You are on page 1of 46

Logging Miles to Save Children

Logging Miles to Save Children
Logging Miles to Save Children
A Catalyst for Change in Colombia
A Catalyst for Change in Colombia
A Catalyst for Change in Colombia
A Force in the Field of Energy
An Infuential Force in the Field of Energy
Skating to Where the Puck Will Be
Skating to Where the Puck Will Be
A Catalyst for Change in Colombia
Teaching Financial Literacy Through Basketball
Teaching Financial Literacy Through Basketball
Teaching Financial Literacy Through Basketball
What Kind of Infuence Do You Want to Have?
What Kind of Infuence Do You Want to Have?
What Kind of Infuence Do You Want to Have?
What Kind of Infuence Do You Want to Have?
What Kind of Infuence Do You Want to Have?
Focused on the Market and the Customer
Focused on the Market and the Customer
Building Business From the Ground Up
No Stranger to Risk
No Stranger to Risk
Building Business From the Ground Up
Building Business From the Ground Up
Building Business From the Ground Up
FALL/WI NTER 2013 University of Virginia Darden School of Business
Darden: Developing and Inspiring Responsible Leaders
& Advancing Knowledge
Executive Education
The Executive Program is Darden’s fagship advanced management
residency program for senior-level executives.
Darden is your strategic partner to prepare your leaders to shape
your organization’s future and outperform the competition.
Darden’s two-week residency program for high-potential executives
provides a strategic organizational view and integrates functional
areas and mind/body wellness.
Darden’s programs challenge you to explore the latest practices
across business disciplines.
+1-877-833-3974 U.S./Canada
+1-434-924-3000 Worldwide
Strategic Sales Management
(Washington, D.C. )
Leading Teams for Growth and
Change (Tampa, FL)
9–14 March
Managing the Corporate
Aviation Function
16–21 March
Financial Management for
Non-Financial Managers
24–28 March
Strategic Thinking and Action
6–11 April
Power and Leadership:
Getting Below the Surface
22–25 April
Strategic Decision-Making
27 April–2 May
The Women’s Leadership
5–9 May
True Leadership: Leading
With Meaning
12–23 May
Management Development
Program: High-Performance
13–16 May
Managing Individual and
Organizational Change
13–16 May
Leading Innovation: Thinking
Creatively for Positive Change
1–20 June
The Executive 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
What’s Your 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
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 a community, are meeting the School’s mission: to improve the world by 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 ofers 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 diference will inspire you to continue to share your Darden story.
Please send us your pictures, memories and thoughts at #urdarden. Or e-mail us at Mail us a letter or give us a call.
From the Dean
Robert F. Bruner
Dean, Charles C. Abbott Professor of Business Administration
and Distinguished Professor of Business Administration
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
Offce of Communication & Marketing
P. O. Box 7225
Charlottesville, Virginia 22906-7225 USA
Executive Director of Communication & Marketing
Juliet Daum
Jacquelyn Lazo
Design and Art Direction
Susan Wormington
Cover Design
Ross Bradley
Copy Editors
Catherine Burton, Seamane Flanagan
Dan Addison, Ian Bradshaw, Tom Cogill, Jaime Kay, Jack
Looney, Andrew Shurtleff
Advertising Inquiries:
Carter Hoerr, Executive Director for Advancement
Phone: +1-434-924-6576
The Darden Report is published with
private donations to the University of Virginia
Darden School Foundation.
© 2013 Darden School Foundation
Fall/Winter 2013 Volume 40, No.2


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 nonproft,
Yo Creo en Colombia.
By Professor Jeanne Liedtka and Tim Ogilvie
By Professors Jared Harris and Michael Lenox
By Professor James G. Clawson

The Washington Post “Case in Point”
By Darden Senior Researcher Gerry Yemen, with Thierry Delecolle,
Ronald Kamin (MBA ’75) and Beatrice Parguel

Kim Morrish (CLAS ’88,
MBA ’93) 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
fnancial literacy nonproft, New
York Shock Exchange.
CONTENTS Fall/Winter 2013
1 From the Dean
4 News Briefs
10 Quote UnQuote/Darden in the Media
12 Faculty Spotlight: Susan Chaplinsky
What Kind of Infuence Do You Want to Have?
37 Alumni Services Update, In Memoriam
38 Alumni Profle: Bob Smith (MBA ’87)
“No Stranger to Risk”
39 Alumni Profle: Elizabeth Weymouth (MBA ’94)
“An Infuential Force in the Field of Energy”
40 Alumni Leadership Boards
42 20 Questions: Ned Hooper (MBA ’94)
Developing and Inspiring Responsible Leaders
Ned Hooper (MBA ’94)
Advancing Knowledge
News Briefs
n Wednesday evenings throughout the
fall, a group of female Darden students,
faculty and staf members got together in
Darden’s South Lounge to discuss issues ranging
from where women stand in the workplace to
whether or not they are called to perfection. These
intimate discussions, called Wednesday 10 events,
are organized by the School’s Graduate Women in
Business Club (GWIB), and they serve as a forum
for Darden women to engage with one another
about meaningful topics that afect 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 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.”
The Class of 2014 has the highest number of
female students in Darden’s history. Out of 112
women, or 35 percent of the class, there are 17
female presidents and more than 40 female vice
presidents spanning Darden’s 45 students clubs.
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. In Washington, D.C., a group
Darden Women Take Care of Business
“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.”
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.)
Stay Connected With the New Darden Community
As a valuable member of Darden’s tight-knit alumni community, you can recon-
nect with classmates, register for events, update your profile and network with
fellow alumni in our updated online community.
You must complete first-time registration to access the resources available on
the website, including event registration, group participation and alumni search
functionality. Contact Darden Alumni Services to obtain your access code to
complete first-time registration.
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.
Join an online networking group of alumni
specific to your class, chapter, career or
personal interests.
View and register for upcoming Darden
alumni events.
Use the alumni search tools to locate alumni
by class, location, company or program.
The Class of
2014 has the highest
number of female
students in Darden’s
In Darden’s 45 student clubs
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 afnity groups.
