Fall05_Cover 1/30/06 2:55 PM Page 1 SimonWinter 2005–2006 BUSINESS WILLIAM E. SIMON GRADUATE SCHOOL OF BUSINESS ADMINISTRATION

Simon Ph.D. Program Turns 40 Also Inside: Simon Rises in Recent Rankings • Plosser on Greenspan Legacy • Economic Cost of Sarbanes-Oxley • 2004–2005 Report on Giving Fall05_Cover 1/30/06 2:55 PM Page 2

RANKINGS

Simon Rises in Recent Rankings

The Simon School continues to gain mo- five-year M.B.A. gain of $75,000. Simon The factors that distinguish national mentum in surveys of the nation’s top placed 41st in the magazine’s 2003 bien- from regional categories are recruiting business schools. nial survey. reach and overall student enrollment. For In its September 5, 2005, issue, Forbes Forbes surveyed the Class of 2000 and example, national school recruiters are magazine ranked schools based on a five- measured the return on investment for much more likely to recruit at four or year gain measured as the five-year total M.B.A. grads. The category that witnessed more schools; they also tend to be much compensation, minus the sum of tuition the most improvement for the Simon larger in terms of student size (84 percent and forgone compensation. Forbes ranked School is post-M.B.A. salary. The Simon of national schools have over 500 full- the Simon School 36th among the na- Class of 2000 reported a four-year post- time M.B.A. students, compared with 9 tion’s top 50 business schools based on a M.B.A. salary of $110,000 (compared to percent for regional schools). $100,000 for the Class of 1998, surveyed “We have worked hard during the past in 2003). The Class of 2000 experienced a year to deepen our recruiter base,” says “Years to Payback” of 3.3 years. Dean Mark Zupan. “We have added 24 The results of / new recruiters during the 2004–2005 aca- Harris Interactive 2005 “ demic year and are intent on making fur- Year 5 Survey” of the world’s top business ther progress this year. schools appeared in The Wall Street Journal “Moving forward, our long-run objec- (September 21, 2005 issue). The pub- tive remains to play at the highest levels lished rankings, based on a corporate re- nationally and internationally,” Zupan cruiter survey, span 86 of the world’s maintains. “Achieving this goal necessi- leading business schools, and use three tates focusing on the fundamentals that categories for the incorporated business have long been our hallmark: providing a schools (national, regional and interna- first-rate management education while re- tional). The Simon School was ranked maining committed to a process of con- 17th out of 47 schools in the second of tinuous improvement.” SB the two published categories and moved up three spots from last year’s 20th-place ranking.

Key to the Cover 1) Steve Koppitsch, Ph.D. student 6 9 12 2) Dentiza Gintcheva, Ph.D. student 4 3) Dan Ma, Ph.D. student 11 14 5 8 4) Scott Newman, Ph.D. student 2 5) Atanu Lahiri, Ph.D. student 7 10 13 6) Christopher Wright, Ph.D. student 3 7) Rajiv Dewan, Ph.D. Program chairman 8) Apoorva Misra, Ph.D. student 9) Serdar Kalaycioglu, Ph.D. student 1 15 10) Dean Mark Zupan 11) Professor John Long 12) Tiago Duarte-Silva, Ph.D. student 16 13) Melissa DeBolt, Ph.D. Program coordinator 14) Professor Greg Dobson 15) Fangjian Fu, Ph.D. student 16) Cake by Philip Duquette, Premier Pastry, Rochester, N.Y. 1529 TXT1/30/063:01PMPage1 08 1 08 03 W 37 26 22 17 1 inter 2005–2006 • AlumniLeader Profile: Richard Leftwich ’80Ph.D. • AlumniLeader Profile: Greg Vangellow ’94andDeb(Bordynski) Vangellow ’99 • ClassNotes • AlumniLeader Profile: Ted Roosenmallen’95 • Mergers andAcquisitions • AlumniGatherings • Dean’s Corner Alumni News • CorporateFoundation Support Companies • MatchingGift • ClassLists onGiving 2004–2005 Report the greater Rochestercommunity. The SimonCommunitydemonstratesitscommitmenttoservingothersin Time, Talent andTreasure: SimonGivesBack what liesinstore forU.S.monetarypolicy? As AlanGreenspan prepares tostepdownaschairmanoftheFederal Reserve, PolicyMonetary AfterGreenspan:IsItTimeforaChange? P Simon SchoolPh.D.Program Turns 40 Cover Story • AccountingPrograms Registered inNewYork State • • TheEconomicCostsoftheSarbanes-OxleyAct R • AllFinance Conference HighlightedDuringMelioraWeekend • Sarbanes-Oxley • NewExecutiveAdvisoryCommitteeMembers • SimonPromotions andAppointments • SimonBringsinTop NationalBusinessLeaders • C.E.O. Fellows Roundtable • UBSChairmanSpeaksatSimon- Commencement Upfront erspective onthePh.D.Program, thesuccessofitsgraduates,andfuture. 37 esearch News Simon WelcomesNewFaculty Members attention forestimatingtheeconomiccostsofSOX at$1.4trillion. A recent paperbySimonSchoolPh.D.studentIvyXiyingZhangM.S.’03isgainingnational 04 —by Marget LeeBraun —by Charles I.Plosser —by Sally Parker —by Anne Field 1 1 26 1 7 01 SIMONBUSINESS Winter 2005–06 1529 TXT 1/30/06 3:01 PM Page 2

Dean Mark Zupan Executive Advisory Committee Admissions and Financial Aid Gregory V. MacDonald J. Peter Simon, Chairman Executive Director of M.B.A. Admissions and Administration Mark Stuart Ain, M.B.A. ’67 Robert J. Keegan, M.B.A. ’72 John W. Anderson, M.B.A. ’80 John M. Kelly Alumni Relations and Development Matthew S. Aroesty, M.B.A. ’90 John-Paul Roczniak William W. Lanigan, Esq. Executive Director of Alumni Relations and Joseph Bell Jeff E. Margolis, M.B.A. ’78 Development Jay S. Benet, M.B.A. ’76 Donna L. Matheson, M.B.A. ’79 Paul A. , M.B.A. ’66 J. Richard Munro Career Management Center Steven P. Brigham, M.B.A. ’99* James Piereson Patricia Phillips David J. Burns, M.B.A. ’78 Executive Director of Career Management David Reh, M.B.A. ’67 Andrew M. Carter Robert E. Rich Jr., M.B.A. ’69* External Relations and M.B.A. Kevin P. Collins, M.B.A. ’82 William D. Ryan, B.A. ’49 Administration Donald (Skip) Conover, M.B.A. ’79* Richard Sands Hollis S. Budd José J. Coronas, M.B.A. ’75* Leonard Schutzman, M.B.A. ’69 Associate Dean for External Affairs and M.B.A. Richard G. Couch, M.B.A. ’79* (ex officio) Administration Frank G. Creamer Jr., M.B.A. ’70 George J. Sella Jr. Faculty and Research John L. Davies, M.B.A. ’73 William E. Simon Jr., Esq. Ronald W. Hansen Peter R. Dodd, M.S. ’78, Ph.D. ’81 Gregg M. Steinberg Senior Associate Dean for Faculty and Research Mark Fasold Joel M. Stern Ronald H. Fielding, M.B.A. ’76 Marketing and Communications Michael C. Stone, M.B.A. ’95* Dawn S. McWilliams Barry W. Florescue, B.S. ’66 Amy Leenhouts Tait, M.B.A. ’85* Executive Director of Marketing and James S. Gleason, M.B.A. ’68* Kathy N. Waller, M.B.A. ’83 Communications Robert B. Goergen, B.A. ’60 Ralph R. Whitney Jr., M.B.A. ’73* Bruce M. Greenwald, M.B.A. ’69 M.B.A. and Executive M.B.A. Programs Janice M. Willett, M.B.A. ’78 Mark B. Grier, M.B.A. ’80 Steven S. Posavac Joseph T. Willett, M.B.A. ’75 Associate Dean for M.B.A. Programs Charles R. Hughes, M.B.A. ’70 Timothy W. Williams, M.B.A. ’86 Rene F. Jones, M.B.A. ’92 Ph.D. Program David T. Kearns, B.A. ’52 *Executive M.B.A. graduate Rajiv M. Dewan William M. Kearns Jr. Chairman, Ph.D. Program

Editor Charla Stevens Kucko

Contributing Writers Marget Lee Braun, Anne Field, Sally Parker, www.simon.rochester.edu Charles I. Plosser

Art Director/Designer Geri McCormick

Production Manager John M. Robortella

Copy Editors Ceil Goldman, Dawn S. McWilliams

Photography Annette Dragon, John Smillie SIMONBUSINESS, Vol. 20, No. 1 © 2006. ISSN 1077-5323 Published two times per year by the , William E. Simon Graduate School of Business Administration, Carol G. Simon Hall, Simon Alumni News Box 270100, Rochester, 14627-0100. Contributing Writers Office of Marketing and Communications: (585) 275-3736 (phone), (585) Susan Bauer, Shelly Jansen, Joy Underhill, 275-9331 (), [email protected]. Beth Zogby Postmaster: Send address changes to the William E. Simon Graduate School Copy Editor of Business Administration, Carol G. Simon Hall, Box 270100, University of Sara McLaughlin Rochester, Rochester, New York 14627-0100.

BUSINESS 2005–06 Winter © 2006 William E. Simon Graduate School of Business Administration, University of Rochester SIMON

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WILLIAM E. SIMON GRADUATE SCHOOL OF BUSINESS ADMINISTRATION

UPFRONT UBS Chairman Speaks at Simon-Bern Commencement

UBS Chairman Marcel Ospel speaks to graduates at the Simon-Bern Commencement on June 24, 2005, at the University of Bern in Switzerland, as Simon School Dean Mark Zupan (far right), University of Rochester Provost Charles Phelps (second from right), and Rochester-Bern E.M.B.A. Program Director Claudio Loderer ’83 (far left) look on. Ospel, who was appointed UBS chairman in 2001, previously served as group C.E.O. at the world’s largest investment bank. Prior to that, he was president and group C.E.O. of Swiss Bank Corporation, which later became SBC Warburg. Ospel received an honorary Doctor of Laws degree during the ceremonies.

C.E.O. Fellows Roundtable Chief executive officers throughout the ternational network of Rochester region are sharpening their lead- chief executives who ership skills and networking with fellow meet in small groups to senior executives during a unique monthly share experiences and de- C.E.O. Fellows roundtable at the Simon velop solutions. As a School. The roundtable, which started in TEC chair, Peters offered September 2005, is being offered by the individual coaching for School in conjunction with PeerHQ, a senior executives, and fa- Pittsford, N.Y.-based consulting firm that cilitated groups to help provides group and individual coaching members reap the per- for companies, their board members and sonal and professional senior executives. benefits of peer learning. The C.E.O. Fellows roundtable consists Kevin Pickhardt ’90,* of nine monthly, full-day peer group meet- C.E.O. of Pharos ings at the Simon School. Participants Systems Inc., says he enjoys participating in “These boards have provided us with an network with other C.E.O.’s, receive indi- the roundtable. “Networking with area unsurpassed forum to listen to our cus- vidual and group coaching as well as men- business leaders offers us all a great oppor- tomers, which in turn helps us to become toring on corporate strategy. They also tunity to leverage the knowledge and expe- a better company,” says Arunas Chesonis practice problem solving and decision- rience that exists in the Rochester area, so I ’91, chairman and C.E.O. of PAETEC making analysis. know this is a wise investment of my time,” Communications Inc. “Bruce is truly moti- The group is being led by Bruce Peters, Pickhardt says. “I appreciate the Simon vated to helping executives improve as co-founder of PeerHQ. Peters brings a di- School taking a leadership position in this leaders and companies become more cus- verse background as a lawyer, executive, en- initiative. With the School’s involvement, I tomer focused. I highly recommend taking trepreneur and educator to the program. In am confident in the quality of the C.E.O. the time to learn what Bruce and PeerHQ addition to a successful career in law, he Fellows roundtable.” can offer through the Simon School’s served as an adjunct faculty member at PAETEC Communications Inc. has C.E.O. Fellows group.” Rochester Institute of Technology, where he worked with Peters and PeerHQ to create Another C.E.O. Fellows roundtable is taught courses in business and business law. and facilitate customer advisory boards in forming in early 2006. SB In 1998, he joined TEC Worldwide, an in- many of its 28 markets nationwide. BUSINESS 2005–06 Winter SIMON

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WILLIAM E. SIMON GRADUATE SCHOOL OF BUSINESS ADMINISTRATION

UPFRONT Simon Brings in Top National Business Leaders The Simon School welcomed an impressive roster of prominent national scholars and executives this past fall to speak to students about their careers and current challenges. Recent speakers have included:

Internationally renowned finance scholar and former Simon School professor Michael C. Jensen delivered an optional five-day leadership course for first- and second-year students and alumni at Simon during Orientation in September 2005. Jensen is the Jesse Isidor Straus Professor of Business Administration, Emeritus, at Harvard Business School, and managing director of the organizational strategy practice at the Monitor Company.

Joseph G. Doody ’75, president, North American Delivery, for Staples Inc., spoke to students on October 5, 2005, about business ethics. Doody, who manages the company’s North American delivery business—contributing more than 30 percent of Staples’ —told students ethics have everything to do with successful leadership. Previously, Doody was general manager and vice president, North America, Office Imaging, for Eastman Company.

Ursula Burns, president, Business Group Operations at Corporation, spoke to students on October 12, 2005. Burns, a corporate senior vice president, is responsible for a $12 billion operation consisting of six business groups: production, office, supplies,

BUSINESS 2005–06 Winter worldwide manufacturing and supply chain services, information management and the Xerox Engineering Center. The key lessons Burns says she learned during Xerox’s recent turnaround are: focus on your core strengths; communicate effectively to your

SIMON constituencies, especially in a crisis; and never underestimate the intelligence of your customers. 04 1529 TXT1/30/063:02PMPage5 ILA .SMNGAUT COLO UIESADMINISTRATION BUSINESS OF SCHOOL WILLIAM E. SIMON GRADUATE Most Admired survey. importance ofsocialresponsibility inlightofhisfirmbeingrankedfirst health care practitionersinNorthAmericaandEurope. Bergman discussedthe distributor ofdental,medicalandveterinaryproducts andservicestooffice-based School onOctober19,2005.Bergman managesthe Stanley Bergman, chairman andC.E.O. ofHenryScheinInc.,visitedtheSimon Fortune 500 company, thelargest Fortune ’s was renamed theEllerCollegeofManagementin1999. Center fortheStudyofPrivateMarketEconomy, andthebusinessschool there University ofArizona,Ellerestablishedandfundedtheuniversity’sKarl surround themselveswithpeopleofflawlessintegrity. Agraduate ofthe discussed hisautobiography, management positionsatColumbiaPictures andCircleKCorporation.Eller spoke tostudentsabouthisentrepreneurial journey, whichhasincludedsenior importance ofintegrityduringaKalmbachlecture onOctober18,2005.Eller K arl Eller, chairman andC.E.O. ofTheEllerCompany, talkedaboutthe F Communication/Journalism DepartmentatSt.John Vicker,and Lauren A. professor andchairofthe at theSimonSchool’sCareer ManagementCenter, Royer, and InclusiveHiring, Search Manual:ASystematicApproach toSuccessful introduction ofthebook, the Supreme Court.Alger’slecture coincidedwiththe arguing itsrecent reverse discriminationcasebefore the UniversityofMichigan,Algerwasinstrumental in October 17,2005.Previously, whilechiefcounselat Homework: DiversityHiringinHigherEducation,”on at RutgersUniversity, delivered alecture, “Unfinished Jonathan Alger, isher CollegeinRochester. Integrity IsAllYou’ve Got assistant director ofcounselingandeducation vice provost andchieflegalcounsel coauthored by The CompleteAcademic , encouragingstudentsto Harriette J. 05 SIMONBUSINESS Winter 2005–06 1529 TXT1/30/063:02PMPage6 06 SIMONBUSINESS Winter 2005–06 ILA .SMNGAUT COLO UIESADMINISTRATION BUSINESS OF SCHOOL WILLIAM E. SIMON GRADUATE gram administrationfortheSimon and teaching. will combineadministrationwithresearch Pr T ula, aswell asadministrationoftheFull- T the Simon School’s Full-Time andPart- ate SchoolofManagement. No faculty, wasafacultymemberat Dewan systems. Prior tojoiningtheSimon School andfinancialinformation nology industry information systems,thetech- organizational issuesinmanagementof search interests inelectronic commerce, hasteachingandre-tion systems.Dewan Ex Si sions, advisingandoperationsareas ofthe management. She willalsomanageadmis- keting andcommunicationscareer Simon SchoolPromotionsandAppointments ime, Part-Time andExecutive M.B.A. ime M.B.A.andExecutive M.B.A.curric- UPFRONT mon SchoolFull-Time, Part-Time and ograms. Asamemberofthefaculty, he ecutive M.B.A.Programs. r thwestern University’s Kellogg Gradu- will oversee allaspectsof In dean forM.B.A.programs. been appointedassociate at theSimon School,has ate professor ofmarketing S of computersandinforma- duties asassociateprofessor Pr the Simon SchoolPh.D. appointed chairpersonof ’84, Ph.D. ’87, Rajiv M.Dewan M.B.A. aid, registration andpro- for admissions,financial M sions andadministration. director ofM.B.A.admis- has beennamedexecutive Gr r B M.B.A. administration. external relations and bilities asassociatedeanof sumed expandedresponsi- H elations, includingmar- teven S.Posavac, udd willoversee external ogram inadditiontohis

ollis S.Budd acDonald isresponsible his new role, Posavachis new egory V.egory MacDonald has as- has been associ- nance divisionofJ.P. Morgan Chase&Co. P business development. Prior toDBM, cessful jobsearch strategiesandcorporate sized executives withtheexecution ofsuc- consulting firm,where sheassisteddown- as Drake Beam Morin), ahumanresources Yo Pr P Carleton University (Ottawa, Ontario). (Cleveland, Ohio), Syracuse University and Case Western University Reserve tions atothertopuniversities, including and hasheldavariety ofadmissionsposi- admissions attheUniversity ofRochester, P missions fortheUniversity ofRochester. M and M.S.Programs. Since 2002, School’s Full-Time andPart-Time M.B.A. successful $100millioncampaign. of majorgiftprospects duringtheschool’s for cultivation, solicitationandstewardship of Management, where hewasresponsible for theUniversity ofArizona’s Eller College asassociatedirector ofdevelopmentserved to joiningtheSimon School,Roczniak R the dailyoperationsofAlumni and solicitingmajorgifts,hewilloversee hillips wasadirector inthestructured fi- rior tothat,hewasassociatedirector of atricia S.(Patty) Phillips eviously, shemanagedtheUpstate New elations andDevelopment Office. Prior rk acDonald had served asdirectoracDonald ofad- hadserved

r egion forDBMInc. (formerlyknown alumni satisfaction. student, recruiter and strategies thatleadtohigh tion, Phillips willdrive In posi- hernew Center. of theCareer Management School asexecutive director In as director ofmajor gifts. Pr r ecutive director ofalumni has beenpromoted toex- J O Si of studentactivitiesinthe moted toassistantdirector S elations anddevelopment. ohn-Paul P.) (J. Roczniak usan Bauer mon SchoolAdmissions ffice. Most recently, she eviously, Roczniak served

addition tocultivating joins theSimon has beenpro- with uptofive years ofwork experience. ing andproviding scholarshipstostudents A will helplaunchtheSimon EarlyLeader sion program. In role, hernew Thomas & Lomb, andavolunteer alumniadmis- Company, Xerox CorporationandBausch rate awards program withEastmanKodak successfulcorpo- time, shedirected avery the University ofRochester. During that the Undergraduate Admissions Office at senior assistantdirector ofadmissionsin College CenterforAcademic Support. was anacademicadviserintheUniversity’s O admissions intheUniversity ofRochester’s School, Gavigan wasassistantdirector of activities. Prior tojoiningtheSimon theassistantdirector ofstudent supervising ganizing Simon orientationprograms and dents, withtheaddedresponsibility ofor- S De the Simon AlumniRelations and asannualfundprogram managerin served gram aimedatattractingyounger students. collegerecruiting pro-establish anassertive imon. She willcontinueadvisingstu- wards Program, whichisaimedatattract- ffice ofUndergraduate Admissions, and v elopment Office. of studentadvisingat asassistantdirector served grams. Previously, she director oforientation pro- r promoted toassociatedi- Laura Gavigan Pr Leader Awards Program. director oftheSimon Early director ofadmissions/ sions Office asassociate ’99 J T lead theSchool’s to efforts will counseling, Wilmot In r director ofadmissions/di- been appointedassociate ector ofstudentservices/ acqueline Thomas B.A. ector ofcollegerelations. imothy Wilmot ’05 imothy Wilmot eviously, as sheserved

addition toadmissions has joinedtheAdmis- has been has 1529 TXT1/30/063:02PMPage7 Ma M P ontheboard: for theirservice members. We are deeplygratefultothem School E.A.C.have becomeemeritus C ’86,* of Rochester; S Eastman SchoolofMusic. F tive officer, Richard Sands, president andC.F.O., Ex the following memberstoits new The Simon Schoolispleasedtowelcome Committee Members Executive Advisory Simon Welcomes New Ad tion. Previously, sheworked inUniversity M worked asaseniorfinancialadviserat M.B.A. attheSimon School, Wilmot graduate studies.Before completinghis students intoSimon directly outofunder- Ad in developing aSimon SchoolDirect Se S (Skip) Conover ’79,* ILA .SMNGAUT COLO UIESADMINISTRATION BUSINESS OF SCHOOL WILLIAM E. SIMON GRADUATE ystems Ltd.; acilities and Auxiliary Operationsacilities andAuxiliary atthe eligman (exofficio), aul S. Goldner ’79, Larry D.Horner,aul S.Goldner ’79,Larry orporation. v errill Lynch &Co. forfive years. ichael S.Joyce, Donald D.Lennox The following membersoftheSimon ecutive Advisory Committee: ecutive Advisory v mission partnership, whichwouldfeed eral collegeshave expressed aninterest r ancement Services and,priortothat,in ancement Services ilyn R.Seymann. president, C and onstellation Brands Inc.; R ene F. Jones ’92, facilities to her new posi- facilities tohernew U extensive experiencein School. Warnerbrings facilitator attheSimon been appointedoperations Andrea (A.J.) Warner chairman andchiefexecu- P T ICS Telecom niversity ofRochester imothy W. Williams president, M&T Bank; president, SB SB J. P. Bolduc, D CBay senior vice U onald niversity J and has oel Sarbanes-Oxley HighlightedDuringMelioraWeekend alumni, includingtheoneabovefeaturing(from left) Simon alumnijoinedstudentsoncampusinOctober2005forthefourthannualAllFinance Conference. Panels of All FinanceConference Michael Dimler’01, from citiesnationwidetoparticipateinwhathasbecomeanannualSimonhallmarkevent. r explored allaspectsofthefinanceindustry. Three concurrent panelsfocusedon:buy-side, sell-sideequityanddebt esearch; corporatefinance;andinvestmentbankingspecialtyfinance.SeveralalumnitraveledtoRochester UBS AG; Executive AdvisoryCommitteemember. DeanMarkZupanmoderatedthediscussion. Rene F. Jones’92 of internalauditfortheCoca-ColaCompanyandSimonExecutiveAdvisoryCommitteemember; and Business Administrationandprofessor ofaccountingatSimon; ester. Thepaneldiscussionfeatured ActduringMelioraWeekendattheUniversityofRoch- at theSimonSchoolonSarbanes-Oxley Accounting OversightBoard (P.C.A.O.B.), delivered thekeynoteaddress followingapaneldiscussion Claudius Modesti Jamie Hague, The MillburnCorporation;and (above left), director ofenforcementandinvestigationsforthePublic(above left), Company (above right),seniorvicepresident andC.F.O. ofM&TBankandSimon Lawrence Creatura’94, Jerold L.Zimmerman . * Exe cutive M.B.A.graduate Lucas Binder’97, Clover CapitalManagement; (below), RonaldL.BittnerProfessor of K athy N.Waller ’83 UBS AG, (at left), chief (at left), 07 SIMONBUSINESS Winter 2005–06 1529 TXT1/30/063:02PMPage8 08 SIMONBUSINESS Winter 2005–06 W S r 8–26, 2002,theperiodwhenactwasproposed anditsfinal tended effectonbusinesses.Her research foundthatfrom July companies. But, Zhangsays,Sarbanes-Oxley couldhave anunin- prevent fraudandincrease shareholder value inthenation’s public market reactions events. totherule-making major provisions ofSarbanes-Oxley by investigating variations in to Sarbanes-Oxley, sheexaminedtheprivate benefitsandcostsof nection between thelossofmarket value andtheevents related observe that companies purchasing more nonaudit services would thatcompaniespurchasing moreobserve nonauditservices wasefficientonaverage priortoSOX,nonaudit services we’d the auditandconsultingprojects. If firms’ purchase of vices reduces thecostsofauditorandfirmtocomplete knowledge spillover auditandnonauditser- between performing from theirauditor,”purchase nonauditservices Zhangsays.“The vices provided by theauditor. “It canbecostefficientforfirmsto ing tounderstanditseconomicconsequences. since theSecurities Acts of1933and1934.People are clamor- r demics. Zhangisacurrent Ph.D. studentattheSimon School. widespread national attentionfrom financialmediaandaca- quences oftheSarbanes-Oxley Act of2002,”hasreceived Xiying ZhangM.S.’03, market reactions totheSOX activities,” says rule-making out toexamineitseconomicconsequencesby investigating thatanauditorcanprovidedit services toclients. stantive changesinfirms’ operations,suchasrestricting nonau- sure, Sarbanes-Oxley went onestepfurther. It introduced sub- The Economic ules passed,market pricesdropped sharply—by $1.4trillion. equesting thepaper. The act,shesays,isthemostinfluential It “Given thesignificanceandcontroversy oftheact,Iset S When theypassedtheactinJuly 2002,lawmakersintendedto F arbanes-Oxley tunned, Zhangsetouttounderstandwhy. To establishacon- irst, sheinvestigated theprovision torestrict nonauditser- ’s

no surprisethatZhanghasbeeninundatedwithe-mails previous securities legislationsimplymandateddisclo- in theregulations thatbusinessesmustfollow. While Costs ofthe Oxley Act (SOX) brought aboutaseaofchange hen itwaspassedthree years ago,theSarbanes- whose paper, “Economic Conse- —by Sally Parker Act Ivy more negative stockreturns period.” intherule-making says. “Companieswithmore complexbusinessesexperienced merous staffmembers—anexpensive process. major classesoftransactionsandwalkthrough themwithnu- costs tocomplywithSection 404. The auditorneedstosample control test. These samefirms,however, alsolikelyincurgreater w with more complex businessesare more likelytoreport control costdrivers oftheact.Recent papersfindthatfirms primary mandates aninternalcontrol testandisconsidered oneofthe events intheSOX period—knowing rule-making thenegative mal returns. ance, shefoundthatsmalllateradoptersrealized higherabnor- r of thedelayincompliance. When Zhangstudiedthemarket of Section 404wouldexperiencenegative returns asaresult top priorityistoimprove accountingefficiency, alateadopter S.E.C.’s announcementofthedeferment.But ifthecompany’s adopters wouldexperiencemore positive returns around the of thoseearlyadopters.If thecostsavingsare significant,later for auditingresources; itcanalsobenefitfrom theexperience S deferment ofSection 404compliance.If afirmcomplieswith rights experiencedmore negative returns. these provisions, Zhangfoundthatfirmswithweak shareholder dynamic market conditions.Consistentwiththecostlinessof cision makinganddecrease thespeedatwhichfirmsrespond to stronger shareholder rightsreduce managementdiscretion inde- Zhang argued,however, thattheseprovisions couldbecostly, as eaction totheannouncementofdelayingSection 404compli- ection 404later, itwouldavoid competingwithearlyadopters more negative returns intheSOX event period. found thistobethecase—thatthesecompaniesexperienced incur greater costsasaresult oftherestriction.” Indeed, Zhang eaknesses. This suggeststhatthesefirmsbenefitmore from the Zhang wascareful aboutcontemporaneousconfounding In “My research suggeststhecostsoutweigh thebenefits,”Zhang Zhang alsoexaminedtheimplicationsofSection 404,which M

any SOX provisions aimtobetterprotect shareholders. addition, ZhangexaminedtheimpactofS.E.C.’s 1529 TXT1/30/063:02PMPage9 The Institute ofOptics. Sciences, aswell astheformerdirector of School ofEngineering andApplied mer deanoftheUniversity ofRochester’s M.B.A. studentsthisfall.Moore isthefor- engineering graduatestudentsandSimon neurship coursetoacombinedclassof development inupstateNew York. technologyandeconomic typing ofnew ship tofostercutting-edgeresearch, proto- dustry, academiaandgovernment partner- I president andchief executive officerofthe and NASA.From 2002–2004,hewas Car Initiative, materials construction new on theNext Generation Internet, Clean Clinton Administration, where heworked of Scienceand Technology Policy forthe for technologyinthe White House Office asassociatedirector 1997–2001, heserved ofAmerica.From gradient-index ,isapastpresident of U and anM.S.Ph.D. inopticsfrom the from theUniversity ofMaine atOrono, r lative events from theirinvestigations, saysZhang,whofound and arguedtheactwasbeneficial.But theyomittedsomelegis- away theadverse impactofSOX onthemarket. rule-making S gress aboutaccountingscandalsreleased andnews inthisperiod. analysts’ forecasts andreported positive earnings. riod’s tendedtobegood:More earningsnews firmsmetorbeat Zhang examinedearningsannouncementsandfoundthatthepe- r r ILA .SMNGAUT COLO UIESADMINISTRATION BUSINESS OF SCHOOL WILLIAM E. SIMON GRADUATE Simon Welcomes NewFaculty Members nfotonics Technology CenterInc., anin- esults conflictingwiththeirfindings. eleased intheperiod. eturn shedocumentedcouldbedriven by othersignificantnews he found that accounting for such other news failedtoexplain he foundthataccountingforsuchothernews niversity ofRochester. M M O A few otherpapersalsoinvestigated marketA few reactions toSOX, S he also searched news aboutotherlegislativehe alsosearched activitiesinCon- news ne suchevent wasthesimultaneouscorporateearningsperiod. oore, whoseresearch interests include oore earnedaB.A. degree inphysics will teachanEntrepre- business administration, optics andprofessor of E Pr and Hilda Kingslake D ngineering, professor of uncan T. Moore, ofessor ofOptical R udolf was assistantcounselatCentral Trust Bank. eral counselat Theatre ConfectionsInc. and editorial director. He asgen- hasalsoserved where hewasamanagingeditor, andlater, an Cooperative Publishing in Rochester, N.Y., and president ofFoundation Press. listed ontheNew York Stock Exchange), tion, a$7.3billionpublicly-tradedcompany operating armofthe Thomson Corpora- dent oflegaleducationfor West Group (an law. He asgroup recently vicepresi- served tions over a30-year career inpublishingand and operatinggroups. ing officerforvarious Thomson subsidiaries systems, andgeneralmanager/chiefoperat- ness development, vicepresident ofproduct dent andpublisher, vicepresident ofbusi- N Yo to practicelawbefore ofNew thecourts of LegalStudies inBusiness. He islicensed S tions, Beta Gamma Sigma, theScribes S W tate andMonroe CountyBar Associa- ociety ofLegal Writers, andtheAcademy immer’s Commercial Financing -Based estern District ofNew York. He O O O He rk liveiri beganhiscareer atLawyers liveiri isamemberoftheNew York liveiri hasheldseveral executive posi-

