workforce with an engineering degree and went to work for Motorola making “really big cellphones.” While successful, Rimmer said her passion for sports created a yearning that would only be filled with a new role: General Manager of the Chicago Bulls. Her research showed the people in those roles either played the sport or had a JD. About the same time, she invested in minor league women’s basketball, which helped redefine her plan. “I never watched the game. I hated the game. I worried about everything else but the game,” Rimmer said. “I was right about the love of sports, but wrong about how to pursue it.”

Rimmer says BCG’s focus on global commerce keeps her interested, learning and growing. She said spending about one-third of her time with public sector projects feeds her soul and urged the MA students to seek similar opportunities with advice in four areas she feels are critical to her own success: Take the time to get to know yourself: Know what you like, what you don’t like and challenge yourself to get better in the things you don’t do well. Take the time to get to know people: Work with people who are like you and who are not like you. Keep developing your network. Take the time to know something with a true expertise: You want something that makes you the go-to person. Take the time to give back: It will always reward you personally, professionally and spiritually.

But Rimmer’s JD/MBA degree opened the door to an opportunity at BCG. It’s a global management consulting firm “When one of those things is off, something isn’t right,” Rimmer said. “There is a need to maintain a balance there. My focused on business strategy that partners with clients from hope for all of you is to have balance, and when it is off kilter, the private, public and not-for-profit sectors. There she found you will feel it and be able to connect with it.” her passion for solving problems and helping clients find their valuable business opportunities, address critical challenges and deliver unique results.

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M A N AG E M E N T E X PE RT K E N B L A N C H A R D draws a crowd at

WFU CHARLOT TE CENTER ake Forest University faculty, students, prospective students and community business leaders gathered December 10 at the School’s Charlotte Center to hear worldclass speaker, author and management expert Dr. Ken Blanchard discuss leadership development, engagement and social change. Blanchard spoke to a crowd of approximately 200, saying the world is in desperate need of adopting a new leadership model.

to set the meeting, but the staff member sets the agenda. This allows staff to share obstacles, concerns and successes that might not get verbalized otherwise. The big picture of situational leadership is matching how much supervision you give each staff member with the competence and commitment he or she has at work. Staff with a lower competence but a high commitment would get the highest amount of directive. Staff with the highest competence and high commitment would get the least. Staff with lower or varying amounts of commitment would get more supportive behavior from their supervisor. It is the supervisor’s responsibility to realize where the employee stands in their need for supervision and support.

Blanchard described the Situational Leadership model, which focuses on the development of one’s staff while the leader provides vision, direction and goals. Too often, says Blanchard, business leaders do not provide their staff with the tools they need to be successful. However, being a good leader means knowing where each employee stands on a developmental level “Nothing good happens by accident” is one of Blanchard’s and providing direction and guidance for them to succeed in favorite quotes, and to him this means developing our people their jobs. and helping them win. Of course there will be some people that simply won’t work out, and for those Blanchard suggests Three steps, according to Blanchard, that situational leaders you “share with the competition.” follow are: Performance planning – Telling staff what is expected of them. Making performance goals measurable. Day-to-day coaching – Being available and making sure the staff member has clear direction. Being a servant leader – Helping staff succeed. At this step, roles somewhat reverse and the leader becomes an assistant for their staff ’s success. Blanchard recommends spending 15 minutes of one-on-one time with each staff member every two weeks. The leader is

Working Professional MBA student Blair Campbell (MBA ’15) attended Blanchard’s talk, noting, “Meeting Ken Blanchard was truly a once in a lifetime opportunity. I’m fortunate to be a part of the Wake Forest MBA program in Charlotte which provides access to such revolutionary business leaders.” Ken Blanchard is part of an ongoing speaker series at Wake Forest University’s Leadership Series at the School’s Charlotte center. The speakers are provided for the growth of current and past students, and many of the engagements are open to the public.

If you want to get ahead in business, be willing to toot your own horn, talk to strangers often and send your contacts a letter - that old-fashioned thing that gets to people via the U.S. postal service, Darrell Gurney told business students. Gurney, an author, speaker and career coach, offered students tips for effective networking in a talk, “Never Apply for a Job Again: Break the Rules, Cut the Line, Beat the Rest” at Farrell Hall on Sept. 2. The School of Business invited Gurney to campus this year to work with students across programs on strategies for developing and managing their professional network. “Networking is an essential element of a successful job search and ongoing career development,” MBA Director, Market Readiness and Employment’s Nicole Hall said. “Darrell’s visit will further equip students with the essential tools to develop a network and partner with our career coaches.”

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Gurney calls his method lifetime career management. “Most people think of themselves as employees,” he said, “but the truth is, everybody owns their own business. You just choose to lease your employable assets.” His techniques work for middle-aged executives who are laid off, as well as students in graduate business school programs. In fact, he said students often have an advantage over working professionals because people in the business world tend to feel morally obligated to help students.

In a digital age, an old-fashioned letter can get people’s attention. Compare the number of unanswered emails in the average inbox to the amount of time most people spend looking at the few envelopes that turn up in their mailboxes, he said.

Gurney graduated from the University of Texas with a degree in finance and international business. He is the author of several books about effective networking, job hunting and career changes. Gurney’s visit was sponsored by the School’s Center for Excellence for Market Readiness and Employment.

Desperation works about as well in job hunting as it does in dating, Gurney said. Interviewing people as part of a research project takes the pressure off. Students should ask people about their backgrounds and what skills would be useful in the field. They should end an interview by asking for referrals to others they might talk with and a request to keep in touch.

Eighty percent of the job openings are filled before they’re advertised. That means that for every opening that’s advertised online, four others have already been filled. People who want to find out about those unadvertised jobs need to tap into what Gurney calls the “backdoor job search.”

He advised students to buddy up and help each other practice interviewing. They should try to write two letters a week and schedule one face-to-face meeting during that time. Students who start in the fall and follow his approach should have about 25 contacts by May, he said.

MBA degrees are most useful when they’re applied in an area where someone has a passion, so students should think about what they would do for a living if money didn’t matter. From there, Gurney said to develop a research project that gets you in the door to talk with people. Some students use their last year of school to investigate areas of interest. For example, Gurney said he worked with a middle-aged telecommunications marketing director who had a passion for Jewish culture. She began talking with people about how she might use her skills in an area where a knowledge of Judaism was helpful. She now works as an executive director at a nonprofit that trains bomb-sniffing dogs for use in Israel.

Once you get a job, you shouldn’t stop building your network, Gurney said. No one can predict what will happen to the economy or a particular career field. Those with vibrant networks will find it easier to weather the inevitable ups and downs of the work world. “You will always be in transition,” he said. Meena Gurung (MBA ’14) arrived in America eight years ago from Nepal. She said that one of the more valuable tips she picked up from Gurney’s talk was about identifying her passions. She had trouble listing three things that she enjoyed doing when Gurney asked the class to make a list, so she intends to spend some time thinking about that. “I know I like helping people,” she said. “How do I use my degree to find that perfect job?”

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But Reddit is not the focus of the event tonight. Ohanian is here to inspire the youth he believes have the power to make a difference in the world right now. He insists that millennials are the key to future successful Internet startups. Their inherent understanding of the way the Internet works gives them an advantage over today’s gatekeepers.

SEARCHING FOR THE ENTREPRENEURIAL SPIRIT

OF GENERATION

Ohanian says his obsession with web development began at a young age. He picked up a working knowledge of HTML that allowed him to create a basic fan page for one of his favorite video games. The now defunct hosting service Yahoo! GeoCities – no longer available in the United States – allowed him to connect with others who held similar interests. As these connections grew, he began to realize the potential power of the Internet:

In an overflowing Broyhill Auditorium, Reddit co-founder Alexis Ohanian gestures to a piece of advice on the screen behind him, where the words Be Awesome stand out in bold white lettering. A few students turn to their neighbor with a perplexed look. What does that mean? Is this guy crazy? Aren’t I already awesome enough? Ohanian is young, well-dressed, and full of energy. It’s an energy that he hopes to spread to the crowd this evening.

“There was a hit counter on my Quake 2 fan page that jumped a few numbers every day… as that figure grew, so did my inspiration… right in front of me were thousands of people with similar interests.” Not every page Ohanian created was such a rousing success. His first serious entrepreneurial concept – My Mobile Menu – was rejected in 2005 for seed funding. The panel decided that the mobile app market was not mature enough to warrant such an investment. This rejection led directly to the creation of Reddit.

He’s even brought a T-shirt cannon to do it. Reddit is a product of both entrepreneurial spirit and the Internet. Ohanian created it with the help of a fellow graduate from the University of Virginia. They both sought to build a digital community from scratch – one in which everyone involved could play an active role. By strict definition, it’s a social news website – certain users submit links and the masses either “upvote” or “downvote” as they see fit. Links rise and fall according to the democratic process. There are a multitude of other features that make Reddit a powerful tool, but functionally is the heart of the service.

Reddit co-founder talks the millennial generation, failure, and entrepreneurship

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“It feels like it’s time to knock the word ‘entrepreneur’ off its pedestal… it’s not a magazine cover… it’s what we all do every day… everyone is capable of being an entrepreneur.” SPRING 2014

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“It’s important to remember that failure is an option… the sooner you fail the better. Now is the time to fail. You are surrounded here by a great safety net of people and opportunity.” Ohanian shared two recent stories that he says prove failure is an important stepping stone on the path to success. The first involves a man named Brandon Stanton and his photo blog “Humans of New York.” In 2010, Stanton lost his lucrative job at a Chicago-based trading firm. Instead of pursuing a path of headhunters and resumé submissions, Stanton purchased a camera and turned a hobby into a full-time job. The second concerns a comedian born with cerebral palsy named Zach Anner. The same year that Stanton lost his job, Anner won a contest for the right to produce a show on the Oprah Winfrey Network. Much of his initial exposure that propelled him to the top of the contest came from a popular thread on Reddit. After six episodes, the series was cancelled, and Reddit bonded together to support his independent travel show. To close out the event, Ohanian invited James Beshara, Crowdtilt’s CEO and co-founder, to the stage. Beshara received his bachelor’s degree from Wake Forest in 2008 and has already devoted his time to a number of smaller Internet

startups. Crowdtilt – a crowd-sourced fundraising tool that helps users raise capital for projects of varying scope – is his most successful venture so far. In the first three months of operation, users across the site raised a total of $1 million. The site is almost two years old now, and users continue to raise funds for different projects. Beshara shared a number of stories about success and failure in the realm of web entrepreneurship. Many of the stories he told mirrored the difficulties the founders of Reddit faced. His most poignant moment, however, came when Ohanian asked him to share the most valuable piece of advice he had ever received: “I was once told the two most important elements for creating a company are trust and a network. This more important than the main idea, the investors, the capital or investment. No startup can thrive without these two key ingredients.”