Their members enjoy getting together for
networking, educational and social events.
To meet the needs of executive
women who aspire to the C-suite,
Darden Executive Education ofers the
popular The Women’s Leadership Program,
a semiannual program led by Senior
Associate Dean for Executive Education
Erika James. The course, which will be
ofered again 27 April–2 May 2014, helps
women assess and address their strengths
and challenges, navigate the frequently
complex dynamics of strategic business
leadership, and hone their skills as
efective, visionary leaders.
more than
female vice presidents
News Briefs
“Global Growth
and the Next
Shanghai Marriott Hotel
City Centre
Shanghai, China
Sponsored by:
Darden Center for Asset Management
Darden Center for Global Initiatives
9–10 MAY 2014
Upbeat Outlook at the
6th Annual University
of Virginia Investing
After five years of intense volatility —
including a global recession, the near-
collapse 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 Man-
agement, 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 sold-
out 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 ofered investing ideas and
strategies for mitigating risk.
“Buy when there is little confidence,
and sell when there is too much
confidence,” said Howard Marks, chair of
Oaktree Capital. “Risk is when there’s too
much confidence in the price of an asset.”
At the conference, Darden MBA
students also hosted the second annual
Darden @ Virginia Investing Conference.
Students from 15 top business schools
participated in the stock pitch competi-
tion. The team from Columbia Business
School took home the $3,000 cash prize.
To view video interviews from the
conference, visit
‘Start Up Now’ Conference Inspires 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 Confer-
ence organized by Darden’s Batten Institute for Entrepreneurship and Innovation
and the School’s student-run Entrepreneurship and Venture Capital Club.
Aberman’s comment shed light on his process to evaluate early-stage deals, as 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.
Howard Marks spoke on the subject of “Managing
Money in Uncertain Times.”
Darden in the Top Tier of the
MBA Specialty Rankings
No. 1 Education Experience
(The Economist 2011–13)
No. 1 General Management
(Financial Times 2013)
No. 1 Facilities
(The Princeton Review 2014)
No. 4 Management
(U.S. News & World Report 2014)
No. 5 Entrepreneurship
(The Princeton Review for
Entrepreneur magazine 2013)
No. 5 MBA Program
(Hispanic Business magazine 2013)
No. 5 Faculty
(The Princeton Review 2014)
Darden’s Class of 2015: By the Numbers
Darden’s incoming class is the largest in the history of the School, with 414 students across the three formats of the MBA program.
The full-time MBA boasts the School’s highest-ever average GMAT score and grade point average. When it comes to career aspirations,
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.
A Look at Recent MBA Rankings
Deciphering business school rankings can be tricky, as each ranking publica-
tion uses a different methodology to measure different factors. Here’s a look at
Darden’s rank in the most recent MBA polls.
4 The Economist, 2013
(Global Ranking)
Student and alumni experience, including
career services, job placement, faculty
and student quality and diversity, recruiter
diversity, salary changes from before to
after degree
12 U.S. News & World
Report, 2014
Ratings from deans and recruiters;
quantitative analysis of career and
admissions data
15 Forbes, 2013 Return on investment using total salaries
of alumni who are fve years out minus
salaries lost while in school and cost of
706 Average GMAT
3.5 Average GPA
16% Minority
30% Women
11% Increase in Applications
Over Previous Year
37% Born Outside U.S.
for Executives
32% With Advanced Degree
25% With Military Experience
10 Average Years Work
Bloomberg Businessweek’s 2013
ranking of Executive MBA programs
No. 11 Darden’s debut U.S. ranking
A+ in Teaching
A+ in Support
A in Curriculum, Entrepreneur-
ship and Finance
Global MBA
for Executives
40% With Advanced Degree
33% With Military Experience
13 Average Years Work
27% Born Outside U.S.
Countries represented in the Class
of 2015 include: Brazil, France,
Germany, Iran, Kenya, Russia,
Serbia and the United States.
First Graduating Class: 2008 First Graduating Class: 2013 First Graduating Class: 1957
New Faculty
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 signifi-
cant 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.
Elizabeth A. Demers,
Associate Professor of Business
Daniel Murphy,
Assistant Professor of Business
A Professor’s Olympic
“Dream Idea” last year while planning his
courses for the annual Global MBA for
Executives second residency in Brazil. He
envisioned holding several experiential
learning activities related to the 2016
Summer Olympic Games, to be held in
Rio de Janeiro. Thanks to his Mead En-
dowment Award, which he earned for his
innovative “Dream Idea” in December,
Simko will integrate visits to various sites
where the Olympics will take place to
teach a GEMBA cohort about
the planning process and
the societal and economic
impacts on the city. The
endowment, named for Darden Professor
John Colley, sponsors a Darden faculty
member to participate in the Mead En-
dowment Program every year.
Yang and Warnock
Appointed Chairs
the Dale S. Coenen Professorship of Free
Enterprise Research Chair, an appoint-
ment that has a three-year term. Yang
joined the Darden community in 2012,
and he teaches First Year MBA classes on
global economies and markets. He is also
developing an elective course
on China and Asia.

appointed to the James C. Wheat Jr.
Professorship in Business Administra-
tion, 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.” He also
co-created and co-teaches the yearlong
practicum “Markets in Human Hope.”
Warnock joined the Darden
faculty in 2004.
News Briefs
Global Economies and Markets
Class of 2014 First Year Awards
Class of 2014 Student Awards
Samuel Forrest Hyde
Memorial Fellowship
Brandon Guichard
William Michael Shermet Award
Jason Anderson
Matthew Attanucci
Matthew Attaway
William Besash
David Cockerill
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 O’Connor
“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. 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 University and practices servant
leadership, placing the interests of his
classmates and the School ahead of his own.”
At First Cofee in September, student awards were presented to members of the Class of 2014.
From left, Kent Guichard (MBA ’83), Brandon Guichard (Class of 2014), recipient
of the Samuel Forrest Hyde Memorial Fellowship and a William Michael
Shermet Award, and Dean Bob Bruner.
