Darden Report FallWinter2013 - Issuu

University of Virginia Darden School of Business

T H E

D A R D E N

FA LL/ W I N T E R 2013

R E P O R T

WE HAVE A STORY TO TELL.

Darden: Developing and Inspiring Responsible Leaders Leader s & Advancing Knowledge

GREAT LEADERS NEVER STOP LEARNING.

UPCOMING PROGRAMS IN 2014

3–6 FEBRUARY Strategic Sales Management (Washington, D.C. )

Executive Education FOR EXECUTIVES OF ALL LEVELS

17–21 FEBRUARY Leading Teams for Growth and Change (Tampa, FL)

OPEN-ENROLLMENT PROGRAMS Darden’s programs challenge you to explore the latest practices Darden’s across business disciplines.

9–14 March Managing the Corporate Aviation Function

FOR SENIOR EXECUTIVES

THE EXECUTIVE PROGRAM: STRATEGIC LEADERSHIP AT THE TOP

16–21 March Financial Management for Non-Financial Managers

The Executive Program is Darden’s Darden’s ﬂagship advanced management residency program for senior-level executives.

24–28 March Strategic Thinking and Action

FOR ADVANCED MANAGERS

MANAGEMENT DEVELOPMENT PROGRAM: HIGH-PERFORMANCE LEADERSHIP

6–11 April Power and Leadership: Getting Below the Surface

Darden’s two-week residency program for high-potential executives Darden’s provides a strategic organizational view and integrates functional areas and mind/body wellness.

22–25 April Strategic Decision-Making 27 April–2 May The Women’s Women’s Leadership Leadership Program

FOR ORGANIZATIONS

CUSTOM PROGRAMS

12–23 May Management Development Program: High-Pe High-Performance rformance Leadership 13–16 May Managing Individual and Organizational Change 13–16 May Leading Innovation: Thinking Creatively for Positive Change 1–20 June The Executive Program: Program: Strategic Leadership at the Top 2–6 June Leading Teams for Growth and Change 17–20 June Design Thinking 22–27 June Growing Great Managers: The Core Essentials

5–9 May True Leadership: Leadership: Leading With Meaning

Darden is your strategic partner to prepare your leaders to shape your organization’s organization’s future and outperform the competition.

www.darden.virginia.edu/exed [emailprotected] [emailprotected] rginia.edu l

+1-877-833-3974 U.S./Canad U.S./Canada a +1-434-924-3000 Worldwide l

From the Dean

Robert F. Bruner Dean, Charles C. Abbott Professor of B usiness Administration and Distinguished Professor of Business Administration

TOM COGILL

What’s Your Your Darden Darden Story?

ne of the greatest joys of my role as dean of the University of Virginia Darden School of Business for the past eight years and as professor for the past 31 years is to listen to the stories of alumni and friends, who tell me how Darden has shaped them — and how they, in turn, are shaping the world. One only needs to thumb through the growing Class Notes section of The Darden Reportto Report to see our vibrant, tight-knit community in action. The experiences of our 14,000 graduates, from the Classes of 1957 to 2013, collectively tell the story of the School. This issue of The Darden Report is dedicated to showing you some of the many ways we, as as a community community,, are meeting meeting the the School’ School’ss mission: mission: to improve improve the world by inspiring inspiring and developing responsible leaders and by advancing knowledge. In the first feature section of the magazine, you will meet four graduates of the Darden School who are making a positive impact from Brooklyn to Bogotá. As my colleague Professor Alec Horniman writes, “Responsible leaders lead by choice, not chance.” The second feature section offers ideas for the practicing manager from members of Darden’s top-ranked faculty, who are changing the way the world does business by advancing knowledge. We hope these stories of our bold pursuit of knowledge and the power of people to make a difference will inspire you to continue to share your Darden story.

@Bob_Bruner blogs.darden.virginia.edu/deansblog

Please send us your pictures, memories and thoughts at #urdarden. Or e-mail us at [emailprotected]. Mail us a letter or give us a call.

FALL/WINTER 2013

Dean Robert F. Bruner Charles C. Abbott Professor of Business Administration and Distinguished Professor of Business Administration The Darden Report is published twice a year by University of Virginia Darden School of Business Ofﬁce of Communication & Marketing P. O. Box 7225 Charlottesville, Virginia Virginia 22906-7225 USA [emailprotected]

Executive Director of Communication & Marketing Juliet Daum Editor Jacquelyn Lazo Design and Art Direction Susan Wormington Cover Design Ross Bradley Copy Editors Catherine Burton, Seamane Flanagan Photography: Dan Addison, Ian Bradshaw, Tom Cogill, Jaime Kay, Jack Looney, Andrew Shurtleff Advertising Inquiries: es: Carter ho*rr, Executive Director for Advancement [emailprotected] Phone: +1-434-924-6576 is published with The Darden Reportis private donations to the University of Virginia Darden School Foundation. © 2013 Darden School Foundation Fall/Winter 2013Volume 2013Volume 40, No.2

STAY STA Y CONNECTED CON NECTED darden.virginia.edu/socialmedia

CONTENTS

Fall/Winter 2013

MEETING THE MISSION Developing and Inspiring Responsible Leaders

LOGGING MILES TO SAVE CHILDREN

A CATALYST FOR CHANGE IN COLOMBIA

Save the Children CEO Carolyn Miles (MBA ’88) travels around the world to help children in need and to provide them with hope for a better life.

Pedro Medina (CLAS ’82, MBA ’86) revolutionizes Colombians’ perceptions of their homeland through his nonproﬁt, Yo Creo en Colombia.

Advancing Knowledge 31 SIX MANAGEMENT MYTHS TO AVOID

(AND SIX ALTER ALTERNATE NATE MAXIMS TO CONSIDER)

By Professor Jeanne Liedtka and Tim Ogilvie

32 THREE CRITICAL FACTORS OF BUSINESS STRATEGY

35 THE GLOBAL MARKETING OF AN AGE-OLD FRENCH GEM: The Washington Post “Case Case in Point” By Darden Senior Researcher Gerry Yemen, with Thierry Delecolle, Ronald Kamin (MBA ’75) and Beatrice Parguel

BASKETBALL MEETS BUSINESS IN BROOKLYN

Kim Morrish (CLAS ’88, describes her journey from the U.S. Foreign Service to international development to entrepreneurship in the U.K.

Ralph Baker (MBA ’93) teaches kids in Brooklyn about business and basketball through his ﬁnancial literacy nonproﬁt, New York Shock Exchange.

MBA ’93)

IN EVERY ISSUE 1 4 10 12 37 38

By Professor James G. Clawson

FROM THE GROUND UP

By Professors Jared Harris and Michael Lenox

33 11 KEY CHARACTERISTICS OF A GLOBAL BUSINESS LEADER

39 40 42

From the Dean News Briefs Quote UnQuote/Darden in the Media Faculty Spotlight: Susan Chaplinsky What Kind of Influence Do You Want to Have? Alumni Services Update, In Memoriam Alumni Profile: Bob Smith(MBA ’87) “No Stranger to Risk” Alumni Profile: Elizabeth Weymouth(MBA ’94) “An Influential Force in the Field of Energy” Alumni Leadership Boards 20 Questions: Ned Hooper(MBA ’94)

Ned Hooper (MBA ’94) FALL/WINTER 2013

News Briefs

IAN BRADSHAW

Pictured above is the leadership of the student club Graduate Women in Business. Seated from left: Katrina Bergh, Alison Stewart, Ashley Oost-Lievense, Michelle Callen, Colleen Arthur. Standing from left: Stacey Cruz, Margot Sakoian, Christine Lewis. Not pictured: Emily Yee. (All are Second Year students.)

Darden Women Take Care of Business n Wednesday evenings throughout the fall, a group of female Darden students, faculty and staﬀ members got together in Darden’s South Lounge to discuss issues ranging from where women stand in the workplace to whether or not they they are called to perfectio perfection. n. These These intimate discussions, called Wednesday 10 events, are organized by the School’s Graduate Women in

sided, and men and women need to be aware of the challenges women face in order to create a more balanced workforce. workforce.”” The Class of 2014 has the highest number of female students in Darden’s history. Out of 112 women, or 35 percent percent of of the class, class, there there are 17 female presidents and more than 40 female vice presidents spanning Darden’s 45 students clubs.

Business Club (GWIB), and they serve as a forum for Darden women to engage with one another about meaningful topics that aﬀect women in business. “We have real conversations about what it means to be a woman in the business world,” said organizer Alison Stewart, Class of 2014. “This year,, men have year have also been invited invited to take part in in the discussions, as the conversations aren’t one-

Some hold vice president positions in more than one club. Female presidents run some of the School’s largest clubs, including the Consulting Club, Marketing Club, Finance Club, and General Management and Operations Club. Darden alumnae have also shown an interest in discussing topics pertaining to women in the working world. world. In Washington ashington,, D.C., D.C., a group

ON WEDNESDAY 10 EVENTS:

“We have real conversations about what it means to be a woman in the business world,” said Alison Stewart, Class of 2014 (left). “This year, men have also been invited to take part in the discussions, as the conversations aren’t one-sided, and men and women need to be aware of the challenges women face in order to create a more balanced workforce. workforce.”” 4 THE DARDEN REPORT

The Class of 2014has the highest

Stay Connected With the New Darden Community

number of female students in Darden’s history. In Darden’s Darden’s 45 student clubs

female presidents

more than female vice presidents

of female Darden graduates convene on the fourth Friday of the month for breakfast and to listen to guest speakers, such as Natalie Foley (MBA ’11), who delivered an interactive presentation on design thinking and innovation to the members. The women’s alumnae group in the capital city along with the New York City Alumnae Group are among the School’s first alumni affinity groups. Their members enjoy getting together for networking, educational and social events. To meet the needs of executive women who aspire aspire to the C-suite, Darden Executive Education offers the popular The Women’s Leadership Program, Program, a semiannual program led by Senior Associatee Dean for Associat for Executive Executive Education Education Erika James. The course, which will be offered again 27 April–2 May 2014, helps women assess and and address address their strengths and challenges, navigate the frequently complex dynamics of strategic business leadership, and hone their skills as effective, visionary leaders.

As a valua valuable ble member m ember of Darden’s Darde n’s tight-k ti ght-knit nit alumni a lumni communi community, ty, you can reconrec onnect with classmates, register for events, update your profile and network with fellow fello w alumni alu mni in i n our update updated d online onl ine communit c ommunity. y. EASIER SIGN IN

ALUMNI SEARCH SE ARCH

Log in using your e-mail address or connect your account to Facebook, Google, Twitter, LinkedIn, Yahoo or OpenID for convenient, one-click social sign-in.

Use the alumni search tools to locate alumni by class, location, company or program.

EVENT CALENDAR

GROUP MEMBERSHIPS

View and register for upcoming Darden D arden alumni events.

Join an online networking network ing group of alumni specific to your class, chapter, career or personal interests.

You must complete You compl ete first-time registration to access ac cess the resources available av ailable on the website, including event e vent registration, group participation particip ation and alumni alumn i search functionality. Contact Darden Alumni Services to obtain your access code to complete first-time registration.

News Briefs CONFERENCES

Upbeat Outlook at the 6th Annual University of Virginia Investing Conference

SAVE THE DATE 9–10 MAY 2014

After five years of intense volatili volatility ty — including a global recession, the nearcollapse of the financial system and a debt crisis in the euro zone — investors at the sixth annual University of Virginia Investing Conference (UVIC), sponsored by the Darden Center for Asset Management, predicted a steady upswing in 2014, and reported that retail investors seeking positive, real returns are gaining confidence in public equities. More than 600 attendees at the soldout conference in November heard from a string of experts on the U.S. energy renaissance, the technology boom, investment strategies of endowments and emerging markets. The experts offered investing ideas and strategies for mitigating risk. “Buy when there is little confidence, and sell when there is too much

FOR DARDEN’S THIRD ANNUAL ANNUAL GLOBAL LEADERSHIP FORUM Howard Marks spoke on the subject of “Managing Money in Uncertain Times.”

conﬁdence,” said Howard Marks, chair of Oaktree Capital. “Risk is when there’s too much conﬁdence in the price of an asset.” At the confere conference, nce, Darden MBA students also hosted the second annual Darden @ Virginia Investing Conference. Students from 15 top business schools participated in the stock pitch competition. The team from Columbia Business School took home the $3,000 cash prize. To view video interviews from the conference, visityoutube. visityoutube.com/ com/user/ user/ DardenMBA.. DardenMBA

IN SHANGHAI, CHINA INCLUDING THE INAUGURAL

Shanghai Investing Summit “Global Growth and the Next Breakthrough Economy”

‘Start Up Now’ Conference Inspires Entrepreneurs Entrepreneurs “Is the entrepreneur crazy enough to be an entrepreneur, but not dysfunctional?” asked venture capitalist Jonathan Aberman (pictured above), founder and managing director of Ampliﬁer Ventures, at the ﬁfth annual Darden Entrepreneurship Conference organized by Darden’s Batten Institute for Entrepreneurship and Innovation and the School’s student-run Entrepreneurship and Venture Capital Club. Aberman’s Aberman ’s comment comment shed light on his process to evaluate evaluate early-stage early-stage deals, deals, as he he looks for evidence of patterns of behavior that are known to lead to success. Darden’s ‘Start Up Now’ conference convened more than 400 aspiring and experienced entrepreneurs in November to learn about topics such as crowdfunding, the role of ethics in new ventures and change management. The conference concluded with the announcement of the winner of the annual Darden Concept Competition: Lamarca, which uses crowdfunding to support handbag designers. Second Year student founders Sarah Sanchez and Anika Brown won a spot in the university-wide concept competition, the U.Va. Entrepreneurship Cup. 6 THE DARDEN REPORT

Shanghai Marriott Hotel City Centre Shanghai, China Sponsored by: Darden Center for Asset Management Darden Center for Global Initiatives

darden.virginia.edu/shanghaisummit

Darden’s Class Cla ss of 20 201 15:

By the Numbers

Darden’s incoming class is the largest in the history of the School, with 414 414 students across the three formats of the MBA program. The full full-tim -tim e M BA boa sts the Sch School’ ool’ss highe h ighe st-e st-ever ver ave average rage GMAT score s core and gra grade de poin t avera a vera ge. Whe n it com comes es to caree c areerr as pira tion s, this remarkable class reflects a growing trend: interest in mission-driven careers in fields such as health care, energy, education, government and the nonprofit sector.

