FALL 2005

BUBBLE TROUBLE? NOT LIKELY Chicken Littles aside, Chris Mayer upends conventional wisdom about the housing market • Awi Federgruen on Katrina and supply chain risk • Ray Fisman explores maximizing utility in the pursuit of love • Bjorn Jorgensen’s research offers insight into risk measurement and disclosure

56957cbsD1R1.indd OFC1 11/11/05 12:23:12 AM

O N L I N E : www.gsb.columbia.edu

Columbia Ideas at Work This online knowledge bank is a bridge between the School’s intellectual capital and CONNECTING RESEARCH your business challenges. www.gsb.columbia.edu/ideas

The Sanford C. Bernstein & Co. Center for Leadership and Ethics The umbrella for activities on leadership and ethics at the School, the Bernstein Center explores issues of individual integrity, corporate governance and corporate social responsibility. www.gsb.columbia.edu/leadership

The Center on Japanese Economy and Business Widely recognized both for its programs and its research, the center promotes knowledge and understanding of Japanese business and economics in an international context. www.gsb.columbia.edu/japan

FRONT COVER ILLUSTRATION: NICHOLAS WILTON BACK COVER PHOTOGRAPH: ERIN FOSTER

56957cbsD1R2.indd 1 11/18/05 4:23:39 AM FA L L 2 0 0 5

C O N T E N T S

F E A T U R E S

8 Dating Data: Economic Theory and the Search for a Mate How do people really select romantic partners? In a series of speed-dating studies, Professor Ray Fisman and colleagues found an economic mindset in dating preferences.

12 The Best-Laid Plans: Safeguarding Strategic Supplies in the Face of Disaster Professor Bjorn Jorgensen’s by Awi Federgruen research explores the costs Hurricane Katrina’s impact on Gulf Coast oil refineries high- and benefits of a firm’s lighted the risk of relying on a concentrated supply source. risk disclosure strategy Professor Awi Federgruen explains what governments and (see page 16). private-sector companies can do to manage supply chain risk.

16 Risk Measurement and Disclosure by Stefanie Condie ’01 Risk disclosure decisions can have a direct impact on a firm’s cost of capital. When is it in managers’ best interests to voluntarily reveal information about firm-specific risk? Departments

Dean’s Message ...... 2 20 Bubble Trouble? Not Likely NewsMakers...... 3 by Chris Mayer and Todd Sinai The rise in U.S. home prices calls to mind the Class Notes...... 24 bubble of the late 1980s. But a new study shows that while house prices have gone through the roof, the annual cost of owning a home has not.

48 Endpaper: China at the Crossroads by Charles Calomiris Through a range of new initiatives, the Chazen Institute is bringing together academics and business practitioners to explore China’s growing influence on the world economy.

www.gsb.columbia.edu HERMES • F A L L 2 0 0 5 1

56957cbsD2R2.indd 1 11/18/05 4:24:31 AM DEAN’S MESSAGE

Acting Director of Publications Dear Alumni: and Web Communications and Editor Nicola Muir Fabens n my conversations with many of you over the past year, I have been impressed by the diversity of your Contributing Writers backgrounds and interests, as well as by your com- Stefanie Condie ’01, I mitment to making positive changes in the world. My Donna Iannicelli, Abigail Moses, Kenneth J. Selvester interactions with you have also confirmed for me that the School is preparing graduates to take on a broad Design range of challenges over the course of their careers. Zehno Cross Media Communications This issue of HERMES highlights alumni who are mak- ing a difference by assisting hurricane survivors, preserving artistic traditions Dean among refugees and promoting fiscal responsibility in New York City and State Glenn Hubbard government. In addition, you’ll read about graduates making their mark in Associate Dean for External industries ranging from art to energy to consumer packaged goods. Relations and Development This issue also showcases the eclectic research interests of our faculty Marilyn F. Kohn members—from risk management to real estate to speed-dating. This spring Secretary to the Board of in Columbia Ideas at Work, Professor Awi Federgruen mentioned the vulnera- Overseers and Associate Dean bility of the U.S. energy sector because of a high concentration of volume in a for Special Projects small number of oil refineries. Here, he discusses his research on supply chain Janet L. Schinderman diversification in light of Katrina’s impact on Gulf Coast refineries. Editorial Office You can also read about Professor Bjorn Jorgensen’s research on the costs and Columbia Business School benefits of voluntary risk disclosure—a timely topic as firms worldwide grapple 33 West 60th Street, 7th Floor with the ramifications of the 2002 Sarbanes-Oxley Act. Professor and real estate New York, New York 10023-7905 (212) 854-8567 Fax: (212) 854-3050 expert Chris Mayer explains why—contrary to popular belief—there is no bub- [email protected] ble in U.S. housing markets. And Professor Ray Fisman discusses a speed-dating study that applied economic theory to the romantic-search process. Address changes can be submitted via the Alumni Web Site at One of the things I enjoyed most during my first year as dean was the oppor- www.gsb.columbia.edu/alumni or tunity to meet with thousands of you at alumni events around the world. The directed to the Alumni Relations School community—students, alumni, faculty members and administrators—is Office at (212) 854-0273 or at [email protected] a lifelong support network for our graduates, offering abundant opportunities for personal and professional growth. I hope you will tap into that network HERMES welcomes letters to the editor by participating in alumni events in your area, using the career development and Class Notes updates submitted via resources available through the Alumni Web Site (www.gsb.columbia.edu/ the Alumni Web Site or sent by mail or e-mail to the addresses above. alumni) and exploring faculty research findings on the School’s new online knowledge portal, Columbia Ideas at Work (www.gsb.columbia.edu/ideas). HERMES, Columbia Business School’s I look forward to seeing many of you at Reunion Weekend in New York alumni magazine, is published twice a year by Columbia Business School, next April and at the Pan-European Reunion in Rome in October 2006. Columbia University. © 2005, The Trustees of Columbia University With regards,

Opinions expressed are those of the authors and editors and do not reflect official positions of Columbia Business School or Columbia University. Glenn Hubbard Dean and Russell L. Carson Professor of Finance and Economics

2 HERMES • FALL 2005 www.gsb.columbia.edu

556957cbsD2R1.indd6957cbsD2R1.indd 2 111/11/051/11/05 12:44:0812:44:08 AMAM NEWS MAKERS

Follow-up: Alumna Extends Work with Refugees to Colombia

ara Green ’01, who America after reading about began Art for Refugees it in the spring 2003 issue Sin Transition (ART) of HERMES. With Mejia’s as an MBA student to give help, ART established part- voice to and preserve artistic nerships with several local traditions among refugee pop- organizations, including the ulations, recently expanded Universidad de los Andes, the program to Colombia, which provides student interns a country with more than to implement, monitor and School Expands Its Presence in China three million internally dis- evaluate program activities. his summer, Columbia “This alliance connects pre- placed people. ART’s work Since ART’s inception, Green Executive Education eminent business schools in among refugees in Bogotá is has benefited from the sup- Tkicked off the first China and the United States being featured in a documen- port of Columbia Business phase of a partnership with and is further evidence of the tary for U.S. television and has School alumni—notably her Fudan University’s School of global nature of executive also captured the attention of Lang Center mentor, Janet Management in Shanghai. education today,” says Dean local media. Tiebout Hanson ’77, founder of On August 25, 50 Chinese Glenn Hubbard. Milestone Capital financial executives chosen The School’s partnership Management— from the banking, investment, with Fudan on this executive and faculty insurance, regulatory and training program will serve as members, espe- government sectors began the basis for future collabora- cially Professors their study of global financial tion on academic research Murray Low, markets with Columbia fac- and other executive education Clifford Schorer ulty members in Shanghai. initiatives. and Raymond In the next phase of the pro- For more information Horton. “The gram, planned for July 2006, on Columbia Executive work that I’m Chinese executives will study Education, visit www.gsb. doing has at Columbia in New York. columbia.edu/execed. never been done before,”

JAMES REXROAD Green says, “so there are A Snapshot of the Class of 2008 Green launched ART’s no benchmarks to help me pilot program in Thailand know whether I’m going in This fall, the School community welcomed the class of 2008: in 2003 in partnership with the right direction. I’ve had 520 students representing 63 countries and 49 languages. Ranging to rely on my own instincts, the International Rescue in age from 23 to 42, the class has 74 master’s degrees, 14 JDs, Committee. Refugees are now my Columbia training and 2 MDs and 3 PhDs, including one in polymer physics. Among its running the program there, the support of people I’ve and it has been completely met through the Columbia ranks are several Olympic athletes, Peace Corps volunteers, journal- self-sustaining for a year and network.” ists and entrepreneurs, as well as a French soap opera actor and a For more information on ART, a half. rocket scientist. Continuing the School’s family tradition, members of Cecilia Mejia ’77 facilitated visit www.artforrefugees.org. the class are relatives of 104 Columbia graduates—and parents of ART’s entry into South 14 children themselves.

www.gsb.columbia.edu HERMES • FALL 2005 3

56957cbsD3R1.indd 3 11/12/05 11:11:39 PM NEWS MAKERS

uotable: “It’s time we took the insult out of the phrase ‘do-gooder’! I urge you to consistently push your

vision beyond income statements, balance sheets and

short-term gains to sustainable business.” Q Joan Bavaria of Trillium Asset Management upon her acceptance of the 2005 Botwinick Prize in Business Ethics (shown at right). Bavaria was the keynote speaker for the School’s annual Social Enterprise Conference, “Business and Society: Building a Sustainable Future.” For more on the Social Enterprise Program and the conference, visit www.gsb.columbia.edu/socialenterprise. Joan Bavaria, founding president and CEO of Trillium Asset Management, is presented with the Benjamin Botwinick Prize in Business Ethics by Dean Glenn Hubbard on October 7.

Amar Bhidé, Wall Street Gita Johar, Crain’s Chicago Eli Noam, New York Journal, July 25: “Classical Business, August 22: Times, August 28: “More Theory vs. the Real World” “American Trying to Push Convenience in Subway, Professor Bhidé and a UAL Off Stage” or Just More Screech? Views coauthor discuss the wisdom Professor Johar is quoted Differ on City’s Plan to In recent months, the of pushing China to revalue in an article discussing Allow Cellphone Service in School’s faculty members the yuan. American Airlines’s sponsor- 277 Stations” were featured in a range of ship efforts. Professor Noam is quoted in media outlets. A select few Bruce Greenwald, New York an article on the decision to are highlighted here. Times, August 7: “A Simpler Frederic Mishkin, Bloomberg’s introduce cellular service to Way to Beat the Competition” Open Exchange, August 9: New York’s subway system. Sid Balachandran, Financial Paul Brown reviews Professor Mishkin discusses Times, August 18: “How Professor Greenwald’s new the Federal Reserve Board’s Toby Stuart, Financial Times, to Build a Culture of Cost book on strategy, Competition strategy to combat inflation. September 5: “A Network Management” Demystified (see page 6), call- Wherever He Looks” Michael Morris, Christian Assistant Professor ing it “the best of the strategy In the last of a series Balachandran discusses books now or soon to be in Science Monitor, September 16: on “Gurus of the Future,” the importance of a cost- stores.” “What Tints Your Cultural Professor Stuart is inter- accounting system to Lens on Racial Issues?” viewed on the pervasiveness corporate decision making. Laurie Simon Hodrick, Business Professor Morris’s work of networks in business. Week Online, August 16: “IPOs: showing people’s different Going, Going . . . Not So Fast” interpretations of the same Despite the success of event is discussed in this Google’s IPO, a year later the piece on cultural lenses. Dutch-auction approach has won few converts.

4 HERMES • FALL 2005 www.gsb.columbia.edu

56957cbsD3R2.indd 4 11/18/05 4:27:47 AM NEWS MAKERS

School Community Pitches in for Hurricane Relief

uring a weeklong student who had planned offered by the citizens of in extraordinary times,” says Graduate Business to spend a semester as an Houston,” says Preis, who Williams. “With many of its DAssociation (GBA) exchange student at Tulane, arrived in Houston 10 days employees displaced and fund-raiser, Columbia was also warmly welcomed after Katrina struck. many of its assets seriously Business School students, staff at Columbia. “I got any help I Ronald Williams ’73 is impaired, the company moved and faculty members con- needed from students as well manager of finance and plan- aggressively forward with tributed more than $15,000 as from Columbia employees,” ning for Entergy Corp., a the task of restoration and toward medical relief for she says. New Orleans–based company recovery.” While he has many Hurricane Katrina victims. Several members of the that relocated its headquarters friends who have lost every- Abe Chernin ’06 and Matt alumni community have to Jackson, Miss., after the hur- thing, Williams says that all of Biggins ’06, GBA vice been actively involved ricane and set up employee them are determined to return presidents of community, in relief efforts. Kathleen recovery centers and a relief to New Orleans, a much-loved organized the campaign, Querbes ’94, founder of the fund for employees and city that he describes as “the recruiting student volunteers Southern Women Action customers. “The company New York City of the South.” to staff a table in the lobby Network (SWAN), and Erich represents an interesting of Uris Hall throughout the Sternberg ’92, president of the study in business continuity first week of fall-semester New Orleans–based Starmount classes. After researching Life Insurance Co., have both several charities, Chernin and taken part in extensive relief Biggins decided to channel activities in Baton Rouge. Clement Meadmore, the funds through Americares SWAN’s mission is to address Creator of the Curl, because of its low overhead. critical community needs Dies “Americares is using the through what Querbes calls funds to directly sustain three “triage philanthropy.” Since lement Meadmore, temporary medical clinics Katrina, SWAN has focused on the renowned in Louisiana and Mississippi connecting donated resources Csculptor, passed away and one mobile medical unit with the people who need this spring at 76. Hailed for that covers the entire affected them, as well as helping small- his massive, sinuous designs critical acclaim, but his career region,” says Chernin. business owners get back on that seem to transcend their blossomed when he moved to In early September, the their feet. physical weight, Meadmore New York in 1963 and became School welcomed five dis- Michael Preis ’01, a brand is remembered at the School part of the New York art world. placed Tulane business manager for Palm Bay Imports as the creator of the Curl, the Meadmore, who also worked students, who are now in Syosset, N.Y., was so coil-shaped sculpture that is as a photo editor for Vogue, enrolled for the fall semester. affected by the images of an indelible part of the School often stated that his sculptures “I am really enjoying the evacuees in the media that he landscape. were not intended to convey a experience of studying in flew to Houston—where some A native of Australia, hidden meaning. Nonetheless, New York,” says Alberto 50,000 people were housed in Meadmore initially studied the Curl took on a new signifi- Robles, a Fulbright scholar temporary shelters—and spent aeronautical engineering and cance when it was installed in from Mexico, expressing a weekend working as a vol- industrial design, later work- 1968. Set against the backdrop appreciation for the support unteer. “I cannot even begin ing as a furniture designer of one of the oldest universities he has received from students, to describe the utterly amazing while creating his first welded in the country, it was a symbol faculty members and staff. and inspirational outpouring of sculptures. One-man shows in that the School had arrived in Nina Schneider, a German charity, humanity and kindness Sydney and Melbourne drew the modern age.

www.gsb.columbia.edu HERMES • FALL 2005 5

56957cbsD3R2.indd 5 11/18/05 4:28:02 AM N E W S M A K E R S

School Welcomes Five New Faculty Members

Patrick Bolton Steven Drucker Daniel Paravisini Veronica Rappoport Barbara and David Zalaznick Assistant Professor Assistant Professor Assistant Professor Professor of Business Finance and Economics Finance and Economics Finance and Economics Finance and Economics Professor Drucker focuses on Professor Paravisini studies Professor Rappoport researches Professor Bolton is an inter- financial intermediation: invest- development economics, macroeconomics, international nationally recognized scholar in ment banking, commercial corporate finance, banking economics, corporate finance contract theory and contracting banking, mergers and acquisi- and financial institutions and and monetary economics. For- issues in industrial organiza- tions and empirical corporate applied econometrics. He merly an economic consultant tion. He joins the faculty from finance. He received his PhD received his PhD from the to the Argentine government, Princeton University, where he from Stanford University in 2005. Massachusetts Institute of she received her PhD from held an endowed chair from Technology in 2005. the Massachusetts Institute of 1998 to 2005. He received his Technology in 2005. PhD from the London School of Economics in 1986.

Greenwald Book Distills Strategy Secrets

ased on Professor have thrived while AT&T and Bruce Greenwald’s Apple have floundered. Bhugely popular In an interview in the Economics of Strategic Columbia Ideas at Work Gil Sadka Behavior course, Competition online magazine, Greenwald Assistant Professor Demystified: A Radically discusses the book and talks Accounting Simple Approach to Business about why competitive advan- Professor Sadka focuses on Strategy (Portfolio, 2005) offers tages are easier to maintain the markets, like automobiles, equity valuation and the a less complicated alternative in localized markets. “People where nobody is going to dom- relation between financial to Michael Porter’s “five forces” have always thought of inate anything, because there reporting and product market competition. He received his framework, which has domi- strategy as something that the are no barriers to entry and PhD from the University of nated the strategy field since big global companies pursue,” they can’t really be erected.” Chicago’s Graduate School of the 1980s. he says, “and it’s not at all, To read the interview, visit Business in 2005. Greenwald and coauthor because those are actually www.gsb.columbia.edu/ideas. For more on the research of Judd Kahn explain why the School’s faculty members, barriers to entry are the visit Columbia Ideas at Work, only source of sustainable www.gsb.columbia.edu/ideas. competitive advantages for PAN-EUROPEAN incumbent firms and why REUNION ROME Coca-Cola and Microsoft OCTOBER 20–22, 2006

6 HERMES • F A L L 2 0 0 5 www.gsb.columbia.edu

56957cbsD3R2.indd 6 11/18/05 4:28:11 AM NEWS MAKERS

Lineup of Prominent Speakers Offers Insight

he School kicked off the relations in in China’s infrastructure since fall term with several Europe’s manu- the 1970s, endowed the forum Tspeaker events featuring facturing sector. to promote understanding of prominent business leaders. The goal of the China’s economy and business At orientation, two thought- Chazen Lecture is practices. He discussed his provoking sessions introduced to foster a high- ongoing development efforts in incoming MBA students to the level dialogue on the Pearl River Delta region, one School’s Individual, Business important inter- of the world’s fastest-growing and Society curriculum, an national business manufacturing centers. initiative of the Sanford C. issues. Bernhard On October 17, Jamie Dimon, Bernstein & Co. Center for educated audi- president and COO of JPMorgan

Leadership and Ethics. On Wolfgang Bernhard ’88 of Volkswagen AG offered frank ence members Chase & Co., spoke at this August 22, Chuck Prince, CEO views on labor relations as the inaugural presenter of not only on the year’s first installment of the of Citigroup Inc., spoke about the Annual Jerome A. Chazen Lecture on September 15. management David and Lyn Silfen Leadership leadership and corporate crises faced by Series (SLS). Funded by a grant integrity, describing Citigroup’s perception. “Social responsibility organizations with codetermina- from David Silfen ’68 and his recent efforts to change its is an essential part of any busi- tion agreements but also on the wife, the SLS brings to campus culture in response to ethical ness,” he said. “The costs are comparative history of labor six prominent business leaders issues that had damaged the invariably less than the costs of relations in the United States each year with the aim of trans- company’s reputation. The key not being socially responsible.” and Europe. ferring leadership skills to a new to Citigroup’s new five-point On September 15, Wolfgang Sir Gordon Wu, chairman of generation of business leaders. program, he said, is shifting Bernhard ’88, member of the Hopewell Holdings Limited, and Other speakers slated for the from a rules-based approach to board of management of Dean Hubbard offered their per- 2005–06 academic year include a principles-based approach. Volkswagen AG and of the spectives on investing in China Ann Moore, chairman and CEO “Your reputation is the most School’s board of overseers, pre- at the inaugural Sir Gordon Wu of Time Inc., on November 14 important thing you have,” sented the first annual Jerome A. Distinguished Speaker Forum and Barry Diller, chairman and Prince said. “It takes a long time Chazen Lecture, offering candid on September 28. Wu, whose CEO of IAC/InterActiveCorp, on to build, but not long to lose.” views on labor and business company has invested heavily December 1. The next day, a panel of three speakers—Alan Hassenfeld, chairman of Hasbro, Inc.; James McDonald, Professor Emeritus Ernest Williams, 1916–2005 president and CEO of rnest W. Williams, Jr., (1977–79). He began his served as a member of the Rockefeller & Co., Inc.; and professor emeritus of relationship with the School as first Hoover Commission and Lord Oxburgh, retired chair- Ebusiness, passed away a student, earning BS, MS and on President Eisenhower’s man of the Shell Transport and on September 14 at the age PhD degrees in 1938, 1939 Advisory Committee on Trading Company, p.l.c.— of 89. and 1951, respectively. Government Organization. explored the relationship Williams, whose tenure Before teaching at the School, Williams also authored sev- between corporate social at the School spanned four Williams had a distinguished eral books on transportation, responsibility and the bottom decades, served as an educator career as an economist and including The Economics of line. Referring to Shell’s contro- in several capacities: lecturer worked for several govern- Transportation and Logistics versial decision to sink an oil in transportation (1947–52), ment organizations, including (Business Publications, 1975), rig in the North Sea a decade associate professor (1952–54), the U.S. Bureau of the Budget. with Marvin L. Fair. ago, Oxburgh spoke about the professor of transportation A recipient of the Presidential importance of managing public (1954–86) and vice dean Medal for Freedom, he also

www.gsb.columbia.edu HERMES • FALL 2005 7

56957cbsD3R2.indd 7 11/18/05 4:28:20 AM ATING DATA DEconomic Theory and the Search for a Mate

Studies at Columbia on speed-dating—in which students

characterized their ideal mate, briefly met with a series

of prospective dates and then chose a suitor—shed

sometimes uncomfortable light on how people maximize

utility in the pursuit of love. Here, associate professor

of finance and economics Ray Fisman discusses the

research findings, some of which are forthcoming in the

Quarterly Journal of Economics. GORDON STUDER

8 H E R MES • F A L L 2 0 0 5 www.gsb.columbia.edu

56957cbsD4R2.indd 8 11/18/05 4:29:37 AM DATING DATA 1. Why do you think so little economic literature exists on the romantic- search process? Search models are just very difficult to study, so theoretically, it’s a challenge. And empirically, we just don’t have good data prior to the advent of the Internet and speed-dating. It’s not because economists don’t care. There’s tons on marriage. Why? You have data on marriages from the census, so you know who’s marrying whom. What you don’t know is who’s driving the match, and that’s something we get at in our speed- dating studies.

www.gsb.columbia.edu H E R MES • F A L L 2 0 0 5 9

56957cbsD4R1.indd 9 11/13/05 12:05:18 AM 2. So people are bundles How does economic theory apply to dating markets? of attributes that are It’s interesting to talk to some economists about how they chose their mates, because it is a very economic being compared against decision: a person is a collection of attributes, I have pref- erences over these attributes, and I make some sort of one another. That’s fun- utility-maximizing decisions. In moving from person 1 to person 2, I’m trading a little less of this for a little more of that, and I pick the one that makes me best off. It sounds damentally an economic like a coldly rational way to go about looking for some- one, but there is at least some element of that to how we decision. go through this process. It certainly describes how you would think about something like Internet dating, where someone very tangibly is a bundle of attributes and you can very clearly make comparisons of one person against another. And if I think about the way preferences are expressed in the speed-dating game, it seems like people are doing a fair amount of that. So people are bundles of attributes that are being compared against one another. That’s fundamentally an economic decision. 4. Do you think speed-dating is more efficient than traditional search methods? In some sense, it’s efficient: 3. there are all these slice studies on how 10 seconds’ worth Does your study measure how well what people say they of observation is as predictive of your experience with a look for matches with what they actually look for? Most professor as a semester’s worth, and they’ve reduced it to of what I do is work on corruption in poor countries. If I 2 seconds and that’s just as good; and they’ve reduced it to want to know how much someone is paying in bribes, I’m just a photo and that’s pretty good, too. So you learn a lot not going to ask them, “How much did you pay in bribes in four minutes, perhaps as much in four minutes as you do last year?” I’m going to say, “The guy down the street from in a much longer superficial interaction like, say, a date. So, you, who looks pretty much like you, how much did he this does meaningfully provide you with 20 rapid-fire dates, pay?” Similarly, in the speed-dating study we ask people, to the extent that we form as much of an impression in “What do you care about?” We also ask them, “The aver- 4 minutes, or 10 seconds, as we do in 4 hours. age man, what do you think he cares about?” But then we The thing that’s left out of this neat decomposition actually see how they behave in the game. And, not at all of people into attributes, though, is actually learning to surprisingly, what they say the average man cares about love someone. And that’s what I think is kind of missing. lines up much more closely with what they actually reveal Focusing on people as a bundle of attributes almost makes through their actions than what they claimed they cared people think about this decision in the wrong frame of about beforehand. In particular, everyone—both men and mind. women—says they care less about physical attractiveness than the average.

