Spring 2019

Can Venture Capital Save the Planet? Braintree founder Bryan Johnson, ’07 (XP-76), has a bold new mission: to fund scientific breakthroughs to tackle humanity’s biggest challenges. CONTENTS

LEARN. EXPLORE. ENGAGE. FEATURES COVER STORY: TO FRONTIERS UNKNOWN Booth’s dynamic world of insight, joy, and impact comes alive 24-7 on social media. A Daring Join the conversation. Spring 2019 Second Act Volume 41, Number 2 Braintree founder Bryan Johnson, ’07 (XP-76), has a track record of recognizing coming revolutions. Now he is turning his attention A F S to two bold ventures that Alumni Faculty Students tackle humanity’s most 288 pressing problems. Page 30 In the spirit of dialogue and BY LEEANN SHELTON debate so fundamental to the Chicago Booth community, stories in the magazine are tagged with icons representing the participation of alumni, “I’d always wanted to spend my life contributing to the well-being of faculty, and students. others,” Johnson said. “So how do I help humanity thrive?”

AN INTELLIGENT LIFE Big Data Meets Emotional Boothies know travel can open the mind to new possibilities. Intelligence As Accenture Strategy group chief executive, Mark Knickrehm, ’91, is leading the shift from traditional strategy to digital transformation. Page 46 I think seeing the Nobel Prize 124 Likes BY GRETCHEN KALWINSKI celebration in the Winter Garden is the reason why I ended up DAA AWARDS 2019

pursuing a PhD here at Booth. Rethinking Nearly 120 alumni live in 21 countries in Africa. A new alumni club, the Future founded in 2018, is helping connect Boothies across the continent. CHANGING THE GAME IN AFRICA Professor Raghuram G. Rajan discusses Meet this year’s Distinguished Alumni the connection between globalization Award winners: four A Growing Network and capitalism. alumni who have used From entrepreneurship to social impact to finance to their curiosity, drive, and development, alumni across Africa are using their Booth enterprising spirits to make education to innovate and make a meaningful difference in an impact. Page 59 both the business world and in their communities. Page 38 BY LEAH RACHEL VON ESSEN BY AMY MERRICK Follow Booth on our social channels MAKING DATA THE CORNERSTONE Economic Research, Applied At Cornerstone Research, cofounder Cynthia Zollinger, ’79, brings the best of Booth-style analytical thinking to complex litigation and regulatory cases. Page 52

COVER AND TOP BY DANIEL LENNOX / BOTTOM BY MUTI BY BRIAN WALLHEIMER

Chicago Booth Magazine Spring 2019 1 CONTENTS A F S

Solutions“ look a bit different in Nigeria than they do in Indiana, but the problems are common. —Mary Titsworth Chandler

Cummins executive Mary Titsworth Chandler helps to advance vital causes in Ulisses Meneses Ortiz, director of international affairs at Space for Humanity, is determined to make space travel more accessible. “Space communities worldwide, with a special focus on gender equality. Page 28 is so out there and so powerful,” said Ortiz. “We think making space travel available to all will create impact on a large scale.” Page 70

Approach Engage Departments

INQUIRY REQUIRED THE WORKSHOP MY BOOTH THE VIEW FROM LETTER FROM THE DEAN THE BOOK OF BOOTH 10 How Can 24 Quandaries 27 Enriching “I love to see 66 Zurich “It was really nice 04 A ‘Chicago 86 Rex Humans Work for Quants Business BY PHIL THORNTON Approach’ to Sinquefield, ’72 how I can use to meet other with AI? BY DEBBIE CARLSON Journalism at Leadership BY DEBORAH ZIFF SORIANO tech to disrupt MY CAUSE alumni who had BY ALICE G. WALTON Booth 68 Finding Sweet Education A WORKDAY WITH BY MADHUR SINGH an industry or something in Find more stories: FACE TO FACE 26 Using Tech to disprove the Success common when ChicagoBooth.edu/ 15 A New BY HEATHER LALLEY 06 Contributors magazine Help Us Unplug THIS IS WORKING FOR ME hypothesis that I was moving Perspective in BY BETSY MIKEL 28 Guiding the to somewhere Sustainability tech can’t help. 101: AN INTRODUCTION TO 73 Class Notes Fight for Gender —Yardley Pohl BY MADELEINE ZHOU 70 Space where every- Equality Page 26 Exploration thing felt so new. 77 In Memoriam BY ANNE MOORE NEW VENTURES BY REBECCA ROLFES —Julie Muggli 17 School News Page 66 and Faculty Research PHOTOGRAPH BY POLINA OSHEROV POLINA PHOTOGRAPH BY DEVOLLE JOHN PHOTOGRAPH BY

2 Spring 2019 Chicago Booth Magazine Chicago Booth Magazine Spring 2019 3 LETTER FROM THE DEAN A ‘Chicago Approach’ to Spring 2019 Check out the Leadership Education Volume 41, Number 2 Dean Madhav V. Rajan Madhav V. Rajan competition! Dean and the George Pratt Shultz Chief Marketing and Professor of Accounting Communications Officer Distinguished Alumni Awards Edition See what it takes to be a Distinguished Alumni recipient. Kurt Ahlm, ’09 n the 20 months since I joined Chicago plan where to go next. Subsequently, Harry Booth as dean, I have done a lot of traveling, convened a committee of faculty from diverse Director of Content meeting Booth alumni all over the globe. It disciplines, who then brainstormed ways to build Sam Jemielity, AB ’90 Chicago Booth seeks to recognize outstanding professional achievement among its alumni has been thrilling to chat with them, hear on the center’s work. Led by this committee, I Editor-in-Chief by presenting the Distinguished Alumni Awards to individuals who have demonstrated about their experiences at Booth, and learn how the school is now working toward an exciting the school helped shape them personally and and bold new endeavor, developing a “Chicago LeeAnn Shelton extraordinary success. professionally. The alumni I’ve met are incredibly Approach” to leadership. We are examining Assistant Editor grateful for what the school has given them. how our educational and research activities in Leah Rachel von Essen, AB ’16 The key point that comes across in these leadership might be enhanced in ways that would conversations is that what our alumni learned strengthen the school’s reputation as a leading Copy Chief at Booth has had a lasting and transformative business school while remaining consistent with Molly Heim impact on them. What they emphasize to me our values and mission. TRIVIA CHALLENGE QUESTION is that more than the knowledge they acquired Under the direction of Robert W. Vishny, the Contributing Editors in any one class, the school taught them how Myron S. Scholes Distinguished Service Professor Lou Carlozo to think. How to deal with ambiguity. How to of Finance, the Davis Center will coordinate Margaret Currie reason. How to make decisions and implement leadership efforts across the school. Rob has Heather Lalley How are the Madeleine Zhou them. How to bring others along, and guide been selected as the inaugural Neubauer Faculty the organization to a better outcome. In short, Director of the Davis Center, beginning July 1, Art Director DAA recipients selected it taught them how to become leaders. That’s supported by a generous gift from Joseph, ’65, Nicole Dudka what Booth graduates take away from their and Jeanette Neubauer. An expert in behavioral experience here. and institutional finance, Rob is a great fit for this Creative Director each year? Educating current and future leaders has role. He received his undergraduate degree in Joe Przybylski long been a key pillar of the school’s mission. economics, mathematics, and philosophy from the In true Chicago fashion, Booth was ahead of its University of Michigan, a PhD in economics from Project Manager A. The dean picks his four favorite alumni time in thinking about a leadership curriculum. the Massachusetts Institute of Technology, and a Zach Johnson

Launched in 1989 under the guidance of Harry master’s degree in counseling psychology from Assistant Director, Operations L. Davis, the Roger L. and Rachel M. Goetz Northwestern University. He is also the cofounder B Jenny Freundt . A random lottery Distinguished Service Professor of Creative of LSV Asset Management. Management, the Leadership Effectiveness and The next step will be to launch new add- C. Development (LEAD) program was one of the on, experiential courses to give students an The award winners are chosen by their first core experiential leadership programs to be opportunity to actually try out the things they peers via a selection committee from offered at a top graduate business school. LEAD is learn. Using experimentation in leadership facilitated by second-year students who adapt the laboratories as the central means of learning, around the globe curriculum each year through choice of topic and these courses will have coaches and peer groups to presentation. Today it is the only required course provide feedback. A faculty curriculum committee D. for students in Booth’s flexible MBA curriculum, is working on a pilot class, which we expect to offer None of the above

and in recent years it has been expanded from in winter and spring of next year. We also will be the Full-Time MBA Program to the Evening, introducing leadership programming for alumni. C Answer: Weekend, and Executive MBA Programs. The goal of this endeavor is to motivate and Chicago Booth Magazine The success of LEAD helped the school prepare students for lifelong learning from their (ISSN 1072-7612) develop many other experiential learning experiences and then support our alumni in Published by opportunities for students, such as the developing and deploying these skills throughout The University of Chicago Booth School of Business Management Lab and the Edward L. Kaplan, ’71, their entire careers. [email protected] Test your knowledge on DAA history and award winners: New Venture Challenge. Expanding on this, and We are excited about developing a new set of ChicagoBooth.edu/magazine in recognition of Harry’s 50-plus years at Booth, offerings in leadership education, building on the school launched the Harry L. Davis Center for those crucial skills that our alumni greatly value © 2019 The University of Chicago campaign.ChicagoBooth.edu/daa-quiz Leadership as an incubator for generating new from their time at Booth. ) Booth School of Business insights about leadership that impact education, All rights reserved. practice, and discovery. This past summer the deputy deans and I decided to pause and reflect on what we learned Transform the future.

in the Davis Center’s first three years and to STRONG CHRIS PHOTOGRAPH BY Invest in Chicago Booth.

4 Spring 2019 Chicago Booth Magazine A S Contributors

Cindy Zollinger, ’79 Rex Sinquefield, ’72 Page 52 Page 86 “Part of my job “Data is critical to what we Rex Sinquefield is credited do,” said Cindy Zollinger, with pioneering the first is to convince cofounder of the economic institutional index funds in, Yardley Pohl, ’07 and financial consulting firm as he said it, “the galaxy.” In Page 26 people that Cornerstone Research. The 1981 he cofounded Dimensional space is firm’s clients engage them to Fund Advisors with David Yardley Pohl’s workday begins early with her young kids and dig deep into financial and Booth, ’71. Long before making ends with quality family time. In between, the chief product officer something they regulatory details related to history, he got his greatest for Thrive Global sits in on a device-free meeting with her product can be part of. mergers, antitrust, finance, lesson in economics from design team, huddles with the entire office for team-bonding, and intellectual property, corporate Booth professors and Nobel takes a meeting outside—while walking—before picking her kids —Ulisses Meneses Ortiz governance, bankruptcy, and laureates Eugene F. Fama, up from school at 5:15 p.m. “Work-life integration is a core part of Mark Knickrehm, ’91 Ulisses Meneses Ortiz, ’16 Diag Davenport, PhD securities. Three decades after MBA ’64, PhD ’64, the Robert Thrive’s culture,” she said. Read how Pohl leverages tech to help Page 46 Page 70 Candidate the firm opened its doors, it R. McCormick Distinguished people unplug in this issue’s “A Workday With.” Page 10 now has 700 staffers across Service Professor of Finance, As a young strategist and Ulisses Meneses Ortiz nine offices. “It’s so rewarding,” and the late Merton Miller. consultant, Mark Knickrehm juggles his day job as transfer As a PhD candidate in she said. “I’m so proud of our Now, Sinquefield has developed enrolled in Booth’s Weekend pricing manager at Plante behavioral science, Diag people.” Meet Zollinger in one a vast portfolio of political MBA Program expressly so Moran with his role as director Davenport has had plenty of of this issue’s features, “Making and philanthropic causes, he wouldn’t have to quit his of international affairs at Space experience with AI, as well as Data the Cornerstone.” and cultivated his passion for day job while improving his for Humanity, a company that with machine learning. He’s chess by creating a world-class leadership skills. Fast-forward intends to give 10,000 private careful to distinguish between chess club in St. Louis. Meet 38 years, and Knickrehm citizens (and not just the the two, and is particularly Sinquefield in this issue’s “The has been the group chief ultrawealthy ones) from around optimistic about ML, his area of Book of Booth.” executive of Accenture Strategy the globe a chance to explore expertise. He believes we can for five years and counting. space. In turn, these astronauts coexist with ML if we choose He is guiding this global will use their experiences to to embrace it rather than run management and professional help solve global issues and from it. Sure, some jobs may firm into exciting new evangelize for the program. go the way of the dinosaur, territories, especially those “Part of my job is to convince but he’s “fairly certain there that marry human emotional people that space is something are tasks ML will never intelligence with data and they can be part of,” Ortiz said. replace, including face-to-face analytics. Turn to this issue’s Ortiz talks about the future interaction.” Turn to this issue’s feature “An Intelligent Life” to of space travel in this issue’s “Inquiry Required” to read Megha Mandavia meet Knickrehm. “Booth 101.” Davenport’s take on ML. Page 27

Last spring, Megha Mandavia Bryan Johnson, ’07 (XP-76) Mary Titsworth Chandler, ’11 (“My Booth”) was granted the Page 30 Page 28 opportunity to participate in the Stigler Center Journalists in As a young entrepreneur, Bryan Johnson had modest career Mary Titsworth Chandler believes that we live “in a good world that is Residence program. She took “What the JIR goals: start a business, become a billionaire by 30, and then use getting better.” The vice president of corporate responsibility and community classes on crony capitalism and that money to help the most people he could. He achieved his relations at power leader Cummins Inc. is making change as CEO of the analytics of the financial crisis, Program does wildly ambitious dream and then some when he sold his payments- Cummins Foundation. She manages 60,000 employees who volunteer and attended weekly seminars is enlarge and processing company Braintree in 2013. Now he’s founded two new worldwide, including battling water scarcity in India or improving education on topics such as fake news ventures that tackle humanity’s pressing issues: OS Fund, a VC fund systems. Gender equality is her passion: with her guidance, Cummins gave and hate speech. “What the JIR diversify your focused on science and deep tech, and Kernel, a brain-interface more than $20 million last year to address gender inequity. “The time is now Program does is enlarge and startup. He is determined to answer what has now become his to advance women,” she said. She discusses her Booth inspirations, being an diversify your perspectives,” perspectives. central question: “How can I help humanity thrive?” Johnson traces

effective mentor, and more in this issue’s “This Is Working for Me.” HAYES ILLUSTRATIONS LYNDON BY she said. —Megha Mandavia his journey in this issue’s feature “To Frontiers Unknown.”