MBA

MBA for Executives

316

Enrolled

706 Average GMAT

32% With Advanced Degree D egree

40% With Advanced Degree

3.5 Average GPA

25% With Military Militar y Experience Exper ience

33% With Military Milita ry Experience Exper ience

16% Minority

Average Years Work Experience

30%Women 11% Increase in Applications Over Previous Year

37% Born Outside U.S.

Bloomberg Businessweek’s ’s 2013

Average Years Work Experience

27% Born Outside U.S.

ranking of Executive MBA programs No. 11Darden’s A+ A+ A

First Graduating Class: 1957

Global MBA for Executives

debut U.S. ranking in Teaching in Support in Curriculum, Entrepreneurship and Finance Finance

First Graduating Class: 2008

A Loo k at Look a t Recent Rec ent MBA Ranki Rankings ngs Deciphering business school rankings can be tricky, tricky, as each ranking publication uses a different methodology to measure different factors. Here’s a look at Darden’ss rank in the most recent MBA polls. Darden’ DARDEN’S RANK

PUBLICATION

MEASURES

The Economist,

2013 (Global Ranking)

Student and alumni experience, including career services, job placement, faculty and student quality and diversity, recruiter diversity, salary salary changes from before to after degree

U.S. News & World Report, 2014

Ratings from deans and recruiters; quantitative analysis of career and admissions data

Forbes, 2013

Return on investment using total salaries of alumni who are ﬁve years out minus salaries lost while in school and cost of education

Countries represented in the Class of 2015 include: Brazil, France, Germany, Iran, Kenya, Russia, Serbia and the United States.

First Graduating Class: 2013

Darden in the Top Tier of the MBA Specialty Rankings No. 1 Education Experience (The Economist 2011–13) No. 1 General Management (Financial Times2013) 2013) No. 1 Facilities The Princeton Review2014) (The No. 4 Management (U.S. News & World Report2014) 2014) No. 5 Entrepreneurship (The Princeton Review for Entrepreneur magazine 2013) No. 5

MBA Program (Hispanic Businessmagazine magazine 2013)

No. 5

Faculty

(The The Princeton Review 2014)

FALL/WINTER 2013

News Briefs FACULTY

New Faculty Finance

Elizabeth A. Demers, Associate Professor of Business Administration

Professor Ed Freeman Earns Coveted Academy of Management Award In August 2013, Professor Edward Freeman was elected a Fellow of the Academy of Management, a rare honor bestowed only once a year on one of the organization’s members. With only about 180 fellows, or less than 1 percent of the academy’s 19,000 members, the Fellows Group is composed of scholars who have made a signiﬁcant contribution to the science and practice of management. Best known for his groundbreaking work on stakeholder management and business ethics, Freeman joins Darden Professor Ming-Jer Chen as an Academy Fellow. Freeman also received the Academy of Management’s Distinguished Educator Award, which recognizes long-term excellence in outstanding teaching in the classroom, fostering pedagogical innovation and mentoring of students.

A Professor’s Profes sor’s Olympic Dreams PROFESSOR PAUL SIMKOhatched his

PA U L S I M KO

8 THE DARDEN REPORT

Daniel Murphy, Assistant Professor of Business Administration

endowment, named for Darden Professor

PROFESSOR FRANK WARNOCKwas was

John Colley Colley,, sponsors sponsors a Darden Darden faculty faculty member to participate in the Mead Endowment Program every year.

appointed to the James C. Wheat Jr. Professorship in Business Administration, a professorship for which there is no term length. Warnock, a member of the Global Economies and Markets (GEM) area, is an expert on international capital ﬂows, international portfolio allocation and ﬁnancial sector development. He developed and delivers GEM’s First Year core elective “Global Financial Markets” and the Second Year elective “Advanced Global Financial Markets. Markets.”” He also al so co-created and co-teaches the yearlong practicum “Markets in Human Hope. Hope.”” Warnock joined the Darden

“Dream Idea” last year while planning his courses for the annual Global MBA for Yang and Warnock Yang Executives second residency in Brazil. He Appointed Appointe d Chairs Chai rs envisioned holding several experiential PROFESSOR DENNIS YANGwas was appointed appointed learning activities related to the 2016 the Dale S. Coenen Professorship of Free Summer Olympic Games, to be held in Enterprise Research Chair, an appointRio de Janeiro. Thanks to his Mead Endowment Award, which he earned for his ment that has a three-year term. Yang joined the Darden community in 2012, innovative “Dream Idea” in December, Simko will integrate visits to various sites and he teaches First Year MBA classes on global economies and markets. He is also where the Olympics Olympics will take place place to developing an elective course teach a GEMBA cohort about the process and theplanning societal and economic impacts on the city. The

Global Economies and Markets

on China and Asia.

faculty in 2004.

D EN NI S YA NG

F R A N K WA R N O C K

STUDENTS

Class of 2014 First Year Awards At First First Coﬀee Coﬀee in Septem September ber,, student awards were were presente presentedd to members members of the Class of 2014. 2014.

Left: G. Robert Strauss Marketing Award recip ient Jon ath an O’Connor with Professor Tom Steenburgh. Right: C. Stewart Sheppard Distinguished Service Award recipient Patrice Yao with Dean Bob Bruner.

Class of 2014 Student Awards Samuel Forrest Hyde Memorial Fellowship

Brandon Guichard William Michael Michael Shermet Award

Jason Anderson Matthew Attanucci Matthew Attawa Att awayy William Besash David co*ckerill Bryan Furman Brandon Guichard Chiraj Jain Amanda Miller Martha Page Brandon Prather Matthew Priest Andrew Robertson Kyle Simmons Yue Zhu C. Stewart Sheppard Distinguished Service Award

Chiraj Jain Patrice Yao G. Robert Strauss Marketing Award

Jonathan Jonath an O’Connor O’Connor

From left, Kent Guichard (MBA ’83), Brandon Guichard (Class of 2014), recipient of the Samuel Forres Forrestt Hyde Memorial Fellowship and a William Michael Shermet Award, and Dean Bob Bruner.

FROM ONE GENERATION TO THE NEXT

“The Shermet Award and the Hyde Memorial Fellowship are great honors, and I couldn’t be more proud of what Brandon has accomplished during his First Year. Year. While accolades are rewarding, particularly as a parent and alumnus, I am most proud of the character and qualities that he continually demonstrates. Brandon, like his fellow students, embodies the best traditions and values of the Univers University ity and practic practices es servant se rvant leadership, placing the interests of his classmates and the School ahead of his own.” —KENT GUICHARD (MBA ’83), BRANDON’S FATHER AND

CHAIR AND CHIEF EXECUTIVE OFFICER OF AMERICAN WOODMARK CORPORATION

FALL/WINTER 2013

QuoteUnQuote Quote UnQuote The Washingt Washington on Post/Darden Darden “Case in Point” 15 NOVEMBER 2013

“Unlike with stock picking, when it comes comes to forecasting, forecasting, averaging does not yield average performance. Averaging can do no worse than the average expert, and often does better than the best expert. By relying on the average forecast, one can also avoid the large forecasting errors that even the best expert occasionally makes.” makes.” YAEL GRUSHKA-co*ckAYNE GRUSHKA-co*ckAYNE,, assistant professor of business administration, and KENNETH C. LICHTENDAHL JR. (MBA ’98),associate professor of business administration, on whether it is better to trust the best expert or the average of a group of experts

Darden in the Media | 6 NOVEMBER 2013 BBC Capital|

“Whenever communicatio communication n crosses cultural boundaries, even small gestures of respect to norms can be important. The do’s and don’ts we rely on here [in the t he U.S.] don’t always alwa ys apply. ap ply.” ELIZABETH POWELL POWELL,,assistant professor of business administration, on mastering the art of global e-mail etiquette etiquette

ONGOING SERIES The Darden Darden School of Business Business has ongoing ongoing series in the following media outlets: 1.The Washington Post /Darden

Point”Darden has published 70 cases Point”

biweekly in the paper’s Sunday Business section since 2011. 2.The Washington Post Capital Business

Darden’s faculty has published 14 articles in 2013, most with an Executive Education focus. 3.Forbes/Darden’s Darden’s

The Washington Times | 28 OCTOBER 2013

“If you extend the selling day by one day, do you get more sales than you would had you not been open that day?” GREG FAIRCHILD (MBA ’92),E. Thayer Bigelow Associate Professor of Business Administration, Administration, on Macy’s decision to remain open on Thanks-

“Case in

Batten Institute

Darden faculty members frequently write blogs about entrepreneurship and innovation. 4.CNBC

Professor Ed Freeman appears frequently on CNBC’s “Squawk on the Street.” 5.The Economic TimesCorporate Dossier

Professor Saras Sarasvathy writes a monthly column on entrepreneurship for the Indian business newspaper.

giving day

Forbes| 7 NOVEMBER 2013

“Promotions remain a durable feature of consumer marketing because manufacturers, retailers and especially consumers all love a deal — and with good reason.” PAUL FARRIS FARRIS,,Landmark Communications Professor of Business Administration, Administration,and KUSUM AILAWADI (Ph.D. ’91)on why retailers should not skimp on promotions

The Washingt Washington on Post Capital Capital Business 20 SEPTEMBER 2013

“A forward-looking customer targeting strategy that is enabled by the knowledge of customer attitudes is 11 percent more proﬁtable than an alternative that ignored customer attitudes. … The bottom bo ttom line lin e — pay attention to customer attitude as well as behavior.” RAJKUMAR VENKATESAN, Bank of America Research Professor of Business Administration, Administration, on the importance of knowing what your customers think of you

10 THE DARDEN REPORT

The Economic Times Corporate Dossier| 25 OCTOBER 2013

“I would like you to consider how we could go about creating complex enterprises even if we aren’t heroic leaders imbued with special traits traits like vision. vision. In other words, how can ordinary people demonstrate extraordinary leadership?” SARAS SARASVATHY, Isidore Horween Research Associate Professor of Business Administration, Administration, on ordinary people demonstrating extraordinary leadership

DARDEN BUSINESS PUBLISHING: PUBLISHING:

THE LATEST CASES

Darden Business Publishing, founded in 2003 to provide content for the Darden classroom, now distributes knowledge and ideas from the Darden School across the globe. Today, its catalog contains more than 3,000 cases — plus technical notes, exercises, books and simulations used in more than 130 countries around the world. 1.“HemoShear,

LLC: Series C Round Financing” by Susan Chaplinsky and

Anne Erdman in the Fast Lane: Stacy Hollins and the Hollywood Headache”by Headache”by Jenny Mead, Aaron Peters and Andrew C. Wicks

2.“Life 2.

3.“Pitching 3.

The Wall Street Journal | 5 NOVEMBER 2013

“ More than 220 students attended an Amazon.com Inc. briefing this fall at Darden, the highest attendance figure for any single company briefing in the School’s history.” JACK OAKES(MBA ’88), assistant dean for career development, on the growing number of Darden students accepting jobs in the technology sector

J. Crew Maternity Apparel to Mickey Drexler” by Paul W. Farris, Randle D. Raggio, Patrick DesMarteau, Alex Mazakov and Lindsay Murphy

4.“Segmenting 4.

Clinton and Obama Voters” by Kenneth C. Lichtendahl Jr. (MBA (MBA ’98) and Rohit Gupta

5.“ZYRTEC: 5.

Responding to Allegra” by Karin Bergqvist (MBA ’08), Angela Li (MBA ’03) and Marian C. Moore

Darden alumni enjoy free access to the Darden Case Collection. For more details, e-mail [emailprotected].

PILLARS

TH T H E P OW E R O F P H I L A N T H RO P Y AT T HE DA R D E N S C H O O L O F B US I N E S S

G IFT P LANNING YO Y O U R P L A N N E D G I F T S L A Y T H E F O U N D AT I O N F O R D A R D E N ’ S F U T U R E

Did you know that you can support Di Da D arden through your estate planning? Planned gifts from alumni, faculty and friends make it possible for Darden to deliver on its bold mission of improving the world by developing and inspiring responsible leaders and by advancing knowledge. Te variety of available planned giving options gives you the ability to satisfy your ﬁnancial goals while helping Darden prepare a new generation of leaders.