Ohanian’s tour across the country is rolling on! If you’d like to contact Reddit’s co-founder directly, you can email him at Join@alexisohananon.com If you’d like to help spread the word about the power of Crowdtilt, you can email James@crowdtilt.com for a free Crowdtilt t-shirt!

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Dave Hanson ('05)

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Dave Hanson (’05) is a seasoned navigator of the financial world. Since beginning his employment with PNC Financial Service after graduation, Hanson has gone on to serve as a VP at Deutsche Bank and – most recently – as founder and managing partner of Hanson Wells Partners. On Thursday, September 12, the successful alumnus shared his career experience with a large crowd of students in Broyhill Auditorium. Hanson has made it a habit to give back to Wake Forest graduates. When he moved to New York City in 2007, Hanson noticed a distinct lack of professional networking for Wake Forest grads. Reaching out to a number of his personal contacts, he was surprised at what occurred: “The group grew so quickly… I invited fifty people or so, and when they wrote back telling me how great the idea was, most of them asked me to invite two or three more,” said Hanson. The result was Wake on Wall Street (WOWS), an alumni group that has since grown to incorporate more than 1,200 members working in financial services. The group regularly holds events in specific regions of the country to promote networking and career education among Wake Forest graduates. In 2010, Wake Forest Trustee, benefactor and parent Mike Farrell hosted one of the first of these networking events. Hanson spent much of the evening reviewing different financial career paths, running through employment opportunities like accounting, corporate finance, investment banking, and wealth management. For each of these paths, he described the life of an entry-level employee, relating the expected time commitment,

average income, and anticipated experience awaiting interested students. With this information, Hanson stressed the importance of selecting the right career path:

POSITION-SEEKING PITFALLS Hanson also discussed common pitfalls that students should avoid during their job search.

“Think about the dollar number last and think about what you really want to do first. Unless you sincerely want the career you chase, you won’t catch it.”

• Waiting until March to start looking for a summer internship • Not networking with enough people / broadly enough - People need to see your name at least 2-3 times before they recognize it.

A panel discussion closed out the event, giving students the opportunity to hear from six seniors who spent their summer working for a number of financial institutions. Zac Althouse (’14) interned as a capital markets investment banking intern for Goldman Sachs. He spoke about the importance of a positive attitude in the face of pressure to perform:

• Assuming firms will come to campus to recruit • Not taking finance courses in hopes of having a higher GPA - This will fall apart after 2 interview questions.

“Even though you may work long hours, it’s important to maintain relationships with your co-workers… I noticed that the days I came to work and really enjoyed myself, I was able to work better with my colleagues.”

• Not contacting Wake Forest alums at firms where you are applying - You need a “sponsor.” - Start with most recent WF grads. - Work up toward more senior alumni.

The six students agreed that in searching for a career, compatibility should take precedence over salary. Another senior investment banking intern, Eric Huppert, echoed Althouse’s sentiments:

• E-mail first – then set up phone call - Be flexible with your schedule if they can do an informational interview. - They’re busy. Don’t be surprised if they can’t stay on the phone call for longer than 15-20 minutes.

“Pick somewhere you really want to be. You’re going to be exhausted either way because it’s an intense environment… so find one that fits.”

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BIG DATA. MOBILE TECHNOLOGY. INSIGHTS INTO SHOPPER PSYCHOLOGY. Participants at the Center for Retail Innovation’s first marketing analytics workshop Sept. 26-27 agreed these fields will produce more hits for marketers who apply them. The only question is which companies will hit singles and which will be knock home runs out of the park. Some 75 students, faculty and industry professionals gathered at the Wake Forest University School of Business for the event. It started with a dinner, presentation and discussion led by Wake Forest faculty and ended with a unique case competition featuring two of America’s biggest brands. In between there were presentations and rich conversation from a wide variety of perspectives. Kenny Herbst, associate professor of marketing and a Wake Forest alumnus, led an after-dinner talk that explored the intersection of consumer psychology, retail shopping and technology. Studies increasingly point to mobile technology, such as apps developed by large retailers, as a way of moving shoppers from awareness to action. Mobile technology, guided by data and insights into how consumers make decisions, won’t replace current marketing efforts, Herbst told the group. Instead, it will give marketers additional levers to pull as they seek to maximize the impact of their marketing efforts.

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THE EVOLUTION OF LOYALTY The next morning, Inmar, a primary sponsor of the workshop and the Center for Retail Innovation, offered insights from shopper loyalty programs. The Winston-Salem-based company powers shopper loyalty services for scores of retailers, and its databases offer deep insights into how loyalty programs work — or don’t. The next generation of loyalty programs, said Inmar Executive Vice President John Ross, will provide more personalized rewards for individual shoppers and their families by tapping data that offers insights into why shoppers make certain purchases. Physical retailers, especially with the help of mobile technology, will also transform themselves to offer information and features similar to what e-commerce companies such as Amazon and Netflix provide — reviews from peers, personalized recommendations and more. Consumers have grown to expect those kinds of sophisticated offerings, even offline. “When the shopper is ahead of the marketplace, that’s an extraordinary opportunity to grow,” said Ross, who is also president of Inmar Analytics, a business unit focused on analytics and shopper behavior. “Mobile should not replace what marketers may view as more traditional promotional efforts,” he said. “Instead, mobile should be integrated with conventional elements such as advertising and sales promotions.” After dinner, students drawn from Wake Forest’s undergraduate business program, the full-time and part-time Charlotte Center MBA programs and the MA program, drew names from a baseball hat to form five teams of five people. An industry professional also joined each team. “This was also the first time we’ve integrated our Charlotte students with our Wake Forest Winston-Salem School of Business activities,” said Roger Beahm, executive director of the Center for Retail Innovation and professor of practice in marketing. “We wanted to find a new way to let our Charlotte students know they are an integral part of the Wake Forest programs.” Beahm said the workshop is also the first one he knows of that mix business students from different levels of academic experience with working professionals. When they got the case, after 8 p.m., the groups had less than 18 hours to tackle the challenge — plus more industry knowledge to absorb. The case required the teams to decide how Major League Baseball should develop, price and name a new iPad app to be released along with Apple’s launch of the iPad 2. 84

Executives from Sam’s Club and PepsiCo also presented. Advances in technology not only offer new opportunities for big company marketers, they also make it possible for upstarts to compete with big companies. It’s that idea that keeps PepsiCo’s Bryan Jones up at night.

Jones, who is senior director for shopper marketing at the beverage giant, said large consumer packaged goods companies like his have become more sophisticated in where and how they communicate with shoppers. Gatorade, he said, is marketed differently in convenience stores, where it’s purchased primarily by teenage athletes, then in grocery stores, where it’s bought mostly by the mothers of teenagers. But the same technology that allows PepsiCo to sharpen and hone its marketing efforts also makes it easier for new brands to grow quickly, chipping away at the beverage giant’s market share.

THE HOME RUN The five case competition teams presented to the judges in short, focused presentations — just 10 minutes each. Doug Shouse, a branding and marketing consultant who served as the industry professional on Team No. 4, laid out three goals for the MLB iPad app, including an effort to convert casual fans into more serious fans who would then spend more on tickets, merchandise and games.

Thanks in part to their insights into fans, Team No. 4 was declared the winner. They received iPad minis as prizes. Moira Reilly, a senior business and enterprise management major, said she had studied cases in class before, but the case competition experience was new. Not only did her team bring a variety of perspectives to the case, but team members also got to know one another during the intense experience. “Having that networking opportunity was really great,” she said.

Members of the winning team pose with Roger Beahm, executive director of the Wake Forest University School of Business Center for Retail Innovation; Bryan Jones, senior director, Shopper Marketing at PepsiCo; Andrew Watt, CRP Customer Experience Leader at Sam’s Club and David Evans, VP Brand Solutions at Inmar.

She wasn’t the only one who thought that. As they wrapped up, students, faculty and industry professionals exchanged business cards and contact information, having gained new relationships as well as new insights.

From left to right they are: Beahm, Jones, Doug Shouse, owner/Doug Shouse Marketing, Heather Burgess (MBA ’15) with the Charlotte Saturday program, Patrick Berg (MA ’14), Moira Reilly (BEM ’14), Watt and Evans. Thad Mims (MA ’14) is also a member of the winning team, but is not pictured.

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WAKE FOREST TEAM WINS THE SECOND ANNUAL RETAIL INNOVATION CHALLENGE Teams tackle retailing, healthcare in business idea competition The Wake Forest University second-year MBA students who launched N2 Medical Solutions have their sights set on a $300 billion problem that is likely to get worse as America’s population ages: People who don’t take drugs as their doctors prescribe. “125,000 deaths occur annually because of lack of compliance,” Scott Coldagelli (MBA ’14), one of N2’s founders, told a panel of executive judges during a final pitch of the fledgling start-up’s business plan during the 2nd Annual Retail Innovation Challenge Nov. 14-15.

Technology, especially online communications, are just in their infancy in terms of how they will remake retailing and change how healthcare is delivered. Today, the United States spends about 18 percent of its gross domestic product on healthcare, a higher percentage than any other country, Merlo said. The number has been rising for several years.

With Baby Boomers turning 65 at a pace of 10,000 a day, and many of them taking more than a dozen medications a day for chronic conditions, the financial and human cost of medication non-compliance could skyrocket. N2 proposed a solution that would monitor whether patients took their medicines and whether they took the right amounts, and then selectively notify the patient, family members and care givers if a dosage was missed or if there was an overdose.

“That’s not sustainable,” he said.

The N2 founders were one of 21 student teams from more than a dozen universities vying for the $40,000 in prize money in the annual competition held by the Wake Forest University School of Business Center for Retail Innovation. The teams’ mandate was to present a viable, innovative business idea that addressed a challenge in the tumultuous retail environment. Teams were also encouraged to direct their business models to the theme of this year’s challenge, “Enhancing Senior’s Lives.” Healthcare is changing rapidly and America’s population is aging, creating big challenges — and opportunities — for the retailers. The competition was organized and managed entirely by Wake Forest MBA students. Solutions through innovation During a keynote address from Larry Merlo, president and CEO of CVS Caremark, the veteran pharmacy executive outlined the challenges his company, the industry and the country faces in the coming years.