Chicago Booth Magazine Spring 2019 7 The OfficialAccountofChicagoBoothAlumniRelations BOOTH ALUMNI ON INSTAGRAM Booth community. fun starttothenewyearallin #BoothReconnect year’s celebration,April23–25,2020. at Reconnect!Savethedatefornext BoothAlumni boothalumni 492 Likes Chicago Booth Chicago, IL > boothalumni Follow ustoday @BoothAlumni We lovedseeingeveryone Best wishesforafulfilling, #boothalumni 9:30 a.m.

ILLUSTRATION BY SAM PEET Page 15 sustainability. in opportunities about learn to students allows A new series FACE TO FACE Robot Revolution?Robot Will You Embrace the Next Page Next REQUIRED INQUIRY Page 24 turbulent times. in opportunities where they saw situations unpack Two CFOs THE WORKSHOP Chicago Booth Magazine Booth Chicago Page 27 new perspectives. Center to gain Stigler the to come journalists Business MY BOOTH Spring 2019 2019 Spring A F 9 S INQUIRY REQUIRED A F S

“I think AI will help free people up to do more creative work. —Justin Adams

game changers from a societal standpoint— the Industrial Revolution, automobiles, the internet—there’ve always been more jobs created than lost. Since 1990 over a billion people have been lifted out of poverty globally, largely driven by capitalism and technology. The horse-and-buggy driver had to find a new profession when cars came along. At the micro level, there will be disruption; to deny this is naive. From a larger, societal perspective, I’m optimistic AI will follow the same trend. So the question is, how do you take the horse-and-buggy driver, or the accountant today, and give them new skills? I think a lot of jobs will require more soft skills. As with anything, unfamiliarity breeds fear, and maybe contempt. For people who are worried, sign up for online classes in AI, just to know what the heck it is and get familiar. AI is a catchall phrase that’s exciting and scary, but the concept has thousands of subcomponents. At a high level, be able to understand the opportunities, and from there, think it through. Assume AI is going to augment or replace parts of your job. Identify what those are beforehand and be proactive. This will add value for the long run. Don’t be afraid that it’s going to replace your role. Be prepared.

F Nicholas Polson is the Robert Law Jr. Professor of Econometrics and Statistics umans’ fear of robots taking used for more of the rote functions, the negotiations with the insurance company. and coauthor of the book AIQ: How People over jobs (or, perhaps, the world) repeatable and predictable. Humans don’t Humans still have to handle these. and Machines Are Smarter Together. How Can Humans dates back many decades. But innately want to do repetitive, rote work, And that’s really an important part of Hthere are lots of ways in which and I think AI will help free people up to how AI is changing things. When you look Lots of things are changing, and have AI is already being integrated into the do more creative work. My view of AI in at all the studies on the subject, they show already changed. Almost every company is workplace, and the trend will only continue. the workplace is very positive: I wouldn’t that the areas requiring simpler analytics using AI in some form these days. Among Work with Artificial Yes, AI may take the place of some jobs, have started an AI company if I didn’t are going to get disrupted first: lower-level the earliest to embrace AI was Netflix, one but it will also create new jobs—and free up believe that! accounting and even legal work will be of the original recommender sites. The humans to engage in more creative and, For instance, my company developed affected, but partners at accounting or law AI algorithm there collects big datasets of well, human tasks. an AI system that can do 50–70 percent firms, who perform complex functions, people’s likes and dislikes in movies, and Intelligence? of the work hospitals have to do to get won’t be affected. In medicine, doctors who does pattern matching. This is all it is, a preapproval from insurance companies for read radiology scans or MRIs all day will system of prediction. Now Facebook and We asked three Booth experts: alumnus Justin Adams, ’10, professor A Justin Adams, ’10, is CEO of Digitize.AI medical procedures. Currently people are be replaced by AI, but a physical therapist Spotify and lots of other companies use Nicholas Polson, and PhD candidate Diag Davenport. in Charlotte, North Carolina. still sending faxes, if you can believe that, who’s helping you recover from knee pattern algorithms to come up with better or manually entering data online. Because surgery won’t be. The difference is that the recommendations. BY ALICE G. WALTON Most people are familiar with the fact that humans are prone to error, and treatment former skill requires simple analytics, while Then there’s AI like the robots in Amazon AI is being used in manufacturing—think can be delayed because of lack of prior the latter requires touch, interaction, and warehouses. And one of China’s largest robots on an assembly line. But much of approval, there’s a real patient impact here. high-level planning. ports, Qingdao, is totally automated. The AI’s role is service based these days—in Our software can handle approval in the So on a larger scale, it will be good, port in Rotterdam, Netherlands, is mostly health care, for example, which is what majority of cases, leaving only the more though it may cause some people to lose automated. These places would have had

my company does. Right now, AI is being ILLUSTRATION SAM BY PEET complicated cases that require creativity or jobs in the shorter run. If you look at big thousands or tens of thousands of people

10 Spring 2019 Chicago Booth Magazine Chicago Booth Magazine Spring 2019 11 INQUIRY REQUIRED A F S working. Of course, the people running people may be inspired by the idea but them think it’s great. may not have a grasp of how best to use it. There’s a video circulating on YouTube— Others may have a strong or unwarranted THINK CHICAGO BOOTH another great prediction system, by the aversion to algorithms. But it’s really way—of a Volvo truck stopping inside of the state of the world right now. There’s 30 yards to avoid hitting a little girl in a lot of opportunities to automate, and FOR HIGH-IMPACT CUSTOMIZED the road. These trucks have an automatic it doesn’t have to be scary. I’m very emergency-braking system, which is optimistic, and think it’s a good thing that EXECUTIVE EDUCATION more sensitive and faster than any human ML is out there in the ecosystem. And driver. Everyone thinks automatic cars are once it’s less novel and less a fad, it will be dangerous, but they’ve got an incredible integrated more seamlessly. number of sensors. So while that’s a good Naturally I see ML replacing the thing, they’ll probably replace truck drivers repeatable tasks, the way a calculator one day. Imagine all the jobs lost. Once replaced doing math by hand, which driverless cars are more common, car A I Taste Test was a benefit. For example, one of an accidents will be cut down enormously, Could you tell the difference between accountant’s tasks is to add up entries—but which will also mean that you don’t need a risotto recipe created by a catering another, maybe more important one is to as many emergency-room staff. ERs company and one created by a robot? interact with the client and understand will be empty. They’ve already rolled Professor Sendhil Mullainathan asked what to do next. Accounting and related out driverless cars in Arizona, so this is his students to put their taste buds fields can be bolstered by this very good happening. to the test in March as part of a new prediction system that’s ML. Humans are Certainly health care is a field where AI class on Artificial Intelligence. Rather good at interacting, but they’re not as has a lot of applications. It used to be that than focusing on the mechanics good at calculating. ML is good at finding radiologists studied for many years and of AI, as other UChicago classes patterns in data, but it can’t interact with accrued huge educational debt, but had a do, Mullainathan gives students a humans as well. good job after. Now AI is better than the strategic understanding of how to I’m fairly certain there are tasks ML top radiologists, yet radiologists still exist. deploy AI tools in business, and, more will never replace, including face-to- Maybe this is an example of people and importantly, how to consider what AI face interaction. Any industry that’s machines working together, at least for now. does well and what it does badly. characterized by clear, repeatable tasks, THINK CHICAGO BOOTH I guess the polite answer is that it’s both with little human interaction, such as good and bad. On the positive side, it may To find out how the students manufacturing, will be affected. Fields such free people up to do more of what they fared, watch the video at as teaching won’t be. You have to have kids TAILOR-MADE LEARNING SOLUTIONS want. It’s freed me up, but I also write more ChicagoBooth.edu/ai-test. in a classroom interacting with a human papers now, and I’m more addicted to teacher. Kids won’t learn at nearly as fast a Today’s globalized, fast-changing business landscape calls for a new screens. So, in a way, it’s more efficient, but rate if they’re interacting only with ML. you get more caught up in stuff. Sometimes and computer scientist Alan Turing made I would say that the best way to deal with approach to leadership development. Chicago Booth designs and delivers I prefer the old, less efficient ways. Now a prescient speech about how machine these changes is to embrace them as best PARTNER WITH you’re on call 24-7. I think people are way learning would evolve and what effects we can. In some circles there’s a lot of fear, highly customized executive education programs to meet your organization’s more productive. But people are probably a it could have on jobs, both positive and which is probably not necessary. Managers specific learning objectives. CHICAGO BOOTH lot less happy. negative. We’ve started to see how AI has should think of ML more as a calculator and Contact us to learn more That’s the negative side—the Instagrams, changed jobs, and life in general—but we less as a competitor. You can use ML as a about our customized approach. the Facebooks, the Spotifys. The already don’t know quite how it will play out in the decision aid, and it can get things you don’t When you choose Chicago Booth Executive Education, your organization existing AI products offer an incredible future. So these questions have been around want to do off your plate. Using ML as a amount of leisure. But I call it infinite for many years, and will be around for a calculator does mean you have to learn how benefits from the most dynamic minds in business today. As part of the content, where you’re connected 24-7. A long time to come. to use a calculator, however—that’s the level +1 312.464.8732 German neuroscientist coined the term of fluency people really need to have. But University of Chicago—home to 91 Nobel laureates—Chicago Booth puts [email protected] digital dementia for the cognitive effects that S Diag Davenport is a PhD candidate in you don’t need to build a calculator. the world’s best business professors to work for you. ChicagoBooth.edu/ExecEd occur in people who play video games all behavioral science. Some jobs will probably be at stake— the time. that’s unfortunately how it usually works As far as preparing for these changes, I think it’s helpful to make the distinction when new technology comes about. that’s hard to say. There are people such between machine learning, or ML, and Previously “go back to school” might have Our tailored solutions are available around the globe. In our collaborative as [Tesla CEO] Elon Musk who believe AI AI. Machine learning is a process where been the only advice. To the extent that learning environment, we’ll empower your emerging leaders to tackle today’s will take over everything, and people who you take data and let some system figure you have the luxury to, think about the believe it won’t amount to anything beyond out how it relates to the outcome—in other special thing that you add to the economy, most pressing challenges. computer chess. A lot of people are also words, an algorithm. AI usually involves or would like to. What do you want to encouraging their kids to learn to code. I’ve integrating ML into some hardware to do specialize in? Start by looking at content read that something like 45 million people things—Apple’s Siri is a good example. So on YouTube, LinkedIn, or MOOCs [massive are using the Codecademy website. But when it comes to playing a song I like, ML open online courses]. that’s a lot of people coding—and how many would make the predictions, but the task To the extent that you can be patient, jobs are there? Machines are also coding. of opening the program to play it would take advantage of the resources that are I’d say learn about what it can do. A lot of be AI’s. out there, and position yourself to gain people misunderstand what AI is. My expertise is ML, which is being from the increased productivity from ML In the 1940s the British mathematician introduced all over the place. Some that is on the horizon. )

12 Spring 2019 Chicago Booth Magazine FACE TO FACE A F S understanding of situations from remote workers or rural farmers using WeChat and worker voice technologies. “Those types of quick poll surveys can give us a lot of new information and get into areas where individuals may otherwise not be comfortable communicating,” said Kramer. Sustainability issues cannot be solved The latest academic research solely on the supplier side; consumers have a role to fill as well. Trying to change how (translated for nonacademics) consumers behave is not always easy, Weigert said, and consumers may not understand the full impact of their actions—for example, they might think their recycling habits are Insights on business, policy, and markets from the world’s leading more sustainable than they actually are. To researchers at the University of Chicago and beyond. resolve these gaps in knowledge, panelists encouraged increased communication between suppliers and consumers as a form of engagement and outreach. Achieving sustainability goals can require utilizing the skills of people who may not necessarily have a background in sustainability. Wheat told the audience that he initially worked in management consulting. “I walked in and they said, ‘Chris, your first project is going to be working on energy.’ I said, ‘OK.’ “I don’t know anything about energy,” he A New Perspective revealed. Despite this, the skills he learned from his Booth education helped him succeed. “The classes that I use most from my time at in Sustainability Booth are Managerial Decision-Making and Managing in Organizations,” said Wheat. Experts shared insights at the first panel in a three-part series “I had great finance classes and great focused on helping Booth students understand how to use business economics classes, but how you influence, skills to tackle difficult environmental issues. how you speak, how you write become the critical elements.” Lauren Magnusson, ’15, who works ast autumn, Karen Weigert, and regional operations at Slipstream, and in environmental, social, governance the new sustainability executive nonresident senior fellow on global cities at (ESG), trust and transparency at Walmart, in residence at Chicago Booth’s the Chicago Council on Global Affairs. suggested taking an analytical mind-set L Rustandy Center for Social Sector At the first event in the series, Weigert into sustainability work—using metrics Innovation, assembled a panel of experts and the panelists dissected the relationship and measurement to set reasonable goals. for the first Perspectives in Sustainability, between sustainability and economic “Coming from Booth, you’re equipped with a three-part series cohosted with Booth’s growth. “You will be hard-pressed to find an analytical skill set from the get-go,” she Career Services. the kind of announcement that the mayor said. “So take that to these conversations “At Booth more and more students are makes around sustainable energy that where people want to make big statements, interested in sustainability, climate change, doesn’t include a job opportunity,” said and ask: Are we going to commit to this use of natural resources, and the world Chris Wheat, ’10, the former chief of and set goals? How are we going to track around us,” said Caroline Grossman, ’03, policy to Chicago mayor Rahm Emanuel progress?” director of programs at the Rustandy Center and now the director of strategy and city The Perspectives in Sustainability series, and adjunct assistant professor of strategy. engagement for the Natural Resources which also covered supply chain, retail, “That interest was the impetus for creating Defense Council’s American Cities Climate and food topics, served as a primer for the Rustandy Center’s sustainability Challenge. Innovation can lead to industrial Booth students who planned to participate executive in residence role—so Karen development and job growth. in sustainability-focused business plan Find out more at Review.ChicagoBooth.edu Weigert can challenge Booth students to Panelist Brian Kramer, director of global competitions in the 2019 Spring Quarter. grapple with issues plaguing our planet, and sustainability at PepsiCo, added that a focus “These are not challenges that arose to better understand where and how the on sustainability can help make strides in five minutes,” Weigert said. “They are business world can plug in to help.” in technology and human rights. As an not challenges that will be solved in five Weigert is the first-ever chief example, he described technology that minutes. But a good [couple of] hours with sustainability officer for the City of Chicago, could make it easier to identify forced labor some smart people can get you started.”