FOR MORE INFORMATION

To learn more about how a planned gift might ﬁt into i nto your overall giving plan, please visit www.dardenplannedgiving.org or contact Carter ho*rr, Ho err, Executive Director for Advancement at the Darden School of Business, at +1-434-924-6576 or [emailprotected]. The Darden Ofﬁce of Advancement mailing address is P.O. Box 7726, Charlottesville, Charlottesv ille, Virginia 22906 229 06 USA. USA .

www.dardenplannedgiving.org

Faculty Spotlight

Susan Chaplinsky

Tipton R. Snavely Professor of Business Administration

What Kind of Influence Influence Do You Want to Have? “Charlottesville? Where’s that?” 1994. Professor Kenneth Eades, whom Chaplinsky met at the University of Michigan when they were both “rookie” faculty members, urged her to get to know Thomas Jefferson’s university. “Don’t say no, just come, come,”” Eades said. So Chaplinsky agreed to meet with Darden Dean Lee Higdon, and she told him why she wasn’t sure she’d be a good fit for the School. She taught using the case method at Northwestern University, but she’d never written a case. As a University of Chicago–trained economist, she had a strong research background. Higdon told her that she could continue to pursue her research while becoming a world-class

told her. “You have strengths as a teacher, and you will be able to carry and and continue continue your resear research ch at Darden.” As a former former investment investment banker banker,, Dean Higdon Higdon was “a “a super salesman,” according according to Chaplinsky Chaplinsky.. “Otherwise, I don’t think I’d be here.” He believed the School needed to diversify its faculty with respect to gender, geography and academic training. “A lot of the previous faculty had — not unexpectedly — come out of the Harvard mold. Today our faculty come from institutions around the world,” Chaplinsky said. And then then he said said something something that made made up her mind. “You could be one of a big department somewhere else, but at Darden, we’re small. You can have much more inﬂuence on your colleagues, on the School and in your ﬁeld here,” he asserted.

teacher. “I see you as the prototype of what the new Darden faculty members could be like,” he

“The question is what kind of inﬂuence do you want to have?”

Susan Chaplinsky asked when she was recruited to join the Darden School of Business’ faculty in

12 THE DARDEN REPORT

3RD ANNUAL PRIVATE EQUITY CONFERENCE

On 21 March 2014, Darden’s student-run Private Equity club will hold its third Private Equity Conference. As the club’s faculty advisor, Chaplinsky has been impressed by the initiative alumni such as John Loverro (MBA ’00) have taken to support the endeavor endeavor..

The Next Generation of Faculty Faculty Chaplinsky, the Tipton R. Snavely Professor of Business Administration, did not imagine that she would still be in Charlottesville Charlottesville 20 years later later.. But she quickly adapted to Darden’s applied teaching method, because it was directly in line with her corporate empirical research style. Pretty soon, she couldn’t imagine herself anywhere else. Today, Chaplinsky is pleased to see that many of Darden’s faculty members exemplify the traits Hidgon believed were essential for the School’s next generation of professors. “We hire people because they have a body of thought leadership that we think will be important to people in practice and policymakers, and they also bring those skills into the classroom,” Chaplinsky said. “I can only imagine what some of our younger faculty members will be like with years of experience. They are already strong teachers and have a great inclination of how to carry themselves in front of their students,” she remarked.

Confronting Complex Cases in the Classroom For her part, Chaplinsky has mastered the classroom setting. She steers her students through complicated cases, which she simplifies by asking provocative questions. “Transactions these days are complex,” shethe explained. try tothey teachlearned Second Years how to use building“Iblocks in their First Year to confront complexity and to realize they have the skills to break down the situation into solvable problems.” Her approach has made her a perennial favorite among students, who scramble to sign up for the two classes she teaches each fall, “Corporate Financing” and “Entrepreneurial Finance and Private Equity (EFPE),” the latter of which was created in response to students’ interest in the field. “Students had organized their own course and were more more or less teaching teaching themselves themselves a version of of ‘Entrepreneurial Finance.’ That prompted the area and to offer a new on the she first said me of the situation atcourse the School in topic,” 2001. The

This year, year, the conference will welcome members members of Charlottesville’ Charlottesville’ss community and cover topical issues, including energy and coinvestment. “PE ﬁrms tend to be small, so they don’t recruit heavily. A small number of students a year will get jobs in the industry directly out of Darden, so they ﬁnd these networking and learning opportunities extremely important,” Chaplinsky noted. She encourages interested alumni to contact her or the club to get involved.

course consisted entirely of Harvard case studies; since then, Chaplinsky has written all but one of the cases for the class — penning many of them in conjunction with students and alumni.

Writing in Concert With the Darden Community Early on, developing materials for EFPE was challenging because private equity is riddled with confidentiality concerns, and it takes a special relationship with a firm to gain access to the necessary information. Chaplinsky was aided by students and alumni who had contacts or experience in the industry that helped create materials to benefit the students. One former student, Julie Engell (MBA ’07), approached Chaplinsky before winter break of her Second Year with a challenge. Engell’s father, who was a board board member member of a Danish private equity equity firm, Polaris, wanted to co-write a case with his daughter about one of its portfolio companies. Eager to acquire an international case, Chaplinsky encouraged Engell to work on it with her father. “She took the initiative as a student, which is always welcome,” said Chaplinsky, who has used the Engell case numerous times in her class since then. Even alumni who weren’t Chaplinsky’s students have reached out with ideas for materials. In 2004, John Fruehwirth Fruehwirth (MBA ’96) — who had never taken a class with her, though his wife, Christine Arnold Frueh Fruehwirth wirth (MBA ’96), had — contacte contactedd Chaplinsky because he had done a mezzanine financing deal that he thought would be of interest to students. “John owns his own fund now, Rotunda Capital, and he still comes back to the classroom to teach and meet with private equity

Did you know? Professor Chaplinsky, an avid sports fan, has season tickets to U.Va.’s basketball games. You You can ﬁnd her in section 110, cheering on the ’Hoos.

FALL/WINTER 2013

Chaplinsky’s research interests are primarily in corporate ﬁnance, and she has specialized interests in capital raising, private equity and capital structure. She is working on a project to identify the outcomes of the JOBS (Jumpstart Our Business Startups) Act, which was passed in April 2012.

students,” she said. Engell and Fruehwirth are two of the many students and alumni who have helped Chaplinsky develop new cases during her time at Darden.

A Fascination Fascination With Finance Chaplinsky majored in economics — not finance — as an undergraduate at the University of Illinois. She had initially dismissed finance as a subject area of interest when she enrolled in a graduate-level portfolio theory course at the University of Chicago. Her perspective shifted radically while she was in Nobel Prize-winning Professor Eugene Fama’s class. “For a lot of us, it wasn’t a class, it was a life-altering experience,” she recalled. “Some of us even describe it as a religious experience.” Now a renowned expert in corporate finance and private equity, Chaplinsky is just as curious and dedicated to finance as shetowas Fama’s course. “There is some orthodoxy theinway markets function,” Chaplinsky said. “I like that some elements are rational; it gives you a framework for how to solve problems and narrows the elements that are unexplained.” The blend of principles and the ever-changing dynamic that affects them is what motivates her research. Chaplinsky’s research interests are primarily in corporate finance, and she has specialized interests in capital raising, private equity and capital structure. She is working on a project to identify the outcomes of the JOBS (Jumpstart Our Business Startups) Act, which was passed in April 2012. “The law attempts reduce of thetransparency cost burden of going public, but at thetoexpense

14 THE DARDEN REPORT

and disclosure,” Chaplinsky remarked. “We’re going to look at how the act affects the pricing of these companies. It’s an option for the issuer — they don’t have to reduce their disclosure [burden of going public], but they can choose to in an effort to save money.” Although the SEC is still collecting data, she believes the act will increase the availability of capital for smaller firms. Chaplinky is also examining the “exit” stage of the venture capital life cycle, particularly as it pertains to public offerings. “Part of what motivated the JOBS Act was the precipitous drop in IPOs since 2000. Venture capitalists traditionally generate returns from IPOs, and as that avenue has diminished, they’ve had to exit by selling their companies privately,” she explained. Chaplinsky reflected that IPOs typically offer higher returns than private sales, and her research attempts to measure how pronounced this effect has been. An active active faculty faculty member member in the life of the School, Chaplinsky serves as the faculty representative for the Darden School Foundation Board of Trustees and was the associate dean for faculty scholarship from 2008 to 2011. She has received numerous teaching accolades. In April 2013, 2013, she earned earned the Univer University’ sity’ss highest teaching award, an honor that recognizes teaching excellence, research and service achievements of an outstanding caliber. In 2012, she received the Wachovia Award for Excellence in Teaching Materials — Innovative Case, and in 2007, she won Darden’s Outstanding Faculty Award. by Jacquelyn Lazo

DEVELOPING AND INSPIRING

RESPONSIBLE LEADERS Responsible leaders are individuals with a strong sense of self and others, and the situations they influence. These are people that invite, include and inspire others. Being responsible implies intentional choice, which creates opportunities for exceptional performance from an organization’s members. Responsible leaders lead by choice, not chance. Alexand Alex ander er B. B . Horn H ornima iman, n, Killgallon Ohio Art Professor of Business Administration, Senior Fellow, Olsson Center for Applied Ethics

FALL/WINTER 2013

RESPONSIBLE LEADERS

PHOTO: SAVE THE CHILDREN

Logging Miles to Save Children Save thearound Children (MBA ’88) and travels the CEO worldCarolyn to help Miles children in need to provide them with hope for a better life. 16 THE DARDEN REPORT

CAROLYN MILES (MBA ’88)

hen Carolyn Miles, president and chief executive oﬃcer of Save the Children, joined the nonproﬁt in 1998, she never thought she’d stay for 15 years. “But there is absolutely nothing I would rather be doing than running this organization,” said Miles, who became

realization that there are millions of children who are growing up in the world that have absolutely no opportunity for a better life, for no other reason than that they are born into poverty.” At that moment moment,, Miles knew knew she wanted wanted to dedicate her life to helping the world’s children and

Save the Children’s first female CEO in 2011. After graduatin graduatingg from Darden in 1988, Miles worked for for American American Express, Express, first in New York York City and then in Hong Kong. She then teamed up with Darden classmate Tom Neir (MBA ’88) to help develop a successful chain of coffee shops across Asia called the Pacific Coffee Company, which they they later sold sold to a Chinese Chinese investor investor..

During her travels in Asia, Miles was routinely confronted by the endemic deprivation faced by millions of children. She describes a life-changing

to providing them with hope for a better life. “Although I knew nothing about nonprofits, I had the sense that, with the training I had, there had to be something I could do for a nonprofit organization,” said Miles, who has three children with her husband and fellow Darden graduate Brendan Miles (MBA ’88). When the family moved back to the United States, to Connecticut, in 1998, a Darden alumnus introduced Miles to a staff member at Save the Children. She took a marketing position with the organization, applying the experience she had gained at American Express and through her Asian startup startup to help help the nonprofit nonprofit with with its directdirect-

experience in the Philippines: “My family and I were at a stoplight, stoplight, and a poor woman woman came up to the car to beg. She had a baby boy in her arms, and I was sitting with my son Patrick in my arms,” Miles recalled. “Patrick was about six or seven months old. The woman’s baby didn’t look nearly as healthy as mine did, but he was about the same age, and we looked at each other through the window. She never did knock, but at that moment, I had the

response television and direct mail campaigns, bringing in new donors. In 2004, Miles became Save the Children’s chief operations oﬃcer and executive vice president, and in September 2011, she moved into her current role as president and CEO. During her tenure, the organization has more than doubled the number of children it reaches with nutrition, nutrition, health, health, education education and and other

The Catalyst: A Mother and Child

As the leading independent organization inspiring breakthroughs in how the world treats children, Save the Children serves more than 125 million children in 120 countries, including the United States.

what the challenges are and work at the highest level possible to make those challenges easier for your team. LESSON TWO: Leaders need a flexible strategy.

Leadership Lessons From the Syrian Conflict This fall, Carolyn Miles Mil es addressed address ed students, stude nts, faculty, facul ty, staff and visitors at Darden as part of the School’s Leadership Speaker Series. She explained that Save the Children is working to provide humanitarian aid to the two million Syrian refugees, one million of whom are children. She shared the lessons she has learned while leading her team through this conflict. LESSON ONE: Leaders need to understand the

challenges their teams face on the front lines. Nothing can take the place of you being on the ground with the people you’re trying to help. You must know

In Syria, our strategy has changed quite a bit. We have to supply immediate support, but we also have to make sure people know what’s going on to try and influence the longer-term political solution. There’s a lot more awareness in the United States now about what’s going on, sadly because of the chemical weapons attack on Syrian citizens. This has given us an important opportunity to talk about the humanitarian situation. In addition to the 400+ children who were gassed during the recent chemical attacks, 10,000 Syrian children have been killed in the past two years during this conflict. Our role is not to say what we want to do politically or militarily. It is to be a witness to what is happening to children and making sure people know the facts. LESSON THREE: Leaders need to forge partnerships. When you y ou are in a crisis, it is incredibly importan importantt to reach out ou t to others who can help you. Who Wh o do you work with or know that you could c ould get ge t to support the work you do? For us, it could be the United Nations Human Rights Council, the UN agency that works with refugees and is on the ground with us in the camps; or it could be our board members, many of whom are corporate leaders. Partnerships Partnerships are the only way you’re going to move your strategy ahead.

FALL/WINTER 2013

RESPONSIBLE LEADERS

programs. She has helped grow its budget from $250 million to more than $650 million today.

Making Sure the Story Stor y Is Told

Excerpts from Miles’ Logging Miles Syrian Refugees in Iraq LiveBlog, in Limbo

“Increasing awareness about children in need is a crucial part of my job,” said Miles. “In addition to the support we provide every single day, we are documenting what is happening to kids. For example, 6.6 million kids still die every year of things we can prevent, such as pneumonia, malaria and diarrhea. Part of our work is to make sure people know what the facts are.” As she travels travels to refugee refugee camps camps and impover impover-ished areas in some of the 120 countries where Save the Children works, Miles chronicles her interactions with children in her blog, Logging Miles.