10 H E R MES • F A L L 2 0 0 5 www.gsb.columbia.edu

56957cbsD4R1.indd 10 11/13/05 12:08:12 AM 5. 8. Do you think people become unwilling to commit What conclusions can you draw about dating preferences because of all the choices dating services enable? from the proliferation of specialized dating services that Yes. And the way that you can make these choices—just narrow searches to particular racial/ethnic/religious sub- the very fact that it’s set up in this way—distorts the way jects? It’s not a big surprise that shared interests is predictive people choose. There was an article in the New York Times of people liking one another. If it’s just a matter of efficiency, on a backlash against Internet dating, and I wonder to then yes, this has to be a good thing, because I can find what degree that’s at least partly as a result of these sorts more people in the relevant pool without spending too much of realizations. time on it. But to the extent that it gets rid of cross-group matches that would otherwise have taken place—that now it’s so easy to find someone who looks, talks and acts just 6. like me—then maybe we would say this isn’t a great thing. The results of your speed-dating studies, particularly with regard to intelligence and physical appearance, seem to reinforce gender stereotypes. Why do you think this is? 9. Well, they are stereotypes for a reason. However, it’s not as Which results did you find most surprising? For me, the simple as, “I avoid all women who are ambitious or intel- most surprising thing was actually that in this population all ligent.” It’s about, “Intelligence and ambition is OK until it of the old stereotypes—it doesn’t make you feel great about supersedes my own.” It’s also worth mentioning that these being a man—appeared in spite of the fact that we’re now are average effects—there are surely men who do not have in the 21st century and are looking at what should be among this property. I like to think I’m one of them: my significant the most progressive, broad-minded of all possible popula- other is definitely a lot smarter than I am. When her grand- tions. So that was a little sad, the fact that the stereotypes mother heard about me, she said, “I told your mother this, were all there. and now I’m going to tell you: never let a man think you’re smarter than he is. Men don’t like that.” Everyone laughed and thought this was so anachronistic, but it shows up in our data. Grandma’s views on dating aren’t so dated after all! 10. What purpose do you intend for your research? Where do you go from here? It’s certainly not going to divert my gen- eral research agenda, which is corruption, financial markets 7. and development. But I think it is more than just a diversion. How significant are your results, considering the subject On these happiness surveys that have been done for decades pool? How transferable are the results to Americans in now, a happy marriage is one of the best predictors of being a general? With anything to do with gender asymmetries, one happy person. So it’s something that matters a lot. It really is, would think this population would be the most liberated of as we say in the introduction to one of our papers, the most all possible women. So, the fact that you still see consistent, important decision people make in terms of their happiness. statistically overwhelming differences in the way men and women choose dates suggests that there’s something deeper The speed-dating studies were conducted with Columbia Business School’s Sheena Iyengar, the Sanford C. Bernstein there. If I wanted to dig up a population where I least expect- Associate Professor of Leadership and Ethics; Emir Kamenica, a ed to see gender differentials, it would probably be something PhD student at Harvard; and Itamar Simonson, the Sebastian S. like the one we used. With all of the main results, if anything, Kresge Professor of Marketing at Stanford Graduate School I would expect bigger effects in the broader population. of Business.

www.gsb.columbia.edu H E R M E S • FALL 2 0 0 5 11

56957cbsD4R1.indd 11 11/13/05 12:08:22 AM SAFEGUARDING STRATEGIC SUPPLIES IN THE FACE OF DISASTER RICHARD DOWNS

12 H E R M ES • FALL 200 5 www.gsb.columbia.edu

56957cbsD5R2.indd 12 11/18/05 4:30:24 AM THE BEST-LAID PLANS

SAFEGUARDING STRATEGIC SUPPLIES IN THE FACE OF DISASTER

When Homeland Security Secretary Michael Chertoff by Awi Federgruen fielded questions from reporters five days after In fact, scientists, government officials and journalists had written extensively about the possibility—indeed, high Katrina hit the Gulf Coast, he asserted that gov- likelihood—of various catastrophic scenarios associated ernment planners could not have predicted that a with hurricanes, including the one Katrina precipitated— disaster of this magnitude could ever occur: “There and worse. In 2002, New Orleans’s main newspaper, the Times-Picayune, ran a five-part series of articles describ- will be plenty of time to go back and say we should ing scenarios resulting in massive floods, the destruction of hypothesize ever more apocalyptic combinations of homes and oil refineries and the loss of thousands of lives. Hurricane and public-health research centers had pre- catastrophes. Be that as it may, I’m telling you this dicted the likely advent of hurricanes of categories 4 and 5. is what the planners had in front of them. They were The Army Corps of Engineers was aware, meanwhile, that confronted with a second wave that they did not the levees were only capable of withstanding hurricanes up to category 3 at best; computer models had shown the have built into the plan.” potential for major havoc with even lesser storms. Last year, 40 government agencies joined in simulating an imaginary storm in the New Orleans region in which half a million buildings were destroyed and the evacuation of one million residents was required. If the logistics of a mass evacuation plan and the associ- ated coordination challenges among local, state and federal emergency responders have proven daunting, what about

www.gsb.columbia.edu H E R M E S • FALL 2 0 0 5 13

56957cbsD5R2.indd 13 11/18/05 4:31:30 AM the government’s ability, and respon- Mitigating Risk sibility, to safeguard supplies vital to In the private sector, planning for the national economy? disaster has become one of the foci of supply chain planning, represent- Constrained Capacity ing, for example, a major theme in Oil is arguably the commodity the Longitudes 2004 conference, most critical to the functioning of whose participants included CEOs, the American economy. Its sup- academic leaders, and former govern- ply is primarily constrained by ment officials and heads of state. In existing refinery capacity. In the some industries, the ability to manage past 20 years, as the real valued supply risks effectively has developed U.S. gross domestic product grew by into a major competitive advantage. 86.5 percent, the number of refin- The cellular phone industry repre- eries in the country decreased by sents one such example. Ericsson and more than 50 percent. Economies Nokia, who in 2000 were among the of scale in the cost structure drove prime global competitors, adopted smaller refineries out of the market, very different approaches to the while other refineries identified vari- threat of supply disruptions. Ericsson ous additional benefits of pooling relied on a single supplier for several capacity—for example, statistical critical chips and had no contingency economies of scale resulting from plans in place. In contrast, Nokia, the pooling of demand risks. In July while using the same manufacturer and August of 2004, U.S. refineries were operating at as the primary supplier, identified alternative sources to 97 percent of available capacity. mitigate risks and had an elaborate contingency strategy Moreover, in the event of a domestic supply disruption, in place. When a fire broke out in the chip plant, Ericsson little recourse can be expected from overseas refineries: suffered major and long-term losses in profits and market this year’s run-up in oil prices—even before Katrina—to shares. Nokia, on the other hand, was fully prepared and, in record-high levels is generally attributed to a lack of global fact, picked up some of Ericsson’s market. Now, Cisco and refinery capacity. At the beginning of 2005, the Department Hewlett-Packard consider measures of supply risks along of Energy predicted that current “financial, environmental with traditional criteria like cost and quality when selecting and legal considerations make it unlikely that new refineries suppliers for any given component. will be built in the United States.” In a research paper I coauthored in June with Nan Yang, Risk Models one of my doctoral students, we stated what appeared to be I’ve recently begun developing, again with doctoral self-evident: “Most ominously, close to half of our capacity candidate Yang, planning models to aid in supplier selec- is located in a relatively small region on the Gulf Coast; dis- tions, incorporating measures of supply risks along with ruption of its refinery and distribution process could have a various cost and capacity measures. The models employ crippling effect on our economy.” Katrina has given us but probabilistic descriptions of the demand that needs to be a small indication of this potential: The temporary disrup- met as well as each of the supply risks, that is, each of the tion of approximately 10 percent of the national refinery potential suppliers’ yield factor, which is defined as the capacity caused the price of gasoline to increase, overnight, percentage of an order actually completed to specification. by approximately 40 percent beyond the record levels it The planning models help in selecting which of the given had reached before Katrina made its brutal appearance. Few set of suppliers to retain and how much to order from expect the equilibrium price to decrease significantly in the each to minimize aggregate costs—while ensuring that the foreseeable future.

14 H E R MES • F A L L 2 0 0 5 www.gsb.columbia.edu

56957cbsD5R2.indd 14 11/18/05 4:14:02 PM uncertain demand is met with a given probability. The total feasibility: if a feasible solution fails to exist under this procurement costs consist of both variable and fixed costs scheme, it fails to exist under any. for each participating supplier, incurred irrespective of his When minimizing variable procurement costs, additional supply level. The costs of carrying inventories and those of suppliers always help to reduce the total cost when the lost sales may be included as well. expected cost per effectively delivered unit is identical for The models provide, in addition, several general insights all. When these cost rates differ, one faces a real tradeoff into the supplier selection challenge: First, even when the between solutions involving fewer and less expensive potential suppliers have ample supply (in the absence of suppliers but a larger aggregate order to provide adequate supply disruptions), whether a set of suppliers allows for protection against supply risks, and solutions with addi- a feasible solution depends not just on how many of them tional, more expensive suppliers but reduced aggregate there are but also on each supplier’s predictability, as mea- orders. In any case, the optimal set of suppliers always sured by the ratio of the mean and the standard deviation includes a certain number of the least expensive suppliers. of the supplier’s yield factor. (This measure is closely related Interested readers may consult our working papers for to the so-called Sharpe ratio for portfolios of financial additional insight. instruments.) The square of this predictability ratio trans- Should the government be expected to safeguard the lates into each potential supplier’s so-called Base Supplier supply of such critical commodities as heating oil, gasoline Equivalents. or vaccines and medications against potential disruptions by natural or terrorist-induced disasters? Since the 1950s, all U.S. admin- “Most ominously, close to half of our capacity istrations, whether Republican or Democratic, have taken the position is located in a relatively small region on the that the government needs to inter- vene in the oil market to mitigate the Gulf Coast; disruption of its refinery and impact of sudden supply problems. To this end, the government maintains distribution process could have a crippling a stockpile of strategic reserves, but the stockpile is largely in crude oil, effect on our economy.” when refinery capacity has become the system’s bottleneck. It is also the most vulnerable part of the oil supply chain, since repairs to refinery equip- A set of suppliers is feasible (or not) depending on how ment can take months to years. its total number of Base Supplier Equivalents compares to In addition to managing the demand for oil via the pro- a critical number, given by a simple function of the permit- motion of conservation programs and alternative fuels, the ted shortfall probability only. In particular, whether a set government could provide incentives to elevate the supplier of suppliers is feasible does not depend on the shape of base and its reliability to an adequate level. The planning the demand distribution, its mean and standard deviation models outlined above may assist in determining the included. The number of suppliers required can be reduced desired targets; much additional thought needs to be given by improving the suppliers’ reliability; moreover, the ben- to effective, market-driven incentive structures to guide the efits of predictability improvements become progressively country toward these goals. larger, giving support to management philosophies like Awi Federgruen is the Charles E. Exley Professor of Management Six Sigma. The allocation scheme, which splits the aggregate and chair of the Decision, Risk and Operations Division. order in proportion to the suppliers’ mean-to-variance ratios To read more about his research, visit Columbia Ideas at Work, of their yield distributions, has the best chance of enabling www.gsb.columbia.edu/ideasatwork/researcharchive.

www.gsb.columbia.edu H E R M E S • FALL 2 0 0 5 15

56957cbsD5R2.indd 15 11/18/05 5:27:21 AM Risk Measur ement JAMES STEINBERG

16 H E R M ES • FALL 200 5 www.gsb.columbia.edu

56957cbsD6R2.indd 16 11/18/05 4:32:37 AM CONNECTING RESEARCH TO THE PRACTICE OF BUSINESS Risk Measur ement and disclosure

wo decades ago, the number of product-related Tlawsuits against U.S. corporations was skyrocketing, as juries awarded increasingly large payoffs to successful plaintiffs. As a result of these trends, the cost of product liability insurance quadrupled over a three-month period in 1985. By the following year, according to one study, 52 percent of firms that had previously purchased product liability insurance had discontinued their coverage, either because of higher premiums or because coverage was no longer available.

by Stefanie Condie ’01 Recent research by Bjorn Jorgensen, Anne Beatty and Anne Gron shows a link between a firm’s response to the premium hike and its compensation structure prior to the liability insurance crisis. Firms that paid senior managers in stock were more likely to continue to buy insurance, while those that gave senior managers stock options were more likely to become self-insured. This correlation is consistent with the observation that executives who hold stock options care less about risk management instruments like insurance because, while they benefit when the stock price goes up, they bear no risk when it goes down. “What we saw is that you can learn something about a firm’s risks and reaction to those risks by looking at the compensation of the senior management,” says Jorgensen, the Gary Winnick and Martin Granoff Associate Professor of Business at the School. “In broader terms, the corporate governance takeaway is that the way we pay management affects the operating decisions they choose to make.”

www.gsb.columbia.edu H E R M E S • FALL 2 0 0 5 17

56957cbsD6R2.indd 17 11/18/05 4:35:43 AM For the past five years, Jorgensen has studied manag- voluntarily disclose when their risk information is not ers’ decisions about measuring and disclosing risk and particularly damaging, which makes investors more the impact of those decisions on a firm’s cost of capital. willing to buy the firm’s shares at a lower price. Investors can become nervous when firms provide either In addition to examining total firm risk as measured too much or too little information about firm-specific by variances, Jorgensen and Kirschenheiter also stud- risks, so disclosure decisions often have a direct effect ied systemic risk. They found that a firm’s disclosure on a firm’s stock price and its ability to borrow money. strategy affects its beta—a measure of the correlation “The million-dollar question here really is, What can between firm-specific risk and market risk—as well as managers do to affect their cost of capital in the future?” the beta of other firms. Thus, if most of the other firms says Jorgensen. “It has been addressed before in other in an industry have voluntarily disclosed information settings, but not in terms of risk disclosure.” He notes about their risks, a firm that chooses not to disclose that how a firm measures and discloses risk ultimately must pay investors a higher risk premium to compen- reflects back on the firm’s operating decisions and that sate for the uncertainty. risk disclosure is an important way of communicating A robust risk measurement strategy may require a the firm’s strategy to investors. substantial investment in information technology, a cost The accounting profession, with its emphasis on his- that firms must take into account as they consider the torical transactions, has traditionally paid little attention potential benefits of disclosure. Still, the advantages of to the subject of risk—a shortcoming that Jorgensen voluntary risk disclosure often outweigh the costs. and his colleagues hope to remedy. “When you drive a “Our research shows that when firms provide ade- car, you can’t just look in the rearview mirror,” he says. quate risk disclosures, it allows investors to make better “Sometimes you have to look ahead. And accounting portfolio decisions,” Jorgensen says. “Once investors is not well suited for that. This is why my research is become better at diversifying their risks across different about risk, because it’s one of the things that blindsides shares, they’re more willing to invest effectively. And us as financial statement users when we look at what that in turn means that firms become more willing to happened in the past. Regulations are changing to invest the funds that it takes to have good risk controls reflect this perceived need.” in place within the organization.” Since 1998, the U.S. Securities and Exchange Commis- Read More sion (SEC) has required large public firms to reveal Beatty, Anne, Anne Gron and Bjorn Jorgensen. “Corpo- certain types of risk-related information, although man- rate Risk Management: Evidence from Product Liability.” agers outside the financial sector have considerable lee- Journal of Financial Intermediation 14 (2005): 152–78. way regarding the confidence level, time horizon and Jorgensen, Bjorn, and Michael Kirschenheiter. method of estimating risk. By next summer, when the “Discretionary Risk Disclosures.” The Accounting 2002 Sarbanes-Oxley Act is fully implemented, smaller Review 78 (2003): 449–69. public firms will be subject to similar risk disclosure requirements. ———. “Voluntary versus Mandatory Risk Disclosures The question facing managers, then, is how much with Asymmetric Information and Costly Investment in additional risk information to disclose. Jorgensen and Information Technology.” Working paper, 2003. Michael Kirschenheiter developed a theoretical frame- Bjorn Jorgensen is the Gary Winnick and Martin Granoff work for analyzing how investors should diversify their Associate Professor of Business. His working paper with portfolios based on the voluntary risk disclosures of all Michael Kirschenheiter won the KPMG UIUC Competitive firms in the economy. Their model demonstrates that Manuscript Award on Risk Measurement and Disclosure in managers maximize firm value by disclosing additional 2003. During the 2005 –06 academic year, Jorgensen is a risk information only if the information is sufficiently visiting academic fellow at the U.S. Securities and Exchange favorable. Commission. The critical factor in this framework is investors’ Read more about faculty research on risk management uncertainty about whether managers possess additional at www.gsb.columbia.edu/ideas. information about firm-specific risks. Managers elect to

18 HERMES • FALL 2005 www.gsb.columbia.edu

556957cbsD6R1.indd6957cbsD6R1.indd 1818 111/11/051/11/05 1:55:161:55:16 AMAM The Idea: Make the Leap from Business Research to Business Practice Use the new Columbia Ideas at Work Web site to gain insight into trends and issues that affect your business. Through magazine features showcasing recent faculty research, a searchable database of faculty publications and research briefs offering practical applications, Columbia Ideas at Work helps you make quick connections to new ways of doing business.

In the online magazine’s fall 2005 issue, focused on risk management, Professor Elke Weber explains how risk perception affects people’s decisions, while other articles explore risk disclosure, bankruptcy and portfolio risk management.