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is theauthorofrevised editionof has heldpositionsasseniorvicepresi- tate andtheFederal ofthe Court School’s adjunctfaculty. asamemberofthe served tration. Previously, he fessor ofbusinessadminis- full timeasexecutive pro- the Simon Schoolfaculty D avid J.Oliveiri 81* conference inAugust 2005. v assistant professor. She presented herfindingsatanumberofuni- M S A.E.I.’s mostdownloads forthefirstmonth. I merous other Web sitesfollowed. AftertheAmericanEnterprise in the 2005, nstitute (A.E.I.)postedthepaperonitssite,logged ersities andattheAmericanAccounting Association’s national imon Schoolsoon,andsherecently joinedtheUniversity of innesota’s CarlsonSchoolofManagement inMinneapolis asan S Zhang expectstoobtainherPh.D. inAccounting from the ince herpapergarnered amentionin The Wall Street Journal W ashington Times, The WallJournalStreet joins M the Securities andExchange Commissionand Tr treatise inthefield,andauthorof v thor, withthelateLouisLoss,of11- onsecuritieslaw,experts andistheco-au- and Northeastern University LawSchool. G the University ofMichigan LawSchool, to 1999.He onthefacultyat alsoserved sity ofArizona’s CollegeofLawfrom 1995 M. Fegtly Professor ofLawattheUniver- Law since1999.He wasdeanandSamuel dean of Washington University’s Schoolof R the Simon School. U Ad Si * ment affectscomparative advantage. howand inparticular thelegalenviron- and economicsasinterrelated disciplines, H ( olume ochester’s tenthpresident, Seligman was Ex Thomson/West), aleadinglegaltreatise. niversity ofBuffalo, andanM.B.A.from mon Graduate SchoolofBusiness eorge Washington University LawSchool nfraino Wall Street: of AHistory of ansformation odern Corporationodern Finance. O S B ministration. is research interests are intheareas oflaw eligman isoneofthenation’s leading efore hebecame the University of ecutive M.B.A.graduate liveiri earnedaB.S.andJ.D.atthe SB ran aneditorialcitingit,andarticles S ecurities Regulation, and inthe William E. ment ofPolitical Science the University’s Depart- holds facultypositionsin since July 1,2005,also the University ofRochester J oel Seligman, The Economist online andnu- the leading RESEARCH NEWS president of in May The 09 SIMONBUSINESS Winter 2005–06 1529 TXT1/30/063:02PMPage10

10 SIMONBUSINESS Winter 2005–06 Angeles andaJ.D.from . ence attheUniversity ofCaliforniaatLos S the board ofthe National Associationof Committee. He iscurrently amemberof A American Institute Public ofCertified (2000–2001); andasamemberofthe CommitteeonMarketvisory Information S S U Na fication willmakeiteasierforourstudents gram,” saysDean Mark quali- Zupan. “This becoming aC.P.A. licensure qualifyingpro- ILA .SMNGAUT COLO UIESADMINISTRATION BUSINESS OF SCHOOL WILLIAM E. SIMON GRADUATE and Materials. thor ofthecasebook, R faculty) oftheleadingcasebook, Jr. oftheColumbiaUniversity LawSchool He issues related tosecurities andcorporations. of 20booksandover onlegal 40articles A whichofficiallytakeseffecton hour rule, grams tomeetthestate’s 150credit- new as anauditorfortwonationalfirms, counting attheSimon School,hasserved H and obtainsubsequentlicensure. the C.P.A. examinationinNew York State in Accountancy are now qualifiedtositfor in Public Accounting oraMaster ofScience S tinction meansthatstudentswhoearna Yo S sure qualifyingprograms by theNew York Si Tw New York State Programs Registeredin Simon SchoolAccounting ecurities Dealers (N.A.S.D.). ecurities andExchange CommissionAd- ecurities Act (1998–2002);aschairofthe tate Board ofAccountancy andtheNew imon SchoolM.B.A.withaconcentration egulations: Cases andMaterials, ccountants Professional Ethics Executive ugust 1,2009. niform State Laws,Revision ofUniform RESEARCH NEWS mon Schoolare now registered aslicen- eidi Tribunella, S S He “W The Simon Schooltailored bothpro- rk tional Conference ofCommissionerson

o Accounting programs offered by the eligman earnedanA.B.inpoliticalsci- eligman istheauthororco-author is theco-author(withJohn C.Coffee

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e are pleasedtohave metourgoalof also has served asareporter forthe also hasserved tate Education Department. This dis- senior lecturer inac- Corporations: Cases and au- S ecurities ment andpublicationsofPh.D. accounting search. Arecent studymeasuringtheplace- Association fortheirgroundbreaking re- the fieldfrom theAmericanAccounting W former Simon facultymemberRoss L. faculty memberJerold L.Zimmerman and noted forexcellence inaccounting.Simon B and Information Systems; andACC 437 principles; ACC 438Auditing II–Auditing tioners toresearch and accountingrules A A M.B.A. inPublic Accounting andM.S.in School addedthree coursestoits new 2002 editionof I M.S. Accountancy program attheSUNY A County Comptroller’s Office Accounting of Business Information Systems. J of Business andEconomics Research withotherprofessors inthe articles and auditingresearch andhaspublished College. ous colleges,mostrecently atKeuka of businessandaccountingcoursesatvari- S care companies.Prior to joiningthe financial reporting fortwodifferent health ov waterhouseCoopers. Tribunella alsospent w ournal ofCollege ournal Teaching andLearning, nstitute of Technology. She islistedinthe world’s top-tierbusiness distinguishes theSimon Schoolamongthe S to obtainC.P.A. licensure inNew York imon Schoolfaculty, shetaughtavariety asic Federal Income Tax Accounting. ward foracademic achievement inthe ccounting Research, acourseforpracti- ccounting programs: ACC 436Advanced ell as a forthcoming article inthe article ell asaforthcoming tate andisanotheraccomplishmentthat atts recently earnedthehighestprize in er five years in industry asamanagerof er five years inindustry The Simon Schoolisinternationally To T T ribunella hasreceived theOneida ribunella hasaninterest inaccounting

meet staterequirements, theSimon Who’sAmong Who to consultwithPrice- sized firms;shecontinues aswell asmid- industry clients inthehealthcare At Pr D eloitte & Touche and icewaterhouseCoopers.

those firms,sheserved schools.” and the R J ournal eview as Ed the Accounting Information Systems and Economics Research Conference and P A B from theJohn Wiley Jones Schoolof U a Ph.D. infinancefrom Stanford ing from CarnegieMellon University and P terest ratebehavior. ture modelsand their fittohistoricalin- and inefficiency, anddynamictermstruc- S of Technology. She isalsoaNew York in accountancyfrom theSUNYInstitute r (585) 275-3533oradmissions@simon. M.B.A. admissionsandadministration,at Gr School Accounting programs, contact ochester.edu. (I.C.M.A.). Managementof Certified Accountants The datawascompiledby The Institute tant (C.M.A.)examfrom 1992–2001. managementaccoun- rate onthecertified universities intheworldtermsofpass the Simon Schoolfirstamongcollegesand graduation. Anotherrecent studyplaced tions inaccountingjournalssixyears post y publications inaccountingjournalsthree post graduation.Simon alsorankedfirstfor uation andsecondforplacementsixyears accounting graduatesthree years postgrad- S graduates from 1991–1997rankedthe tate Certified Publictate Certified Accountant. aper Award attheInternational Business h.D. inelectricalandcomputerengineer- merica’s Teachers usiness atSUNYGeneseo, andanM.S. niversity. ears postgraduationandthird forpublica- imon SchoolfirstforplacementofPh.D. F T Y egory MacDonald,egory executive director of ucators’ Conference. or more informationaboutSimon ang earnedanM.S.degree anda ribunella holdsaB.S.inaccounting SB SB W on corporateinvestment H finance andassetpricing. ests inempiricalcorporate nance, hasresearch inter- assistant professor offi- and received aBest is recent research focuses ei Yang, Si mon School 1529 TXT1/30/063:02PMPage11 A produce groundbreaking work. r nity todiscusseachother’s findingsandbroaden theirperspectives on search totheirpeersthroughout theSchool,givingthemopportu- disciplines. In addition,afterthefirstyear, studentspresent theirre- finance. Faculty regularly work withstudentsandcolleaguesinother field, theyalsoare exposedtomanyotherareas, from marketing to of study. While studentsare required tochooseamajorandminor corprated intoafree-form structure andawidebreadth departmental aswell. the School,butthroughout thecountry bringing arigorous approach tothestudyofbusiness—notjustat tions oftoday. AndtheSimon Ph.D. Program in wasinstrumental todevelop intothehigh-level,started analyticallyorientedinstitu- B P tion, from M.I.T. to Wharton. program’s 179graduatesteachatthetopbusinessschoolsinna- some ofthecountry’s mostnotablescholars.About 20percent ofthe Na W esearch. The result: anarmyofhighly-trainedresearchers ableto h.D. Program atthe William E.Simon Graduate School of usiness Administration, now celebratingits40thanniversary. illiam B.Ruger ChairofNational Security Economics atthe In Central totheprogram’s approach isademandingcurriculum,in- B v ack whentheprogram began,businessschoolshadonlyrecently al War College,graduatedin1971,theprogram hasproduced

fact, ever sinceitsfirstgraduate, ness education.Atrainingground forsomeofthecoun- prolific research university. Apathbreaking leaderinbusi- try’s mostinnovative andprestigious scholars. That’s the Sim on S c h

Richmond M.Lloyd, o o l

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h now .

D . sors, includingsuchgraduatesas atthe School.Othersdepartment haveWharton becomechaired profes- accounting andfinancemanagementchairpersonofthe Ga H Pr w and professor ofaccountinginformationandmanagementatNorth- S mation and Technology attheStanford Graduate SchoolofBusiness. Whang ’88, tor oftheRochester-Bern E.M.B.A.Program attheUniversity ofBern. Texas atDallas, andLoderer isprogram direc- ment attheUniversity of deans andprogram directors. Pirkul isdeanoftheSchoolManage- their redemptions. innovative San Francisco, Calif., firmthathelpsfundmanagersmeet R have madetheirmark aspractitioners,takingamore hands-onroute. (see page8). A M.S. ’03, tional attentionfortheirresearch. Caseinpoint: graduates. till others,like ct isattractingnationalattentioninbothmediaandacademiccircles estern University’s Kellogg SchoolofManagement; and oger Edelen ’96, ealy ’83, ofessor ofManagement ScienceandEngineering atM.I.T.;

He Though mostPh.D. graduateschoosetostayinacademia,some There graduatesalready alsoisacrop ofnewly-minted gainingna- S ry P ome are chairs,like department

A. Rosenberg Distinguished Professor ofReal EstateManagement r

e, tomark theprogram’s 40thyear, are profiles ofsixnotable r

whose paperontheeconomiccostsofSarbanes-Oxley a professor attheHarvard Business School; o

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agdeep andRoshni Singh Professor ofOperations, Infor- g H

asan Pirkul ’83

for example,isaresearch consultantatReFlow, an r

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—by Anne Field m

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tephen Graves ’78, T and

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Claudio Loderer ’83, u bert Holthausenbert ’80,

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4 I 0 vy XiyingZhang A Thomas Lys ’82, braham J.Siegel S eungjin are now professor of P aul 11 SIMONBUSINESS Winter 2005–06 1529 TXT 1/30/06 3:02 PM Page 12

WILLIAM E. SIMON GRADUATE SCHOOL OF BUSINESS ADMINISTRATION

Kenneth R. investment issues—for example, such areas Massachusetts Institute of Technology French ’83 as tests of asset pricing, the tradeoff be- (M.I.T.), commuting from Hanover a few During his prestigious tween risk and return in financial markets, days a week. Three years ago, he joined the career, Kenneth R. and the relation between capital structure faculty of the Tuck School of Business at French ’83 has pro- and firm value. Dartmouth as the Carl E. and Catherine duced a long series of French didn’t start out as an investment M. Heidt Professor of Finance. cutting-edge research and finance guru, however. After graduat- French also works with Dimensional papers, some of ing from Lehigh University, he worked as a Fund Advisors, a Santa Monica, Calif.- which have trans- mechanical engineer for Eastman Kodak based money management firm with formed the world of finance. An expert on Company for a couple of years, debugging strong ties to the academic community. the behavior of security prices, investment high-speed packaging equipment. “It was He’s been affiliated with Dimensional for strategies and corporate finance, French like being a highly paid auto mechanic about 15 years and is currently director of conducted much of his research with with the best equipment possible,” says investment strategy. Eugene Fama of the University of Chicago French. “What could be better?” French plans to continue his prolific re- Graduate School of Business, the man many Trouble was, French didn’t see much fu- search activity, finding that he remains as consider to be the dean of modern finance. ture in the work. That’s when he decided to excited about his current work as anything In 1992 and 1993, Fama and French’s go back to school, deciding on the Simon he’s done before. When asked which is his most prominent papers were published. School, where he first got an M.B.A. in favorite paper, he quickly responds, The first showed that value stocks—with 1978 and then a Ph.D. There, he thrived in “Whichever one I’m working on now.” high book-to-market, earnings-price and an environment that complemented his dividend-to-price ratios—tended to experi- own proclivity for doing empirical work. Robert J. ence higher returns than growth stocks, “As a Ph.D. student at Simon, I had incred- Dolan ’77 which had low ratios of fundamentals to ible access to the faculty,” he says. “It’s hard For Robert J. Dolan price. The second developed what is now to imagine a better way to learn how to do ’77, quality and known as the Fama-French Three Factor empirical research.” quantity are impor- Model. In essence, it extended the Capital French’s first stint after graduating from tant, but so is influ- Asset Pricing Model (C.A.P.M.) to incor- the Ph.D. Program was at U.C.L.A., where ence. Indeed, his life- porate both the value effect and the well- he met Fama, who was visiting the school long goal has been to known size effect (small stocks generally for a quarter. After that followed 11 years produce not only a have higher returns than big stocks). at the University of Chicago. Then, large body of research, but work that Fama and French’s work changed the French, who wanted to move back to his would have as much impact as possible. face of financial analysis. Their more recent native New Hampshire, accepted jobs at And, impact he certainly has had. The au- research focuses on corporate finance and the Yale School of Management and thor of eight books and numerous case stud-

Ph.D. Program Perspectives

Ross L. Watts, until recently chairman of What do you think have been the most the Ph.D. Program, as well as William H. important attributes of the program and Meckling Professor of Business Administration its philosophy? and professor of accounting and finance, left One key area has been the concentration Simon this summer to become a full professor on giving students a rigorous education in the accounting department at Massachu- based in a discipline, such as economics or setts Institute of Technology (M.I.T.). We quantitative methods. From the beginning, asked Watts for his perspective on the pro- the finance majors, the accounting majors, gram’s accomplishments and history. the strategy majors, the marketing majors have all been taught applied economics. So, they were all trained as economists first, with training in their field second. BUSINESS 2005–06 Winter SIMON

12 1529 TXT1/30/063:02PMPage13 been trainedmore narrowly. questions, incontrasttopeoplewhohave ideasandtorecognizewith new interesting The program enabledthemtocomeup C tend toemphasize. son fortheirsuccess,thatisonethingthey When you talktostudentsabouttherea- think aboutproblems outsidetheirarea. its breadth, which hashelpedstudents guishing usfrom otherprograms hasbeen D faculty oftheHarvard Business School, ies, writtenwhilehewasonthemarketing ILA .SMNGAUT COLO UIESADMINISTRATION BUSINESS OF SCHOOL WILLIAM E. SIMON GRADUATE an you tellusmore aboutthat? olan hasreached a widerangeof B ut perhapsthemajorfactordistin- President oftheUniversityRochester “I amdeeplyimpressed bythequality in thepast40years,SimonPh.D. Program. Itisindeedremarkable that, Simon graduateshaveamonumental nation’s premier businessschools. education istaughtinthiscountry. which allofusattheUniversity of theSimonSchool’sacademic That isastellarachievement,for programs, thePh.D. particularly impact onthewaymanagement Program hasproduced somany groundbreaking scholarsatthe R ochester canbeproud.” Joel Seligman his research ontwoareas—new product B came theEdward W. Professor Carter of moved toHarvard, where heeventually be- Then, seekingtodomore appliedwork, he G y tion. Instead, hewoundupspendingfour hometown ofBoston,Mass., aftergradua- pass up,” Dolan says. School. “It to wastoogoodanopportunity fessor emeritusattheHarvard Business a formerSimon facultymembernow pro- Michael C.Jensen.the legendary Jensen is it meanthe’d have thechancetowork with anyplace butRochester,” hesays—because something that“wouldn’t have happened thesis withaFinance professor aschair— was Marketing, heendedupwritinga was Operations Research andhisminor array ofdisciplines. While his majorfield world in a meaningful way.”world inameaningful on makingsure you wouldinfluencethe just gettingsomethingpublished,butalso “ y ter wasanextremely rigorous place,where by hisexperienceat Simon.part, “Roches- and financehave ahighdegree ofcitations. P them gettenure. to generatethekindsofideasthatwillhelp to work on. We trainstudentstobeable going tocomealongandgive you anidea become anassistantprofessor, noone’s up withanidea.Our attitudeis,whenyou rather thanhave afacultymembercome S learn tobeinnovative isthethesis. There wasatremendous emphasisonnot ears attheUniversity ofChicago ou learnedthecraftofresearch,” hesays. r academics andbusinesspeoplewithhis usiness Administration. There, hefocused tudents develop thetopicthemselves, h.D. theses,ourgraduatesinaccounting raduate SchoolofBusiness inmarketing. esearch. D At It It Another factorthathashelpedstudents ’s ’s olan thoughthewouldreturn tohis

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also agoalthatwasshaped,inlarge also why, ifyou lookatcitationsof imon, Dolan mastered aneclectic Bottom Line, P considerably lesstechnicalbook, Fi a casestudyofhow ithandledtheissue. Then, hetookaspecificcompanyandwrote typically findinajournallikethat,”hesays. Science, subject inascholarlypublication, counts. In 1987,hepublishedapieceonthe area, thereasons firmsofferquantitydis- gan alumnus.Clearly, Ne business school—from Stephen Ross, a million gift—thelargestever given toany top businessschools.It alsoreceived a$100 J by program inthecountry school wasnamedthenumberoneM.B.A. had taughtforyears,” hesays.In 2004,the school, “putting intopracticethetheoriesI ve spent muchofhistimefundraisingandde- Thanks tounexpectedbudgetcuts,he’s of Business attheUniversity ofMichigan. come deanoftheStephen M.Ross School through casestudies. managers through books,andeducators audiences: researchers through papers, development andpricing—aimingatthree have animpact. the field. across thoseareas. It causedaseachangein P subjects. It alsomeantthatthewhole those fieldstobetrainedincore economic torequireprogram started studentsin and operationsmanagement,whenthe pened intheareas ofinformationsystems waswhathap- I thinkmostimportant program’s history? We ournal ournal (continued onp.15) ricing: How Managing Price Transforms the h.D. Program becamemore integrated nally, hewrote abouthisfindingsina loping amarketing strategyforthe F Consider how hetreated oneresearch w York real estatedeveloper andMichi- re our years ago,Dolan leftHarvard tobe-

there anynotablechangesover the in its annual survey ofthenation’sin itsannualsurvey with “all theheavydutymathyou targeting managers. D olan continuesto The WallStreet Power Ma r keting 13 SIMONBUSINESS Winter 2005–06 1529 TXT 1/30/06 3:02 PM Page 14

WILLIAM E. SIMON GRADUATE SCHOOL OF BUSINESS ADMINISTRATION

Collegiate Professor of Accounting at the lection process, and were useful in picking University of Michigan. The couple moved up instances of incorrect pricing. there together from their native Australia. That research has also frequently been She joined the faculty of Wharton after ahead of its time. In 1996, well before the graduating but, in 1997, moved to Michigan Enron debacle, Dechow, along with Hutton when she and her husband were offered and Sloan, looked at firms that had manip- tenured positions. ulated earnings and showed that the com- Much of Dechow’s research has been done panies had weak corporate governance. jointly with Sloan and with fellow class- Similarly, in 2000, the three studied ana- “The Simon School’s Ph.D. Program mate Amy Hutton M.B.A. ’86, Ph.D. lysts’ growth forecasts and found evidence has been one of the most spectacular ’92, now associate professor of business ad- that they provided an overly optimistic successes not only in the University of ministration at Dartmouth’s Tuck School prognosis when it involved firms in which Rochester but in all of higher of Business. “We three formed a unique their employers were making equity offer- education. The rate at which Ph.D.’s bond,” she says. For example, in 2001, ings. place in the top 25 business schools they investigated short sellers’ use of finan- Recently, Dechow wrote a monograph cial statement ratios in picking stocks; for the C.F.A. Institute about ways to mea- is so far ahead of anything else I’ve short sellers would buy the stocks of firms sure the quality of reported earnings. She ever seen—at the University of with high price earnings ratios, because the is now focusing on research related to asset Rochester or any other university— price was high in relation to the company’s securitizations—accounting methods com- that it just seems impossible. But it’s earnings potential. They found evidence panies use to record gains made from true: we teach the teachers at all of the that the ratios did, indeed, help in the se- sales—and whether firms with weaker cor- top business schools in the country, and we do so at a rate that is impossible to match.” Seeking Top Candidates for Simon’s World-Renowned Ph.D. Program

Charles Phelps Simon’s Ph.D. Program is noted for: Provost of the University of Rochester • Rigorous academics, intellectual stimulation •Providing generous support to highly qualified candidates Patricia M. Dechow ’93 •Producing leading scholars who conduct groundbreaking research In her research, Patricia M. Dechow ’93, Carleton H. Griffin-Deloitte & Touche Success of our Ph.D. Graduates: L.L.P. Collegiate Professor of Accounting at the Ross School of Business at the Total Number of Graduates: 179 University of Michigan, has maintained a Percent Placed in Academic Jobs: 75% consistent focus on questions related to ac- counting and its effect on capital markets. Percent Placed in Top 50* Schools Right After Graduation: 52% That has meant such topics as how in- Percent in Top 15* Schools After Graduation: 25% vestors respond to financial information and the use of accounting by investors and Percent in Top 10* Schools Right After Graduation: 20% analysts. It’s also a highly practical ap- proach, in which Dechow develops a the- To submit nominations of potential candidates for this program, contact: ory and then tests it, “so it’s not just a model in a vacuum somewhere,” she says. Rajiv M. Dewan M.B.A. ’84, Ph.D. ’87 Her ability to do that was primarily Chairman, Ph.D. Program forged at the Simon School, where she [email protected] studied finance as well as accounting. “Learning about both helped me to see the *Based on the 2005 ranking of M.B.A. programs by U.S. News & World Report. big picture,” she says. Dechow started at the program with her husband, Richard Sloan ’92, who is now

BUSINESS 2005–06 Winter Victor L. Bernard PricewaterhouseCoopers SIMON

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WILLIAM E. SIMON GRADUATE SCHOOL OF BUSINESS ADMINISTRATION

Ph.D. Program Perspectives continued porate governance reported larger gains to make their earn- ings look bigger. Enron has made this a particularly interest- ing topic. Rajiv M. Dewan M.B.A. ’84, Ph.D. ’87, associate professor of Brian T. Ratchford ’72 computers and information systems, As a Ph.D. student with concentrations in Economics and is the new chair of the Ph.D. Marketing, Brian T. Ratchford ’72, could have gone down Program. A graduate of the Ph.D. either path. While he chose to concentrate on marketing in Program, Dewan was previously a his professional life, that dual training has long stood him in faculty member at Northwestern good stead. “I was one of the few people in those days who University’s Kellogg Graduate came to marketing with a training in economics,” he says. “As School of Management. Dewan a result, my research always has a theoretical foundation.” talked to us about the future of the Ratchford, who was in the Ph.D. Program’s second graduat- Ph.D. Program. ing class, wound up there in large part thanks to the Vietnam War and the student deferment that enrollment provided him. “It struck me as a better idea to get a Ph.D. than to get shot at,” he says. What he found when he arrived at the new pro- What do you see as the core strengths of the program? gram was an exciting and challenging environment, with small Its strong interdisciplinary approach to business education and re- classes that often “seemed like tutorials,” he notes. search. Our approach to training students to do world class re- Later, Ratchford joined the faculty of Boston College, search is key to their success. We devote an entire year to founda- where he also finished his dissertation. Then, in 1971, he tions in mathematics, statistics and economics. At the end of this moved to SUNY Buffalo, where he stayed for close to 30 “core” year, our students quickly reach the frontiers of their respec- years, eventually becoming Alumni Professor of Marketing. tive disciplines and do good quality research. The interdisciplinary Six years ago, he accepted an offer at the Robert H. Smith approach that is fostered by the schoolwide funding and support School of Business from the University of Maryland to be- for our students, rather than support from individual departments come the PepsiCo Chair in Consumer Research. or faculty groups, is another key strength. Throughout much of his career, Ratchford has concen- trated his work on what he calls “the economics of the con- What new plans do you have for the future of the program? sumer.” For example, in the early 80’s, he developed a theo- I see my role and the role of the program as selecting, training and retical model for studying consumer behavior in searching placing the best Ph.D. students in the top schools in the country. for certain products. More recently, he has looked at how Not only do the majority of our graduates go on to positions at the consumers use the Internet in searching for durable goods, top 50 business schools, but many go to the top 15. Continuing such as automobiles, and determined that consumers were that tradition is my main goal. then able to come better armed with information and there- This brings me to my other goal: To make the success of the fore spent less time with the dealer. Since coming to the program better known. The Ph.D. Program is a hidden gem. I in- University of Maryland, Ratchford has placed greater empha- tend to make it more public. sis on research that is more directly tied to industry, such as a major forecasting project for PepsiCo. Still, says Ratchford, How is the program handling the problem of foreign visas for “It’s the research that continues to interest me the most.” students? We’re a highly selective program. About 2 percent of applicants are Ann Gray ’92 accepted. We work hard at getting the students we admit to come Ann Gray ’92 always had her eye on here. But, we recognize that our country faces challenges in this re- the practical. Even as a Ph.D. candi- gard, and we’re willing to work to address them. date studying Operations Manage- ment, Gray was interested in doing Any other plans? something “real world” when she grad- I also intend to have more interaction with the M.B.A. program. uated. So, it shouldn’t come as a sur- Our Ph.D. students are part of the intellectual strength of the en- prise to learn that she’s now acquired tire school. They add an intellectual rigor few other schools can three manufacturing companies and, match. I hope to bring more and more of that to the M.B.A. pro- to hear her tell it, “having a great deal of fun, too.” gram—in effect, to see a spillover effect. Before coming to Simon, Gray worked briefly at Frito-Lay as an industrial engineer at a manufacturing plant in Irving, BUSINESS 2005–06 Winter SIMON