The boy bo y standing standi ng in the th e cem ent blo ck doorway door way called call ed to us u s to take tak e his picture. p icture. We couldn’t resist his bright smile in the bleak dust of the refugee camp. We went over and snapped a few shots, and he looked at them proudly on our cell phones. His uncle, who was hovering close by, came to talk with us, and soon we were sitting in their one-room cinderblock home, sipping warm Coca-Cola in tiny glasses. Nawzad’s father, uncle unc le and mothe motherr told us how the two families fam ilies had h ad ended end ed up here in Domiz Domiz,, a refugee camp near the border with Syria. For children children like Nawzad, wh o is 9, and C himan, who is only 3, the days are filled with small chores, sitting inside their one-room house — an accommodation they’re lucky to have, since many families are living in tattered tents. … They have been there for nine months, and no one is sure when they might be able to go back to Syria.

As CEO, CEO, she has emphasize emphasizedd the need need to use social media and new technology to extend the organization’s reach and fully engage with Save the Children’s employees, volunteers, beneficiaries, donors and partners, as well as others around the world. She She has also built partnerships partnerships with with other organizations — public, private, nonprofit and for-profit — to cooperate and share resources and expertise for the benefit of the world’s children. For example, in October, Save the Children and Calvin Klein Inc. hosted an inaugural benefit gala to increase awareness of the nonprofit’s national early childhood education programs and to honor its supporters. Miles presented the National Child

we said go odbye goodbye Naw zad and an d hisshyly li ttleand little sistesaid sister, r, weofasked aske d him if he home. wa ntedHis to As go back to his village.toHeNawzad looked down course, it was father said s aid the same, that as soon as a s Assad fell and an d things were safe, safe , he would wo uld go back and find work as a house painter again. But Nawzad and Chiman’s mother’s eyes were fearful. … This family had been through so much already, and I’m sure the thought of reliving the fear and destruction she had seen was too much to think about as we sat chatting on the floor of a place that feels fe els nothing not hing like lik e home. hom e.

Advocate Award Advocate Award to actress actress Jennifer Jennifer Garner Garner,, one of the organization’s most devoted advocates. Garner serves as an Artist Ambassador — along with such other celebrities as Julianne Moore, Rachel Zoe and Jennifer Connelly. In addition to working with Save the Children, Miles serves on numerous boards for nongovernmental organizations and entities that support nonproﬁts. An active and devoted Darden alumni volunteer, she serves on the Darden School Foundation Board of Trustees and is chair of the Branding, Marketing and Communication Committee.

—By Jacquelyn Lazo and Julie Daum

Can a Literacy Pilot Program Help Pakistan’s Children Learn to Read? Except for the fact that the counting aids were rocks and polished peach pits, and the space was tiny, we could have been bee n at any preschool anywhere in the world. All the colorful co lorful elements ele ments of the classroom had been be en produced by the enthusiastic e nthusiastic woman who was the teacher — a local woman who provided a room in her house for the school sch ool and underwen u nderwentt regular training train ing with Save Sa ve the Children. C hildren. …This …Th is school was also part of a new ne w model in Pakistan that focuses on children ages 2–8. It works to ensure that these children get the most they can get from school, with a particular focus on literacy. lite racy. Save the th e Children has h as launched launch ed similar simila r Literacy Boost program s in Bangladesh, Ethiopia, Malawi, Mozambique, Nepal, Pakistan and Zimbabwe. Zimb abwe. The programs focus on preparing p reparing children child ren to learn to read — starting sta rting as early e arly as preschool. Pakistan has policies at the national and provincial level to make sure every child who has the right to go to school actually has a school to go to and a trained teacher. But in many rural areas, this universal access is not happening — and while primary school enrollment is 81 percent for boys, it is only 67 percent for girls. Programs Programs like Literacy Boost are targeted for both boys and girls and are run by teachers in local rural communities, and early pilots have shown remarkable progress in learning outcomes for children enrolled in the program. To T o read all of her blog posts, visit loggingcarolynm log gingcarolynmiles.save iles.savethechildren.o thechildren.org. rg.

18 THE DARDEN REPORT

Inspiring us all to reach higher.

Johnson & Johnson Johnson is proud proud to sup support port the Darden School in all their continued efforts to build smarter, more dedicated, and principled leaders for tomorrow.

RESPONSIBLE LEADERS

A Catal alys ystt fo forr Cha hang nge e in Colombia Social entrepreneur Pedro Medina Medina (CLAS ’82, MBA ’86) believes in his native country and has convinced hundreds of thousands of Colombians they should, too too.. PHOTOS: RICARDO PINZÓN HIDALGO

20 THE DARDEN REPORT

PEDRO MEDINA (MBA ’86)

n 1999, the nation of Colombia was the site of 80 percent of the world’s kidnappings and 55 percent of the world’s terrorist acts. Sixty percent of the country’s population was living in poverty, and 400,000 Colombians emigrated that year. Colombia was conspicuously absent from most travel guides at the time, though Frommer’s South Americamade a point of mentioning it — in the chapter titled “Nations You Should Avoid. Avoi d.”” In many many people’s people’s eyes, Colombia was a nearly failed nation. The state of his home country troubled Pedro Medina (CLAS ’82, MBA ’86), who at the time was a professor of business strategy and entrepreneurial development at Los Andes University in Bogotá, Colombia. One afternoon during class, he asked his 39 engineering students how many of them saw themselves in Colombia in five years. Only 12 of them raised their hands. The rest turned the question back on him: “Why should we stay?” “The coffee, the emeralds, the two oceans, the flowers,” Medina replied. But his answer was not compelling enough. “I couldn’t sell my country to my students,” he recalled. He wrote, researched and created a talk, “Why One Should Believe in Colombia,” and then he presented it to hundreds of audiences over a period of eight months, earning rave reviews. Everyone from community members to the police got behind the idea, which invigorated Medina and compelled him to start a foundation dedicated to building trust in his country. He named it Yo Creo en Colombia (I Believe in Colombia).

A Powerful Influence for Positivee Change Positiv Yo Creo en Colombia, a grassroots initiative, empowers Colombians to understand their country’s achievements, potential and resources and to leverage those to build a fair, competitive and inclusive nation. From 1999 to 2004, Medina and his team — three full-time employees and 1,900 volunteers — traveled around the world to deliver more than 5,150 programs to Colombians living in Colombia and abroad in 157 cities and 26 countries. As a result of their efforts, more than 680,000 Colombians have benefited from the organization’ss programs. organization’ p rograms. “We’re “We ’re a lean, lea n, mean fighting fig hting machine,” Medina said of his nonprofit. “We add value by building collective self-esteem and social capital.” He has received hundreds of testimonials from

Colombians who have been positively influenced by the organization. “They tell us that our message changed their lives, that because of our stories, they decided to return to Colombia, or not to leave, or to invest, or to change their attitudes,” Medina said. “Our scope is broad … [we have had an effect on everyone] high school students to presidential candidatesfrom to business leaders to beauty queens.” Medina’s initiative has transformed both individual Colombians and the nation as a whole. At a time time when his country country was on the brink of disaster, Medina worked closely with a group of other business leaders in Bogotá to generate hope and trust among Colombians. As a fellow at the Weatherhead Center for International Affairs at Harvard University in 2002–03, he researched methodologies to build social capital, confidence and reciprocity among the citizens of his native country. From 2004 to 2005, he was a Batten Fellow at Darden; he investigated the connection between individuals and entrepreneurial opportunities in emerging economies and how entrepreneurship education can facilitate that connection. His foundation continues to conduct asset-based development research of what works in Colombia, in the hopes of creating a model to empower other nations.

A Background in Business Business Medina did not begin his career as a social entrepreneur. After earning a bachelor’s degree in economics, history and international relations from the University of Virginia, he spent two years working working for for the Southweste Southwestern rn Company Company of Nashville, Tennessee, before returning to Charlottesville to earn his MBA at Darden. When he graduated in 1986, he was hired to open the Colombia operation of Mobil Polymers International, a division of Mobil Chemical. From there, he went on to create an international market for Propilco, the largest petrochemical ﬁrm in Colombia. When he later accepted the role of president of McDonald’s in Colombia, the company insisted he earn another degree — a bachelor’s in hamburgerology from Hamburger University in Chicago. For seven years, Medina used the knowledge he acquired from the Golden Arches’ academy expandthe theMcDonald’s corporation’s international reach. Hetobrought brand to his country and developed 350 local suppliers, six of which are now regional suppliers. Under his leadership, McDonald’s Colombia opened 10 FALL/WINTER 2013

RESPONSIBLE LEADERS Plan Colombia [an initiative created to end Colombian armed conﬂict and develop an anti-cocaine strategy] and a more engaged engag ed civil society.” Yo Creo en Colombia has signiﬁcantly helped Colombians develop agency in a civil society by teaching them to believe in their country and its inherent value.

A Profound Impact Impact on Colombia

Advice From Pedro Medina 1. Expand your threshold of risk each day by doing something you have never done on a daily basis. Start with small changes and build up. 2. Expand your heart — engage regularly with strangers strangers and and do unsolicited unsolicited acts of kindness. 3. Look for hidden assets — the world is full of tangible and intangible assets that are underutili underutilized. zed. I love and apply Professor Sankaran Venkataraman’ Venkataram an’ss bootstrapping bootstrapping technology technolo gy for entreprene entrepreneurs: urs: • Don’t buy anything new that you can buy used. • Don’t buy anything used that you can rent. • Don’t rent anything that you can lease. • Don’t lease anything that you can borrow. • Don’t borrow anything that you can beg for.

restaurants in the ﬁrst 12 months and 33 restaurants in his seven years, and became the top employer of college students in the country.

Medina’s ferocious tenacity and his unwavering dedication to his homeland have not gone unnoticed. In 2004, Colombian President Alvaro Uribe and El Colombianorecognized him as an Exemplary Colombian. He was celebrated by the business magazine Dineroas one of the 20 top businessmen of the year in 2001, and in 2006, he was a ﬁnalist for

the Schwab Foundation Social Entre-by preneurship Award and was chosen Today, Colombia is a completely different Cambiomagazine as one of the top 50 nation from what it was in 1999. Foreign leaders under 50 in Colombia. Medina, whom many consider a rare investments in the country have insignificantt creased from $1.8 billion in 2000 to $15.8 visionary who has made a significan impact on his country, avoids the billion in 2012. The number of limelight when he can and prefers violent deaths pe perr 100,000 100,000 inhabit inhabitants ants spending time at La Minga, a Colombian has decreased from 67 to 32 since 1999. environmental reserve that he owns. “To “We received 5,000 visitors from the relax, I go to the waterfalls in La Minga United States in 1999, compared to 500,000 in 2012,” Medina said. “There and balance the positive ions of the city are now four international tourism guides with the negative ions,” he said said of his that tout Colombia as theplace favorite weekend ritual. to visit.” Medina also dreams of exploring South According Accord ing to Medina, Medina, Colombia Colombia’s ’s America, Americ a, and he he plans to embark on on a sixsixdramatic improvements can be attributed month sabbatical there in 2020 in honor to three main factors: “better leadership, of his 60th birthday. — By Jacquelyn Lazo

Colombia A Changed2013: Nation

• Don’t beg for anything you can get for free. • Don’t take anything for free that you can get others others to pay pay you for. • Don’t take something you can get others to pay you for that you can get others others to bid for and create create an auction. A N I D E M O R D E P

22 THE DARDEN REPORT

The main hou se a t L a Mi nga , a Colombian environmental reserve Medina owns. The house is made of mud, grass and rocks.

It’s a BIGworld. It needs BIGideas. Eastman is proud to support the Darden School of Business. As a global specialty chemicals company, we’re we’re honored to invest in programs that help ﬁnd practical solutions to the th e world’s most complex issues. Today, the world depends on our insights to create materials that are in just about everything—from the screen on your PC tablet to the sheen on your aspirin tablet. And our global community of approximately 13,500 employees continues to pioneer the innovations that lead to practical solutions— with safety and sustainability at the forefront. What could you do if we put our heads together? Rather, what couldn’t you do?

Start the conversation at eastman.com.

RESPONSIBLE LEADERS

From the GroundUp Ground Up

After a career in the U.S. U.S. Foreign Foreign Service, Kim Brown Morrish (CLAS ’88, MBA ’93) grows a company that counts the Tower of London among its clients. rom her base outside London, Kim Brown Morrish focuses on growth. In 2004, Kim

and her British husband, Simon Morrish, purchased a well-established grounds maintenance company called Ground Control Ltd. They partnered with four of the company’s existing directors, who took a risk to invest in the business business alongside alongside the Morrishes. The company provides landscape maintenance, construction and design, fencing and other services for national or large regional clients in the retail, utilities and public sectors. Its customer list includes more than 31,000 commercial sites of organizations like Tesco, Anglian Water, Network Rail and even the Royal Mail. Over the past nine years, Ground Control has grown from $15 million to $100 million in revenue and from 60 to 500 employees. As the company has grown, so too has Kim’s family — she is the proud mother of four children, ranging in age from 5 to 14. Morrish, who began her career in the U.S. Foreign Service, discusses entrepreneurship, social mission-driven careers, women in leadership and the oh-so-delicate work/life balance.