> Online Magazine

CONNECTING RESEARCH TO THE PRACTICE OF BUSINESS > Research Archive www.gsb.columbia.edu/ideas > Research Briefs

www.gsb.columbia.edu H E R MES • F A L L 2 0 0 5 19

56957cbsD6R2.indd 19 11/18/05 4:37:46 AM

Bubble Trouble ? NOT LIKELY NICHOLAS WILTON

20 H E R MES • F A L L 2 0 0 5 www.gsb.columbia.edu

56957cbsD7R2.indd 20 11/18/05 4:36:47 AM Bubble Trouble? NOT LIKELY

or the the past several years, Chicken Littles have squawked that the sky is about to fall on the housing market. And it’s tempting to believe them. The market sure feels Flike a bubble: The rampant growth of house prices over the past decade, the rising price of houses relative to rent and the astonishing gap in many cities between price and income are almost unprecedented in recent history. The last time things felt this way, in the late 1980s, real house prices subsequently dropped by one-third in cities like Boston and Los Angeles. Yet basic economic logic suggests that this apparent evidence of a bubble is anything but. Even in the highest-price cities, housing is, at most, slightly more expensive than average. Here’s why: While house prices over the last decade have gone through the roof, the annual cost of owning a house has not.

by Chris Mayer and Todd Sinai The annual cost of owning, not the price of the house We, along with Charles Himmelberg, a research econo- itself, is what homebuyers should (and do) consider mist at the Federal Reserve Bank of New York, computed when contemplating a purchase. And when compar- annual housing costs for 46 housing markets from 1980 ing the cost of owning with annual rent or annual to 2004 in a study due to be published this fall in the income—which is a good way of determining whether Journal of Economic Perspectives. Our findings are strik- house prices are out of whack in relation to the rental ing. In none of the hottest housing markets did the ratio market or families’ ability to pay—annual cost is the of the cost of owning to rent in 2004 exceed the average right measure to use. That cost is simply the net cash over the sample period in their own market by more outflow required to own a house for a year—namely, than 13%. The highest was in Portland, Ore. Miami’s ratio the after-tax cost of financing the purchase price either was 12% above average. But the ratios in the other oft- by borrowing or through the lost risk-adjusted return on cited “bubble” cities such as Boston, L.A., New York and the equity tied up in the house, plus carrying costs such San Francisco were no more than 3% above their long- as maintenance and economic depreciation—less the run averages. A similar pattern arises when we compare expected appreciation on the property. a city’s cost of housing to its mean family income.

www.gsb.columbia.edu HERMES • FALL 2005 21

56957cbsD7R1.indd 21 11/11/05 2:01:31 AM By contrast, in the late ’80s, immediately prior to the For example, even in the face of strong population large house-price declines of the early ’90s, the ratio of growth, Houston and Dallas have seen no real house- the annual cost of owning to rent peaked 52% above the price increase over the last 30 years.) long-run average in San Francisco and New York. Boston On top of that, the priciest U.S. markets are them- and L.A. topped out, respectively, at 37% and 42% above selves the most sensitive to interest rates. These cities the long-run average. Even allowing for growth in house have the highest rates of expected house price appre- prices during 2005, it is clear that while owning a house ciation and thus their costs of owning—which are is not cheap, it is not inordinately expensive by historical reduced by capital gains—are especially low relative standards. to their prices. And a given change in interest rates has Portland and Miami, and to a degree San Diego, a larger percentage effect in those places where the are cities where we have a nascent concern. In those cost of owning is the lowest. cities, the previous peaks exceeded 2004 levels by just Even the fact that some cities have higher price- 14 (Portland) to 25 (San Diego) percentage points. to-rent ratios than others does not necessarily make Of course, we don’t know what ratio of owning to owning there more expensive than renting. For exam- renting costs, or owning costs to income, would pre- ple, the growth rate of house prices in San Francisco cipitate declines in house prices. But in these three cities has exceeded the national average for more than the ratio of the cost of owning to the cost of 60 years, so relatively high financing costs are offset renting was higher in 2004 than in at by above-average expected capital gains, reducing the least 17 of the prior 25 years. In owning cost-to-rent ratio. Indeed, owning a house in almost all other cities, the annual San Francisco is like buying a growth stock—it may cost of owning in 2004 was have a high price-to-earnings ratio, but no higher a no higher than their median risk-adjusted return. values over the previous We obviously don’t think the sky’s the limit for house he number 25 years. prices. But when you combine the annual cost con- T The number one rea- cept with recent growth in rents and incomes, today’s one reason the current son the current cost of pricing looks justifiable in most of the U.S. Despite cost of owning differs so owning differs so much all the talk of a bubble, we find little evidence that much from the price of a from the price of a house prices are being bid up based on unreasonable house is the historically expectations of future price growth. While annual costs house is the historically low level of real, long- have risen a bit faster than rents or incomes in the past low level of real, long- term interest rates. Low decade, they started from a historic circa-1995 low in term interest rates. rates reduce the yearly most cities. (A caution: Our study did not consider con- cost of financing and lessen dominiums or second homes, where new construction the cost of tying up capital in is much easier and investors are more prevalent.) the house. At a lower cost-per- Of course, the same logic that says today’s market dollar of housing, families are willing price of housing is reasonable also implies that house to spend more for a house, bidding up prices are especially sensitive to real, long-term interest prices. A further decline in interest rates yields an even rates. In the absence of an offsetting increase in hous- greater percentage reduction in the cost of owning ing demand, an unanticipated rise in real mortgage because the base cost is already low. This relationship rates could cause appreciable declines in house prices. helps explain the increasing growth rates of house For this reason we don’t think speculation is justified prices in the last several years in those cities where in the housing market—gambling on above-average new home building is constrained by scarce land and capital gains is simply an interest-rate bet. regulation. (Ease of development is why the disloca- Chris Mayer is the Paul Milstein Professor of Real Estate tion caused by Hurricane Katrina should have little at Columbia Business School. Todd Sinai is an associate lasting effect in many Southern markets around New professor of real estate at Wharton. Orleans, despite the inevitable near-term disruptions.

Reprinted with permission from The Wall Street Journal. © 2005 Dow Jones & Company. All rights reserved

22 HERMES • FALL 2005 www.gsb.columbia.edu

56957cbsD7R1.indd 22 11/11/05 2:02:00 AM 2006 REUNIONS CLASSES OF 1956 • 1981 • 1986 • 1991 • 1996 • 2001 • 2005

April 7–9, 2006

FRIDAY All-Class Cocktail Party

SATURDAY Faculty Panel Discussions and Luncheon Class Cocktail Party and Dinner All-Class Champagne Celebration

SUNDAY All-Class Family Brunch

For more information or to join your reunion committee, please contact the Alumni Relations office at 212.854.8815

www.gsb.columbia.edu HERMES • FALL 2005 23

56957cbsD7R1.indd 23 11/11/05 2:03:34 AM CLASSNOTES

❉ GREGORY SOCRATES BOUSSIOS, say- ARTHUR M. PLITT informs, “My 1956 ing that Gregory passed away in interests include butterflies, 1964 2002. I remember Gregory as an environmental issues and PAUL B. GUENTHER, chairman of 1960 ethical gentleman, a professor directing two river/watershed the New York Philharmonic and VICTOR HARRIS BRODSKY, adjunct associate at Dowling College in Oakdale, councils. [I] heard from member of the School’s board of professor of health professions N.Y., and a dedicated family man. RICH ’62 and other AIESEC con- overseers, received an honorary tacts. My business observations: doctorate at Fordham University’s and family studies at Hofstra CARL FRISCHLING, a Columbia tougher sledding ahead as the commencement in May. Guenther University’s Frank G. Zarb College graduate and finance Bush initiatives dig into [the] received his BA from Fordham School of Business, is proud to major, reports that he was in the economy and personal lifestyles. in 1962 and served as chairman report that he has fulfilled the mutual fund field for 12 years On the job training valuable, of its board of trustees from 1998 requirements for becoming a before starting his legal career in whether interning or from other to 2004. fellow at the American College of 1976. An attorney with Kramer opportunities, especially in the Healthcare Executives, an inter- Levin, a New York City law firm, small business models.” [MANFRED national professional society that Carl represents mutual funds and advances excellence in health MACK was AIESEC’s 1963 presi- 1969 their boards. He writes, “I have ROBERT W. KAISER earned a care management. dent, I remember.] been married to my high school PhD in organizational behavior MICKEY LITTMANN reports that he sweetheart for 46 years. We have I received a great update from from Northwestern University spent the last 15 years as a finan- three grown sons, all living in PETER RIESZ: “I teach marketing at in January. He is president of cial consultant at Smith Barney, New York City, and three grand- the MBA and undergraduate level R W Kaiser & Associates, a where he serves clients “on a children from our oldest son. at the University of Iowa’s Tippie management training company conservative basis.” He writes, Our middle son, James, gradu- School of Business in Iowa City. that specializes in management “My family consists of my wife, ated from Columbia Business I was a guest professor in sum- development and executive Lynn Aidala (BA, Queens College; School in 1995. I saw RICHARD D. mer 2004 at Meiji University in mentoring for financial insti- MBA, Fordham University; retired FRIEDLANDER and JERRY SPEYER ’64. Tokyo. My wife, Betsy, is mentor- tutions. For more information, bank officer), my son, Mark My business observations: the ing coordinator for the University visit www.rwkaiser.com. (whose graduation in May 2006 mutual fund industry, where I of Iowa’s Women in Science and from Wharton coincides with my serve as a director and counsel Engineering (WISE) Program. We 50th reunion at the University of (AIM Funds and Cortland Funds), have a daughter, Sarah. I have 1970 Pennsylvania), and my daughter, is going through major changes— received Christmas cards from CÉSAR ALIERTA, chairman and CEO Pam (who enters her sophomore consolidation and rebound from STEVE BROWN and JACK STEFAN. of Telefónica and a member of year at Hamilton College in the scandals. It will continue to grow. Also, PAUL MONTRONE, PHD ’68, the School’s board of overseers, fall). Littmann adds that he was Also, I remember you from your gave us Metropolitan Opera was honored by the Spain-U.S. disappointed to find the names football playing days at the col- tickets last December. There’s Chamber of Commerce with its of classmates only in the In lege. You were quite good. I increasing interest in international Global Spanish Entrepreneur of Memoriam section of HERMES hope you and your family are goings-on, even in Iowa, a very the Year Award at the chamber’s and urges pre-1963 alumni “to well. Thank you for taking the interesting state politically. Plus, award dinner on September 8. keep those notes coming.” He time to do all this.” [Thanks, Carl. Al, thanks for doing this; I never sends regards to all who remem- I did captain our Business School knew you were a football player 1971 ber him. touch football squad, which lost at Columbia. in the University finals to the MICHAEL CLOWES, editorial direc- ALFRED L. GINEPRA, JR., reports, Peace Corps. Our quarterback tor of Pensions & Investments “My daughter, Joanne, a Yale Law 1963 was Wesleyan’s DAVID E. GORDON.] and Investment News, received School graduate with Human the 2005 Lillywhite Award for Class Correspondent HARRY MCARTHUR, JR., a Tulane Rights Watch in New York, has his lifetime contributions to ALFRED L. GINEPRA, JR. University graduate, is a CPA and this year alone been to Egypt, the investment management 843 11th St., #4 partner at McArthur, Thames, Slay Italy, Bogotá, Chad and Darfur and employee benefits fields. Santa Monica, CA 90403-1633 and Dews, a public accounting in the Sudan. My son, Lawrence, Sponsored by the Employee [email protected] firm in Hattiesburg, Miss. He has lives with his wife, Sarah, and my Benefit Research Institute, a non- four children and 11 grandchil- two beautiful granddaughters, I received a sad note from profit research organization, the dren and enjoys fishing and long Natasha and Chloe, who at age May G. Boussios, the wife of award acknowledges excellence weekends on the coast. 1, punched a 2-year-old! Also, in the fields of retirement, health I trust we all carefully perused and economic security. Clowes ❉ denotes reunion class Dean Glenn Hubbard’s first-year is the author of several books, ✒ denotes end of class correspondent section report—refreshing and inspired.” including The Money Flood: How ❦ denotes new class correspondent

24 HERMES • FALL 2005 www.gsb.columbia.edu

556957cbsD8R1.indd6957cbsD8R1.indd 2424 111/11/051/11/05 2:17:562:17:56 AMAM CLASS NOTES CLASS NOTES

growth potential; our exit plan- ning and sell-side M&A services When Your Work Is Your Passion: Priceless translate owners’ liquidity objec- tives into reality; and we help With art collectors for parents and a childhood filled with dealers and auc- determined individuals achieve their entrepreneurial aspirations. tions, a career in art “was in my blood,” says STEVEN LASH ’66, who helped W My business contact information: start and is now chairman of Christie’s Auction House in New York. 17 Ruxview Ct., Ste. 102, Ruxton, But it didn’t come together right away. Lash studied art and architec- MD 21204; tel., (410) 296-2200; e-mail, [email protected].” tural history as an undergraduate at Yale and cultivated these interests John adds, “I live just outside during military service and on a fellowship to South America. After busi- Baltimore and have two daugh- ters: Allison, a junior at the ness school, he sought out and turned down a job at Sotheby’s “because I thought it would be too University of Vermont, and much fun,” he says. Kimberly, a junior in high school. Lash spent nearly a decade on Wall Street in the corporate finance department of SG Warburg My personal contact information: [email protected]; tel., before joining Christie’s in 1976. “The investment banking experience was superb training for the (410) 456-5240.” auction business,” he says. “I think about it every day.” JOHN HESSION writes, “I have But art was his passion, and Christie’s enabled it also to be his job. “I feel like my life has merged been married to Joan Gennarelli into one giant ball of wax that seems very much to turn on art,” he says. “My children are involved in it, Hession (MA in French literature ’75, Columbia) for 33 years. We my clients are my friends, my friends are my clients. My workday definitely does not begin at nine and have lived all over the United end at five, but that’s great—it’s fantastic.” States and done business in all parts of the world. I have spent most of the last 30 years Pension Funds Revolutionized ANTREAS GHAZAROSSIAN started learn to fish in 30-second sound in the construction equipment Investing (John Wiley & Sons, Cost Containment Advisors to bites, ‘from boots to business (CE) industry, in manufactur- 2000). He lives in Huntington, help large companies reduce end.’ (Hey, I live in Washington, ing, marketing and distribution. N.Y., with his wife, Ellen, and facility-related costs. Until 1999, he D.C., and 30 seconds is a stretch I am currently the president and son, Jeffrey. owned and managed Douglas A. of the attention span!) See my owner of Vantage Equipment, Edwards, the corporate real estate Web site, www.30secfisherman. a Volvo CE distributor for all JOSÉ MANUEL CONTRERAS LOMELÍ ’00 services firm he founded in the com, if you absolutely have to of Upstate New York. I’ve also hosted a dinner at his home in 1970s. Ghazarossian writes that learn to fish right now!” been involved in equipment leas- Mexico for students and alumni, it’s time for ’71 alumni to organize ing, computer resale and home including his father, JOSÉ MANUEL JOHN COLWELL, managing director a get-together and that he’d be medical equipment businesses CONTRERAS-MARTINEZ. Pictured, at Corporate Investment Partners, happy to help out. He lives in as an investor. My wife and I live left to right: JOSÉ SR., MARIO a middle-market investment Greenwich, Conn., with his wife, in Syracuse, and I would love GONZALEZ-ELIZONDO ’78, CARLOS banking firm headquartered in two grown daughters and two cats to hear from old friends JOHN FUENTES CASTILLO ’02, GUILLERMO Englewood, N.J., writes, “Our and can be reached at antreas@ BOWLIN, TAD BECZAK or TADASHI PADILLA ’97, MARCELO ORTIZ ’06, strategic advisory, buy-side M&A cost-containment-advisors.com. AKIMOTO.” Linda Meehan, assistant dean and corporate finance services of MBA admissions, EDUARDO help companies maximize their WILLIAM D. HOOPER worked for CAMARENA ’07, JOSÉ JR. and ISMAEL 1974 Citigroup for 25 years, princi- DE LA GARZA ’03. pally in advanced retail service Class Correspondent delivery development and in ❦ BRUCE L. RESNIK MBA/JD retail electronic funds transfer 99 Jane St., Apt. 3C (EFT)—ATMs, POS, plastic cards, New York, NY 10014 [email protected]

ARCHIE ANDREWS writes, “I have just written, directed and pro- Submit class notes by e-mail: duced a TV show, The 30-Second [email protected] or online: Fisherman, where viewers can www.gsb.columbia.edu/alumni/hermes/submit.html

www.gsb.columbia.edu HERMES • FALL 2 0 0 5 25

56957cbsD8R2.indd 25 11/18/05 4:39:17 AM CLASS NOTES

It will be a two- to three-year In July, BENNETT L. RECHLER, project! We have two daughters: executive vice president of Financing the Future at Con Edison Camille (27), a sales officer with We’re Associates, a real estate Nestle Corp. in France since 2002, development company, received During her nine years as Con Edison’s CFO, who is married and the mother the Golden Knight Award from of a darling baby girl, Amelie (1). Clarkson University in Potsdam, JOAN FREILICH ’78 functioned as both strategist D My German-born son-in-law is a N.Y., for his distinguished service and planner, understanding the financial impli- PhD in marketing from Münster as an alumnus. He also directs the cations of new regulations and developing the University and is the general Rechler Family Foundation, which manager of Henkel France’s supports organizations in the arts, company’s response. Citing a recent energy detergents subsidiary. Sibylle (25) education and human services. bill as an example, she explains, “Some just graduated from the Reims Business School and will start this provisions involve tax-related issues; others involve contracts September as a junior consultant 1977 to purchase power. My focus is making sure we have adequate with the strategy and operations After 28 years in investment banking, HERVÉ CLEMENT pur- analysis to make good decisions concerning financial policy.” division of Deloitte Management Consulting UK, in London.” chased Informatique Maintenance Freilich, who became vice chairman this September, joined Calcul (IMAC) and serves as its MIKE SMITH writes, “It’s been how Con Edison 27 years ago after a tip from a classmate led to a CEO. Located in Nogent-sur- many years since ’74? Finally made Marne, France, IMAC services position in the customer service area. Since then, she has held it back home to Baltimore after check-scanning machines for the positions in many areas, including accounting, where her first task over 20 years in assorted loca- banking industry. tions. My wife, Beth, and I have was to update Con Edison’s accounting procedures. “Acquiring two great kids, Dan (18 going on different experiences is the best way to understand a company,” 35) and Amanda. If you remember 1978 me carrying a motorcycle hel- CHARLIE ZUPSIC lives with his fam- says Freilich, who also holds a BA, an MA and a PhD degree in met to classes, you’ll understand ily in Portland, Ore., where he French from Columbia. Dan’s highly creative (graphics continues to enjoy the Northwest. After spending so much time looking forward, Freilich takes a and music) bent. Amanda’s actu- In October 2004, he joined Evo, ally trying to figure out the rest which manufactures patented moment to look back and reflect on her tenure. Pointing to the of her life at age 21! Beth has outdoor cooking grills, as COO. recent past, a time during which she shepherded the firm through a great time as a designer and Zupsic writes that he “has thrust salesperson for Calico Corners, himself back into the challenges electric industry restructuring, she says, “I feel the most satis- a regional fabric and furnishings and opportunities of a high- faction at having been a part of moving the company successfully retailer. Me, I’m now searching growth company” and that he is through this demanding period.” for that third career. The first was “pleased to return to the realm 13 years with Cintas Corp., “the of consumer products.” He adds, uniform people,” who have now “A lot of great lessons on making diversified into many business and marketing a quality product microchip cards, etc. In his last PATRICK HUBERT writes, “After services. [I] set up the company’s came out of Uris Hall. It’s fun post, he was senior vice president 12 years as secretary general marketing department when it to apply those principles even of global account management with the French State Lottery, I was just $20MM, ran the depart- decades later.” for Citishare Corporation, the was appointed in January 2003 ment for 10 years—created all the EFT subsidiary of Citigroup. He a justice with the Paris Court of methods in marketing areas (plus was also a member of Citishare’s Trade. I am also an international a few others)—and left when 1979 executive team and a member arbitrage judge, specializing in the company broke $200MM. JAMES O’DONNELL, executive in of its board of directors. William two rather different fields: M&A Then I went on to the Sweetheart residence and associate professor retired from Citigroup in April litigations and corporate social Cup Company, the preeminent of business and economics at 2004. He writes, “Since then, disputes. New challenges and a manufacturer of food service Huntington College in Indiana, I have traveled, done charity- new vista! Garlone, my spouse disposables. After 16 years of prof- wrote Walking with Arthur related work, continued work of 33 years, is an executive VP itably growing product businesses, (Moody Press, 2005), a memoir on my fine art photography and with Natexis Banques Populaires. Sweetheart gets purchased by a about the spiritual conversion taken a course at Princeton.” She will retire from corporate Chicago-based company, and my that ultimately caused him to life in March 2006 and manage family starts yelling when I men- give up his investment career the heavy reconstruction work tion a move to Chicago. So, I am and take up teaching. O’Donnell, that is starting on the 17th- looking locally now. Hope all ’74 who integrates Christian values and ethics into his teaching, has ❉ denotes reunion class century property we bought in mates are looking great!” ✒ denotes end of class correspondent section Saint-Malo, Brittany, in January. written on business and ethics for ❦ denotes new class correspondent ✒