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More innovation is needed across the healthcare system, he told assembled students, industry executives and others. CVS believes that pharmacy services, and pharmacists, will play a major role in finding ways to deliver healthcare services more efficiently and effectively than the current system does. “Often times customers can tells us what they don’t like, but they count on us to bring them a new solution,” he said, citing a need to look at what the healthcare system might look like a decade in the future. “Are we thinking about where the puck will be 5 or 10 years from now?” Innovation applied Every team presented innovative ideas, and all of them also got questions and feedback, often very direct and candid, about how they would turn those ideas into businesses.

“About half of all Americans today suffer from one or more chronic diseases,” said Merlo, who started his career as a pharmacist. “And that’s expected to rise for the next 20 years.”

CVS innovations, such as its growing chain of in-store Minute Clinics staffed by nurse practitioners who can handle routine medical issues and write some prescriptions, is one way the company is trying to improve healthcare delivery and quality, Merlo said.

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“The need or the desire to be more outcome-based and more accountable for outcomes in the healthcare industry… that really creates a lot of opportunities,” said Dave Archer, director, consumer and market knowledge for P&G. Executives attending the summit said the chance to hear from other companies about the challenges and opportunities in the industry was invaluable.

“That was beyond what we expected,” said Andy Bowline, one of Coldagelli’s teammates. “I feel like it accelerated beyond any expectations tonight.”

“I thought it was phenomenal, just to listen to the market opportunities and some of the overarching challenges that everyone faces,” said Timothy J. Sullivan, senior vice president of sales & marketing for RockTenn, a sponsoring company that makes retail product displays for consumer goods.

The Winners! 1st place: N2 Medical Solutions, Wake Forest University Tripp Evans, Andy Bowline, Scott Coldagelli (Shown lower left)

First place, and more Coldagelli and the rest of the N2 team had been working on their business idea since August, well before they even entertained the possibility of entering the Retail Innovation Challenge. But even months of research, problem solving and preparation could not prepare them for what happened at the end of the event.

“They were very direct in terms of what they wanted to know,” said Emily Brooks, a Wake Forest University Charlotte Center MBA student and part of the Regen Ulcer Care LLC team, one of the five finalists. The feedback was invaluable, competitors said.

They won, taking home first-place prize of $25,000. But Price threw in an unexpected surprise that could be worth far more than the money itself. He announced he would fly the N2 team to the CVS headquarters to meet with other executives at the innovative pharmacy company.

2nd place: DSDNet, Purdue University Andrew Linfoot, Chris MacPherson, Patryk Ozga 3rd place: Team Hatchlings, Appalachian State University Riley Keen, Tiffany Yang Fan favorite: The Retail Truck, Vanderbilt University Devin Kunysz, Kyle Holden, Ryan Shepherd, Alex Van Vliett

“Every one I observed was viable,” he told the assembled teams during the awards dinner. “Every

one addressed a pocket of opportunity… I think the world is really clamoring for solutions along the lines of those presented today.”

Each of the 21 teams started their day with two-minute “I think it was an incredible learning experience,” said Tommy “elevator” pitches. From those presentations, judges picked Stitt, chief technology officer of Gofur Digital and a Harvard five teams to go on to the second round, where they delivered Business School MBA student who competed. Though Stitt’s 30-minute presentations and fielded judges’ questions. team didn’t make it to the finals, he said the opportunity to get feedback from industry-leading executives, network with other Silver tsunami entrepreneurs and practice pitching the idea was invaluable. Besides feedback from judges, competitors and other attendees also heard a panel of experts on business and aging discuss the “It’s a win-win for everybody,” he said. “Wake Forest should be implications in retailing of the “silver tsunami,” a term often proud of what they’re doing.” used to describe the demographic landslide brought by aging Baby Boomers. The competition also allowed Stitt and dozens of other students to network with each other and meet corporate Executives from IBM and Procter & Gamble, plus a Wake executives who could potentially help turn their business Forest Baptist Health gerontologist and Price, echoed many ideas into real enterprises. of the themes that Merlo raised. Rob Price, chief marketing officer of CVS Caremark and one of the judges at the event, praised the students’ ideas. 88

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WAKE FOREST UNIVERSITY STUDENTS WIN

DELOITTE’S BATTLE OF THE BELTWAY Wake Forest students offer ideas to help disaster agency manage assets & employees during times of disaster

A team of Wake Forest University juniors has achieved first place in the 2013 Deloitte Battle of the Beltway business case competition, for their unique ideas on managing a national disaster management agency’s high-value assets. It is the first time a Wake Forest team has won the competition since it began in 2009. “We feel that our success at Deloitte was representative of the quality of education we receive at Wake Forest,” said Nikolai Hlebowitsh (’15). “We were impressed by the quality of competition with multiple teams from top-tier schools. It was great to compete against top students from other universities and get a glimpse of the consulting industry.” Wake Forest juniors Christine Briere, a mathematical business major, Matt Stevens and Nicole White, both business and enterprise management majors, and Hlebowitsh, a computer science and economics major, competed against teams from American, George Washington, Georgetown, Howard, Princeton, Richmond and William & Mary to take first place. The Wake Forest team’s proposal contained a three-part solution to the federal disaster agency’s problem. First, the agency should place tracking devices on all high-value assets to allow them to easily locate necessary equipment even in the chaotic aftermath of a natural disaster. Second, create an intranet network for all employees to allow collaborative communication through offices around the country during crisis events. Their last suggestion was to consider additional training programs and rewards structures so that the agency’s policy changes could be communicated effectively and adapted with enthusiasm throughout the organization.

Founded in 2009, the Battle of the Beltway is an undergraduate case competition in Washington, D.C., open to sophomores and juniors at eight targeted universities. Teams of four students compete at the university level before the top two teams from each move on to the national competition, where they are given one week to tackle a real-world federal government business case. Previous cases have addressed the U.S. Navy, Federal Railroad Administration and TSA. “Through this competition students receive real-world experience that will help to differentiate themselves in the market. In addition, they have an opportunity to sharpen their professional identity, and demonstrate their strategic thinking, presentation, teamwork, and leadership skills by presenting their case to Deloitte Federal Consulting executives and fellow students,” said Mercy Eyadiel, executive director, employer relations at Wake Forest. “They also receive the opportunity to network with industry professionals and learn more about consulting careers.” A Wake Forest University team placed third in the 2010 Deloitte Battle of the Beltway.

“Having a team made up of business and liberal arts majors gave us some differences in perspective and new angles on our solutions,” Hlebowitsh said. “In particular, Matt’s recent management information systems class gave him insight into RFID tracking systems, while my computer science courses helped us understand how to implement an intranet system.” Christine Briere, Matt Stevens, Hlebowitsh, & Nicole White

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Back: Daniel Dent, Brian Brett. Front: Sarah Chin, Iliana Smalanskas and Stephanie Sullan

WAKE FOREST SCHOOL OF BUSINESS STUDENT TEAM TALLIES WIN; HEADS TO NATIONALS

Accounting students headed to PwC's 11th Annual National xTREME Accounting Case Competition

Five Wake Forest University School of Business accounting students earned a trip to the national finals for the PwC 11th Annual National xTREME Accounting (xACT) Case Competition. Wake’s program is providing students with the best knowledge and resources to really make a difference in the world.”

Senior Daniel Dent, junior Sarah Chin and sophomores Brian Brett, Iliana Smalanskas and Stephanie Sullan traveled to New York City January 2-4, 2014, for the national event. Only 25 students from five schools earned all-expense paid trips to the national finals.

Teams in the xACT competition were presented with a series of complex accounting, strategy and marketing questions facing U.S. firms. They presented their cases to PwC audit managers and partners. This year the teams outlined a strategy for how a U.S. oil and gas firm could reduce its carbon footprint while enhancing its profitability, an exercise based on a real-world issue facing this industry.

The PwC xACT Competition is an annual event that challenges and enhances students’ accounting, auditing and general business knowledge. More than 4,000 students from 85 of the nation’s top accountancy programs competed in this year’s campus competitions.

According to PwC, during the 2013 fall season, 90 schools from across the country competed in the Challenge, which includes xACT and xTAX competitions. PwC launched the competition in 2002 to increase students’ exposure to professional services in the world of public accounting. Since then, the competition has grown substantially with some 35,000 participants and nearly $3 million in prize money awarded.

“The competition made me realize how much accounting and financial knowledge sustains the continual expansion of our business market,” said Sarah Chin (’15). “Each person who participated in this competition was able to use what they have learned at Wake Forest to create a proposal for an investment that is very similar to what is really going on in today’s market.

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"COMING TOGETHER IS A BEGINNING. KEEPING TOGETHER IS PROGRESS. WORKING TOGETHER IS SUCCESS." –Henry Ford Master of Science in Accountancy (MSA) students embarked on a series of teambuilding efforts. Called “Breaking Boundaries”, the students did everything from matching oversized playing cards to find team members, to working together to solve physical challenges scattered throughout Farrell Hall.

"A BOAT DOESN'T GO FORWARD IF EACH ONE IS ROWING THEIR OWN WAY." – Swahili proverb A new academic year at the School of Business brings hundreds of students who enter as individuals, but must become a tightly knit team – and quickly. Since collaboration, teamwork and group projects are so important in the workplace, these skills are emphasized from the start. Come along with us for a behind-the-scenes look at how some of the programs start the year. Teambuilding exercises give students a chance to break the ice with their new classmates, and get to know faculty and staff members outside the classroom. MBA students took on the challenge of whitewater rafting – where rowing together meant a successful landing – and a ropes course where banding together helped the entire team get from start to finish.

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"I AM A MEMBER OF A TEAM, AND I RELY ON THE TEAM, I DEFER TO IT AND SACRIFICE FOR IT, BECAUSE THE TEAM, NOT THE INDIVIDUAL, IS THE ULTIMATE CHAMPION." – Mia Hamm For Master of Arts in Management (MA) students, who have little to no previous work experience, teambuilding began in a nontraditional way – with a fashion show. Since these students have a rigorous dress code and the expectation of a 9-to-5 day on campus, showing instead of telling was the way to go. The students saw outfits for various situations ranging from business casual, to business social, to cocktail attire. As the first class in the new Farrell Hall, the MA students took advantage of the opportunity to set the fashion trends too.