When you graduated from Darden 20 years ago, what were your aspirations? I wanted to make a positive diﬀerence in the world. This This ambition ambition began while attending attending U.Va., where my my studies in internation international al relations relations drove drove my aspiration to join the U.S. Foreign Service. After working working in intern international ational developmen development, t, I

24 THE DARDEN REPORT

realized what an exceptional gift an education is in this world. I took two years of leave without pay from the Foreign Service to gain formal, commercial management training at Darden.

What was your next career move? After Darden, Darden, I returned to my career with with the U.S. Foreign Service to run development projects in Bolivia, which at the time was the second poorest nation in the Western Hemisphere. I extended my time there for a third year to work primarily in microfinance, which provided sustainable, affordable access to financial services to small and micro businesses. businesses. I then spent two years working working and living in emerging emerging markets in Central Europe and Central Asia. I then moved back to Washington, D.C., and was recruited recruited by the German German firm IPC GmbH, which specialized specialized in in setting setting up microcredit microcredit banks around the world. It was my dream job — a leadership role in a global, commercial enterprise that made a positive impact on people with limited opportunities or access. I set up IPC’s Washington subsidiary, handling operations, branding and marketing, staffing international projects and establishing financial controls to qualify the company to work as a U.S. government contractor. After working working on projects in Haiti Haiti and Bosnia, Bosnia, I was running running a project project in Jamaic Jamaica, a, during the 1998 banking crisis where all of the indigenous banks had failed. We were trying to preserve a small business loan program. It was in Jamaica that I met my husband, Simon.

KIM BROWN MORRISH (MBA ’93)

PHOTOS: CHRIS SATTLBERGER

When did you launch your first entrepreneurial venture? While in Jamaica, Simon and I identified what we believed was a great business opportunity to create a real estate portal online in the U.K., which did not exist at that time in any form, either online or offline. After a few months of research and the development of a business plan, we both quit our jobs to start How-Smart.com, which was similar to Trulia T rulia or Realtor.com, Realtor.com, but 14 years earlier and in the U.K.

What was the most important lesson you learned from that ﬁrst venture? Surround yourself with the very best people you can.

What circ*mstances led you to buy Ground Control? We moved to Boston for 18 months while Simon completed his MBA at Harvard Business School.

On a whitewater rafting trip, we learned about the concept of setting up a search fund to purchase an existing business — a management buy-in. Having gone through the blood, sweat and tears of a startup, this sounded like a much better approach to owning and running your own business. So, we returned to London and spent the next year looking for the business. We also had our second child. I told everyone — and I mean everyone — about our aspiration to buy a business. I met with business brokers and accountants, reviewed all of the businesses on the market and attended seminars. Ground Control actually came to us through Jeff Bocan (MBA ’00), a friend and Darden alumnus who was working in private equity in London and mentioned the opportunity to me one night over dinner. The next step was to secure financing. As a buy-in team without industry experience, a the compelling and comprehensive planwetoneeded convince seller to sell to us and to raise financing to pull the deal together. FALL/WINTER 2013

R ESPONSIB LE LEADER S

How has your role at Ground Control evolved? e volved? I focused my ﬁrst years on business development and hiring the very best people we could to support our growth. Both Both responsibilities depended on my ability to sell. I was selling our business to clients and ensuring that we were growing with them, and and I was selling our business to potential employees and allowing them to grow with us. My role has evolved from selling and recruiting to a focus on creating and driving a culture which recognizes that people are the single most important contributor to our success. So many of the people who have joined us, u s, especially our senior sen ior team, are truly exceptional, and the most rewarding aspect of my involvement in Ground Control has been working with them over the past nine years.

What makes entrepreneurship a great career path? There are few career paths that allow you to achieve your dreams, write your own rule book and put you squarely in charge of your success or failure. I’ve worked in many cultures and countries where my gender, age and skin color mattered. I know the challenges of trying to balance a family with career aspirations and the sacriﬁces and compromises required. I love that as an entrepreneur I can wake up every day and focus on making a positive impact on the people in our business.

Can you have it all? You can, but not necessarily at the same time. I was lucky lucky to start my career career in the the U.S. U.S. Foreign Foreign Service where I could work to create opportunities for the disadvantaged. At Ground Control, it’s been rewarding to run a business committed to

26 THE DARDEN REPORT

caring for our environment, supporting hundreds of small businesses that employ several thousand people who carry out work on our behalf. We also fund a wide range of charities through matching grants for our 500 employees in their fundraising activities. Of all of the challenges, heartbreaks, successes and joys of the past 20 years, by far the greatest achievements have been my partnership with my husband and being a mother to my four wonderful children. Thanks to the remarkable team we’ve built at Ground Control, I’ve been able to step away from the business at times and focus on my kids and shaping the way they view the world — whether during maternity leave or school holidays, or when the kids simply need and deserve more time from me. Likewise, all four children are supportive and understanding when the business demands my time and attention. It’s worked. Not without a lot of bumps and sleepless nights. I’ve evolved as the business and my havealso grown — tomyself. better respond to theirchildren needs and to grow Just when I think I am on top of my game, the business experiences a whole new set of challenges due to growth. It’s the exact same with the children. Needless to say, there’s never a dull moment and no chance of feeling overly conﬁdent that I am getting it right. — By Julie Daum and Jacquelyn Lazo

Onward UTC is proud to support the Darden Schoolfor its role in developing principled leaders with the integrity integri ty,, discipline and insightful thinking that can help us build a better world.

OTIS PRATT & WHITNEY SIKORSKY UTC AEROSPACE SYSTEMS UTC CLIMATE, CONTROLS & SECURITY FALL/WINTER 2013

For more information, visit utc.com.

RESPONSIBLE LEADERS

Basketball Meets Business in Brooklyn Ralph W. Baker Jr. (MBA ’93) teaches kids how to dribble and how to double their money through his nonproﬁt, New York Shock Exchange.

hen Ralph W. Baker Jr. (MBA ’93) started coaching his 11-year-old son’s basketball team in the summer of 2006, he came up with the idea of also teaching the players about the merits of business. However, his idea was not immediately well-received by the other parents, who wondered wonder ed why ﬁnancial ﬁnancial literac literacyy was relevant relevant to the young young Brooklyn Brooklyn basketball basketball players. players. Some Some went so far as to call him “crazy.” Baker’s son even threatened to quit the team when his father proposed a new name — the New York Shock Exchange. “[My son] thought we would be the laughingstock of the neighborhood,” Baker said. But Baker persisted. What began as informal investment meetings with the middle schoolers after basketball practice evolved into more formal gatherings in the summer. Guest speakers — including bankers, private equity investors, bond traders and asset managers — attended the group’s meetings and

28 THE DARDEN REPORT

RALPH W. BAKER JR. (MBA ’93)

discussed their trades with the team. After teaching the middle school kids how to think logically about investments, Baker put up $900 of his own money so the boys could track two stocks they thought would be successful. successful. They observed observed the people around them, most of whom were using iPods,

graduated from Darden, and Hugo Rodriguez (MBA ’92) was already there when I was applying. They spoke highly of the School, and that was the best endorsem*nt for me. The fact that it was the toughest business school in the country was another attraction. I had my heart set on attending

and decided to invest in Apple Inc. and GameStop. A year later later,, in 2007, 2007, both stocks stocks posted very impressive returns. By 2008, in the aftermath of the financial crisis, Baker had more advocates than skeptics. “Financial literacy and the tools needed to teach it became all the rage,” Baker recalled. He felt his background was suited suited for teaching teaching kids competitiv competitivee basketball basketball skills and investing skills. The former small college All-American All-A merican basketball player player received received his B.A. in in economics from Hampden-Sydney College. After college, he worked at NationsBank in the Washington, D.C., area. When he graduated from Darden, Baker got his first taste of high finance working

Darden.

in insurance M&A and leveraged lending for GE Capital, and subsequently spent more than 15 years in the deal business. Baker’s debut book, Shock Exchange: How Inner-City Kids From Brooklyn Predicted the Great Recession and the Pain Ahead, Ahead, recounts his experiences of starting his nonproﬁt, the New York Shock Exchange, and received honorable mention for general nonﬁction at the 2013 New York Book Festival.

Itransition have relied on thejobs Darden to help me between and network also for deal ﬂow. My classmates have been involved in some of my personal projects. Jandie Smith-Turner (MBA ’93) of Acuity Sports designed some of the apparel for the New York Shock Exchange. Joe Heastie (MBA ’93) proofread my manuscript for the book and gave me feedback as to how to make it more marketable.

When did you ﬁrst get interested in basketball?

What were some of the top observations the kids had about the Great Recession?

As soon as I could could walk. In In Farmville Farmville,, Virginia, Virginia, sports were our entertainment. I tried to do everything my older cousins did. We played basketball, football and softball. You name it, we played it. Over time, basketball became became my my favorite.

When going over investment fundamentals, we looked at the price-to-earnings ratios and earnings

When did you ﬁrst get interested in business? I always wanted to make money. My father introduced me to the stock market in ﬁfth grade. I have been infatuated with it ever since. Investing is competitive, and there are clear winners and losers — similar to basketball. I went into retail banking directly after college — “’cause that’s where the money is.” I had no intention of going to business school; that was my mother’s idea. A few guys from Hampden-Sydney College — Warren Warren Thompson (MBA ’83) and Robert Citrone (MBA ’90) — had

Did your Darden experience help you create the New York Shock Exchange? Deﬁnitely. Without my Darden experience, I would not have had the conﬁdence or technical expertise to create the New York Shock Exchange. To teach kids about investing means you have to learn it twice. It also requires you to take complex ideas and explain them in layman’s terms.

How has the Darden network inﬂuenced you and your career?

growth rates of the kids’ stock picks. Then we did a “top down” analysis by looking at trends of those big ticket items — housing starts and auto sales — that drive the economy and could potentially affect the overall market. During each investment meeting, we began to notice that those economic trends were getting worse. They eventually began to fall off a cliff, and the alarming part was that no one was talking about it [at the time].

Investing is competitive, and there are clear winners and and losers — similar to basketball. —RALPH BAKER

PHOTOS: SAMUEL STUART

Do you still play basketball with the kids on the New York Shock Exchange? I still play with them. However, while I was writing my book, I sort of fell oﬀ the wagon and got out of shape. I am now trying to get back in shape.

FALL/WINTER 2013

ADVANCI ADVAN CING NG KNOWLEDGE Advancing knowledge k nowledge at Darden is centered cent ered on creating insights and ideas that improve both managerial practice and academic understanding. Curiosity and amarkets, desire toorganizations understand why and howto and things peoplehappen come together create value in society inspire our faculty to explore business problems and possibilities. S. Venkataraman, MasterCard Professor of Business Administration, Senior Associate Dean for Faculty and Research

30 THE DARDEN REPORT

MYTH 3:Don’t ask a question to which you don’t know the answer.

INNOVATION & GROWTH

This one is borrowed from trial lawyers, and it entered the mainstream because looking smart always seems career enhancing. Unfortunately, growth opportunities do not yield easily to leading questions and preconceived solutions. BETTER MAXIM 3: Be willing to start in the unknown and learn.

MYTH 4:Measure twice, cut once. This one an works ﬁne in an operations setting, but when the goal And is creating as-yet-unseen future, there isn’t much to measure. spending time trying to measure the unmeasureable offers temporary comfort but does little to reduce risk. BETTER MAXIM 4: Place small bets fast.

MYTH 5: Sell your solution. If you don’t believe in it, no one will.

Six Management Myths to Avoid (and Six Alternate Maxims to Consider) By Jeanne Liedtka and Tim Ogilvie Sayings like “Keep your boss in the loop” and “It’ “It’ss sometimes better to beg forgiveness than ask permission” are classic management adages. Many such sayings are great advice, but some of the old tenets just don’t work anymore. As a manager, you might believe in common management myths because you think they will simplify your life. Perhaps now is the time to re-examine those myths and replace them with maxims grounded in reality.

MYTH 1:Think big. Pressure will always exist to be sure an opportunity is big enough, but most really big solutions began small and built momentum. When the Internet was still new, how seriously would you have taken eBay (online auctions?) or PayPal (online escrow?)? In an earlier era, FedEx seemed tailored for a niche market. To seize growth opportunities, starting small and ﬁnding a deep, underlying human need with which to connect is best. BETTER MAXIM 1: Be willing to start small — but with a focus on meeting genuine human needs.

When you are trying tr ying to create the future, knowing when you have it right is difﬁcult. We think being skeptical of your solution is ﬁne — what you should be certain of is that you’ve focused on a wor thy problem. You’ll You’ll iterate your way to a workable solution in due time. BETTER MAXIM 5:Choose a wor thwhile customer problem, and consider it a hypothesis to be tested.

MYTH 6:If the idea is good, the money will follow. Managers often look at unfunded ideas with disdain, conﬁdent that if the idea were good, it would have attracted money on its own merits. The truth about ideas is i s that we don’t know if they are good; only customers know that. Gmail sounds absurd: free e-mail in exchange for letting a software bot read your personal messages and serve ads tailored to your apparent interests. Who would have put money behind that? The answer, of course, is Google. BETTER MAXIM 6: Provide seed funding to the right people and problems, and the growth will follow.*

The challenge for managers is to ﬁnd a balance between the myths and the realities of business. In this age of uncertainty, an unavoidable but healthy tension exists between creating the new and preser ving the best of the present, between innovating new businesses and maintaining healthy existing ones. As a manager, you need to learn how to manage that tension, not adopt a wholly new set of techniques and abandon all the old. The future will require multiple tools in the managerial tool kit — a design suite especially tailored to starting and growing businesses to add to our current set of analytically oriented approaches to managing today’ today’ss businesses well.