26 H E R MES • FALL 2 0 0 5 www.gsb.columbia.edu

56957cbsD8R2.indd 26 11/18/05 1:08:38 PM CLASS NOTES

Barron’s, the New York Times and where the wine-enthusiast pro- CINDY TETHER, showing her literary GEORGE ULVELIUS got quite a the Wall Street Journal. In his first prietors own a 10-acre vineyard talents, spun a charming little tale birthday present the same day memoir, Letters for Lizzie (Moody and are able to make their own of how she and LEXIE PERLE spent he wrote in from Stockholm: Press, 2004), he also wrestles wines. Peter says he is very five and a half weeks traveling an article in Dagens Industri, with spiritual issues. happy to have made this major through France, Italy and Greece the Swedish equivalent of the change in his personal life and the summer after graduation. Financial Times, pointing out looks forward to being a host and They rented a car in Paris, drove that the government funds 1980 “tour guide” for all alumni visiting through Brittany and Normandy, George manages beat the Wall Class Correspondent Mendoza. stayed on Mont-Saint-Michel and Street bond dealer (Stureplan, GEORGE ROACHE toured the Loire Valley and the in Sweden) and that he similarly 1625 West Rd. French Riviera. After dropping off outperformed the bond index Salisbury, MD 21801 the Renault in Monte Carlo, they for eight consecutive years. He [email protected] traveled by Eurail to Florence closes with a word of praise for and took a boat from Brindisi, whoever organized this year’s Dear Classmates: Many thanks for in the heel of the boot of Italy, 25th reunion festivities, which he taking time out from your busy to Greece. By chance, they met attended and enjoyed. schedules to send me news about up with some ’80 classmates in STEVE WALSH is vice president your lives and careers. This August marked RICHARD a Parisian café on the Left Bank. of finance for J. C. Penney in SCHEINER’s 10th anniversary at the Cindy says that in those days, a STEVE BOOKMAN directed me to a Plano, Tex. He has been with Buckingham Research Group (in good bed-and-breakfast cost $6 Web site (www.magiqtech.com) the company for 23 years. A Merrill Lynch’s words, “a New a night, and the croissants, fol- for a look at what he has been native New Yorker (born in York–based, employee owned, lowing a good night’s rest, tasted involved in for almost six years Brooklyn), Walsh says he misses independent equity research divine. She then joined IBM in now: a venture that uses quan- the Big Apple and manages to get boutique that has provided the the revenue planning area, went tum physics to address the back about twice a year. information-processing problems investment community with on to sales, where she spent of commercial cryptography. detailed fundamental analysis 14 years, worked on the Summer As for me, GEORGE ROACHE, over for over 20 years.” Scheiner has Olympics in Atlanta and, for the the years I made the transition Since 1985, ALEC KNOWLES has been in institutional sales the last eight years, has worked in from computer sales to journalism been plying his trade in the whole time and notes that since contracts and negotiations. She to public, media and community investment world in Chicago. he joined, the firm has grown reached retirement eligibility this relations for my county gov- He started out at Lincoln Capital from just 35 employees to close September, and in November she ernment. More details another Management Company and to 100, with 18 institutional sales will join the IBM Quarter Century time—it was much more impor- moved to Lehman Brothers when professionals, 17 senior analysts Club. tant to share what you all had it acquired Lincoln’s fixed-income and a money management group Now, about Cindy’s afore- to say! management group in 2003. He is that manages about $1 billion. mentioned literary gifts: Before married and has a daughter, who His son, Holden (14), spent the B-school, she worked in pub- ✒ just received a master’s degree summer building a “humongous lishing for Harper & Row in STEVE BOYDEN was elected to the from NYU, and two sons, one 3-D video game” that is more Manhattan. On the side, she board of trustees of Winterthur at Boston College and the other than one gigabyte in size and still wrote children’s books under Museum & Country Estate, the at the University of Illinois at doesn’t have any characters built the pen name Graham Tether. In former home of Henry Francis Chicago. into it. Richard is learning to play 1979, Random House published du Pont, an avid antiques col- golf and gets out to the course lector and horticulturist, in Two years ago—after many years her first, The Hair Book, which a couple of times a month. He Delaware’s Brandywine Valley. in marketing and general man- Amazon.com describes as “a and his wife, MARCIA (SAUNDERS) rhyming introduction to hair for agement with Roche and other In April, PATRICIA CAMPBELL was SCHEINER ’84, still live in ages 5–6.” The publisher sold pharmaceutical companies— named COO of MediaBay, a Manhattan and have a weekend the subsidiary rights to Grolier PETER MEULI felt it was time for digital media and publishing house in Cold Spring. Despite his Book Club and Harper Collins in a career change. Together with company headquartered in modest claim that he had nothing England, so Cindy still receives a two friends he bought a vine- Cedar Knolls, N.J. Campbell has to report, he says he keeps busy few royalties each year. Last year, yard, Finca Los Amigos (www. more than 24 years of experience on the board of Hebrew Union she started to write for children fincalosamigos.com), in Mendoza, in magazine publishing, direct College, Temple Shaaray Tefila again in her spare time (of which Argentina. Peter and his partners marketing and the Internet. She and the pension committee of she has little, since she also cares not only are in the process of spent the last four years manag- UJA-Federation of New York. And for her 94-year-old mom, with creating and launching their line ing her own marketing firm, he’s studying biblical Hebrew, the help of a home health aide). of premium wines but also are Terra Nova Marketing Solutions. adding that to say he is learning it developing Mendoza Vineyard The Knee Book was published by “might be an overstatement.” Village, a thematic private resort Random House in October. comprising roughly 400 acres,

www.gsb.columbia.edu H E R M E S • F A L L 2 0 0 5 27

56957cbsD8R2.indd 27 11/18/05 4:39:56 AM CLASS NOTES

an independent contractor because of the freedom and flexibility. As Remembering Alexandra Morgan Ciardi ’81 I write this in July, I have been in the States for nearly two months, ALEXANDRA MORGAN CIARDI, a pathbreaking woman on Wall Street, generous patron of education and the handling personal matters and visiting family. After my return to arts and passionate advocate for children’s causes, died in a swimming accident on August 11 at the A Beijing in August, my plan is to age of 48. resume my Chinese studies and improve my reading proficiency. Alex was married for 22 years to GIUSEPPE CIARDI ’81, founder and executive director of London- I think studying Chinese is going based Park Place Capital and member of the School’s board of overseers. They lived in Chelsea, to be my lifelong endeavor—it’ll West London, with their three children, Olivia, Francesco and Federico. “She put family and the children keep me young! All the best to all of you for a great rest of 2005! at the top of everything,” says MASSIMO TOSATO ’81, a friend since business school. ✒ After getting her MBA, Alex worked for Goldman Sachs in New York and London and then became In May, BRUCE REVZIN joined a founding member of the hedge fund GLG Partners, which received the Best Management Company IDG Ventures Boston, a venture award from EuroHedge Awards in 2002. capital firm with $280 million A native New Yorker, Alex was available whenever her alma mater needed her. She was active in the under management, as CFO. He writes, “The firm, an independent London alumni club and was involved in the Pan-European Reunions in Venice, Monte Carlo and Berlin. partnership, invests in early-stage She also served on numerous boards of charitable organizations, including the National Society for the information and health care tech- nology companies on behalf of Prevention of Cruelty to Children. its limited partners. International “My strongest memory is not about her position in business but is much more about her positive Data Group, the world’s largest attitude toward people and life,” Tosato says. “She was always willing to help, always full of energy, IT media research and event company, is the flagship limited always smiling. Her positive personality really stood out.” partner.” Revzin lives in Needham, Mass., with his wife, Robin, and children, Aaron and Rebecca. GARY NEILSON, senior vice presi- ❉ For the past three years, WES dent at Booz Allen Hamilton, 1981 PROTHEROE has been president explains why some organiza- and CEO of the Gerber Life Class Correspondent 1982 tions succeed and others fail in Insurance Company, a division DINAH LIN Class Correspondent Results: Keep What’s Good, Fix of Novartis and an affiliate of the #11 Dong Shengyuan, 1-302B IDERS MARSH, JR. What’s Wrong, and Unlock Great baby food company, in White Haidian District 9326 Points Edge Performance (Crown Business, Plains, N.Y. He mentions that Beijing 100083 San Antonio, TX 78250 2005). The book describes seven Gerber Life is the leading U.S. life China [email protected] types of dysfunctional work envi- insurance company in total new [email protected] ronments that inhibit success and policies underwritten over the It’s my time of year. College offers advice on how to optimize This is the shortest news update past two years. He and his wife, football is in the air, and my kids the performance of each. since I began my role as a class Robin, live in Westport, Conn. are back in school at all levels— correspondent two and a half His company information is elementary, undergraduate and years ago. It is also my last time Gerber Life Insurance Company, post-undergraduate culinary in this role. I have enjoyed the 1311 Mamaroneck Ave., White school. Oh, lest I forget, our class experience tremendously. It Plains, NY 10605; (914) 272-4043. is up to some great and meaning- has given me a great chance to ful things this time around. It’s Now, for an update on myself, reconnect, and I always find it amazing that this season’s notes DINAH LIN: It has been a year of interesting to read the updates. It represent only the tip of the ice- some important changes, both per- is time to give someone else the berg for our class! Remember, it’s sonal and professional. My mom’s opportunity and pleasure. Now, our duty to inspire our classmates passing in February affected me on to the news! and those that follow by sharing profoundly. I am so grateful I had our progress and success along NICOLAS KAHALE is in London at some time with her and was in the years. So again, step forward, JPMorgan Asset Management, the States, and not Beijing, when be brave and tell the greatest where he covers the Middle it happened. On the professional classmates of them all what you’ve East, Africa and Central Asia. front, I made a decision not to been up to. Thanks to all those Previously, he was in the London extend my contract with an excel- that did respond. Have a great fall! office at Goldman Sachs. lent service company and remain

28 H E R M E S • F A L L 2 0 0 5 www.gsb.columbia.edu

56957cbsD8R2.indd 28 11/18/05 4:40:26 AM CLASSNOTES

TOM FORNOFF spent the last BETTY WONG relaunched her busi- 10 years with several different ness at CEO Global Resources emerging growth companies in (www.ceoglobalresources.com), Improving Government Austin, Tex. He’s now running a change management services from Within and Without business development for a provider. She continues to work fast-growing retail point-of-sale in new product development AfterA nearly two decades working in New York software company, 360Commerce. and teaches entrepreneurship For fun he has been speaking, at Baruch College’s Zicklin City and State government, in 1998 DIANA writing and teaching about busi- School of Business. She also FORTUNA ’82 became president of the Citizens ness develop ment, including spearheads fund-raising for the a recent talk for the New York Jan Stackhouse Scholarship at Budget Commission (CBC), a nonprofit think chapter of the Association of Baruch, which was established tank, oversight agency and watchdog of these Strategic Alliance Professionals. to honor an ex-client and friend He and his spouse, Valerie who died tragically this year. governments. Luessenhop (JD ’79, Columbia), ✒ “My experience at Columbia had a huge effect on my career,” celebrate their 26th anniversary she says. “A lot of that was thanks to Professor Ray Horton, who this year. Val has a thriving solo In March, the work of Istanbul- law practice specializing in busi- based photographer ALI KABAS taught my favorite class at business school but more importantly ness development, licensing was featured at the exhibition helped me to find the work that I loved.” transactions and alliances for A Celebration of Istanbul at developers and business users of the Turkish Center in midtown Through Horton, Fortuna found an internship in the mayor’s bud- technology products and services Manhattan. Earlier in the month, get office, where she stayed for nine years. She then worked in the (www.luessenhop.net). Their Kabas attended a reception state’s federal affairs office, the Department of Health and Human eldest daughter, Carolyn, is an hosted by Kempinski Hotels at undergraduate at Rice University. the St. Regis Hotel, where his Services and the White House Domestic Policy Council staff in work was also shown. Washington, D.C., before returning to New York as president of the After graduation, CHRIS NEIZERT moved to San Francisco to imple- CBC—a job she took over from Horton. ment a business plan he had 1984 “When I was in city government and he was at the CBC, I developed in Avi Meschulach’s Class Correspondent New Ventures course. After spend- remember very well what it was like to be on the other side of THERESA QUINTANILLA ing a year trying to launch the 1615 Turnpike Rd. that relationship,” she says. “It’s fascinating to be on the outside venture, and needing to pay off Houston, TX 77008 his debt, Chris went to work for exhorting government to do better.” [email protected] Bankers Trust in New York in its airlines/aerospace financing PETER S. ADAM has finalized group. In 1991, he founded the his divorce and is working on she’s been on a cruise and to see before handing it on to future German operations of Advent industrial development and her sister’s grandchild, Timothy generations.” International, a Boston-based financial projects in Europe, the Jacob Wilson, along with lots of PIERRE-ANDRÉ MOURGUE D’ALGUE private equity group in Frankfurt. Middle East, Russia, Africa and other relatives. She says, “The rest sends the following update: “After He ran the affiliate until 2003, with China. He can be reached at and socializing have been great 20 years in various incarnations in his best brokered deal being the [email protected]. fun. I’m off to visit more relatives private banking, investment bank- privatization of an East German in August and am considering SUZANNE REIDBORD CHERENSON lives ing, emerging markets and, more maker of rail vehicles. Early this whether to start a business on in Lexington, Mass., with her hus- recently, hedge funds, I am finally year, Chris has been involved in eBay or renovate below-market band and children, Daniel (6) and joining Mourgue d’Algue & Cie. as developing the German activities properties.” Ann will continue her Matthew (3 months). While busy general partner on September 1. of Warburg Pincus; he is based volunteer work as a Columbia being a mother of a newborn and My new company is a small, in Frankfurt. His work brings him Ambassador, with Columbia a first-grader, she is also work- family-owned Swiss private bank back to New York regularly. Chris Women in Business and the ing to improve child health and based in Geneva whose sole lives in an old country estate near Financial Women’s Association nutrition with the Wellness 2006 activity is wealth management for Frankfurt with his wife, Yeomi Lee and as an executive on campus at political action group. Suzanne individuals and family office ser- (SIPA), and their three children Baruch College. She also shares enjoys getting together with vices. I am married with two boys (16, 10 and 9). He occasionally a quote from George Bernard CARLA HOENIGMANN and her family (4 and 1).” Pierre-André can be finds time to participate in the Shaw: “Life is no brief candle to in Avalon, N.J. reached at [email protected]. annual meetings of the German me. It is a sort of splendid torch Columbia B-School and Law ANN LEMON would love to hear which I have got a hold of for School alumni. from other alums. She retired the moment, and I want to make ❉ denotes reunion class from UBS in June. Since then it burn as brightly as possible ✒ denotes end of class correspondent section ❦ denotes new class correspondent

www.gsb.columbia.edu HERMES • FALL 2005 29

56957cbsD8R1.indd 29 11/11/05 2:18:05 AM CLASSNOTES

CHRIS PUELLO writes, “Since retir- founded Blue Heron Designs [Salvatore] SAM CANDIDO, senior bought in 1998, he founded ing from the banking community, (www.blueheron-designs.com), VP of projects at Workstream eMBS (www.embs.com), a I have found fulfillment as a tutor an interior design firm in (www.workstreaminc.com), is company that delivers data and and part-time math teacher in New Jersey. In July, she was writing a book, HRIS in the 21st analytics on mortgage-backed the New York City public high appointed president-elect of the Century. He keeps busy sailing securities. He has 29 Wall Street schools! I am eager to contact Central Jersey Chapter of the the Catalina race circuit when firms as his client base and a any and all classmates. They can National Association of Women not involved in the progress of workforce based at home offices e-mail me anytime at puello@ Business Owners (NAWBO). his well-known TalentCenter in three states. He is frequently post.harvard.edu. I also hope to Domenicali helped charter accounts. Sam has four kids: in New York visiting clients meet someone to share my life the chapter, a role for which two boys already through col- and is still in touch with two of and would appreciate introduc- she received the NAWBO’s lege and two more to go. When his Columbia professors, Peter tions to new female friends.” National Team Builder Award in not on his sailboat, Sam can be Kolesar and David Dannenbring, June 2004. Domenicali recently reached at [email protected]. a former operations management WAYNE J. VAUGHAN is the new participated in a volunteer home- professor who is now the provost director of finance and admin- JOHN DODDS continues a tradition building effort for Habitat for at Baruch. Larry taught as an istration at Groundwork in he started upon graduation— Humanity in Monmouth County. adjunct professor at the University Brooklyn. He also was appointed being deemed unemployable She also designed an accessible of South Florida in Tampa to the board of directors of and overqualified by all potential bathroom that was featured in before forming eMBS. He can be Concord Family Services in employers. John continues to the August/September issue of reached at [email protected]. Brooklyn. He can be reached at breathe and can be reached at Design N.J. magazine. [email protected]. [email protected]. REMO GIUFFRÉ is back in Sydney doing what he does best— JOHN H. P. WHEAT, VP of creative CAMERON DUFF has crossed over retailing his Remo-ness. He spent services and marketing at ING, 1985 to the private client side, work- eight years from 1988 develop- is back on the East Coast in Class Correspondent ing as an investment adviser ing a specialty retail business in Hartford, Conn., after 10 years JOHN FARMER at ScotiaMcLeod, a division of Sydney, and then from 1997 he during which the company Scotiabank. Cameron spent 985 Yale Rd. was based in Silicon Valley and moved him from New York 18 years in the investment bank- Boulder, CO 80305 New York working as a brand to San Francisco, Boston, ing business, initially focusing [email protected] strategist, first with frog design Minneapolis and Portland, Ore. on the real estate industry and and then with online pioneer John is also on the executive more recently concentrating on ❉ Organic. In 2001, he moved his committee of the Hartford Stage 1986 the biotech sector. His Web site family (wife Melanie and children board of directors. He and his is advisors.scotiamcleod.com/ Class Correspondent Roman and Lola) back to his wife, Karen Cronin Wheat, live ❦ cduff, and he can be reached at SUSAN (RUDOFSKY) SCHWARTZ native Sydney. The flight from in Avon and just celebrated their [email protected]. 160 W. 71st St, Apt. 12H JFK departed on September 10, 10th anniversary. John balances New York, NY 10023 2001, landing in Sydney on the an avid interest in sports, includ- [email protected] 12th. Timing is everything. Today ing cycling and kayaking, with Remo spends much of his time watercolor painting. Please allow me to introduce myself: I am Sue (Rudofsky) working on the relaunch of ✒ Schwartz, the newly appointed REMO . . . this time as an online general store. A global commu- After working in the consumer alumni notes gatherer (aka chief nity is gathering, momentum is packaged goods industry for gossip) for the class of 1986. I was building and you can check it out eight years, DONNA DOMENICALI overwhelmed with the response BRAD GEVURTZ is a managing at www.remogeneralstore.com. to my very-short-deadline request director at Ion Partners and can On a more personal note, check for news from my classmates, get- be reached at bgevurtz@ out some slightly dated family ting e-mails from literally around ion-partners.com. the world. I’ve taken some lib- photos at www.remogeneralstore. erties and done some editing. LARRY GIOIA is living in Tampa, Fla., com/online/family.cfm. with his wife and two daughters Without further ado, here are KATHY GRIFFIN and her husband, (15 and 18; the older one is some highlights from the class of ALEJANDRO CATANIA, married entering college in September!). 1986 as of August. after graduation and lived for After working in information many years in London and technology at Salomon Brothers worked in banking. They have in New York and Tampa from three girls, one dog and a fish 1986 until the company was Submit class notes by e-mail: and live in North Carolina. [email protected] or online: Kathy’s e-mail address is www.gsb.columbia.edu/alumni/hermes/submit.html [email protected].

30 HERMES • FALL 2005 www.gsb.columbia.edu

556957cbsD8R1.indd6957cbsD8R1.indd 3030 111/11/051/11/05 2:18:082:18:08 AMAM CLASSNOTES

EDUARDO HEALY and his family from 1999 to 2000 the company in Professor Miller’s Operations married to David, a headhunter, completed a 20,000-mile sailing served as investor relations Research class. and has a stepson (15) who trip from the Mediterranean to adviser to Finmatica, at that time After graduation, Stephanie lives in Winnetka, Ill. She can be Australia across two oceans last the eighth-largest company listed was a vice president for Stern reached at [email protected] year. The trip was the fulfillment on the Milan Stock Exchange. Stewart & Co. in New York and loves a good bit of gossip. of a lifelong dream, a sabbatical Anthony has been licensed as a and then a director for LARRY SPOKONY and his family with his family and another member of the NASD since 1986 PricewaterhouseCoopers, also have moved to Rochester, N.Y. family—four adults, six teenagers and is qualified as a financial and in New York. For the past five This is Larry’s second move and 18 months! Upon returning to operations principal. Previously, years, she has operated her with ITT Industries, and he is the “real world,” Eduardo started Anthony served as head of equity own financial consulting firm, thrilled to be back in New York a small business in Connecticut research for Milla & Co. in Milan Complexity Management. She State. His e-mail address is larry. helping home and small offices (now Banca Leonardo), where is also one of the two founding [email protected]. to optimize, clean, network and he built and managed an analyst partners of Soar Collaboration, back up their computer systems team that covered the majority of which provides financial and BILL WEISS is VP, finance North in lieu of returning to his old job listings on the Milan exchange. business advisory to American America, for WPP Group USA, as a grain merchant. He enjoys Earlier, he served as resident Indian tribes across the nation. an advertising and communica- being self-employed in spite of the vice president and corporate Stephanie’s American Indian tions services group. He is based erratic income stream. He can be representative for Citibank (now tribe white paper recommen- in New York City but works with reached at [email protected]. Citigroup) in Rome, was trained dations have been presented operations in many locations. and worked for the institutional to the U.S. Congress through Trooper that he is, Bill stepped equity desk at PaineWebber (now the U.S. Treasury Department. forward to visit operations in UBS) in New York, served as AVP Stephanie is considered one Hawaii last winter. As he readily and corporate representative for of the top experts in America admits, it was a “tough job, but Credito Italiano (now Unicredit) today on economic matters someone had to do it.” Way to in New York and was formally pertaining to American Indian go, Bill. He can be reached at trained in bank management by tribes. Duncan can be reached at [email protected]. Manufacturers Hanover (now [email protected]. ISABELLA ISOLA has been living in JPMorgan Chase) and worked LUTHER PEACOCK was recently Rome, Italy(!), since fall 2000, for the bank in New York and married to Julie Bacon near their working as an HR consultant, Los Angeles. Anthony can be home in Pound Ridge, N.Y. primarily with the U.S. firm Right reached at [email protected]. Luther is the global credit Management Consultants and DUNCAN MCGILLIVRAY, founder and officer for real estate and other with a variety of UN organiza- chairman of Film by Humans securitized lending at Morgan tions. She extends an advance Production Company, is hard Stanley. His e-mail is Luther. hearty welcome to all who plan ELLA YANG has gotten completely at work on the development of [email protected]. to attend the next Pan-European off the well-beaten corporate Marvin, a feature-length film Reunion, which will be in Rome SUSAN (RUDOFSKY) SCHWARTZ was path and has been painting full- about the life of Marvin Gaye, Jr. in October 2006. You can drop appointed chief gossip for the time for two and a half years! At the request of EMI Music her a line at [email protected]. class of 1986. After working as Not house painting, but oil Publishing, Berry Gordy, the a product manager at Nabisco painting—mostly cityscapes and ANTHONY H. MANNARA is the founder of Motown Records, is and General Foods, Sue fled landscapes—pursuing a long- managing partner of MAMCO, reviewing the screenplay, which the world of corporate America standing passion she set aside a firm he founded in 1999 as a is owned and controlled by to work in commercial film during high school and college. financial advisory company with Film by Humans. Upon Gordy’s production, starting out at the She lives in Brooklyn and likes broad-based competencies in approval, the production com- bottom of the food chain as a to paint either in “plein air” or asset management and corpo- pany will be offered terms for production assistant. Since 1993, in her studio near the Gowanus rate finance advisory services licensing the Gaye, Jr., song she has worked freelance for a Canal. She participated again in based in Lugano, New York City catalogue for use in the movie. variety of production companies the annual Gowanus Artists Open and Milan. One of MAMCO’s The talent agency International making television commercials. Studio Tour this year, which took primary activities was its role Creative Management (ICM) will Most recently, she worked with place the next-to-last weekend in as fund manager for Tiberius, assist in packaging and pitch- Martha Stewart and Donald October. She misses the perks of a European equity hedge fund ing the project to major studios Trump on a series of promos for listed on the Irish Stock Exchange for coproduction. Duncan is The Apprentice. She is happily with a long/short strategy. The married to STEPHANIE (DETTMER) company also served as invest- MCGILLIVRAY, whom he first met ment counselor for numerous institutional and high-net-worth ❉ denotes reunion class individual clients. Additionally, ✒ denotes end of class correspondent section ❦ denotes new class correspondent