"A MAJOR REASON CAPABLE PEOPLE FAIL TO ADVANCE IS THAT THEY DON'T WORK WELL WITH THEIR COLLEAGUES." – Lee Iacocca For evening MBA students, much of the teambuilding strengthens upon the work experience they have gained in their current roles. Taking the lessons from the book “The Five Dysfunctions of a Team” by Patrick Lencioni, the group discussion centered around trust and conflict. Another series of exercises on emotional intelligence made the new students more aware of character, an integral part of the business education at the School.

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"WE ARE WHAT WE REPEATEDLY DO, EXCELLENCE THEN IS NOT AN ACT, BUT A HABIT." – Aristotle More than 20 student volunteers planned and led the sophomore orientation sessions, which included information about the expectations of the School, breakout groups for different majors, internships, and employment searches. The closing speaker was Jamil Smith, class of 2007, who’s now a financial planner at Wells Fargo. You might also remember him as part Wake Forest football team that went to the Orange Bowl. The final gathering of the day was a clubs and organizations fair held in the Founders Living Room.

"TEAMWORK IS THE ABILITY TO WORK TOGETHER TOWARD A COMMON VISION. THE ABILITY TO DIRECT INDIVIDUAL ACCOMPLISHMENT TOWARD ORGANIZATIONAL OBJECTIVES. IT IS THE FUEL THAT ALLOWS COMMON PEOPLE TO ATTAIN UNCOMMON RESULTS." – Andrew Carnegie At the Wake Forest Charlotte Center, students in the Charlotte Evening MBA class gathered to hear words of welcome and advice from Dean of Business, Professor of Leadership and Strategy Steve Reinemund, along with other faculty and staff members. It’s a chance for the students to get to know their classmates and create team bonds before the academic work begins.

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The sixth year of Dawn with the Dean was off to a record start with 156 Wake Forest University School of Business students, faculty and staff, plus two dogs, taking part in the first campus run of the school year.

dawn with the dean

“You should be proud of making the commitment to join us here this morning,” Steve Reinemund, Dean of Business, told the group. “Remember, this is not a race, but better yet it’s a fundamental part of living a balanced and healthy life.” Dean Reinemund started this tradition because of his belief that exercise leads to both healthier bodies and sharper minds.

It’s never too late to lace up your sneakers and join in the fun! Dawn with the Dean happens every Thursday morning during the school year. Runners, joggers, and walkers of all ability levels are welcome and encouraged to participate in the nearly three-mile journey through campus. The group gathers at 6:20 a.m. in front of Farrell Hall on the Wake Forest University campus and departs at 6:30 a.m. sharp.

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MA IN MANAGEMENT STUDENTS RAISE $20,000 TO FEED 500 CHILDREN OVER WINTER BREAK; PRESENT SOLUTIONS TO HUNGER ISSUES IN THE LOCAL COMMUNITY “What really touched us about the Forsyth Backpack Program was hearing about how many kids struggled with food insecurity right here in Winston-Salem,” said Sydney Sfreddo (MA ’14) who raised more than $8,800 along with teammates Art Hailey, Josh Ramos, Andrew Rodriguez, and Natalie Sherman through a donation website. “Being hungry affects their performance in school and ability to learn, and this program helps solve these issues.”

Five hundred Forsyth County school children who rely on school lunches for nourishment had full bellies over the winter break when schools were closed, thanks to 138 Master of Arts in Management students at Wake Forest University School of Business. The business students spent the last six weeks raising $20,000 for the Forsyth Backpack Program as part of their semester-long The Hunger Project. The nonprofit agency, which provides food for Forsyth County school children over the weekends and holidays, received the donation at the School of Business on December 4 in Farrell Hall.

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“It means kids are going to eat over Christmas,” Barbara Lentz, a WFU Law School professor and founder of the Forsyth Backpack Program said. “There are 500 kids who might not have known where their meals were coming from, who were maybe nervous or afraid about being out of school for two weeks and now they won’t have to feel that fear.”

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The students broke into 28 teams at the beginning of the semester to tackle the issue of hunger and food insecurity in Forsyth County. Their hands-on learning experience used business principles to study the issue – including design thinking, empathetic interviewing, research, data analysis, business modeling and more – to create innovative solutions to the problem. They decided to raise money for the Forsyth Backpack Program, with a little friendly competition along the way.

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“For this Action Learning Project, they created donation websites, sold 3,000 colorful rubber bracelets, held bake sales and even hosted a denim day, charging their classmates $3 to wear jeans instead of the required 9-5 business casual attire customary in the MA program,” said Michelle Horton, director of experiential learning at the School. “They worked with the University’s Campus Kitchens program to collect and redistribute food from dining halls across Winston-Salem. It really was hands-on.” The teams presented their ideas to their professors and four teams were chosen to give a final presentation before a panel of judges in Broyhill Auditorium in Farrell Hall. The judges included representatives from Second Harvest Food Bank, Samaritan Ministries, WFU Campus Life, a retired RJR executive turned philanthropic consultant, EY (formerly Ernst & Young) and Winston-Salem Forsyth County Schools.

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“As we can see with the big check for Forsyth Backpacks, we are all winners here,” Shea Akinboboye (MA ’14) said, when the judges’ decision was announced. Lentz, along with Shaida Horner and Carol Templeton of Forsyth Backpacks, said they were overwhelmed with the support their nonprofit received, and amazed by the efforts of the students. “There are all these people who learned about it (hunger), and have energy, enthusiasm and great ideas and the skills to put them into practice. So this is great for Forsyth Backpacks and 1,200 kids, but it’s also a wonderful way to build awareness and start working on solutions in our community.” The Hunger Project is not only a semester-long Action Learning Project, but it’s also a way to embody the Wake Forest University motto of Pro Humanitate, according to Horton.

The winning team of Shea Akinboboye, Jeremy Bender, Charlie Chapman, David Roberts and Tess Tidwell, shared their concept for a volunteer-run grocery store, that would be open from 5-10 p.m., and would focus not only on nutritious produce and other items, but a weekly easy-to-prepare meal that would come pre-packaged with simple instructions so their customers could turn to wholesome meals instead of convenient fast food.

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Their research indicated that a small store like this could help a minimum of 3,000 people in a food desert just a few miles from campus.

“Getting ahead doesn’t mean leaving others behind,” Senior Associate Dean of Academic Program Gordon McCray remarked to the students. “You know those words are true, and now you feel it in your hearts.”

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SUMMER INTERNSHIPS ON DISPLAY 2013 BEM TABLETOP TRADESHOW FEATURES 100 COMPANIES

It was “How I Spent My Summer” all over again, but this time with jobs and prizes in the offering. More than 100 business and enterprise management (BEM) students gathered in Wake Forest University’s Benson Center to talk about their internships with other students, faculty and judges during the 2013 BEM Tabletop Tradeshow. Students created display boards, brought props and dressed the part to talk about their summer internship experiences.

Mackenzie Morrow (’14)

Spotlight Award for Research $250 Mattie Delvecchio, Retail Business Intern, SCOUT by Bungalow Spotlight Award for Creativity $250 Melissa Simonelli, Marketing Coordinator, USA Today Spotlight Award for Presentation $250 Syndnee Alms, Events & Festivals Intern, City of Clearwater Parks & Rec Spotlight Award for Organizational Skills $250 Jess Argenti, Intern-Document Lifecycle Management, Janssen Pharmaceuticals Showstopper Award $500 Maggie Wagner, Summer Scholar, Deloitte Nikki Azzara (’14) spent her summer working with the team at Time Warner Cable on their Business Class offerings. She says her experience wasn’t a shallow overview, but a deep dive into collaborating with a team. “I did everything from brand positioning to strategy to creative,” Azzara said. “I created a weekly status report that my supervisor appreciated so much, he asked me to leave behind step-by-step instructions so the team could continue to use the same format.” Maggie Wagner (’14)

It’s all about the leadership

“I didn’t know anything about haircolor until I started my internship with L’Oreal,” said Mackenzie Morrow (’14), “but this summer I found out that there is a real science involved with these kinds of consumer products, and I was fascinated by that.” Morrow’s internship involved working with a new product launch and has resulted in a job offer after she graduates. Abercrombie & Fitch, Bloomberg, Deloitte, DISH Network, Kellogg’s, Mack Trucks, and UPS were just some of the companies that hired Wake Forest University School of Business students for internships on display. A team of judges visited each table to chat with the students and assess their results. They awarded five prizes:

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GE Capital:

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“If you want to be a leader, if you want to run something, GE Capital is the company for you,” Chief Commercial Officer Mike Pilot told students at Wake Forest University School of Business on September 6.

According to Pilot, his firm offers not only the access to capital businesses need, but the senior leadership and advice that will help them grow and thrive. And when it comes to growing and thriving, he told Wake Forest students that two leadership programs could fast-track their careers.

For the 100 or so students gathered in Broyhill Auditorium, it wasn’t just the start of a new school year, but the beginning of a fast and focused recruiting season. As GE Capital executives took the stage to talk about the company and hold a panel discussion about two leadership programs, students considered their career possibilities on a global scale.

“Wake Forest is a great fit for our culture,” Pilot told the students. “We love your work ethic, sense of responsibility and ability to see the glass as half-full.”

Pilot told the students that while some may see GE Capital, which is a leading provider of business lending and leasing for companies, as a purely financial services company, it’s really in the business of support and relationships.

“We help customers build better businesses through better capital,” Pilot explained. “We’re not just bankers, we’re builders.”

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Commercial Leadership Programs Director Heather Giese explained how the programs do more than just provide additional leadership training. She says they are accelerators that gain participants wide exposure within the company and allow them to move up faster than their colleagues because they’ve had additional specialized training specific to the company – which makes them leaders and not just managers. Pilot predicts that in the future the chief marketing officers in companies and organizations will increasingly set the strategy for the company – a shift from a few years ago when sales executives dominated. “Leaders set the tone and leaders set the pace,” he said.