MYTH 2: Be bold and decisive. In the past, business cultures were dominated by competition metaphors (those related to sports and war being the most popular). During the 1980s and 1990s, mergers and acquisitions lent themselves to conquest language. Organic growth, by contrast, requires a lot of nur turing, intuition and a tolerance for uncertainty uncer tainty.. BETTER MAXIM 2: Don’t put all your eggs in one basket — always

*This material is excerpted from Designing for Growth: A Design Thinking Tool Kit for Managers, by Jeanne Liedtka, United Technologies Corporation Professor of Business Administration, and Tim Ogilvie.

explore multiple options.

FALL/WINTER 2013

A D VA N C I N G K N O W L E D G E

ST STR R AT ATE E GY

Three Critical Factors of Business Strategy By Jared Harris and Michael Lenox

The strategist’s strategist’s challenge is to simultaneously manage three critical factors: values, opportunities and capabilities. In order to devise and execute a successful strategy, you need to analyze each of these factors to understand how your organization can create and sustain value. The various tools summarized in The Strategist’s Toolkitcan help to paint a complete picture of your organization’s organization’s competitive landscape.

VALUES What is our mission? What is our scope? What do we value?

VALUABLE COMPETITIVE POSITION OPPORTUNITIES What does the market demand? Who else, if anyone, offers this value proposition?

How do we create and sustain value?

CAPABILITIES What are our strengths? Where might we have a competitive advantage?

will and will not do to achieve your mission. To better define your organization’s values, you might consider and answer these questions: ● Define your mission. What is the organization’s organization’s purpose, its reason reason for existing? ● Establish your scope. scope. In which markets markets do you operate — in terms of product and geography? ● Identify your aspirations. What does success success look like like now and in the future? ● Know others’ expectations. expectations. Who are the organization’s organization’s stakeholders, and what do they expect of the organization? ● Declare your values. What do you expect of the organization? What values and beliefs do you want the organization to hold? Considering these questions will help you begin to identify competitive positions that create value for stakeholders. After all, strategy formulation is not done on a blank slate. Your mission and values define your opportunity set and help you understand how to leverage and build your capabilities. Bill Gates of Microsoft set out to create the world’s greatest greatest software company. That simple statement defined Microsoft’s aspirations and the scope in which it operates. Google says it will “do no evil,” declaring a value set that constrains and enables specific strategic actions. Conducting a Stakeholder Analysis can be very useful in understanding what others expect of you and may be influential in helping to define your own values for the organization. Ultimately,, your values serve Ultimately ser ve as boundar y conditions for your strategy strategy..

STEP 2. Explore Competitive Opportunities OPPORTUNITIES refers

to the possible competitive positions in the market to create value for stakeholders. To deﬁne them, you could take the following steps: ●

Deﬁne your industry. What is the arena in which you are competing with others? Who are your competitors? What customer needs do they satisfy?

●

Analyze the market structure. What competitive approaches prove prove superior? How does the structure of the market in which you are operating affect that competitive dynamic?

●

Identify market trends. How is the industry evolving? What are

customers demanding now and in the future? You need to think clearly about the economic, technological and societal environment in which the organization operates and to acutely consider the activities and capabilities of one’s competitors. Each of these three tasks requires attention and analysis. Deﬁning your industry and competitors is deceptively simple, but it can be greatly informed by a full Competitor Analysis, Environmental Analysis, Five Forces Analysis and Competitive Life Cycle Analysis.

STEP 3. Identify Your Capabilities CAPABILITIES refers to

STEP 1. Deﬁne Your Values VALUESrefers to the

missionalofvalues the organization. and establishing your organizational organization is a criticalUnderstanding ﬁrst step in devising a successful business strategy and understanding how you can create value for others. Your values deﬁne your ambitions and the competitive space in which you operate. Your Your values help delineate what you 32 THE DARDEN REPORT

the organization’s organization’s existing and potential strengths. These ideally fuel the organization’ organization’ss strategic effor ts. To evaluate an organization’s strategy, strategy, you need both a clear picture of what makes the organization distinctive and a sense of the organization’ss ability to marshal resources and leverage capabilities organization’ toward desired organizational objectives. This requires, of course, clarity about those capabilities: ● Deﬁne your value chain. How do you deliver value? What What capabilities do you (or your organization) currently possess? What makes them distinctive?

Assess alignment. alignment. Do your your capabilities complement one another? Are your capabilities aligned with your external value proposition? ● Identify competitive advantage. Are these capabilities unique, and do they provide the basis for a competitive advantage? Are they easily imitated by others? ● Analyze sustainability. sustainability. Are your capabilities capabilities durable over time? What capabilities does the organization need to possess in the future? How can it develop them? ●

LEADERSHIP

Tackling these questions can be informed by an extensive Capability Analysis. A Capability Analysis can help you identify sources of competitive advantage and highlight critical gaps in your current capabilities. Other tools such as Strategy Maps can be useful in highlighting your position versus rivals and to answer whether your capabilities are unique.

Integrate Your Insights These three factors converge into the organization’s organization’s competitive position, where value for an organization’ organization’ss stakeholders is created and sustained. Ultimately, developing effective business strategy is an integrative exercise. It involves looking through a wide lens at the organization. Whereas the functional areas of an organization — ﬁnance, marketing, accounting, operations, human resources — often bring speciﬁc paradigmatic views to bear on organizational problems and considerations, business strategy is about how all the underlying under lying insights of these disciplines are brought together. Managers do not typically encounter challenges as isolated, atomistic problems with narrow disciplinar y implications; rather, they they must navigate issues that encompass a whole range of complex, cross-disciplinary considerations. Business strategy is also integrative because its success involves value creation for its investors, employees, customers, customers, suppliers and support communities. Commonly invoked business axioms like “maximize shareholder returns” can be useful to the extent that such shorthand phrases imply value creation for investors by way of creating value for all key stakeholders — creating goods customers want, work environments that energize employee contributions and so forth. Maximizing shareholder value is not a strategic direction, nor is it exogenous to creating value for customers, employees or communities. Strategy involves putting these considerations together to align stakeholder interests and create value in an integrative and sustainable way. Use an integrative, enterprise perspective to think clearly and to exercise sound judgment that creates long-lasting value. When successfully implemented, an effective business strategy can help an organization fully realize its potential.

11 Key Characteristics of a Global Business Leader By James G. Clawson

If you want to succeed in today’s volatile global economy, economy, you will most likely end up doing business all around the world. International businesses have operations, partners, alliances and senior managers representing virtually every ever y global region. Many have more than one “headquarters,” signaling the diversity of their thinking and perspective. So, how do you learn to conduct international business effectively? You acquire a set of skills that help you work across regional, national and subnational boundaries to propel your business forward. Those skills include the following: • Overseas experience • Deep self-awareness • Sensitivity to cultural diversity diversity • Humility • Lifelong curiosity • Cautious honesty • Global strategic thinking thinking • Patiently impatient impatient • Well-spoken • Good negotiator • Presence

The following checklist will help you determine deter mine if you have the key characteristics of a global business leader:

❑Overseas experience Jared Harris (left), associate professor of business administration and Michael Lenox (right), Samuel L. Slover Research Professor of Business Administration, academic director of the Batten Institute and associate dean of innovation programs, are authors of the new book The Strategist’s Toolkit (Darden Business Publishing, 2013).

Many global executives understand what doing business in a ﬂat world is like because they’ve lived overseas, sometimes for decades at a time. If you want to become a successful international business leader, transcending your own cultural perspective and learning how business is done in different contexts is essential.

FALL/WINTER 2013

A D VA N C I N G K N O W L E D G E ❑Deep self-awareness Understanding your beliefs and knowing where they might differ from others’ is critical to global executive success. Without this key characteristic, you will not be able to adapt to and tolerate the deep-seated beliefs of others — and business opportunities will evaporate. Beware of the “I’m right; you’re wrong” assumption.

❑Sensitivity to cultural diversity Are you willing to eat raw ﬁsh? Snake? Raw monkey brains? Can you adjust your eating and sleeping habits to match the local executives’ routines and patterns? In other countries, seemingly minor things can be off-putting, such as sticking your chopsticks in your rice or touching someone with your left hand. Much of this insight comes from experience. You must have an intense interest in the lives and cultures of others, recognizing that your culture and background are not inherently superior superior,, to master the global business arena.

❑Humility Being interested in other cultures and how people in those cultures do things, especially with regard to business, implies a certain humility humility.. Humility here means a belief that other lands and cultures have ﬁgured out very interesting answers to life’ life’ss problems. As a good international business person, you must be open to and fascinated by those answers. This trait requires a willingness and ability to listen well and with real intention.

❑Lifelong curiosity The world is constantly evolving. Without an intense curiosity and a desire to learn, you will be left behind and increasingly unable to converse, much less keep up, with your peers. Staying abreast of new learning opportunities requires a humble awareness that what you know is not enough and that you always have more to learn.

❑Cautious honesty Surprisingly, the deﬁnitions of “honesty” Surprisingly, “ honesty” and “truth” vary widely in the business arena. People sometimes omit information or only tell the truth they think other people need to know. However you design your ethics and morality in your personal life, in global business settings, executives need to know they can count on you. If you don’t deliver on your business promises, your reputation will suffer. Effective global leaders can balance the need to be cautious in different contexts while demonstrating they can follow through.

❑Global strategic thinking When you have a global perspective, you think strategically about managing business using the best people from around the planet. Much of your ability to do this comes from a lifetime of networking at the highest levels in global boardrooms and your aptitude for seeing how various

pieces of global industries play out internationally. To make strategic decisions for your company, company, you need to understand how the business world works on a global scale.

❑Patiently impatient How do you become patiently impatient? You must be in a hurry and yet be patient enough to allow the local and regional processes to unfold as they are meant to. Time and pace are not the same in every country. countr y. Balancing the demands of hot competitive and technological trends with the pace of local cultures can be frustrating to the uninitiated.

❑Well-spoken Given the challenges of working via interpreters or fumbling through conversations in more than one language, the ability to say clearly what you mean is a key global business skill. If you converse with others in their native language, you usually earn brownie points — however, if what you have to say is obscure or unintelligible, you’ll you’ll quickly be in a deﬁcit balance. Clear communication is a powerful leadership trait to have on the global stage.

❑Good negotiator Doing business across ethnic, national and regional boundaries requires strong negotiating skills. If you can add these skills to an innate enjoyment of the gamesmanship involved in negotiating, you will become a highly effective negotiator negotiator..

❑Presence A certain charisma surrounds you if you are an influential global leader. Part of it — but only part — is position or title. The bigger portion is dress, self-confidence, energy level, interest in other people and comfort with the challenges at hand. You may not want to believe these things matter, but they do. As a global business leader, you must respect the identities and affiliations of others. Some people can do that; many or most cannot. Do you have what it takes to become a global business leader? *This piece is adapted from Level Three Leadership: Getting Below the Surface,

by Professor James G. Clawson, Johnson & Higgins Professor of Business Administration.

34 THE DARDEN REPORT

case THE GLO GLOBAL BAL MARK MARKETIN ETING G OF AN inpoint: oint: AGE-O AGE-OLD LD FREN F RENCH CH GEM G EM A WASHINGTON POST/DARDEN /DARDEN SERIES

by Thierry Delecolle, Ronald Kamin (MBA ’75), Beatrice Parguel and Gerry Yemen then revolutionized the House and revamped its marketing strategy away from a select number of exceptional clients and targeted a new segment of consumers — working women who who bought jewelry for pleasure pleasure.. The adopted positioning became “jeweler artist.” ALAIN NÉMARQ Next, Némarq focused on the dismal ﬁnancial results in Asia/Asia Paciﬁc. The distributor with exclusive rights to the Mauboussin brand in Japan wanted wanted to close its business in three months months.. What now? now?

THE BIG IDE IDEA: A: As marketers love to teach students, students, differentiation must be the focal point of marketing strategy. strategy. But what happens when a firm’ firm’ss competitive set is shared by similar customers, perceived differentiation is weak among rivals and loyalty is a thing of the past? This was the dilemma the French high-end jeweler Mauboussin faced: how to leverage its iconic brand to access new customers, domestically and abroad, while preserving the image of luxury goods founded on the myth of exclusivity? flagship store store in Place Vendôme Vendôme,, THE SCE SCENAR NARIO: IO: At its flagship adjacent the world’sprospered most prestigious luxury brands, the house of to Mauboussin under the guidance of six generations of watchmakers and jewelers. The business, launched in the early 1800s, was long controlled by the Mauboussin family. In 2001, Dominique Frémont acquired an 87.5 percent equity stake in “the House.” By then, its privileged status with rich clients had diminished, and sales at the luxury jeweler dropped. While Frémont may have been a stranger to the world of luxury jewelry, he knew how to run a business. He allocated millions of his own money to the firm and appointed another industry outsider, Alain Némarq, to run it. Némarq put in place a cost-reduction plan that included closing all points of sale in France and the rest the world (except for the boutique at Place Vendôme), selling all remaining inventory at a cost, terminating its perfume licensing agreement and reducing staff. Némarq and Frémont

THE RES RESOLU OLUTIO TION: N:

The House had maintained a longstanding presence in Asia/Asia Pacific, and growth opportunities existed there. Némarq bought back the distribution agreement and deployed a strategy similar to the one applied in France: close the points of sale showing a deficit. Mauboussin chose a “wait-and-see” strategy, limiting itself to two corners in Takashimaya stores. Finally, an Adidas shop decamped in the heart of the Ginza luxury area and Mauboussin opened its flagship store in Japan. To publicize its new shop, the brand launched an original campaign — 5,000 diamonds offered to the first 5,000 visitors. It bought advertising in the leading newspapers, and with the buzz created, the brand ended up in the headlines, too. A few months later, the store was featured in a Black Eyed Peas music video.