Left: G. Robert Strauss Marketing
Award recipient Jonathan
O’Connor with Professor Tom
Right: C. Stewart Sheppard
Distinguished Service Award
recipient Patrice Yao with
Dean Bob Bruner.
The Washington Post/Darden “Case in Point”
15 NOVEMBER 2013
“ Unlike with stock picking,
when it comes to 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.”
YAEL GRUSHKA-COCKAYNE, 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
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
PAUL FARRIS, Landmark Communications
Professor of Business Administration, and KUSUM
AILAWADI (Ph.D. ’91) on why retailers should not
skimp on promotions
The Washington Post Capital Business
“ 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 line — pay
attention to customer attitude
as well as behavior.”
Research Professor of Business Administration, on
the importance of knowing what your customers
think of you
BBC Capital | 6 NOVEMBER 2013
“ Whenever communication
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 U.S.] don’t always apply.”
ELIZABETH POWELL, assistant professor of
business administration, on mastering the art of
global e-mail etiquette

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,
on Macy’s decision to remain open on Thanks-
giving day
The Economic Times Corporate Dossier | 25
“ 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 like vision.
In other words, how can
ordinary people demonstrate
extraordinary leadership?”
SARAS SARASVATHY, Isidore Horween Research
Associate Professor of Business Administration,
on ordinary people demonstrating extraordinary

The Wall Street Journal | 5 NOVEMBER 2013
“ More than 220 students attended
an Inc. briefing
this fall at Darden, the highest
attendance figure for any single
company briefing in the School’s
JACK OAKES (MBA ’88), assistant dean for career
development, on the growing number of Darden
students accepting jobs in the technology sector
Darden in the Media
The Darden School of Business has ongoing
series in the following media outlets:
1. The Washington Post/Darden “Case in
Point” Darden has published 70 cases
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
3. Forbes/Darden’s Batten Institute
Darden faculty members frequently write
blogs about entrepreneurship and innovation.
Professor Ed Freeman appears frequently on
CNBC’s “Squawk on the Street.”
5. The Economic Times Corporate Dossier
Professor Saras Sarasvathy writes a monthly
column on entrepreneurship for the Indian
business newspaper.
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 Financ-
ing” by Susan Chaplinsky and
Anne Erdman
2. “Life in the Fast Lane: Stacy Hollins and
the Hollywood Headache” by Jenny Mead,
Aaron Peters and Andrew C. Wicks
3. “Pitching J. Crew Maternity Apparel to
Mickey Drexler” by Paul W. Farris, Randle D.
Raggio, Patrick DesMarteau, Alex Mazakov
and Lindsay Murphy
4. “Segmenting Clinton and Obama Voters”
by Kenneth C. Lichtendahl Jr. (MBA ’98)
and Rohit Gupta
5. “ZYRTEC: 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,
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 fnancial goals while helping Darden prepare a new generation of leaders.
To learn more about how a planned gift might ft into your overall giving plan, please visit or contact Carter Hoerr, Executive Director for
Advancement at the Darden School of Business, at +1-434-924-6576 or The Darden Offce of Advancement mailing address is
P.O. Box 7726, Charlottesville, Virginia 22906 USA.
Did you know that you can support
Darden through your estate planning?
What Kind of Influence
Do You Want to Have?
“Charlottesville? Where’s that?”
Susan Chaplinsky asked when she was recruited
to join the Darden School of Business’ faculty in
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 Jeferson’s university.
“Don’t say no, just 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
teacher. “I see you as the prototype of what the
new Darden faculty members could be like,” he
told her. “You have strengths as a teacher, and you
will be able to carry and continue your research at
As a former investment banker, Dean Higdon
was “a super salesman,” according to 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 he said something that 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.
“The question is what kind of influence do you
want to have?”
Susan Chaplinsky
Tipton R. Snavely Professor of Business Administration
Faculty Spotlight
The Next Generation of Faculty
Chaplinsky, the Tipton R. Snavely Professor of
Business Administration, did not imagine that she
would still be in Charlottesville 20 years 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
For her part, Chaplinsky has mastered the class-
room setting. She steers her students through
complicated cases, which she simplifies by asking
provocative questions. “Transactions these days
are complex,” she explained. “I try to teach Second
Years how to use the building blocks they learned
in their First Year to confront complexity and to
realize they have the skills to break down the sit-
uation 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 “Entrepre-
neurial 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 or less teaching themselves a version of
‘Entrepreneurial Finance.’ That prompted the area
and me to ofer a new course on the topic,” she
said of the situation at the School in 2001. The first
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
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 experi-
ence 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 member of a Danish private 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
Even alumni who weren’t Chaplinsky’s students
have reached out with ideas for materials. In 2004,
John Fruehwirth (MBA ’96) — who had never
taken a class with her, though his wife, Christine
Arnold Fruehwirth (MBA ’96), had — contacted
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
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.
This year, the conference will welcome members of Charlottesville’s
community and cover topical issues, including energy and co-
investment. “PE frms 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 fnd these networking and learning opportunities
extremely important,” Chaplinsky noted. She encourages interested
alumni to contact her or the club to get involved.
Did you know?
Professor Chaplinsky,
an avid sports fan,
has season tickets
to U.Va.’s basketball
games. You can fnd
her in section 110,
cheering on the ’Hoos.
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
A 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 she was in Fama’s course.
“There is some orthodoxy to the way 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 afects 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 to reduce the cost burden
of going public, but at the expense of transparency
and disclosure,” Chaplinsky remarked. “We’re going
to look at how the act afects 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 efort 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 oferings. “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 ofer higher returns
than private sales, and her research attempts to
measure how pronounced this efect has been.
An active faculty 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, she earned the University’s 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
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.
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.
Alexander B. Horniman,
Killgallon Ohio Art Professor of Business Administration,
Senior Fellow, Olsson Center for Applied Ethics
Logging Miles to
Save Children
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.
As the leading
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.
Leadership Lessons From the
Syrian Conflict
This fall, Carolyn Miles addressed students, faculty, 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
hen Carolyn Miles, president and chief
executive ofcer 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
Save the Children’s first female CEO in 2011.