ILLUSTRATION BRETT BY RYDER current vice president of business strategy and poor working conditions by getting an —MADELEINE ZHOU

Chicago Booth Magazine Spring 2019 15 A F S New Ventures

Chicago Booth Expands Presence in Europe with New Facility in London

Chicago Booth will relocate its current campus in London to a new, larger space in the heart of the historic City of London, allowing the school to expand its activities and presence in the region. Booth’s enhanced presence in London Celebrating discovery and entrepreneurial endeavors at the University of Chicago through will foster increased engagement with the business and finance community events, workshops, and accelerator programs, including the George Shultz Innovation Fund and there on vital issues, allowing Booth to the globally recognized Edward L. Kaplan, ’71, New Venture Challenge. leverage the city’s corporate and financial power and its connections to market- oriented economies around the world. This will continue to build academic and Innovation Fest 2019 runs from May 1 to June 9, and will feature: professional opportunities for students and alumni, many of whom work in the 1st Annual Alumni New Venture Challenge // May 2 city. The London expansion complements Booth’s set of programs at the university’s John Edwardson, ’72, Social New Venture Challenge // June 4 new campus in Hong Kong, reflecting a George Shultz Innovation Fund Finals // June 5 truly global approach to thinking about Edward L. Kaplan, ’71, New Venture Challenge // June 6 business and finance, and what an MBA means at this time. And more! “Global engagement is fundamental Booth’s new facility in London will have a private, ground-floor entrance and will be a to the university’s ambitious efforts to visible presence in the rapidly developing mixed-use area of Barts Square. create new opportunities for research and education, and it is an integral part The new, state-of-the-art campus will that showcases the best of London. I of Chicago Booth’s distinctive model of continue to serve as home to the Executive expect this will serve as a vibrant home business education,” said University of MBA Program Europe, and the increased for our faculty, staff, and students, and as Chicago president Robert J. Zimmer. size will allow for expanded programming, a welcoming venue to host our external “Our expanded presence in London will including MBA and nondegree Executive community of alumni, prospective bring together faculty, students, alumni, Education classes, academic conferences students, and corporate and government and visitors from around the globe to and seminars, speaker events, and a wide partners.” work in one of the world’s great financial range of alumni and corporate events and Occupying a total of 43,796 square and cultural centers.” activities, which can be held simultaneously. feet on the first three floors, the new Booth’s new campus is located at One “This move represents Chicago Booth’s campus will have two executive-style Bartholomew Close in Barts Square, in renewed commitment to the Executive tiered classrooms, flexible event space, a newly constructed office building a MBA Program in Europe and will broaden and open areas for alumni, students, staff, short walk from St. Paul’s Cathedral and the school’s impact across the Europe, and guests from across the university. The Visit innofest.uchicago.edu to learn more the Museum of London. Booth plans to Middle East, and Africa (EMEA) region,” campus will be open and easily accessible, move from its current London campus, said Madhav Rajan, dean and the George creating a hub of activity based in London, at 25 Basinghall Street in the financial Pratt Shultz Professor of Accounting. “Our designed to draw engagement broadly district, to the new building in late campus will be located in the heart of the across EMEA.

PHOTO COURTESY OF ONE BARTHOLOMEW CLOSE spring 2020. City, in a newly developed neighborhood —SUSAN GUIBERT

Chicago Booth Magazine Spring 2019 17 NEW VENTURES A F S What Empathy Means Avoid empathy traps and blind spots Once in a while, identifying with the feelings New Event Series Chicago Harris School of Public Policy The event was the first in a new series for Successful Leaders of your colleagues or the workers you and professor in the Department of that brings together faculty from Chicago manage may put you at odds with what Features Booth Political Science and the College; and Booth and from the humanities and How do you orient your empathic you need to do as a leader, he said. In some Faculty Members Raghuram G. Rajan, the Katherine related fields such as politics, law, and compass to engage people productively? instances, you may feel others’ needs so Dusak Miller Distinguished Service psychology to explore how commonalities That’s the question John Paul Rollert, deeply that pulling away and being less On April 4, 260 thought leaders attended Professor of Finance, joined moderator and differences in these spheres can AM ’09, PhD ’17 (Social Thought), empathetic can be critical to succeeding in the first-ever “A Meeting of the Minds: Bret Stephens, AB ’95, of the New York lead us to a richer grasp of the economic adjunct assistant professor of behavioral your own role. Business and the Human” discussion. Times, to discuss the topic, “Democracy, human being. To read key takeaways from science, asked during the Rustandy Center One way leaders can apply empathy William Howell, the Sydney Stein Professor Populism, and Capitalism: Are They the event, visit ChicagoBooth.edu/ for Social Sector Innovation’s On Board to company culture to succeed is by in American Politics at the University of Compatible?” magazine. 2019 conference in Chicago in March. “having a good sense of what they don’t The answer is far from straightforward, know,” Rollert said. Understanding which David Kessenich especially because empathy is subjective situations are less likely to elicit your and based on personal experiences, he own empathy can be critical to forging David Kessenich Makes said. But having a better understanding of connections with others. how empathy works allows leaders to tap $5M Gift to Support into their own feelings to avoid pitfalls and Honor your differences—and listen Polsky Center Research produce better results when it comes to Empathizing with colleagues is important, building relationships and leadership skills but understanding and sympathizing with and Programs in the workplace or on a nonprofit board. them can be just as essential. “Sometimes, Here are three takeaways: understanding over empathy is the way to “Do the right thing, the right way, with go,” Rollert said. Oftentimes that means excellence.” Those are the words David Create your own community showing others kindness and generosity Kessenich, ’96, lives by. Focusing on Organizations function best when as you take a back seat to just listen to excellence is how his firm, Excellere colleagues can bond over shared concerns, he said. Partners (E.P.), became a leader in the experiences, he said. “Team-building “Honor differences—you’re not private equity field. exercises at their best are creating a series attempting homogeneity” to elicit empathy, Kessenich also credits his success to his of common experiences that build a he said. Rollert encouraged using the Chicago Booth education. He and his wife, community,” he explained. Ultimately, the acronym PAL when sitting back to become Colleen Kessenich, recently demonstrated focus on shared community experiences a “Patient Accepting Listener.” Oftentimes their gratitude by donating $5 million to will help set expectations around how that means disabling your own judgment support the University of Chicago Polsky colleagues can act toward one another and reaction until you’ve heard what the Center for Entrepreneurship and Innovation. and create a culture of empathy within the other person is saying. The faculty director position, currently organization. —ALINA DIZIK held by Steve Kaplan, the Neubauer Family Distinguished Service Professor The second event, on the same going off the cliff. There are a lot of clouds of Entrepreneurship and Finance, will be Growth, Trade Wars topic, took place in Chicago on January on the horizon, whether it’s trade-war named the Kessenich E.P. Faculty Director at among Topics at 17, featuring Kroszner; Austan D. issues, fiscal deficits, or the broader the Polsky Center for Entrepreneurship and Goolsbee, the Robert P. Gwinn Professor dysfunction in Washington. But I think the Innovation in recognition of this investment. Economic Outlook 2019 of Economics and former economic fundamentals for the United States right “In the 20-plus years since I was a student advisor to president Barack Obama; and now are looking good.” at Booth, Steve Kaplan has emerged as one At sold out Economic Outlook 2019 events Raghuram G. Rajan, the Katherine of the top private equity market professors in New York and Chicago, leading Chicago Dusak Miller Distinguished Professor On today’s biggest issues globally,” he said. “I owe my foundation in Booth scholars gathered to discuss the of Finance and former governor of the Rajan: “A big issue today is the rising anger private equity to Steve, so I started thinking question, “Trade Wars, Deficits and Reserve Bank of India. in different countries. Not just the West. recently about how I could leave a legacy in Inflation: Rhetoric or Reality?” Economic Outlook wrapped up on It is also in India, in China. A lot of it has support of the work he has pioneered. My The economists agreed that the January 29 with its first-ever presentation to do with jobs, not enough high-quality wife and I decided there couldn’t be a better economy won’t be “going off a cliff” this in Hong Kong, at the newly opened Hong jobs. My worry is we are paying too little way to honor Steve than to provide resources year, but growth may slow significantly. Kong Jockey Club University of Chicago attention to this, saying that this is just part to the Polsky Center and help ensure a strong Since 1954, Booth faculty have been Academic Complex | The University of of the cycle. It’s not about the cycle. As future for the faculty directors who will follow providing field-defining analyses that Chicago Francis and Rose Yuen Campus. economists, we need to think about what in his footsteps.” reshape ideas of business, markets, and It featured Kroszner; Steven J. Davis, the can we do to essentially defuse this kind of “David’s gift will give the Polsky Center the the global economy at this annual event. William H. Abbott Distinguished Service anger and protect the system. Forget the flexibility to push new initiatives faster and Economic Outlook 2019 started in Professor of International Business and ups and downs. The system itself is being more intensely, and it provides the resources New York, on January 10, and featured Economics; and Richard Wong, AB challenged today.” to do more and better research,” Kaplan said. Randall S. Kroszner, deputy dean for ’74, AM ’74, PhD ’81 (Economics), Since graduating from Booth, Kessenich Executive Programs and the Norman professor of economics at the University On the trade war with China has maintained a friendship with Kaplan, R. Bobins Professor of Economics; and of Hong Kong, discussing trade wars, Hurst: “A trade war now, in a job sense, is not returning to campus to present case studies Erik Hurst, the V. Duane Roth Professor economic uncertainty, and the US-China going to actually help displaced workers in in Kaplan’s Entrepreneurial Finance and of Economics, Deputy Director of the relationship. that the manufacturing sector has changed Private Equity class and serving on the Polsky Becker Friedman Institute, and John E. fundamentally. It’s more about automation Rollert spoke at the Rustandy Center’s sixth annual On Board conference in Chicago, which Center’s Private Equity Council. Jeuck Faculty Fellow, speaking about On the economy in 2019 now than it is about trade.”

gathered alumni, students, faculty, and nonprofit leaders to discuss board service. —SHARON PORTA LEFT PHOTOGRAPH BY HEIDI ZEIGLER / TOP PHOTOGRAPH COURTESY OF CHICAGO BOOTH ZICH JOHN PHOTOGRAPH BY trade wars, deficits, and inflation. Kroszner: “It’s hard to see the economy —SANDRA JONES

18 Spring 2019 Chicago Booth Magazine Chicago Booth Magazine Spring 2019 19 Faculty News: Awards and Honors A F

The Fischer Black Prize is named Accounting Research and the Journal Members of the AXP-18 cohort “Marianne Bertrand is one of the Ralph S. J. Koijen in honor of the late Fischer Black, a of Accounting and Economics, among in Asia (Hong Kong) chose Linda E. world’s most prominent applied Awarded 2019 former partner at Goldman Sachs other editorial leadership positions. Ginzel for her Leadership Capital microeconomists,” said Fredrik and professor of finance at Booth In 2009 he was elected to the course. Ginzel is clinical professor Andersson, dean at Lund University Fischer Black Prize and at the Massachusetts Institute American Accounting Association’s of managerial psychology. She School of Economics and Management, of Technology. His seminal research Accounting Hall of Fame, and in 2012 specializes in negotiation skills, as well as chair of the prize committee. Ralph S. J. Koijen, the AQR Capital included the development, with Nobel the association honored him as their managerial psychology, and executive “We see her work as an inspiration for Management Professor of Finance laureate and former Booth professor Presidential Scholar, before awarding development. She is the author of researchers in both economics and and Fama Faculty Fellow, has been Myron Scholes, MBA ’64, PhD ’70, him the Financial Accounting and Choosing Leadership: A Workbook. management. Her focus on issues such awarded the 2019 Fischer Black Prize of the widely applied Black-Scholes Reporting Section (FARS) Lifetime —LEAH RACHEL VON ESSEN as inequality and discrimination also by the American Finance Association. option pricing model. Achievement Award in 2014. align well with our core research agenda.” The prize is awarded to the Established in 2002, the prize Brown is a senior honorary research Bertrand was born in Belgium person under 40 whose work best honors individual financial research, fellow in accounting and finance and Haresh Sapra Marianne Bertrand and received a bachelor’s degree in exemplifies the Fischer Black and is awarded biennially at the AFA’s emeritus professor at the University economics and a master’s degree in hallmark of developing original annual meeting. Other Booth winners of Western Australia, an honorary Wins Inaugural econometrics from the Free University of research that is relevant to of the Fischer Black Prize are Amir professor at the University of New Swedish Prize in Brussels in the early 1990s. She moved finance practice. Sufi, the Bruce Lindsay Professor of South Wales, and an honorary visiting to the United States and earned a PhD Koijen conducts research on Economics and Public Policy (2017); professor at Lancaster University. Economics and in economics from Harvard in 1998. She asset pricing and macroeconomics, Tobias Moskowitz (2007, now at Since it was first awarded in 2013, was an assistant professor and senior insurance markets, and financial Yale); and Raghuram G. Rajan, the the Wharton-Jacobs Levy Prize Management lecturer at Princeton for two years before econometrics. He is a coeditor of Katherine Dusak Miller Distinguished biennially recognizes “published peer- joining Booth in 2000. the Review of Financial Studies, a Service Professor of Finance (2003 reviewed articles that demonstrate Marianne Bertrand, the Chris P. —SUSAN GUIBERT research associate at the National inaugural prize). outstanding quantitative research Dialynas Distinguished Service Bureau of Economic Research, and —SUSAN GUIBERT that has contributed to a particular Professor of Economics, has been a research fellow of the Center for innovation in the practice of finance.” named the first recipient of the Jan Economic and Policy Research. There is no time limit between the Söderberg Family Prize in Economics Ray Ball, Philip Brown Linda Ginzel “We see her work Prior to joining the Booth faculty, article’s publication date and the and Management. Bertrand was Koijen was a professor of finance at Awarded Wharton- practical application, as innovations awarded the prize for her scholarship as an inspiration the London Business School and may take years to develop. Executive MBA in issues that include inequality, Jacobs Levy Prize for researchers in the NYU Stern School of Business. The prize will be presented at the Students Honor discrimination, and sexism. He received his undergraduate Jacobs Levy Center’s conference on She received the prize and held a both economics and degree in econometrics and PhD in Ray Ball, MBA ’68, PhD ’72, the September 27, 2019, in New York. Faculty for Excellence lecture on March 12 in Lund, Sweden. finance from Tilburg University in Sidney Davidson Distinguished —SUSAN GUIBERT This new prize is awarded to management.management. the Netherlands. Service Professor of Accounting, in Teaching a leading international scholarlar —Fredrik—Fredrik AAnderssonndersson and Philip Brown, MBA ’65, PhD under the age of 50 who has ’68, have been awarded the 2019 This April, students graduating made a discovery or contributionution Wharton-Jacobs Levy Prize for from Chicago Booth’s Executive in the fields of economics andnd Quantitative Financial Innovation MBA Program honored two faculty management. The prize committeemittee by the University of Pennsylvania members with the Hillel J. Einhorn cited Bertrand for research tthathat Wharton School’s Jacobs Levy Equity Excellence in Teaching Award. encompasses an “outstandingng Management Center. The winners are chosen annually breadth,” and that exemplifieses They were recognized for their based on student votes from cohorts the potential in contemporaryry paper, “An Empirical Evaluation in Chicago, London, and Hong Kong. methods—such as machine of Accounting Income Numbers,” First awarded in 1987, the prize learning, big data, and randomizedomized published in the Journal of was established by Executive MBA controlled field experiments—for—for Accounting Research in 1968, which students to honor the late Einhorn, addressing key questions in socialsocial details their research on stock prices who was a professor of behavioral science. Ray Ball and accounting data, and which is science at Booth. “I find it most interesting to push widely considered to have helped lay Members of the XP-88 cohort, the boundaries of economics,”” said Ralph S. J. the foundation for much of modern based in North America (Chicago), Bertrand. “I am convinced thatt Koijen accounting literature. as well as members of the EXP-24 satisfactory answers to many of the Ball is the author of more than cohort in Europe (London), chose questions that interest me cannotnnot MarMarianneianne 100 papers, and his research has Haresh Sapra for his Financial be provided by solely looking atat BBertrandertrand revolutionized the understanding Accounting course. Sapra is the market incentives or restrictingg the of the effect of corporate Leon Carroll Marshall Professor of human decision-making processess to disclosure on share prices. He Accounting and academic coordinator strict rationality assumptions.”.” is currently on the editorial of the Executive MBA Program. Bertrand’s published work focusesocuses board of the Australian His current research deals with on some of today’s most importanttant Journal of Management, issues of disclosure, transparency, issues: inequality, discrimination,on, and he previously served and financial reporting for financial sexism, CEO compensation, andnd as editor of the Journal of Philip Brown institutions. social divergence.