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16 SIMONBUSINESS Winter 2005–06 now,” shesays. r with businesspeople“to helpshapecur- and gave herthechancetowork directly tunity tobalanceresearch andteaching decided thepositionoffered hertheoppor- ment attheHarvard Business School,she offered ajobteaching operationsmanage- go backintoindustry. But whenshewas acquisitions. says thatsincethenthey’ve madetwomore vulge thepurchase priceorrevenues, she 100-person firm. While she declines todi- through, andGray becamepresident ofthe capital firms.In 2001,thedealwent shopped itaround toanumberofventure and wastegastreatment facilities—and land-based gasturbines,aircraft engines called Fabrico makingcomponentsfor 15-year-old Oxford, Mass.-based business company—athen they foundtheperfect business. Afterseveral monthsofresearch, theirownraise moneytobuyandrun cision makingprocesses, suggestedthey best practicestoimprove managementde- nization aimedathelpingcompaniesshare Q her work atagroup called The Centerfor That’s whenacolleagueshemetthrough was timetoenterthebusinessworld. S out mywholecareer sincegraduatingfrom practice,” shesays.“I’ve usedthatthrough- y think, awayofexaminingproblem that “Education isallaboutlearninghow to P School,” shesays. some ofthework beingdoneatthe M S accelerate herplansandappliedtothe the University ofRochester, shedecidedto entered aPh.D. program intoxicology at P thought she’d eventually goontogeta the University ofMichigan in1985,and in industrialandoperationsengineeringat T ILA .SMNGAUT COLO UIESADMINISTRATION BUSINESS OF SCHOOL WILLIAM E. SIMON GRADUATE ent businesspracticesinthehere and ou canapplynotjusttotheory, butto imon.” imon SchooltostudyOperations ex. She received anundergraduatedegree h.D. Program formuchofhersuccess. h.D. years, herhusband When, afterafew uality ofManagement, anonprofit orga- anagement. “Igotreally excited about Se After graduating,Gray’s intentionwasto G ray credits hereducation attheSimon v en years later, however, Gray it knew field, withlittleattentionpaidtoquestions schools focusedonthetechnicalsideof computer science.At thetime,most for hisinterest in theappliedaspectsof the Simon Ph.D. Program fit wasaperfect Ir gram attheUniversity ofCalifornia– vine’s Graduate SchoolofManagement, graduates. Bythismeasure, theSimon School hasmadeasignificantmarkin R prestigious institutionmayshowthan the fieldofbusinessadministration.” to hire andpromote anotherschool’s is therepresentation ofSimonPh.D. ochester. Onemeasure ofitsimpact business schools(Harvard, M.I.T., program isahallmarkofgraduate Vice Provost andUniversityDean Stanford, Chicagoandthelike). “The SimonSchool’sdoctoral America’s mosthighlyranked education attheUniversityof There isnogreater respect a graduates onthefacultiesof University ofRochester of GraduateStudies, Bruce Jacobs for theM.B.A.pro- and associatedean computer science management and ’87, F ’87 Gurbaxani V or ijay Vijay Gurbaxani professor of Associates. Coopers andMichael Corbett& by Pricewaterhouse-demic category W awarded theprestigious area ofresearch.primary In 2002,hewas at issuesrelated to IToutsourcing, his Sciences Corp. asaresearch fellow looking M.I.T., aswell asayear atComputer ing scholaratStanford University and there ever since,withbriefstintsasavisit- the rest ofmylife,” hesays.He’s been enough snow inRochester tolastmefor of California.“IdeterminedthatI’d seen G says. captivated me,”he economic worldview with Gurbaxani’s own orientation.“Their different tack,andonethatwasconsistent the studyofinformationsystemstooka B actual businesspeoplemightencounter. among othernationalpublications. Yo P A 1999. gram, ajobhealsoassumedfrom 1995to sociate deanofthefull-timeM.B.A.pro- worked organization. ahighlynet- capabilities neededtorun ing enterprisesandthesetsofmanagerial how informationtechnologyistransform- cent exampleofthatresearch isalookat interest tothegroup’s sponsors.One re- ness, toinvestigate avariety ofissues puter science,thesocialsciencesandbusi- ulty from avariety ofuniversities incom- M companies asI.B.M.,Boeing, and Fo W S In calledtheCenterforResearchsortium on ince 2003,he’s asitsdirector. served elham, N.Y. She haswrittenfor nne Field isafreelance writerbasedin ut, theprogram’s pioneeringapproach to urbaxani went straighttotheUniversity formation Technology andOrganization. orld Achievement Award intheaca- icrosoft, theCenterbringstogetherfac- In After finishingSimon’s Ph.D. Program, Last year, Gurbaxani wasappointedas- ith fundingfrom theNational Science rk undation and participation from such undation andparticipation

T 1998, Gurbaxani helpedformacon- imes, Fortune SB and B usinessWeek, The New 1529 TXT1/30/063:02PMPage17 Is After Greenspan: M —by Charles I.Plosser F ederal ReserveChairman

It onetary Policyonetary

T Alan Greenspan ime foraChange? testifies before theSenateBankingCommitteeinJuly2005. banker underfourpresidents. asthenation’sdiscussions fornearlytwodecadesandserved chiefcentral the replacement ofsomeonewhohasbecomeafixture ineconomicpolicy that there anxietyover isagreat and,insomequarters, dealofuncertainty r 1970. Moreover, duringGreenspan’s tenure, thenationhasexperienced W 1987, Greenspan’s tenure inthiscapacityisexceeded onlyby thatof of theBoard ofGovernors oftheFederal Appointed Reserve. inAugust In elative economicstabilityandlow inflation. Thus, itcomesasnosurprise

illiam McChesney from April Martin, whoserved 1951toJanuary J anuary 2006,AlanGreenspananuary isscheduledtostepdown aschairman R euters/Larry Downing 17 SIMONBUSINESS Winter 2005–06 1529 TXT 1/30/06 3:02 PM Page 18

WILLIAM E. SIMON GRADUATE SCHOOL OF BUSINESS ADMINISTRATION

Consumer Price Inflation

Figure 1

Why is there so much anxiety—and is it ent political environment or under differ- would act in such a way to maintain the necessary? The answer to the first part of ent leadership. rate on 90-day government bills at three- this question is that history tells us that it The credibility and commitment of the eighths percent. Under this arrangement, matters who is the nation’s chief central Federal Reserve to price stability is cur- the Federal Reserve was, in effect, acting banker and that the American economy has rently dependent on the credibility and under the direction of the Treasury and borne the consequences of good and bad commitment of the members of the board, thus was not free to conduct independent decisions by these individuals. The answer and especially the chairman. The markets monetary policy. With various adjustments, to the second part of the question is that know all too well that when Greenspan this agreement lasted until 1951. In March much of the anxiety and uncertainty can steps down, the prospects and expectations of that year, the Treasury and the Fed and should be avoided. for inflation will depend, in large part, on reached an agreement, known as “The Over the past 25 years, the Federal who becomes the next chairperson and Accord,” which formally ended the obliga- Reserve has reduced inflation from over 12 what approach, knowledge and skills he or tion of the Fed to support the price of gov- percent in 1980 to nearly 2 percent. This she brings to the job. Thus, it is under- ernment bonds. This marked the beginning low inflation environment has played an standable that markets may be nervous. of the modern era of independent U.S. important role in promoting a healthy and Modern Federal Reserve history begins monetary policy, which continues to this robust economy. The Fed and Chairmen in early 1951 with the famous Treasury day.1 Volcker and Greenspan deserve credit for Accord. For nearly a decade prior to 1951, Since 1951, the U.S. experience with in- this significant accomplishment. Federal Reserve actions were dominated by flation has varied considerably. Figure 1 Unfortunately, there is no institutional the government’s World War II financing (above) and Table 1 (opposite) illustrate mechanism in place that will ensure that a requirements. The Treasury wanted to keep how inflation has varied under different Fed future Fed chairman will be as dedicated, as the interest rate on government bonds at chairmen. During most of the 1950’s and wise, or perhaps as lucky as Greenspan. low levels to reduce the costs of wartime fi- 1960’s, William McChesney Martin served Consequently, the remains at nance. To accomplish this, Federal Reserve as chairman of the board of governors and risk that inflation may resurface in a differ- and Treasury officials agreed that the Fed displayed a fairly consistent commitment to BUSINESS 2005–06 Winter ______1

SIMON Technically, complete independence didn’t arrive until the abandonment of the Bretton Woods system of fixed exchange rates in 1971.

18 1529 TXT1/30/063:02PMPage19 ILA .SMNGAUT COLO UIESADMINISTRATION BUSINESS OF SCHOOL WILLIAM E. SIMON GRADUATE the targetedfederalfundsrateandmoney Ma commodating inthattheFederal Open diately, policybecamemore ac- monetary r in February 1970,theinflationratehad Gr on inflationandthoseofChairman similarity between ChairmanMartin’s views J cumbed tothepressure from President w omy. His commitmenttolow inflationwas of 2percent ayear wasbadfortheecon- He economicgrowth.and promoted long-run believed thatlow inflationwasdesirable during thelate1960’s. Nevertheless, Martin sequence, inflationbegantograduallyrise money creation becametoogreat. Asacon- help financethe Vietnam War through from thenPresident Lyndon Johnson to price stabilityuntilthepoliticalpressure Inflation RecordofFed Chairmen ohnson. Indeed, there isagreat dealof eached nearly6percent, yet almostimme- ell known even ashereluctantly suc- When Arthur BurnsWhen Arthur becamechairman eenspan.

r argued thateven amodestriseinprices ket Committee(F.O.M.C.) lowered lnGenpnAgs 97 .110 1.0–6.2 1.07 3.01 6.5–11.2 2.9–11.5 1.61 August1987– -1.0–9.2 2.35 8.53 1.79 6.28 Alan Greenspan March1978–August1979 2.15 P February 1970–January1978 G. WilliamMiller April1951–January1970 Arthur Burns William McC.Martin u oce uut17–uut18 .237 1.2–13.6 3.78 6.32 August1979–August1987 aul Volcker himnPeriod Chairman M was followed by themysteriousG. William was quicklysquandered by Burns. Burns credibility theFed hadgainedunderMartin Whatever inflation-fightingreputation and flation inthelasthalfof20thcentury. sponsible forthegreatest inU.S.in- run-up policy, monetary his expansionary hewasre- price controls. More significantly, becauseof by economist, yet disappointedhiscolleagues disappointment. He wasahighlyrespected by and continuedtoclimbover 11percent J again andwasrisingrapidly, andby 1973, annualinflationreached 6percent trols were ultimatelyafailure. By June slow themeasured increase inprices,con- controls. totemporarily While thisserved Richard Nixon imposedwageandprice ofBurns,with thesupport thenPresident growth ratesexploded.In August 1971, anuary 1974,inflationreached 9percent anuary iller. Miller’s termlastedonlyalittleover

To advocating and supporting wageand advocating andsupporting the endofyear.

most economists, Arthur Burnsmost economists,Arthur wasa Y Inflation (CPI) ear-over-Year A verage lead theFed toward agreater institutional legacy wouldbegreater ifhewere willingto Gr genius. skill andastroke ofartistic the worldeconomywithsoundjudgment, the Americaneconomyand,insomecases, that Greenspan wasanartist—orchestrating Boom, M banker iswell established.In hisbook, r and stableinflation.Indeed, Greenspan’s since theMartin Fed have we seensuchlow in keepinginflationundercontrol. Not 1987 andhasbeenextraordinarily effective Gr cent. Following in Volcker’s footsteps,Alan fell from over 13percent tounder2per- the 1960’s. During Volcker’s term,inflation ing inflationdown tolevels notseensince credit forbring- 1979, andrightlydeserves fects oftheBurns policies. a year andlargelyreflected theresidual ef- eputation asanastuteandeffective central aestro: Greenspan’s Fed andtheAmerican P eenspan’s record praise,buthis deserves eenspan becamechairmaninAugust aul Volcker becamechairmaninAugust Bob Woodward cultivated theimage Deviation of Standard Inflation Range Ta ble 1 19 SIMONBUSINESS Winter 2005–06 1529 TXT1/30/063:02PMPage20 20 SIMONBUSINESS Winter 2005–06 ILA .SMNGAUT COLO UIESADMINISTRATION BUSINESS OF SCHOOL WILLIAM E. SIMON GRADUATE policy. thathasemergedis The view ing thebestapproach tosoundmonetary emerged over thelast10–15years regard- central banks,aconsensusseemstohave policy,monetary bothinsideandoutside y chairman oftheF.O.M.C.? The answer is ject tothewhimsandskillsofwhositsas policiesthatare lesssub- sound monetary tainty inthemarket. mitment topricestabilityincreases uncer- appointed, thelackofaninstitutionalcom- the early1970’s. Regardless ofwhomaybe F tentially damaging,courseofactionforthe chairman maychooseadifferent, andpo- risk thatthenextchairmanorsomefuture lack ofinstitutionalcommitmentposesthe pricestability.mitment tolong-run This behind hasnoexplicitinstitutionalcom- in1970. parted The Fed Greenspan leaves flation, muchasMartin didwhenhede- ity andhispersonalcommitmenttolow in- skills andjudgment,aswell ashiscredibil- Gr have mademonumentalmistakes. When saw, hasdemonstratedthatsomechairmen judgment ofthechairman.History, aswe gerous torely soheavilyontheindividual well, itisdan- himandthecountry served Gr to theeconomicenvironment. While must have extensive flexibilitytorespond and hasarguedrepeatedly thattheFed has relied heavilyonhispersonaljudgment commitment topricestability. Greenspan ilar reactions from somefuture chairman? climate mightbesuchthatitgeneratessim- time inthefuture theeconomicorpolitical sures toinflate. Who istosaythatatsome succumbed topoliticalandeconomicpres- doubt, hadthebestofintentions.But both ov Gr tells thenextchairmanhow toconduct manual,noguidebookthat no instruction that were theobjective, Greenspan leaves Gr and choosetoemulatethebestqualitiesof cess ofGreenspan andthefailures ofBurns lesson? Won’t future chairmenseethesuc- es. Amongthoseeconomistswhostudy ed andtheeconomy, justasBurns didin er, ChairmenMartin andBurns, no Is Y eenspan departs, hetakeswithhimhis eenspan departs, eenspan’s judgment,skillandluckhave eenspan-style monetary policy.eenspan-style monetary More- eenspan orMartin? Perhaps, buteven if ou mightask:Haven’t we learnedour

there abetterway? Canwe promote “ mental toeconomicstability. For example, v authorityis in thehandsofmonetary good ones.In fact,thevalue ofdiscretion cretion permitsbaddecisionsaswell as at theappropriate time.But thatsamedis- make the“best” decisionfortheeconomy don’t wanttheirhandstiedsothattheycan argued fordiscretion. They saythatthey wouldbe? they otherwise nancial markets more orlessvolatile than cient useofresources? Does itmakethefi- especially ofChairmanGreenspan, aneffi- testimony ofFederal personnel,but Reserve nuanceof and attempttointerpret every ers,” whoread speech the tealeaves ofevery the F.O.M.C. Is thearmyof“Fed watch- ing forinformationonthefuture actionsof of substance. The markets are clearlygrop- official makesaspeechthatsaysanything timeGreenspanevery orsomeotherFed wild gyrationsinthefinancialmarkets havior by theFed isevidencedby theoften the idea. be- The absenceofanyrule-like Gr Indeed,guided by rules. Chairman terms ofpolicy“rules.” in policyisbestviewed sound monetary astly overrated andcanactuallybedetri- Central bankers,however, have usually T eenspan hasrepeatedly arguedagainst oday, policyisnot U.S.monetary brings tothejob. and skillsheorshe approach, knowledge chairperson andwhat becomes thenext in large part,onwho inflation willdepend, e the prospects and Greenspan stepsdown, too well thatwhen The marketsknow all xpectations for ” clearly achievable objectives shouldnotde- the commitmenttopricestabilityand sustained. By institutionalize Imeanthat achieved duringthelasttwodecadesare y the commitmenttolow inflationor, better dress thequestionofhow toinstitutionalize Gr but we have notachieved pricestability. As followed inthefuture. policywillbe fidence thatsoundmonetary and objectives; andcreating increased con- a clearfocusfortheFed regarding itsgoals icy by increasing transparency; establishing pol- ing publicunderstandingofmonetary policythusinclude:increas- for monetary tially reduce this uncertainty. for achievingthem,theFed couldsubstan- ing aclearsetofobjectives andguidelines the nextF.O.M.C. meeting. By articulat- toguesstheoutcome of officials alltrying communications andcommentsofFed endless parsinganddecipheringofFed of“Fedhuge industry watchers” andthe tions are andhave created important the H r increase? Should theFed takeactionin “ the Fed fundsrateorwillthere bea man continuethe“measured” increases in able rangeinitsview? Will chair- thenew inflation? If so,whatconstitutesanaccept- D or lower interest ratesatitsnextmeeting? The barrageisconstant. Will theFed raise questions aboutwhattheFed willdonext? do you hearthefinancialmediaasking the markets andtothepublic.How often tions more transparent andpredictable to r derstandable objective andguidelinesor be avoided. Adopting anexplicitandun- volatility could much ofthisunnecessary ofsystematicguidelines,isthat some sort least clearinstitutionalobjectives and esponding tothe“housingbubble” orto ules forachievingitwouldmakeFed ac- pause”—or perhapsamore aggressive rampant inflationofthe1970’s. Gr policy contributedsignificantlytothe it iswidelyacceptedthatpoormonetary et, pricestability, andensure thegains oes theFed have acommitmenttolow urricane Katrina? ofques- These sorts T O eenspan departs, it is important toad- itisimportant eenspan departs, The benefitsofmore explicitguidelines eat Depression andwasthecauseof oday, inflationremains relatively low, ne argument in favor of rules, orat ne argumentinfavor ofrules, 1529 TXT 1/30/06 3:02 PM Page 21

WILLIAM E. SIMON GRADUATE SCHOOL OF BUSINESS ADMINISTRATION

pend on the attitudes and beliefs of the The next chairman of the Federal the S.O.M.C. has consistently recom- transient members of the F.O.M.C. or the Reserve is likely to raise the topic of infla- mended that the Federal Reserve: chairman of the board of governors. tion-targeting again. Former Fed Governor • adopt a clear public statement that its One approach to ensuring continued Ben Bernanke, who recently became chair- primary objective is to control inflation; credibility of monetary policy is to adopt a man of the Council of Economic Advisers • announce a specific target for inflation regime that commits the monetary author- (C.E.A.), is a frequently mentioned candi- with the goal of price stability, which ity to a clear objective in terms of inflation. date to replace Greenspan. He was a strong implies zero inflation. Given the inher- Such an inflation-targeting regime has been voice inside the Fed for inflation-targeting ent measurement error in various price successfully adopted by a significant num- and is likely to place the topic on the indexes, the S.O.M.C. suggests that the ber of central banks around the world, in- agenda should he return as chairman. Federal Reserve announce a goal of 1 cluding the European Central Bank, the Others who are often considered candi- percent inflation in the overall C.P.I. Bank of England, the Bank of Canada, the dates such as Glenn Hubbard, who is cur- measured year-over-year; and Bank of Australia, and the Reserve Bank of rently dean of the Columbia Business • announce a policy process and guide- New Zealand, among others. These infla- lines consistent with this objective. tion-targeting countries have established explicit numerical objectives for inflation The S.O.M.C. believes that these princi- and have acknowledged that controlling in- “While Greenspan’s ples would achieve the objective of estab- flation is the primary goal and responsibil- judgment, skill and lishing an institutional commitment to low ity of the central bank. Other objectives or inflation, while permitting sufficient flexi- concerns such as employment or real out- luck have served him bility for the Fed to be responsive to other put are of secondary importance because and the country well, economic developments in the short run monetary policy, we know, has no long-run if it deemed it necessary and prudent. One effects on either employment or output. it is dangerous to rely of the advantages of this sort of inflation- The Federal Reserve, by contrast, has no targeting regime would be a dramatic such explicit institutional commitment to so heavily on the improvement in the public’s understanding price stability or low inflation. While individual judgment of the Federal Reserve and its actions, thus Greenspan has frequently expressed the contributing to transparency and a sub- view that monetary policy should keep in- of the chairman. stantial reduction in word games and flation low to promote economic growth, never-ending efforts to read between the there is no guarantee that some future lines of every official communication. chairman will feel the same way. The School and former C.E.A. chairman” under Let us hope that the next chairman F.O.M.C. has discussed inflation-targeting, President George W. Bush, and Martin of the Federal Reserve will help our cen- but Greenspan has been firmly opposed. Feldstein, a professor at Harvard and presi- tral bank catch up with other central Consequently, he has missed a golden op- dent of the National Bureau of Economic banks around the world by establishing an portunity to help commit the institution to Research, are also likely to place inflation- institutional commitment to low inflation sound monetary policy in the future. targeting on the Fed’s agenda.* and announcing its targets to the public. Greenspan has argued that inflation- The Shadow Open Market Committee There is no better way to ensure that the targeting ties the hands of the Fed in ways (S.O.M.C.), www.somc.rochester.edu,** successes of the Volcker-Greenspan era that would make it difficult or impossible which I co-chair with Anna Schwartz of will be sustained. to respond to crisis situations. This is sim- the National Bureau of Economic ply not true. Inflation-targeting as prac- Research, has stressed that the credibility ticed by many other countries does not and commitment of monetary policy to Charles I. Plosser is the John M. Olin prevent the central bank from responding price stability is an essential ingredient in Distinguished Professor of Economics and to crises. For example, an inflation-target- promoting long-term economic prosperity. Public Policy and director of the Bradley ing regime would not prevent the Fed from The risk and uncertainty posed by the dis- Policy Research Center at the Simon School. responding to financial crises such as the cretion currently possessed by the He is also a research associate at the National market crash in 1987 or the Russian crisis F.O.M.C., and thus the transition to a Bureau of Economic Research, co-editor of the and the failure of Long-term Capital in new chairman who may have different be- Journal of Monetary Economics, and co- 1998. The Fed would still be responsible liefs, can be limited by a more explicit in- chair of the Shadow Open Market for ensuring the integrity of the payments stitutional commitment to sound mone- Committee. system in times of crisis. tary policy. To achieve this commitment,

______BUSINESS 2005–06 Winter *As this issue of SimonBusiness went to press, President Bush nominated Ben Bernanke to replace Chairman Greenspan. **The S.O.M.C. was founded in the early 1970’s by the late Simon School professor Karl Brunner and Allan Meltzer of Carnegie Mellon University. SIMON

21 1529 TXT1/30/063:03PMPage22 22

SIMONBUSINESS Winter 2005–06 A DayintheLifeatUBS T in Rochester’s South Wedge neighborhood. G nity, atABVI forexample,have pitchedintoconductinventory collect necessitiesforthoseinneed.Members oftheSimon commu- Challenged andliteracyprograms, amongothers, toraisefundsand Mc teamed withagenciessuchasFoodlink, United Way, Ronald through fundraisingandroll-up-your-sleeves work. The Schoolhas future. The Simon communityalsohelpsimprove people’s lives petition heldatSimon forhighschoolstudentstoplanRochester’s Pr management skillstowork through Simon’s student-run VISION R sidebar onp. 24).Anotherfoundedamath tutoringprogram inthe thinking between theAmericanandIsraeli medicalsystems(see v And manySimon students,facultyandstaffsaycommunityin- nity iscommittedtogivingtime,talentanddonationsothers. oftheSimonloads andhecticschedules,asizableportion commu- olvement gives ochester CitySchoolDistrict. Simon studentsare puttingtheir oodwill, buildhomesforHabitat forHumanity andplantgardens ogram and the new ROCogram andthenew City Youth Program, amini-casecom- O D Tr ne facultymembercreated ascholarshiptocross-pollinate onald House, New York State Games forthePhysically Simon GivesBack he Simon Schoolpridesitselfonbeingaplace“where promotes community service. Despite challengingcourse promotes communityservice. thinkers becomeleaders.”It isalsoaplacethatfostersand T back easure T — as muchit by alent

ime, M arget LeeBraun and gives . community serviceinthefallof2005. ’06 Park Crystal to more than200 children inRochester, from “Santa.” nates withafestive gift-wrappingparty. Then, thegiftsare delivered and schoolsuppliesbasedonchildren’s wishlists. The project culmi- D tions, holdasilentauctionandhostotherfund-raisingevents. In R S club, inconjunctionwithFamilyservice ofRochester, Service the Pr to purchase holidaygiftsforchildren inneed. The Secret Santa holiday time,theSimon communitypoolsitsresources toraisefunds School’s project. mostwell-known Every communityservice year at H called theRochester AfterSchoolAcademy (R.A.S.A.)atMonroe skills componentofanafter-schoolprogram for studentsages12–14 dren’s faceslightupinanotherproject called“It’s Your Life,”alife- W clothing andschoolsuppliesforchildren inRochester’s South program director atMonroe High School,and outh Wedge Planning Committeeandguidancecounselorsfrom ochester’s Monroe High School.Simon Volunteers raisecashdona- ecember, theshoppingbeginsasvolunteers purchase clothing,toys igh School. ogram isorganized eachyear by Simon Volunteers, acommunity outesa odiki ohse uigteVSO Program dayof volunteers atFoodlink inRochesterduringtheVISION edge neighborhood. Gr The Secret Santa Program, now inits13thyear, isperhapsthe O Last year, Simon Volunteers raisedarecord $25,000intoys, sier co-created “It’s Your Life” withRichard Paufler, R.A.S.A. eg Osier ’06, president ofSimon Volunteers, loves seeingchil- L yndie Siff ’05, 1529 TXT 1/30/06 3:03 PM Page 23

WILLIAM E. SIMON GRADUATE SCHOOL OF BUSINESS ADMINISTRATION

past president of Simon Volunteers. “The make a plan—I’m going to send out five a week to tutor children—on top of his program was up and running after a few letters a week—then learn to set a schedule M.B.A. courseload, campus activities and a weeks of discussion,” Osier says. “We meet and get it done.” significant (20 hours per week) consulting with the kids and talk about different direc- Details aside, Osier is energized by the job with I.B.M. Business Services. tions that can lead to a fulfilling life and a big picture. “It’s good to give back to “I’m a big advocate of free education,” decent paycheck.” Rochester because most of us are not from says Chalhoub. “Ever since I was young, I Topics covered include money manage- here, but we all have a home here.” tutored for free, because math, physics and ment, job search, résumé writing and tradi- Ziad Chalhoub ’06 is another Simon chemistry are my cup of tea.” tional and non-traditional career paths. School student who gets involved. Chalhoub tutors underprivileged chil- “The kids really brighten up when we talk Chalhoub is president of the Graduate dren primarily through word of mouth. about anything international,” Osier said. Business Council (G.B.C.), the elected “Even if I were to win the lottery,” he “Most of them have never left Rochester, group that represents the Simon student says, “I’d keep getting an education. And much less gone to Europe or beyond. We body. The G.B.C. supports volunteer pro- the education I’d get, I’d give. People can’t invited Simon students from Brazil and jects with small grants. “Clubs get in touch afford education through no fault of their Bulgaria to speak last year, and the kids had with us if they need money to rent a bus to own. It’s a hard cycle to break,” Chalhoub tons of questions—how is life the same transport volunteers, or feed 20 volunteers says. “I’m clear it’s a privilege that I’m get- there, how is it different?” who are helping to build a house for ting my education, not an entitlement.” Osier came to the Simon School straight Habitat for Humanity,” he says. A new project at Simon this year, the out of undergraduate studies at St. The motivation? “What’s good about the ROC City Youth Case Competition, sur- Bonaventure University. “When I heard Simon School is we collaborate a lot,” prised even the organizers with its positive about Simon Volunteers, I jumped at the Chalhoub explains. “Everyone knows one impact. Geva Theatre posed the case prob- chance,” he says, citing the Franciscan tra- another, and when you see your peers lem: How to reach the most young people dition at his college for “getting a sense of painting a house or working in a soup while spending the least amount of money? your place in the world. kitchen, it encourages other students to They wanted to utilize existing resources “I played tennis in college, and it took care and do more.” and incorporate the idea into technology. an incredible amount of time,” Osier Chalhoub has a history of volunteerism. “I remember watching the faces of the noted. “I loved it, but it was kind of all When he graduated from high school at Geva representatives and seeing how they about me. I practiced six days a week and 16, he was too young for college, so he de- lit up when our team presenter described played matches all weekend. I didn’t get cided, with his parents’ approval, to join our idea,” said winning team mentor Chris much opportunity to give back to others. the Red Cross. He served for two years in Johnston ’06. “When I got to Simon I felt like there Ethiopia, South Africa and Lebanon before The participants were affiliated with has to be a balance in life. You can get so returning to the United States to finish col- ArtPeace Inc., a nonprofit arts, recreation focused on career that you can lose focus lege at Rutgers University. and technology Young Entrepreneur on everything else in the world.” At Simon, Chaloub sets aside five hours Program, funded by a New York State grant Now, Osier leads a group of more than 40 Simon students who regularly volunteer to organize four major fundraisers each year, as well as help to place students in volunteer positions in the community. This year, Osier hopes to top the $25,000 raised in 2004. Volunteering, Osier says, gives him the chance to come into contact with commu- nity leaders. “I meet fascinating people, like Sister Diana Dolce, who founded Hope Hall, a nonprofit school for children who need additional learning and mentoring to prosper in their academic careers,” he says. And, volunteering has enhanced his or- ganizational skills. “You’ve got to constantly stay on top of a project,” Osier notes. “I send out requests for donations to compa- nies like The Gap that might send a gift Simon Volunteers and students from Monroe High School celebrate the completion of the first year of the “It’s Your BUSINESS 2005–06 Winter certificate or merchandise. You have to Life” program. SIMON