After graduating from Darden in 1988, Miles
worked for American Express, first in New 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 cofee shops
across Asia called the Pacific Cofee Company,
which they later sold to a Chinese investor.
The Catalyst: A Mother and Child
During her travels in Asia, Miles was routinely
confronted by the endemic deprivation faced by
millions of children. She describes a life-changing
experience in the Philippines: “My family and I
were at a stoplight, and a poor 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
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, Miles knew she wanted to
dedicate her life to helping the world’s children and
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 staf 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 to help the nonprofit with its direct-
response television and direct mail campaigns,
bringing in new donors. In 2004, Miles became
Save the Children’s chief operations ofcer 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, health, education and other
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.
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 are in a crisis, it is incredibly important to reach out to others who can help
you. Who do you work with or know that you could get 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 are the only way you’re going to
move your strategy ahead.
programs. She has helped grow its budget from
$250 million to more than $650 million today.
Making Sure the Story Is Told
“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 to refugee camps and impover-
ished areas in some of the 120 countries where
Save the Children works, Miles chronicles her in-
teractions with children in her blog, Logging Miles.
As CEO, she has emphasized the 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 has also built partnerships 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
Advocate Award to actress Jennifer 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 non-
governmental 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
—By Jacquelyn Lazo and Julie Daum
Excerpts from Miles’ Blog, Logging Miles
Syrian Refugees in Iraq Live in Limbo
The boy standing in the cement block doorway called to us to take his picture. 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 and mother told us how the two families had ended up here in Domiz,
a refugee camp near the border with Syria.
For children like Nawzad, who is 9, and Chiman, 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
As we said goodbye to Nawzad and his little sister, we asked him if he wanted
to go back to his village. He looked down shyly and said of course, it was home. His
father said the same, that as soon as Assad fell and things were safe, he would 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 nothing like home.
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 at any preschool anywhere in the world.
All the colorful elements of the classroom had been produced by the enthusiastic
woman who was the teacher — a local woman who provided a room in her house
for the school and underwent regular training with Save the Children. …This school
was also part of a new 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. Save the Children has launched similar Literacy Boost programs
in Bangladesh, Ethiopia, Malawi, Mozambique, Nepal, Pakistan and Zimbabwe.
The programs focus on preparing children to learn to read — starting as early as
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 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 read all of her blog posts, visit
9-19-2011 5:26 PM Amy Kirby / Amy Kirby
Job Name:
Job #:
J&J Corp
Darden School of Business
The Darden School of Business
Job info Job Specs
Trim: 8.5 x 11
Art Director
Acct Mgmt
Account Sup
Prod Director
Traffic Coord
Router Backup
Palatino (Regular), Helvetica Neue LT Std (45
JNJ_logo_red_4c.eps, 623-03636436a.tif
(CMYK; 755 ppi, 784 ppi; 39.69%, 38.24%)
Cyan, Magenta, Yellow, Black
Fonts & Images
Saved at None by
Printed At
8.5” x 11”
8.5” x 11”
4/C + Bleed
Signature Date
Comp Mechanical



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





A Catalyst for Change
in Colombia
Social entrepreneur Pedro Medina (CLAS ’82, MBA ’86)
believes in his native country and has convinced hundreds
of thousands of Colombians they should, too.
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 liv-
ing in poverty, and 400,000 Colombians emigrat-
ed that year. Colombia was conspicuously absent
from most travel guides at the time, though From-
mer’s South America made a point of mentioning
it — in the chapter titled “Nations You Should
Avoid.” In many 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
“The cofee, 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 Infuence for
Positive Change
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 eforts, more than
680,000 Colombians have benefited from the
organization’s programs.
“We’re a lean, mean fighting 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 efect on
everyone] from high school students to presidential
candidates to business leaders to beauty queens.”
Medina’s initiative has transformed both
individual Colombians and the nation as a whole.
At a time when his 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 Afairs 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
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 for the Southwestern Company of
Nashville, Tennessee, before returning to Char-
lottesville to earn his MBA at Darden. When
he graduated in 1986, he was hired to open the
Colombia operation of Mobil Polymers Interna-
tional, a division of Mobil Chemical. From there,
he went on to create an international market
for Propilco, the largest petrochemical firm in
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 to expand the corporation’s international
reach. He brought the McDonald’s brand to his
country and developed 350 local suppliers, six
of which are now regional suppliers. Under his
leadership, McDonald’s Colombia opened 10
A Catalyst for Change
in Colombia
restaurants in the first 12 months and 33
restaurants in his seven years, and became
the top employer of college students in the
Colombia 2013:
A Changed Nation
Today, Colombia is a completely diferent
nation from what it was in 1999. Foreign
investments in the country have in-
creased from $1.8 billion in 2000 to $15.8
billion in 2012. The number of
violent deaths per 100,000 inhabitants
has decreased from 67 to 32 since 1999.
“We received 5,000 visitors from the
United States in 1999, compared to
500,000 in 2012,” Medina said. “There
are now four international tourism guides
that tout Colombia as the place
to visit.”
According to Medina, Colombia’s
dramatic improvements can be attributed
to three main factors: “better leadership,
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 and do unsolicited acts
of kindness.
3. Look for hidden assets — the world
is full of tangible and intangible assets
that are underutilized.
I love and apply Professor Sankaran
Venkataraman’s bootstrapping
technology for entrepreneurs:
• 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
• Don’t lease anything that you can
• Don’t borrow anything that you can
beg for.
• Don’t beg for anything you can get
for free.
• Don’t take anything for free that
you can get others to pay you for.
• Don’t take something you can get
others to pay you for that you can
get others to bid for and create an
Plan Colombia [an initiative created
to end Colombian armed conflict and
develop an anti-cocaine strategy] and
a more engaged 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
on Colombia
Medina’s ferocious tenacity and his
unwavering dedication to his home-
land have not gone unnoticed. In 2004,
Colombian President Alvaro Uribe and
El Colombiano recognized him as an Ex-
emplary Colombian. He was celebrated
by the business magazine Dinero as one
of the 20 top businessmen of the year in
2001, and in 2006, he was a finalist for
the Schwab Foundation Social Entre-
preneurship Award and was chosen by
Cambio magazine as one of the top 50
leaders under 50 in Colombia.