20 Spring 2019 Chicago Booth Magazine Research Digest Research and less car ownership. car less and morecarpooling, road, onthe drivers drunk fewer too, including advantages, potential other noted have Proponents taxi. traditional ofa price the than for less often phones, their using service door-to-door now summon can hailing consumers. People needing transport for cab- ofconvenience era an in ushered have Lyft and Uber as such applications Ride-share Working paper, September 2018. ofCost Convenience: Ridesharing and Traffic Fatalities,” “The Yi, Hanyi Livia and V. Hochberg, Yael Barrios, John —Rebecca Stropoli moreaccidents. and more congestion, road, onthe morecars result: The driving. purchased cars specifically for ride-share have may some transit—and onpublic trips consumers used ride sharing to replace vehicles suggests to the researchers that transportation systems. This uptick in new public- having despite registrations car new- in arise saw which cities, larger in rose. also auto accidents fatal in involved ofpedestrians number the casualties, passenger and driver were ofthese many year. While each lost lives 987 representing introduced, was sharing ride after nationwide annual 3 percent increase in auto deaths deaths. auto-related in rise a to sharing ride link they notably, Most sharing. ride with associated costs significant find Yi Hanyi Livia candidate PhD Rice and V. Yael Hochberg, University’s remotely, there’s value in getting together over a meal, and the the and ameal, over together getting in remotely, value there’s Kaitlin Woolley and Ayelet Fishbach, “Shared Plates, Shared Minds: Consuming from a Shared Plate Promotes Cooperation,” Cooperation,” Promotes Plate aShared from Consuming Minds: Shared Plates, “Shared Fishbach, Ayelet and Woolley Kaitlin f sharing food involves that meal every “And to the opportunity createutilizes bond.” that social Fishbach. says someone,” to connect to opportunity missed a is alone eating you’re University’s by research faster, suggests deals reach and better collaborate they butaplate, ameal notjust share negotiation a business in people When bid. opening your making before counterpart your with meal afamily-style enjoy tactic: Here’s negotiating anew Key Insight: Featured: 22 at magazine andonline print quarterly in the andmarkets policy, onbusiness, insights research-driven Find than faculty Booth’s cutting-edge Chicago up with keep to way nobetter There’s But Chicago Booth’s Booth’s Chicago But The biggest increase in accidents occurred occurred accidents in increase biggest The an calculate Yi and Hochberg, Barrios,

Review.ChicagoBooth.edu Spring 2019 2019 Spring Kaitlin Woolley, PhD ’17, Chicago Booth Magazine Booth Chicago Ride Sharing May Lead to More Fatal Accidents John Barrios, Share aPlate of Deal to Food Reach Faster aBetter Rice and Chicago Booth’s Booth’s Chicago and . —Alice Walton G. Ayelet Fishbach. Ayelet on Facebook, Twitter, LinkedIn, and YouTube. and LinkedIn, Twitter, Facebook, on discussion lively our Follow conversation! the Join same is true outside of business negotiations. “Basically, eve “Basically, negotiations. ofbusiness outside true is same While technology allows people to conduct meetings meetings toconduct people allows technology While Psychological Science, Chicago Review Booth March 2019. Cornell ry meal that ully

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ILLUSTRATION BY JOEY GUIDONE Booth Review On this episode of Scale Up? How Can Startups Question: The Big view this episode and others in the series. inthe others and episode this view pivot. business ofasuccessful heart atthe what’s and flexibility, and hiring about experiences, including what they learned own their from lessons share panelists The grow? they as spirit entrepreneurial their maintain startups Howcan employees? 50 beyond grow that startups facing challenges large companies. What are the toughest into grow to overcome to need businesses small challenges the about Shekhawat Jai and Fieldglass founder and former CEO Alter, Booth’s Chicago with talks —Jai Shekhawat —Jai side.” other the fit toaproblemon isagood solution, you asa designed, what know that That’s when you pulled through. toget starting it’s customer; as hardtothe product push the not having to you’re point where There’s atipping “ Visit Visit Jellyvision CEO Amanda Lannert, Lannert, Amanda CEO Jellyvision Review.ChicagoBooth.edu editor-in-chief The Big Question The Big Michael D. Michael D. Hal Weitzman , Chicago Chicago to

Local TFP Growth on Wages, Rents, and Inequality,” Working paper, May 2018. May paper, of Working Effects Inequality,” and Indirect Rents, and Wages, on Direct Growth? Growth TFP Local Productivity from Benefits “Who Moretti, Enrico and Hornbeck Richard growth. productivity local from most the across gained workers low-skilled benefits of that find researchers the groups, distribution different unequal as well as increases, cost-of-living and salary between for trade-offs Allowing elsewhere. workers high-skilled locally—and workers benefits low-skilled particularly surge area’s one nuance: some find They elsewhere. people on effects indirect the below), and chart (see California Jose, San as people on such cities, effects booming in living direct the quantify to cities US major from data of decades two analyzed Chicago Booth’s growth, productivity oflocal ameasure as productivity factor total Using cities. other in and locally both losers, and winners create can upsurge this But areas. those in and growth wages in upsurge an you’d expect boom, economic an experience cities big When Growth? Productivity Point: Data area experienced TFP growth of16.4area experiencedTFPgrowth percentover1980–90. away fromotherUScities.TheresearcherscalculatethattheSanJosemetro Silicon Valley’s riseasatechhubluredhundredsofthousandsworkers Top 192USmetropolitanstatisticalareas(1980–2000) Workers lostby eachmetroareabecauseofSanJose’s productivitygrowth San Francisco: 79,691 2,988 Seattle: More than10,000 One intenseproductivitysurge:SanJose,California Richard Hornbeck —Áine Doris —Áine Who Benefits Most from Benefits Who 5,001–10,000 San Jose and University of California at Berkeley’s Enrico Moretti Moretti Enrico Berkeley’s at California of University and Denver: 3,154 1,001–5,000 Chicago: 8,301 Chicago Booth Magazine Booth Chicago Los Angeles:25,733 7,637 workerslosttoSanJose New York City: Phoenix: 6,807 501–1,000 San Diego:10,459 Washington, DC:4,150 2,158 Dallas: Spring 2019 2019 Spring 500 orfewer A 1,328 Miami: F 23 THE WORKSHOP A Quandaries for Quants Two alumni CFOs share moments where they saw and seized opportunities for their companies to excel in difficult financial moments—from the adoption of the euro to the 2008 financial crisis. BY DEBBIE CARLSON

Jennifer Ceran, ’89 The company generated more than CFO of Smartsheet, Bellevue, Washington $2 million in bottom-line benefits “I wanted to through incremental interest income The Challenge: When the European and reduced overdrafts annually with Union was preparing to adopt the euro protect the bank, the modernization. The team also won in 1999, Jennifer Ceran, then director which had worked Gold in the Cash Management category of treasury for Sara Lee’s European of the Alexander Hamilton Awards operations, saw an opportunity to create a so hard to build from Treasury & Risk magazine the global European cash-pool solution for all next year. of Sara Lee’s more than 100 legal entities this for us. in this region. At the time, the company’s —Jennifer Ceran The Takeaway: Don’t be afraid to European country subsidiaries operated approach a redesign from a clean separate currency cash pools that were slate. When it comes to challenging largely managed locally. problems that require fundamental change in legacy rules and structures, The Strategy: Ahead of euro adoption, take advantage of an upcoming Ceran wanted to learn how money moved catalyst that will enable you to break through Europe and how this could change knew she’d need to address cultural down old ways and implement much in the posteuro era, and in late 1997, she challenges to influence the local newer and better ones. perceived banks weren’t yet planning divisions’ CFOs to relinquish their for the transition. Ceran had already local banking relationships and move Tyler Rose, ’86 streamlined and modernized the banking to a centralized system. Executive Vice President and CFO of activities and cash pool for the Netherlands’ To find a banking partner, Ceran Kilroy Realty, Los Angeles banking structure, adding more than $1 presented her vision to 300 bankers million annually to the bottom line. She at a conference. She would only select The Challenge: A significant cause of seized the debut of a new currency as her one. To banks that sent in requests for the 2008–09 global financial crisis was opportunity to modernize Sara Lee’s global proposals, she offered her ideas and data the overheating of real estate, and areas European banking activities. so they could build their own solution such as California were particularly It wasn’t easy. Initial feedback from to serve their customers. With her devastated when the bubble burst. current and potential banking partners banking partner, Ceran and the project How does a real estate business not indicated that country-specific tax team created from scratch one of the only survive but thrive during market time cultivating relationships with large later in 2010, which gave them the and legal restrictions would prevent first European cash pools that would turmoil? unsecured lenders. opportunity to further raise capital consolidation. While her research showed optimize cash in real time across the Rose wanted to further improve their “It was a nice, while lowering their cost of debt. “It those restrictions could be overcome, she legal entities now part of the euro. As a The Strategy: Kilroy Realty had a financials by seeking an investment-grade was a nice, positive spiral upward. team, Ceran and the bankers met with 70-year-plus history, so executives had rating. To reach that goal, the company positive spiral We were growing our asset value and the individual CFOs to describe the new experience with different market cycles, raised equity in early 2010. “It was painful upward. We lowering the cost of capital,” he said. Spotting the Opportunity structure and address their concerns. and they wanted to take advantage of in terms of the stock price, but we were Kilroy Realty more than tripled its Eighteen months later, a month after lower real estate prices. Tyler Rose, willing to raise equity to strengthen were growing value during this time, to a $10 billion the euro debuted, in February 1999, the Kilroy Realty’s executive vice president the balance sheet, position us to be an company now, from $3 billion in 2009. plan went live. During implementation, and CFO, was a key member of the acquirer, and get investment-grade rated,” our asset value the team found a glitch, in which the management team that was tasked he said. It was important to tell Kilroy and lowering the The Takeaway: Having a strong balance intercompany flows were not reporting with ensuring the firm had the capital Realty’s story and explain its business sheet and access to different types of correctly. It took a week and a half for to acquire new assets, especially since plan for growth to both investors and the cost of capital. capital, whether through equity, joint the team to identify and fix the issue. the debt markets were still shaky and ratings agencies. —Tyler Rose ventures, preferred stock, bank loans, $2M “I did not let the local subsidiaries not lending. The firm’s balance sheet That first capital round allowed them or other forms is important to maintain know that it was a set-up issue on going into the crisis was “pretty strong,” to buy properties in ultradesirable liquidity. Some types of capital are easier Bottom-line benefits generated annually through incremental interest income the bank’s side. I told them it was relatively speaking, he said, as the areas such as San Francisco and greater to tap than others, depending on market and reduced overdrafts thanks to a something that I had missed. I wanted company was fiscally conservative Seattle in 2010, when other real estate conditions, and having diverse sources of modernization effort spearheaded by to protect the bank, which had worked prior to the recession. In addition, the firms weren’t in the market. They capital is necessary to take advantage

Jennifer Ceran. so hard to build this for us,” she said. team spent a considerable amount of ILLUSTRATION MARTIN BY BARRETO LEÓN received an investment-grade rating of opportunities. )

24 Spring 2019 Chicago Booth Magazine Chicago Booth Magazine Spring 2019 25 A WORKDAY WITH A MY BOOTH A group activity that embodies our culture. It’s so valuable to spend time together that’s not focused on work. It helps the team bond “The most Yardley Pohl, ’07 and build trust. Today, I lead a session on gratitude. important thing Being tethered to technology and always ‘on’ can contribute for a journalist is to burnout, overwork, and stress. What if tech could help us 1:30 PM The executive team meets to unplug and recharge? discuss a jam-packed agenda. We align on to question. company strategy and cover a lot of ground. —Megha Mandavia