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‘MOST EXCITING TIME IN TERMS OF THE GLOBAL ECONOMY’

You can talk about global economic woes, wring your hands about Greece and the European Union, or worry over the slowdown in China. { But Jim Glassman says he isn’t sure there’s cause for such concern. }

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During the Wake Forest School of Business Global Strategies Event on Sept. 20 at WFU Charlotte Center, Glassman, head economist and managing director at JPMorgan Chase, offered this message for business leaders who worry about the global economic picture right now: “You’ve never seen better,” he said. “This to me is the face of globalization: If sleeping giants just wake up and decide they want to develop… and they have the ability, by opening up borders, to tap the international business community, that puts the business sector on the front lines. It’s why I would be embarrassed to be pessimistic about the broad global things that are happening.” The Global Strategies Event, hosted by the WFU Charlotte International Club and the WFU Charlotte Market Readiness and Employment Team, brought together business experts from around the world to share their perspectives on the cultural impact of doing business globally and assessing the global financial future. “It is one of our thrusts at the business school to bring an understanding of global interests to our students,” said Dr. Ken Middaugh II, associate dean for executive education and Working Professional Programs. “Everything from sourcing internationally to selling internationally to understanding the cultures.” Glassman, who has worked at the Federal Reserve Board and is part of the National Association of Business Economists’ panel of macro-economic forecasters, said such knowledge is vital for today’s MBA students. Ten years ago, when he would ask a U.S. client about doing business abroad, they would speak only about low production costs. No more. “They finally get it,” he said. “It’s not so much about low-cost production. It’s the world is opening up – and there are new markets and new opportunities opening up.” “The lights are coming on across Asia and that’s starting to spread, and we’re hearing more and more about Africa,” he said. “This is a most exciting time in terms of the global economy… I think we’re going to come to think of this period in the same way we think of the Renaissance.” Jorge Gonzalez, an audit manager at Wells Fargo who is finishing his first year of the Charlotte Saturday MBA program at Wake Forest, said Glassman’s keynote gave him just what

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he wanted from attending the Global Strategies Event: “a competitor’s perspective.” “I cover the international side of our business, and I wanted to get other companies’ perspectives,” said Gonzalez, who is from Nicaragua but has lived in Charlotte for nine years. Often, one of the most significant barriers to expanding businesses globally is a lack of understanding of a country’s culture. The regulatory and licensing systems in many foreign countries are complicated and time-consuming – and it often takes multiple years before a U.S. company can clear the hurdles. So it’s important to build relationships before you start the process, and all along the way, said Michael Gardner, principal in financial advisory services at EY. “Everyone’s looking for an opportunity internationally, but the barriers are pretty hard,” he said. “The block-and-tackling comes down to abiding by their laws… and really ingratiating yourself to the regulatory process.” Indeed, employees’ understanding of other cultures can help – and hinder – their careers in the global economy. Every panelist at the Global Strategies Event recommended an overseas assignment for everyone – even if for only a few weeks. “Your resumé will get you a good job, but the individuals who get the raises and the promotions are the real critical thinkers,” said Paula Sanders, director of human resources and consumer support at Britax Child Safety. “If they can’t think outside of their box, then they won’t go far in our organization. You’ve gotta be able to think outside of your discipline. Individuals who do well in their discipline do well in their discipline. Individuals who think outside of their discipline do well in business.” The Global Strategies panelists offered students “insight into everything – what kind of deals to go for, how culture impacts the deal,” said Krishna Muluguru, a full-time MBA candidate who traveled from Winston-Salem to participate in the event. “Events like this really help us meet employers,” he said. “It’s a very good experience for me to get to talk with potential employers.” But Todd Johnson, executive director of WFU Charlotte Center, said events like Global Strategies also help the School achieve another goal: “To be known as the academic business thought leader for the Charlotte region.”

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WFU SCHOOL OF BUSINESS HOSTS

VETERAN'S DAY C E R E M O N Y O N T WO C A M P U S E S

Military veterans are an integral part of the character-based educational experience at Wake Forest University School of Business. We honored the men and women who have served our country with two special Veteran’s Day ceremonies Monday, Nov. 11, in the afternoon at Farrell Hall’s Reynolds American Foundation Terrace and at the Wake Forest University Charlotte Center the same evening.

On Tuesday, October 8 the Evening program hosted the annual Oktoberfest celebration. The highly anticipated event offered first and second year Winston-Salem Evening MBA students the opportunity to enjoy bratwurst, soft pretzels and beer before class. Live entertainment was provided by Pat Peacock, who played traditional polka music on her accordion.

Event Highlights: Reynolda Campus Wake Forest University student Lauren Darnis (’16) sang the National Anthem before Cody Hoyt (MBA ’14) offered the welcome and Wake Forest Military Challenge Coins presentation. He is president of the Student Veterans Organization, a full-time MBA student and represents the U.S. Marine Corps. Additional comments were made by Hoyt (U.S. Marine Corps), Dean of Business Steve Reinemund (U.S. Marine Corps) and COL(R) Mark W. Scott (U.S. Army). Dr. C. Kevin Bowen, the Wake Forest University director of bands, performed the taps bugle call in memory of the fallen. Event Highlights: WFU Charlotte Center The ceremony featured Executive Director of the Winston-Salem Evening MBA program, Kevin Bender (U.S. Army), and President, Norcom Realty/Chairman of the Board Charlotte Bridge Home Tommy Norman (U.S. Army), who talked about leadership and the value of service. The community, students, faculty and staff who served in the armed forces were invited to attend a dinner held that evening.

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T UDEN T S BA ING MTEMBER N E V P SE E E L O T T U AT E I N R A H C GRAD

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The Charlotte Evening MBA Class of 2013 gathered at the Mint Museum Uptown to celebrate their graduation with a reception & the presentation of their diplomas. AWARD FOR ACADEMIC DISTINCTION Henrik Mikael Aittola Eric Edward Hilt Mathew Stanley Leanderson Taylor Main Smith Rebecca Lynn Williams STUDENT LEADERSHIP AWARD Katie Lineberger Saine OUTSTANDING EDUCATOR AWARD Adam Hyde

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CONGRATULATIONS

TO THE CHARLOT TE EVENING MBA GRADUATING CLASS OF 2013:

Henrik Mikael Aittola

Caroline Elizabeth Merrell

Daniella I. Anisimova

Matthew James Molbert

John Edward Baugh

Amanda Heath Morris

Nakul Bhatia

Shannon Maurice Osborne

Jonathan Eric Charlton

Ankit Bhupendra Oza

Katherine Elizabeth Clarke

(Samir) Setu Niranjan Patel

Rebecca Lynne Copple

Thomas Hunter Ralston

Joshua James Craig

Katie Lineberger Saine

Prabudhda Dahal

Kwaku Danso Sarpong

Matthew Stephen Decker

Megan Toth Seitz

Andrew James Deming

Benjamin Harrison Shelton

Murali Manohar Gode

Taylor Main Smith

Brett Aaron Hainline

Michael Blake Staples

Eric Edward Hilt

Alfonso Straffon

Jackie Lee James

Rolando Javier Thillet

William Curtis Jant, Jr.

Brian McKennley Turner

Daniel A. Jimenez

Adam Richard Varterasian

Ashish Kamat

Matthew Jeffrey Walgren

Lauren Ryan Kirk

David Benjamin Walker

Paul M. Kocoras

Brandon Byerly White

Mathew Stanley Leanderson

Morris Anthony Whitner

Nicholas James Maglosky

Rebecca Lynn Williams

John Anthony Merendino

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The Winston-Salem Evening MBA Class of 2013 gathered at Forsyth Country Club on Friday, September 6, for a cocktail reception and dinner, followed by the presentation of diplomas. Kevin Bender, executive director of the program, talked about the changes the class had seen during the two-year program, including two weddings and seven couples who had eight babies. One of the couples had a baby each year of the program. And there were other notable academic achievements as well. The following faculty and students received awards that evening: Outstanding Educator Award ~ Robert C. Nash Student Leadership Award ~ Jeffrey Thompson Nimmer Student Leadership Award Honorable Mention ~ Andrew Wilson Rodgers Student Leadership Award Honorable Mention ~ Brian Henry Pomerance Student Leadership Award Honorable Mention ~ Evan Durant Bell Award for Academic Distinction ~ Matthew Talmadge Sink Award for Academic Distinction ~ Rusty Lee Plummer Award for Academic Distinction ~ Jeffrey Thompson Nimmer Award for Academic Distinction ~ Nadim Edmond Kayaleh

Celebrating a new beginning WINSTON-SALEM EVENING MBA STUDENTS GRADUATE IN SEPTEMBER

In addition, Tom Barbitta, chief marketing officer for Cheerwine, and Professor Roger Beahm chose one team from this summer’s Marketing Strategy and Planning classes in both the Winston-Salem Evening and Charlotte Evening MBA programs to receive the Deacon Award for developing the most outstanding combined marketing strategy and plan for a new Cheerwine soft drink product. The Deacon Award was presented at the graduation celebration to “Team Freeze and Squeeze”: Gina Katzmark ~ Alex Marano ~ John Martin ~ Isaac Perry ~ Kristin Roach ~ Matt Sink Congratulations to all the graduates: Thomas Brandon Bailey Michael J. Barbato Evan Durant Bell Franklin Alexander Brown Brian Raymond Bruce Charles Edward Bullard Lucretia Dione Chapman Armando Colimodio Brendan Ernest Dawal James John Demopoulos Amy Elizabeth Donley Catherine Alderman Ezzell Jana Donahue Gold Melissa Marsh Harmston

Andrew Joseph Haverstock Tair Hudaybergenovich Jumaniyazov Gina Lynn Katzmark Nadim Edmond Kayaleh David Ryan Kelly Matthew Albert Koons Ryan McGarvey LeFebvre Chen Liu* Alexander Hamilton Marano William Cody Marcum John Mohney Martin William Elbert Means II Elizabeth Diana Moore* Jeffrey Thompson Nimmer

Allen Matthews Oakley Isaac Lemuel Perry Rusty Lee Plummer Brian Henry Pomerance Mai Ly T. Promislow Lauren Ashley Reavis Kristin Elizabeth Roach Andrew Wilson Rodgers Holly Marie Shankle Matthew Talmadge Sink David Michael Smitherman Richard Nathaniel Wagner Delvon LaMarr Worthy Justin Brant Wraight

*Completing PhD/MBA requirements in December 2013

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CRITICAL THINKING & COMMUNICATIONS SKILLS Fall Career Fair provides rich opportunities for students and employers

With more than 72 employers sending representatives to campus for the fall career fair, undergraduate and graduate students had plenty of opportunities to demonstrate their critical thinking skills and performance-ready professionalism to earn an internship or a job interview.