www.gsb.columbia.edu HERMES • FALL 2005 31

556957cbsD8R1.indd6957cbsD8R1.indd 3131 111/11/051/11/05 2:18:092:18:09 AMAM CLASS NOTES

the 10 largest family-owned busi- nesses, former presidents with a 1988 Balancing Act business background and unusual Class Correspondents sales strategies. Romeo is also JOHN FEATHERMAN the author of Net Know-How: If female executives were to seek a guru to P.O. Box 22452 Surviving the Bloodbath— helpI them deal with the stresses of work Philadelphia, PA 19110 Straight Talk from 25 Internet [email protected] and family, KIM NELSON ’88 would be a top Entrepreneurs (Aegis, 2001). He contender. “You just get very efficient about lives in Chesapeake, Va. LEIF KNUTSEN 36 N. Crescent how to spend your emotional energy,” says Maplewood, NJ 07040-2708 Nelson, who is president of General Mills’s 1987 [email protected] Class Correspondent snacks division and a vice president of the company. “You learn Hey everybody! Greetings from JOANN BANEY John Featherman and Leif Knutsen. to focus your energies on solving problems and zeroing in on the 875 West End Ave., Apt. 5B This time around, we received New York, NY 10025 biggest opportunities.” news not only from our class, but [email protected] By following her own wisdom, Nelson leads one of the company’s also from the class of ’87—many ✒ of whom took classes with us. six major operating divisions while promoting the growth of all Be sure to read about MIKE LEVY, MIKE LEVY hung up his reporter’s General Mills snack brands. She also remains committed to the notebook at Playboy in Beverly MARC MOSS and DAN NAGAO in the Black Champions Network, an employee affinity group she helped Hills to focus on production 1987 section above. to found at General Mills in the 1990s to provide development and and writing in Hollywood. Mike LAURENCE AMATURO reports, “I’m was recently seen with ED ELLIS just back from THOR SANDVIK’s support for African-American employees. at the latter’s spacious pad near wedding in Skagen, Denmark. Nelson, who also took an 18-month sabbatical to travel, work the beaches of the O.C. (Orange Thor married an incredible County, Southern California). in a homeless shelter and recharge, shares another key insight: woman, Kristin Tingberg, on April 30. She’s a former balle- “You really have to be realistic about your expectations for yourself. MARC MOSS is first vice presi- dent in Countrywide Financial rina and now both a practicing The biggest stressor is when we build up all these expectations for Corporation’s enterprise risk maritime lawyer in Oslo and the mother of two beautiful children ourselves—for how perfect everything has to be. Sometimes you assessment division, an area of great focus in our current (Nora and Oskar). Thor’s e-mail just need to cut yourself some slack.” Sarbanes-Oxley-obsessed busi- address is [email protected] ness community. Marc lives in if you want more details. I’m Oak Park in Southern California still living in Santa Rosa, Calif., corporate life—free coffee/tea, THOMAS K. CARLEY was named with wife Valentina (MBA ’06, focused mainly on broadcasting holiday parties, health benefits senior vice president of strategic UCLA) and first-grade daughter and broadcasting investments. and the camaraderie of smart planning for the New York Times. Anna. Marc’s younger brother, I chair a group of 38 radio sta- colleagues—but is otherwise Since joining the newspaper in Scott (MA ’93, Harvard), was tions in the Pacific Northwest thrilled with her lifestyle. Ella can 1987, Carley has held several recently visited at home in Tokyo states called New Northwest be reached at [email protected] leadership positions. Most Broadcasters and operate a by JOHN FEATHERMAN ’88 on a busi- for art sales or just to catch up. recently, he was president of ness trip to Japan. sales consulting company in the news services division. 30 markets that helps radio and DAN NAGAO is running his own television companies such as JAMES ROMEO covers the lighter human resource/staffing firm, Infinity, Clear Channel and Fisher side of business history in Maximum Impact, in northern generate new revenue. My wife, Business’s Most Wanted: The California. Clients include names Susan, is still practicing dermatol- Top 10 Book of Corporate Greed, big and small in Silicon Valley’s ogy a couple of days a week, and Eccentric Entrepreneurs, and panoply of tech companies. Dan we are having fun raising our Management Oddities (Potomac lives in Palo Alto with wife Ginny twin girls (2). Books, 2005). The book is filled and high school–age daughter with trivia about such topics as JOHN DEMASI moved to London ✒ Brenna. Sons Kyle and Ryan are both slogging through college with his wife, Jill, and two daugh- in the University of California ters. Initially, he was at Coronation PAN-EUROPEAN system. Fund Managers working as a hedge fund manager, but he has

REUNION ROME since moved to the Ramius Capital OCTOBER 20–22, 2006 Group, where he serves as a

32 HERMES • FALL 2 0 0 5 www.gsb.columbia.edu

56957cbsD8R2.indd 32 11/18/05 4:41:24 AM CLASS NOTES

managing director in its merger age.” Tomoko would love to In May, after 16 years with Young married in February 2001 and arbitrage group. He handles the hear from her classmates at & Rubicam as member of the have two children, Henry (3) and European merger arbitrage and [email protected]. board, CEO of Y&R Interactive Hannah (1). He and his family event-driven portfolio. and managing partner, CHRIS are being more cautious about Finally, yours truly, JOHN GOODMAN left to join Accenture. riding the Tube but refuse to let After starting a successful com- FEATHERMAN, is running for the His new role is chief marketing the recent terrorist activity change pany that compiles loan data and U.S. Senate in Pennsylvania. As officer for the communications their lifestyle too much. was sold to Standard & Poor’s, your former class president, did and high technology (CHT) Adam made the following DAVID KEISMAN is now a principal you really expect anything less? group. He also serves on the observations, “It’s a bit weird at Rutter Associates. Recently You can read more about it at firm’s operating committee. The over here at the moment, and married, David lives in New York. Featherman2006.com. CHT group provides consult- I’m afraid it’s not going to change MARIO VERNA (see below) wants ✒ ing services to communications, anytime soon. I believe we high-technology and media/ will be facing this problem for us to know that GEOFFREY BELFORD ROBERT KIRCHNER was appointed entertainment companies. the foreseeable future, and I’m MINTZ, Esq., resides in Soho and director and CEO of FirstAfrica is an eligible bachelor. His time unsure but concerned about just Oil. He has more than 17 years RON SIMONS is back in New York is divided between real estate how that problem will manifest/ in the oil and gas industry and after receiving his MFA in act- investing and pursuing various morph over time. We were in the previously served as an adviser ing from the University of adventures, ranging from sailing office yesterday when we heard to the board of Sibir Energy, an Washington in 2001. As a profes- to the Caribbean and traveling about the latest attempts, and Anglo-Russian energy company. sional actor, he has appeared to exotic places to lecture at everyone was a bit jumpy. Then in a few TV shows (e.g., All My international seminars on world today we heard about the shoot- Children and Law & Order), but trade and related issues to explor- ings on the Tube and shortly 1989 he is mostly doing stage work. ing the finer social offerings of thereafter people ran to the win- Class Correspondent He is an acting company mem- New York. dows. Seems an army helicopter ALESANDRA “SANDY” (JACKSON) ber at the Classical Theatre of flew fairly close to the building, BALLINGHOFF Harlem and sits on its board. CARL SALAS married Sandra two but as we’re in the tallest tower 1404 Beringer Ct. Ron also continues to leverage years ago in Hawaii. After spend- in London at 50 stories, and on San Jose, CA 95125 his MBA skills doing volunteer ing some time on the West Coast, the 46th floor, you can imagine [email protected] work with One Hundred Black they moved back to New York. the anxiety. And yet, everyone He works at Primedia. Men of America (NYC chapter) Hi, class of ’89—I hope you seems to get on with it. Despite and the Columbia College Board enjoyed your summer and were the attempts at noon yesterday, RAVI SINGH manages various ven- of Visitors. He gets to Seattle able to find time for a memorable by close of business people left tures and companies, both in the frequently to visit his kids, Elise, vacation! Here is what some of work and got home on buses United States and in India. He Zora, Langston and Isaiah, and our classmates have been up to. and Tube lines, just as they did resides in New Jersey with his friends from his Microsoft days. the day before and weeks before wife and two children. He hopes all is well with those of After spells in business develop- that. The real blow seems to be us he has not seen in a decade of MARIO F. VERNA lives in New Jersey ment at Warner Bros. and as chief the immediate falloff in tourist Sundays. since getting married four years operating officer of Euromoney trade. While not surprising, it ago. He has two girls: Cosette (3) Institutional Investor, SIMON COX will definitely hurt the economy, and Noelle (2). Not much time joined image.netas CEO in early as retail sales have been falling for the rock band, though he 2001. Simon grew the company steadily already leading into the wouldn’t mind a reunion of Junk from a UK-based operation into a summer.” Bondage, who performed at the global service; the business now B-school Follies. He’s been work- distributes publicity material to I struggled with how to close ing at Deutsche Bank since 2001 the world’s media for the major- this column and decided I just and is in charge of securitizing its ity of the Hollywood studios. Last want to say, “Our hearts go out global loan portfolio. summer, Getty Images acquired After eight years with Moody’s to classmates, families and friends image.net, and Simon now works Investors Service in London, who live with this reality every TOMOKO ISHIZUKA YAMADA reports as vice president of Getty’s media culminating in the position of day.” from Nagoya, Japan, “I made a management services division. senior vice president/team leader big turn at the midpoint of my Simon’s family flourishes, for commercial mortgage-backed life and am going to medical with three boys, George (11), securities in Europe, the Middle school in Japan. It is hard, but Thomas (9) and Peter (6), and his East and Africa, ADAM TOFT (MBA/ I truly enjoy studying completely wife, Antonia, who writes for the JD) accepted a position as manag- different subjects anew at my Evening Standard. ing director, European principal and asset backed finance, at Bear Stearns International earlier this ❉ denotes reunion class year. He and his wife, Donna, ✒ denotes end of class correspondent section ❦ denotes new class correspondent

www.gsb.columbia.edu H E R M E S • F A L L 2 0 0 5 33

56957cbsD8R2.indd 33 11/18/05 4:41:38 AM CLASSNOTES

JOHN HODNETT has an enviable Gehan writes, “I guess “buy low, PAUL MEDEIROS was appointed 1990 commute—he walks across his sell high” is the most valuable vice president of the global ANDREW BLAUNER, a literary agent lawn to the Narragansett office lesson I learned at the School! licensing division of the who runs his own agency in of Lila Delman Real Estate, Just finished my earn-out. Ran the Schering-Plough Corporation in Brooklyn, reports that in October where he is a broker-owner Boston Marathon and finished an Kenilworth, N.J. He leads the Warner Books published an (and his home is on the water). Ironman triathlon in Nice. I am company’s worldwide specialty anthology he edited: Coach: An affiliate of Christie’s Great now totally dedicated to mixing product licensing activity, which 25 Writers Reflect on People Who Estates, his firm brokers property that perfect martini. PowerInfo, includes negotiating licenses Made a Difference. The book selling from $400 thousand to my holding company, soldiers and other strategic alliances. features essays by Pat Conroy, $17 million. John and his wife, on in Notting Hill, helping Previously, Medeiros was execu- John Irving and George Plimpton Pamela, have six children: U.S. media companies enter the tive director of the division. and a foreword by Bill Bradley. Chelsea (17), Neil (12), Ross (9), European market. My bike ride Blauner writes, “The collection Mabel (8), Clint (5) and Phoebe (1). to work keeps me away from focuses primarily on sports London’s recently lethal Tube 1992 ROBERT HOROWITZ’s big news coaches but also includes mus- (subway). We are all a bit shaken Class Correspondent is the birth of Charlie in May. ings about teachers and other by “London’s 9/11” but proud of MARK PODGAINY Robert continues his work as mentors.” the stoic resistance of the British 541 W. 37th St., 3rd Fl. an investment adviser in Marin people and their true grit. These New York, NY 10018-1110 After 14 years on Wall Street County, Calif. people never complain; some- [email protected] and in London, FRED LARSEN JACK NARGUNDKAR took a sabbati- times I wish they would—service founded Henley Advisors Thanks for all of the news this cal to write his first book, The in restaurants is still pretty poor. (www.henleyadvisors.com), a quarter—it’s great to hear that so Bush Diaries: A Citizen’s Review . . . LUCY STEINERT ’92 and I are New York–based independent many of our classmates are doing of the First Term (iUniverse, practically neighbors, and we advisory firm that offers strategic well. 2005), which he published in are both constantly hatching yet consulting, M&A execution advice July. He writes, “Nobody who another entrepreneurial venture. For the last three years, STEPHAN and financial advisory services to AVI ATHAN really knows me will say that I R N is also local. They CUSTER corporations. He writes, “Family, has been living in did not have an opinion. If you both helped support my efforts self and small dog are happily Shanghai, where he is CFO, Asia have an interest in national poli- to build houses for tsunami ensconced in Upper Manhattan, Pacific, for American Standard’s tics, check out www.iuniverse. victims in my native Sri Lanka. near the mayor’s official resi- Bath & Kitchen business. He and com. If you are red, white and TODD LITUCHY lives down the dence. All and sundry from the his wife, Leah, have Natalie (5), blue patriotic, check out the road as well. I saw STEVE MOLLEN class of 1990 are welcome to Elizabeth (3) and Max (8 months). colorful book jacket.” and GARDNER SEMET in London drop me a line and catch up.” Stephan reports that the kids this past year, and I stayed with have already passed him up in Larsen can be reached at ANNA POWELL writes, “After having ERIC HOPKINS during the Boston speaking Chinese. Drop him a [email protected]. the same job for 11 years, I’ve Marathon and also caught line if you are passing through gotten back to MBA mode and up with MAL APPELBAUM and Shanghai—he can be reached at ❉ changed jobs since returning to 1991 COURTNEY WOOD in New York.” [email protected]. Hawaii. I’m now at the Hawaii ✒ Class Correspondent Nature Center, where I do what FRAN DICARI’s company, Barefoot ANNA S. POWELL I love—strategic planning, BRAD GOLDEN writes, “Members Advertising, has recently 4542 Kahala Ave. fund-raising, program develop- of the class of 1991 continue to embraced the Internet economy: Honolulu, HI 96816 ment and media/PR. I’m taking gather annually to visit and share “With the 30-second TV spot [email protected] our organization “national,” so laughs. Each year, a different fam- on a respirator and big brands’ if you or anyone in corporate ily plays host. This year’s reunion appetite for interactive grow- JOHN GROETELAARS has moved work has an interest in environ- was held in Sandy Hook, Conn., ing, Barefoot Advertising added to Copenhagen with his wife, mental education, contact me at at the home of ROD HAMAR and three new partners and opened Pauline, and their three chil- [email protected].” his wife, Lillian. Pictured (left to an interactive division. Shortly dren. They look forward to their right) are ROD, NANCY (NORTHROP) thereafter, we were assigned the “European adventure” while John GARDNER SEMET e-mailed from and CHRIS WHITE, yours truly, interactive work for P&G’s Home is working for Boston Scientific Paris, where he was vacation- JEFF BOLEY and DOUG JONES.” Made Simple CRM program, with and responsible for the Nordic ing with his wife and children, its multimillion consumer base. and Baltic region. Any alums in and reported having coffee with My partners and I shunned the the area can contact John at GILLES ROLAND, who is doing well Internet during the late ’90s dot- [email protected]. with buyouts. com boom and bust, keeping all News from GEHAN TALWATTE: he 30 of our people employed dur- sold the Hoover’s Online fran- ing that period.” Barefoot now ❉ denotes reunion class chise he purchased in 2001 back has clients on both coasts and ✒ denotes end of class correspondent section to the parent company last year. ❦ denotes new class correspondent employs 45 people. The company

34 HERMES • FALL 2005 www.gsb.columbia.edu

556957cbsD8R1.indd6957cbsD8R1.indd 3434 111/11/051/11/05 2:18:132:18:13 AMAM CLASSNOTES

has recently added P&G brands International’s debt products checking out a performance, VICKY PARADIS was promoted to Cascade, Dawn, Mr. Clean, group as an executive director in please e-mail her or visit her managing director at JPMorgan Febreze and Swiffer to its client June 2003. She can be reached at Web site, www.audreysilver.com. Asset Management in the list, as well as other brands, [email protected]. Audrey is married to Henry Levin, fixed-income portfolio manage- including Allianz USA, RepHresh, and they have a son, Daniel (10). ment group. Her husband, MARCELO HALPERN (MBA/JD) is a and College Inn broths. Fran MIKE PARADIS ’00, is a portfolio partner at the law firm Latham ROB LIFLANDER has been in the and his wife, Janean, are enjoy- manager at Prudential. They live & Watkins in Chicago, where he retail automobile business for ing Cincinnati and their three in Maplewood, N.J., with their practices technology and intellec- the last 3 years after 10 years kids: Siena (4), Domenic (8) and children, Christopher (7) and tual property law and is cochair in the Internet business. His Korbyn (12). He can be reached Jamie (3). of the firm’s global technology goal: to buy a car dealership at [email protected]. transactions and outsourcing in Connecticut. He is currently JACEK POSWIATA is a director at ROBIN GITMAN DICKSTEIN (MBA/ practice group. He lives in Oak business manager at Porsche of McKinsey. He became managing MPH) married her husband, Paul, Park with his wife, Elizabeth, Greenwich. Now we know where director in his native Poland, in November 2002 and stopped daughter, Samantha (9), and son, to spend our bonuses! Rob and managing an office of 100 peo- working shortly thereafter to Noah (7). He has been trying his wife, Pam, have Gabrielle (9) ple, and he focuses on the raise his two children: Isabel, to attend at least one Columbia and Cameron (6). He has kept telecommunications, airline and now 19, and Anthony, now 15. Business School event in Chicago in touch with JIM HURLOCK, JI MIN oil industries. Jacek commutes In February 2004, Robin and Paul each year (what a loyal alum- and CRAIG ORCHANT. Rob can be to Poland from Copenhagen, welcomed daughter Veronica nus!), and he can be reached at reached at [email protected]. where he still lives with his wife, Sage. Robin plans to return to [email protected]. Annette, and their twin boys, Filip The omnipresent LARRY MARK work when Veronica goes to and Martin (10). VIVEK HUTHEESING, his wife, Anjali, ([email protected]) remains kindergarten. and their daughter, Mirai (5), live at the New York Times by day, JOSE RODRIGUEZ and his wife, ANTHONY DINKINS and his wife, in the Berkeley area. Six months where he is a manager for the Christine, just had their third son, Christina, welcomed twin daugh- ago, he founded eBlock (www. JobMarket section—he always Nicholas, in May. He joins broth- ters, Kaya and Maya, on July 6. eblock.net), which uses the knows about worldwide job ers Robert (11) and Matthew (9). The girls join brothers Tremaine Internet to connect neighbors and openings, so drop him a note To finance their upbringing, Jose and Dante. Anthony is vice is seen as reversing the discon- if you are career searching or works for Quest International, a president of human resources nectedness that has increasingly want to place an ad. By night, fragrance company, which is part for Avaya Global Services in affected neighborhoods over the he manages MyJewishBooks.com of UK-based Imperial Chemical Basking Ridge, N.J. last forty years. The beta applica- and JewishFilm.com, and he also Industries. Occasionally he meets tion is currently being tested in hopes to relaunch MBAstyle.com. up with alumni in New York GIUSEPPE DI STANI is a managing several Bay Area cities, and the Larry runs the SchmoozeDance at the quarterly get-togethers director with Morgan Stanley, company hopes to provide its Film Fest in Park City, Utah, of early 1990s alumni. His plug where he is responsible for the service to every neighborhood in each January. This fall he is for the group: “If you haven’t Italian equity business (cash and the country within a few years. helping to produce a short film attended one of these events, I derivatives). Based in Milan, Vivek is gearing up for A-round and sweat-investing in a start-up highly recommend it to get in he also works out of London. financing and is putting together that will distribute Thai films in touch with old acquaintances and Giuseppe is the proud father of the senior management team. North America. also get new ideas from others.” Francesco (9) and Elena (5). In 2003, MARGOT LATHAM left MARK NIXON reports that he is still This year, JODY SAMPSON launched ROBERT GARRETT and his wife, New York City, after 13 years, alive and well in Los Angeles. her own management consulting Trina, have two children, and GE Capital to move with her He and his wife, Lucy, have firm, Community Link, which Robert (13) and Alexandra (9), husband, James, and son, Max, two daughters, Kasia and specializes in providing strategic and live in Allendale, N.J. Bob out to the Left Coast. She is COO Karolina. After witnessing Mark’s planning, management, marketing has been with KPMG for 19 years for a new commercial division of efforts at the School, Lucy and public relations services to (I bet that is a record for our New Century Mortgage in Irvine, decided it “couldn’t be all that nonprofit organizations. She has class) and is currently the partner- Calif. bad” and went the MBA route at worked on projects for such orga- in-charge of KPMG’s New York UCLA’s Anderson School. She’s nizations as Hadassah, the United financial services—audit practice. Now for something completely now a commercial banker with Way, the Rockefeller Foundation He is actively involved in various different: AUDREY SILVER LEVIN is Wells Fargo. “Just goes to show and the National Association nonprofit organizations, includ- working as a jazz singer in New . . . be careful what you ask for.” of Social Workers. She is also ing the KPMG Foundation, the York City, taking full advantage Mark has just finished a five-year involved with, and wrote the busi- PHD Project and the Cardinal’s of her Columbia Business School stint at ConAgra Foods leading ness plan for, a start-up for-profit Committee for Charity. training. She would love to hear a $500 million business unit and social venture that manufactures from other alumni and can be [Marianne] ANNE CARREL GREVEN is now trying to decide what to high-quality K–12 classroom reached at music@audreysilver. moved from Morgan Stanley (loan do next. We look forward to his space. Jody, her husband and com. If you’re interested in sales and trading) to Rabobank update in a future issue. three children live in New York

www.gsb.columbia.edu HERMES • FALL 2005 35

556957cbsD8R1.indd6957cbsD8R1.indd 3535 111/11/051/11/05 2:18:132:18:13 AMAM CLASSNOTES