2:45 PM I take my next meeting outside— while walking. This is one of the Thrive Microsteps, which are small, actionable hroughout her career, Yardley steps you can take to improve your well- financial statements. Often, the most Pohl, ’07, has solved tough being. An afternoon walk really does important thing for a journalist is to question, problems with technology. She’s energize me. This weekly meeting is a and the coursework brought me closer to T done it for Apple, Trulia, eBay, one-on-one with one of my direct reports. understanding what the right questions in a Yahoo, and Dun & Bradstreet: “I love to see It’s crucial that I support my employees given situation could be. how I can use tech to disrupt an industry or and their professional development. With Since my return from the fellowship, I disprove the hypothesis that tech can’t help.” transparent and regular communication, have been covering India’s technology As chief product officer in the San nothing should be a surprise come annual sector from Bangalore, which is often Francisco office of New York–based review time. described as India’s Silicon Valley. Some of Thrive Global, she’s tackling one of her my classes and conferences during the JIR most ambitious projects yet: leveraging 3:30 PM Next is a video conference Program have been directly relevant to my technology to help people unplug. Thrive to demo our product with a potential present work—from a two-day conference at Global, founded by Arianna Huffington in customer. I enjoy these customer-facing the Stigler Center on digital monopolies to a 2016, is a behavior change company helping meetings because I can get succinct, set of five classes I attended on technology individuals, companies, and communities concrete feedback based on their own platform companies. The Stigler Center improve their well-being and performance company culture and focused on their organized weekly seminars especially for through technology, media, and corporate employee well-being. our cohort that covered topics relevant services. Pohl’s team builds tech products to journalists everywhere today, such as that nudge people to make small, science- 4:30 PM I close out the day catching Enriching Business emerging challenges for the news industry, backed changes daily. Pohl uses many of up on emails. Because I don’t have and also tackled subjects such as fake news these “Thrive Microsteps” herself, enabling Employees incorporate Thrive’s small, email notifications on my phone, I’ve and hate speech. her to stay productive all day long. actionable “Microsteps” into their workdays. hardly looked at my inbox all day. This Each of us, from our respective corner of allows me to have deeper, more focused Journalism the world and our own unique journalistic 6 AM I’m up early with our kids, Mason conversations with people. culture, brought a different perspective to and Tyler. They’re one and four. We A unique program at Chicago Booth brings together reporters from the table. We had lots of discussions on the hang out in our pj’s for about 30 minutes. “As a leader of 5:15 PM I leave to pick up my kids and around the world to diversify their business perspectives. challenges in journalism: advertising versus Instead of going straight to my phone, I like meet Jason at school, and we commute subscription models, the reduced focus on to start my day with these casual, carefree the company, home as a family. Work-life integration is egha Mandavia attended the As a journalist I have been particularly investigative stories, and so on. moments. It helps me practice gratitude it’s important a core part of Thrive’s culture. Everyone Stigler Center Journalists in interested in the intersection of business, We got to see a fair bit of Chicago as and set my intention for the day. respects that I leave at this time to spend Residence Program from governance, and policy. When I applied well. We attended a baseball game, and the for me to be quality time with my family. MMarch 2018 to June 2018. for the JIR Program, I had spent the better program organizers took us to a jazz club for 8 AM My husband, Jason, drops me off at Mandavia started her career in journalism part of a year reporting on corporate an evening out. I went for a river architecture work. Getting in early gives me quiet time positive and 6:30 PM Dinner is already on the table with television, went on to report for Reuters, governance at the Tata group, one of India’s cruise, on some heritage walks around to plan for the day ahead. I set a mantra resilient. when we get home. My mom lives with us and is currently a special correspondent foremost business conglomerates. JIR was Chicago, and to an art museum. A fellow as I review my calendar and upcoming part time, and she’s prepared shrimp stir- covering technology for the Economic Times an outstanding educational and professional journalist took our cohort for a Chinese hot meetings. As a leader of the company, —Yardley Pohl fry with a healthy serving of veggies. from Bangalore. She shares her experience here. experience for me. The classes were rigorous, pot, which was an interesting experience, as it’s important for me to be positive and and the seminars and conferences were I was the only vegetarian! resilient—no matter the situation—so that I 8:30 PM After putting the boys to bed, Business journalists in India don’t get many relevant and diverse. One topic we often discussed among can lead my team by example. I hop back online to tend to anything chances to do a fellowship overseas. Either I especially enjoyed professor Luigi our cohort, and which keeps coming back next meeting, interviewing a promising lingering. I “timebox” this to 30 minutes. fellowships are not in the business space— Zingales’s class on crony capitalism, where to me in my present work, is the evolving 9:30 AM My first meeting is with the product manager. Otherwise, I’d be behind the computer all focusing instead on human rights, violence, I could observe the parallels and differences nature of reporting on beats such as social product and design team to review user night. At Thrive, we encourage people to crisis, and such issues—or their selection is between the situation in the United States media or technology, with human footprints experience flows for our new app. Thrive NOON Time for a quick break for lunch. set an end to their work day! not diverse. The Stigler Center Journalists and India. Professor Anil K Kashyap’s expanding way beyond the quarterly results meetings are super efficient. (It helps that There’s a food truck right around the in Residence (JIR) Program is a rare one in Monday morning course was challenging but that a business journalist typically covers. they are device free so that people can be corner from the office that sells delicious 9 PM Jason and I watch something funny business journalism, with a truly diverse mix riveting—by studying the way he examined What the JIR Program does is enlarge and fully present.) The materials and agenda açai bowls. I respond to emails while I’m on Netflix and just relax. After running of fellows from around the world. Our cohort and explained the financial crisis in the diversify your perspectives. It makes you ask were sent yesterday, so everyone has a waiting in line. around all day, I cherish this downtime. of eight fellows came from six countries United States, I felt equipped to cover a that extra question, add that extra paragraph chance to review and is prepared. We can Recharging and unwinding will help me including China, Chile, India, and the United financial meltdown in any economy. And to your story, insert those small things in immediately start making decisions or 1 PM The entire San Francisco office gathers stay on my game tomorrow. States, and we learned as much from each professor John Hand’s class was fascinating your copy that make it richer.

debate. After we wrap up, I head to my for Thrivey Thursday. We participate in a —AS TOLD TO BETSY MIKEL PHOTOGRAPH THRIVE COURTESY GLOBAL OF ILLUSTRATION CHRIS GASH BY other as from the program. for how he deconstructed numbers and — AS TOLD TO MADHUR SINGH

26 Spring 2019 Chicago Booth Magazine Chicago Booth Magazine Spring 2019 27 THIS IS WORKING FOR ME A “Take risks. Mary Titsworth Chandler, ’11 Be open and authentic. Chandler talks fighting for gender equality, the global work of the Cummins Foundation, and believing in ‘a good world that is getting better.’ Get out of your chair, walk down the ary Titsworth Chandler, ’11, is vice president of Solutions look a bit different in Nigeria than they do in corporate responsibility and community relations at Indiana, but the problems are common: the need for a clean and hall, and talk power leader Cummins Inc., a $20 billion global company healthy environment, strong education systems, opportunities for to someone Mbased in Columbus, Indiana, and CEO of the Cummins advancement. I am so lucky to visit Cummins locations around the instead of Foundation. Under her guidance, Cummins gave more than $20 million world, where I see the community work of our employees. I travel last year, including an $11 million worldwide initiative, Cummins Powers to Latin America, India, Europe, China, Africa, and the Middle East. sending an Women, to address gender inequity. “This is Cummins’s most ambitious In developing economies there are enormous opportunities for community program,” she noted. “The time is now to advance women.” the advancement of women and girls. I’ve been engaged in making email. public policy for many years. I learned in Indianapolis how all To make the world a better place, Cummins’s 60,000 communities can thrive. employees volunteer in local communities to help solve problems. I just got back from India, where we have a pilot project Effective mentoring is a commitment that stretches over in Maharashtra to capture, redirect, and meter water. Water scarcity many years. I’m a leader because a handful of people took an active had led to failed farms and suicide. We’re also working with farmers interest in my professional development over a long period of time. to plant crops that use less water. This is a project that changes lives, For it to work, mentoring must be brutally honest, clear, consistent. and it’s scalable. When I mentor women I tell them to work for firms and managers who are committed to a diverse and inclusive environment, who Employers around the world have trouble finding vocational want to attract and retain talented women. Take risks. Be open and skilled workers. At the same time there’s high unemployment authentic. Get out of your chair, walk down the hall, and talk to among people lacking technical education and soft skills. TEC: someone instead of sending an email. Technical Education for Communities is a Cummins’s initiative I started in 2012. TEC educates and trains students to work for any When I need advice I turn to my husband, Bryan. He level sets employer who needs skilled workers. We have 22 schools in 14 me. He works in commercial real estate and has a busy career of his countries; we’ve graduated nearly 300 students. We’ve focused on own. He’s patient, calm, and funny. I could not have achieved what I developing countries, but we also started a tech program in Memphis, have without his partnership. In 2009 I’d been a practicing attorney Tennessee, bringing employers into schools. for 20 years and a stay-at-home mom for five. I needed a business education, and got into Booth’s Weekend MBA Program. Every Gender equality is my focus and passion. CEO Tom Linebarger weekend for three years, he took care of three small children. and his leadership team are spearheading the Cummins Powers Women initiative. I guide their engagement and work with them A favorite professor at Booth was Linda Ginzel, whose directly on how to advance women and girls in our communities. courses on negotiations, management, and leadership inform my Cummins partners with nonprofits with a proven record of career. When I graduated, she gave me Through the Labyrinth: The advancing equality for women. We address the complex array of Truth about How Women Become Leaders by Alice Eagly and Linda challenges facing women and girls, globally, with scaled solutions. Carli. It’s still on my bedside table as a reminder of the challenges In one year we reached 34,000 women and girls, and our nonprofit women face in business and how to meet those on the path to partners advanced 37 advocacy movements in three countries. leadership. Also on my table is Ginzel’s latest book: Choosing Leadership: A Workbook. Impact is ferociously hard to measure in the work we do in our communities. We have no problem tracking spending and hours (our To relax and recharge I try to get outside. I run and swim and ski. employees volunteered 375,000 hours in 2018), and it’s a little easier I’ve lived in the same community my whole life: I have a rich network to measure environmental work because that’s scientific data. When of friends and family. I have my husband and my kids. English we advocate for laws and policies that address equity and inclusion literature was my major in college and for many years I read only and see those passed, that’s progress. Our impact on graduation fiction. Now I read mostly nonfiction—I read David Brooks. I read rates, racial justice, opportunity for those who need it most? That’s a about leadership. lot harder to measure, but we keep swinging for the fences. The vitality at Booth reminded me of the house I grew up At Booth I was inspired by the globalism and intelligence of in. We were a family of mostly girls. All seven of us sat at our students and teachers, by the social and economic problems long kitchen table for dinner, to eat and talk, in open and honest that were being tackled. That dynamism motivated me to use my conversation. It was a vibrant household full of dogs and music and Booth education to make a difference on important issues that laughter, my father’s gentle lessons on social justice, my mother’s improve lives. I’ve lived in Indianapolis my whole life and had long ambition and drive for us. My belief that we live in a good world that been aware of Cummins’s commitment to equity and community is getting better is the manifestation of that beautiful upbringing.

prosperity. I thought we’d be a good fit and I was right. —AS TOLD TO ANNE MOORE OSHEROV POLINA PHOTOGRAPH BY

28 Spring 2019 Chicago Booth Magazine Chicago Booth Magazine Spring 2019 29 In a daring second act, Braintree founder Bryan Johnson, ’07 (XP-76), is using the tools of entrepreneurship to tackle humanity’s most TO pressing problems. FRONTIERS UNKNOWN