INTERNATIONAL FOOD FESTIVAL S H A R I N G

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More than 200 School of Business students, faculty, staff and alumni gathered for the International Food Festival in October. It was a chance to network in the new Farrell Hall, and share cultures from around the globe. And who wouldn’t mind some friendly competition? “We had teams representing countries from Nepal, Jamaica, China, Greece, USA, Haiti, Germany, Uganda, India, Mexico, Spain, Italy and Costa Rica,” said Divya Parameshwaran (MBA ’14), who helped organize the event. “We had eighteen teams enter the competition, including a faculty team.” You could eat your way around the world with baklava, pickle pork mooncake, shrimp curry, rice pilaf, kabobs, casados, gazpacho, griot, gumbo, king cake, pita and tzaziki, spanakopita and mango lassi. When the dishes were consumed, these winners took home the prizes: Cool Runnings (Jamaica) Tastes like Heaven Award BEST FOOD

“This was our first truly campus-wide career fair,” said Lisa Simmons, associate director, employer experience. “MBA students were included for the first time and really made a good showing, along with the MA in Management students.” With 751 students attending from across campus, 46 percent were School of Business undergraduate or graduate students.

Go China (China) Culturistas Award BEST CULTURALLY DRESSED TEAM

Moonmakers (Hong Kong) The Zing Thing Award TEAM WITH THE MOST CREATIVITY, ORIGINALITY, ENTHUSIASM: ZING!

Take a look by the numbers: School of Business undergraduate Accountancy 12 - BEM 86 - Finance 67 - Mathematical Business 13 School of Business graduate programs: MA 113 - MBA 46 - MSA 11 With organizations ranging from Abercrombie & Fitch to Wells Fargo, many representatives tell us Wake Forest students make attractive intern and new hire prospects. “Graduates of Wake Forest offer a number of things to a potential company,” said Andrew Blaisdell (’03) of CEB. “One is obviously the technical training in business so they are able to come out with a high quality acumen and understand what the business world is trying to get done. With their liberal arts background combined with business training, they not only have exposure to the world around them, but also high-end critical thinking skills.”

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INFRASTRUCTURE: A NEW FRONTIER FOR PRIVATIZATION

PRIVATIZATION EXPERT OPENS WAKE FOREST SCHOOL OF BUSINESS CONFERENCE

very day you run errands there’s a good chance you depend on services that are owned and operated by the federal or state government. If you leave a letter in your mailbox, or hop on the highway for a drive between cities, you’re depending on key communication and transportation organizations to provide a service that seems beyond the management of private entities. Or is it? For much of his life, Robert Poole has devoted himself to studying organizations like these that operate at the intersection of public and private sectors. He traveled to Wake Forest University School of Business on November 7th to deliver the keynote address for the “Contracting Issues at the Intersection of the Public and Private Sectors” conference, a gathering that invites leading figures in the world of economic research to gather and discuss their findings. The general objective of the conference was to pool this knowledge and increase the public’s understanding of issues that arise where public and private entities meet.

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“A vibrant debate exists as to whether these and other important infrastructure organizations – such as airports, air traffic control, and highways – might be better served through privatization or public-private partnerships,” said Page West, professor of strategy and entrepreneurship and BB&T Fellow in Free Markets and Capitalism. “Our conference looks at the advantages and disadvantages of involving private organizations in large infrastructure projects that the public depends on.” In 1978, Poole founded the Reason Foundation – a research institute that produces public policy research to promote choice, competition and a dynamic market economy as the foundation for human dignity and progress. By connecting the brightest minds of higher education with powerful political leaders, the foundation attempts to bridge the world of academia and the world of government.

The ultimate goal is improving civil services through a process known as privatization.

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What is privatization? Poole doesn’t claim it’s easy to understand. “Technologies like EZPass in New York, Sun Pass in Florida, and Fast Track in California revolutionize the possibilities,” The word itself has been collected many different meanings he said. “You can charge tolls at 65 mph and the toll can vary over the past few decades. The simplest way to understand minute by minute to be a market price, keeping demand it is by viewing it as the process of transferring ownership capacity in balance. It highlights that the concept of privatizing of a business, public service or public property from public management to private ownership. This process can take many infrastructure is not a frozen thing, not only can you change the institutions – but what’s capable of being done as well.” different forms, but Poole is most interested in large-scale The conference – sponsored by the Wake Forest University infrastructure (facilities that provide a public function) and ways in which private sector ownership can increase efficiency. School of Business BB&T Center for the Study of Capitalism – continued the next day with researchers presenting papers on a wide variety of economic issues ranging from the role of In the late 1980s – as Margaret Thatcher’s government began government-owned banks during a crisis, government asset privatizing airports in the United Kingdom – Poole began sales, and the impact of government ownership on growth in exploring the possibilities of privatization and transportation transition economies. infrastructure. His book, “Cutting Back City Hall,” explored the means of privatizing important infrastructure like airports, The Journal of Corporate Finance, an influential journal railways, highways, ports, waterways, pipelines, and mass read by finance scholars around the world, will produce a transit systems. In addition, a 1988 research paper proposed special issue in 2014 that includes the best papers presented privately financed toll lanes to relieve congestion on highways. at the conference. Poole attributes some of the success of these academic works to the advances in technology that make privatization more feasible.

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HERBERT NAMED MORRELL FELLOW T H O M A S W. S M I T H F O U N DAT I O N C O M M I T S

600,000 T O

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Generous gift will support the WFU BB&T Center for the Study of Capitalism

James Dunn

Thomas Herbert

Thomas Herbert, a second-year MBA student, has been named the 2013-2014 Louis R. Morrell Fellow. Herbert received his degree in business administration with a double major in finance and economics from James Madison in 2006. After graduating, Herbert began a career in Baltimore where he worked as an associate with Morgan Stanley. In addition to his classes, Herbert volunteers with the Wake Forest Graduate Finance & Consulting clubs and is a Sports Club Council Representative for James Madison men’s club lacrosse. The Morrell Fellowship was established in 2009 by then WFU Vice President and Chief Investment Officer James Dunn and his wife, Lauren. It honors Lou Morrell, who served as Wake Forest’s vice president and treasurer from 1995 to 2007. Morrell passed away in April of 2013. In Morrell’s last year as vice president, he was responsible for management and oversight of the University’s $1.1 billion endowment fund and approximately $340 million in other investments. After stepping down as vice president, he continued managing select investments and overseeing the University’s trust program in a new role, while remaining as treasurer until 2009.

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Louis R. Morrell

Capitalism touches many aspects of our lives. From recent history with tumultuous financial markets and economic recession to current debate over healthcare and government, the exploration of the proper relation among business, government, and society must be continued. A $600,000 grant from the Thomas W. Smith Foundation to the WFU School of Business BB&T Center for the Study of Capitalism, announced in December, will help make that exploration even more possible.

The Morrell Fellowship is open to any Wake Forest graduate student. The position enables students to strengthen their financial acumen through the direct application of their classroom education. It also provides the opportunity to network with some of the industry leaders in asset management, while also working closely with Wake Forest’s CIO and the staff of the Office of Investments.

“There’s no better time to explore the morality of capitalism,” said James Otteson, executive director of the BB&T Center for the Study of Capitalism. “This gift will sponsor courses to explore what the moral purpose of business in a just and human society means to us and future generations.”

“Getting a job in investment management, a highly competitive process, generally depends on getting an internship and doing

“We want students to think about capitalism: What is it? What role does it play in our lives? What role should it play?” Otteson said. “When issues like healthcare or economic policy come up, students in all our programs will have the tools to evaluate them. It’s bigger than just courses in a business school. Our graduates work in businesses of all industries which are affected by government policies, and they must understand the crucial contributions they can and must make to human prosperity.”

well,” Dunn said. “This

fellowship gives a Wake Forest student an intense experience, face-to-face exposure to some of the world’s top investors and investment management firms, and, finally, hands-on experience in asset management, portfolio construction and risk management.”

The award will support learning experiences in the School investigating the moral foundations of capitalism.

Otteson says the grant, which will be paid over three years, will help expand the Center’s scholarship and ability to provide educational tools like visiting lectures, meetings, and conferences. The Center fosters an intellectual community dedicated to understanding the moral role of business and capitalism in the creation of a peaceful and prosperous society.

“We’ve seen over the past several years what a huge help this program has become to our Morrell Fellows, and we thank all of the investment managers, staff and alumni who have helped support the program.”

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AROUND CAMPUS

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IN THE NEWS

BLOOMBERG BUSINESSWEEK FEATURES THE SCHOOL AND FARRELL HALL

IN THE NEWS

STUDENTS ACHIEVE #1 CPA PASS RATE IN THE NATION Wake Forest MSA students hold top pass rate among institutions with accounting programs

Magazine extolls the building's "comfy living-room feel" and engaging design.

Students in the Master of Science in Accountancy (MSA) program at the Wake Forest University School of Business achieved the top pass rate in the nation among all universities that offer graduate or undergraduate programs in accounting on the Certified Public Accountant exam once again, according to the 2013 edition of Uniform CPA Examination Candidate Performance.

Just before Farrell Hall’s grand opening and dedication, the national media took notice of how the School of Business has rebuilt from the ground up. A feature story on Farrell Hall focused on the design of the building, especially the Founders Living Room, which encourages faculty, students and staff to collaborate.

Wake Forest had the highest pass rate for universities with accounting programs among 791 institutions with ten or more candidates sitting for the exam, as well as the #1 pass rate for large programs. That’s a total of 255 institutions with more than 60 candidates.

Read the full story at http://go.wfu.edu/farrellhallbloomberg.

The Wake Forest accountancy programs, including the MSA program, are accredited by the Association to Advance Collegiate Schools of Business (AACSB). Students have the option of specializing in the career tracks of assurance services, tax consulting services or financial transaction services. More information may be found online at http://business.wfu.edu/msa.

Wake Forest students have earned the top ranking eleven times since the School began offering an MSA degree in 1997, more than any other university during the same time period.

BIZ ED FEATURES DEAN STEVE REINEMUND "Crossing Over" examines the skills top executives bring when they take jobs as business school deans

For a feature story in its January/February issue, BizEd Magazine talked with Dean Steve Reinemund about how his experience as CEO at PepsiCo translates to his role at the Wake Forest University School of Business. “I think a business school, like any other organization, is trying to choose a leader who’s appropriate for the strategies, direction and vision the organization has at a time the leadership change is made,” Reinemund said. Read the full story at http://go.wfu.edu/janbized

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According to Jack Wilkerson, senior associate dean, accountancy programs, “ ‘Performance-ready’ is one of the shorthand expressions we use to describe where we want our students to be as they’re finishing their academic work in the School of Business. The sustained outstanding performance of our accounting students on the CPA Exam is one clear indicator that our accounting graduates are in fact leaving Wake Forest performance-ready.” Additionally, the 2013 edition of Public Accounting Report places the School’s undergraduate and graduate accounting programs in the top 20 overall and in the top 10 among midsized accounting programs. Traditionally, 100% of Wake Forest's MSA graduates have accepted job offers prior to graduation, with many students receiving multiple offers.