Medina, whom many consider a rare
visionary who has made a significant
impact on his country, avoids the
limelight when he can and prefers
spending time at La Minga, a Colombian
environmental reserve that he owns. “To
relax, I go to the waterfalls in La Minga
and balance the positive ions of the city
with the negative ions,” he said of his
favorite weekend ritual.
Medina also dreams of exploring South
America, and he plans to embark on a six-
month sabbatical there in 2020 in honor
of his 60th birthday.
— By Jacquelyn Lazo
The main house at La Minga, a
Colombian environmental reserve
Medina owns. The house is made
of mud, grass and rocks. P

It’s a BIG world.
It needs BIG ideas.
Eastman and The results of insight are trademarks of Eastman Chemical Company.
© 2012 Eastman Chemical Company 0208-AD-12 10/12
Eastman is proud to support the Darden School
of Business. As a global specialty chemicals
company, we’re honored to invest in programs
that help find practical solutions to the 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
From the
Ground Up
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 part-
nered with four of the company’s existing directors,
who took a risk to invest in the business 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 cus-
tomer 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 diference in the
world. This ambition began while attending U.Va.,
where my studies in international relations drove
my aspiration to join the U.S. Foreign Service.
After working in international development, I
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, com-
mercial management training at Darden.
What was your next career move?
After Darden, I returned to my career with the
U.S. Foreign Service to run development proj-
ects 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 sus-
tainable, afordable access to financial services
to small and micro businesses. I then spent two
years working and living in emerging markets in
Central Europe and Central Asia.
I then moved back to Washington, D.C., and
was recruited by the German firm IPC GmbH,
which specialized in setting up 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, stafng international projects and
establishing financial controls to qualify the
company to work as a U.S. government contractor.
After working on projects in Haiti and Bosnia, I
was running a project in Jamaica, 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.
After a career in the U.S. Foreign Service,
Kim Brown Morrish (CLAS ’88, MBA ’93) grows
a company that counts the Tower of London
among its clients.
When did you launch your frst entrepreneurial
While in Jamaica, Simon and I identifed 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 ofine. After a few months of research and the
development of a business plan, we both quit our
jobs to start, which was similar to
Trulia or, but 14 years earlier and
in the U.K.
What was the most important lesson you
learned from that frst venture?
Surround yourself with the very best people
you can.
What circumstances 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. Hav-
ing 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 busi-
nesses on the market and attended seminars. Ground
Control actually came to us through Jef Bocan (MBA
’00), a friend and Darden alumnus who was working
in private equity in London and mentioned the op-
portunity to me one night over dinner.
The next step was to secure financing. As a buy-in
team without industry experience, we needed a
compelling and comprehensive plan to convince the
seller to sell to us and to raise financing to pull the
deal together.
How has your role at Ground Control evolved?
I focused my frst years on business development
and hiring the very best people we could to
support our growth. Both responsibilities
depended on my ability to sell. I was selling our
business to clients and ensuring that we were
growing with them, 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,
especially our senior 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 coun-
tries where my gender, age and skin color mat-
tered. 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 to start my career in the U.S. Foreign
Service where I could work to create opportuni-
ties for the disadvantaged. At Ground Control, it’s
been rewarding to run a business committed to
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
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
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 children have grown — to better respond to
their needs and also to grow myself. 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
UTC is proud to support the Darden School for its role in developing
principled leaders with the integrity, discipline and insightful thinking
that can help us build a better world.
For more information, visit
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 why financial literacy was relevant to the young Brooklyn basketball players. 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
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.
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. They observed the people
around them, most of whom were using iPods,
and decided to invest in Apple Inc. and GameStop.
A year later, in 2007, both 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 for teaching kids competitive basketball
skills and investing skills. The former small college
All-American basketball player received his B.A. in
economics from Hampden-Sydney College. After
college, he worked at NationsBank in the Washing-
ton, D.C., area. When he graduated from Darden,
Baker got his first taste of high finance working
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, recounts his experi-
ences of starting his nonprofit, the New York Shock
Exchange, and received honorable mention for gen-
eral nonfiction at the 2013 New York Book Festival.
When did you frst get interested in
As soon as I could walk. In Farmville, 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 my
When did you frst 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 Thompson
(MBA ’83) and Robert Citrone (MBA ’90) — had
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 endorsement for me. The fact that it was
the toughest business school in the country was
another attraction. I had my heart set on attending
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 infuenced you
and your career?
I have relied on the Darden network to help me
transition between jobs and 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
What were some of the top observations the
kids had about the Great Recession?
When going over investment fundamentals, we
looked at the price-to-earnings ratios and earnings
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
afect the overall market. During each investment
meeting, we began to notice that those economic
trends were getting worse. They eventually began
to fall of a clif, and the alarming part was that no
one was talking about it [at the time].
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 of the wagon and got out of
shape. I am now trying to get back in shape.
Investing is
competitive, and
there are clear
winners and losers
— similar
to basketball.
Advancing knowledge at Darden is centered on creat-
ing insights and ideas that improve both managerial
practice and academic understanding. Curiosity and
a desire to understand why things happen and how
markets, organizations and people come together to
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
MYTH 3: Don’t ask a question to which you don’t
know the answer.
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 works fne in an operations setting, but when the goal is
creating an as-yet-unseen future, there isn’t much to measure. And
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.
When you are trying to create the future, knowing when you have it right
is diffcult. We think being skeptical of your solution is fne — what you
should be certain of is that you’ve focused on a worthy problem. You’ll
iterate your way to a workable solution in due time.
BETTER MAXIM 5: Choose a worthwhile 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, confdent that if
the idea were good, it would have attracted money on its own merits.
The truth about ideas is 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 fnd 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 preserving
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’s businesses well.
*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.
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’s 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 fnding 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.
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 nurturing, intuition and a tolerance for uncertainty.