City. She can be reached at HALUK SOYKAN has been with the OLIVIER SUINAT has been living As for me, MARK PODGAINY, I am [email protected]. Wellington Management Company in Munich, Germany, for the still working for TRG doing turn- in Boston for the last nine years; past 10 years, where he is now around/crisis management work. LINA SHAMMA is living in Lebanon he is a global fixed-income port- managing director, Africa, for I just finished a six-month stint in with her husband, Namir Cortas, folio manager and a partner in Hewlett-Packard ISE. He is mar- Pittsburgh helping to stabilize and and daughter, Sarah Michelle (5½). the firm. ried to Susan (an American) and sell one of the bankrupt com- Lina has been working in vin- has two daughters, Anna (7) and panies owned by High Voltage tage clothing while enjoying MARTIN SPERONI reports that his Margaux (5). Olivier has been Engineering Corporation, which the weather and the “occasional wife, Jeanette, recently had a traveling extensively throughout filed Chapter 22 in February. In bombs.” She can be reached at baby. They also recently moved Africa, which he has found to be my travels to Pittsburgh I ran into [email protected]. to Suffolk, Va., where they are “a surprising and fast-growing BRUCE NELSON and [James] GREG building a house. Martin contin- GORDON SHAW is managing direc- region . . . and at least as eventful POWER in the airport. Small world! ues to work in venture capital tor of Baring Private Equity as the IT industry has been in the I recently saw some 1992 class- as vice president and director of Asia. He reports that he will be past 13 years!” He can be reached mates at one of the early 1990s research for Waterside Capital relocating from Hong Kong to at [email protected]. alumni cocktail get-togethers I Corporation, teach part-time at head up the Shanghai rep office. organize with HENRI RIZK ’93. Old Dominion University and, MICHAEL P. S ULLIVAN has been He is reachable by e-mail at Attendees have included SHEN- when time permits, teach motor- CFO of J. C. Flowers & Co., a [email protected]. HSIN HUNG, BRUCE NELSON (he is cycle riding classes. New York–based private equity everywhere!) and JOE SHAMMAS, AVID HIMONI firm, since 2002. He was previ- D S left Boston-based among others. I have also kept in ously with private equity firms Comverse in January after 10 years, touch with JEANNINE KIELY (mov- the Blackstone Group and most recently as vice president, ing to Soho and expecting a baby Olympus Capital Holdings Asia. sales, for North America with in September), JEN LAVIN (busy Michael lives in New Canaan, responsibility for revenues of more writing novels), CARLOS MARTINS Conn., with his wife, Vicky, than $100 million. He then joined (doing eco–private equity in and daughters, Alexandra and Mobixell Networks, an Israeli Brazil), YUKI YAMAMOTO (raising Katherine. start-up, as president of Mobixell money for a wind power ven- Americas and set up shop in AMY STRASSLER is a social studies After 10 years in Manhattan and ture) and others. When I am not Wellesley, Mass. David and his teacher and curriculum coor- Greenwich, JAMES TRAINOR is working or training for a triathlon wife, Rivka, have four kids, with a dinator at the High School for now living in Redding, Conn., during the summer, I am at the fifth one on the way. Sounds as if Leadership and Public Service with his wife, Lestina, Marlo (6), beach with my wife, Lisa, and our he has two full-time jobs! in Lower Manhattan. For several Miles (4), three cats (Marm, kids, Lila and Georgia. years she was the coordinator UXLEY OMERVILLE Tesio and Sir), two dozen egg- H S is a manag- of the school’s Virtual Enterprise Hope you had a great summer. laying hens and one wild rooster. ing director in London for Fitch program, which teaches high Keep the news coming! He is the managing partner of Ratings and head of mortgage- school students about business Newgate Capital in Greenwich, ✒ backed securitization in Europe, through work in a simulated which specializes in emerging the Middle East and Africa. He company. She also coordinates TIMOTHY FOSSA was promoted market and commodity-related arrived in London two years the school’s Model UN program, to senior vice president of equity management. He has been ago after a two-and-a-half-year and last year she accompanied U.S. Bank. He is a commercial lucky enough to travel regularly stint in Sydney. He and his nine high school students to middle-market relationship officer throughout the developing wife, Rosanne, have a daughter, a conference in Beijing. Amy with the company’s branch in world and would love informa- Charlotte (5), who has a mixture recently received a license to be Chicago. Fossa resides with his tion on alumni events in foreign of English, American, Australian a secondary school administrator wife, Mia, and their three children countries. and New Zealand accents and but is having too much fun in in Bartlett, Ill. vocabulary (perhaps a future her summers off to pursue a AMER YAQUB is the manager for actress?). ERIC LEVENTHAL, president and job as a principal. Amy and her global advertising sales for the general manager of Evian North husband have twins, Trevor and Washington Post and is the proud America, was elected to the board William (5). parent of two boys: Zach (1) of directors of America’s Second and Zain (5). He was in Kuala Harvest—The Nation’s Food Lumpur, Tokyo, London and Bank Network, the largest chari- Athens earlier this year and is table hunger relief organization in hoping to go to China and India the United States. soon. If anyone is interested in catching up, Amer can be reached In May, JOHN PENROSE was elected Submit class notes by e-mail: at [email protected]. to the British Parliament on the [email protected] or online: Conservative ticket. He represents www.gsb.columbia.edu/alumni/hermes/submit.html Weston-super-Mare, a seaside

36 HERMES • FALL 2005 www.gsb.columbia.edu

56957cbsD8R1.indd 36 11/11/05 2:18:14 AM CLASSNOTES

resort town on the southwest JOE MANGAN writes, “I left the tion. The China business trips coast of England. Previously, management consulting world 1995 have been interesting and enjoy- Penrose was publisher and chair- able. Remember, ask for Pure behind in January of 2004 to Class Correspondent man of Logotron, which develops become the COO of Perseus Produce by name! Anyone with KIM RADETZKI educational software. Books Group (www.perseus- connections in food chains or 415 N. 1st St., Unit 705 books.com), the seventh-largest food service: please get in touch.” Minneapolis, MN 55401 book publisher/distributor in Neil adds, “Anne is an [email protected] 1993 the United States. I am happily extremely involved mother, has Class Correspondent married to a wonderful woman, ROBERT HYNES reports, “Mary a thriving digital picture greeting TINA OGDEN Tracey Brown; I still skydive; and and I now have five children; card/printing business (www. 15 E. Putnam Ave., Apt. 300 for the past three years I have Maggie (14), Robbie (12), qca1.com), is on the board at Greenwich, CT 06830-5424 been pursuing triathlons with Tommy (9), Brigid (7) and the West 62nd Street YMCA and [email protected] increasing interest. I live on the Brendan (4). The oldest four play serves on the board of our co-op. ✒ Upper West Side and would love strings and perform together as a Joe is a beautiful boy who loves to reconnect with old friends.” quartet; they all also play hockey planes, trains, automobiles, soc- In May, EHUD LEVY, cofounder (not at the same time, though!). cer, football (J-E-T-S, JETS! JETS! RANDALL PONDER’s latest book, and CEO of Ki-Bi Mobile Professionally, I was downsized JETS!) and baseball, and he swims Leadership Made Easy (Entrepre- Technologies, took his company from Fidelity earlier this year like a little fish! We would love neur Press, 2005), was published public on the London Stock after a decade with the firm in its to hear from all our friends at in September. He says, “Be sure Exchange (KIB) and raised capital markets division (joined [email protected].” to order some copies for yourself $20 million. Headquartered in them straight out of school). The and your teams—you’ll love it!” Israel, Ki-Bi makes electronic career search has been my focus Editions of his previous book, The cards for downloading music, since then, and I am currently Leader’s Guide: 15 Essential Skills, games and other entertainment seeking my next challenge in the were published in 1998 (Oasis on mobile phones. industry.” Press) and 2001 (Entrepre neur Press). Randall lives in Florida MARC D. LAVINE and his wife, Lori, with his wife, Linda, and son, just had their second child, Bodhi Eric. Please drop him an e-mail at Kai. Marc notes, “He is doing well KIM RADETZKI writes, “I am [email protected]. and is lucky to have his big sister, happy to announce my engage- ✒ Sierra (now 2½), to watch over ment to Brian Brosdahl, who is him. My wife is recovering well. also a twin and also originally In October 1999, WENDI (FISHBEIN) We continue to live in Manhattan, from Iowa. What are the odds BARBOSA (MBA/MIA) married and I am still at Deutsche Bank of that? We will marry next fall Flavio Barbosa in New York City. (previously Bankers Trust), in Minneapolis, where we cur- 1994 They have two boys, Jaco Bali (5) where I have been for more than rently reside, amidst family and Class Correspondent and Luca Belo (3). In August, the eight years. It was great to see friends. I am enjoying my role as AMY BINDER family moved from Manhattan so many past classmates at the vice president of marketing for 286 Lyncroft Rd. to Sands Point on Long Island. reunion. I look forward to seeing Petters Group Worldwide, with New Rochelle, NY 10804-4121 Friends can contact Wendi at you all at the next.” 19 different companies under the [email protected] [email protected]. NEIL MILLMAN (cluster Z!), his wife, umbrella. I have been here for Since moving to Amsterdam In May, GEORGE MARSHALL Anne (who knew more people about a year. Brian leads interna- about eight years ago, CAROLYN WORTHINGTON was named execu- at the School than Neil did!), and tional regulatory affairs at Ecolab, CHANG has held various posi- tive director of the Friends of Joe (5 on September 1) have been a chemical company, and is fin- tions in ABN AMRO’s wholesale the World Foundation for AIDS busy managing life’s changes: In ishing his PhD dissertation. Love strategic business unit. Now on Research and Prevention, a August, they closed on a house in is a journey that starts at forever maternity leave after having a nonprofit organization based Unionville, Pa., but are keeping and ends at never. . . . ” daughter, Mi-Ah, April 12, she in Houston. Worthington is their place in Manhattan. In 2003, can be reached at cchang94@ in charge of policy analysis, Neil started Pure Produce with gsb.columbia.edu. communications strategy and his partner and stepbrother, Jim fund-raising. Provost. Pure Produce specializes KAREN KALINA notes that she and in organic and conventional garlic her family are in New York City, and ginger, fresh produce and where she works for Siemens jar produce products from China. One, a sales and marketing group Neil writes, “It’s a far cry from that offers customers integrated Goldman Sachs and Wall Street, Siemens products. ❉ denotes reunion class but we’re enjoying the competi- ✒ denotes end of class correspondent section ❦ denotes new class correspondent

www.gsb.columbia.edu HERMES • FALL 2005 37

556957cbsD8R1.indd6957cbsD8R1.indd 3737 111/11/051/11/05 2:18:172:18:17 AMAM CLASSNOTES

CHARLES ROBINSON has left both petroleum corporation, Petróleos ❉ the efforts of more than 70 proj- Asia and Goldman Sachs to run de Venezuela, Sociedad Anónima. 1996 ect teams in the United States and I divorced the year we graduated Chennai. K is a board member the global sales and marketing of Class Correspondent single strategy hedge funds for and remain the same ever since. of the Financial Services Industry CARMEN DE JESUS ARTALE HSBC: “I stay plugged into Asian I have three kids: 16, 15 and 13.” Exchange, a professional orga- 23 Greenfield Dr. markets from my new home in nization for gays and lesbians in ✒ Moraga, CA 94556 London, but my role also takes financial services. He is renovat- [email protected] me back Stateside more often. As MARC BOWERS joined Crane ing an 1885 brick row house in we continue to grow rapidly, we Merchandising Systems, a MICHELLE BERLINER FRUMER had Jersey City and manages a small are always looking for talent, and Crane Co. company, as marketing a baby boy, Kobi, in November real estate portfolio of invest- I welcome hearing from fellow director based at its St. Louis, Mo., 2004. He joined his big sister, Liat, ment property in New Jersey alumni.” global headquarters. Bowers who turns 3 in January. Michelle and Arizona. K and his partner, writes, “This position will lever- is vice president and director of Lyndon, split their time between KRISTEN LEAVENWORTH SAMPSON age my experience in consumer commercial development for the New York and Southampton. writes in, “I had a great time at packaged goods and industrial BLDG Management Company, a our 10-year reunion! How unbe- INDU SINGLA informs us that after B-2-B marketing.” He also says he private, family-owned real estate lievably fun to see old classmates taking a three-year break for her still feels like the only graduate firm in New York City. Michelle and catch up with one another. boys, Arjun (5) and Aryan (4), she living in the “flyover” states and and her husband, Alon, and The reunion came just days after has rejoined the workforce and is adds, “If there are any other their two children live on the my husband and I had decided at BEA Systems in the Bay Area. alumni in the St. Louis area, I’m Upper East Side. to leave Fairfield County, Conn., eager to get in touch!” He can Indu and her husband, C K, are and move to Boston. We are be contacted at marcbowers@ CONSTANCE GIST GUINDO reports settled in Los Altos Hills, Calif., now living in Dover, a very charter.net or at (314) 269-7986. that since graduating she has and are enjoying the weather and small and rural suburb about 12 become mom of Aissa (6) and their life with the kids. miles from Boston. We love the MICHAEL SCHWARTZ reports that he Aly (4). Constance has lived in CARMEN DE JESUS ARTALE and country setting combined with has been a commercial real estate Paris (birthplace of Aissa) and her husband, Angelo Artale, are access to a city. I was working mortgage broker with George Amsterdam (birthplace of Aly) happy to announce the birth of in finance part-time for Oxford Smith Partners, a real estate invest- and now resides in Johannesburg. their second son, Adrian Giuseppe Health Plans (now part of United) ment banking firm in Los Angeles, TERENCE HOSTEN and SHANI Artale, on March 18. He weighed after the birth of our third son in since 1998. He writes, “We do a WILLIAMS HOSTEN, along with 8 pounds 3 ounces and was 20½ December, but I am now home lot of loans with the Wall Street their daughter, Taylor (5), are inches long. Adrian joins his full-time as a result of the move. investment banks. Interestingly, proud to announce their new- big brother, Andres (3). Carmen Finding another part-time gig will I am one of the top originators est addition to the family: works with her husband in the take some time, and in the mean- for Merrill Lynch nationwide Nicholas Terence Hosten, who management of their supply chain time I have my hands full with and work closely with GEORGE was born on June 17, weighing management consulting business, three boys (4, 2 and 7 months).” KOK ’90, who runs Merrill’s mort- gage lending group in New York. 8 pounds 5 ounces and measur- Artale Management Consulting. LUIS FERNANDO VALVERDE SOLÍS says, Kok taught one of my real estate ing 20½ inches long. Terence is “I am working in Venezuela as a classes at the School and now a business operations manager at manager for international busi- competes for my business, so the Microsoft, and Shani is a market- nesses within the state-owned tables have turned a bit.” Schwartz ing director at Pfizer. They live in adds, “I got married in 2002 and Sterling, Va. continue to surf regularly. I try to JUSTIN JEFFERIES informs us that surf at sunrise and be at my desk he is a commercial real estate reading the Wall Street Journal broker for CB Richard Ellis in ✒ by 8:30 a.m. Please look me up if Los Angeles. you are in Los Angeles.” Following the birth of her K SHERBETDJIAN reports completing daughter, Carly (1), last year, his eighth year as a vice president JODI (STERNOFF) COHEN started a and senior business analyst with marketing consulting company Pershing, a division of the Bank that she runs out of her home of New York, where he monitors in Seattle. Cohen has obtained most of her clients through fam- ily and friends and says she feels fortunate because she hasn’t had Submit class notes by e-mail: to proactively market herself. [email protected] or online: www.gsb.columbia.edu/alumni/hermes/submit.html

38 HERMES • FALL 2005 www.gsb.columbia.edu

56957cbsD8R1.indd 38 11/11/05 2:18:18 AM CLASSNOTES

She welcomes news from class- part, I hang out with my son, to large companies. Tim adds that KAREN GAGE was promoted to mates and can be reached at Shiv (4), and daughter, Richa (1). he is married and recently had senior vice president of marketing [email protected]. I also have the pleasure of living twins (a boy and girl); he also has at WebCT, an educational software one town away from CAROLINE a 5-year-old. company in Lynnfield, Mass., (MOSHER) GADALETA, my dear where she has worked since 1999. [William R.] BILL BISANZ says that friend and apartment-mate from She is also now a member of the he and his wife, Ellie, “are surviv- B-school.” She adds, “Caroline is executive committee. ing parenthood with Henry (1). the mother of two beautiful girls. What a ride! I continue to MOLLY GLOVER GALLATIN and her Her younger daughter was born enjoy real estate development husband, Matt, are excited to just a week after Richa at the same work at Real Estate Equities announce the birth of their hospital.” Vaid can be reached at (www.reeliving.com), where I daughter, Kendall Elizabeth, on NEAL GOLDNER’s son, Jayson [email protected]. specialize in apartment building May 9. The family resides in San Pierce, was born on February 16. and vacation home investments. Mateo, Calif., and would love to Goldner writes, “Mom, Dad and I would love to hear from any hear from classmates in the Bay sister Jessica are all thrilled with 1997 of you.” Bill can be reached at Area. Molly can be reached at the new addition.” Class Correspondent [email protected] [email protected]. PETER GRAY 5042 Marathon Dr. DIANA DAVID has moved to Hong [Johnson] JOHNSIE GARRETT writes, Madison, WI 53705 Kong and can be reached at “I’m a newly married man and [email protected] [email protected]. have moved to a vastly tiny two- bedroom on the Upper East Side. LISA ARNING and her husband, LISA KAY DOWD-INOUE and her Work life is interesting—Barry Kevin Mayer, welcomed a baby husband, Nobi, note, “Still on Diller’s IAC is officially closing on boy, Jackson Alan Mayer, on the Long Island Sound in Village their acquisition of Ask Jeeves, so October 15. Creek, Norwalk, Conn., where NICOLA LEMAY (MBA/JD), a junior lots of things are in play. . . . ” we are building a new house— partner at the law firm Wilmer ELIZABETH BARREKETTE and a one-year project. I resigned as ELI GELMAN reports, “Well, I am Cutler Pickering Hale and Dorr, JONATHAN STEINBERG ’96 and their managing director at Singapore the old boring type. I must be was named cochair of the Federal daughter, Erin, welcome a boy, Telecom in October 2004 and one of the only MBAs with the Tax and Business Transactions Sam Haden, to the family. They started Intelsys, a virtual telecom same job in the same company Committee of the Boston Bar have been living in London for department for businesses. Life is since graduation. Still in Miami, Association Tax Section. Lemay, the last four years after moving good. . . . Hi to the gang.” still with Lehman Brothers (pri- who specializes in federal and there from Australia. Elizabeth vate investment management), state tax planning, was also works as a contracting consul- still married to Denise. We have named a “Massachusetts Super tant with such companies as two beautiful girls, Gabriela (5) Lawyers Rising Star” in tax in the Orange Communications and and Alexandra (3), and we’re May issue of Boston magazine. Whitehead Mann and lectures at expecting another in January.” the University of London and the University of Westminster, while TONY GIOVANIELLO lives with his Jonathan leads the strategy and wife, Kelli, and their children, telecommunications/media con- Macey (14) and Mitchell (12), KHALED ELDABAG is still in New in Redding, Calif. He is presi- sulting practices at RSM Robson York at Stephens Financial Group dent and CEO of Blueshark Rhodes. doing mergers and acquisitions Technologies. and some private equity. He and In 2002, SREE (MUKHERJEE) VAID his wife just had their first child, CAROLYN LESE GOLDBERG is liv- and her husband, Chetan, moved “baby girl Jineen, who is now ing in New York City with her their family from New York City 7 weeks old and a handful. . . . husband, Steven Goldberg, and to Connecticut. She writes, “We Needless to say, our lives revolve their daughter, Jordan (2½), and now live just four miles away around her.” son, Jack (1). She is an associ- ate partner with IBM’s strategy from my husband’s office, which KAREN FELDMAN is living in and change practice, where she has improved his disposition In 2003, [Thomas] TIM BATCHELOR Weston, Conn., with her husband, recently took a new role as the greatly. I write marketing reports founded White Peak Capital in Scott Miller, and two children, recruiting leader. from home on a contract basis McLean, Va. The firm is focused David (22 months) and Marissa (3 for cosmetics and fragrance on buyouts of small to midsize months). She is a finance direc- companies, but for the most companies and providing invest- tor at the United States Tennis ment banking services to midsize Association in White Plains, N.Y. ❉ denotes reunion class ✒ denotes end of class correspondent section ❦ denotes new class correspondent

www.gsb.columbia.edu HERMES • FALL 2005 39

556957cbsD8R1.indd6957cbsD8R1.indd 3939 111/11/051/11/05 2:18:192:18:19 AMAM CLASSNOTES