THE LES LESSON SONS: S: Strategy is often based on what the ﬁrm must do to develop a competitive advantage or what it can do with its resource resource allocation; it is also about fragmente fragmented, d, intuitive intuitive but unique personal traits that characterize it as a leader. Whereas domestic marketing is aimed at a single country — with one group of customers and one set of economic, legal, competitive and environmental issues — global marketing requires the creation of a single strategy for a large number of countries with distinct operating environments and markets with unique unique customer customer groups groups and cultures. cultures.

Every other Sunday inThe Washington Post’s ’s Business section, members of Darden’s academic community share lessons from recent cases. Gerry Yemen (left) is a senior researcher at the Darden School of Business; Delecolle and Kamin are professors at the ISC Paris School of Management; Parguel is researcher at the Université Paris-Dauphine.

FALL/WINTER 2013

Meet at B oars ’ Head CHARLOTTESVILLE’S ONLY FOUR DIAMOND RESORT Boar’s Head is the perfect destination for groups wanting to hold an event or meeting in the South, mid-Atlantic states or on a historic property. Just minutes from Darden and two hours from Washington, D.C., this 573-acre, Four Diamond resort oﬀers 175 newly-renovated guest rooms and suites, Four Diamond dining in the Old Mill Room, a wide variety of world class recreational activities, spa, and a 22,000 square foot meeting facility for groups of 20 to 630. Recent Boar’s Head accolades include Meetings Focus’Best Best of the South Award, 2012, Successful Meetings’ Pinnacle Award, 2012, and Convention South’s2012 South’s2012 New or Renovated Meeting Site Si te Award. Boar’s Head would be honored to host your next meeting, retreat or special event event.. For more information or to book your next meeting, please call 855.477.9348 or e-mail [emailprotected].

WWW.BOARSHEADINN.COM Owned and Operated by the University of Virginia Foundation

Alumni Services Update

Charles C. Abbott Award Call for Nominations THE CHARLES C. ABBOTT AWARDis presented to a Darden MBA or Executive Program alumnus or alumna whose contributions of time, energy and talent to the Darden School merit recognition as outstanding by the Alumni Association and who: · Demonstrates a strong level of interest in and concern for the Darden School’s mission · Commits a generous amount of personal resources — time, energy, funds — to Darden projects, goals and needs · Brings initiative and persistence to projects and his or her given responsibilities · Is regarded by other Darden stakeholders as an outstanding contributor

OUR ALUMNI BOARD: DYNAMIC, NOT DYSFUNCTIONAL lumni boards at higher educational institutions are known for being dysfunctional. Power, personalities and misaligned priorities often impede the best-intended efforts to develop and implement a strategic plan. Lack of vision and low engagement by members can also contribute to a dysfunctional board. When the Darden School of Business Alumni Board of Directors convened in October, I was reminded of what makes our board extraordinary and effective. During our meeting, the level of engagement could not have been higher. Veteran and newly minted members eagerly raised their hands – sometimes in unison – to contribute to a dynamic conversation about the board’s role in advancing the School’s mission and vision. Active membership is not the same as active, aligned membership under a visionary leader. The alumni board has had a long history of strong board chairs who have contributed to the success of the board by leveraging the committed, impassioned alumni board members to further engage the network netw ork of Darden alumni. Our current alumni board president, Karen Edwards (MBA ’84), president and CEO of Kosiba Edwards Associates, is already making a signiﬁcant difference through her dedicated leadership. In partnership

with the Darden School Foundation Board of Trustees Alumni Engagement Committee, led by W.L. Lyons Brown III (MBA ’87), we are aligned at the most crucial levels. Darden’s alumni board is also goal-oriented. Spanning class years, industries, gender and life experiences, alumni worked together to identify strategies s trategies to address the address the dean’s and board’s board’s three most pressing p riorities in a session ses sion led by Professor Yiorgos Yi orgos Allayannis. A successful board of any nonproﬁt understands and addresses the needs of its constituents. In the coming months, our board members will ask you to share your Darden experience. Your insights into how the Darden network has made a difference in your life and how it remains relevant to you today will help the board align its mission with your vision of the School. While the alumni board works to identify new ways to engage you and the Darden community, I will remain thankful that our board is notjust like every other board.

Michael J. Woodfolk (TEP ’05) Senior Executive Director, Engagement Strategies

Nominate a Darden graduate before 28 February 2014, by contacting Michael Woodfolk at [emailprotected]. eduwith an explanation of why you feel your nominee is a strong candidate for the award.

In Memoriam The Darden School oﬀers its condolences to the families of the following individuals individuals whose deaths deaths have been reported to us in the past six months. MR. ROBERT OBERTV V.. HATCHER(CLAS ’53) EMERITUSTRUSTEE MR. N. RICHARD ICHARD HUEBERJ JR. (MBA ’59) MR. JOHNE. KENNEDYJR. (MBA ’62) MR. WILLIAMB. WILLSEY(TEP ’68) MR. PAULFLINT(MBA ’69) MR. RICHARD ICHARD E. NELSON(TEP ’69) MR. PAULH. PIERI(TEP ’77) MR. NEWTONO. FOWLERJ JR. (TEP ’80) CAPTAINDAVIDM. SMITH(TEP ’09)

FALL/WINTER 2013

Alumni Proﬁle

BOB SMITH (MBA ’87) “No Stranger to Risk”

lthough Bob Smith has managed billions of dollars over the years, he still doesn’t take money for granted. Raised with his three siblings by a single mother, he explains that his family did not have much money. However, However, the future investment executive discovered an early love for games, puzzles and statistics — especially baseball statistics. “My advice to students considering their career paths is ‘Ask yourself where your mind likes to go. What type of task do you gravitate toward?’” Smith said. “Then, be willing to take risks to fail.” Smith, who has spent nearly 26 years in the investment industry — primarily as a vice president for money management firm T. Rowe Price Group Inc. — is certainly no stranger to risk. Having joined the company in 1992 as an analyst, he has spent the past 17 years as a portfolio manager, currently in the area of international stock and growth strategy. The best part of his work? “It’s great intellectual exercise — a combination of analyzing businesses and where they’re headed, overlaid with handicapping quantitative analysis,” he explained. The latter involves plenty of probability and statistics — a nightmare for some people, but Smith loves the challenge. Smith credits Darden with having provided the broad-based knowledge and real-world applications necessary to succeed in his field. He prizes case-method teaching because it most closely simulates real-life decision-making: “It doesn’t assume there’ there’ss an answer,” answer,” he said. Deep gratitude toward and belief in Darden have led l ed Smith and his wife, Terri, Terri, to give back generously. They are both Sponsors’ Circle members and founding supporters of the Darden Center for Asset Management; in addition, he is active on two of Darden’s advisory boards. “One of my clearest Darden memories is missing my first exam due to my first son’s birth — and then fainting during the delivery,” Smith recalled. The Smiths have three children, two of whom are U.Va. graduates. The couple resides in Baltimore, Maryland. —Jenny Abel

38 THE DARDEN REPORT

Alumni Proﬁle

ELIZABETH WEYMOUTH (MBA ’94) An Inﬂuential Force in the Field of o f Energy

“I

have the privilege of working with some of the most sophisticated energy investors and leaders in the world,” said Elizabeth Weymouth (CLAS ’89, MBA ’94), partner at Riverstone Holdings LLC, one of the world’s most influential energyfocused focuse d private priv ate equity e quity firms. Weymo Weymouth, uth, who w ho is respon responsible sible for ca pital raisin raisingg and an d limited lim ited partne p artnerr relations, relati ons, h as raised ra ised $20 billion in capital for Riverstone in the last six years alone, a period marked by the most challenging private equity fundraising market in recent history. Growing up in New Orleans, Weymouth developed a passion for finance at an early age while watching her father run his shipping business. After graduating from the University of Virginia, she worked at Willis Corroon, PLC on behalf of Fortune 50 energy companies, honing her negotiating skills opposite insurance underwriters in Lloyd’s of London. At 24, she enrolled at the Darden School of Business, where her mentor, Professor Robert F. Bruner, who is now dean, saw a way for her to combine her love of finance with her talent for working with people. “Bob is the one who initially steered me towards a career in private banking, which was then a burgeoning field within asset management,” said Weymouth. Following business school, Weymouth was an early hire in J.P. Morgan Private Bank’s investment business. She skyrocketed through the ranks. At 33, she became Managing Director, and shortly thereafter, Head of Investments for the bank’s largest group, an 80-person sales team that managed $100 billion in client assets and generated more than $350 million in revenue. Today, from her Fifth Avenu Today, A venuee office off ice in i n Man hattan , Weymo uth is instru instrumen mental tal in formi forming ng partner pa rtnerships ships betw between een River Riverstone stone and investors from sovereign wealth funds, pension funds and high net-worth family offices. The firm is renowned for building highly successful businesses in the complex, $8 trillion energy industry. At the nexu nexuss of capita c apitall formation form ation and energy e nergy inves investmen tment,t, she has carved c arved a distinctiv dis tinctiv e path, pat h, add ing trem endo endous us value va lue for f or her he r firm a nd its inves investors tors while w hile achie achieving ving h igh, m easu easurable rable results. “I believe be lieve that there a re two equall e quallyy critical criti cal compo c omponents nents of private equity: profitable deals and the capital required to fund them,” said Weymouth. “Without capital, there are no deals, and without great investment performance, capital is scarce.” Weymouth’s drive and commitment to excellence have made her a natural leader in both finance and energy, enabling her to make a lasting impact in two of the world’s most important industries. Since 2007, Weymouth has been a Darden School Foundation Trustee, and she became chair of the School’s Investment Committee in 2013. From 2001 to 2007, 2007, she served on the Darden D arden Corporate Advisory Board.

FALL/WINTER 2013

DARDEN SCHOOL FOUNDATION BOARD OF TRUSTEES

Marshall N. Morton (MBA ’72) Media General Inc.

CHAIR Philip W. Knisely (MBA ’78) Clayton, Dubilier & Rice

Richard M. Paschal (MBA ’89) Coach, Inc.

VICE CHAIR James A. Cooper (MBA ’84) Thompson Street Capital Partners W.L. Lyons Brown III (MBA ’87) W.L. Altamar Brands, LLC

Alumn Al umnii Lea Leader dershi ship p The five Leadership Lea dership Boards B oards of the Darden Da rden School of Business are composed of more than 130 distinguished leaders who collectively serve as an innovative force force in the advancement of the D arden School throughout throughout the world. (Listing as of 1 November 2013)

New Members Elected to the Darden School Foundation Board of Trustees

Honorable Lewis F. Payne (MBA ’73) McGuireWoods Consulting, LLC Zhiyuan (Jerry)Capital Peng (MBA ’03) Four Seas Management Scott A. Price (MBA/MA ’90) Walmart Asia

Robert F. Bruner Dean, University of Virginia Darden School of Business

Admiral Gary Roughead Retired U.S. Navy

Susan J. Chaplinsky (Faculty) Darden School of Business

Frank M. Sands Sr. (MBA ’63) Sands Capital Management

G. David Cheek (MBA ’79) The Meridian Group

Frank M. Sands Jr. (MBA ’94) Sands Capital Management

James Su-Ting Cheng (MBA ’87) Commonwealth of Virginia

John Simon Executive Vice President and Provost, University of Virginia

VN Dalmia (MBA ’84) Dalmia Continental Pvt. Ltd. Michael A. DeCola (MBA ’77) Mississippi Lime Company Karen K. Edwards (MBA ’84) Kosiba Edwards Associates Louis G. Elson (MBA ’90) Palamon Capital Partners, LLP Arnold B. Evans (MBA/JD ’97) SunTrust Robinson Humphrey John Fowler Jr. (MBA/JD ’84) Wells Fargo Securities, LLC Catherine J. Friedman (MBA ’86) Independent Consultant Donald W. Goodman (MBA ’84) Retired, The Walt Disney Company

Arnold B. Evans Evans (MBA/JD ’97) of Atlanta, Georgia, Managing Director, SunTrust Robinson Humphrey

Michael O’Neill (MBA ’74) Citigroup

Henry F. Skelsey (MBA ’84) PRC Venture Partners, LLC Susan Sobbott (MBA ’90) American Express OPEN John R. Strangfeld Jr. (MBA ’77) ’77) Prudential Financial, Inc.

Teresa A. Sullivan President, University of Virginia George S. Tahija (MBA ’86) PT Austindo Nusantara Jaya (ANJ) Bruce Thompson (MBA ’90) Bank of America William P. Utt (MBA ’84) KBR, Inc.

Kirsti Goodwin (MBA ’02)

Thomas R. Watjen (MBA ’81) Unum Group

Gordon Grand III (MBA ’75) Russell Reynolds Associates Inc.

Roger L. Werner Jr. (MBA ’77) Outdoor Channel Holdings, Inc.