BY LEEANN SHELTON PHOTOGRAPHY BY DANIEL LENNOX

30 Spring 2019 Chicago Booth Magazine Chicago Booth Magazine Spring 2019 31 “The biggest revolutions that have happened over the past “If you go to college, you’re invited to think about what couple of decades have largely been done on silicon—the you want to study and what career you want to pursue,” he transistors we build, the computers we have, the internet, our recalled, sitting in his sunlit living room, a short walk from smartphones,” Johnson said, sitting in his geek-chic office space, Kernel headquarters. “None of that mattered to me anymore. a 3-D functional MRI (fMRI) printout of his own brain on a nearby The only thing that really mattered was: How do I help the shelf. “The next great revolutions will be evolving our cognition most people possible? What can I do?” and predictably engineering atoms, molecules, organisms, and At the age of 21, he came up with a straightforward plan: complex systems.” start a successful business, become a billionaire by 30, and use I Johnson has a track record of recognizing coming that money to help others. “In my 21-year-old mind that made n a quiet office park revolutions. In 2013, having sensed the seismic changes sense,” Johnson said, chuckling at his youthful ambition. in Venice, California, blocks from the wrought by technology in e-commerce, Johnson sold his credit- He got to work, embarking on a string of ventures that card payments processing company Braintree to PayPal for included “one small success and two big failures” that left Pacific Ocean, a color-shifting door is $800 million. He had a world of opportunity at his feet. “How him heavily in debt—the “splitting the cheapest entrees at emblazoned with a famous quote. can I help humanity thrive?” was the question that dominated restaurants and sticking with water” kind of debt. Desperate, his thoughts. “I spoke to hundreds of people and read he took a gig selling credit-card processing services door-to- extensively to try and find the highest leverage points.” door to small businesses. Volunteers wanted for hazardous journey, Johnson invested $200 million in two bold ventures he It wasn’t glamorous work, and the industry was rife with small wages, bitter cold, long months of believes answer that question: OS Fund and Kernel. With deception and shady characters. A contrarian at heart, he $100 million, he established OS Fund, a VC fund solely bet that transparency and honesty would win the day. He complete darkness, constant danger. Safe focused on deep tech and scientist-entrepreneurs whom was right: a year later, he was breaking sales records. At the return doubtful, honor and recognition in Johnson characterizes as “rewriting the operating systems same time, he saw software-based businesses struggling with of life.” In their work he sees world-changing promise to online payments. A thought struck him: “I wondered, is there event of success. address climate change, advance human health, and tackle a business here?” other urgent challenges facing mankind. With a further $100 There’s no company name listed on million of his own money, Johnson founded Kernel, a brain- BECKONED BY BECKER interface startup aiming, in the words of WIRED magazine, Johnson’s years of serial entrepreneurship in his early 20s the building, just this sole hint at what to “create a better human.” Kernel is building a noninvasive were a frenetic hustle. He somehow found time to earn a lies within. Sweating in the Southern “mind, body, machine interface” to radically improve and bachelor’s degree in international studies from Brigham evolve human cognition. Young University, graduating in 2003. In a rare moment when California sun, you’d be forgiven for The audacity of these two ventures would have made even he stopped to take a breath, he found himself reading The failing to associate polar explorer Ernest Shackleton blanch. But Johnson firmly believes he can Economics of Life, a collection of forward-looking essays by bring his vision to life. the late Gary S. Becker, who was a Nobel laureate and Chicago Ernest Shackleton’s early 1900s call Booth professor. for courageous adventurers to join his A SIMPLE PLAN “He framed the world quantitatively,” Johnson said. “I had Antarctic expedition with whatever awaits “Bryan is one of those rare geniuses that sees things other grown up in a religious community, where certainty was people don’t see and has the ability to make them happen,” said created by faith and scripture, not through numbers and on the other side. Waverly Deutsch, clinical professor and academic director models and mathematics. I became infatuated with the idea Would you dare to step inside? Then of university-wide entrepreneurship content, and Johnson’s that you could quantitatively understand the world.” longtime friend. Deutsch helped coach Johnson and Braintree Inspired by Becker, and with the idea for Braintree kicking head up the stairs, past the laboratories to first place in the 2007 Edward L. Kaplan, ’71, New Venture around in his head, he moved to Chicago and enrolled in where 47 engineers and researchers Challenge at the Polsky Center, when he was an Executive MBA Booth’s Executive MBA Program—becoming one of the student. Deutsch added: “It’s the combination of not only being youngest students admitted, in his mid-20s. (28 of them PhDs) carry out complex able to see the future that you want to create, but also being able “I remember arriving feeling overwhelmed by how big the neuroscientific work with a zen-like focus to bring people into that vision to create it with you.” city was and intimidated by my fellow students, who were and intensity, and past the wall of framed Johnson’s future as a pathbreaking entrepreneur truly incredibly smart and accomplished,” Johnson said. “I was this began to crystalize far away from the shores of Venice Beach. small-town boy who didn’t have much to offer.” photos of scientific heroes including As a 19-year-old Mormon on a proselytizing mission in rural His classmates remember differently. “He was very Marie Curie and Isaac Asimov. Greet Ecuador, an optimistic Johnson lived alongside neighbors in thoughtful,” said David Chase, ’07 (XP-76), a financial dirt-floor houses. For two years he did community service in the What if you could ‘see’ adviser at Wells Fargo, who was part of Johnson’s study group. Bryan Johnson, ’07 (XP-76), the man impoverished regions of Quito. The people around him lacked “He wasn’t the first guy to raise his hand or shoot off the cuff. determined to explore the depths of your access to medical care and basic food security. Though Johnson your thoughts? When Bryan spoke, everyone got quiet, because when he did would later leave Mormonism, the experience ignited his still- Watch an exclusive video chat with Johnson and so, it was usually after a lot of contemplation.” very mind and help save humanity from burning passion to change the world for the better. He returned hear about the potential he sees in brain interface One day, Deutsch visited their class to pitch Booth’s top-ranked its direst threats. to the United States fundamentally changed. technology, at ChicagoBooth.edu/magazine. business accelerator, the New Venture Challenge. Johnson signed

32 Spring 2019 Chicago Booth Magazine Chicago Booth Magazine Spring 2019 33 up, and Deutsch coached his Braintree team. For the first time “My objective was to do something that would matter in ever this lone-wolf founder had a network of support. 500 years,” he said. “The sooner I could get started on that, “I’d never had the benefit of having seasoned people around the better.” me to help me mature as an entrepreneur,” Johnson said. “I found it to be immensely helpful to think out loud and work A NEW QUEST with them on how to build Braintree.” Intent on making the largest possible impact, he gravitated Starr Marcello, AM ’04, MBA ’17, adjunct assistant to deep tech and the kinds of futuristic scientific professor of entrepreneurship, met Johnson around the same breakthroughs that, if successful, would result in quantum time. “Bryan is direct and transparent about his journey as an leaps forward for humanity. entrepreneur,” said Marcello, now the Polsky Center’s executive He saw two clashing trends: first, new advances were director. “A number of our students have been inspired by his rapidly decreasing the cost and time associated with doing boldness—and have sought out his opinions. On top of this, he science. Take, for example, the price to sequence a human has always generously shared his time and his ideas to stimulate genome—the first effort took $2.7 billion and 13 years, but by our collective imagination. I think people respond to him as a 2016 it could be done for less than $1,000, according to the person because he has these qualities.” US National Human Genome Research Institute. When Braintree took first place in the 2007 NVC, no one was Suddenly, an entrepreneur in biology or chemistry or surprised—except for the humble founder himself. He now had genetics could get to market in a matter of years instead of a the chance to chase his grand vision. decade, with far less capital. “It became very apparent to me that this was the next revolution that was going to change ROLLING UP HIS SLEEVES the world,” Johnson said. The timing couldn’t have been better: though payments Second, traditional sources of funding from the processing was a crowded industry, it wasn’t one that was government and research institutions were being squeezed. known for innovative software or exemplary customer service. Venture capitalists were loath to step up, still considering Around the same time, new tech startups such as Uber, scientific investments to be too long, too expensive, and Airbnb, and Shopify—all future Braintree customers—were too risky, hinging on a binary outcome of success or failure. emerging, all needing new digital payment capabilities. Besides, most investors stick to what they know—and very “The difference was in the way he supported his customers,” said few of them are scientists. In fact, Johnson noted, far more Dan Manges, the founding chief technology officer at Braintree, VC dollars today flow into e-cigarettes and scooters than the Johnson’s current reading list includes psychologist Julian Jaynes’s seminal 1976 book on the origin of human consciousness. who joined the company in 2008 as one of 10 or so employees. whole of synthetic biology. “Bryan talked a lot about trying to be emulation worthy, to be the Ever the contrarian, Johnson founded OS Fund with a The OS Fund approach is creating a path forward for kind of company that other companies would look to as an example bold declaration: it’s not only critical for the future of the promising companies in the portfolio. Synthego in Redwood of the type of service they needed to provide.” planet that we invest in these breakthroughs; it’s possible to City, California, makes gene-editing tools more widely That was no small feat—to allow its customers to accept do so profitably. available and cost-effective for researchers amid a booming user payments 24-7, Braintree’s own systems could never be The fund is already proving the naysayers wrong. The interest in the field. San Francisco–based uBiome has become down for maintenance. Johnson even tagged along once on technologies among the 28 portfolio companies in OS Fund I a market leader with the world’s largest database of the an overnight trip to a data center, pitching in alongside his might seem like the stuff of science fiction: engineering yeast human microbiome, our unique gut bacteria that scientists engineers to check logs and calling a customer to troubleshoot. to make custom-designed bacteria for probiotics that can treat are learning can have huge ramifications for human health. “That willingness to roll up his sleeves and dive in made antibiotic-resistant germs; storing data on DNA; programming Berkeley, California-based Pivot Bio has developed a microbe Bryan an exceptional person to work with,” said Manges, new molecules, atom by atom, like they are LEGO bricks. And that sits on the roots of a corn plant and self-fertilizes cofounder of Root, a unicorn tech company in the car yet, the fund performed in the top decile of US firms last year, it, inviting us to imagine an agricultural future without insurance space. “I model a lot of my leadership off of Bryan’s. with 27 of the 28 investments receiving follow-on funding. Two synthetic pesticides and the damaging effects they have on He’s a thoughtful entrepreneur and leader, and his attention to of the companies have been acquired. Three companies are surrounding ecosystems. excellence shows in Braintree’s continued success.” valued at over $1 billion. (Learn about the ways the Polsky Center is supporting the By 2011 Braintree was growing rapidly. The company commercialization of breakthrough research at UChicago, in was processing $8 million in payments every day, and Inc. PROFIT AND PURPOSE “Building a Culture of Innovation,” page 37.) magazine ranked it among the fastest-growing private “We don’t bet on a single algorithm or a single molecule,” Johnson has already prefunded $30 million for a $250 companies in the United States. Braintree secured a Series Johnson said. “We take market risk not scientific risk.” million OS Fund II, to include 13 companies. He ultimately A funding round in June 2011, Johnson hired a CEO, and the Nearly all OS Portfolio companies have already proven “Limited partners typically hopes that the fund’s successes can create social proof that company was generating about $10 million in annual revenue. out the core science of their product. Nearly all have also approach deep tech entices typical venture capitalists to get in the game. Two years later, in 2013, PayPal acquired the company for received previous nondilutive government funding. “The “Limited partners typically approach deep tech investments $800 million. Johnson suddenly found himself fulfilling that question is: How do they bring it to market?” Johnson said. investment with incorrect with incorrect assumptions,” Johnson said. “We’re inviting wildly ambitious dream he had as a 21-year-old. “That’s a question of what customers to target, what to assumptions. them to say, ‘Hey here’s this investment thesis that’s ready. It’s Johnson’s focus turned back to his early promise to himself: build and on what timescale, and what the strategy is for making money. We have evidence to show this is happening. that he would do good for humanity if he had the chance. that approach.” —Bryan Johnson It’s time to go.’”

34 Spring 2019 Chicago Booth Magazine Chicago Booth Magazine Spring 2019 35 by technology. fMRI generated images using created brain, own his of model a3-D and —Waverly Deutsch world way inthe hesays hewill. believe changethe hecan that world, andeventhe almost Ican about I amanaturalpessimist “ film the in language alien the on based art wall including Johnson’s is filled office with items that spark his imagination, 36 Spring 2019 2019 Spring Chicago Booth Magazine Booth Chicago Arrival

professor Robert M. Sapolsky, currently sits ontop sits currently M.Sapolsky, Robert professor Our Best and Worst, ( titles science with high piled is table coffee reader, his He’s and a voracious time. imagine being able to do.” yet we can’t things “It’s the brains. our from texting doing—like imagine we can things the aren’t said, he change our lives, our behavior?” that would “How posited. he activities,” brain your you showed that dashboard areal-time you had if “Imagine works. actually brain our how into basis a day-to-day on noinsight box—we ablack virtually is have brain the smart-ring sleep tracker. Comparatively, Johnson own byhis notes, swears who sleep,” Johnson, our said quantify we can and genome, our sequence we can calories, our and steps our count “We can activity. neural out your read can that device wearable anoninvasive, (or MBMI), interface body, machine mind, so-called the is Kernel at team the and byJohnson envisioned technology The possible.” evolution cognitive human radical making it would be a historical turning point for point turning ahistorical be it would activity, brain’s our measure really we could “If wrote: advisor. science asenior as joined Boyden Ed entrepreneur and neuroscientist MIT noted recently, Most possible. brain. human the of limits very the extend and biases cognitive own our illuminate can technology Kernel’s hopes he also, But dysfunctions. and diseases ofneurological kinds these address can Kernel Hehopes disease. Alzheimer’s and addiction from suffer members family watched Hehas adecade. for about lasted which depression, head.” my inside ones butthe bed, the underneath ones Not the monsters. about worried was Itoo that toldher “I said, he her,” with “To relate monsters. list: topofthe the At life. to back coming snake family deceased recently the and world the over taking animals as such concerns included list Her about. worried she what her Heasked recalled. life,” he in alotofthings about concerned was she that “monsters.” depression—as epilepsy, Alzheimer’s, as such perils—diseases these characterized has Johnson inside. the from humans imperil that threats ataddressing looks Kernel company technology body, neuroscience Johnson’s human the outside from solutions with tohumanity threats solve to look largely that ventures supports Fund OS While INC. MONSTERS It’s a topic that consumes his thoughts even in his spare spare his in even thoughts his consumes that topic a It’s technology, of kind this about thing exciting most The In an essay on the blogging platform platform blogging the on essay an In what’s forward topush ateam He’s assembled chronic with struggles own his shares openly Johnson toldme she old, years seven was mydaughter “When by Stanford biology and neurology neurology and biology by Stanford Behave: The Biology of Humans at ofHumans TheBiology Behave: Medium Homo sapiens , Johnson , Johnson ). ,

PHOTOGRAPH COURTESY OF THE POLSKY CENTER impact the world.” for itwill how butalso for returns, itis exciting how of it—because into flow will capital More companies. ofthese success the see morepeople moreand as years coming the onin catch likely “will said, he tech, deep and science in Investing possible. is purpose with profitability today. Marrying tomarket getting are breakthroughs Farfetched sciences. hard the now in May. in Festival Film Tribeca the at premiere than any of us can even remotely imagine.” imagine.” remotely even can ofus any than moreremarkable is that existence an into evolve ourselves We can minds. our from downstream is “Everything brain. the with starts all climate change, really any challenge facing humanity, it crises, for health solutions To find thread. common a thrive—have humanity tohelp envisions Johnson Fund and Kernel.” OS in home true a found I’ve like feel I ourselves. path undaunted. remains Johnson yet vision, his realizing against stacked be may odds The Deutsch. said will,” he says he way the world in the change can he that believe almost Ican even and world, the about pessimist a natural am side.“I byhis supporters many have he’ll career, adults. limit often that assumptions and thoughts that are unconstrained by the societal norms listen to them think out loud,” he said, relishing their to is thing 9. favorite “My and 13, now15, children, them.” need we when online be fact, in will, problems our solve to need we technologies the that hope metremendous gives future the of trenches the in on going really is what seeing and companies these in “Investing said. Johnson ingenuity,” and tenaciousness collective our against bet mankind. about conclusion optimistic toan him led has that Paradoxically, disasters. global looming and shortcomings humankind’s about thinking alotoftime spends Johnson ACHARTING COURSE documentary, documentary, he’s anew in brain: the tounlock quest onhis along Above all, Johnson argues, it is a different game right right game adifferent itis argues, Johnson all, Above “Our brains are the master tool,” Johnson said. said. tool,” Johnson master the are brains “Our opportunities the all companies—indeed two The the “We’ve toforge had said. he “It’s exhilarating,” Safe doubtful. return journey Hazardous ofhis challenge onthe totake prepares Johnson As his in inspiration of “gems” calls he what finds He not Iwould and resilient remarkably is “Humanity As part of his mission, Johnson is inviting the world world the inviting is Johnson mission, his of part As I AM HUMAN, . Long months of complete darkness. darkness. ofcomplete months Long which made its world its made which ) Hubbell and (right) of operations director John Colson (left). Nagler withClostraBio’s fellow Jeffrey cofounder Cathryn happy place.” happy phenomenal,” is Center my Polsky Nagler said. “The so been has support “The in2020. funding of round A aSeries raising of goal the with million, $4.5 raised commercializehelp their innovations. researchers to is mission core whose fund philanthropy” “venture a Fund, Innovation Shultz George center’s the from investment an received and Challenge Venture New the in participated also team ClostraBio The ideas. the test researchers commercial potential of their UChicago lets that program aseven-week I-Corps, said. Nagler possible,” it made Center Polsky “the ClostraBio, starting to came it When grow. to continues allergies food with children of number the as concern health public important increasingly allergies—an food life-threatening with people for and aims to create microbiome-based treatments at UChicago. Professor Allergy Food Bunning the and cofounder Center,Polsky said the of because forward leaps made has ClostraBio, impact.” high-potential this have but early-stage, that at developed are the university very property intellectual on based ventures startup more ofprofessor entrepreneurship, have “we formed ’17, MBA AM ’04, Marcello, serve the entire university startup ecosystem. startup university entire the serve to inorder in2016 reorganized center the world: real the labto the from discoveries their take researchers UChicago help to how exploring was Center Polsky the Culture of Innovation of Culture a Building Center: Polsky Today, the two-and-a-half-year-old startup has has startup Today, two-and-a-half-year-old the companyThe has Center’s gone through the Polsky research on scientific Nagler’s draws ClostraBio One startup such biopharmaceutical venture, At the same time Johnson was launching OS Fund, Fund, OS launching was Johnson time same the At Since then, said executive director executive said then, Since Chicago Booth Magazine Booth Chicago Cathryn Nagler, adjunct assistant the company’s Starr Starr Spring 2019 2019 Spring 37 With a new alumni club and a growing network, Booth graduates are making their A mark on a continent full of possibilities.