After 10 years in housing and STEVE HARPER was promoted Provisional Authority’s efforts to Early Bird Safety, a company that 7 in Internet marketing and to finance manager of market- restructure Iraq’s bloated state- provides emergency prepared- publishing, says JARED GOLDSTEIN, ing mix at Frito-Lay. He says he owned enterprise sector.” ness kits in the earthquake-prone “I’m combining my experience enjoys working with sales, mar- Bay Area. in those areas by joining keting and finance to optimize We recently had a visit from Tungsten Properties, a boutique, marketing spending. KAREN GAGE while she was in high-end real estate agency in town on business and have seen Since early 2004 MICHAEL A. New York City. I’m a licensed a few other cluster F-ers since the HILLMEYER (MBA/MIA) has been real estate salesperson, doing move: JASON WONG, who lives in doing corporate strategy for both rentals and sales. I special- the Bay Area, JEFF GORSUCH, who Regenera, a small Australian ize in Manhattan neighborhoods, left California for a real estate biotech company that focuses but my firm also does invest- In June, CHRISTIAN KERN joined venture in Colorado and has on retinal diseases. He says, “It’s ment and vacation properties Lehman Brothers in London since moved to Minneapolis, and been an exciting time as we have in Las Vegas, Florida and the as an executive director and both CLARE SOKOLOWSKI and UMA evolved from a start-up backed Caribbean. I’d be happy to help cohead of the European telecoms MADAPUR, on separate visits. I also by private equity to a publicly you find a corporate apartment or equity research team. He had had the opportunity to visit with listed firm in Australia (RGA.AX). the property of your dreams, and been at Citigroup Smith Barney BILL SUSSMAN ’96 and his wife We even signed a licensing deal I can be reached at jgoldstein@ for eight years, where the team KENDALL [(Tully) Sussman] ’95 on a recently with a large international tungstenproperties.com. I still live ranked second in the three most business trip to Arkansas, where pharmaceutical company for one in the East Village with my dog recent Institutional Investor Bill is a marketing executive for of our products. It’s been a real and cat.” surveys. Wal-Mart. education working for a small JEFF GORSUCH recently moved to entrepreneurial company after ANTON FREDRIK KLAVENESS reports, After a loss by just seven (!) Minneapolis and is doing strategy having been an equity analyst “I have moved from London votes for his party’s endorse- consulting for BearingPoint. for more than five years—almost back to my hometown of Oslo. ment as a New Jersey State a second MBA. I’ve especially Kristine (we met in New York Assembly candidate, LAWRENCE V. PETER GRAY writes in that he and enjoyed being able to spend a while I attended Columbia) and LEWITINN (MBA/MIA) was just his wife, Jen, recently moved to great deal of time in Perth and I married in 2000, and our son, named director of acquisitions her hometown of Madison, Wis. other parts of Australia while also Tinius, turned 2 this July. I have and development for Manhasset, He joined the QTI Group, getting back to New York City set up my own investment firm, N.Y.–based Knightsbridge Madison’s largest recruiting and frequently.” Spectra AS, with a focus on early- Properties Corp., an integrated HR consulting firm, where he stage investments primarily in real estate development, acquisi- recruits for investment firms on LINDSEY LEVIT HONARI and SHARAM communication technology and tion, investment, management a national basis. His boys love it HONARI traded in the great infrastructure; data processing, and construction firm. there, and he gets to go mountain weather and overheated real software and search technology; biking before work. DANIELLE MAGED writes that she estate market of Silicon Valley as well as in oil and gas technol- “has been on the West Coast (San for Houston which has neither. ogy. Sharam joined Moncrief & Francisco) for almost five years Willingham Energy Advisers, an ADAM KRISTOL and his wife, Kati, now—the New Yorker in me is energy fund, as a senior invest- have a new baby daughter still in shock, but I guess I can ment analyst. Lindsey is using named Madeleine, and they’ve admit to enjoying the slower- her background as an investment recently moved to Boca Raton, paced lifestyle . . . especially consultant to advise institutional Fla. He is a home builder and an since the recent addition of twin funds on marketing and busi- investment real estate sales asso- boys Gabriel and Nicky. My hus- KEITH HANDLER moved to ness development. They have a ciate with Marcus & Millichap in band, Gregory McAllister, and I Metuchen, N.J., in October 2002 daughter, Zoe (3). Fort Lauderdale, specializing in welcomed our little wonders into with his wife, Tracy (’95, Teachers South Florida office properties. the world on October 29, 2004. MARK HUANG (MBA/MIA) writes, College). He is a senior manager They join Mommy and her twin “I was recently promoted to MIKE LEE writes, “After five years at PricewaterhouseCoopers in the brother and their twin cousins senior vice president to head at Deloitte Consulting, I took a IT auditing infocomm practice. in the family twin club. Sleep up GE Technology Lending’s position at Levi Strauss & Co. these days is definitely a foreign efforts to finance clean technol- in San Francisco in 2002. I’m concept. By the time this issue ogy companies in the areas of vice president of demand plan- comes out, I will have taken the energy, transportation and water. ning for Levi Strauss Signature, little ones up to campus while in As a U.S. Army Reserve officer, I a new line of jeans sold to mass New York in July to begin their was mobilized in early 2003 and channel retailers. Columbia indoctrination. On the served 11 months in Baghdad RANDI [Rose Lee] ’95 and I professional front, I continue ❉ denotes reunion class as a tactical civil affairs officer. have two kids, Olivia (7) and ✒ to consult in the sports market- denotes end of class correspondent section I was later part of the Coalition Connor (5). Randi has founded ❦ denotes new class correspondent ing and business development

40 HERMES • FALL 2005 www.gsb.columbia.edu

556957cbsD8R1.indd6957cbsD8R1.indd 4040 111/11/051/11/05 2:18:212:18:21 AMAM CLASS NOTES

arenas, most recently with a long- MARK NAYLOR and LAURA ROTH joins her big brother, Trevor BARBARA (DEMEO) and JACK term engagement for a company NAYLOR ’96 live in Boston with Cole (2). Holly still works at Bank CASEY ’03 (EMBA) welcomed the called StubHub.” Hannah (2½) and Duncan of America as senior vice presi- birth of twins, William Laurence (6 weeks). Mark works for dent in the private client services and James Frederick, on April 13 GUENTER MEYER says, “I’m still at TransOcean Capital, a middle- group. I have just accepted a in New York City. Their daughter, Goldman Sachs, a vice president market private equity firm, and new position as general manager, Charlotte, is 2½. in mortgage-backed and asset- invites classmates to write him at North America, for the Mill, the backed securities structuring. [email protected]. largest UK special effects post- [My wife], SUSAN (EDGSON), is tak- production company.” ing time off to take care of our BOBBY OH is now the gaming seg- three (!) kids: Darcy (5), Alex (3) ment manager at Intel, where ARJUN THAKRAN has left McKinsey and little Kurt, who was just born he has been for more than eight and joined MBNA as an executive in March. We’ve had to look for years. vice president. He is now liv- a bigger house for our growing ing in Plano, Tex., with his wife, In 2003, JEFF ORENSTEIN formed family, and we found one being Shivani, and daughter, Esha. Trailhead Capital with GIUSEPPE JUSTIN HOCHBERG’s latest TV proj- built in Ridgewood that we’re CIARDI ’81, who serves on the MARK VERHEYDEN is now vice pres- ect, Meet Mister Mom, premiered very excited about. We’re hoping School’s board of overseers, to ident of marketing and general on NBC on August 2 at 8 p.m. to move in this fall.” advise private funds on the place- manager of radio frequency iden- He writes, “It’s the reality ver- BOB MORRIS writes that his ment of capital and secondary tification at a division of Danaher. sion, with a twist, of the Michael family—wife Megan, Maddy (7), positions. Clients include Wexford He lives in Philadelphia with his Keaton 1980s movie Mr. Mom. Kate (5) and John (2)—is doing Partners, Edmond de Rothschild, wife, two children, Lauren (7) fine after yet another move. Astorg Partners and BlueRun and Jackson (5), and a dog Morris is now vice president of Ventures (formerly Nokia Venture named Sally. He also ran his first 1999 worldwide marketing at General Partners). Ironman Triathlon. Class Correspondent Binding Corp (Nasdaq:GBND), KEN P. MAK GENOVEVA ORTIZ writes, “Plenty of ERIC WONG writes, “I am still at which is merging with the ACCO 7 E. 14th St., Apt. 1019 news in the last couple of years— Microsoft after all these years—a division of Fortune Brands New York, NY 10003 I left Merrill in 2002, got married surprise to me given that I was (NYSE:FO) to form the world’s [email protected] and moved to Switzerland in 2003, initially thinking this was going largest office products company. had a baby in 2004—but just to to be a three- to four-year pit MATT BIDGOOD (MBA/MIA) reports He notes, “Yes, Fortune Brands summarize, here is a picture of stop. Too many fun things have that he is still working with the owns Titleist and Jim Beam— our daughter, Clara, who turned been happening within the tech- Gap in San Francisco, now in maybe I can get a transfer. I serve 1 on June 16! We are living in nology industry, keeping my global production/sourcing for as a Columbia Business School Lugano, where I am looking for a interest. I am currently running the Gap brand. When not in the ambassador in Chicago and job in private banking. Any con- the U.S. East Region team, with office, he spends a lot of his time volunteer in the Chicago Public tacts would be very welcome!” a very focused deliverable that traveling, on the tennis court Schools’ Principal for a Day pro- is consultative based and targets or skiing in the Sierra Nevadas gram. I also coach my daughter’s our large enterprise customers. around Lake Tahoe. AYSO soccer team, play in a co- Hours are nutty, but the work ed recreational softball league, JAY DREZNER moved back to is fun. I am also the father of a golf and play tennis; and I have New York from Sydney in girl (17 months). It is amazing to run two marathons since gradua- June 2004 after having been watch someone that small move tion. I look forward to a reunion transferred back by his employer, so fast—I really wish I had a with cluster S classmates; I see portion of her energy. We have and speak with some from time ARJUN PARTHA has moved to the moved out of New York City and to time but look forward to our Chicago area (Naperville) as part now live near the New Jersey next big get-together. Wishing of an internal move within IBM, shore. I hope everyone else in everyone well!” where he is a client executive. the class is also doing great!” PETER MULFORD (MBA/MIA) writes, RUTH ROBERTS-WALKOWSKI left ✒ “After five years of running my Xerox and is now director of own consulting practice and writ- business affairs at Portland Center ing a novel, I’ve taken a position Stage. as senior vice president and man- aging director of the New York MARC RUXIN has a few pieces of office of BTS USA, an executive news from the West Coast: “My training and strategy implementa- wife, HOLLY (ZIEGEL) RUXIN, gave Submit class notes by e-mail: tion consultancy.” birth to our second child, Thalia [email protected] or online: Chloe, on May 23. Thalia Chloe www.gsb.columbia.edu/alumni/hermes/submit.html

www.gsb.columbia.edu H E R M E S • F A L L 2 0 0 5 41

56957cbsD8R2.indd 41 11/18/05 4:42:33 AM CLASSNOTES

Credit Suisse First Boston. This GERD SCHENKEL is now the head Five years since our last bagel AMY FROME SAPERSTEIN and her May, he married Pamela Devon, of market development at the at Uris, and the fifth reunion in husband, Lawrence, were proud a Sydney-sider he met while on National Australia Bank in April was a great success, with to welcome their son, Sam, on assignment. They live on the Sydney. The National is one of hundreds of alums in attendance. February 6. Class of 2033? Upper West Side. Australia’s big four banks, with a Many thanks to the reunion JOHN SCHAFFNER has had two major market capitalization of around committee for all their hard work. CHARLES FIELDS has been work- life changes: One was the birth A$49 billion. Gerd lives in Sydney Five years, and so much has ing for Sonahess in Algeria for of his son, Samuel Linus, on with his wife, Shumi, and their happened: two years. The joint venture March 26. The second is that he daughters, Lillie Skye (5) and between Sonatrach and Amerada LOIC DE ROBERT HAUTEQUERE and is now a Southerner, having been Faedra Coco (1). Hess was formed to rehabilitate his wife, PAULINE (GINESTIE) ’99, promoted to a position at the three oil fields: El Gassi, El Agreb LEI ZHANG and her husband, Hui had their second child, François, Home Depot’s corporate offices in and Zotti. About 60 miles south- Jiang, are proud to announce the on May 2 in London. Atlanta, where he is responsible west of the Hassi Massoud Field birth of their child, Jay Xiwang, for learning execution for the JEN KORDELL, her husband, Tim in the major oil-producing region on February 15. In Chinese, company’s northern division. Moran, and their daughter, of central Algeria, the fields have Xiwang means “unexpected joy.” Nathalie Shelly Moran, are liv- ✒ produced more than 400 mil- ✒ ing in the Northern Mariana lion barrels of oil since 1959. As After five years at the Blackstone Islands, a U.S. commonwealth director of training and develop- JENNY GARCIA and her husband, Group in its restructuring and in the Pacific, where Tim is a ment, Fields is establishing a Domingo, are proud to announce reorganization practice, DAVID U.S. attorney. best-in-class training department the birth of their third son, Luke, BLECHMAN joined Sun Capital to further Hess’s commitment to on May 5. Luke joins big brothers For the event of the eastern Partners, a private investment global social responsibility and to Andrew (6) and Gabriel (3½). Connecticut social season, MIKE firm, as vice president. He is in ensure the transfer of petroleum The family lives in Austin. LEE married Erica Pandolfini on New York. operations knowledge to Algerian KATHERINE (FENTON) PAGEN and August 6. In attendance to wit- In 2004, PAUL KIM received his JD nationals. Several months ago, her husband, Matt, are thrilled to ness this momentous occasion from Rutgers School of Law in DAVE TOLENTINO joined the project announce the birth of their daugh- was a sizable group from the New Jersey. Kim, who works full- to optimize Sonahess’s supply ter, Cassidy Janis, on February 28. School, including [Mohammed] time at Johnson & Johnson, took chain management. They live in Rye, N.Y. Friends and AZEEM and Miriam ANSARI; KAREN courses at night to get his degree. alumni can write to Katherine at BEYERS; SEBASTIAN and MELISSA He writes, “I am delighted to [email protected]. (GALLIGAN) BOULAN; CARA (CAYTEN) announce that I was admitted to KYLES and her husband, John; the New Jersey State Bar and the JESSE SAGLIO writes, “I married BECK LAVERGE (MBA/MIA); STIRLING United States District Court for Tara Lynn Karpinski of Mattituck, LEVY; DOUG NEYE; PETE and DAPHNE the District of New Jersey. It was N.Y., on April 23. The ceremony (SPOFFORD) SCHWAB; IAN WOODS; a long journey lasting five years. I was held in Aquebog, a town and RICH and Cecilia YU. couldn’t have made it without the near Mattituck on the North Fork MIRIAM MARCUS help of almighty God, my beauti- JOSEPH RODRIGUEZ is a vice presi- of Long Island.” Also in April, is in Boston with ful wife, Yuni, who I met in law dent for Citigroup in the corporate Saglio joined Evercore Partners her husband, Jay Karas, and son, school, my loving family, loyal finance and investment banking as a vice president in the mergers Jonathan, who is getting his first friends and supportive colleagues department for sub-Saharan and acquisitions group. He and teeth and is quite the smiler. at J&J.” Africa. He and his wife, Paula, Tara live in Manhattan. On July 2, CARREN (TURZAK) have been based in Johannesburg REIGER and Mathias Friess were NEVILLE RHONE left Morgan Stanley for almost four years and are married in Montalcino, Italy. He Real Estate to join the real estate blessed with a daughter (3) and a 2000 is the director of sales, North investing platform of Canyon baby girl (3 months). They would Class Correspondent America, for Lufthansa. Carren Partners, a multibillion-dollar like to hear from any classmates ALBERT “BECK” LAVERGE MBA/MIA was recently promoted to senior hedge fund in Los Angeles. The who are traveling through South Keizersgracht 448 manager at Deloitte Consulting. fund’s managers have partnered Africa and who want to learn 1016GD Amsterdam They are also in the process of with Magic Johnson to raise a more about alumni in Africa The Netherlands completing major renovations to $600 million private equity fund (tel.: +27 11 944-0715; joseph. [email protected] their new loft in Soho. to invest in high-barrier-to-entry [email protected]). urban real estate across the SANJAY SANGHOEE wrote a bank- country. As senior acquisitions ing thriller called Merger (Forge officer, Rhone is focused on the PAN-EUROPEAN Books, 2005). A number of our Southeast, Southwest and Mid- classmates were at his most Atlantic regions of the United REUNION ROME recent book signing in New York. States. OCTOBER 20–22, 2006 See www.merger-novel.com for more information.

42 HERMES • FALL 2005 www.gsb.columbia.edu

56957cbsD8R1.indd 42 11/11/05 2:18:24 AM CLASSNOTES

❉ GADDY COHEN and his wife, Sunny, ANNE HUNEKE and her husband, expert on human trafficking and 2001 welcomed another addition to Ben, welcomed Sarah Reed to modern slavery through his board position with the NGO Free the Class Correspondents their family, Zachary, on May 23. their family on March 19. Sarah Zachary is doing great, and his is doing great, and Anne is back Slaves, based in Washington, D.C. ROBERTA GRIFF brother, Nadav (2), is adjusting to to work at Morgan Stanley and Bishop Desmond Tutu, among 698 West End Ave., Apt. 7C his new role as the older brother. doing well. She can be reached many others, is on the board New York, NY 10025 Additionally, Gaddy was pro- at (212) 761-8232 or at Anne. with him. Sid is also working on [email protected] moted to vice president in Lehman [email protected]. a feature film and two books ADRIENNE SMITH Brothers’s mergers and acquisition on the subject. Additionally, as a JOHN JEPHSON works in Nassau in 38 W. 73rd St., Apt. 2A group earlier this year. He says it’s follow-up to his testimony, Sid is the Bahamas managing the local New York, NY 10027 been a fun ride since he joined consulting with the government office of Bearbull International, [email protected] the firm back in 2001. on drafting new legislation. an arm of Belgian private bank Effective January 1, JEFFREY NORA COMPTON is still in Minnesota, Bank Degroof, and advising high- JACQUES KUGLER is back in the Big BARBER was promoted to princi- where she moved in November net-worth individuals in Latin Apple and has taken a position in pal and partner at TA Associates. 2001. In late February, she America and Europe. John sees research and portfolio manage- On the personal front, Jeffrey changed jobs and joined Medica, STEPHANE SIBONI quite often when ment for the fund of hedge funds and Kimberly celebrated their a regional health plan provider, he passes through the Bahamas at Safdie Banque. fourth anniversary and welcomed as project manager, HRLF (human on his way to Cuba. John can IVAN LEHON is a partner at Ernst & their first child, Bridget Avery, on resources, learning and facilities) be reached at 1 (242) 323-7376 Young in its investigative and dis- August 24. Jeffrey still keeps in strategy and metrics. Nora’s (office) or 1 (242) 424-2308 pute services group. On May 4, touch with COLIN CAMERON, AMY husband, Brian, started his own (mobile). he had a baby girl, Tamar, who is GREENFIELD, JON HERMAN and ADAM technology company, Touch JASON JOBE is working at AIG in getting along fine with Ivan’s son, TREANOR and speaks to MICHAEL Technology, and is really enjoying the accident and health division. Eitan (2). Ivan can be reached at BLOCK and JUSTIN TONER from time it. The couple have a daughter, He and his wife, Jennifer, have (212) 773-0428 (direct). to time. Jeffrey says that everyone Charlotte (almost 2). Additionally, two daughters, Allie (3) and Nora, is doing great and that yes, Amy from time to time Nora connects ALIX MARTINEZ is a director at who was born on July 28. still has a crush on him. Jeffrey with her cluster C classmate American Express in the investor can be reached at (617) 515-1253 UGO EKO, who is also living in the KURT JOVAIS moved from his relations department. (mobile) or [email protected]. Twin Cities with her husband and consulting role in the chairman’s LIAM O’CONNOR (cluster D) is daughter. office of Samsung Group in Seoul DAVID BELL and his wife, Stacy, still working in management to take over as director of cor- continue to live in Marina del Rey, [Celine] CECI MACK DAVIS has consulting at MarketBridge in porate marketing for Samsung near Los Angeles. David is still launched a luxury skin care prod- the Washington, D.C., area. His Australia. He relocated in August with Environmental Microbiology ucts company, Ceci Cela. Her first daughter, Shealyn (8 months), and to Sydney with his fiancée, Jodi. Laboratory (www.emlab.com), a product line, lip balm, is now son, Ciaran (4), are doing well. division of TestAmerica, where carried at select spas, including On June 17, PRASHANT KALIA In March, MICHAEL PINE and Shari he is president of TestAmerica Bliss and the Silk Day Spa in New married Kelly Huang (’01, NYU Krumper, a speech patholo- Drilling Corp. and VP of corporate York City. Ceci and her husband, Stern). They met in summer 2000 gist originally from Rockland development. Linwood, reside in Raleigh, N.C. while interning at CSFB. County, N.Y., tied the knot. They After three great years in San [Maximo] MAX DIEGO and his In May, [Siddharth] SID KARA was live in Scarsdale (Westchester). Francisco, SEAN BENNET and his wife, Elisa, are expecting one of six people from the Michael is director of global busi- wife, Constance (married in 2002), their first baby at the end of United States and Europe invited ness development at Organon have transferred back to New York November. They are living in to testify before the Africa, global International, a midsize pharma- and are renovating their apart- Leonia, N.J. (just a stone’s throw human rights and international ceuticals company in New Jersey. ment on the East Side. Sean and from Columbia across the George operations subcommittee of the MICHAEL PREIS is entering his Constance have a son, Harrison, Washington Bridge). Max is still U.S. House of Representatives fourth year at Palm Bay Imports who made his debut in 2004. Sean working with Wyeth Consumer (chaired by Congressman Chris and just got promoted to group is looking forward to seeing his Healthcare in Madison, N.J., most Smith of New Jersey) as an expert brand director, handling the cluster B buddies and the rest of recently as a trade planning and on global human trafficking. His marketing for 35 wineries from the class at upcoming events. promotions manager. testimony dealt with the state of Italy, France, Germany and global human trafficking, pursuant PHILIPPE BUSSLINGER married Maria On May 9, PABLO ESCONDRILLAS Chile. He can be reached at to updating the 2000 Trafficking Vega in September 2004. The two and his wife, Teresa, became [email protected]. in Persons Act. (The government are enjoying their newlywed life. parents for the first time with the is looking for ways to better Philippe can be reached at +44 birth of Santiago. The family con- combat the issue.) Sid is increas- 207 774 0935 (office) or +44 774 tinues to live happily in Spain. ingly being recognized as an ❉ denotes reunion class 811 2766 (mobile). ✒ denotes end of class correspondent section ❦ denotes new class correspondent