23 1529 TXT1/30/063:03PMPage24 24 SIMONBUSINESS Winter 2005–06 ILA .SMNGAUT COLO UIESADMINISTRATION BUSINESS OF SCHOOL WILLIAM E. SIMON GRADUATE while undergoingmedicalcare. medical training—agapEdna identified management andcommunicationskillsin scholarship toencouragedevelopment of and Operations Management, establisheda of ComputersandInformation Systems band, Abraham Seidmann, Xerox Professor died ofcanceratage50in2000,herhus- nance andaccountingattheSimon School, it’s notenoughtobeagoodphysician,but v gets themexcited aboutdeveloping lifeand works withlow-income urbanyouth and administered by RochesterWorks. ArtPeace A Simon student (at left) workswith studentsduringtheROCCitycasecompetition. A Simonstudent(atleft) The Edna Seidmann Memorial ScholarshipinMedical Communications F ocational skills through the arts (digital, ocational skillsthrough thearts “ When Seidmann, aseniorlecturer infi- aculty GiftBringsIsraeliScholarstotheSimonSchool The keyidea,”saysSeidmann, “isthat sors I’ve ever had.” “She isoneofthebestprofes- T Aw G When shereceived theG. especially inhelpingstudents. matched by hergenerosity— beauty andintellectwere E ProfessorThose whoknew eaching, astudentwrote, dna Seidmann sayher adnadJn .Curtis W. raydon andJane ard forUndergraduate to theglobaleconomy,” saysKrisRapp, emphasis onscienceandtechnology. with an visual, dance,musicandliterary) experience inmarket dynamicsandprofit T B.A. andM.A.degrees ineconomicsfrom in 1990.Anative ofIsrael, sheearnedher difference. Her spiritisinthisscholarship.” tomakea and give themtheopportunity go forleadership, toselectthebeststudents something Edna wouldhave wanted—to scholarshipis friends for20years. “This M batical attheUniversity ofRochester ment, metEdna Seidmann whileonsab- D U I compare andcontrast theAmericanand come totheUniversity ofRochester to provides Israeli to scholars anopportunity Scholarship inMedical Communications a goodphysician-patientcommunicator.” sraeli healthsystems. el Aviv University. She drew onextensive niversity’s Faculty ofHealth Sciencesand epartment ofHealthepartment Systems Manage- edical School. The tworemained close “Our goalistohelpyouth getexposed S E The Edna Seidmann Memorial hifra Shvarts, Ph.D., chairofBen-Gurion dna Seidmann joinedtheSimon School while pursuingtheirdualdegree.” unteering withcommunityorganizations curious, anddemonstrateleadershipby vol- mature thantheirpeers. They are dynamic, asadoctor. service military They are more y stood out,”saysShvarts. “Jordana spenttwo they returned toIsrael. clinical medicineandmanagementwhen the scholarship. The twoscholarscombined F sheva, Israel. Tamar Cohen,22,andJordana degree atBen-Gurion University inBeer- M.D./Master ofHealth Administration dual scholars are medical students,gettingtheir This year, twoEdna Seidmann Memorial cal schoolclasswiththehighestG.P.A.’s. are amongthetop10percent oftheirmedi- The candidatesreflect herstandards: They was conceived by comed.” opinions. They feltacceptedandwel- could seethesepeoplewantedtoheartheir kids could quickly turnedaround,” saysRapp. “The gether. ganize. But tocometo- thenitstarted They couldseethesekidswere hard toor- v they don’t alwayslisten.At first,theSimon kidscanbetough,noisyand first. “The ArtPeace executive director. for excellence inherown life,”saysSeidmann analysis forclassroom instruction. each memberofthefirst-placeteam. $5,000 scholarshiptotheSimon Schoolfor case competition. The grandprize wasa peted forprizes, astheywouldinatypical F Y conjunction withRochester CityBallet, For was sponsored by theSimon School,in gies, whoisontheboard ofArtPeace. It School director of informationtechnolo- ears inthearmy, and Tamar willenter riedler, 26,spentamonthinRochester on olunteers seemed a little nervous, too.olunteers seemedalittlenervous, our Entertainment andLorraine’sour Entertainment Food actory. Ten teamsofsixstudentscom- “From thebeginning, Tamar andJordana “Edna wasatopstudentandanadvocate The ideafortheyouth casecompetition “ Ad Whatever stereotypes ourkidshad mittedly, at Rappwasalittlenervous see the diversity atSimon. They P atrick S.Miller, S imon . 1529 TXT 1/30/06 3:03 PM Page 25

WILLIAM E. SIMON GRADUATE SCHOOL OF BUSINESS ADMINISTRATION

“The openness and willingness of the Dean Zupan,” says Rapp. “They were Trolley & Rail Corporation, a volunteer Simon community to mentor 60 kids for a beaming. One girl told me, ‘Wow, they ac- economic development program to create a whole day was phenomenal,” says Rapp. tually believe I could come to this school!’ Rochester trolley system and support local “The students felt their voices were being “I have kids that never, ever considered tourism. Burns has been cited in numerous heard.” going to college who left Simon that day area editorials as an example of a young “I couldn’t get over how well the team saying, ‘I’m going to start my own busi- person involved in civic engagement. worked together to come up with a plan,” ness,’ ‘I’m designing a logo,’ ‘I’m going to “The Simon School is known for teach- says Johnston. “But, surprisingly, every college,’ ” says Rapp. ing M.B.A.’s ‘hard’ skills—the economic member of the group wanted to present, so “To use their scholarships, the kids will and market theories, methods of analysis we had to make a decision based on a have to fulfill standard Simon School en- and frameworks for solving problems,” complicated game of rock-paper-scissors.” trance requirements,” explains Miller. “For Burns says. “VISION gave me an opportu- The winning team proposed an idea to now, the scholarships introduce and rein- nity to gain ‘soft’ skills, to foster and grow send an e-mail to all of the registered visi- force goals involving college attendance relationships on which successful business tors to Geva Theatre and include a coupon and positive living.” is built. I believe this is what can distin- for a discounted ticket. The catch: to use VISION, a student-run portion of the guish a leader from a decision-maker.” SB the coupon, the registered visitor would M.B.A. program that uses modules and need to forward the e-mail to all their con- lectures to teach the “softer side” of man- Marget Lee Braun is a freelance writer and tacts as well. Meanwhile, the children were agement, is another volunteer program author of DES Stories. exposed to M.B.A. students from all over making a difference in the Rochester com- the globe, business school and munity and in the lives of Simon students. administrators, along with professionals in Christopher Burns ’99 continues to the arts. practice what he learned from his VISION “The kids were shocked and thrilled to Program experience as founder of Roch- get those scholarship certificates from ester Young Professionals and of Rochester

screenings (such as colposcopies or mam- mograms) per year, she said, whereas doc- tors in Israel have a fixed salary. “Screening incentives are good,” Jordana concludes. “Besides promoting general health, it is economical. Treating breast cancer may be a simple procedure if caught early.” Jordana is also interested in the availabil- ity of home health care. “Here, the elderly can get medical care at home, even if they need an I.V. In Israel, you’d be forced to be hospitalized if you were on an I.V. You wouldn’t be allowed to stay at home.” On the other hand, Jordana says, in America, Tamar Cohen (at left) and Jordana Friedler (at right), during their stay as Edna Seidmann Memorial Scholars. you must buy health insurance, and there- fore, not everyone has health insurance be- During their first two weeks, Tamar and come a doctor. It centers on the patient, not cause some people can’t afford it. Jordana observed the outpatient clinics at the doctor.” “This is a great opportunity to see how with Dr. Betty Tamar went on to work for two weeks at medicine is practiced in another country,” Rabinowitz, a primary care physician. “We Highland Hospital in internal medicine, says Jordana. “The whole medical world is chose Dr. Rabinowitz because of her out- and Jordana worked for two weeks at changing to communicate better and view standing skill in medical communications,” Strong in cardiac surgery with Dr. Peter A. patients as a whole.” Seidmann explains. Knight. Rabinowitz and Seidmann hosted the

“My university [Ben-Gurion] also stresses Among the topics that fascinate Jordana scholars during their stay in Rochester. BUSINESS 2005–06 Winter communications,” says Jordana. “They is incentives. American doctors earn “We believe they will be new leaders of SB check to see if you’re human enough to be- bonuses on the number of patients and change,” says Seidmann. SIMON

25 1529 TXT1/30/063:03PMPage26 26 SIMONBUSINESS Winter 2005–06 Giv On Report Report ILA .SMNGAUT COLO UIESADMINISTRATION BUSINESS OF SCHOOL WILLIAM E. SIMON GRADUATE Alumni AnnualGiving2004–2005 io oos$1to$99 $100to$249 $250to$499 $500to$999 Simon Donors $1,000to $2,499 Simon HundredClub $2,500to$4,999 Simon Associates $5,000to $9,999 Simon Fellows $10,000to24,999 Simon Partners $25,000to$49,999 Simon Society $50,000to$99,999 Simon Leaders Simon Executives $100,000to$999,999 $1,000,000+ Simon Directors Simon Patrons Simon Benefactors Simon Founders Giving Levels ing (includes matching gift pledges): (includes matchinggift HR or benefits department formoreHR orbenefitsdepartment information. or your spouseworks foramatchinggiftcompany. Checkwithyour appropriate P Chair, 2004–2005Annual Giving Campaign Ralph R.(Roy) Whitney Jr. ’73* R counts. Every giftincreases thevalue ofyour Simon degree. part inensuringthefuturepart successofourSchoolanditsprograms. confident investment intheSchool’s commitmenttoexcellence. priorities. Ihopeyou willrenew thisyear. your support Your involvement signalsa are ofallyou whoputSimon gratefulforthe participation amongyour giving Listed are thenames ofdonorswhocontributedtothe2004–2005campaign. We that have madetheAnnualGiving Campaignsuccessfulover thesepasttwoyears. friends oftheSimon School.It isy boosted by the$843,164raisedinAnnualGiving Campaign. School reached an all-timehighof$3,603,729,substantially was oneofourmostsuccessfultodate!Overall, givingtothe Campaign, Iampleasedtoreport thatthe2004–2005fundyear As Icompletemytwo-year termaschairoftheAnnualGiving (Roy)Whitney’73* Message fromRalphR. .S. Don’t forgetthatthevalue ofyour giftcanbedoubled,oreven tripled,ifyou egards, We If I extendmywarmestappreciation toyou, thealumniand

y

our nameisnotonthedonorlist,Iinviteyou tomakeagiftnow andtake look forward toanotherrecord-breakinglook forward fundraising year in2005–2006! our an asterisk(*).Deceaseddonorsare indicatedby Program graduatesareExecutive M.B.A. indicatedby University ofRochesterdegrees are notnoted. All degrees listedare SimonSchooldegrees only;other the nextissueof 275-7563. The corrections willbeincludedin Alumni Relations andDevelopment at(585) gize inadvance andaskyou tocalltheOffice of are aware ofanyerrors oroversights, we apolo- accuracy oftheirnamesandgivinglevels. If you the namesofallourdonorsandtoensure the 2005. Every hasbeenmadetoinclude effort School between July 1,2004,andJune 30, This report listsallgiftsmadetotheSimon generosity andparticipation S imonBusiness. *Executive M.B.A.graduate Ev ery gift ery (†). 1529 TXT 1/30/06 3:03 PM Page 27

WILLIAM E. SIMON GRADUATE SCHOOL OF BUSINESS ADMINISTRATION

Friends Chun-Yen Chang Susan Goldner 2004–2005 Operating Support Payments Simon Founders Glennen Greer Agnes VanBranteghem Ackley Edmund A. Hajim Alumni Annual Fund Giving $843,164 Simon Benefactors Dan Horsky Includes corporate matching gifts Susan Haines Brands Charles L. Maddow Carol Shuherk Jack F. Ratcliffe II Other Operating Support $1,024,982 Mark Zupan John-Paul Roczniak Includes student activities, clubs and initiatives; payments on G. Robert Witmer Jr. previous class gifts; curriculum development, research and seminars Simon Patrons Dodie Zimmerman Marian Farash Jerold L. Zimmerman Endowment Support Payments $1,735,583 Max Farash Endowment payments from individuals, corporations and Simon Associates Simon Directors Margaret M. Stolze Bernstein foundations that support scholarships, faculty and facilities Karen Coronas Susie Dare Marilyn Sue Rosen Lana El-Kharouf Fay Wadsworth Whitney Barbara Greenstein Simon School Fund Year 2005 Simon Executives Matthew J. Hall Joseph M. Bell Loudes R. Kernin Donna Fielding Heidi Lind Total Revenue Jane Maas Mariko Sakita-Mozeson Gifts, Grants and Joel M. Stern Nina Mettelman Cathleen Paprocki Misc. Income 6% Simon Leaders John T. Pattison Anonymous Donor Sarah Paganelli Pickhardt Laurence H. Bloch Erik C. Rausch Endowment Net Tuition and Hope Drummond Ruth M. Seitelman Income 27% Fees 67% Julene Gilbert Jackie Wilcher Martin E. Messinger LeeAnn Miller Simon Hundred Club Patricia H. Phelps Rebecca N. Austin Kimberly E. Pidherny Eunice S. Barnes G. William Schwert III Nancy L. Bassett Abraham Seidmann Susan A. Bauer Total Expenses George Sella Gloriana Bayrhoffer Simon Society Marianne E. Hesselberth Operating Margaret M. Schmidt Burns Stacey Reva Dulberg Kole Expenses 16% Janis F. Hicks Gleason Doris Waring Luckey Stacey Gordon George W. Luckey Charles I. Plosser Angela H. Meus Susan H. Meyer Janet Schwert Plosser University Central Salaries and Barbara Sassano Darceille K. Mucci Administration Kevin Potempa Benefits 64% Leslie Zemsky Expenses 20% Margaret Doerffel Waasdorp Simon Partners Annette Forker Weld Aron Ain Susan Ain Simon Donors Hollis S. Budd Holly Crawford James Budd Lori Dyer Anne Farnham Anne Edwards Net Tuition and Fees $16,820,382 67% Betsey K. Haas Timothy Elder Ronald W. Hansen Curtis J. Evrard Endowment Income $6,809,905 27% Bonnie Jackson Thomas M. Fitzgerald Thomas H. Jackson James R. Lonneville Gifts, Grants and Misc. Income $1,465,153 6% Nathalie Neuburger Gregory MacDonald Total Revenue $25,095,441 100% C. Woodrow Rea Jr. Michael D. May Vineeta Salvi Michael Reed John S. Spaulding Ronald M. Schmidt Salaries and Benefits $16,052,501 64% Helen C. Watts Robert M. Sepaniak Ross L. Watts Paul Shanahan Operating Expenses $3,969,920 16% Lu Zhang Clifford W. Smith Jr. Yiqing Zhang University Central Administration Expenses $5,073,020 20% BUSINESS 2005–06 Winter Simon Fellows Total Expenses $25,095,441 100% Mabel M. Bonilla

Diane E. Butler SIMON

27 1529 TXT1/30/063:03PMPage28 28 SIMONBUSINESS Winter 2005–06 R Freeman C.Lewis, M.S. V Simon HundredClub Bruce A.Hopkins,B.S. Simon Associates Class of1963 Harold A.Sargeant, B.S. Edward D.Johnson,B.S. Richard T. Gates,B.S. David W. Bills,B.S. Richard H.Arfman,M.B.A. Simon Donors Sharon G.Malcolm,B.S. Glenn O. Brown, M.S. Manfred Bayer, B.S. Simon HundredClub Class of1962 J. ScottLyng, B.S. Joseph F.Hammele,M.S. Simon Donors David W. Petko, B.S. Russell L.Hatch,B.S. Joel H.Garson,B.S. Simon HundredClub Class of1961 R Simon Donors John S.Vangellow, B.S. Donald H.Heim,M.S. Simon HundredClub Class of1960 R Simon Donors R.Hill,B.S. Curtiss Daniel J.Flanagan,B.S. Henry J.Beetz,M.S. Simon HundredClub John R.Lanz, M.S. Simon Associates Richard A.Leibner, B.S. Simon Society Class of1959 Gordon Shillinglaw,M.B.A. Simon Donors Class of1958 Theodore F.Horvath,M.S. K Vincent J.Ciulla,B.S. Simon Donors R Donald W. Lewis, M.S. aughan C.Judd,M.S. eith C.Herms,B.S. obert F.Witzel,M.S. obert oland J.Zavada,M.S. E.Waite, B.S. obert T.obert Burns,B.S. ILA .SMNGAUT COLO UIESADMINISTRATION BUSINESS OF SCHOOL WILLIAM E. SIMON GRADUATE Simon Associates Thomas L.Quinn,M.B.A. Richard T. Miller, B.S. Simon Fellows Barry W. Florescue, B.S. P Simon Benefactors Class of1966 Richard C.Sowa,B.S. R Simon Donors Gene G.Hoff, M.B.A. R Simon HundredClub Evan M.Lebson, B.S. Simon Fellows Dwight F.Ryan,M.B.A. Simon Partners Class of1965 Adolf B.Zuch,B.S. Simon Donors James B.Watt, M.S. P K L Simon HundredClub Jerome A.Siegel,B.S. Simon Associates David K.Clark,B.S. Donald M.Bay, M.S. Simon Fellows Edward J.Ackley, M.S. Simon Founders Class of1964 Frederick A.Newman,M.B.A. Don J.Cushing,M.S. Simon HundredClub David Reh, M.B.A. Mark S.Ain,M.B.A. Simon Executives Class of1967 Ridley M.Ruth,M.B.A. Thomas S.Foulkes,M.B.A. M.S. Jack L.Bartlett, Simon Donors P Charles L.Smithers,M.B.A. Norman Siegler, M.B.A. L.PurintonArthur II,M.B.A. Simon HundredClub George R.Wills,B.S. David C.Heiligman,B.S.,M.S. eonard L.Ciufo,B.S. eter J.Rossi, B.S. aul A.Brands,M.B.A. arker L.Weld, M.B.A. eith E.Fredlund, M.S. obert R.Perry,obert M.B.A. J.Blossom,B.S. obert James E.Eden,M.B.A.* Simon Fellows Francis G.Creamer Jr., M.B.A. Simon Society Charles W. Miersch,M.B.A. Simon Directors Class of1970 P Scott M.Scudder, M.B.A. L Glenn P Benjamin S.Blanchard Jr., Simon Donors Nicholas D.Trbovich, M.B.A.* W.Albert MillerSr., M.B.A.* George R.Michaels,M.B.A. Alan S.Lobel, B.S.,M.B.A. Nelson W. Grabenstetter, Richard L.Dehm,M.B.A.* C.Crofton,Albert M.B.A.* Simon HundredClub Charles A.DowdJr., M.B.A. Simon Fellows Bruce M.Greenwald, B.S., Simon Society Pe Simon Leaders Class of1969 Michael S.Terry, M.B.A. Carl P M.FerranceJr.,Arthur M.B.A. John M.Ferguson, M.B.A. Simon Donors John P R William L.Baker, M.B.A. Simon HundredClub T Simon Associates John M.Sweeney, M.B.A. Simon Fellows James S.Gleason,M.B.A.* Simon Society Class of1968 R. BruceSwensen,B.S.,Ph.D. John E.Potter, B.S. L Gary L.Grahn,M.B.A. Carl U.Foucht,M.B.A. K Simon Donors ewis F.MayerJr., M.B.A. imothy J.Leach, M.B.A. awrence J.Sass,M.B.A.* eter B.Stock,M.B.A. evin J.Donnelly, M.B.A. obert J. Hesselberth, M.B.A. J.Hesselberth, obert ter L.Waasdorp, B.S.,M.S. M.B.A.* M.B.A.* M.B.A. . Foos,M.B.A. . Reynolds, M.B.A. . Meade,M.B.A. Howard W. Vogt, M.B.A.* P R David Klein,M.B.A. P Arthur James S.Hutchinson,M.B.A. R Richard S.Fitts,M.B.A.* Earl N.Dunn,M.B.A. Simon Donors George W. Wood, M.B.A. Joseph D.Patton Jr., M.B.A. Eugene C.Murkison,M.B.A. Jack W. Morrissey, M.B.A. Ray S.Messenger, M.B.A. George E.Hedstrom, M.B.A. John J.Ekelund,M.B.A. Theodore M.Edson,M.S. Brian T. Ratchford, M.B.A., K R Richard O. Bollam,M.B.A. Simon Fellows Dennis S.Soter, M.B.A. P Arthur Sherman FarnhamJr., M.B.A. Simon Partners Class of1972 John M.Toler, M.S. Edward P George W. Bears,M.B.A.* Simon Donors James F.Taylor, M.B.A.* Bal K.Narang,M.B.A. K R K Simon HundredClub Thomas D.Lunt, M.B.A.* Stephen E.GoldenII,B.S. T Richard T. Bourns,M.B.A.* Simon Associates Class of1971 Wa John C.Chapman,B.S.,M.B.A. Simon HundredClub Rajendra K.Khanna,M.B.A. J.Bernstein,M.B.A. Arthur Simon Associates Steven A.Rothschild, B.S., F.Platt,M.B.A. Stuart L Charles R.Hughes,M.B.A. ouis M.Morrell, M.B.A. imothy J.Downs,M.B.A. eter T. Stubenvoll,M.B.A. enneth R.Kimbrough, enneth E.DiSanto,M.B.A.* eith W. Amish,M.B.A.* oger T. Streit, M.B.A. L.Galbraith,M.B.A.* obert obert J.Keegan, M.B.A. obert M.S. C.Bartlett, obert Ph.D. M.B.A. M.B.A. rd

W. . Ismay, M.B.A. . Soter, M.B.A.

. Hart, M.S. . Hart, DeGroot III,M.B.A. Eugene O. Wilson,M.B.A. P S. BeacherPearce, M.B.A. William R.McGowen,M.S. William E.Lucey, M.B.A. John T. Long, M.B.A. Bernard S.Kahn,M.S. Richard C.Johnson,M.B.A. Alan R.Hickok,M.B.A.* George W. Handy, M.S. Simon Donors Thomas R.Watson, M.B.A. Kathleen FleshUrbelis,B.S., Ralph J.Ullman,M.B.A. William C.SchmidtIII,M.B.A.* Anthony F.Raimondo,M.B.A.* W Stephen J.McArdle Jr., M.S. David Mayers,Ph.D. John A.Halbrook, M.B.A. H.Ginther,Burton B.S., Vinson J.Friedman,M.B.A. Michael N.Copanas,B.S. William J.Berger, M.B.A. Simon HundredClub Sidney L.McAllister, M.B.A. R Simon Associates Calvin A.Miller, M.B.A.* L James A.Chiafery, M.B.A. Simon Donors James H.Shear, M.B.A. R Joseph H.Safier, B.S.,M.B.A. Henry E.RingIII,M.B.A. Dennis M.Peel, M.B.A.* Gary M.Meyer, M.B.A.* Charles F.Bellavia,M.B.A. Simon HundredClub James V. Finniss,M.B.A. Simon Associates L Simon Partners Ramachandra Bhagavatula, La Simon Society W. John L.Davies,M.B.A. Simon Leaders Ralph R.(Roy) WhitneyJr., Simon Directors Class of1973 eonard J.Lyons, M.B.A. awrence S.Hershoff, M.B.A. aul J.Turek Jr., M.B.A. euben T. HarrisJr., M.B.A. obert B.Seebach,M.B.A. obert alter C.(Terry) NewcombII, rry AielloJr., M.B.A.

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Lynne Rogerson, M.B.A. James R. Unckless, M.B.A. Class of 1976 Barnett R. Parker, M.S., Ph.D. Simon Hundred Club Patricia O. Ross, B.S., M.B.A. David L. Wilson, M.B.A. Albert H. Shen, M.B.A. Joseph V. Blake, M.B.A. Simon Executives Gary H. Smith, M.B.A. Kathleen Ann Colliflower, Class of 1974 Class of 1975 Jay Steven Benet, M.B.A. M.B.A. Ronald H. Fielding, M.B.A. Class of 1977 Shirley J. Edwards, M.B.A.* Simon Executives Simon Founders Fujio Hayashi, M.B.A. Simon Leaders Simon Partners Albert I. Salama, M.B.A. Joseph T. Willett, M.B.A. Frank S. Karbel, M.B.A. Raymond L. Bauch, M.B.A.* Robert E. Rosdahl, M.B.A.* Simon Society Simon Executives Thomas J. Larkin Jr., M.B.A.* Alan J. Heuer, M.B.A.* José J. Coronas, M.B.A.* Simon Partners Simon Fellows John J. Mahar, M.B.A. Carl C. Williams, M.B.A.* Robert J. Castellani, M.B.A.* Mark F. Hinman, M.B.A. Richard J. Oparowski, M.B.A. Simon Partners Thomas G. Phelps, M.B.A. Simon Fellows Joanne E. Meyers, M.B.A. Peter Giles, M.B.A.* Simon Leaders Steven G. Pritchard, M.B.A. Paul A. Tasca, M.B.A. L. David Pudup, M.B.A. Elizabeth S. Hansen, M.S. Francis L. Price, M.B.A. Daniel J. Vantucci, M.B.A.* Vincent A. Renzi Jr., M.B.A. Simon Fellows Simon Society Simon Associates Fred W. Thomas, M.S. Bruce R. Hellman, M.B.A. Simon Associates John B. Robbins, M.B.A. Carl E. Sassano II, M.B.A. Raymond V. Malpocher, M.B.A. Simon Donors Simon Associates Simon Fellows Simon Hundred Club Scott W. Abercrombie, M.B.A. Susan Yurash Close, M.B.A. Simon Hundred Club Robert E. Bayer Jr., M.B.A. Daniel T. Drewek, M.B.A. Robert J. O’Brien, M.B.A.* Frank J. Bellavia Jr., M.B.A. Steven W. Graham, M.B.A. Michael T. Staff, M.B.A. James B. Fisher, M.B.A. Rebecca Banken Brindle, Stephen A. Hoffman, M.B.A. Craig R. Chormann, M.B.A. M.B.A. Simon Hundred Club Simon Associates Richard J. Kievit, M.B.A.* Gary S. Connors, M.B.A. Robert M. Burton Jr., M.B.A. William E. Bond, M.B.A. David G. Anderson, M.B.A. Frederick V. Krumm, M.B.A. John B. Henderson, M.B.A. Georg Farrak, M.B.A. Charles E. Dewitte, B.S., Fredric M. Zinn, M.B.A. Mark A. Maxim, M.B.A. John F. Hill, M.B.A. Bruce B. Wyner, M.B.A. M.B.A. Richard D. McGavern, M.B.A.* Robert G. Johnson, M.B.A. Richard H. Franke, Ph.D. Simon Hundred Club Barbara Amdur Rosenbaum, Venkatesh H. Kamath, M.B.A. Class of 1979 Michael L. Kehoe, M.B.A. Lawrence D. Brown, Ph.D. M.B.A. Sonia Rehfeld Toner, M.B.A. Simon Leaders James McEneaney, M.B.A. Lawrence M. Schenck, M.B.A. Betty Lou Schramm, M.B.A.* Simon Donors Donna L. Matheson, M.B.A. Alan W. Neebe, Ph.D. Alan R. Skupp, M.B.A. Buford Thompson III, M.B.A. Richard W. Grilli, M.B.A. Edward M. Rice, M.B.A. Kenneth J. Williams, M.B.A. Arlene D. Thrope, M.B.A. Russ E. Kaegebein, M.B.A.* Simon Society Thomas A. Terry, M.B.A. David N. Thrope, M.B.A. Simon Donors Mona S. Klahn, M.B.A. Donald H. Chew Jr., M.B.A. William K. Whitworth, M.B.A. James C. Witzel, M.B.A. George R. Blakey, M.B.A. Gregory W. Matthes, M.S. Paul S. Goldner, M.B.A. Lawrence J. Matteson, M.B.A.* Simon Donors Robert R. Cooper, M.B.A. Simon Donors George J. McLoughlin, M.B.A. Thomas H. Reed, M.B.A.* Craig H. Aase, M.B.A. S. David Coriale, M.B.A. Eric R. Bennett, M.B.A. Simon Fellows Jeffry A. Schwartz, M.B.A. Richard M. Greene, M.B.A. Michael W. Fedoryshyn, Gregory R. Blackburn, M.B.A. Jeffrey G. Anderson, M.B.A. Lynne M. Taylor, M.B.A. Rajendra K. Gupta, M.B.A., M.B.A. Maurice F. Durning, M.B.A. Richard G. Couch, M.B.A.* Ph.D. Rodney L. Grigg, M.B.A. Carol D. Foster, M.B.A. Class of 1978 Alan J. Dole, M.B.A. Gary E. Haag, M.B.A. John M. Kuebel, M.B.A.* Laurie Mitchell Garbarino, Steven L. Hofler, M.B.A. Chakravarthi Karuturi, M.B.A. Paul Douglas Moore, M.B.A. M.B.A. Simon Founders Simon Associates Leslie J. Knox Jr., M.B.A. Teunis J. Ott, M.S., Ph.D. Richard S. Herlich, M.B.A. Janice M. Willett, M.B.A. Paul A. Langlois, M.B.A. Robert T. Whipple, M.B.A. Thomas F. Hewner, M.B.A. J. Burton Brown, M.B.A.* Andrew V. Levin, M.B.A. Amy I. Glover Williams, Gary J. Hilkert, M.B.A. Simon Executives Jack H. Chernus, M.B.A. Michael C. Margolis, M.B.A. M.B.A. Arthur J. Keegan, M.B.A. Jeff E. Margolis, M.B.A. Donald L. (Skip) Conover, M.B.A.* Simon Leaders Nancy E. Mellen Herbrand, Robert M. Osieski, M.B.A. M.B.A. Simon Society Simon Hundred Club David J. Burns, M.B.A. Susan A. Bayley, M.B.A. Simon Partners Richard S. Bloss, M.B.A. Stephen C. Graves, M.S., Ph.D. Mary E. Cowden, M.B.A. Neil M. Librock, M.B.A. John A. Foster, M.B.A. Diane Morgenthaler, M.B.A. Donald W. Haller, M.B.A.* Marla J. Williams, M.B.A. Richard A. Harder, M.B.A. Susan S. Kadel, M.B.A. Simon Fellows Samuel D. Kleinman, M.S., Stephen W. Shepard, M.B.A. Ph.D. Barbara Ann Seneca, M.B.A. Simon Associates Ronna Y. Treier, M.B.A.* Julio Chiu, M.B.A. Edward J. Walton, M.B.A.* Timothy J. Costello, M.B.A. Robert M. Hess, M.B.A. Simon Donors Edward K. Mettelman, M.B.A. Gary P. Ozminkowski, M.B.A. Paul I. Seitelman, M.B.A. Sandra B. Schiffman, M.B.A. David K. Young, M.B.A. Alan E. Sleeman Jr., M.B.A. BUSINESS 2005–06 Winter Stephen E. Townsend, M.B.A. SIMON