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IN THE NEWS

U.S. NEWS RANKS WAKE FOREST SCHOOL OF BUSINESS IN THE TOP THIRTY FIVE

WHAT COMPANIES WANT FROM B-SCHOOL GRADUATES by Derrick Boone

This op-ed piece ran in Entrepreneur.com on Nov. 15, 2013

School is recognized for it's world-class accounting program.

The U.S. News and World Report Best Colleges guide released in September ranked the Wake Forest University School of Business undergraduate program in the top 10 percent at 34th in the nation among a total of 401 accredited business schools that were considered.

In the U.S. News and World Report specialty ranking, Wake Forest ranked in the top 5 percent nationally at 18 and secured its top-20 position in the Accounting category for the fifth consecutive year. “The quality of our graduates, as evidenced by our number one CPA pass rate for ten of the last 14 years, by our historical 100 percent employment rate, and the size of our program with 153 students, contributes to the national recognition and visibility captured by this ranking,” said Jack Wilkerson,

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senior associate dean, accountancy programs. “This ranking is a tribute to the faculty who educate our students and the staff who work alongside them to ensure our graduates are prepared for career success.”

For undergraduate business school rankings, U.S. News and World Report surveyed deans and senior faculty at each undergraduate business program accredited by the Association to Advance Collegiate Schools of Business. U.S. News and World Report’s 2014 Best Colleges guide ranked Wake Forest 23rd among 281 national universities — the highest ever ranking for the University. It was recognized for its value, commitment to teaching, and student-tofaculty ratio.

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We’ve all heard stories about corporate leaders telling recent business school graduates to forget what they learned in business school and start learning how the “real world” practices business. As a business professor these stories bother me. Would a hospital administrator say that to a brand new medical doctor? A judge to a recent law graduate? What is it about graduate business education that would make someone think we’re so disconnected from the practice of business that our graduates should forget what we’ve taught them? During the past year my colleagues and I at the Wake Forest School of Business talked to business leaders, from CEOs to front line managers, about what was missing from business education. Borne out of our conversations was an approach – much like a three-legged stool – to educate the whole person. It includes ensuring that conceptual knowledge across business disciplines (e.g., marketing, finance, operations) and practical competence in the practice of business (e.g., communication and teamwork skills) is taught. But it also includes strength of character (the ability to lead and get results with integrity). Business schools, for years, have feasted on market selling one-legged stools. B-schools have done a great job teaching students how to run regressions, analyze financial statements, track work in progress, and the like. But they have done little to address the other issues companies are seeing. The same goes for a two-legged stool. A student may be a gifted financial analyst who gives captivating presentations, but if he is unethical, no one will want to hire him. Or perhaps a student is highly principled and adept at branding, but if he/she can’t work in a team no one will want to hire him/her either. Here are some concepts that everybody entering business needs to be aware of: Know the dress code for business We have a dress policy: business casual Monday through Thursday, smart casual on Friday, and business professional when

we have guest speakers. Why? Because that’s what companies expect. We’re not always on the same page with the students, so we have a simple rule: If you’d wear it to the beach, gym, or night club, don’t wear it to class. Know when technology is appropriate Our twenty-something students have grown up in a digital world, adept at texting and tweeting, and addicted to being in constant, instantaneous contact with their environment. The business world is very different. You actually have to sit through an hour-long meeting without checking your cell phone, Facebook, or g-chat. You need to learn how to turn off phones and pay attention. There’s an app for that — it’s called respect. It’s still about people and relationships Our digital world has replaced many things, including face-toface interaction. But in the business world people continue to do business with people they know and like. To be successful, you need to know how to make small talk, network, get to know people, and exercise humility and appreciation. We know these things, but don’t teach them to our students, some of whom think being the smartest person in the room is enough to ensure career success. A part of our program includes assessments, or think of them as performance reviews, from other students on the team. These assessments provide feedback to let team members know what areas they can work on. For example, I was talking to a student who was frustrated with her job search and told her not to worry, that she was the brightest student in the class and that she would be successful. Her reply was “I know I’m the smartest. That’s why I’m so frustrated.” I immediately brought her attitude to her attention and suggested that her lack of humility may be the reason she hadn’t found a job. Little things, if you let them pass, eventually become big things. **Derrick S. Boone Sr. is associate dean of the Master of Arts in Management program and an associate professor of marketing at the Wake Forest University School of Business.

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FACULTY NEWS

Have crimes against humanity been committed in Egypt?

FAC U LT Y I N

FACULTY NEWS

How to manage employees who are older than you

10.28.2013

T H E

NEWS

8.26.2013

Because they feel pressure to prove themselves, young

By Charles Kennedy Jr., special to CNN

managers often make the mistake of relying only on

As the debate continues over whether the United States should

themselves to make decisions when the older employees

(or indeed has) cut-off aid to Egypt in light of the ongoing brutal crackdown, Washington should perhaps be asking itself another question: have crimes against humanity been committed?

NeuroLeadership

they manage may know more than they do, says Sherry University School of Business in Winston-Salem, N.C. Read the full story at http://go.wfu.edu/businessinsidermoss

Read the full story at http://go.wfu.edu/cnnkennedy

All day shopping frenzy on Thanksgiving 9.18.2013 By Sean Hannah, Pierre Balthazard, Robert W. Thatcher & David A. Waldman What’s different about the brain of a transformational or visionary leader? What are the neurological markers of more complex and adaptable leaders? Read the full story at http://go.wfu.edu/sciamhannah

“We know that employees have attitudes towards their jobs, toward their companies,” said Dr. Julie Holliday Wayne of Wake Forest University School of Business, who headed the

Among many, another way forward to an end game in Syria

project. “We care about these attitudes because they influence things like performance, how willing employees are to go above and beyond the call of duty, and how like they are to quit their jobs.” Read the full story at http://go.wfu.edu/forbeswayne

9.13.2013 By Charles Kennedy Jr. President Barack Obama decided to give diplomacy a chance, to see if the Russian initiative can place Syria’s chemical

N.C. amongst 40 states that urged FDA to regulate e-cigs sooner

11.13.2013 Stores that are staying closed are also scoring points with shoppers and workers upset about being strong-armed into cutting their Thanksgiving short in order to take full

Your spouse’s feelings about your job may affect your own much more than you think

7.3.2013

Costco, Nordstrom refuse to ruin Thanksgiving

Moss, a professor of organizational studies at the Wake Forest

advantage of Black Friday deals. “There’s a PR benefit to 11.12.2013

holding out, just as there’s a PR benefit to opening early,” said

Roger Beahm, professor of marketing at the Wake Forest

Roger Beahm, a marketing professor at Wake Forest University.

University School of Business in Winston-Salem, N.C.,

“We know that there is a consumer backlash to this.”

expects that it’s just a matter of time — he estimates five

Read the full story at http://go.wfu.edu/hufpocostco

years — before most chains open all day on Thanksgiving. As for Christmas, he says that day is still sacred among shoppers.

5 secrets to painless returns

“The floodgates have opened,” Beahm says. “People will turn Thanksgiving Day shopping into a tradition as they historically have on the day after Thanksgiving... And stores don’t want to be left behind.”

12.25.2013

Read the full story at http://go.wfu.edu/blackfriday2013 *This story appeared in more than 300 news outlets, from newspaper to broadcast due to its distribution by the Associated Press.

“You don’t want your customers to be surprised if they bring a product back. You want to make sure they know that you have a policy and what it is,” says Roger Beahm, professor of marketing and executive director of the Wake Forest University Center for Retail Innovation.

Shopping: As American as apple pie on Thanksgiving

weapons and materials under international control.

Read the full story at http://go.wfu.edu/entrepreneur2013

Read the full story at http://go.wfu.edu/globalpostck

9.24.2013 The large e-cig marketers may be trying to get as much exposure and adult smoker trials as they can before FDA regulation is set, said Roger Beahm, executive director of the Center of Retail Innovation at Wake Forest School of Business. “Typically when tobacco regulations come out, they can serve to freeze or dictate market share,” Beahm said. Read the full story: http://go.wfu.edu/apbeahm

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11.28.2013 “Shopping is one of those things that is viewed as crass commercialism,” says Wake Forest University professor Roger Beahm. But, Beahm says Thanksgiving shopping makes some sense: Not everyone wants to watch football. For some folks, racing around Target is the perfect post-gorging activity. Read the full story at http://go.wfu.edu/shopping2013

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FACULTY NEWS

Philosopher/Economist to Lead BB&T Center for the Study of Capitalism

FACULTY NEWS

MOMS @WORK

DR . JULIE WAYNE DISCUSSES WORK-LIFE BALANCE FOR THE WORKING WOMAN

Dr. James Otteson joins Wake Forest University School of Business The Wake Forest University School of Business welcomes Dr. James Otteson, the new executive director of the BB&T Center for the Study of Capitalism at Wake Forest University. Otteson is a scholar who specializes in political economy, political philosophy and the history of modern philosophy. Dr. Otteson served as joint professor of philosophy and economics at Yeshiva University for the past six years, and his scholarship has focused on the intersections of philosophy and economics. He is particularly known as a scholar of Adam Smith, a Scottish philosopher and economist who is best known as author of “An Inquiry into the Nature and Causes of the Wealth of Nations” in 1776. “This is a tremendous opportunity,” Otteson said. “With the Center’s mission to encourage the study of capitalism in all its facets, I am interested in exploring the institutions that enable human flourishing. We want to know how a society of free and responsible persons can live together peacefully, and we want to examine the political, economic, moral, and cultural institutions that encourage prosperity and humanity.” The Center began six years ago, under the leadership of Dr. Page West, who will continue to teach strategy and entrepreneurship at the School. West said, “Earlier this year the School of Business revised its long-range strategic plan to incorporate education about the context of capitalism and free markets in all its programs, from undergraduate to executive education. Jim Otteson shares our vision that there is a critical need for future business leaders. His combination of scholarship, teaching experience and passion will take the BB&T Center to new levels.” West also noted that Otteson’s position also includes an appointment as a teaching professor – a new faculty

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Since balance should be a verb, there are some actions working parents can take to find that balance.

designation just approved in June by the University’s Board of Trustees – making Otteson the first under this new designation. “I emphasize that the Center’s name is ‘Center for the Study of Capitalism,’ ” “Not the ‘Center for Capitalism,’ Otteson remarked. That is a small but momentous distinction. Capitalism has been a source of tremendous, even unprecedented, prosperity but like all human institutions – it is not perfect. We will want to examine it disinterestedly, understanding and exposing both the good and the bad, and then promoting the former and discouraging the latter.” Otteson’s book, “Actual Ethics,” received the 2007 Templeton Enterprise Award, an award sponsored by the Templeton Foundation to honor publications that “advance the cause of ordered liberty around the world” by an author under the age of forty. His new book, “The End of Socialism,” is expected to be published by Cambridge University Press later this year. He was a guest several times on the Fox Business News program “Freedom Watch” and is one of the principal bloggers at Pileus, a blog hosted by The Fund for American Studies, which is an educational nonprofit in Washington, D.C. Otteson received his BA from the University of Notre Dame, MA from the University of Wisconsin-Milwaukee and his PhD from the University of Chicago. He has taught at Georgetown University and the University of Alabama. Still, he is a senior scholar at the Fund for American Studies, and a research professor in the Freedom Center and Department of Philosophy at the University of Arizona, and a research fellow at the Independent Institute in California.