www.gsb.columbia.edu HERMES • FALL 2005 43

556957cbsD8R1.indd6957cbsD8R1.indd 4343 111/11/051/11/05 2:18:252:18:25 AMAM CLASS NOTES

a nonprofit, nonpolitical organiza- Empowered by the Network 2002 tion founded by Wyclef Jean and dedicated to improving Haiti by Class Correspondent When TONI VOLPE ’02 moved to Boston in April implementing projects in educa- LAURA HICKERNELL tion, health, entrepreneurship and to head Enel North America, a division of the 56 7th Ave., Apt. 9C the environment. Check out and New York, NY 10011-6660 WItalian energy company and world’s largest purchase Macaya merchandise, [email protected] publicly traded utility, he made sure to contact and learn about Haiti, the great ELPIDA ARGENZIANO reports that she things that Yéle Haiti is doing in that city’s alumni club. and her husband, Frank, have the country and simple ways you “Out of business school, you have a network of relationships that welcomed Lucas Naim, born can help to improve the life and you can cultivate and improve and use and take advantage of for the March 17. He weighed 7 pounds land of the people of Haiti. You 13 ounces and was 21.5 inches will come away with not only rest of your life,” says the 33-year-old president and CEO. “The rea- long. All is going well for them in unique and original merchandise son I’m here today in this job is really because I was at Columbia.” their new home on Long Island. but also the comforting knowl- edge that you did your part to Volpe grew up in southern Italy and studied engineering and logis- help this very important cause. tics systems in Milan. He managed a sporting-goods warehouse NIRAV DOSHI reports that his wife, in Marseilles and worked as a consultant for Bain & Company in Nitu, delivered a beautiful baby Rome. At Columbia, Volpe met PAOLO SCARONI ’73, then Enel’s CEO boy, Sanay, on July 23. Daddy, Mummy and elder bro Sahir are and a member of the School’s board of overseers, who offered him very excited with the latest addi- a job last year in the company’s corporate strategy division and tion to the family. MARK BEIDA and his wife, Lisa, promoted him after nine months. have a new baby boy, Carson MICHELLE KEDEM and LOWELL Alexander, born February 12. KAPLAN ’05 announce the birth Mark writes that Carson is a real of their daughter, Ella Kedem SCOTT SHERMAN and his wife, in the educational toys arena. In angel and has kept the last few Kaplan, on May 30, their sixth Michelle, welcomed their 2005, Mind Toys was selected as months exciting! wedding anniversary. She was first child, Matthew Tyler, on the exclusive agent for LeapFrog 6 pounds 10 ounces. July 19. Scott can be reached Enterprises (NYSE:LF) in Israel KRISTINA BRANSTETTER was pro- at (212) 583-5218 (office) or and also gained the exclusive moted to managing consultant at DAVID MALTBY was married to [email protected]. rights to sell the educational toys IBM Business Consulting Services. Sarah Guzman in August. He and games carrying the National She is a member of the applica- was also recently promoted to ROSA WELTON is at Mesirow Geographic brand. Mind Toys tion innovation practice area and CFO of Pantheon Properties and Financial working as an associate continues to build its portfolio of is working with the Department Pantheon Strategic Investments. portfolio manager for the Small leading brands and has four more of Defense. Kristina also reports Based in New York, Pantheon is Cap Value portfolio. Her husband famous brands lined up. Among that she and Daniel Curry married an investor/owner/operator of started his second year of medical the company’s advisers and first on October 1. commercial/industrial proper- school in the fall, and the happy ties in the Northeast. Pantheon directors is Professor Alan Kane, [Louis] CHRISTIAN COLLINS and couple welcomed a baby girl, Strategic Investments invests in the retailing expert. Abigail Yoko Yamada are proud to Hannah Gabrielle, on October 24. operating companies with signifi- and Amir intend to develop announce the birth of their son, cant real estate assets. In 2004, AMIR YACOBI and ABIGAIL proprietary content and related Kai Benjamin, on July 8, at 7 products in the second stage of TENEMBAUM cofounded Mind pounds 3 ounces. The name “Kai” ALEX MESHECHOK married, and he Toys, a multimedia company the company’s growth cycle. has both Scandinavian (meaning: and his wife now have a baby whose core activity at present ✒ keeper of the keys) and Japanese boy, Marcus Alexander, born on is representing premium brands (meaning: ocean) origins. May 15. Alex is still with Corporate JODI (HALKIN) FURMAN, her hus- Solutions Group, a middle-market band, Lorne, and their daughter, INGRID DANIELS reports the launch investment banking firm, and is Ella, welcomed the birth of of www.TheMacayaStore.com, now a managing director. Parker Cole on February 26. The the online presence of Macaya, family lives in Wellington, Fla. a private-label, casual-apparel CRISTOBAL PERDOMO has been brand dedicated to distributing named senior manager for high-quality fashionable clothing marketing strategy at Grupo while promoting knowledge of Modelo (makers of Corona Submit class notes by e-mail: and pride in Haiti. A portion of beer). Based in Mexico City, [email protected] or online: the proceeds from every Macaya he oversees strategic marketing www.gsb.columbia.edu/alumni/hermes/submit.html sale will be donated to Yéle Haiti, efforts—particularly those related

44 HERMES • FALL 2 0 0 5 www.gsb.columbia.edu

56957cbsD8R2.indd 44 11/18/05 4:43:05 AM CLASSNOTES

to distribution channels, brand academic colleagues attended the positioning and revenue manage- event. Tesha and Lorenzo honey- ment—for all of Modelo’s brands. mooned in Maui for seven days. Heeding a Higher Calling At the end of July, they moved DOUG PFAFF recently moved back from New York to Atlanta to In 1964, President Johnson established the to New York and switched jobs begin their new life together. from Bain & Associates to the IWhite House Fellows program to give outstand- Frankel Group, a boutique con- ✒ ing professionals the chance to serve at the sulting firm specializing in life ALON BOCHMAN and his wife, highest levels of government. Since then, the sciences. Svetlana Brook (’95, Columbia program has fostered many notable public ser- LIZ COTTER SCHLAX and her College), are proud to announce husband, Michael, welcomed the birth of their daughter, Rachel vants, including former Secretary of State Colin daughter Elena on August 23, Alice, on April 27. Powell and Secretary of Labor Elaine Chao. 2004. The family lives in the The 2005–06 fellows include ROBERT REFFKIN ’03, a former invest- Raleigh-Durham, N.C., area, where both Liz (sales) and Michael (engi- ment banking associate at Lazard, who focused on mergers and neering) work for John Deere acquisitions and developed the company’s first comprehensive and spend their free time visiting friends in all parts and hiking in tax training program for incoming bankers. “I am ecstatic,” says the beautiful North Carolina hills. Reffkin, who was chosen from more than 5,000 applicants for the “Ellie” is quite a traveler already— honor. “It’s an experience that will help me maximize the impact I having completed 10 round-trip DANIEL GOOGEL and his wife, Jody, airplane excursions, including a are proud to announce that Alexa can have in both the public and private sectors.” Sloan and Carly Dylan, their twin long weekend in Amsterdam! Of the 12 fellows selected, Reffkin is the youngest, a distinction girls, were born on April 15. The MATT SHELDON and his wife, Amy, family lives in New York City, that has characterized his achievements to date. As an undergrad- had their second child, Henry, at where Googel is a vice president uate at Columbia College, he completed a four-year program in just the end of June, and Matt reports with Easton Capital Investment that they are all doing well! Group, a venture capital firm. two years. A double major in history and economics-philosophy, he became the youngest analyst ever hired at McKinsey. NATAN M. SHKLYAR was promoted EMMA KAHN married David Rhodes to principal in the private equity on April 2 at the Rainbow Room In September, Reffkin began a yearlong assignment as a special practice of Droege & Comp., a in Manhattan. Kahn, a senior assistant to Secretary of the Treasury John W. Snow. When Reffkin global management consultancy. financial analyst for the CBS Based in the New York office, he Television Network, is respon- spoke to HERMES in July, he was looking forward to the program’s works primarily with midmarket sible for revenue forecasting speaker series, in which fellows engage in roundtable discussions private equity funds and their for the CBS and UPN networks. with prominent leaders, including the president. portfolio companies. His proj- Rhodes is director of news gath- ects range from strategy to lean ering for Fox News, where he manufacturing to turnarounds manages assignment editors on and restructuring. Natan also runs the national and foreign desks. After nine years at Goldman North American recruiting for the Sachs, DULCIE LIN has switched 2004 KEVIN LIVINGSTON was promoted to career paths. In May, she joined firm, so anybody who has con- Class Correspondent sulting experience and looks to managing director at U.S. Trust, the Corcoran Group as a licensed GARRETT SODEN a wealth management firm based sales associate. Lin encourages apply it in Droege’s private equity 235 W. 71st St., Apt. 3 in New York City. He provides those “interested in buying, practice is welcome to send him New York, NY 10023 investment-planning assistance to selling or renting real estate in a résumé! [email protected] senior corporate executives, own- New York City” to contact her at TASHA SPANN-MCCALL and Donald ers of closely held businesses and [email protected]. ROY BEJARANO had a son, Jack McCall are expecting their affluent families. Lion, on May 22. second child on December 22. BRIAN POLLACK and his wife, Ning Tasha is an online retail pay- Chi Hsu, welcomed Anara Haru BEN and Annie BINGER had their ments risk manager at CheckFree 2003 on June 6. The Pollacks are doing second boy, Samuel Hawken, Corporation in Atlanta. Class Correspondent well and are moving to their new on July 24. In addition, Ben home in New Jersey this fall. was accepted by the FBI for TESHA SPANN-WINSLOW married ERICA (SCHLANGEN) CANZONA Lorenzo Winslow on July 2 at the 4412 N. Wolcott, Unit 2N Chicago, IL 60640 magnificent Leonard’s catering ❉ [email protected] denotes reunion class hall in Great Neck, L.I. Their fam- ✒ denotes end of class correspondent section ily, friends and professional and ✒ ❦ denotes new class correspondent

www.gsb.columbia.edu HERMES • FALL 2005 45

556957cbsD8R1.indd6957cbsD8R1.indd 4545 111/11/051/11/05 2:18:282:18:28 AMAM CLASSNOTES

responsibilities include business Alumni Directory Update development and sales, market- ing and operations oversight.

Columbia Business School thanks all of you who updated your profile for the ALUMNI DIRECTORY. The KEISHA PHIPPS (MBA/MIA) accepted project is being carried out by the Bernard C. Harris Publishing Company. Production is in the final a position as COO for a nonprofit, American Friends of Jamaica. The stage of verifying data prior to printing. organization’s mission is to assist The directory will list alumni alphabetically with their biographical information as well as by class Jamaican charities in the areas of education, health care and year, by geographic location and—in a career networking section—by company and by occupation. job creation. If you responded to the questionnaire or a phone call and requested that your information not be FAHAM RASHID was married to included in the printed directory, your request will be honored. Farhana Mahbub on December 12, We were pleased to receive many address and employment updates and to find some of our “lost” 2004, in Toronto. He is a busi- ness development specialist alumni. We appreciate your willingness to keep your information up-to-date. You can make any future with Henry Schein Ash Arcona, data changes to your record via BANC, the alumni Web site, at www.gsb.columbia.edu/alumni. Canada’s largest dental supply The directory will be mailed in January to all who purchased it. We hope you enjoy the directory distributor, based in Niagara-on- the-Lake. They live in Mississauga, and use it as a networking tool. For any questions about the directory, please contact Beverlee just west of Toronto. Cappeto at [email protected] or (212) 854-2808. CHRISTOPHER SHIRK was married on July 8 to Alexandra Tyshchenko.

GILLES SITBON had a little girl, Nina 7 ounces and 20 inches long. She MATT KLAUER, JEFF LEUENBERGER ’03, the special agent position and Esther, on June 2. will begin training this fall in is already a world traveler after TOM MOORE, BRETT NUNZIATA (one Quantico, Va. a family trip back to Australia to of the groomsmen), ROB SIEGEL JORDAN SMALL married Jessica visit her grandparents at 3 weeks and KATIE WALLACH. Klaitman in Baltimore over MICKEY BUTTS and Val Cipollone of age. Memorial Day weekend. In atten- are pleased to announce (belat- DMITRI KOSTOV and ESTHER YUSTE dance were COURTNEY HAGEN ’03, edly) the birth of Rudy Nicholas ALEX FERRARA is living with his were married on June 5, 2004, in VISHAL KAPOOR, BELINDA MULHERN on November 2, 2004. They wife, Tracy, in New York City. He Madrid. and COLLEEN YACHIMSKI ’06. Jordan recently moved from the hills recently left Goldman Sachs to MICHAEL LYTHCOTT is a founding and Jessica now live in Chelsea. of San Francisco to the hills join Bessemer Venture Partners in partner at Uplift Equity Partners of Berkeley and are making its New York office. GARRETT SODEN has been commut- (www.upliftequity.com), a friends with the local deer and ing between Washington, D.C., JON FOX and his wife, Nathalie, middle-market private equity other wildlife. Mickey is enjoy- and Caracas. He recently left had a baby girl, Anabelle Emma, fund focused on health and well- ing the life of a work-at-home the U.S. government and is now on March 21. being. In its largest deal to date, freelance writer and editor. His working in energy-related equity Uplift acquired 100 percent of clients include McKinsey, Bain, NICO and SARA FRIEDMAN are research at Lehman Brothers in Video Action Sports, a $16 million Monitor, some nonprofit groups expecting another baby boy New York City. media production and distribu- and even a few magazines. in December, which means tion company focusing on fitness, JANERA SOEREL (MBA/MIA) joined More information can be found Alexandre (born in December wellness and action sports like Corsair Studio, a leading design at www.mickeybutts.com. If 2003) will become a big brother. surfing, motocross racing and and branding company in classmates are ever in the neigh- BRIAN GOLDMAN skiing. In addition to his respon- Chelsea. She is responsible for borhood, drop him a line at was married on sibilities as the youngest partner its management and business [email protected] or (510) April 2 to Melissa Marshal. They by 15 years, Michael will be the development. 665-7965. live on Manhattan’s Upper East Side, and Brian is busy working acting CEO of the company until MARC STRAUSS and his wife, Amy, KATHARINE CALDERWOOD (originally at Goldman Sachs in the private 2006, when permanent manage- had a baby boy, Ethan Henry, on class of 2003) and her husband, equity group, focused on mezza- ment will be hired. September 10. Andrew, welcomed Christopher’s nine financing. ANDREW ORTIZ had a baby daugh- baby sister on February 28. ANN STRINI recently joined Risk ROMA KOGAN was married on ter, Stella, on May 16 (7 pounds Charlotte Grace was 7 pounds Capital in New York City as May 14 in Newport, R.I., to his 14 ounces and 20 inches) in marketing coordinator. She longtime girlfriend, Stephanie Cleveland. will be spearheading branding, Dubitsky. In attendance were BRANDON PEELE has joined PR, Web site content, business ❦ denotes new class correspondent ORI BEN-YISHAI, JANNA DAVIDSON, ✒ SunTechnics, a German solar development marketing com- denotes end of class correspondent section MATT DELDUCHETTO, CHRIS GIBERT, ❉ denotes reunion class integrator in Sacramento. His munications, advertising and

46 HERMES • FALL 2005 www.gsb.columbia.edu

556957cbsD8R1.indd6957cbsD8R1.indd 4646 111/11/051/11/05 2:18:322:18:32 AMAM CLASS NOTES

market research initiatives for the THOMAS GOBLET and his wife, firm. Classmates can reach her at Anne-Sophie, are happy to [email protected] announce the birth of their son, Adrien, on May 12. ADAM SULCAS and his wife, Yael, were blessed with the arrival of a gorgeous daughter, Noa Rebecca, 2005❉ on July 9. At a School presentation held at Merrill Lynch in São Paulo, SUSAN YOUNG married Bill Phelan on April 23. In attendance were CYNTHIA SCHMIEDER was joined by Linda Meehan, assistant dean ELAINE CHOU, ISIDRO VILLARREAL of MBA Admissions, and several GARCIA, KEVIN LUI, HUMBERTO alumni. Pictured, clockwise from SALOMON and ELENA and VLAD[islav] top left, are FABIO BICUDO ’00, WARSHAWSKY ’05. ROGERIO HIROSE, MICHEL MEYER GEORG YU and his wife, Jen, GIULANI ’77, JOSÉ ALEXANDRE ANNUAL DINNER are proud to announce the BORGES ’02, ALVARO P. DEAGUIAR, newest addition to their family: JR. ’67, JULIO PIZA ’99, MARIA Caitlin Yong-Yuan, born June 22 CAROLINA FERREIRA LACERDA ’99, Thirtieth Anniversary (7.5 pounds and 19.5 inches). SCHMIEDER, DOUGLAS TUTT ’96, Meehan, DAN WADA ’04 and ELINA ZARETSKY was married on CLAUDIO SKILNIK ’02. August 21 to Jordan Steinberg. xxx She works at Lehman Brothers in private investment management. SAVE THE DATE ✒ JAMES BRONSTEIN got engaged to DEAN GLENN HUBBARD and Emily Romoff, the sister of MIKE DINNER CHAIR JEROME A. CHAZEN ’5 0 ROMOFF. The couple had been dating for about two years. are pleased to announce Columbia Business School’s 30th Annual Dinner Monday, May 1, 2006 · 6:00 –9:30 p.m. · The Waldorf~Astoria

In Memoriam HONORING

Ernest W. Williams, Jr. BS ’38, D. Willliam Cannon ’62 SIDNEY TAUREL ’ 7 1 MS ’39, PhD ’51 Distinguished Leadership in Business Gregory Socrates Boussios ’63 Warren Haedrich BS ’46 Chairman and CEO William A. Gerosa ’64 Eli Lilly and Company Robert J. Riggs, Jr. MS ’47 Carl L. Blonkvist ’65 Eugene T. Wolfenberger BS ’47 THE HONORABLE ROBERT B. ZOELLICK Kenneth D. Weinstein ’78 Mary E. Brosnan MS ’48 Distinguished Leadership in Government Ellen Potash Arrick ’79 Deputy Secretary of State Robert J. Epstein BS ’48 Alexandra M. Ciardi ’81 Gerald J. Tell ’51 Barbara Barrons Ismael ’82 Visit www.gsb.columbia.edu/annualdinner, Francis F. Malafronte MS ’53 send e-mail to [email protected] or call (212) 854-8151. Sally N. Schwarz ’82 John J. Early MS ’54 Glenn B. Martin ’84 Rudolph F. Barth MS ’56 Patricia Mazzola-Lewis MS ’84 Gilbert D. Kaye MS ’59 Pierre Deller ’92 John C. McCormick ’61

www.gsb.columbia.edu H E R M E S • F A L L 2 0 0 5 47

56957cbsD8R2.indd 47 11/18/05 4:43:32 AM END PAP ER China at the Crossroads New Initiatives at the Chazen Institute

by Charles Calomiris uring the past year, my first as academic director of the Jerome A. Chazen Institute of International Business, much of our agenda has been shaped by D Columbia Business School’s commitment to promoting greater knowledge of China’s business and economy. New initiatives in the area exemplify another of Dean Glenn Hubbard’s key objectives: creating opportunities for the worlds of academia and business practice to meet and share ideas.

Among these initiatives is an ambitious will include highly regarded professors from research project, “China at the Crossroads: the School and beyond as well as practi- FX and Capital Markets Policies for the Coming tioners from Bear Stearns, Deutsche Bank, Decade,” that brings together top academics Goldman Sachs, the IMF, JPMorgan Chase and and business leaders to address a pressing con- Standard & Poor’s. cern: For the past two decades, China has In Beijing last August, Columbia Business benefited from mobilizing vast savings School partnered with Tsinghua and inexpensive labor and linking University to bring together a group them to the global economy via with extensive, up-to-date knowl- export markets and the supply edge of the country’s policy chains of Asian manufacturers. trends—top Chinese finance But Chinese growth has also been professionals, policymakers and remarkably wasteful of capital—and finance experts—for a two-day increasingly so. Without improve- conference to discuss preliminary ments in the allocative efficiency of versions of the book’s chapters, its financial sector, China will run into which will be presented in final diminishing returns, continue to suffer form at the School in February. poor stock market performance and amass Further new initiatives include the ever-increasing hidden loan losses within its Gordon Wu Lecture Series; a revitalized state-controlled banks. University Seminar on Chinese Business and The book that will result from the project, to Economy, cosponsored by the Chazen and be published next year, aims to guide public Weatherhead Institutes; a campaign to fund a policy and successful business strategies in new chair in Chinese business in memory of China by outlining challenges to the country’s the late Professor N. T. Wang; the appointment financial system and offering practical, timely of the institute’s first Chazen Research Fellow, solutions. Noted academics and business lead- former Morgan Stanley executive Mary Darby, ers have been commissioned to write chapters, to help guide various China initiatives; and serve as chapter discussants and participate in the School’s new joint venture in Executive roundtables on topics that include the priva- Education for financial professionals with tization and reform of the banking system; Fudan University’s management school. the liberalization of securities markets; the Charles Calomiris is the Henry Kaufman Professor transformation of corporate governance; the of Financial Institutions and academic director

privatization and public listing of state-owned of the Chazen Institute. For more on the “China at RAYNOR enterprises; and the change from a fixed to the Crossroads” project, visit www.gsb.columbia. a flexible exchange-rate system. Contributors edu/chazen. ELIZABETH T

48 H E R M ES • FALL 200 5 www.gsb.columbia.edu

56957cbsD9R2.indd 48 11/18/05 4:11:26 PM 556957cbsD1R1.indd6957cbsD1R1.indd IBC1IBC1 111/11/051/11/05 12:23:1612:23:16 AMAM Columbia University Non-Profit Organization Graduate School of Business U.S. Postage 33 West 60th Street, 7th Floor PAID New York, N.Y. 10023-7905 Columbia University Change Service Requested

www.gsb.columbia.edu

56957cbsD1R1.indd OBC2 11/11/05 12:19:06 AM