*Executive M.B.A. graduate 29 1529 TXT1/30/063:03PMPage30 30 SIMONBUSINESS Winter 2005–06 James N.Reynolds, M.B.A. Stanley J.Refermat, M.B.A. William J.Reddy, M.B.A.* Donald H.Paston, M.B.A. Gabriel F.Norona, M.B.A. W Thomas E.McCullough, Mary KatherineMacNeil, R M.B.A. Thomas J.Hartman, John W. Anderson,M.B.A. Simon Executives Mark B.Grier, M.B.A. Simon Benefactors Class of1980 John E.Kelly, M.B.A.* Prem C.Jain,M.S.,Ph.D. Neal F.Herman,M.B.A. K Carolyn Perry Grow, M.B.A. Philip S.Gage,M.B.A. Sanjai Bhagat,M.B.A. Simon HundredClub John L.Spring,M.B.A. R Lin-Mei HsuKravis,M.B.A. Harvey L.Kravis,M.B.A. Michael W. Kernin, M.B.A. R Kyosti M.Anttonen,M.B.A. Simon Associates Chavis AliceWilliams,M.B.A. Joel L.Tabas, M.B.A. L.Stern,M.B.A. Martin E. MarkGressle, M.B.A. Simon Partners eith E.Harrison,M.B.A. obert D.Lorenz,obert M.B.A.* Carberry,obert M.B.A. O.obert Hudson,M.B.A.* ayne H.Mikkelson,M.S., Ph.D. M.B.A. M.B.A. ILA .SMNGAUT COLO UIESADMINISTRATION BUSINESS OF SCHOOL WILLIAM E. SIMON GRADUATE M. KatherineWhipple,M.B.A. Virginia A.Ward, M.B.A.* Barbara D.VanBramer, M.B.A. Uchila N.Umesh,M.B.A. Jeffrey L.Sisson,M.B.A.* John L.Rusnak,M.B.A. Craig K.MacVittie,M.B.A. Cynthia Lebel Kahn,M.B.A. David C.Johnson,M.B.A. Virendra K.Gupta,M.B.A.* Marianela R.DelPino-Rivera, Michael S.Benjamin,M.B.A. K Simon Donors Linda L.Wittmershaus-Macik, Richard C.Wilson,M.B.A.* Thomas C.Vance, M.B.A. Karen JuddThomas,M.B.A. John L.Rourke III,M.B.A.* Gary Lisy, M.B.A. L Allen D.Gundlach,M.B.A. Brian D.Dick,M.B.A. Simon HundredClub Om P David J.Oliveiri,M.B.A.* Eileen Reynolds Lindburg, Simon Associates Andrew S.Feld,M.B.A. Simon Fellows Christopher T. Dunstan,M.B.A. Simon Partners P Simon Society Class of1981 ee R.Himelfarb,M.B.A. eggy GraessleWier, M.B.A., evin F.Barry, M.B.A. M.B.A. M.B.A. M.B.A. M.S., Ph.D. . Popli, M.B.A.* Eric G. Wruck, M.B.A. Eric G.Wruck, Barbara J.Purvis, M.B.A. Simon Fellows Scott D.Pomerantz, M.B.A. Simon Partners Gary P K Gregg A.Ferguson, M.B.A. Simon Leaders Kathy NadineWaller, M.B.A. Simon Executives Michael S.Rosen, M.B.A. William G.Forman,M.B.A. Simon Directors Class of1983 Charles Udell,M.B.A. M.B.A. William B.Sturtz, Simon Donors Janet Webster, M.B.A. James W. Sharpe,M.B.A. Thomas J.Nelson,M.B.A. Kusum B.Narang,M.B.A. Nelson J.Mathias,M.B.A. Norman A.Karsten,M.B.A.* Harvey H.Jacobson,M.B.A. W P David C.Dennett,M.B.A. Simon HundredClub Hiromitsu Takemi, M.B.A. M.B.A.* Gary G.Hartwick, Russell P Simon Associates Thomas Lys, M.S.,Ph.D. P Simon Partners Frank C.Torchio, M.B.A. Simon Society W. Simon Leaders Pa K Simon Executives Class of1982 John K.Secker, M.B.A.* P Mark N.Motyka,M.B.A. Stephen K.Kelleher, M.B.A.* Jeannine SchmidtGambrel, C.Alexion,M.B.A. Arthur Simon Donors R John B.O’Connor, M.B.A. Ro eter P aul M.Dougherty, M.B.A. aul F.Schneider, M.B.A. enneth R.French, M.B.A., evin P obert J.Whitbeck,M.B.A. obert endy Ainsworth Harter, endy Ainsworth mela T. Collins,M.B.A. bert C.Maddamma,M.B.A.*bert

M.S., Ph.D. M.B.A. M.B.A. Barry Gilbert, M.B.A. Barry Gilbert, . Johnson,M.B.A. . Jones,M.B.A. . Collins,M.B.A. . Beyer, M.B.A. R K Rachel A.Heisler, M.B.A. P W Anne S.Fenstermacher, R K Vicki AnneUnderhillBruce, Simon HundredClub Arminda E.Youse-Warde, Michael D.Riedlinger, M.B.A. R Scott M.Blum,M.B.A. Simon Associates Samuel R.King,M.B.A. Gerald S.JohnsonJr., M.B.A. Andrew J.Huber, M.B.A. Daniel E.Gallagher, M.B.A. Randel L.Fuller, M.B.A. William T. Evans,M.B.A. Adi Choudri,M.B.A. Jean H.Carnavos,M.B.A. K Clifford M.Abramsky, M.B.A. Simon HundredClub Edward White,M.B.A.* G. ChristopherSmith,M.B.A. M.Osowski,M.B.A. Martha John E.Nyhoff, M.S. Stephen H.Fowler, M.B.A. R Simon Associates James J.Malvaso,M.B.A.* Simon Fellows Jeremy L.Seligman,M.B.A. Thomas M.Pianko, M.B.A. Simon Partners Evans Y. Lam, M.B.A. Simon Society P Simon Leaders Class of1984 George H.Yeadon, M.B.A. Thomas E.Thaney, M.B.A. Richard G.Schiavo,M.B.A.* Jeanne S.Rabold,M.B.A. William M.Prohn, M.B.A. K Shelley R.Amdur, M.B.A. Simon Donors Anthony G.Wilson,M.B.A. E.Weisenbeck, M.B.A. Kurt Anthony J.Tangires, M.B.A. Pe William P atricia F.Habben,M.B.A. atricia M. Schwert, M.B.A.* atricia M.Schwert, evin C.Kwiatkowski,M.B.A. evin M.Burns,M.B.A. ennet W. Bruce,M.B.A. enneth C.Favata,M.B.A. obert J.Leonard,obert M.B.A. C.Cordes,obert M.B.A. H.Parkerobert Jr., M.B.A. obert C.Boada,M.B.A. obert ayne M.Guyther, M.B.A. ter Rumrill,M.B.A. M.B.A.* M.B.A. M.B.A. . Passalacqua, M.B.A. Donald J.Wiley, M.B.A. Christine AnnStockerSurette, Eugene D.Riley, M.B.A. David N.Richardson, M.B.A. Kathleen E.ManningMowrey, Edward D.Kress, M.B.A. M.Elchinger,Gilbert M.B.A. Richard Lewis Clark,M.B.A. L Simon Donors Bruce E.Wandelmaier, M.B.A. Suzanne WilliamsVary, M.B.A. Sara R.Salloum,M.B.A. Joel F.Potter, M.B.A. Mary AnnOppenheimer, Joseph P Bruce A.Kemperman, M.B.A. George R.Harris,M.B.A. Andrew S.Blake,M.B.A. Elizabeth D.Bishop,M.B.A. Simon Donors Nancy Warren-Oliver, M.B.A. Anthony C.Mazzullo,M.B.A. Michael J.Mazzola,M.B.A. K R John R.Cherry, B.S.,M.B.A.* R L Diane FaralloAustin,M.B.A. Simon HundredClub K R W. T Sondra C.Franzen,M.B.A.* Simon Associates Jon D.Van Duyne,M.B.A. Kumaravelan Thillairajah, Brian T. Rhame,M.B.A. P Simon Fellows Amy L.Tait, M.B.A.* Scott J.Gordon, M.B.A. Simon Partners L Simon Leaders Mark H.Mozeson,M.B.A. Simon Executives Class of1985 George M.Smith,M.B.A. Edward L.Scharf, M.B.A. Raymond R.Quintin,M.B.A. L.Nesslage,M.B.A. Arthur uri Gibson,M.B.A. awrence J.Beyer, M.B.A. aurie GriswoldBubacz, ance F.Drummond,M.B.A.* aul Y. Lee, M.B.A. enneth H.Marienau,M.B.A. otaro Tomino, M.B.A. obert S.Karz,M.B.A.* obert Bubacz,M.B.A. obert F.HabigII,M.B.A. obert

M.B.A. M.B.A. M.B.A. M.B.A. M.B.A. Scott Gould,M.B.A.* . Kent, M.B.A. 1529 TXT1/30/063:03PMPage31 R William C.Frank,M.B.A. Simon Associates Mary JaneJohnston,M.B.A.* Simon Fellows John C.MacDonald,M.B.A. Gary D.Kowalski, M.B.A.* Simon Partners Howard A.Zemsky, M.B.A.* T Simon Society Thomas C.Strasenburgh, Simon Leaders Class of1986 Thomas P Kathie A.Keller, M.B.A.* Amit Basu,M.B.A.,Ph.D. Simon Associates Mark A.Redline, M.B.A. Ho Young Kim,M.B.A. Suzanne CupoloEberhard, Michael C.Eberhard, M.B.A. Simon Partners Alan S.Zekelman,M.S. Simon Society Dennis M.Pidherny, M.B.A. Simon Leaders Class of1987 Daniel J.Troup, M.B.A. Charles B.Thomas,M.B.A.* Elizabeth AnneShrier, M.B.A. Lindsay C.Prichard, M.B.A. P Betsy L.NicholsJoynt,M.B.A. R Cathleen Margarete Frank, Rafael R.Flores, M.B.A. Linda ChristineHornikBailey, Babbitt,M.B.A. Judy Cuthbert Simon Donors Mickey J.Orr, M.B.A.* K Kathleen S.Larsen, M.B.A. Mark W. Karrer, M.B.A.* Michael J.Henderson,M.B.A. Thomas B.Hambury, M.B.A.* George T. Fekete,M.B.A.* John P Simon HundredClub R Lisa M.Love Hopkins,M.B.A. ILA .SMNGAUT COLO UIESADMINISTRATION BUSINESS OF SCHOOL WILLIAM E. SIMON GRADUATE imothy W. Williams,M.B.A.* aul E.Lapira, M.B.A. enneth W. Moore, M.B.A. obert J.ThompsonJr.,obert onald J.Paprocki, M.B.A.* obert B.Hall,M.B.A.* obert M.B.A. M.B.A. M.B.A. M.B.A. M.B.A. . Adams,M.B.A. . Nescot,M.B.A. Julianne E.Crisante,M.B.A. William M.Conklin,M.B.A. Simon Donors William H.West, M.B.A. P Brian T. Russo,M.B.A.(†) Alan C.Rodman, M.B.A. L James R.McConeghyJr., Chris E.Holliday, M.B.A. R Simon HundredClub Nicholas T. Voulgaris, M.B.A. Ti R. Webster Paton, M.B.A. Dean Crawford, M.S.,Ph.D. George O. Bergantz, M.B.A.* Simon Associates Karen M.S.,Ph.D. H.Wruck, Evrard H.Spencer, M.B.A. Rita L.Ratcliffe,M.B.A.* R Sami S.Abbasi,M.B.A. Simon Fellows Alan R.Rosen, M.B.A.* Maria AgotaMatheMaloney, Kristine EllenLemke, M.B.A. Anders L.Eggen,M.B.A. Ebrahim Busheri,M.B.A. Simon Partners Class of1988 R Judith E.Szustakowski,M.B.A. Thomas R.Shone,M.B.A. Sandeep Sharma,M.B.A. Elizabeth A.Sager, M.B.A. Linda B.Pirollo, M.B.A. Amy DunhamMcHale,M.B.A. Ti Marylynne Hahn,M.B.A. John C.Groetch, M.B.A. John J.Donner, M.B.A.* William A.DiCesare, M.B.A. Simon Donors Douglas K.Robinson, M.B.A.* Jonathan B.Polansky, M.B.A. Sharon M.Coffey Y P Edwin M.Erickson,M.B.A. Janet L.Dobbs,M.B.A. Sian GoeiCameron, M.B.A. Gordon B.Berger, M.B.A. Gail MarieAtley, M.B.A. Simon HundredClub Gregory J.Parrinello, M.B.A. Vincent L.Pacilio, M.B.A. aura M.Mimken,M.B.A. asushi Masuda,M.S.,Ph.D. atricia A.St.Leger, M.B.A. atricia Latham Gray, M.B.A. occo ColangeloJr., M.B.A. E.Butler,obert M.B.A.* H.White,M.B.A. obert mothy D.Smith,M.B.A. mothy J.Kindler, M.B.A. M.B.A. M.B.A. McConeghy, M.B.A. Alice Lee Calabrese Smith, Anne B.Brovitz Roder, M.B.A. Catherine A.O’NeillNathwani, Mitchell K.Long, M.B.A. Stephen J.Khederian,M.B.A. Hollis MarieHewins,M.B.A. Carol S.PlantzGuerrette, Mary AnnGrad,M.B.A. R Ramiro D.Fernandez,M.B.A. David M.Dyer, M.B.A. Scott K.Dunnihoo,M.B.A. M.B.A. Michael J.Degenhart, Michael H.Brown, M.B.A. Mark A.Anderson,M.B.A. Simon Donors R James P Pe Gregory P Elizabeth A.Pollard, M.B.A. Craig I.Mondschein,M.B.A. Brian P William G.McNeice,M.B.A. John K.Leister, M.B.A. R K David J.Cole,M.B.A. L Steffler NewlinBalsley, M.B.A. Simon HundredClub Samuel H.Ticknor, M.B.A. Jeffrey L.Rummel,M.S.,Ph.D. Dana K.Miller, M.B.A.* Edmund L.Luzine Jr., M.B.A. Soohong R.Lee, M.B.A. W Barbara L.Consler, M.B.A. Simon Associates Philip H.Yawman, M.B.A. L Nicholas Jenkins,M.B.A. Linda T. Hollembaek,M.B.A.* Simon Fellows V.Kurt Wojdat, M.B.A. Efrain Rivera,M.B.A. Helen D.Newman,M.B.A.* P Simon Partners Mark Babunovic,M.B.A.* Simon Society Steve M.Dubnik,M.B.A.* Simon Executives Brian F.Prince,M.B.A. Simon Patrons Class of1989 ouis Cinquino,M.B.A. oic P eter L.Gaylord, M.B.A. eith C.DeAngelis,M.B.A. onald G.Tomaszewski, M.B.A. osanna Garcia, M.B.A. obert B.Klie,M.B.A. obert arren Kerper, M.B.A. ter J.Soufleris,M.B.A. M.B.A. M.B.A. M.B.A. . Meston,M.B.A. . Meath,M.B.A. . Thielen,M.B.A.* . Quintana,M.B.A. Kimberly Zerr, M.S. Stephen J.Wydysh,M.B.A. J. Theodore Smith,M.B.A. Steven E.Peplowski, M.B.A. Christopher A.Moore, M.B.A. John S.Mooney, M.B.A. A.Khol,M.B.A.* Curtis Randall M.Hoes,M.B.A. Edward J.Guerra,M.B.A. Debra K.Goldberg, M.B.A. Frank M.Diorio,M.B.A.* P Theodore T. Malone,M.B.A. Stephen G.LeBlanc, M.B.A.* P Pe R A.Grage,M.B.A. Kurtis Christian C.Gorski,M.B.A. Donald L.Flick,M.B.A.* Charles F.Fitter, M.B.A. Scott R.Chambery, M.B.A. P Mauro Canori,M.B.A. Jon C.Blauvelt,M.B.A. Simon Donors Gary W. VanScoter, M.B.A.* T Raj Sonty, M.B.A. L John O. Proverbs, M.B.A. Daniel R.Loughridge, M.B.A. Kathleen HaganKilmer, M.B.A. Susan M.JanoszGrassi, Nicola F.D’Annunzio,M.S. Charles J.Avallone,M.B.A. Nicholas V. V. Angle,M.B.A. Michael W. Andrews, M.B.A. Simon HundredClub Anthony A.Tanner, M.B.A. P R. MarkRust,M.B.A. Delano Randolph,M.B.A. P K Simon Associates Christopher M.Karr, M.B.A. Carole B.Cobb,M.B.A.* P Simon Fellows P James V. Hemenway, M.B.A. Simon Partners Stephen E.Rogers, M.B.A. Nicholas S.Kello, M.B.A. Simon Society Matthew S.Aroesty, M.B.A. Simon Executives Class of1990 suyoshi Tsuchida, M.B.A. orrie J.Pownall Savas,M.B.A. eter E. Mehnert, M.B.A. eter E.Mehnert, eter Ploumidis,M.B.A. eter F.Lallos Jr., M.B.A. ierre R.Heroux, M.B.A. atrick S.Capuano,M.B.A. aul J.Seguin,M.S.,Ph.D. aul D.Caseiras,M.B.A. evin M.Pickhardt, M.B.A.* obert Grassi,M.B.A. obert ter A.Henderson,M.B.A. M.B.A. *Executive M.B.A.graduate † D Margaret C.Walters, M.B.A. Brian D.Wallace, M.B.A. Susan B.Stoev, M.B.A. Marjorie M.Stell,M.B.A. Charles G.Ross, M.B.A. Maysa Perez Antonio,M.B.A. Simon HundredClub R Pe Denise K.Gutstein,M.B.A. Rajnish Garg, M.B.A. William J.Eva,M.B.A. John C.Casper, M.B.A. T Simon Associates David E.MacLean, M.B.A. Simon Fellows Donna M.Wojdat, M.B.A. John J.Perrotti, M.B.A. David R.Dobies,M.B.A. Simon Partners Daniel G.Lazarek, M.B.A. Simon Society Richard T. Miller, M.B.A. Simon Leaders Class of1991 John F.Wenderlich, M.B.A. Bruce H.Watkins, M.B.A.* Jeananne Thomas,M.B.A. Steven A.Sisson,M.B.A. David A.Rothstein, M.B.A. P David E.Quinn,M.B.A.* Susan E.Koerner Pearson, P David B.Mirsky, M.B.A. Margaret S.Champlin,M.B.A. Donna M.Bachand,M.B.A. Simon Donors Lisa WhitakerZielinski,M.B.A. Kev L Jill Vallandingham Roman, Suzanne GrayMurphy, M.B.A. Mucci,M.B.A.* Martin Craig P Christopher M.Mastrangelo, Bruce A.Leichtman, M.B.A. Jane S.Lange, M.B.A. Charles W. Goodman,M.B.A. Joseph J.Gerber, M.B.A.* Y Betty JeanF.Dean,M.B.A.* Alexander D.Cameron, M.B.A. ynn AnnSiverd, M.B.A. imothy A.Ackerman,M.B.A. avuz K.Erkan,M.B.A. eggy Y. Wang Palamar, atrick J.Rogers, M.B.A. enee V. Hawkins,M.B.A. eceased ter A.Hawkins,M.B.A. M.B.A. M.B.A. M.B.A. M.B.A. in J.Zielinski,M.B.A. . Merrigan,M.B.A. 31 SIMONBUSINESS Winter 2005–06 1529 TXT1/30/063:03PMPage32 32 SIMONBUSINESS Winter 2005–06 Philip G.Fraher, M.B.A. Simon Society David M.Khani,M.B.A. Simon Leaders Class of1993 Katrina A.Zalatan,M.B.A.* Julie L.Scott,M.B.A. Ernest W. Sax,M.B.A.* Ricky J.Rabideau,M.B.A.* Jeffrey W. Politte, M.B.A. Sarah W. Peck, M.S.,Ph.D. Karin C.Manning,M.B.A. L John W. Gatsios,M.B.A. Catherine O. Flanagan, M.B.A. L Simon Donors Hideo Yamazaki, M.B.A. James R.Root, M.B.A.* Carla A.Romney, M.B.A. Charles W. Place,M.B.A. David T. O’Shaughnessy, Christian B.Modesti,M.B.A. John A.Mazzacane,M.B.A. Mark E.Maring,M.B.A. Linda J.Lam Johnston,M.B.A. R Ti Darren Elcock, M.B.A. Simon Fellows Richard G.Sloan,M.S.,Ph.D. Gerald A.AltilioJr., M.B.A. Simon Partners Class of1992 Daniel J.Johnston,M.B.A. W Gregory S.Hayt,M.S. P P Steven A.DeBalso,M.B.A. Hsing Cheng,M.S.,Ph.D. Allen T. Caton,M.B.A.* Gail Fromm Burke,M.B.A. R. Todd Barber, M.B.A. Jay W. Allen,M.B.A. Simon HundredClub Craig M.Zando,M.B.A. R. Lawrence Van Horn,M.B.A. Judy M.Pribe,M.B.A.* P Michael J.Mahoney, M.B.A. Phillip M.Levy, M.B.A. Simon Associates Bruce W. Parks, M.B.A. Frank L.Milnarik,M.B.A. John M.McKenna, M.B.A. ee A.DeAmicis,M.B.A. aurie M.HampelMancuso, eter M.Defazio,M.B.A. aul C.Graven,M.B.A. aula HagyPattison, M.B.A.* obert T.obert Kingsley, M.B.A. rza T. Johnson,M.B.A. anda A.Humphrey, M.B.A. M.B.A. M.B.A. ILA .SMNGAUT COLO UIESADMINISTRATION BUSINESS OF SCHOOL WILLIAM E. SIMON GRADUATE Fred Muhleman,M.B.A.* M.B.A. Michael A.McCourt, Gary P Katherine S.Kressmann- N. RickyGray, M.B.A. Thomas J.Grant,M.B.A.* P L R David Asermily, M.B.A. Simon Donors Henry W. Yabroudy, M.B.A. Richard T. Wahl, M.B.A. L R Mike D.Prestidge, M.B.A. Stephen F.Meyer, M.B.A.* Steven E.Meus,M.B.A. David A.Lyons, M.B.A. Juliana C.Janson,M.B.A. Nancy R.Horn,M.B.A.* Joseph G.Eckl,M.B.A. P Shunsuke Bando,M.B.A. Mark J.Adams,M.B.A.* Simon HundredClub Anuradha Venkataraman, M.B.A. Memet (Matt)Yazici, M.B.A. James M.Molloy, M.B.A. W Simon Partners Lisa A.Myers,M.B.A. L Simon Society Class of1994 L Virginia S.Potter, M.B.A.* L T Susan E.Rossetti, M.B.A. Smriti L.Popenoe, M.B.A. Jeffrey E.Pontiff, M.S.,Ph.D. P T John W. Lind,M.B.A. L Elizabeth A.Cesarano,M.B.A. Steven C.Bussey, M.B.A. Simon Associates David C.Uhazie,M.B.A. Simon Fellows Christopher D.Weiler, M.B.A. V Frank H.Lallos, M.B.A. Hellweg,M.B.A. Martin P James E.Brophy, M.B.A. Simon Partners ori B.Lewis, M.B.A. imothy J.Shanahan,M.B.A. imothy W. McHugh,M.B.A. aurence C.DavisIII,M.B.A. aura J.Reitter, M.B.A. aura Ribas,M.B.A. aura A.O’NeillHabza,M.B.A. awrence A.Halliday, M.B.A. eter W. Diamond,M.B.A. atricia L. Barton, M.B.A.* atricia L.Barton, ablo J.Perfumo, M.B.A. atricia MaryDechow,M.S., anessa R.Lum, M.B.A.* obert T.obert Brunner, M.B.A. W.obert Reardon, M.B.A. ayne D.FranceIII,M.B.A. K Ph.D. ehoe, M.B.A. . Lorgan, M.B.A.* Simon Associates Brian D.Arsenault,M.B.A. Simon Fellows Jon H.Wendt, M.B.A. Philip W. Simplicio,M.B.A. Joseph Kurzweil,M.B.A. P Jeremy P Richard W. Glickman,M.B.A. Alan D.Dobbins,M.B.A. R R Donald A.Brydges,M.B.A. P Daniel J.Blasdell,M.B.A. James A.Black,M.B.A. Eric A.Bessette,M.B.A. Simon Donors Eric Tyler, M.B.A.* P P Scott I.St.John,M.B.A. Howard J.Mulcahey, M.B.A. T Joseph Levy, M.B.A.* Edouard E.Langlois, M.B.A.* Barbara J.Kunkel,M.B.A. Michael J.Knapp,M.B.A. Cornelia L.Kamp,M.B.A. Eileen F.Walsh Dufty, M.B.A. Seth C.Diamond,M.B.A. T Scott S.Biggar, M.B.A. Simon HundredClub DeWayne R.Wilcher, M.B.A. Gregory J.Vangellow, M.B.A. Jerry P T Andrew Liszkay, M.B.A.* Mary BennettKellmanson, Jeffrey S.Kellmanson, M.B.A. R Mark S.Greenstein, M.B.A. John J.Kapitan,M.B.A. Dwayne D.Jarrell, M.S. K Carlos J.Barrionuevo,M.B.A. Simon Fellows M.B.A. Mark D.Unferth, Simon Partners R Simon Leaders Michael Stone,M.B.A.* Simon Executives Class of1995 T. Shaun G.Buckley, M.B.A. Elizabeth CohenBryant,M.B.A. ascha Davis,M.B.A. anuja Pulakhandam, M.B.A. imothy Mack,M.B.A.* eter N.Boehm,M.B.A. eter F.Schuetz,M.B.A. aul A.Krause,M.B.A. aul Turpin, M.B.A. elly A.Brannen,M.B.A. obert Chopskie,M.B.A.* obert osemary J.Chengson, J.Hutchison,M.S. obert obert H.Balk,M.B.A. obert