BY AMY MERRICK ILLUSTRATIONS BY MUTI

38 Spring 2019 Chicago Booth Magazine Chicago Booth Magazine Spring 2019 39 This potential inspired Adja Diakité, ’18 (EXP- alumni club. “But we try to connect at the local level, together,” she said. And the relationships aren’t just 23), to help launch Chicago Booth’s Alumni Club of putting different regions together.” social. In Cairo she meets regularly to talk business with Africa in 2018. “This continent has a lot to deliver,” In each country with Booth graduates, the Alumni alumni from Booth and from Ivy League schools such as said Diakité, who was born in Mali and grew up in Club of Africa is recruiting volunteers to host local About the Harvard, Stanford, and Yale. “You’re able to deal with France, where she told her teachers that she wanted events. This year, Diakité hopes to start with a few Illustrators decision-makers and pioneers,” she said. to find a way to give back to her birthplace someday. regional gatherings. The group also uses technology MUTI is a Similarly, Costa Economou, ’10 (EXP-15), is keeping “Everywhere I go in Africa, I’m always amazed by the to overcome distance; in March, for instance, the club creative studio up with classmates and creating new connections. In young people and their entrepreneurial mind-set. I hosted a webinar on investing in South Africa, the based in Cape Johannesburg, he meets with prospective students have a passion for getting people connected.” first in a planned series of educational discussions. Town, South at least once a month, participates in formal Booth an exciting time to do business From entrepreneurship to social impact to finance Africa. networking events, and stays in touch with dozens of in Africa. Of the world’s 10 to development, alumni across Africa are connecting BUILDING BRIDGES classmates, several of whom live nearby. He also travels It’s to share ideas and expertise, and they’re using their “In terms of population growth and GDP growth, for annual alumni get-togethers; last year, he flew to fastest-growing economies Booth education to make an impact in business and Africa is the future,” said Randall S. Kroszner, London for dinner with 30 people. “The friendships that in 2018, six were in Africa, with in their communities. As of early 2019, Booth counted deputy dean for executive programs and the were forged are incredibly strong,” he said. more than 100 alumni in Africa: mostly in Nigeria, Norman R. Bobins Professor of Economics. “I am Economou, who’s originally from South Africa, at Ghana topping the list. More South Africa, Egypt, and Kenya, but also in 17 other very excited that we have been having success in first saw Booth’s international network as a means of than 400 companies across the countries, from Morocco and Tunisia in the north, to recruiting students from Africa, and I look forward developing a career in the United States or the United Ghana and Ivory Coast in the west, to Namibia and to further increases in enrollments and to deepening Kingdom after finishing Booth’s Executive MBA Program continent have at least $1 billion Botswana in the south. Stop in Nairobi, Lagos, or engagement. I want to show how the Chicago Booth in London. But he graduated into the global financial in revenue. The middle class is Johannesburg, and you might find more than a dozen way of thinking can improve business practice and crisis. Suddenly, the best opportunities were back in rising, and by 2050 the number alumni to visit in each city. government policy throughout the region. We already his home country, where the economy was relatively When Diakité joined Booth, she started a have graduates who are demonstrating our impact.” Mariam Elsamny unscathed. of young people entering the conversation with staff members about building Mariam Elsamny, ’08 (EXP-13), vice president Economou’s Booth experience gave him the workforce in Africa is expected stronger bonds among these alumni. While in London of the Alumni Club of Africa, said the club initially will courage to leave his longtime career as an actuary and in 2017, she organized the club’s inaugural event, focus on a few key themes, such as entrepreneurship cofound Colourfield Liability Solutions, an investment- to exceed that of the rest of the which brought together experts in media, private and financial inclusion. “We’re trying to plan events management firm in Johannesburg, where he is CEO. world. These young people are equity and banking, development, and small business. that leave an impact,” said Elsamny, who lives in Cairo “The top 10 asset managers had 95 percent of the The keynote speaker was Amy G. Lehman, AB and is Booth’s regional advisor for North Africa. “In market, and it was very difficult to make a name for increasingly living in cities and ’96, MBA ’05, MD ’05, founder and CEO of Lake doing so, we’re also building the Chicago Booth brand.” yourself in that space,” he said. “What the school rapidly adopting technology, Tanganyika Floating Health Clinic and a 2014 recipient More than a decade after graduation, Elsamny taught me around strategy and sustainability and expanding their access to of Booth’s Distinguished Young Alumni Award. maintains ties with Booth alumni in Egypt and competitive edge, which I needed to get in front of “It’s a bit of a challenge, because Africa is huge—54 elsewhere. “We have our WhatsApp group connecting clients and win them over, played a massive hand in opportunity. Adja Diakité countries,” said Diakité, who is president of the new people across the globe. We’re in touch and go on trips Costa Economou helping me.”

40 Spring 2019 Chicago Booth Magazine Chicago Booth Magazine Spring 2019 41 He applied what he had learned about the value TAKING THE REINS Sanari Capital. The firm is focused on the lower mid of broad social networks from Ronald S. Burt, Economou isn’t the only one whose Booth education market in South Africa and incrementally in other African the Hobart W. Williams Professor of Sociology empowered him to start his own business. Fellow markets. The firm has concluded four investments with Advice on Working in Africa and Strategy. “South Africa is an incredibly Johannesburg resident Samantha Pokroy, ’04, another two being added to the fold soon. diverse place,” Economou said. “The rightful leveraged her MBA to break into private equity and In South Africa, Pokroy said, many of the missed W LaVandez (Van) T. Jones, ’14, created an fall of apartheid and the subsequent democracy then to found Sanari Capital, a South African private private equity opportunities are in small and medium- innovative cost-sharing model for African we have come to enjoy have meant that we have equity firm that specializes in founder-run, owner- sized businesses where she and her team have to take a farmers wanting to lease pricey equipment to embrace diversity. Burt showed that creating managed, and family-run businesses. hands-on, individualized approach to creating value. to improve their crop yields. The business he networks that are more diverse increases value in “From a very early age, I wanted to do ‘private equity,’ At Sanari, Pokroy combines what she learned about cofounded with Cornell graduate Jehiel Oliver, everything you do. We’ve seen those benefits in or help grow private companies, even though I didn’t know evaluating businesses in the New Venture Strategy Hello Tractor—sometimes referred to as an terms of how we engage with our prospects and it had a name,” Pokroy said. When she arrived at Booth, course taught by James E. Schrager, clinical professor Uber for tractors—won the John Edwardson, our clients.” she was advised to start off in investment banking. Pokroy of entrepreneurship and strategy, with her background ’72, Social New Venture Challenge while Jones The expansive alumni network also helped dutifully complied, landing a full-time job offer—and then in psychology and finance. She often has to coax was a student in the Full-Time MBA Program. Economou by connecting him with David she turned it down. She couldn’t stop thinking about the founders to make difficult decisions that will take their Jones, who grew up in Cincinnati, had little business experience in Booth, ’71, cofounder and executive chairman ownership element and how important that was to her, businesses to the next level. “There’s more to it than a Africa before Hello Tractor launched in Nigeria in 2014. Now, after of Dimensional Fund Advisors, which has more in keeping with her family’s own entrepreneurial roots. simple financial equation,” she said. “The thing I enjoy five years of traveling the continent, the 2018 winner of Booth’s than $500 billion in assets under management. Career Services supported Pokroy in her off-campus job the most is when you see a founder recognize, and then Distinguished Young Alumni Award has some practical tips for “If you look at the size of our market relative to search, and Steve Kaplan, the Neubauer Family Professor realize his or her potential.” alumni looking to explore Africa’s economic opportunities. the size of the business David runs, it’s not even of Entrepreneurship and Finance, encouraged and guided Pokroy’s Booth professors get to see her realize a drop in the ocean,” Economou said. “Despite Pokroy, introducing her to his industry connections. her own potential as well. When Kaplan visited Respect the complexity. “Africa operates at multiple speeds,” Jones that, his level of commitment to helping us on our While it was nerve-racking to graduate without a job, Johannesburg in 2017, he and his family had dinner said. “There are the big cities that are increasingly globalized and own journey has been remarkable.” The two firms Pokroy secured an internship in private equity a month with Pokroy. “When you know people like that are in connected, such as Lagos and Nairobi. But there can be a huge established a joint-venture agreement, and now later. A few months after that, she landed the private your corner, in every corner of the planet, that’s quite a contrast within countries. You can be sitting in a café in Nairobi Colourfield partners with Dimensional to serve the equity job she had long dreamed about. In 2013 she special thing,” she said. “It helps you to stay the course with incredibly good Wi-Fi, using digital payments, and then go into retirement-fund industry in southern Africa. Samantha Pokroy pursued her own entrepreneurial ambitions, founding even when the entrepreneurial journey is tough.” other areas where you’re not going to be tapping into that level of modernity at all.”

Use broad-based communication and payment platforms. Jones recommended WhatsApp for convenient, reliable messaging and T-Mobile for multicountry cell-phone plans that eliminate the need for numerous SIM cards. He also recommended opening an account in a multimarket bank and, when possible, using a smartphone for bank transfer payments, which can be more secure than credit cards or ATMs.

Tap into the development community. “When you’re looking to Africa, you have to embrace the work being done by development organizations as well as multilaterals such as the World Bank and the International Finance Corporation, and bilateral organizations, such as USAID, that represent countries,” Jones said. “They are a really good way to understand what’s happening in the market, especially when you’re talking about large infrastructure.”

Strengthen ties in Europe. “If you’re doing business in francophone Africa, you can get a lot done by spending a week or two in Paris, in terms of meeting capital sources or some of the large organizations that might be partners or customers for startups,” Jones suggested.

Consider similarities to other markets. Hello Tractor is looking at opportunities to expand to countries such as Pakistan and Thailand, where farmers’ needs and financing constraints are similar to those of current customers in Africa. “There are a lot of common features associated with what makes a market attractive that don’t have to do just with adjacent geography,” Jones said.