BETTER MAXIM 2: Don’t put all your eggs in one basket — always
explore multiple options.
will and will not do to achieve your mission. To better defne your
organization’s values, you might consider and answer these questions:
● Defne your mission. What is the organization’s purpose, its reason
for existing?
● Establish your scope. In which markets do you operate — in terms
of product and geography?
● Identify your aspirations. What does success look like now and in
the future?
● Know others’ expectations. Who are the 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 defne 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
software company. That simple statement defned 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
specifc strategic actions. Conducting a Stakeholder Analysis can be
very useful in understanding what others expect of you and may be
infuential in helping to defne your own values for the organization.
Ultimately, your values serve as boundary conditions for your strategy.
STEP 2. Explore Competitive Opportunities
OPPORTUNITIES refers to the possible competitive positions in the
market to create value for stakeholders. To defne them, you could
take the following steps:
● Defne 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
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. Defning 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 the organization’s existing and potential
strengths. These ideally fuel the organization’s strategic efforts. To
evaluate an organization’s strategy, you need both a clear picture
of what makes the organization distinctive and a sense of the
organization’s ability to marshal resources and leverage capabilities
toward desired organizational objectives. This requires, of course,
clarity about those capabilities:
● Defne your value chain. How do you deliver value? What
capabilities do you (or your organization) currently possess? What
makes them distinctive?
Three Critical Factors
of Business Strategy
By Jared Harris and Michael Lenox
The 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 Toolkit can
help to paint a complete picture of your organization’s competitive
What is our mission?
What is our scope?
What do we value?
What does the market
demand? Who else, if
anyone, offers this value
What are our strengths?
Where might we have a
competitive advantage?
How do we
create and
STEP 1. Define Your Values
VALUES refers to the mission of the organization. Understanding and
establishing your organizational values is a critical frst step in devising
a successful business strategy and understanding how you can create
value for others. Your values defne your ambitions and the competitive
space in which you operate. Your values help delineate what you
● Assess alignment. Do 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. Are your capabilities durable over time? What
capabilities does the organization need to possess in the future?
How can it develop them?
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 competitive
position, where value for an organization’s 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 —
fnance, marketing, accounting, operations, human resources — often
bring specifc paradigmatic views to bear on organizational problems
and considerations, business strategy is about how all the underlying
insights of these disciplines are brought together. Managers do
not typically encounter challenges as isolated, atomistic problems
with narrow disciplinary implications; rather, they must navigate
issues that encompass a whole range of complex, cross-disciplinary
Business strategy is also integrative because its success involves
value creation for its investors, employees, 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, you will
most likely end up doing business all around the world. International
businesses have operations, partners, alliances and senior managers
representing virtually every global region. Many have more than
one “headquarters,” signaling the diversity of their thinking and
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
• Humility
• Lifelong curiosity
• Cautious honesty
• Global strategic thinking
• Patiently impatient
• Well-spoken
• Good negotiator
• Presence
The following checklist will help you determine if you have the key
characteristics of a global business leader:
❑ Overseas experience
Many global executives understand what doing business in a fat 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.
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).
❑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 fsh? 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, to master the global business
Being interested in other cultures and how people
in those cultures do things, especially with regard to
business, implies a certain humility. Humility here means
a belief that other lands and cultures have fgured out
very interesting answers to life’s 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 defnitions of “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, 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. Balancing
the demands of hot competitive and technological trends
with the pace of local cultures can be frustrating to the
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 quickly be in a defcit 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.
A certain charisma surrounds you if you are an infuential
global leader. Part of it — but only part — is position or
title. The bigger portion is dress, self-confdence, 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 affliations 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

As marketers love to teach students, diferentiation
must be the focal point of marketing strategy.
But what happens when a firm’s competitive
set is shared by similar customers, perceived
diferentiation 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?
THE SCENARIO: At its flagship store in Place Vendôme,
adjacent to the world’s most prestigious luxury brands, the
house of Mauboussin prospered 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
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 staf. Némarq and Frémont
Every other Sunday in The Washington Post’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.
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 bought jewelry for pleasure. The
adopted positioning became “jeweler artist.”
Next, Némarq focused on the dismal
financial results in Asia/Asia Pacific. The
distributor with exclusive rights to the Mauboussin brand in
Japan wanted to close its business in three months. What now?
THE RESOLUTION: The House had maintained a long-
standing 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 ofered 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 LESSONS: Strategy is often based on what the firm
must do to develop a competitive advantage or what it can do
with its resource allocation; it is also about fragmented, 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 customer groups and cultures.
by Thierry Delecolle, Ronald Kamin (MBA ’75),
Beatrice Parguel and Gerry Yemen
Meet at Boars Head
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 ofers 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 of the South Award, 2012, Successful Meetings’
Pinnacle Award, 2012, and Convention South’s 2012 New or Renovated Meeting Site Award. Boar’s
Head would be honored to host your next meeting, retreat or special event. For more information
or to book your next meeting, please call 855.477.9348 or e-mail
Owned and Operated by the University of Virginia Foundation

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 of Darden alumni. Our current alumni board
president, Karen Edwards (MBA ’84), president and CEO of Kosiba Edwards Associates,
is already making a signifcant 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 to address the address
the dean’s and board’s three most pressing priorities in a session led by Professor Yiorgos
A successful board of any nonproft 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 not just like every other board.
Michael J. Woodfolk (TEP ’05)
Senior Executive Director, Engagement Strategies
Alumni Services Update
In Memoriam
The Darden School ofers its condolences to the
families of the following individuals whose deaths
have been reported to us in the past six months.
Charles C. Abbott Award
Call for Nominations
presented to a Darden MBA or Executive
Program alumnus or alumna whose con-
tributions 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
· Commits a generous amount of person-
al resources — time, energy, funds — to
Darden projects, goals and needs
· Brings initiative and persistence to proj-
ects and his or her given responsibilities
· Is regarded by other Darden stakehold-
ers as an outstanding contributor
Nominate a Darden graduate before
28 February 2014, by contacting Michael
Woodfolk at woodfolkm@darden.virginia.
edu with an explanation of why you feel
your nominee is a strong candidate for
the award.