Hunter Dare, M.B.A. M.B.A. M.B.A. . Reddy, M.B.A. . Hawk,M.B.A. Pi Beth A.Olarsch,M.B.A. Edward G.Mitzen,M.B.A. Lisa DaneluttiKapitan,M.B.A. Garfield M.Duncan,M.B.A. John A.Detweiler, M.B.A. Sriram Balakrishnan,M.B.A. L P Simon HundredClub P Maura T. McGinnity, M.B.A.* T.Martin McCue,M.B.A.* Naresh K.Gurbuxani,M.B.A. Simon Associates P Daniel J.Gisser, M.B.A. Ajay Asija,M.B.A. Simon Fellows Putsch,Martin M.B.A. Simon Partners Class of1996 John Witzel,M.B.A.* Michele M.Lawrence, M.B.A. Phillip B.Hayden,M.B.A. Isabel DeMars,M.B.A.* Elly S.KangChiariello,M.B.A. Brenda J.Blejwas,M.B.A. Simon Donors Christopher Weiler, M.B.A. Edward L.Vaczy, M.B.A.* R Anthony J.Sciarabba,M.B.A. William T. Rochford, M.B.A. Darryl S.Roberts, M.B.A. Stevan Ramirez, M.B.A.* Jacquelyn Marchand, M.B.A. L Stephen K.Gutch,M.B.A. Gutch,M.B.A. Julie A.Forth J. RussellGriffee,M.B.A. Dorothy B.HunterGordon, W Angelo J.Barbetta,M.B.A.* Rachel Adonis,M.B.A.* Simon HundredClub P Jose A.Troconis, M.B.A. R Miyako NewellSchanely, Marc S.Sachdev, M.B.A. Jack C.Pranzo,M.B.A. Frank B.Monachelli,M.B.A. P R Stephen G.Down,M.B.A. Simon Associates Susan E.Topel-Samek, M.B.A.* ouis B.Applebaum,M.B.A. aura J.King,M.B.A.* eter W. Alpern,M.B.A. eter M.Palermo III,M.B.A.* aul D.Woolf, M.B.A.* aul Wilkens,M.B.A.* aul McAfee,M.B.A.* obert A.Stevenson,M.B.A. obert oger L.Smith,M.B.A. W.obert Jones,M.B.A. eter H.Smit,M.B.A. endy Eber-Morris, M.B.A. M.B.A. M.B.A. Janice R.Schillaci,M.B.A. Ramona K.Vaughn Rene, Oscar X.Pozo, M.B.A. Karin M.Pecora, M.B.A. L.Gramza,M.B.A. Adalbert Joseph Buttarazzi,M.B.A. Dawn E.Angus,M.B.A. Simon Donors Claire Z.Van Arsdale,M.B.A. P Heidi A.Zimmerman Daniel S.Richter, M.B.A. R Sherri L.Rankin-Landry, M.B.A. William D.Pelino, M.B.A.* Deepa BalaParamesh, M.B.A. L Douglas D.Neff, M.B.A. Daniel B.Morchower, M.B.A. John F.Lord, M.B.A. Christine A.Kelleher, M.B.A. James Joy, M.S. Linda Palmeri Jacobson,M.B.A. Andrew M.Williams,M.B.A. John D.Ten HagenJr., M.B.A. Mahesh M.Sinkar, M.B.A. Scott A.Reese, M.B.A.* José A.Molina,M.B.A. Frank T. Meleca,M.B.A. Vikram Mehta,M.B.A. Michael C.Maxwell,M.B.A. Earl R.Lewis, M.B.A. K Harry Geaneotes,M.B.A.* Jacquelyn W. Browne Duncan, Gary E.BischopingJr., M.B.A. Simon HundredClub Naruhito N.Yamagishi, M.B.A. Susie Truesdell, M.B.A.* Glenn G.Jackling,M.B.A.* Simon Associates Ian H.Turvill, M.B.A. Anne M.Hunt,M.B.A. Glen A.Hansen,M.S.,Ph.D. AroraArti Raman,M.B.A. Simon Fellows R Simon Partners Shawn M.Hemingway, M.B.A. Simon Society Class of1997 Michael C.Hurley, M.B.A. Jennifer C.Henry, M.B.A. M.B.A. Michael Folkerts, Daniel J.Enright,M.B.A. ynn K.Neff, M.B.A.* eter S. Standhart, M.B.A. eter S.Standhart, evin G.Kane,M.B.A. onald B.Ransom,M.B.A.* obert B.Dorr,obert M.B.A. M.B.A. M.B.A. Standhart, M.B.A. 1529 TXT1/30/063:03PMPage33 R Adam J.Fleischhacker, M.B.A. R Simon Partners Class of1998 R Shurawl M.BryanSibblies, Eric Shell,M.B.A.* Sergey V. Rosolovsky, M.B.A. Gail E.Pogal, M.B.A.* Randall J.Ogi,M.B.A. Stephen B.Miller, M.B.A. Mariola Kopcinski, M.B.A. David P Daniel J.Harrison,M.B.A.* Manish Choudhary, M.B.A. Jason R.Bribitzer-Stull, M.B.A. L Russell A.Weybright, M.B.A.* Rajesh K.Singh,M.B.A. Shannon B.Silsby, M.B.A. Sachin G.Shah,M.B.A. Debra L.Palmer, M.B.A.* Julia C.Miers-Grimsrud, Brendan C.McNally, M.B.A. Dylan H.Jones,M.B.A. Hanson Hsu,M.B.A. Dale E.Heims,M.B.A. J. Greg M.B.A. Hart, José L.Gonzalez,M.B.A. Brian K.Gallipeau,M.B.A. Frank T. Gaetano,M.B.A. William R.Doolittle,M.B.A. Michael J.Dashnaw,M.B.A. Bruce A.Collier, M.B.A. Michael K.Chan,M.B.A. S.Canning,M.B.A.* Martin Glenn I.ButlerJr., M.B.A. Thomas C.Benson,M.B.A. Andrew L.Adams,M.B.A. Simon HundredClub James C.Stevens,M.B.A. Hajime Shoji,M.B.A. Debra Y. Loo, M.B.A. Joel J.Levesque, M.B.A. Geoffrey C.Laughlin, M.B.A. Casey L.Kurz,M.B.A. Kara-Ann OsselmannChai, Daniel N.Chai,M.B.A. Anthony N.Cappetta,M.B.A. Simon Associates Suzanne K.Ward, M.B.A. Rajeev T. Raman,M.B.A. Douglas J.Pratt,M.B.A. Simon Fellows Te Simon Donors ILA .SMNGAUT COLO UIESADMINISTRATION BUSINESS OF SCHOOL WILLIAM E. SIMON GRADUATE aura Whitby, M.B.A.* obert M.Grimm,M.B.A. obert W.obert Diaz,M.B.A. W.obert Wensley, M.B.A. r esa C.Blake,M.B.A. M.B.A. M.B.A. M.B.A. . Kammer, M.B.A. L Mark Shankroff, M.B.A. Jacqueline Lora, M.B.A.* Craig B.Lockwood, M.B.A.* Chris J.Johnson,M.B.A.* Thomas P Mark A.Christianson,M.B.A. P Simon Donors Andrew J.Belton,M.B.A. Anand Acharya,M.B.A. Simon Donors Jonathan E.Silsby, M.B.A. James S.Senall,M.B.A. Ellen LiRoss, M.B.A.* James D.Putnam, M.B.A. Mark AnthonyOsorio,M.B.A. Syed A.Mustafa,M.B.A.* Dominique Lalisse, M.B.A.* M.B.A. Kristopher A.Kohrt, R T Mark A.Gwaltney, M.B.A. Daniel Forrester, M.B.A. John W. DowerII,M.B.A. Eleanor G.Collinsworth, James Bragg,M.B.A. Elliott Axinn,M.B.A. Simon HundredClub Deborah Bordynski Vangellow, Jeffery H.Sokol,M.B.A.* J. MichaelReed, M.B.A. Sarah Plasky-Sachdev, Jill M.ZachmanMulcahy, Jennifer L.Kofod, M.B.A. John Heckman,M.B.A. Holly ClarkBlanchard, M.B.A. L Junfeng Bai,M.B.A. Simon Associates Shigetaka Yamakawa, M.S., Marya Savola,M.B.A. Barbara C.McIver, M.B.A. L Simon Fellows Helen A.Zamboni,M.B.A.* Madhulavi Majumder, M.B.A. Burke Kennedy, M.B.A. Brian Donaldson,M.B.A.* Simon Partners Steven P Simon Leaders Class of1999 Cathleen E.ShearZdyb,M.B.A. Ameet S.Bhattacharya,M.B.A.* orrie F.Beall,M.B.A.* imothy I.Henkel,M.B.A. andon T. Wilson,M.B.A.* awrence S.Brennan, M.B.A. elin Aylangan,M.B.A. obert J.Holzhauer,obert M.B.A. M.B.A.* M.B.A. M.B.A.* Ph.D. M.B.A.* . Brigham,M.B.A.* . Dooley, M.B.A. K Christopher E.Wheeler, Gerard C.Walter, M.B.A.* Jeffrey Taddeo, M.B.A. Darrell L.Suen,M.B.A. Harold D.Marx,M.B.A. Brendan E.Lynch, M.B.A. Jon E.Lindstrom, M.B.A. Zdenek Kratky, M.B.A. James D.Kole, M.B.A.* T Karen K.WishauHogan, R Andrew M.Campbell,M.B.A. Charles E.Aldridge,M.B.A.* Simon HundredClub Jeffrey D.Sorensen, M.B.A.* Edwin C.Shen,M.B.A. M.B.A. Schockaert, Bart Marilee KayeMontanaro, Gregg A.Lederman, M.B.A. Jennifer E.Henion,M.B.A. Kimberley Hall,M.B.A. Scott P Mary-Beth A.Cooper, M.B.A.* Cesar Chicayban,M.B.A. Antonio Caram-Neto,M.B.A. Simon Associates T Simon Fellows Ipek OktemTunca, M.B.A. Deniz Tunca, M.B.A. Colleen J.Wegman Christopher C.O’Donnell, Marc J.Haas,M.B.A. Simon Partners Class of2000 Michael P Brian M.Wirsig,M.B.A. P Andrew M.Strauch,M.B.A.* Steven M.Small,M.B.A. Vinay Sharma,M.B.A. Rudolf Samsel,M.B.A. Jeffrey Rubenstein,M.B.A.* John D.Quinzi,M.B.A. David P Ann T. Melville,M.B.A.* Mark A.Lozina, M.B.A. Ke George M.Iverson,M.B.A.* W. V L Bosiljko Colak,M.B.A.* James C.Christie,M.B.A. racy M. Herbert, M.B.A.* racy M.Herbert, imothy F.Jones,M.B.A.* aura Louise Fichter, M.B.A.* aul N.Tartaglione, M.B.A. alerie R.Ford, M.B.A. evin R.Wilmot,M.B.A. obert S.Genter,obert M.B.A. nneth N.Kotz, M.S.

M.B.A. M.B.A. M.B.A. O’Donnell, M.B.A. M.B.A. Allen HarrisonIV, M.B.A. . Gucciardi, M.B.A.* . Preuss, M.B.A. . Wiseman,M.B.A. Mark P Jeffrey M.Besio,M.B.A. Simon Donors Atashi C.Sonty, M.B.A.* Samuel R.Ogie,M.B.A. P Matthew S.Jaffe,M.B.A. Brian Healion,M.B.A. P P Monica N.Andrade,M.B.A.* Simon HundredClub Seema Latif Shaikh,M.B.A. Jeffrey S.Resnick, M.B.A. John H.Reineberg, M.B.A. Serguei Netessine,M.S.,Ph.D. O. Andrea M.Lever, M.B.A. M.B.A. Philip J.Bartlett, Judith GraceAlexander- Simon Associates Stanley H.Voudrie, M.B.A. Grigory S.Vilkov, M.B.A. P Suge Luo, M.B.A. Marina Lyssenko Chinn,M.B.A. Simon Fellows Pranab Majumder, M.S.,Ph.D. Simon Partners Class of2001 Bryan A.Smith,M.B.A. L Richard N.Klein,M.B.A. T James M.Croop, M.B.A.* David C.Carr, M.B.A. Tr Simon Donors imothy J.Kelley, M.B.A.* aura J.Piccolo, M.B.A. eter B.Shephard, M.B.A. atrick C.Krenzer, M.B.A. amela L.Erb,M.B.A.* atricia A.Calkins,M.B.A.* oy W. Beason,M.B.A.

William Lever Jr., M.B.A. W asley, M.B.A. . Burdick, M.B.A.* *Executive M.B.A.graduate Richard A.Gammons L Sheraun Y. Britton-Parris, Thilo H.Bayrhoffer, M.B.A. Madhu Ayyagari,M.B.A.* Raymond R.CyrIII,M.B.A. Ana M.Albuquerque Simon HundredClub Xiaodong Zeng,M.B.A. L Gary Meeks,M.B.A.* Brian B.Lane, M.B.A. P Denise MarieFitzgerald, James S.Dispenza,M.B.A. Scott M.DeTraglia, M.B.A. Scott M.Bryant,M.B.A. Simon Associates Tr Sean M.Carroll, M.B.A. Simon Fellows Stephen Parsons, M.B.A.* P Simon Partners Class of2002 R Dennis Lee, M.B.A. Jonas M.Kumpitch,M.B.A. Stephen L.Joyce,M.B.A. Mary KathrynDappen,M.B.A.* Y Satoshi Suetake,M.B.A. Matthew W. Reifsteck, M.B.A. Jeffrey S.Meteyer, M.B.A.* M.B.A. Elfi A.Martinez, ee A.Esker, M.B.A. uis A. Ortiz, M.B.A. uis A.Ortiz, onglin Xie,M.B.A.* eter J.Opdam,M.B.A. atrick G.Haughton,M.B.A. obert P obert evor A.Lloyd,M.B.A. M.B.A. M.S. M.B.A.* M.B.A. . MacDonaldJr., , M.B.A., , M.B.A.* 33 SIMONBUSINESS Winter 2005–06 1529 TXT1/30/063:03PMPage34 34 SIMONBUSINESS Winter 2005–06 R Marcus V. Franz,M.B.A. Simon Associates Gayle McGannon,M.B.A.* Simon Fellows Class of2003 Huseyin Top, M.B.A. Marilyn Spunar, M.B.A.* Sheffali D.Singh,M.B.A. Sandra Rowland, M.B.A.* Danah EveSmogerRios, Michael J.Panara, M.B.A. Ta Christopher Liucci,M.B.A.* Frederik W. Lehmann, M.B.A. L Heather AnneLambert- L K Philip M.Byrne,M.B.A. Simon Donors Douglas J.Witter, M.B.A. Sanjay Wahi, M.B.A. Shaun E.DellaVedova, M.B.A. Rick S.Tadokoro, M.B.A. Matthew J.Stowell,M.B.A. Steven Sandidge,M.B.A. Sarah E.Ryan,M.B.A. Jonathan D.Maurer, M.B.A. Hunaid A.Lookman, M.B.A. Winward (Gary)Lewin, M.B.A. R Darius M.Koenig, M.B.A. Ajay James,M.B.A. Ryan J.Hwang,M.B.A. Andrew R.Hurysz,M.B.A. Sachin S.Dixit,M.B.A. Cesar Castillo,M.B.A. Justin C.Bownds,M.B.A.* George J.Andrews, M.B.A.* Heather DescioraAgnello, Simon Donors Tr Bryan A.Staff, M.B.A. Ashok Sarathy, M.B.A. Jason Rice,M.B.A. Michael T. Pitts, M.B.A. M.B.A. Sean R.Murtagh, Caroline Perkowski Josh Z.Goldberg, M.B.A. Heath E.Gebell,M.B.A. Dennis P M.B.A. Michael C.Curtis, Michael A.Bell,M.B.A.* Simon HundredClub eigh A.Laughlin, M.B.A. ars R.Haitz,M.B.A. eng Goh,M.B.A. ebekah S.Lewin, M.B.A. obert Ylagan,M.B.A. obert oy E.Willis,M.B.A. mika A.Nurse,M.B.A. Shemo, M.B.A. M.B.A. Minsavage, M.B.A. M.B.A. . Ethier, M.B.A.* ILA .SMNGAUT COLO UIESADMINISTRATION BUSINESS OF SCHOOL WILLIAM E. SIMON GRADUATE L Jonathan Lee, M.B.A. Kate Kwon,M.B.A. Nataliya Kochurova, M.B.A. David Kleinman,M.B.A. Bradley King,M.B.A. Jaeman Kim,M.B.A. Federico Kalnicki,M.B.A. Gang Ji,M.B.A. Christian Hausherr, M.B.A. David DiSanto,M.B.A. Richard DeAsis,M.B.A.* John Currie,M.B.A. David Crotty, M.B.A. Michael Camarella, M.B.A. K Amy A.Bliss,M.B.A. Simon Associates W Jinnan Yang, M.B.A. Merrell L.Stout,M.B.A. K Maurice Raichelson,M.B.A. Arturo Picicci, M.B.A. Michelle Mattick,M.B.A.* Debra Trueger Maddow,M.B.A. Brennan Keating, M.B.A. Stephanie Hogue,M.B.A. Chris Gudmastad,M.B.A. T Gregory J.Butera,M.B.A. Simon Fellows Jacqueline Spaulding,M.B.A. P Simon Partners Class of2004 Alexsandra Sukhoy, M.B.A. Richard Strek, M.B.A.* Cynthia ClusenSherwood, Carolyn FinchSchmidt,M.S. Susan Lynn Scarlato,M.B.A. Thomas A.Richardson, Ranjan Saha,M.B.A. Charles Robertson, M.B.A. L Sanjay BobbyMarwaha, Anthony T. Ricci,M.B.A. L P Michael A.Morante,M.B.A. M.B.A. Ivan F.Martinez, Jeffrey B.Larson, M.B.A.* P Erric Heitmann,M.B.A.* Gerard A.Guiney, M.B.A. Miguel A.Gonzalez,M.B.A. Ivanka YvonneAlexandra . Peter Nguyen,M.B.A. ania Genel,M.B.A. ouis M.Orsini,M.B.A.* ee McNeer, M.B.A. uis Linares, M.B.A. eter E.Neuburger, M.B.A. aul J.Hurley, M.B.A. evin Brillhart, M.B.A. evin Brillhart, evin Sheldon,M.B.A. ei-Hsun Yen, M.B.A. M.B.A. Gajecky, M.B.A. M.B.A.* M.B.A. Shaheen Paydar, M.B.A. S. Brooks Moore, M.B.A. Eun-Young Min,M.B.A. Colleen MichelleMcKeating, Sharon Markowitz,M.B.A. Mwanza Lumumba, M.B.A. Brenda Louie, M.B.A. Suzanne M.Ley, M.B.A. William A.Lampeter, M.B.A.* K Yvette Ilacad,M.B.A. Thurein Htoo,M.B.A. Gabriela Gutierrez, M.B.A. Ann Grabowski,M.B.A.* Jennifer Geer, M.B.A.* Edgard R.D’Angelo,M.B.A. Scott Buonocore, M.B.A. R Gilad Biegacz,M.B.A. David F.Bassett,M.B.A.* Steven Baiocchi,M.B.A.* Douglas J.Austin,M.B.A. Giuseppe Arpino,M.B.A. Andrei Andrievsky, M.B.A.* Andrew A.Adachi,M.B.A. Simon HundredClub Tzachi Zach,M.S.,Ph.D. Yichao Yu, M.B.A. Annie Wu,M.B.A. P Dirk Peereboom Volle, M.B.A. James Tsantes, M.B.A. T Janice HohlSvec,M.B.A. Blaine Streisand, M.B.A. Heather Sisley, M.B.A. Shannon Silvus,M.B.A.* Christopher R.Seitz,M.B.A. Andrew Schlesinger, M.B.A. Jeffrey Scheer, M.B.A. ock SiongTan, M.B.A. amela EsperanzaWilson, evin Kepner, M.B.A.* obert Buchanan,M.B.A. obert M.B.A. M.B.A. George Hoglund,M.B.A. Y T Simon Fellows Seiichiro Takahashi Goncalo N.Souto,M.B.A. Whitney ElizabethSlavinskas, Xiaopeng Ren, M.B.A. Erik A.Penney, M.B.A. R Anju GopiramPansari, M.B.A. Scott A.Nicol,M.B.A. Ning Muk,M.B.A. M.B.A. Seth B.Martin, Mario Luna, M.B.A. Y Correy Krickeberg, M.B.A. Maxwell D.JeaneJr., M.B.A. R Jill ChristineGullace,M.B.A. Adam B.Frisicaro, M.B.A. Cory B.Fasold,M.B.A. Mercedes IsabelFalcon, Lize A.Comeau,M.B.A. Naomi SarahCohen,M.B.A. Omegbenga I.Alaran,M.B.A. Simon Partners Class of2005 Gregory C.Paratore, M.B.A. Simon Donors Nicole Wong, M.B.A. Lisa R.Wells, M.B.A. K Ivy Wan, M.B.A. Melissa K.Walsh, M.B.A. Kirsten Voss, M.B.A.* R Jun Shi,M.B.A. odd R.Delehanty, M.B.A. uchiro Hara,M.B.A. an Liu,M.B.A. enneth J.Weliczka, M.B.A. obert G.Parham,obert M.B.A. oger Hernandez,M.B.A. onnie Tao, M.B.A. M.B.A. M.B.A. Ryuzo Maeno,M.B.A. Anjiang Liu,M.B.A. Chang Y. Lee, M.B.A. Jonathan H.Lay, M.B.A. Daniel Lander, M.B.A. Sundy Krishnamurthy, M.B.A. Rameet S.Kohli, M.B.A. Jonathan C.Kalmanoff, M.B.A. Srikant Kalla,M.B.A. K Nikki Lyn Hamblin,M.B.A. Derek S.Foster, M.B.A. Kathryn AnnDudek,M.B.A. Javier A.Diaz,M.B.A. Mihir S.Desai,M.B.A. Esteban R.Davalos,M.B.A. Jerrold A.Cline,M.B.A. Jeffrey A.Case,M.B.A. Juana IsabelCamargo, M.B.A. Christopher B.Berger, M.B.A. Christopher A.Antola,M.B.A. Pressigny Alcindor, M.B.A. Shagufta KhanAhmed,M.B.A. Michael O. Adiukwu,M.B.A. Simon Associates Nisha Yadav, M.B.A. Joshua C.Wood, M.B.A. Doron Weber, M.B.A. P L Arquelio Semidey, M.B.A. Michelle LisaSchwartz, Un JungPark, M.B.A. José L.Munoz,M.B.A. P Kazutaka Maeda,M.B.A. Jin Wook Kim,M.B.A. Anuka SaraKakkasseril,M.B.A. Ryan W. Kaiser, M.B.A. Manabu Kaburaki,M.B.A. Y yndie BethSiff, M.B.A. uichiro Itoki,M.B.A. atrick J.Tehan, M.B.A. aul G.McGlyn,M.B.A. evin A.Howell,M.B.A. M.B.A. 1529 TXT 1/30/06 3:03 PM Page 35

WILLIAM E. SIMON GRADUATE SCHOOL OF BUSINESS ADMINISTRATION

Rajeev K. Malik, M.B.A. Aaron L. Wagner, M.B.A. Hirohito Namiki, M.B.A. Pei-Min Chen, M.B.A. Timothy A. Montbach, M.B.A. Austin M. Manengu, M.B.A. Hong Zhang, M.B.A. B. Johanna Nighbert, M.B.A. Yi-Ling Chien, M.B.A. Makiko Murashima, M.B.A. Arun Manhapra, M.B.A. Yanmin Zhao, M.B.A. Jeffrey A. Oakleaf, M.B.A. Kim Chou, M.B.A. Necip D. Okat, M.B.A. Raquel Marquez, M.B.A. Maxim Pogorelov, M.B.A. Wen-Hsien Chu, M.B.A. Amanda Robin Pascatore, Sean R. Martell, M.B.A. Simon Hundred Club Hanxu Qin, M.S. Matthew T. Flomo, M.B.A. M.B.A. Ryan C. Martin, M.B.A. Subhash Bandla, M.B.A. Xiaona Qiu, M.B.A. Livia Wu Foo, M.B.A. Amulya Nagalla Rao, M.B.A. Ken Masamoto, M.B.A. Kurt F. Barrios, M.B.A. Kentaro Sakaguchi, M.B.A. Mathieu Gagnon-Oosterwaal, Monika Saxena, M.B.A. David C. Mruk, M.B.A. Velemira Valkova Bikova, Monil S. Shah, M.B.A. M.B.A. Anthony Scime, M.B.A. Ruriko Muraoka, M.B.A. M.B.A. Tu T. Tran, M.B.A. James K. Hamilton, M.B.A. Dominic A. Seiterle, M.B.A. Jong J. Oh, M.B.A. Bo Young Cheong, M.B.A. Li Yan, M.B.A. Ki Sung Hong, M.B.A. Tongfang Shi, M.B.A. Walter J. Olshanski, M.B.A. Sarah Winchell Hansen, M.B.A. Wen Biao Zeng, M.B.A. Eugene P. Hsu, M.B.A. Manu Sikka, M.B.A. Cameron Oskvig, M.B.A. Yusuke Ikeda, M.B.A. Namita Shyam Karmarkar, Sandeep S. Singh, M.B.A. Rajat K. Padhi, M.B.A. Yeon Suk Kim, M.B.A. Simon Donors M.B.A. Guarav Singhania, M.S. Nyisha Pierre, M.B.A. Sang Heon Koo, M.B.A. Charles M. Anyomi, M.B.A. Robert W. Kirsch, M.B.A. Garth R. Snyder, M.B.A. Kit T. Quach, M.B.A. Ariane Alicia Krenichyn, M.B.A. Juan P. Arango, M.B.A. Shinichiro Kobayashi, M.B.A. Ning Song, M.B.A. Taryn Lynn Ranieri, M.B.A. Manabu Kuhara, M.B.A. Gretchen Leigh Benko, M.B.A. Steven E. Koppitsch, M.B.A. Jennifer Thanh Van Nguyen, Ziba Lorel Sarabia, M.B.A. Sang Kwon Lee, M.B.A. Douglas H. Bilderback, Jasmin Kung, M.B.A. M.B.A. Marc Schor, M.B.A. Seung Yoon Lee, M.B.A. M.B.A. Ah Rahn Lee, M.B.A. Chuk Ching O. Wan, M.B.A. Nedtra Sinclair, M.B.A. Young Yoon Lee, M.B.A. Julio Castillo Acha, M.B.A. Timothy Lelchuk, M.B.A. So Han Yam, M.B.A. Demetrios Siountris, M.B.A. Stephen D. Locke, M.B.A. Azeddine Chaat, M.B.A. Nicholas J. Lennox, M.B.A. Xiaoyong Yu, M.B.A. Charles R. Smith, M.B.A. Shaun B. Mallen, M.B.A. Kung-Cho Chao, M.B.A. Pedro Grau Monjo, M.B.A. Andrej P. Zalar, M.B.A. Azara Usman Turaki, M.B.A. Catherine Renee Martz, M.B.A. Jing Chen, M.B.A.