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Get over the Superwoman syndrome. Sometimes we have unrealistic expectations of ourselves. “We have made parenting the Olympics,” Wayne said. “We put the guilt on ourselves, but we also judge other parents. It’s time to be compassionate and show grace.”

When it comes to work-life balance, Dr. Julie Wayne has not only spent years becoming a leading researcher on the relationship between work and family, she has lived it as a busy working mom herself. So it’s only natural that Piedmont Parent Magazine invited Wayne, an associate professor in the School of Business, to give the keynote address at the fourth annual Moms @ Work breakfast and expo on October 23. “Work-life balance was not a conversation we had 40 years ago,” Wayne told the audience of professional women and men at the Benton Convention Center. “Today two-thirds of all married mothers are in the workforce. Thirty percent of all children today are raised by a single parent. Forty percent of moms today are the primary or sole breadwinners. So we are no longer the Cleaver family in ‘Leave it to Beaver.’ ” Wayne says research shows that mothers who work actually spend more time caregiving for their children than the typical mother did in 1965. While dads spend less time caregiving than moms do, today’s fathers still spend 6 hours more per week caring for children than their dads did. So how do we do it all?

Be real. Act with authenticity by clarifying what’s important. Ask yourself, “what legacy do I want to leave as a mom, a friend and a wife? What are my core priorities and values?,” Wayne said. “We find that we over-invest in our careers and under-invest in our lives.” Focus on the positives. Work interferes with family and family interferes with work. “We can get a sense of fulfillment from both roles,” according to Wayne. “When you’re exhausted or stressed out, focus on the positives your roles bring.” Find symmetry and experiment. If you find a gap between how you’re spending your time and how you would ideally like to spend your time, think of small experiments you can do to address them. “For example, exercise. How can you fit exercise into your busy day? Why not exercise with a friend at work? It helps you be more healthy and can help you build relationships at work.” Wayne says doing your best to be present in the moment, both at work and at a home, can help working parents fine-tune their lives to balance their multiple roles.

“Balance is the key to life,” Wayne said. “But we need to realize balance is not a noun. It is a not a state we can find, achieve and maintain. We need to think of balance as a verb, an action, a constant process of moving, and adapting and adjusting, so we are striving ultimately to be successful across a wide variety of roles.”

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FACULTY NEWS

FACULTY RESEARCH

FACULTY NEWS

Charles Iacovou & Ron Thompson

Five inconvenient truths about project status reporting. MIT Sloan Management Review. Accepted for publication Aug 2013. To be published Winter 2014.

Anna Cianci

The impact of ethical leadership, the internal audit function, and moral intensity on a financial reporting decision. Journal of Business Ethics. Sept 2012, Vol 109, Issue 3, pp 351-366.

Michelle Roehm

Consumer responses to parodic ads. Journal of Consumer Psychology. Accepted for publication Jul 2013.

Sean Hannah

The psychological and neurological bases of leader self-complexity and effects on adaptive decision making. Journal of Applied Psychology. May 2013, Vol 98, Issue 3, pp 393-411. Joint influences of individual and work unit abusive supervision on ethical intentions and behaviors: a moderated mediation model. Journal of Applied Psychology. Jul 2013, Vol 98, Issue 4, pp 579-592.

Scott Shafer

The effects of six sigma on corporate performance: an empirical investigation. Journal of Operations Management. Nov 2012, Vol 30, Issue 7-8, pp 521-532.

Embedding ethical leadership within and across organization levels. Academy of Management Journal. Oct 2012, Vol 55, Issue 5, pp 1053-1078. Different hats, different obligations: plural occupational identities and situated moral judgments. Academy of Management Journal. Dec 2012, Vol 55, Issue 6, pp 1316-1333. Developing trust with peers and leaders: impacts on organizational identification and performance during entry. Academy of Management Journal. Aug 2013, Vol 56, Issue 4, pp 1148-1168.

Kenneth Herbst (1st author) & Sean Hannah (2nd author)

Advertisement disclaimer speed and corporate social responsibility: â&#x20AC;&#x153;costsâ&#x20AC;? to consumer comprehension and effects on brand trust and purchase intention. Journal of Business Ethics. Oct 2013, Vol 117, Issue 2, pp 297-311.

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Ron Thompson

Does PLS have advantages for small sample size and non-normal data? MIS Quarterly. Sept 2012, Vol 36, Issue 3, pp 891-1001.

Comparing PLS to regression and LISREL: a response to marcoulides, chin, and saunders. MIS Quarterly. Sept 2012, Vol 36, Issue 3, pp 703-716.

Julie Wayne

Who will we recruit? targeting deep- and surface-level diversity with human resource policy advertising. Human Resource Management. May/June 2013, Vol 52, Issue 3, pp 311-332. A longitudinal examination of role overload and work family conflict: the mediating role of interdomain transitions. Journal of Organizational Behavior. First published online Jan 3, 2013 (doi:10:1002/job.1855). Not printed.

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SCHOOL NEWS

TIME, TALENT & TREASURE When striving to fulfill the needs of the School of Business and its students, we look for intersecting points where alums can serve important roles in giving back to the school. For some graduates, being part of the Wake Will campaign offers the most satisfying means to supporting the School of Business. While the campaign for the University kicked off on the Reynolda Campus during the Fall 2013 semester, Wake Forest is bringing elements of the launch to cities around the country as a way to get closer to our Deacons. You can see the schedule Wake Forest has launched in the Spring 2014 semester to bring Wake Will to you.

Wake Will is coming to your town We hope you can join us

wakewill.wfu.edu #wakewill

While many times, financial support is the immediate answer, it is not the only answer. All the pieces of support must complement each other; time, talent and treasure. Be proud to be a Demon Deacon — it’s as simple as sharing your passion and commitment with our students today. You can demonstrate your commitment and support by becoming a mentor through our Executive Partnership Mentorship Program, opening the door to job and internship opportunities within your organization. Being instrumental in a student’s transition from education to work place is something truly valued and highly rewarding for both the student and yourself. Referring a student to our programs enables a brighter future for the student and the school alike. Attend one of the many events we have on campus or around the country. It can be as simple as wearing Old Gold and Black on a game day at work or at home. We want you to feel connected to Wake Forest. How can we help you feel like you are a valuable part of today’s student experience, just as important as you were during your time on campus? Would a visit help? We are coming to a city near many of you, and we invite you to consider joining us at our upcoming events:

April 2 – DC Wake Will Campaign launch April 4-5 – Charity Classic Weekend – Auction & Golf Tourney April 11-12 – Alumni Council Meeting April 25 – Fridays @ Farrell, Reynolda Campus, Winston-Salem, NC April 26 – 25th Exec MBA Class Reunion May 5 – Raleigh Wake Will Campaign launch

June 6 – Fridays @ Farrell, Reynolda Campus, Winston-Salem, NC July 11 – Fridays @ Farrell, Reynolda Campus, Winston-Salem, NC August 15 – Fridays @ Farrell, Reynolda Campus, Winston-Salem, NC September 5 – Constant & True September 19-20 – Homecoming Weekend October 24-26 – Family Weekend

For more information on these events or the other ways to support the School of Business, please visit business.wfu.edu or contact Katrina Capistrano – capistkm@wfu.edu or 336.758.7445

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SCHOOL NEWS

IN MEMORIUM, MELISSA CLARK

Join the conversation facebook.com/WakeForestBiz Melissa Clark, administrative assistant for the Market Readiness and Employment office, passed away December 9 after an extended illness, surrounded by her family. We grieve Melissa’s loss and extend our condolences to her husband, Todd, and sons, Austin and Logan. A service was held in Melissa’s honor on Friday, December 13. For more than three years, Melissa Clark was the face of the Career Management Center, and she enthusiastically greeted students across all graduate business programs who visited our offices. Melissa was instrumental in supporting key market readiness activities like resumé and interview clinics and helped to get students scheduled with their career coaches. She had a strong passion for the students and made a mark on improving the processes for the Center to enhance the student experience. “Melissa was always optimistic, consistently proactive, and always seeking ways she could make a greater impact,” said Nicole Hall, MBA director, market readiness and employment. “Even during some of her most trying days, she managed to always focus on the needs of others.” Many alumni will remember the smiles, encouragement, and candy Melissa provided during challenging times like finals, and her colleagues will remember her sincere focus on helping us to collectively enhance our impact for the students. Several close friends of Melissa’s have established a fund for her sons, accepting donations to the Melissa Clark Children’s Fund at any Wells Fargo bank branch. The fund builds on donations begun while Melissa was battling breast cancer, such as Lee Denim Day, where employees offered $5 to wear blue jeans to work. Our staff and faculty also held a bake sale featuring homemade goodies in October. As we process this loss, please remember there are Wake Forest resources to assist you. The Chaplain’s Office provides pastoral care and advisement for any member of the Wake Forest community: students, staff, faculty and alumni. Just call 336.758.5210.

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