“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, 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 frm 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 applica-
tions necessary to succeed in his feld. He prizes case-method teaching because it most
closely simulates real-life decision-making: “It doesn’t assume there’s an answer,” he said.
Deep gratitude toward and belief in Darden have led Smith and his wife, 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 frst exam due to my frst 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
Alumni Profle
An Influential Force in the Field of Energy
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 energy-
focused private equity firms. Weymouth, who is responsible for capital raising and limited partner relations, has raised $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 Avenue office in Manhattan, Weymouth is instrumental in forming partnerships between Riverstone 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 nexus of capital formation and energy investment, she has carved a distinctive path, adding tremendous value for her
firm and its investors while achieving high, measurable results. “I believe that there are two equally critical components 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
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, she served on the Darden Corporate Advisory Board.
Alumni Profle
Philip W. Knisely (MBA ’78)
Clayton, Dubilier & Rice
James A. Cooper (MBA ’84)
Thompson Street Capital Partners
W.L. Lyons Brown III (MBA ’87)
Altamar Brands, LLC
Robert F. Bruner
Dean, University of Virginia
Darden School of Business
Susan J. Chaplinsky (Faculty)
Darden School of Business
G. David Cheek (MBA ’79)
The Meridian Group
James Su-Ting Cheng (MBA ’87)
Commonwealth 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
Kirsti Goodwin (MBA ’02)
Gordon Grand III (MBA ’75)
Russell Reynolds Associates Inc.
Edwin B. Hooper (MBA ’94)
Centerview Capital
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)
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
Douglas T. Moore (MBA ’80)
First Street Consulting
Marshall N. Morton (MBA ’72)
Media General Inc.
Michael O’Neill (MBA ’74)
Richard M. Paschal (MBA ’89)
Coach, Inc.
Honorable Lewis F. Payne (MBA ’73)
McGuireWoods Consulting, LLC
Zhiyuan (Jerry) Peng (MBA ’03)
Four Seas Capital Management
Scott A. Price (MBA/MA ’90)
Walmart Asia
Admiral Gary Roughead
Retired U.S. Navy
Frank M. Sands Sr. (MBA ’63)
Sands Capital Management
Frank M. Sands Jr. (MBA ’94)
Sands Capital Management
John Simon
Executive Vice President and
Provost, University of Virginia
Henry F. Skelsey (MBA ’84)
PRC Venture Partners, LLC
Susan Sobbott (MBA ’90)
American Express OPEN
John R. Strangfeld Jr. (MBA ’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.
Thomas R. Watjen (MBA ’81)
Unum Group
Roger L. Werner Jr. (MBA ’77)
Outdoor Channel Holdings, Inc.
Elizabeth K. Weymouth (MBA ’94)
Riverstone Holdings, LLC
The five Leadership Boards of the Darden School of
Business are composed of more than 130 distinguished
leaders who collectively serve as an innovative force in
the advancement of the Darden School throughout the
world. (Listing as of 1 November 2013)
Douglas T. Moore (MBA ’80)
of Richmond, Virginia,
First Street Consulting, LLC
Arnold B. Evans (MBA/JD ’97)
of Atlanta, Georgia,
Managing Director,
SunTrust Robinson Humphrey
New Members Elected to the Darden School
Foundation Board of Trustees
Bruce Thompson (MBA ’90)
of Charlotte, North Carolina,
Chief Financial Offcer,
Bank of America
Alumni Leadership
Karen K. Edwards (MBA ’84)
Kosiba Edwards Associates
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
Jerry Connolly (MBA ’88)
Nomura Securities International
Richard P. Dahling (MBA ’87)
Fidelity Investments
Christian Duffus (MBA ’00)
LEAF College Savings, LLC
Warren F. Estey (MBA ’98)
Deutsche Bank Securities
Jennifer McEnery Finn (MBA ’00)
Capital One
Michael Ganey (MBA ’78)
Marketing Consultant
Owen D. Griffn Jr. (MBA ’99)
Dominion Enterprises
Kendall Jennings (MBA ’12)
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 Affrmative Financial Network
Jay McDonald (MBA ’71)
Middleton McDonald Group, Inc.
Jeanne L. Mockard (MBA ’90)
JLM Capital and Consulting
Melissa Monk (EMBA ’08)
Equifax, Inc.
Kari E. Pitkin (MBA ’97)
Bank of America Merrill Lynch
Shelley Reese (MBA ’08)
Booz Allen Hamilton
Elvis Rodriguez (MBA ’10)
Goldman Sachs Group, Inc.
Abby A. Ruiz de Gamboa (MBA ’04)
Deloitte Consulting, LLP
Nancy Schretter (MBA ’79)
The Beacon Group
Shaojian Zhang (MBA ’99)
Rockwell Automation
Nicola Allen (MBA ’10)
Pelton & Crane
Paige Davis (MBA ’09) 
MTB Investment Advisors
Jonathan Englert (MBA ’10) 
Deloitte, LLP
Teresa Epperson (MBA ’95)
Marguerite Furlong Longo (MBA ’08) 
Johnson & Johnson Consumer
Ray Hernandez (MBA ’08)
Drew Holzwarth (EMBA ’09)
Stanley Martin Companies
Allison Linney (MBA ’01)
Allison Partners, LLC
Octavia Matthews (MBA ’89)
Willard McCloud (MBA ’04)
Cargill, Inc.
Tawana Murphy Burnett (MBA ’04)
Pfzer Consumer Healthcare
Michael Peters (MBA ’09)
COMCAST Corporation
Reynaldo Roche (MBA ’07)
Delta Air Lines, Inc.
William Sanders (MBA ’06)
Rhonda Smith (MBA ’88)
Breast Cancer Partner
Jeffrey Toromoreno (MBA ’06)
Citigroup, Inc.
Daniele Wilson (MBA ’11)
Johnson & Johnson
Andrew Bubala (MBA ’01)
Jim Chapman (MBA ’00)
Halsey Cook, Jr. (MBA ’91)
Legrand North America
VN Dalmia (MBA ’84)
Dalmia Continental Pvt. Ltd.