Matching Gift Companies Goldman Sachs Group Science Applications International Corporation Aetna Foundation Inc. Southern California Edison Agilent Technologies Inc. Harris Foundation SunGard BSR Inc. Akzo America Inc. HSBC Bank–USA SunTrust Mid-Atlantic Banks Inc. Altria Group Inc. I.B.M. Corporation United Technologies Corporation AMBAC Inc. J. P. Morgan Chase & Company The UPS Foundation Inc. American International Group Inc. Johnson & Johnson Verizon Communications Automatic Data Processing Inc. S.C. Johnson Fund Inc. Wachovia Foundation Bank of America Kimberly-Clark Corporation Washington Mutual Inc. The Bank of New York Company Inc. Kirkland and Ellis Foundation Wellington Management Company L.L.P. Bank One Corporation International Inc. Wells Fargo Bank Barclays Capital (Barclays Bank P.L.C.) Lockheed Martin Corporation Wells Fargo Community Support The Boeing Company Marsh & McLennan Companies Inc. West Group BP Foundation Inc. Mattel Children’s Foundation West LB Administration Inc. Cadence Design Systems Inc. MBIA Inc. The Xerox Foundation/Xerox Corporation Chicago Tribune Charities The McGraw-Hill Foundation Ziff Brothers Investments The Clorox Company McKesson Foundation CNF Inc. Mellon Financial Corporation Foundation Corporate and Foundation Coca-Cola Enterprises Bottling Company Merck & Co. Inc. Support ConAgra Foundation Corporation Agency Partners USA L.L.C. Constellation Energy Group Millipore Foundation Air Products & Chemicals Corning Inc. Morgan Stanley Dean Witter Canandaigua Wine Company Inc. Deloitte & Touche USA L.L.P. The Nacco Industries Inc. Cingular The Dun & Bradstreet Corporation National City Corporation Citigroup Foundation eFunds National Grid Citizens Financial Group Eli Lilly & Company Nielsen Media Research The Clorox Company ExxonMobil Foundation Novartis US Foundation Compu-Mail LLC Fair Isaac Corporation OppenheimerFunds Inc. Consortium for Graduate Study in Management Fidelity Investments Osram Sylvania Inc. Constellation Brands Inc. C.B. Fleet Company Pactiv Corporation Diablo Management Group FleetBoston Financial Foundation Perry Capital Double Knot Ford Motor Company Fund Pfizer Corporation Inc. Eastman Kodak Company Friedman, Billings, Ramsey Group Inc. PricewaterhouseCoopers L.L.P. Element K Delaware Inc. GartnerGroup Charity Fund The Procter & Gamble Company Ewing Marion Kauffman Foundation Procter & Gamble Pharmaceuticals ExxonMobil Foundation General Electric Company BUSINESS 2005–06 Winter General Motors Corporation Saint-Gobain Corporate Foundation The Farash Corporation Gleason Foundation SBC Foundation Fisher-Price Inc. SIMON

*Executive M.B.A. graduate 35 1529 TXT1/30/063:03PMPage36 36 SIMONBUSINESS Winter 2005–06 Philip G.Fraher, M.B.A.’93 Elliot S.Foo,M.B.A.’90 Denise M.Fitzgerald,M.B.A.’02* W R T. Daniel N.Chai,M.B.A.’98 P Sean M.Carroll, M.B.A.’02 Steven C.Bussey, M.B.A.’96 Ebrahim Busheri,M.B.A.’88 Michael K.Burkeen,M.B.A.’98 Charles F.Bellavia,M.B.A.’73 Carlos J.Barrionuevo,M.B.A.’95 Diane F.Austin,M.B.A.’85 Nicholas V. Angle,M.B.A.’90 ’88, Timothy D.Smith,M.B.A. Sarah Plasky-Sachdev, ’99,* M.B.A. Alumni AdvisoryCouncil J. P JetBlue Airways Genesee Regional Bank Friedman, Billings,RamseyGroup Inc. Forensic EconomicsInc. Florescue FamilyFoundation J.C. Jones&AssociatesL.L.C. K Andrew M.Carter David J.Burns,M.B.A.’78 Steven P P Jay S.Benet,M.B.A.’76 Joseph Bell Matthew S.Aroesty, M.B.A.’90 John W. Anderson,M.B.A.’80 Ain,M.B.A.’67 Mark Stuart J. Peter Simon, Executive AdvisoryCommittee John L.Davies,M.B.A.’73 Frank G.Creamer Jr., M.B.A.’70 Richard G.Couch,M.B.A.’79* José J.Coronas, M.B.A.’75* Donald (Skip)Conover, M.B.A.’79* aul D.Caseiras,M.B.A.’90 obert B.Dorr,obert M.B.A.’97 aul A.Brands,M.B.A.’66

evin P endy Eber-Morris, M.B.A.’95 Hunter Dare, M.B.A.’94 Foundation . Morgan ChaseBank/J.P . Collins,M.B.A.’82 ILA .SMNGAUT COLO UIESADMINISTRATION BUSINESS OF SCHOOL WILLIAM E. SIMON GRADUATE . Brigham,M.B.A.’99* Chairman . Morgan Chase Co-chair Co-chair Mark H.Mozeson,M.B.A.’85 Christian B.Modesti,M.B.A.’92 Brian P Maura T. McGinnity, M.B.A’96* M.B.A.’93 Michael A.McCourt, P Edmund L.Luzine, M.B.A.’89 Gregg A.Lederman, M.B.A.’00 Michele M.Lawrence, M.B.A.’94 Geoffrey C.Laughlin, M.B.A.’98 P Frank H.Lallos, M.B.A.’93 Zdenek C.Kratky, M.B.A.’00 David M.Khani,M.B.A.’93 Mary BennettKellmanson, M.B.A.’94 P Glenn G.Jackling,M.B.A.’97* W Hellweg,M.B.A.’93 Martin Mark S.Greenstein, M.B.A.’94 Scott J.Gordon, M.B.A.’85 PAETEC CommunicationsInc. OppenheimerFunds Inc. AtlanticIndustriesInc. North Morgan StanleyDeanWitter MetLife M&T Bank L Johnson & James Piereson J. Richard Munro Donna L.Matheson,M.B.A.’79 Jeff E.Margolis, M.B.A.’78 William W. Lanigan, Esq. John M.Kelly R William M.Kearns Jr. David T. Kearns, B.A.’52 R Charles R.Hughes,M.B.A.’70 Mark B.Grier, M.B.A.’80 Bruce M.Greenwald, M.B.A.’69 R James S.Gleason,M.B.A.’68* Barry W. Florescue, B.S.’66 R Mark Fasold P ake Energy L.L.C. eter F.Lallos Jr., M.B.A.’90 eter P aul H.McAfee,M.B.A.’95* eter R.Dodd,M.S.’78,Ph.D.’81 ene F.Jones,M.B.A.’92 obert J.Keegan, M.B.A.’72 obert B.Goergen,obert B.A.’60 onald H.Fielding,M.B.A.’76 anda A.Humphrey, M.B.A.’92 . Jones,M.B.A.’82 . Meath,M.B.A.’89 *Executive M.B.A.graduate K P W Douglas D.Neff, M.B.A.’96 Memet (Matt)Yazici, M.B.A.’94 Jon D.Van Duyne,M.B.A.’85 Ian H.Turvill, M.B.A.’97 Deniz Tunca, M.B.A.’00 Samuel H.Ticknor, M.B.A.’89 James P Anthony A.Tanner, M.B.A.’90 L.Stern,M.B.A.’80 Martin L Shannon B.Silsby, M.B.A.’98 Jeremy L.Seligman,M.B.A.’84 M.B.A.’88* James C.Schwartz, Miyako N.Schanely, M.B.A.’95 Rita L.Ratcliffe,M.B.A.’88* Judy M.Pribe,M.B.A.’92* Russell B.Pleasants,M.B.A.’81 William E.SimonFoundation W The Timberland Company Richard &HindaRosenthal Foundation Ravenwood GolfClub Prince FamilyOpenSocietyFund Pharos SystemsInternational T Joseph T. Willett,M.B.A.’75 Janice M.Willett,M.B.A.’78 Ralph R.WhitneyJr., M.B.A.’73* Kathy N.Waller, M.B.A.’83 Amy Leenhouts Tait, M.B.A.’85* Michael C.Stone,M.B.A.’95* Joel M.Stern Gregg M.Steinberg William E.SimonJr., Esq. George J.SellaJr. Joel Seligman L Richard Sands William D.Ryan,B.A.’49 R David Reh, M.B.A.’67 ynn A.Siverd, M.B.A.’91 eonard Schutzman,M.B.A.’69 eter M.Palermo III,M.B.A.’96* imothy W. Williams,M.B.A.’86 evin M.Pickhardt, M.B.A.’90*( obert E.RichJr.,obert M.B.A.’69* alter (Terry) NewcombII,M.B.A.’72 egmans FoodMarketsInc. . Thielen,M.B.A.’89* (ex officio) ex officio) 1529 TXT1/30/063:03PMPage37 Dean’s Corner ALUMNI rience. School expe- of theSimon integral part long beenan challenges has tions tothose novative solu- problems anddeveloping in- Analyzing complexbusiness business problems. The when solvingunstructured An dents’ abilityto augmented tofocusonstu- M.B.A. curriculumwillbe Si will beaddedtothefirst-year problem-solving courses new r more student-active class- will includeamove toward managerial success. for core competency necessary tured businessproblems isa solve ambiguousandunstruc- concluded thattheabilityto subcommittee demicians. The managersandaca- cruiters, sive research involving re- M.B.A. Program afterexten- T subcommittee oftheDean’s mended by thecurriculum (FACt) wasrecom- framework An ILA .SMNGAUT COLO UIESADMINISTRATION BUSINESS OF SCHOOL WILLIAM E. SIMON GRADUATE ooms, andinfall2006,two ask Force fortheFull-Time mon Schoolfull-time B The new FACtThe new framework alyze andCommunicate alyze alyze andCommunicate alyze eginning in2006,the [email protected]. To is achangefrom previous years. P 6:00–8:00 p.m. The University Club, F Ne Save theDate! lease notethatthisevent willbeonaFriday, which riday, January 20,2006

R.S.V.P., call(585)275-7563ore-mail w York Recruiting Program Reception Fram e, Fram news e, D Ma come. for ourstudentsintheyears to enrich theSimon experience that theFACt approach will this project. Iamconfident Po burn, Jim Brickley andSteve subcommittee (KaraBlack- members ofthecurriculum School. alumni andfriendsofthe r tential solutionsandpresenting generating andanalyzingpo- identifying themainproblem, tackle real-world problems by petition willallow studentsto y competition duringthefirst school-widecase duce anew FA aspectofthe another crucial nicating thosesolutionswillbe solutions. Effectively commu- the goalofdeveloping optimal ness problems analyticallywith to approach unstructured busi- topics. Students willbetaught cases basedoncurrent business as well asmore informalmini- will examinetraditionalcases stages ofproblem solvingand discussion willcenteronthe core curriculum.Classroom ecommendations toapanelof ear oftheprogram. This com- ean I wouldliketothankthe A savac) fortheirhard work on Ct framework. rk dditionally, we willintro-

Z upan De from theAlumniRelations and N.Y., worked withstaff Azara at R thing aboutit.Before leaving ices, shedecidedtodosome- unable toafford tutoringserv- gling academically, butwere many ofherclassmatesstrug- When Tutoring Project Simon School call (585)275-7563. [email protected] or R contact theOffice ofAlumni garding thetutoring project, r ing pageorontheinsideof ment sectionoftheonlinegiv- the tutoringfundincom- to indicatethatyour giftisfor postage-paid envelope. Be sure y r W online by goingtotheSchool’s b A by E pay fortutoringsessions. probation andare unableto students whoare on academic to eighthoursoftutoring w as and pledgetheirsupport their firstyear intheprogram re that manyfellow alumniwill to graduation.It isherhope ofthisinitiative prior support pledgedher fall of2005,Azara had thefundingtobeginin F the Simon School Tutoring A eturn envelope. ochester.edu orby mailing our donationintheenclosed y-case basis. und. ligibility willbedetermined dmissions Office onacase- dmissions Office toestablish ochester for her new position ochester forhernew elations andDevelopment at ell. The fundwillprovide six member thechallengesof eb siteatwww.simon.

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ensure thattheprogram ou have anyquestionsre- A zara Turaki ’05 in Buffalo, saw Rameet Kohli ’05 Ka J Lisa Zeiher ’01*(Bern) P S Andrew Marein-Efron ’94 J S D already involved: r O R should e-mailtheAlumni interested magazine. Those A N for inclusioninthe“Class information aboutclassmates nize personalandprofessional Scribes willreceive andorga- section of dents fortheAlumniNews in becomingclasscorrespon- looking foralumniinterested R The Office ofAlumni • Meetnewfriends • Reconnect • Stayconnected Correspondent! Be aClass Join theRanks! 14627. Box 270107,Rochester, N.Y. H or mailthemto202Schlegel [email protected] De the AlumniRelations and and professional updatesto alumni, e-mailyour personal like toshare withfellow If Share Your News! ustin Bownds ’03* ochester.edu. effrey Durbin ’88 arah Plasky-Sachdev ’99* ameer Shah ’82 ierre ’00 Descartes cquisitions” sectionsofthe elations andDevelopment elations andDevelopment is

otes” and“Mergers and avid Epstein ’72 ffice atalumni@simon. all, University ofRochester, Thank you tothosewhoare y r *Executive M.B.A.graduate v en Walker’04 ou have news youou have would news elopment Office at S imon Business. 37 SIMONBUSINESS Winter 2005–06 1529 TXT1/30/063:03PMPage38 38 SIMONBUSINESS Winter 2005–06 ALUMNI • r the ClassGift Committeeandthecommitteerep- raise thefundstoprovide it. puter accesswasneededandaggressively setoutto quiet studyarea with individualcarrels andcom- of SchlegelHall. Members oftheclassfeltthata r raising more than $57,000. andanaveragepercent giftof$335, participation ates placedsecondinallclassgiftrecords with65 place inSimon history. Simon’s mostrecent gradu- legacy forfuture its Simon studentsandcarved The M.B.A.Classof2005hasleftitsown unique 2005 ClassGiftLegacy • esentatives fortheirhard work anddedication: efurbish thestudyroom locatedinthebasement G Cohen and Class Gift Committee: A specialthankyou isextendedtomembersof K F Alcindor, AlanChang,EstebanDavalos, Cory The fundswillbeusedtorenovate, remodel and asold, Manabu Jinwook Srikant Kalla, Kaburaki, m a i,Eric Penney im, Yan Liu, ift CommitteeRepresentatives: ILA .SMNGAUT COLO UIESADMINISTRATION BUSINESS OF SCHOOL WILLIAM E. SIMON GRADUATE G cated inthewalkwaybetween Schlegeland y more than$13,000by theendoffiscal we of whomwere namedmore thanonce, $250, 17emeritusandcurrent faculty, six careers. Requiring aminimumdonationof a significantimpactontheirlives and/or in thenamesofSimon professors whohad tomakedonations alumni theopportunity r and Development atalumni@simon. contact theOffice ofAlumniRelations F honor_professor.asp fordirect submission. secure.simon.rochester.edu/outside2003/ electronic version isavailable athttps:// r Si tion of Pr In Honor aProfessor J eply envelope enclosedinthisissue.An ochester.edu or(585)275-7563. ear. AnHonor aProfessor displayislo- or more informationonthisprogram, ill Gullace, Christopher Antola,Naomi mon professor inyour life,completethe leason Halls. ogram wasintroduced inthewinteredi-

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y r ou wishtoacknowledge aspecial ecognized. The program realized program ecognized. The S Me imonBusiness r cedes Falcon. Co-chairs Mario Luna news magazine, providing and L Pr yndie Siff. essigny company liaisons. alumni at31companiesagreed toactas being criticaltoourcontinuedsuccess, the rankingandalumniparticipation N ness schoolrankingsin Challenge following therelease ofbusi- kicked offthe2005Corporate tion intheAnnualFund, theSchool In • • •F We The 2005SimonCorporateChallenge ews Report

S in economics. study. ranked No. 2inaJanuary 2005peer N No The an effort toboostalumniparticipa- an effort imon placedNo. 23inthe inance research atSimon was ’r ews & World Report v a 0 Empire Valuation ConsultantsL.L.C. TheCoca-ColaCompany Microsoft Corporation CapGeminiErnst&Young UnitedTechnologies Corporation/ Ivy Wan ’04 Kathy Waller ’83 HarrisCorporation PfizerCorporation Ipek Tunca ’00 FederalExpress (Fed ExCorporation) Molly Thorn’02 AT&T ExcellusBlueCross BlueShield Merrell Stout’04 Xerox Corporation L Vincent (Chip)Renzi ’78 UniversityofRochester Delano Randolph’90 James Putnam ’99 BankofAmericaCorporation Hewlett-Packard Company Sarah Plasky-Sachdev ’99* John Polidori ’03* FidelityInvestments Michael Pitts ’03 P NationalCityCorporation Osowski’84 Martha ExxonMobilCorporation R BayerCorporation Brendan Lynch ’00 Debbie Loo ’98 TheBankofNewYork CompanyInc. Lin-Mei Kravis’80 GoldmanSachsGroup Inc. P Credit SuisseFirstBostonL.L.C. Jennifer Kofod ’99 CityofRochester Stephen Hofler’79 DellInc. James Dispenza’02 Morgan Stanley R Scott DeTraglia ’02 HSBCBankUSA Eduardo Centola’93 Steven Bussey’93 ’00 Michael Bushart Gary Bischoping’97 Brian Arsenault’94 Lo Rachel Adonis’95* 2005 CorporateChallengeParticipants andLiaisons . 4globallyinbothfinanceand e moving up!Join therace tokeepSimon atthetop. n ied’1HarrisInteractiveInc. ynn Siverd ’91 uaPtio 9*Johnson& ElementKL.L.C. aula Pattison ’92* aul Krause’94 br sek 7 J.P Osieski’78 obert AgilentTechnologies Inc. Diaz’98 obert i plbu 9 ConstellationBrands uis Applebaum’96 F inancial Times . With a13-placejumpin U.S. World& rated Simon 2005 ranking. U.S. R r De tact theOffice ofAlumniRelations and liaison forthe2005–06fundyear, con- yo making thisasuccessfulcampaign.If in to alloftheliaisonsfortheirefforts thankyou The Schoolextendsahearty J Corporate ChallengeTop Five une 30,2005,withimpressive results. ochester.edu orcallJohn-Paul oczniak at(585)275-7563. u are interested inbeingacompany The CorporateChallengeendedon Carrier Corp. arsCroain35% 40% Harris Corporation 80% Empire Valuation 64% 71% The BankofNewYork National CityBank Coca-Cola v . Morgan Chase&Company elopment atalumni@simon. 1529 TXT1/30/063:03PMPage39 Alumni Gatherings ILA .SMNGAUT COLO UIESADMINISTRATION BUSINESS OF SCHOOL WILLIAM E. SIMON GRADUATE ’98, DenizTunca ’00 in SanMateo,Calif., onJuly24,2005.(From left) The BayArea NetworkenjoyeditssecondannualAlumni-Family BarbecueatCoyotePark in theSimonCareer ManagementCenter)and Y row, fr 2005. (Backrow, from left) The secondannualNewYork AlumniNetworkPicnic washeldinCentralPark onJuly30, of A reception withDeanMarkZupan,andfeaturingremarks from along witheventorganizers ork CityNetworkpresident), M&T Trust Co., om left) om left) Serguei Semin’00,MandarDondeSyarifaGaleb’00 was heldinLoudonville, N.Y., Jones, onJune1,2005.(From left) and Juan CarlosWebster’00 Beth Beshaw’96 Roger Chan’97. Wa yne France’94 T and om Donovan’93. (director ofcounselingandeducation Melissa Santory, Brennan Keating’04. and Jaijit Kumar’00. Rene Jones’92, Dan Anderson (New (Front C.F.O. Margaret Jones,LisaBamford, HelenZamboni AnneFisher,Ann Melville,EleanorCollinsworth, SarahPlasky-Sachdev, ter. 10,2005,inRochester. Themostrecent gatheringtookplaceonAugust (From left) P r While onvacationinmid-June,BethZogby, SimonSchoolassociatedirector ofalumni Alumnae from the ployees. Amongthegatheringsin2005wasalunchat Dean Zupanhasbeenvisitingcompanieswhere wehavegroups ofSimonalumniem- and ’97* ’93,* ChuckStewart vice president forpeopleandprocesses), Zupan, (From left) elations anddevelopment,joinedalumniforlunchinParis. (From left) aelinck ’94, Alain Bill ’02,* Henry Jaimes’03,GuyDuzdabanian’86, aelinck ’94,AlainBill’02,*Henry Tim Dunne’87 E.M.B.A. Classof1999 E.M.B.A. Victor Ianno’98,AhmedMustafa’99,* . and Gary Ozminkowski’79. Gary L ouise McDonald’99,*StephenMeyer have ascheduleddinneroutingeveryquar- *Executive M.B.A.graduate and W elch Allyn Arlene Buck. a ihr(WelchAllyn Dan Fisher in Skaneateles,N.Y. Philippe Zogby 39 SIMONBUSINESS Winter 2005–06 1529 TXT1/30/063:03PMPage40 40 SIMONBUSINESS Winter 2005–06 Rochester, N.Y., onJune12,2005. friends, celebratedCommencementceremonies attheEastmanTheatre in Graduates ofallSimondegree programs, togetherwiththeirfamiliesand Commencement 2005 ceremonies inSwitzerlandJune2005. UBS ChairmanMarcelOspeldeliverstheCommencementaddress attheSimon-Bern Rosenthal Award recipient; andformerUniversityPresident ThomasH.Jackson. DeanMarkZupan;Lu(From Zhang,assistantprofessor left) offinanceandRichard L. joined facultyandadministratorsinthepre-ceremony robing room. founderandC.E.O.(second from left), ofKronos Incorporated,alongwithhisfamily, Commencement speakerandDistinguishedAlumnusAward recipient, ILA .SMNGAUT COLO UIESADMINISTRATION BUSINESS OF SCHOOL WILLIAM E. SIMON GRADUATE Mark S.Ain’67 Golf ClubinVictor, N.Y. Thegolfclubisownedbyalumnus Simon’s 17thAnnualGolfClassicwasheldonMay19,2005,atRavenwood 17th AnnualSimonGolfClassic golf outings,butwehavemadetheoverwhelmingmajorityofthem.” Bruce Yoder ’90. ’98 (From left) DanGoldstein, (From left) (From left) (From left) Charlie Miersch’70,Ross’90,Tom Strasenburgh ’86 Matt Yazici ’94,GeoffLaughlin’98,TimSmith’88 According toMiersch,“Tom, CharlieandImissedoneortwoofthe Nancy O’Brien’97, Charlie VitaandChipRussell David Reh’67. and Daniel Chai and 1529 TXT1/30/063:03PMPage41 Si City. S ing andtheon-campusFarash networks andevents, market- management, alumniregional on behalfofadmissions,career previous years, withactivities us over thepastyear, andin whohassupported to everyone alma mater. Our sincere thanks they canvolunteer fortheir S inthisissue, form inserted As you canseefrom theupdate Ma 1992 M College inChestnutHill, M fessor atthe O A A oftheirdaughter,the birth his wife, Valerie, celebrated J 1990 C director at K Alexander joinsbigsister, N oftheirson,Alexander birth Kimberly, announcedthe D 1987 I ’98 r junct lecturer inmarketing, has the questions. Vince Hope, ad- hind thepodiumandasking classroom, butthistime,be- O their son,Elias Samuel, on of Carol, celebratedthebirth Mergers K ILA .SMNGAUT COLO UIESADMINISTRATION BUSINESS OF SCHOOL WILLIAM E. SIMON GRADUATE ecently welcomed nteractive andnow with f otf ’93Ph.D. eff Pontiff peaker Series, tonameafew. imon alumnihave manyways udrey joinsbigbrother, udrey, earlierthisyear. orporation yria. Dennis isamanaging ve icholas, onJune 19,2005. ennis Pidherny scar. Jeff isanassociatepro- ctober 17,2004.Mark owns anagement ass. Y udos toourSimonAlumniVolunteers rk ou canalsoreturn tothe of rd

M E ’91, quitec elcher A formerly ofHarris mbac Assurance C in New York at Boston arroll Schoolof and and hiswife, and hiswife, Ray Kraus L ynn and acquisitions and J.C. P D 1993 Conn. In ness development, at strategic planningandbusi- wife, Vandana. Amiisdirector, Amitabh (Ami)Heda Akshay Heda isthesonof 1994 I Groupman, Billings, Ramsey director ofenergy at 2005. David isthemanaging D W The Hushabye Mountain making. fective marketing decision- formation toenablemore ef- of customerandprospect in- leveraging statisticalmodeling the classroom ofhow Xerox is to brings anever-evolving story tomer insightorganization, today’s M.B.A.students. sharing hisexperienceswith integrating itdailyatwork and what helearnedasastudent, the learningprocess—taking r V who hasgraciouslyspokento Jo ’97 quent visitoris ing course. Vince’s mostfre- turers inhisDatabase Market- nc. amela, welcomed theirson, unning. Peter isdedicatedto aniel Adin, onJune 24, avid Khani avid Khani oodshop v ince’s studentsforfouryears nes &Associates, P estment Bank in Arlington, Va. eter, director ofXerox’s cus- from Xe in Roanoke, Va. ro and hiswife, x Corporation, P in Stamford, eter O’Brian as guestlec- F UBS ried- and his in Cincinnati,Ohio. manager at Jamie isabrand baby sister. havinganew what tomakeof old Meryl Riley, whoisn’t sure 2005. Devyn joins18-month- D wife, Megan, welcomed Mc comed theirdaughter, husband, Eric Rausch,wel- M J A BellSouth Corporation is apricingmanagerat ter, Ava, earlierthisyear. John Carol, welcomed theirdaugh- J 1996 M ames (Jamie) LaRueames (Jamie) ohn Joninas shared hisinsightonhow to methods. In addition,Peter has been driven by qualitative areas thathave traditionally quantitative approaches in cuses onfindingwaystoutilize marketing investment. in superiorreturns onXerox’s marketing efficiency, resulting vided significantincreases in These approaches have pro- most vulnerableaccounts. purchase, aswell asXerox’s sessing theirmostlikelynext high-growth customersandas- company’s bestprospects and approaches toidentifythe ingly utilizingquantitative discussed how Xerox isincreas- learned atSimon, Peter has tlanta, Ga. evyn Margot onMarch 16, ay 25,2005.McKenna Clare aura McGinnity* K D D enna Clare Rausch,on uring hislectures, Peter fo- riven by approaches Pr and hiswife, octer &Gamble and her and his in D lives nearParis, France, where D ents, Emma forherpar- newborn B 1997 U tor ofmajorgiftsat Aidan Thomas. Maura isdirec- joins her2-year-old brother, ig sister, Sandra, 2,holds avid isabusinessdevelop- avid Lindsay. is there. concerns whiletheopportunity ized discussions,addressing any tomers inproactive, personal- lows salespeopletoengagecus- Thisinformational- account. gers” occurringonaparticular r person withspecificsaboutthe cations, providing eachsales- sales representative communi- turns predictive modelsinto ple, Peter shows how Xerox the information.Asanexam- put forthosewhocanleverage fective, easy-to-understandout- until theyare turnedintoef- dictive statisticsare little worth stressing thataccurateandpre- incorporate theseprograms, niversity eal-time “vulnerability trig- *Executive M.B.A.graduate M onica Collado SB in Stanford, Calif. The family S tanford and 41 SIMONBUSINESS Winter 2005–06 1529 TXT1/30/063:03PMPage42 42 SIMONBUSINESS Winter 2005–06 ILA .SMNGAUT COLO UIESADMINISTRATION BUSINESS OF SCHOOL WILLIAM E. SIMON GRADUATE Ramon, Calif. V tor ofNorth Americansalesat ter, Grace. Andyisthedirec- 2005. Baby William joinssis- their son, William, inJanuary his wife,Elizabeth, welcomed S 2005. Daniel isaconsultantat E N O at RickistheC.E.O. (Cece), 2. her oldersister, CeceliaRose Ma daughter, LillianAyer, on his wife,Lisa,welcomed their Richard Plympton ’99* W ABB ity communicationbusinessat intheutil- agement andservice alumnus, headsproject man- Andreas, aRochester-Bern on September 19,2004. their daughter, AlinaKathrin, S Andreas Koch* D 1999 D works at C ment executive at Arlington, Va. in London,England. president at 2005. Dennis isseniorvice child, Mikhail, onJune 30, Sv Mergers ylvia, announced the birth of ylvia, announcedthebirth apient Corporation dward Forrester onJune 28, isual Numerics Inc. orporation ancy, welcomed William aniel Forrester ennis Ischenko ntario, N.Y. etlana, welcomed theirfirst illiam (Andy)McClure Optimax Systems Inc. rc h 28,2005.Lillianjoins in Baden, Switzerland. A ccenture. Fo and Monica x-Pitt, Kelton and hiswife, and hiswife, and hiswife, Xerox in in San and acquisitions and in and J N w P M 2000 J M communications group, at vice president, media and at 2005. Jan isabrandmanager M oftheirson, ebrated thebirth 2005. Aaron isadirector at ter, Gillian Elena, inJanuary Karin, welcomed theirdaugh- Aaron Kibbey Armonk, N.Y. president at City. Pallavi isanassistantvice an analystat P in New York City. anuary 27,2005.Mandar is anuary an arsippany, is N.J.,andLarry allavi Singhania Donde ’99, elcomed theirtwindaughter, eha, andson, Varun, on errill Lynch axwell Meyer, onMarch 4, andar Donde R and eckitt Benckiser Larry WagnerLarry ’00 MBIA Inc. M in New York and hiswife, organ Stanley and hiswife, in in cel- S associate director at Ridge, N.J.,andMichael isan Leasing International C analyst at a treasury Leahis N.Y. S Chateau in 2004, atLe O Di Ma Leah Cermak 2001 R in Chicago,Ill., where Matt is M S rival oftheirdaughter, Amanda G Ma dent of J son,Clay,comed theirnew in and Colleen WegmanO’Donnell tion management. sor ofoperationsandinforma- S P U School ofBusiness planning atthe tor ofbudgetandstrategic V J comed theirson,Nicholas, on N Ir P in Rochester, N.Y. at eral partner une 2005.Colleenispresi- uly 20,2005. Their daughter, tamford, Conn. outh Salem, on,o coe 9 2004. loane, onOctober 19, erguei isanassistantprofes- rinceton, N.J. hiladelphia, Pa., where CN Corporation arlisle ictoria, is3.Irina isadirec- ina Netessina niversity ofPennsylvania in enevieve, celebratedthear- etessine ’01Ph.D. ctober 10, att andhisfamilyare living mler tthew Jaffe r kets Chris O’Donnell W we , andChrisisagen- egmans Food re

married on and T and hiswife, Wharton rillium Group and at the in M UBS S ichael wel- erguei in Park wel- in ogy at student studyingbiotechnol- A of theirdaughter, Jasmine, in G H Ex commercial advisorfor brother Renan, 4.Bobisa 23, 2005.Elliot joinsbig ond son,Elliott Peter, onMay M Bob Ylagan manager at porate andpublicaccounting Ne P. 2003 C The Goodyear Tire &Rubber market specialistat industry y ye 24, 2004.Jackson joinshis5- child, Jackson, onSeptember J J 2004 fixed incomesales. a vicepresident at essica, welcomed theirthird onathan Lee ear-old sister, Jane. Jon isan pril 2005.Peter isagraduate o.

race He ouston, Tex. ar-old brother, Max, and4- elinda, welcomed theirsec- P x w York City. Grace isacor- onMobil Exploration eter Nguyen in Akron, Ohio. C olumbia University , celebratedthebirth K and hiswife, ellogg Co. and hiswife, and hiswife, C itigroup in in in 1529 TXT 1/30/06 3:03 PM Page 43