Douglas T. Moore(MBA Moore(MBA ’80) of Richmond, Virginia,

Edwin B. Hooper (MBA ’94) Centerview Capital

Elizabeth K. Weymouth (MBA ’94) Riverstone Holdings, LLC

Principal, First Street Consulting, LLC

Robert J. Hugin (MBA ’85) Celgene Corporation Martina Hund-Mejean (MBA ’88) MasterCard Worldwide William I. Huyett (MBA ’82) McKinsey & Company Lemuel E. Lewis (MBA ’72) Local/Weather.com Luann J. Lynch (Faculty) Darden School of Business John G. Macfarlane III (MBA ’79) Zafferano Capital Holdings and Zaff LLC Carolyn S. Miles (MBA ’88) Save the Children

Bruce Thompson (MBA ’90)

of Charlotte, North Carolina, Chief Financial Ofﬁcer, Bank of America

Douglas T. Moore (MBA ’80) First Street Consulting

40 THE DARDEN REPORT

ALUMNI ASSOCIA ALUMNI ASSOCIATION TION BOARD OF DIRECTORS CHAIR Karen K. Edwards (MBA ’84) Kosiba Edwards Associates PRESIDENT Douglas T. Moore (MBA ’80) First Street Consulting, LLC George (Yiorgos) Allayannis Faculty Adviser Keith Bachman, CFA (MBA ’89) Bank of Montreal Katherine Baronowski (Class of 2014) Student Representative Christine Piorkowski Barth (MBA ’94) Snowbird Capital

Nancy Schretter (MBA ’79) The Beacon Group Shaojian Zhang (MBA ’99) Rockwell Automation

DEAN’S DIVERSITY ADVISORY ADVI SORY COUNC COUNCIL IL Nicola Allen (MBA ’10) Pelton & Crane Paige Davis (MBA ’09) MTB Investment Advisors

Jonathan Englert (MBA ’10) Deloitte, LLP Teresa Epperson (MBA ’95) AlixPartners

Leslie Grayson Isidore Horween Emeritus Research Professor of International Management

Mark Bower (MBA ’02) Bain & Company

Clelland Peabody Hutton (MBA/JD ’75) Orion Partners

Kevin Clark (MBA ’01) Amazon

Gene Kim (MBA ’96) Nexolon

Ray Butler Kollmorgen

David Couture (MBA ’95) Deloitte Consulting, LLP

Rosemary King (MBA ’91) Quaero

R. Scott Creighton (MBA ’82) Johnson & Johnson Johnson Consumer Products

Takahisa Koitabashi Koitabashi (MBA ’93) iSigma Capital Corporation

Murray Deal Eastman Chemical Company

Richard K. Loh (MBA ’96) Ploh Group Pte. Ltd.

Richard Edmunds (MBA ’92) Booz & Co.

Elie Maalouf (MBA ’89)

Pierre Jacquet (MBA ’98) L.E.K. Consulting

Jerry Connolly (MBA ’88) Nomura Securities International

Marguerite Furlong Longo (MBA ’08) Johnson & Johnson Johnson Consumer Products

Richard P. Dahling (MBA ’87) Fidelity Investments

Ray Hernandez (MBA ’08) NewComLink

Anton Periquet (MBA ’90) Paciﬁc Main Holdings, Camden Hill Group

Christian Duffus (MBA ’00) LEAF College Savings, LLC

Drew Holzwarth (EMBA ’09) Stanley Martin Companies

Kari E. Pitkin (MBA ’97) Bank of America Merrill Lynch

Matthew Kaness (MBA ’02) Urban Outﬁtters, Inc.

Warren F. F. Estey (MBA ’98) Deutsche Bank Securities

Allison Linney (MBA ’01) Allison Partners, LLC

Scott A. Price (MBA/MA ’90) Walmart Asia

Mary Lou Kelley (MBA ’91) Chico’s FAS, Inc.

Jennifer McEnery Finn (MBA ’00) Capital One

Octavia Matthews (MBA ’89) Willard McCloud (MBA ’04) Cargill, Inc.

Vincent Rague (MBA ’84) Catalyst Principal Partners

Michele Kessler (MBA ’89)

Michael Ganey (MBA ’78) Marketing Consultant Owen D. Grifﬁn Jr. (MBA ’99) Dominion Enterprises Kendall Jennings (MBA ’12) IBM Bruce Jolly (MBA ’67) Tatum CFO Partners, LLP Harry N. Lewis (MBA ’57) Lewis Insurance Agency, Inc. Nicole McKinney Lindsay (MBA/JD ’00) Strong Seed Professional Development, LLC Dar Maanavi (MBA/JD ’94) Merrill Lynch & Co., Inc. Matthew Markee (MBA ’01) Recast Energy, LLC Betsy Markus (EMBA ’11) First Afﬁrmative Financial Network Jay McDonald (MBA ’71) Middleton McDonald Group, Inc.

Tawana Murphy Burnett (MBA ’04) Pﬁzer Consumer Healthcare Michael Peters (MBA ’09) COMCAST Corporation Reynaldo Roche (MBA ’07) Delta Air Lines, Inc. William Sanders (MBA ’06) Korn/Ferry Rhonda Smith (MBA ’88) Breast Cancer Partner Jeffrey Toromoreno (MBA ’06) Citigroup, Inc. Daniele Wilson (MBA ’11) Johnson & Johnson Johnson

GLOBAL ADVISORY COUNCIL Andrew Bubala (MBA ’01) Google Jim Chapman (MBA ’00)

Jeanne L. Mockard (MBA ’90) JLM Capital and Consulting

Halsey Cook, Jr. (MBA ’91) Legrand North America

Melissa Monk (EMBA ’08) Equifax, Inc.

VN Dalmia (MBA ’84) Dalmia Continental Pvt. Ltd.

Kari E. Pitkin (MBA ’97) Bank of America Merrill Lynch

Louis G. Elson (MBA ’90) Palamon Capital Partners, LLP

Shelley Reese (MBA ’08) Booz Allen Hamilton

Silvia Ethel (MBA ’99)

Elvis Rodriguez (MBA ’10) Goldman Sachs Group, Inc. Abby A. Ruiz de Gamboa (MBA ’04) Deloitte Consulting, LLP

Gabriela Gold (MBA ’95) World Bank

Zhiyuan (Jerry) Peng (MBA ’03) Four Seas Capital Management

Fiona Roche (MBA ’84) Estates Development Co. Pty. Ltd. Walter Shill (MBA ’86) Accenture

Thomas Johnstone (MBA ’88) GE Capital Corporation John Bernard Jung (MBA ’84) BB&T Capital Markets

David Kostel (MBA/JD ’97) Credit Suisse Harry Lawton (MBA ’00) The Home Depot Charles Leddy (MBA ’03)

Henry F. Skelsey (MBA ’84) PRC Venture Partners, LLC

Octavia Matthews (MBA ’89)

Erik Slingerland (MBA ’84) Egon Zehnder International Gmbb.

Daniel McKeon (MBA ’08) Marriott International, Inc.

Ichiro Suzuki (MBA ’84) Nomura Asset Management

Fernando Mercé (MBA ’98) Nestle Purina

George S. Tahija (MBA ’86) PT Austindo Nusantara Jaya (ANJ)

William J. O’Shea Jr. (MBA ’84) Campbell Soup Company

Sergio Waisser (MBA ’98) McKinsey & Company

Thomas Poole (MBA ’99) Capital One

Jimmy Wei (MBA ’02) KPCB China

Thomas W. W. Reedy Jr. (MBA ’91) Carmax, Inc.

Baocheng Yang (MBA ’04) Huanghe Science and Technical Technical University

James Schinella (MBA ’93) Manilla

CORPORATE ADVISORY BOARD

Elizabeth Thibodeau (MBA ’07) Target

CHAIR John Fowler Jr. (MBA/JD ’84) Wells Fargo Securities, LLC VICE-CHAIR Richard M. Paschal (MBA ’89) Coach, Inc. Michael Balay (MBA ’89) Cargill, Inc. Helen Boudreau (MBA ’93) Novartis Corporation

Steve Sonnenberg (MBA ’79) Emerson

Mark Watkins (TEP ’94) MeadWestvaco M. Reaves Wimbish (MBA ’97) Accenture

FALL/WINTER 2013

20 Questions Quest ions With With

Ned Hooper (MBA ’94)

ed Hooper (MBA ’94) has been at the forefront of the intersection between technology and business for more than 15 years. In his current position as a partner at Centerview Capital, Hooper leads the ﬁrm’s technology growth and private equity investment practice. In his former role as senior vice president and chief strategy oﬃcer at Cisco, Hooper developed the business vision and methodology to identify market transitions across customer segments and created integrated strategies that leveraged all Cisco’s assets. His innovative approach and expertise in business development, coupled with his understanding of early-stage technology, enabled Hooper to drive Cisco’s growth strategy, and the company’s revenue increased from $18 billion to more than $46 billion over a 10-year period. Before joining Cisco, Hooper was responsible for building and implementing a global distribution plan for Lightspeed International, a startup Cisco had acquired. He began his career in technology with MCI in product management. As a member member of the Darden Darden School School Foundation Board of Trustees, Hooper has been instrumental in helping the School establish and enhance relationships on the West Coast. He hosts an annual Tech Trek dinner with Dean Bob Bruner, Darden leaders and alumni to discuss the School’s West initiatives andon topressing create new cases Coast and research based technological issues. Hooper resides in the San Francisco Bay area with his wife, Freya (MBA ’94), and their three children.

1. What was your ﬁrst job? That depends on your

9. How do you stay ahead of the competition? com petition?

deﬁnition of a job, I suppose. I started mowing lawns and pulling weeds for neighbors when I was 11 or 12. My ﬁrst formal job was as a gopher at an Ace Hardware store.

By focusing on the market and the customer. Skating to where the puck will be before your competitor can get there, to use a hockey ho ckey metaphor.

2. What’s What’s the best advice you have ever received?

After I graduated from college, I met a leading economist. He taught me that you could only be an expert in a focused area. You need to ﬁnd other people with different experiences and expertise to build a successful business.

10. What characteristics do you look for in people? I look for smart people who love to look at

problems from all sides and who drive action. 11. What’s What’s the best thing that has happened to you in the last year? A year and a half ago, I took

can come either way.

two months off between Cisco and Centerview. It was the ﬁrst time I had spent time with my family without a mobile phone glued to my ear. It was hugely refreshing mentally, and we had a great time.

4. What motivates you? I have a classic type A

12. How do you measure success?

personality. I need to be in constant motion. I have been trying to focus more on having fun!

I will let you know when I get there.

3. Do you prefer numbers or words? Facts; they

5. When and where do you do your best thinking?

After a run or a workout. Strenuous exercise relaxes me and clears my head. 6. What are you reading these days? Right now I am reading Predictive AnalyticsThe Power to PreSi egel, dict Who Will Click, Buy, Lie, or Dieby Eric Siegel,

which is about the use of data and analytics to transform business, and I’m also reading La Roja How Soccer Conquered Spain and How Spanish Soccer Conquered the World, by Jimmy Burns,

13. Which Which natural talent would you most like to have? I wish I could pitch in the major leagues. 14. What is your most treasured t reasured possession?

My family. 15. What What have you recently rece ntly uploaded onto your iPad? Evernote. Best productivity app in a decade. 16. How do you unwind? I love to ski. Our whole

family loves it in the mountains. 17. What’s your favorite cause? My wife, Freya created onegreatbook.comto help parents ﬁnd

which is a great modern history of Spain and of Spanish soccer.

books their children will love. Teaching Teaching kids to love to read and learn is the best opportunity to help them succeed over their entire lives.

7. What technology can you not live without?

18. What’s What’s your favorite food and beverage?

I go crazy if I am not connected, so ubiquitous wireless networking is a must. 8. What companies do you admire? Of course

Cisco, where where I was privileged to be a part of a team that drove market leadership through three business cycles. At Centerview Capital, we just made an investment in an amazing company: Rich Relevance. They are transforming e-commerce by by leveraging new analytical models and machine learning.

My vices are red wine and dark chocolate. 19. Which Darden professor inﬂuenced you the most? Bob Bruner, whose leadership and commit-

ment to the Darden institution is a great example for all of us. 20. If you could go back and take a class now, what would it be? Is there still a class in sales?

We are all in sales, but most of us don’t realize it.

42 THE DARDEN REPORT

eree are er are more more than 14, 14,000 000 alum alumni ni stori stories es at Darden. What is YOUR STORY? Everyone has a unique perspective and reason as to why they give back — whether it’s to nurture a community of learners-turned-leaders or continue our bold pursuit of knowledge. Your gift supports all three formats of the MBA — MBA, MBA for Executives and Global MBA for Executives — and

your

EXPERIENCE

fuels curricular innovation so that we can continue to deliver the most dynamic academic experience on the planet. Darden has never been more powerful than it is today, thanks to alumni support.

career

C O M M U N I T Y

ARD RDE EN DA

You are our next legacy. is is YOUR YO UR DARDEN. Share your Darden story with us at #URDar #URDarden den or [emailprotected].

your y our DA ARD RDE EN A N N U A L F U N D 2 0 1 4

2011-13 THE NO. 1 EDUCATION EXPERIENCE IN THE WORLD. — THE ECONOMIST, 2011-13

University of Virginia Darden School Foundatio Foundation n P.O. Box 7726 Charlottesville, VA 22906-7726

www.darden.virginia.ed www.dard en.virginia.edu/reunion u/reunion

2 5 –2 –2 7 A P R I L The Abbott Society (1957–63) 1959 1964 1969 197 974 4 197 979 9 1984 1989 1994 1999 2004 2009 2013

Darden Report FallWinter2013 - Issuu - docshare.tips (2024)

References