Louis G. Elson (MBA ’90) 
Palamon Capital Partners, LLP
Silvia Ethel (MBA ’99) 
Gabriela Gold (MBA ’95)
  World Bank
Leslie Grayson 
Isidore Horween Emeritus Research
Professor of International
Clelland Peabody Hutton 
(MBA/JD ’75) 
Orion Partners
Gene Kim (MBA ’96) 
Rosemary King (MBA ’91)
Takahisa Koitabashi (MBA ’93) 
iSigma Capital Corporation
Richard K. Loh (MBA ’96) 
Ploh Group Pte. Ltd.
Elie Maalouf (MBA ’89) 
Zhiyuan (Jerry) Peng (MBA ’03)
Four Seas Capital Management
Anton Periquet (MBA ’90) 
Pacifc Main Holdings,
Camden Hill Group
Kari E. Pitkin (MBA ’97) 
Bank of America Merrill Lynch
Scott A. Price (MBA/MA ’90) 
Walmart Asia
Vincent Rague (MBA ’84) 
Catalyst Principal Partners
Fiona Roche (MBA ’84) 
Estates Development Co. Pty. Ltd.
Walter Shill (MBA ’86) 
Henry F. Skelsey (MBA ’84) 
PRC Venture Partners, LLC
Erik Slingerland (MBA ’84) 
Egon Zehnder International Gmbb.
Ichiro Suzuki (MBA ’84) 
Nomura Asset Management
George S. Tahija (MBA ’86) 
PT Austindo Nusantara Jaya (ANJ)
Sergio Waisser (MBA ’98) 
McKinsey & Company
Jimmy Wei (MBA ’02) 
KPCB China
Baocheng Yang (MBA ’04) 
Huanghe Science and Technical
John Fowler Jr. (MBA/JD ’84) 
Wells Fargo Securities, LLC
Richard M. Paschal (MBA ’89) 
Coach, Inc.
Michael Balay (MBA ’89) 
Cargill, Inc.
Helen Boudreau (MBA ’93) 
Novartis Corporation
Mark Bower (MBA ’02) 
Bain & Company
Ray Butler 
Kevin Clark (MBA ’01) 
David Couture (MBA ’95) 
Deloitte Consulting, LLP
R. Scott Creighton (MBA ’82) 
Johnson & Johnson Consumer
Murray Deal 
Eastman Chemical Company
Richard Edmunds (MBA ’92) 
Booz & Co.
Pierre Jacquet (MBA ’98)
L.E.K. Consulting
Thomas Johnstone (MBA ’88) 
GE Capital Corporation
John Bernard Jung (MBA ’84) 
BB&T Capital Markets
Matthew Kaness (MBA ’02) 
Urban Outftters, Inc.
Mary Lou Kelley (MBA ’91) 
Chico’s FAS, Inc.
Michele Kessler (MBA ’89) 
David Kostel (MBA/JD ’97) 
Credit Suisse
Harry Lawton (MBA ’00) 
The Home Depot
Charles Leddy (MBA ’03) 
Octavia Matthews (MBA ’89)
Daniel McKeon (MBA ’08) 
Marriott International, Inc.
Fernando Mercé (MBA ’98) 
Nestle Purina
William J. O’Shea Jr. (MBA ’84) 
Campbell Soup Company
Thomas Poole (MBA ’99) 
Capital One
Thomas W. Reedy Jr. (MBA ’91) 
Carmax, Inc.
James Schinella (MBA ’93) 
Steve Sonnenberg (MBA ’79) 
Elizabeth Thibodeau (MBA ’07) 
Mark Watkins (TEP ’94) 
M. Reaves Wimbish (MBA ’97) 
1. What was your frst job? That depends on your
defnition of a job, I suppose. I started mowing
lawns and pulling weeds for neighbors when I was
11 or 12. My frst formal job was as a gopher at an
Ace Hardware store.
2. What’s the best advice you have ever re-
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 fnd other
people with different experiences and expertise to
build a successful business.
3. Do you prefer numbers or words? Facts; they
can come either way.
4. What motivates you? I have a classic type A
personality. I need to be in constant motion. I have
been trying to focus more on having fun!
5. When and where do you do your best think-
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 Analytics The Power to Pre-
dict Who Will Click, Buy, Lie, or Die by 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,
which is a great modern history of Spain and of
Spanish soccer.
7. What technology can you not live without?
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 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 leveraging
new analytical models and machine learning.
9. How do you stay ahead of the competition?
By focusing on the market and the customer. Skat-
ing to where the puck will be before your competi-
tor can get there, to use a hockey metaphor.
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 the best thing that has happened to
you in the last year? A year and a half ago, I took
two months off between Cisco and Centerview. It
was the frst 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
12. How do you measure success?
I will let you know when I get there.
13. Which natural talent would you most like to
have? I wish I could pitch in the major leagues.
14. What is your most treasured possession?
My family.
15. What have you recently 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 to help parents fnd
books their children will love. Teaching kids to love
to read and learn is the best opportunity to help
them succeed over their entire lives.
18. What’s your favorite food and beverage?
My vices are red wine and dark chocolate.
19. Which Darden professor infuenced 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.
Questions 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 po-
sition 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 pres-
ident and chief strategy ofcer 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, cou-
pled 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 re-
sponsible for building and implementing a
global distribution plan for Lightspeed In-
ternational, a startup Cisco had acquired.
He began his career in technology with
MCI in product management.
As a member of the Darden 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 Coast initiatives and to create new
cases and research based on pressing
technological issues. Hooper resides in the
San Francisco Bay area with his wife, Freya
(MBA ’94), and their three children.


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
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.
You are our next legacy.
Share your Darden story with us at #URDarden or
Tere are more than 14,000 alumni stories
at Darden. What is YOUR STORY?
DAF-1004_NovPrintad_RD2.indd 1 11/22/13 2:29 PM
University of Virginia Darden School Foundation
P.O. Box 7726
Charlottesville, VA 22906-7726
The Abbott Society (1957–63) 1959 1964 1969 1974 1979 1984 1989
1994 1999 2004 2009 2013
25–27 APRI L