WILLIAM E. SIMON GRADUATE SCHOOL OF BUSINESS ADMINISTRATION

Brooks Moore and his wife, Jessica, welcomed their daugh- Alumni Leader Profile ter, Chloe Elizabeth, on Ted Roosenmallen ’95*

efore Ted Roosenmallen ’95* came to the Simon School’s Executive M.B.A. Program in Bthe Netherlands, he couldn’t September 1, 2004. Chloe quite pinpoint why he felt his joins her older sister, projects weren’t being handled Maddilyn. Brooks is a yield correctly by clients. “When it research associate at Friedman, came to financial and critical Billings, Ramsey Group Inc. in market and operations issues, Arlington, Va. I could tell that certain client decisions were somewhat rick- Sergio Suarez and his wife, ety, but I couldn’t put my fin- Arianna, announced the birth ger on the reason.” of their daughter, Daniela, on All that has changed since December 6, 2004. Sergio is a Ted received his E.M.B.A. finance manager at PAETEC “Now my arguments pack a Communications Inc. in wallop. I credit my education Rochester, N.Y. at Simon with giving me a sound theoretical background Jessica Telaak married and a practical understanding Timothy Naffky in July 2005 of all aspects of business ad- in Orchard Park, N.Y. Jessica ministration.” And Ted’s is a health care consultant for clients at Omni Partners in International Business Charge b.v. in Amsterdam, that involves direct invest- dation and build the build- Machines (I.B.M.). where he is senior project and ment of tens of millions of ing,” he notes. interim manager, are benefit- euros. I’ve also been involved Ted hopes to get a Ph.D. 2005 ting as well from his work at in assignments that require along the way that will marry Ryan Carey Martin married Simon. market and business innova- his interests in economics, so- Kristina Jean Root in July Ted found managerial eco- tion, reorganization and new ciological change and ecology. 2005 in Parkman, Ohio. Ryan nomics and capital budgeting business development.” He enjoys spending time with recently accepted a position as to be both eye-opening and Primarily, Ted starts assign- his family, sailing and music. an associate in Legg Mason stimulating courses at Simon. ments as a consultant, where His reading choices are in- Inc.’s investment banking He was also fortunate to have he assesses tactical and strate- dicative of his diverse inter- group. a friend who alerted him to gic options and advises which ests. “Right now, I’m reading the Simon program. “Jan route to take. To help compa- an ecological study of Lake Schreuder ’94* was very ex- nies remain competitive, he Victoria in Kenya and the an- cited about his experience typically suggests technical/ thropological classic, How here and convinced me to go market innovations that will Institutions Think, by Mary for a scholarship. I didn’t result in organizational Douglas. But when I’m look- think I had a chance to get it, change and capital invest- ing for a way to relax before but thankfully I was wrong.” ment. Then, rather than leave sleep, I simply pick up the lat- Since earning his E.M.B.A., his clients at this point, he est Kurt Vonnegut.” SB Ted’s assignments have often remains on board, man- changed in both scope and aging the organizational impact. “Currently,” he says, change processes and capital “I’m managing a multidisci- investment projects. “In a plinary capital investment and sense, I both create the foun-

organizational change project BUSINESS 2005–06 Winter SIMON

*Executive M.B.A. graduate 43 1529 TXT1/30/063:03PMPage44 44 SIMONBUSINESS Winter 2005–06 ILA .SMNGAUT COLO UIESADMINISTRATION BUSINESS OF SCHOOL WILLIAM E. SIMON GRADUATE C contact your classcorrespondent. r an e-mailtoalumni dent andC.O.O.at D 1978 Railroad Association. r he wasrecently elected asadi- A member ofE-Trade’s Client Ga currently asenior director at from Pace University. He is toral degree inaccounting M K 1975 Yo C managerat tor andportfolio was appointedmanagingdirec- Ramachandra Bhagavatula 1973 the list. M issue. Based inChelmsford, the magazine’s June 6,2005, 100 Best Small Companiesin listed among Alumnus Award recipient, is speaker andDistinguished School commencement S. Ain, Kr 1967 company since1978. W C P r of human vice president was appointed “Kit” Eckel Christopher 1963 To Class ector oftheNational Model esources at ochester.edu or, where indicated, otlatch dvisory Board. Indvisory addition, orporation ombinatorics Capital orporation evin Feeney avid Burns ash. Kithasbeenwiththe ay 2004,hereceived adoc- ass., Kronos placed65thon

rk onos Inc., r submit aclassnote,send tner Inc.

City. the 2005Simon founded by based inIrwin,Pa. in Spokane, and isalsoa B was namedpresi- writes thatin usinessWeek notes @ E simon. xOne in New Mark ’s Americas region at pointed C.O.O.forthe W B cer andpresident of chairman, chiefexecutive offi- I tors oftheBiotechnology pointed totheboard ofdirec- Thomas McLain Albuquerque, N.M. founder andpresident of pointment, Jim as served F Americas business. in allaspectsofthefirm’s erational excellence isreflected suring thatclient-focusedop- He LaSalle Inc. T president of consulting company. C C.E.O. at 1984 W 1983 J bridge, N.J. Ve president ofmarketing at Br S Class Correspondent: Sameer 1982 wide strategicalliances. sible forthecompany’s world- Ltd., tions, at business development applica- position asvicepresident, R 1979 J R Ne C.F.O. at vice president ofthesalesdivi- ndustry Organization. ndustry Tom is ames Sharpe effrey Tischler hah, [email protected] airfield, N.J.Priorairfield, tothisap- echnology Inc. echnology iopharmaceuticals. oger Hodskins obert Bianchiobert onsulting, locita Wireless illiam Thummel illiam Hartman uce Forsyth w YorkCity.

will beresponsible foren- where hewillbe respon- R A adView Software As cies Corporation an independent M in Chicago,Ill. tralis Ltd. was named esoSystems was namedvice in was appointed was named in Wood- accepted a was ap- is thenew J ones Lang was ap- N abi in A nkyr in I sion at and at dent anddistrictbusinessleader S 1986 creatednewly positionofC.E.O. Am J 1985 ment at and organizationaldevelop- pointed director ofITstrategy Je S uity capitalmarkets, at 1983–84.” Mike isdirector, eq- friend from Simon backin mask, Irecognized Mike asa looking closelythrough hisface swered intheaffirmative. After wasn’t andan- aprocess server R R R have heard someonecallme H in anicehockeygameatthe playing almost 20years. “While Rink inLarchmont, N.Y., after pectedly atHommocks Ice U Er in New York City. C.F.O. at was recently promoted to in AllenPark, Mich. M provost. andassociatevice ogy services director foracademictechnol- on VanDuyne nc. teven Barry uisse First Boston, oland. “Igambledthathe oland Caputo,”writes oland andaskedifIwas niversity ofRochester r ommocks rink,Mike must ichael Kanterman ic Fredericksen Key Key emy Seligman ericas R in Pittsford, N.Y. oland Caputo B V ank Fo eramark Technologies in Atlanta, Ga., inthe The New YorkThe Times rd in Rochester, N.Y.

is seniorvicepresi- M joined otor Company was ap- joined the and Roland met unex- (at left) CAS as the Cr edit son, Sal. daughter, Jenna, and1-year-old have twochildren, 3-year-old 2000, andhehiswife,Ally, S in 1997.On thepersonalfront, 1996, andhelpedtakeitpublic co-founded thecompanyin R president andC.E.O.of S [email protected] Class Correspondent: Jeff Durbin, 1988 America. businessinNorthport J S C senior vicepresident at J across North America. will oversee salesinitiatives sales. In role, David hisnew Je 17-month-old son,Spencer. have a and hiswife,Sheryl, was marriedin2001,andhe R Oracle Corporation vice president, treasurer, at Er consultant with as afinanceandaccounting S D inJune.anniversary celebrated their13thwedding and a3-year-old son, Will, and 6-year-old daughter, Lyndsay, J to theSt. Louis,Mo., office. 2003, andrecently transferred Gl uan isresponsible forthesup- eff andhiswife,Linda,have a uan Jones ami wasmarriedinMay hores, Calif. In role, hisnew ami Abbasi oftware adiologix edwood Shores, Calif. He orporation ff Durbin avid Dyer ic Ball obal Professionals as vicepresident of accepted apositionas in Dallas, Tex. Sami was promoted to has beenworking joined in Redwood was promoted to R esources Cy in since ber-Ark Oracle 1529 TXT1/30/063:03PMPage45 W opened Ma 1990 B 1989 F at financialplanner a certified to Financial Security. The Unmarried Couple’s Guide M Garrettbook withSheryl titled D andtraining. port implementation, technicalsup- consulting, technicalproduct teams responsible forbusiness sition, Fred willdirect the B at andsupport fessional services named vicepresident ofpro- Fr speaking services. nology consultingandpublic consulting, informationtech- firm specializes inbusiness Se Gr RBS Greenwich Capital nancial institutionsgroup at England, for ’88 Diane (Zavacki)Tucker ’88 ILA .SMNGAUT COLO UIESADMINISTRATION BUSINESS OF SCHOOL WILLIAM E. SIMON GRADUATE inancial Services L.L.C. inancial Services ellevue, Wash. In po- hisnew radford Davis ebra Neiman ederick Gattelaro r oney Without Matrimony: oney Without atertown, Mass. N P eenwich, Conn. vices rk acific Edge Software on atriptoIceland.DeanandDianeare assignmentinLondon, onathree-year eiman &Associates

Bofinger H in Colden,N.Y. The eart oftheMatter eart X erox Corporation r coauthored a joined thefi- ecently was D ebra is in and children poseforphotographer in in and are enjoyingtheirtravelsinEurope. of the newly opened of thenewly andmanagingdirectorpartner in Bangalore, . S American toheadtheUnited P at pointed president andC.E.O. Andrew Thomas Louis, Mo. S markets division. tinue tooversee thecapital keting activitiesandwillcon- mar- strategies andsecondary bility forthefirm’s pricing tion, Maria assumesresponsi- Arbor, Mich. In posi- hernew executive committee,inAnn ABN AMRO Mortgage Group Ma 1991 P The board ofdirectors at pointed C.E.O.at at Gleason sinceJanuary 2005. aspresident andC.O.O. served ident andC.E.O.John had N.Y., named son Corporation tates businessunit. iddharth Paiiddharth lains, N.Y. Andrew isthefirst aul Rasmussen H ri eineken U.S.A. a Fregosi J ohn Perrotti was appointedto was appointed in Rochester, was ap- Dean Tucker was ap- CPI in White TPI Inc. in St. G pres- lea- ’s sition asseniorspecialcounsel D tor ofinvestor relations. tion O Christopher Stavros nicipal finance,at to manager, insuranceandmu- J. Steven Childs 1992 A P Ma department. measurementcial performance and managerofM&T’s finan- R M joined R R trading strategies. refiningand further efficient enhanced indexingproducts for capturingexcess return in tion, Roger willberesponsible nior strategist.In posi- hisnew S C C.F.O. at ture andcabinets. crafts high-endcustomfurni- R M started an Francisco, Calif., asase- rior tothisappointment, irlines ene wasseniorvicepresident oanoke, Va. His company oger Edelen ’96Ph.D. ene Jones orporation ccidental Petroleum Corpora- ouglas Witter ountain Woodshop anagement Corporation Office ofAlumniRelations andDevelopmentat(585)275-7563. If youhaveadditionalquestionsabouteventsornetworks,callthe www.simon.rochester.edu/alumni/regional_clubs.aspx. R For informationonalumnicommitteesforminginyourarea, visitthe _events.aspx. around theglobe,visitwww.simon.rochester.edu/alumni/regional For themostup-to-datelistofSimonalumnieventstakingplace Simon EventsontheWeb rk egional AlumniNetworkspageoftheSimonWeb siteat: in New York Cityasdirec-

M M The Hushabye in Eagan,Minn. elcher ellon Capital M&T Bank was appointed in Buffalo, N.Y. writes thathe accepted apo- was promoted Nor joined in thwest in group. tions, forKodak’s health eral manager, regional opera- this appointment,hewasgen- K pany. Jeffrey hasbeenwith a vicepresident ofthecom- pointed E The board ofdirectors at development. M A N S sponsors group at acquisitions forthefinancial moted toheadofmergersand A operating officerat executive director andchief Andrew Young* Ed 1993 A Yo Ex sion atthe divi- in themarket surveillance ing education. and N.Y.S.E. membercontinu- the N.Y.S.E. interpretation rule D achs astman Kodak Company merican India Foundation ustralia Ltd. ustralia. odak for25years; priorto eale Gonsalves ilpitas, Calif., asdirector of oug willberesponsible for uardo Centola rk change (N.Y.S.E.) *Executive M.B.A.graduate

City. In role, hisnew in New York City. L. Jeffrey Markin* N ew YorkStock in Sydney, was appointed joined the was pro- G Anzon oldman in New ap- as in 45 SIMONBUSINESS Winter 2005–06 1529 TXT 1/30/06 3:03 PM Page 46

WILLIAM E. SIMON GRADUATE SCHOOL OF BUSINESS ADMINISTRATION

Alumni Leader Profile 1994 Eastman Kodak Company in Class Correspondent: Andrew Rochester, N.Y., was included Greg Vangellow ’94 and Marein-Efron, andres.marein@ on Hispanic Engineer & Deb (Bordynski) Vangellow ’99 mx.smurfitgroup.com maga- zine’s list of 50 Most Important needed to buy his own business Mark Greenstein accepted a Hispanics in Technology and reg Vangellow ’94 at the age of 31 without that position as a management Business for 2005. and Deb degree. “I traded a career at a consultant at McKinsey & Co. (Bordynski) safe and stable lending institu- in Chicago, Ill. 1997 Vangellow ’99 met tion for the crazy life of a con- Dennis Ischenko accepted a at a University of tractor,” he explains, “and I Arthur Smith was appointed position at Fox-Pitt, Kelton in GRochester reunion have zero regrets about it. I es- chief marketing officer at RSM London, England, as senior weekend after Greg had com- pecially use the skills I learned McGladrey Business Services vice president, European eq- pleted his Simon M.B.A. and at Simon when it comes to in Charlotte, N.C. In his new uity research and European Deb was considering getting looking at the big picture and role, Art will be responsible for banks analyst. one. Now married with three solving problems—things I do leading the development and small children, they agree that every day now.” R.W. Dake & execution of overarching mar- Luigi Limentani writes that he their educations at Simon were Company specializes in interior ket and strategies for all moved from equity research to crucial for professional and commercial construction, with of RSM McGladrey. the proprietary equity trading offices in Buffalo and Rochester desk at Nikko Citigroup in and 62 people on the payroll. 1995 Tokyo, Japan. Deb worked at Procter & Carlos Barrionuevo accepted a Gamble while taking advantage position as director of business Nagesh Pabbisetty was ap- of Simon’s part-time M.B.A. development at NPR in pointed general manager of program. This led to a promo- Washington, D.C. the real-time collaboration tion and made her much more group and the newly founded aware of the medical/business Martin Ellis assumed the role engineering and product inno- arena she was managing. “My of chief financial officer at Agily- vation center at Microsoft. marketing and health care con- sys Inc. in Cleveland, Ohio. centrations complemented my Joao Pires writes that he has job responsibilities nicely,” she Earlier this year, Jacquelyn returned to Portugal after notes. “It helped me better un- Marchand purchased Women- spending a few years in South derstand overall sales strategy Tours, a bicycling tour com- Africa. Now a partner at personal fulfillment. Greg is and brand development, which pany that offers supported Bright Partners in Lisbon, he owner, president and C.E.O. of enhanced what I learned at tours for women. Jackie runs also lectures at the Catholic R. W. Dake & Company, based both school and work.” The the business out of her home University of Lisbon. in East Rochester, N.Y. Deb, flexibility of a part-time op- in Rochester, N.Y. who previously held a sales po- tion, although challenging Jill Seeman left New York sition at Procter & Gamble, is when working with teams, en- Paul McAfee,* City to accept a position in now a stay-at-home mom. abled Deb to remain at a job C.E.O. of the IT department at Bedford “Getting a Simon M.B.A. is she loved. eXubrio L.L.C., Industries, a not-for-profit or- not about going to a of There is an additional introduced a ganization in Adelaide, classes,” says Greg. “It’s a whole Vangellow connection with the new sales ap- Australia. experience. Where else can you Simon School. Greg’s brother, pointment- climb four flights of stairs and Eric, graduated in 1986, and making service 1999 hear four languages?” Deb also his father, John, earned his for business-to-business firms. Class Correspondent: Sarah enjoyed the international diver- bachelor’s degree in business in eXubrio has named the service Plasky-Sachdev,* plasky@ sity of the School and the 1960. C-Level Leads. The new service simonmba.rochester.edu “small school” feel. “I have a strong addiction to integrates with eXubrio’s other Greg, who went directly golf,” says Greg, “which fortu- marketing offerings, which in- David A. Galante* accepted a from undergrad to graduate nately is spreading to my wife clude value proposition devel- position as vice president, school, believes that his initial and kids.” Deb is relishing her opment, key message creation commercial solutions group, at job at M&T Bank wouldn’t “retirement” into full-time and business development di- FedEx/Kinkos in Dallas, Tex. have been possible without an motherhood and feels her rect marketing programs.

BUSINESS 2005–06 Winter M.B.A. But, even more impor- project management skills are Vineet Kapur joined Blackstone tant, he would never have had getting a solid workout! SB Stevan Ramirez,* chief quality Alternative Asset Management the confidence and training he SIMON officer and vice president at in New York City as managing

46 1529 TXT1/30/063:03PMPage47 S at tion asglobalfinancemanager oration health andsafetyat vice president ofenvironment, P franchise inRochester, N.Y. has openedanew R Jo yahoo.com and investments at r Christopher Cost 2002 S lisa Class Correspondent: Lisa Zeiher,* 2001 poon Brewery at marketing department tion asprogram managerinthe Andrew Seguin v leading advanced product de- E vice president. F E D Class Correspondent: Pierre 2000 Br as vicepresident at Lisa Saski firm’s seniorinvestment team. continuing expansionofthe V director. The additionof London, England. at ate director inthe energygroup accepted apositionasanassoci- oration P ILA .SMNGAUT COLO UIESADMINISTRATION BUSINESS OF SCHOOL WILLIAM E. SIMON GRADUATE ole ofmanagerpensions elopment at lobodanka (Dana) Novakovic ystems rancisco, Calif., asassistant atricia Calkins* am Spiteri* lad Nafshi nder Markal esearch Corporation ineet’s ofthe positionispart escartes, pierredescartesescartes, y Lockhart y Lockhart others DuPont Advanced Fibers UBS Investment Bank @ z eiher.com in Stamford, Conn. in Philadelphia, Pa. in Richmond, Va. in New York City. accepted aposition accepted aposition Co writes thatshe accepted aposi- in Boston,Mass. joined accepted aposi- mcast Corp- was named Drama Kids assumed the M Lehman Xerox Xerox edco Va in San @ luation Har- in C orp- in New York City. at tion asseniorproject manager M in Pittsburgh, Pa. sales at of institutionalinvestment tion asassistantvicepresident Trev B nancial sponsorsgroup at cepted apositionwiththefi- to New York Cityandac- Andrei Kisselev M S parents oftwodaughters, wife, Stacey, are theproud I monwealth TrustCompany dent andC.I.O.at promoted toseniorvicepresi- Scott Ehrig H ance teamat the corporatefinance/compli- tion asfinancialspecialiston T Lakes, N.J. H R On MaOn Wr 2005, the Rochester chapter. also waselectedtotheboard of Owners (N.A.W.B.O.). She Association of Women Business local chapteroftheNational woman ofthe Year” by the was named“Inspiring Business- ester, N.Y., I prise Solutions cipal at ndiana, Pa. Scottandhis nc. arah Grace andSophie racy Ding esource Consulting anc ofAmerica Securities. ealth Solutions oboken, N.J. olly Thorn arie. Beth Israel Medical Center ight,* or Lloyd in Roch- Carol r F E ch 8, ifth Third Securities ifth Third nter- prin- accepted aposi- writes thathewas Me accepted aposi- accepted aposi- r moved back cer Human in Franklin F in irst Com- in R Gr for the faculty for full-andpart-time ing andpromotion processes faculty, Richard manageshir- F Pr As theFuji Bank andHeller faculty atamajoruniversity. ness tomanagingthebusiness and financialanalystin was working asanaccountant tigating aPh.D. program, he dedication toresearch.” and stillinspires mewithhis since becomeaclosefriend W K H dents, notablyBob to meandotherPh.D. stu- dom. Ross actedasamentor challenging conventional wis- to hiswork andexcelled at brought passion extraordinary J School] professors Mike ticularly valued [formerSimon v sor ataresearch-oriented uni- becoming anassistantprofes- nomics wasaprerequisite for does. deputy deanscertainly sion-making withother and sharingincriticaldeci- fortheschool puter services enough, coordinating com- that doesn’t keephimbusy A coedits the the M.B.A.programs and and staffscourseschedulesfor program. He alsoprepares and teachesintheM.B.A. Richard Leftwich’80Ph.D. Alumni LeaderProfile ensen andRoss Watts. Mike ersity,” saysRichard. “Ipar- inance anddeputydeanfor ccounting Research en French, Avner Kalayand olthausen, RickRuback, ofessor ofAccounting and ayne Mikkelson. Ross has When Richard began inves- “My Ph.D. inappliedeco- aduate SchoolofBusiness U niversity ofChicago J ournal of ournal ’80 Ph.D. ichard Leftwich from learning about busi- . And if w ent nomics,” hesays. and asolidtrainingineco- challenging research questions of how toidentifyandtackle S thingsIgainedat portant mostim- his decision.“The r in Richard’s mind,andhestill stuck sentence where.” That you willbesuccessfulany- y to Simon andconcluding,“If Richard, urging himtocome S challenging environment at about Watts’ research andthe R member RayBall, afriendof through formerSimon faculty business schools.It was much aboutUnited States A on theInternet. family andfollowing cricket enjoys spendingtimewithhis School ofBusiness, Richard manage Chicago’s Graduate trades. changesandblock charter tions, bondratings,corporate concerning auditqualifica- r insurance companies.His banks, investment banksand consultant tocommercial nationally andhasactedasa finance nationallyandinter- has conductedseminarsin Ex M r from hisPh.D. thesisand bution Award forapaper (A.I.C.P.A.) Notable Contri- PublicCertified Accountants the AmericanInstitute of ecalls theimpactithadon esearch specializes inissues eceived theprestigious ou cancutthemustard here, imon were anunderstanding imon. Ross wrote to ustralia anddidn’t know oss Watts, thathelearned cKinsey Award for In When he’s nothelpingto cellence in Teaching. He *Executive M.B.A.graduate

1984, Richard won SB 47 SIMONBUSINESS Winter 2005–06 1529 TXT 1/30/06 3:03 PM Page 48

WILLIAM E. SIMON GRADUATE SCHOOL OF BUSINESS ADMINISTRATION

2003 at Merrill Lynch Capital in Corning Inc. in Corning, N.Y. at the University of Colorado Class Correspondent: Justin Chicago, Ill. Dov Lantsman writes that he at Boulder. Bownds,* bowndsj1@simon. joined KLA-Tencor in San rochester.edu Samuel Varco is an applica- Jose, Calif., as a supply chain C. Patrick Scholes accepted a David M. Galante accepted a tions engineer at DRS business analyst. senior associate position at J. P. position as a commercial real Technologies, signal solutions Morgan Chase & Company in estate analyst for NorthMarq division, in Gaithersburg, Md. Suzanne Ley accepted a posi- New York City. Capital in Parsippany, N.J. tion as a bank examiner at the Ivy Xiying Zhang, a Simon Federal Reserve Bank of New 2005 Ami Nienus joined Harris Ph.D. student, has garnered York in New York City. Class Correspondent: Rameet Interactive in Rochester, N.Y., considerable media attention Kohli, [email protected] as research manager/moderator, with her research paper on the Patrick Liles joined KeyBanc health care and public policy. economic impact of the Capital Markets in New York Brian Caldwell accepted a po- Sarbanes-Oxley Act. Her re- City as a research associate in sition at Deloitte Consulting in Kelly Stone accepted a position search has been featured in the equity research. New York City in the financial at Colgate-Palmolive in New June 6, 2005, edition of The advisory services valuation York City as associate product Wall Street Journal, as well as Richard Rambaldo accepted a group. manager. in a May 21, 2005, article in position as a research associate The Economist, titled “A Price with Pacific Growth Equities Jeremy Couture accepted a Alex Sukhoy accepted a new Worth Paying.” (See article on in San Francisco, Calif. He position at Nestle Purina in St. position in seasonal card mar- p. 8.) will be working on the devel- Louis, Mo., as manager of cus- keting on the Wal-Mart team opment of a new franchise— tomer development. at American Greetings in 2004 emerging environmental tech- Cleveland, Ohio. Class Correspondent: Karen nologies. Jonathan Hagan joined Walker, [email protected] OppenheimerFunds in Roch- Kevin Teborek accepted a new Mark Ratchford writes that he ester, N.Y., as a credit analyst. position in the health care area Jackson DeBolt accepted a is a marketing doctoral student new position as team leader at

IN MEMORIAM 1985 Gift of a James Goodenough died suddenly on August 15, 2005. Jim owned an Internet research business in Bensalem, Pa. A trib- ute to him from his classmates will be forthcoming in the Lifetime spring issue of SimonBusiness. The Philip T. Meyers Society, announced in the fall 2004 1988 issue of the Simon Alumni Network, honors donors who Brian Russo died of a heart attack on March 25, 2005. Brian have included the School in their estate plans. Be a part of was a senior financial analyst at Constellation Energy in the Simon School’s tomorrow through your planned gift Timonium, Md. today. Types of gifts include:

• Gifts of Francesca Shira died of cancer on July 1, 2005. Francesca was a relationship manager at Citigroup in Rochester, N.Y. • Gifts by will • Life-income gifts • Gifts of retirement plan benefits • Gifts of life insurance

For more information on these and other forms of planned giving, contact John-Paul Roczniak, executive director of alumni relations and development, at (585) 273-1756 or

BUSINESS 2005–06 Winter [email protected], or please feel free to visit the related Web site at www.simon.rochester.edu/alumni/

SIMON planned_giving.aspx.

48 *Executive M.B.A. graduate Fall05_Cover 1/30/06 2:55 PM Page 3

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Simon Alumni Update Form Name______ Male Female Simon Graduation Year: ______Simon Program Completed: Full-time M.B.A. Part-time M.B.A. Executive M.B.A. B.S. M.S. Ph.D. Certificate Undergraduate School: ______Degree: ______Year: ______Current Employer:______Birth date: ______Job Title: ______Work Address (feel free to enclose a business card): ______Work Phone: (______) ______Work Fax: (______) ______Work E-mail: ______Job Responsibilities: ______Home Address: ______Home Phone: (______) ______Home Fax: (______) ______Home E-mail: ______Spouse/Partner’s Name: ______Industry: ______Maiden Name: ______

I would like to support the CAREER MANAGEMENT CENTER in the following ways: Check as many boxes as apply. M.B.A. Recruiting: Discuss strategies for building a recruiting relationship with my firm. Company Contact: Act as primary company contact for students at my firm. Career Information Panels: Serve as a guest speaker about my career field: Rochester campus New York Recruiting Program (NYRP) Speaker for Student Clubs Student Advising/Networking: Offer advice to current students about entering my career field. My specific field(s) of expertise: ______ Career Education Volunteer: Support student skill building by volunteering as an interviewer (on campus) and/or assist students in developing networking phone skills (by phone). Student Club Support: Host a club visit at my company Sponsor Case competition I would like to assist the Office of ALUMNI RELATIONS AND DEVELOPMENT with the following programs: Regional Groups: Help organize Simon School regional alumni network events in my geographic area. Class Correspondent: Receive and organize information about classmates for the Simon Alumni Network class notes section. Continuing Education: Help recruit guest speakers for lectures and seminars in my geographic area. Host/Sponsor: Host or sponsor events at my office space, club or other location. Fundraising: Work with the Office of Alumni Relations and Development on events, corporate solicitation and class-agent programs.

I would like to assist the ADMISSIONS OFFICE in the following ways: Admissions Network: Offer advice (generally by phone) to prospective students applying for admission. Preferred means of contact: Home phone Work phone Home e-mail Work e-mail Alumni Phone Caller: Call admitted candidates and answer questions they may have about the School. Alumni Host: Host small dinners or receptions for admitted or prospective candidates. Alumni Interviewer

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I would like to assist the EXECUTIVE MBA PROGRAM in the following ways: Information Reception: Attend information receptions for prospective Executive students and sponsors. Executive Experience or Information Reception Speaker: Make a short presentation about Executive Programs at an Executive Experience or an Information Reception. International Seminar Series: Help recruit guest speakers for international seminars in Europe. Company Visits: Assist with arranging company visits. Mentor an EMBA student. Fall05_Cover 1/30/06 2:55 PM Page 5

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Join us for the 2nd annual Simon Economic Outlook in London

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