42 Spring 2019 Chicago Booth Magazine Chicago Booth Magazine Spring 2019 43 For Elsamny, in Egypt, the Executive MBA Program stoked a passion for building new brands. She already had an MBA from the American University in Cairo, but Citibank, her employer at the time, nominated Elsamny and six other employees from her region to earn a Booth degree, all expenses paid. “It came at the right time to refresh my skills and make me think in a different way about everything,” she said. This expanded mind-set inspired Elsamny to take on a more innovative, less structured role. After Citibank, she became the sixth employee in a joint venture between the sovereign wealth funds of Singapore and Abu Dhabi. She eventually became CMO of the venture, Dunia Finance, which is headquartered in Abu Dhabi and provides comprehensive financial solutions to customers including loans, credit cards, corporate deposits, and other financial services. Recently, she moved back to Cairo, taking on a startup role within First Abu Dhabi Bank, one of the largest banks in the Middle East. With the bank’s focus on Egypt as a high-potential market, the bank asked Elsamny to spearhead their personal- Botswana you don’t have a big potato-farming industry, His responsibilities include providing innovative M&A conference calls. Gradually, he noticed that he was the banking business there—an enticing challenge in a then you’ve got to find a way of learning about all the advisory, capital raising, and debt financing solutions to only one. “You had people who were managing very dynamic and evolving market. access points in the country where the potatoes come in, local corporates and multinationals operating or looking large funds, developing massive projects in the Middle “Booth has spoiled me a little bit, in that I am always and find out how many potatoes come into the market in a to operate in Nigeria. East, and running multinational organizations,” he keen to engage in nontraditional roles,” Elsamny said. “I year, and in what form and to whom,” Siwawa said. “That He hadn’t expected to land such a high-profile role so said. If they could block out distractions, so could he. like to do something different, something that has that becomes a different discussion, as opposed to generally soon after graduating, but it was the type of opportunity Over a few weeks, Akere changed his habits and was startup twist.” asking, ‘Is there a market?’” he’d hoped for when seeking a rigorous MBA program. able to become fully present. That newfound balance Devoting more resources to gathering data has helped “Having spent 13 years in investment banking before improved his focus and decision-making ability— DIGGING FOR DATA Venture Partners Botswana succeed. The firm invests in my MBA, I felt that for the next phase of my career, important skills that have helped in a role where many For many students with an entrepreneurial spirit, sectors that are positively correlated to infrastructure which I anticipated would involve more leadership priorities compete for his attention. a Booth MBA is appealing because of the program’s development, such as health care, education, transport, responsibilities, I needed to broaden my leadership Diakité, the president of the Alumni Club of Africa, balance of creative thinking and analytical rigor. In 2002, and logistics. It is now raising capital for its third fund, ability and management skills through a formal course also credits her Booth experience with preparing her before applying to Booth, Anthony Siwawa, ’10 (AXP- which Siwawa expects to close at $60 million to $100 of management and leadership learning,” said Akere, to stand out in a big company. “I can see for myself 9), had already founded Venture Partners Botswana, million. who is based in Lagos. that I’ve changed,” says Diakité, who recently took the first private equity firm in that country. His firm was In the meantime, he continues to tap Booth’s global Starting with the first exercise in his Leadership a new role on BNP Paribas’s inspection générale– growing, as he and his partners spent years educating network to fill his need for data and for alliances—and Exploration and Development (LEAD) course, he began global markets audit team, based out of London, with investors about the benefits of private equity as an asset he gladly responds to his classmates’ requests to learn developing a new perspective. Standing in a circle, class special assignments worldwide. “Before, I could have class. But Siwawa knew he wanted to expand both his about sub-Saharan Africa. “There have been a number of members had to create a poem by having each person explained things, but without taking time to design global network and his knowledge base, particularly occasions where I needed information to help me with a contribute a word in rapid succession. “The natural a framework or think about how to effectively reach with respect to growing his business. And his classes at certain task, and I was able to pick up the phone or send instinct is that this is going to be a disaster, because it’s people. Now I’m a better leader in terms of being an Booth’s Asia campus led to an epiphany. an email to someone in Australia, Chicago, Hong Kong, not planned,” Akere said. But when the group read back adaptable listener as well as communicating well with “One of the things that I really picked up from Booth is or Taiwan,” he said. “I was looking at my email two days the completed sentence, it made sense. my audience.” that the use of empirical data is fundamental to success. ago, and there was a name of this chap in Angola. I didn’t “The learning was that most times, you have to give Her new position and its frequent travel requirements However, access to information in our markets is a know there was an alum in Angola, and there’s something things a chance and trust people,” Akere said. “That also give her plenty of opportunities to connect with fundamental problem,” Siwawa said. “You are literally specific that I want to learn about in Angola.” meant that when we went into group discussions, Booth colleagues. On a recent trip to Singapore, she said, making investment decisions with your eyes closed. instead of one person trying to dominate or shoot she saw at least six of her classmates. On the morning It helped me realize that I needed to find a model that PREPARING FOR LEADERSHIP down an idea, we were more open to listening and of her interview for Chicago Booth Magazine, she was in would allow us and our business to circumvent the Booth alumni in Africa have also used their education embracing each other’s ideas and perspectives. Now, Hong Kong, where she was scheduled to have lunch with problem. That became a mantra for us.” to move into more traditional leadership roles at large managing a business of close to 50 people, I have to let another Booth graduate later that day. She also plans to His solution: hire people to do the extensive research organizations. A few months after he earned his MBA, go as a leader and focus on building high-performing, build the alumni club’s network during an upcoming trip needed to evaluate investment proposals and own that Funso Akere, ’15 (EXP-20), relocated from South agile teams that are empowered to serve our clients to Ivory Coast. And she’s scouting locations in support research. That shift gave his firm an advantage over those Africa to Nigeria and was appointed chief executive of and make decisions independently.” of her next big goal: to organize the first Booth forum that simply relied on business owners’ claims about Stanbic IBTC Capital Limited, the leading investment That wasn’t the only insight Akere picked up from his in Africa in 2020. All of it is a testament to her efforts to their market potential. “For example, if it’s a business banking institution in Nigeria and a member of Standard classmates. At first, he said, he was constantly ducking bring together MBA alumni across a large, fast-growing that wants to make potato chips, and you know that in Anthony Siwawa Bank Group, which is Africa’s largest banking group. out of class to take client phone calls and join work Funso Akere region full of rising young stars. )

44 Spring 2019 Chicago Booth Magazine Chicago Booth Magazine Spring 2019 45 AN INTELLIGENT LIFE

Mark Knickrehm, ’91, combines a human-centric approach to strategy with data-driven insights to transform organizations.

BY GRETCHEN KALWINSKI PHOTOGRAPHY BY CODY PICKENS

46 Spring 2019 Chicago Booth Magazine Chicago Booth Magazine Spring 2019 47 Today’s strategists should also prepare to share their ark Knickrehm’s first love was aviation. executional strategy with clients. “Ever since I was a young consultant,” Knickrehm said, “clients As a kid, the Accenture Strategy group chief executive put flying on his bucket list, would say, ‘Can you help me execute? Don’t just give me the and accompanied high-school friends who had already decided to become pilots, to PowerPoint. I don’t just want to put something on my shelf; help their lessons. me take it and get it done.’ M “That’s more intense now, where companies don’t feel that “I started young because I wanted to have a long career of flying,” Knickrehm they have the digital skills to get it done in a new way, and they recalled. “Later, when I was consulting, I learned at Los Angeles’ Long Beach are looking for help, for strategists who execute inside of a strategy.” airport, with some of the heaviest air traffic in the world.” Knickrehm stressed that strategists should adapt their approach Flying, it turned out, combined several things he enjoyed. to “ingest, enhance, and explore.” “That’s the language of the strategist now,” he noted. “Start with “I liked the technology, and it was cool to be part of a passionate and diverse huge amounts of data, enhance it and add to it, and then explore community of pilots,” Knickrehm said. with new tools.” In order to pilot, he noted, you must successfully balance three tasks—aviating, He noted that this proves particularly important in consulting services, because clients look at very different criteria now than communicating, and navigating. they did in the past. “You have to come with a strong capability to do the analytics, And, he said, “you’re kept on edge, until you get it “The problem,” he said, “is that these organizations don’t have and not just of the company’s data; what data are you bringing that right. It’s like the chemistry equation: pressure, volume, those skills and often can’t attract them because companies in the enhances what the company has? . . . Our clients are expecting and temperature. You have to manage several things at Valley are hiring the best [analysts].” us to tell them what tools we’re going to use, principally artificial once, keeping them in balance, and adjusting, with every Once his Accenture team figured that out, they started looking at intelligence tools, to get more insight from the data.” adjustment causing a change. Those are the problems I like the demand for new skills. The key, he contended, is hiring people who can do that. to solve, where it’s not so simple that you can move just one “I’m a believer that technology will enhance work and create Knickrehm mentioned that speed also plays a big role in what thing—you have to simultaneously adjust parts that move opportunities for people over time, and not destroy jobs,” Knickrehm clients now expect from strategists. independently but are interdependent. That’s the definition of said. “We’re not being Pollyanna-ish about the fact that some tactical “The game has changed,” he said. “When I was a young a complex problem.” jobs are better suited for machines. But there are a whole series of job consultant there was an ‘analyze’ phase that lasted several Knickrehm has applied his problem-solving skills directly paths that must be done by people. The problem is, there aren’t many weeks, there was a ‘figure-it-out’ phase, and then a ‘what are we to his field of strategic consulting. As a thought leader who people trained to do them yet.” going to do about it?’ phase. But the whole process to analyze has spoken about the future of work at the World Economic The importance of training is a major finding of Accenture’s and collect data, which used to be weeks, is now days. And they Forum’s meeting in Davos, Switzerland, his specialty has research, and Knickrehm recommends that leaders ask themselves, expect us to bring data and insights from the beginning. Tech become solving multifaceted, complex problems. “‘If the world isn’t producing what we need, how do we train and allows you to do just that.” Jean Ostvoll, executive director at Accenture Strategy, equip our own people to do it?’” Knickrehm noted that making a plan executable involves worked with Knickrehm to build Accenture Strategy’s Knickrehm found that within a single organization, teams that more than just data—it requires thinking about the people team. She said he lives by the player-coach model: “He successfully bridged these gaps weren’t siloed. Instead, they operated involved. rolls up his sleeves with client work, leading from the in cross-functional teams able to synthesize—and act—quickly. These To address this human element, Accenture acquired leading front. And he quietly but firmly holds his leaders’ feet to groups are made up of various disciplines but their work overlaps: for design agency Fjord, creating a design and innovation capability that same fire.” example, a supply chain consultant who knew how to bring diverse that reimagines and redefines people’s relationships with the technologies together for business impact, in order to get things done digital and physical worlds. Now, Fjord boosts the impact of TRAINING (AND CROSS-TRAINING) IS EVERYTHING in the digital world. Accenture Strategy’s design processes, Knickrehm said. Knickrehm is looking forward with excitement to May 2019, “It’s these cross-functional teams that are changing organizations “Human-centered design is a totally different skill set,” he said. when Accenture Strategy will release research that focuses and challenging the old, siloed mentality where people function in “Those are the problems I “It’s people who understand humans and how they operate. . . . on the “new rules” of combining human-led intelligence with those big departments,” Knickrehm said. like to solve, where it’s not When you add it to the data-based insight part of a strategy project, data-driven analytics. it really enhances the probability of impact. It’s why we’re such an “When we started our workforce analysis and research for INGEST, ENHANCE, AND EXPLORE so simple that you can move exciting place and different from other consultancies, because we the World Economic Forum [2016], we tried to understand the This technological shift also applies to the kind of strategy consultants built up and have access to Fjord-ians and to a huge group of data human-machine relationship and what was going to happen to that businesses increasingly need. The upsurge of cloud computing, just one thing—you have to scientists whose skill sets combine to create a brand new, human- the productivity of work and work itself,” he said. Knickrehm said, has created a growing demand for a new kind of simultaneously adjust parts centered approach to strategy.” Accenture focused in on the fact that every Global 2000 strategist who knows technology and understands the data. Fiona Czerniawska, the cofounder and director of Source company they served had a huge need—in every type of job, not “Our clients increasingly expect strategists to understand that move independently Global Research, agreed with Knickrehm’s perspective. just white-collar—for people who understand data and analytics technologies behind their options: it’s not just ‘What’s my “Strategy consulting has been facing unprecedented pressure,” and know how to bring things together to drive growth and strategy?’ anymore,” he said. “Clients now ask us, ‘What’s my but are interdependent. she said. “It’s underperforming the market as a whole: we boost competitive agility. digital strategy?’” —Mark Knickrehm estimate that strategy consulting grew by 7 percent in 2017–18

48 Spring 2019 Chicago Booth Magazine Chicago Booth Magazine Spring 2019 49 and made clear their intent was to form a genuine strategy “[Zonis] is a fantastic teacher of how to lead people,” business. By also leveraging Accenture’s technology Knickrehm said. “I needed that. Booth helped me learn to and analytics capabilities, he’s built a firm that’s as well move large groups of people to do things they didn’t think placed as the major strategy firms to compete in the they could do before.” strategy market.” THE MBA OF THE FUTURE ‘READY-FIRE-AIM’ LEADERSHIP Knickrehm started in the Weekend MBA Program, which he Knickrehm’s research highlights some good news for considers one of Booth’s valuable offerings. leaders: their employees probably aren’t as hesitant as they “I don’t think other business schools have this, where even believe them to be when it comes to adding AI to their roles. if you start on the weekend, you can take night classes at “One fascinating thing we found,” Knickrehm said, “was Gleacher. And for my last couple of quarters, I went full-time that executives were worried that employees were fearful on campus,” he said. about adopting new technologies. But what we generally He chose the program because he didn’t want to take two found in the employee population (not senior management years out of his work life. or upper management but the employees) is that they see “I liked the problems I was working on and didn’t want to these changes coming and disrupting work, and are eager take a time-out; I just wanted to add business school,” he said. to do something about it.” “I liked the combination of the Weekend Program—where you Knickrehm’s group found instead the resistance came had executives flying in, and a chance to interact with them— from senior team members: “They were either afraid that with my time being on campus.” they would upset the workforce or not know what to do,” Recently, Knickrehm has reengaged with Booth by meeting he said. with dean Madhav Rajan to discuss what the changes Further, they discovered that corporate training budgets around strategy consulting mean for Booth’s curriculum. have been under pressure for decades. “My alma mater is a fantastic place, and I believe in what “[Training] has long been a place to go to strip out Booth is trying to do, which is change the nature of what a money,” Knickrehm said. “Training budgets have been business person comes out [of the program] with,” he said. going down and becoming very task focused. We told the “They’ve added a data analytics push. I think that, looking at chief executives at these organizations, ‘You’re the only what’s needed from a business student now, it’s so different ones who can change this.’” from what these institutions are built to produce. We do need He recommended to leaders that they create budgets with business thinkers who understand balance sheets and P&Ls, greater investment in training—but not just any training. who know how to move organizations forward—but they “You have to reorient to train more and use cross- have to be able to do it in a data-analytics, Fjordian, design- functional teams and data and analytics and this ready- thinking way. That’s what clients need and that’s what we [at fire-aim mentality of changing processes and getting things Accenture] need.” done,” Knickrehm said. We have a changing workforce, he said, and there is Knickrehm at Accenture’s newly opened flagship innovation hub in San Francisco’s Salesforce Tower. Accenture’s strategy practice does that by helping unlimited demand for super-smart, business-oriented companies reimagine who they’re training—and what people who understand data analytics and design globally, compared to 8 percent for the total market and 10 they’re training them for. thinking, and who know how to use those elements to solve percent for technology consulting.” “When this gets added to an organization’s budget,” he organizational problems. Her group, which researches the consulting and professional pointed out, “it totally changes how they train people.” But, he noted, speed is a concern, and it pits consulting services industry, focuses on how client behavior evolves, Ostvoll sees Knickrehm as a leader who can articulate a firms in a race. and how firms respond to new challenges such as the vision for a new business and build a unique culture that “Something that has changed is the bets executives are impact of new technology. They have found that demand for excites people. making because tech changes are massive—and fast. This consulting support around large-scale digital transformation “He knows the brain power of his employees, by creating digital world upset things quickly. As leaders, you don’t have programs eats into budgets that would otherwise fund more “You have to solve previously a culture where articulating and creating provocative, data- a decade to get it right. Think about the nimble disruptors conventional consulting work, including strategy. unsolvable problems and make based thought leadership was expected; where engaged that have emerged coming after your business; you only “In 2017, we estimated, 45 percent of what would have been peer reviews were a given; and where the ability to execute have a few years to react. So that’s how it comes together: traditional strategy work 5–6 years ago is now being labeled huge bets that must pay off [these new ideas] with clients was the foundation for a you have to solve previously unsolvable problems and make by clients as transformation,” she said. “Demand for that career,” she said. huge bets that must pay off over a short period of time, which [traditional] work is, in fact, shrinking.” over a short period of time, Knickrehm said Booth’s strong emphasis on leadership increases the risk of all these things. It’s an exciting time to be However, she said, Accenture spotted this issue ahead of which increases the risk of all initially attracted him to the program. a strategist.” many competitors. “Before Booth, I didn’t have enough of that ‘How do Booth’s move to adapt delights Knickrehm. “I think Dean “[Building] Accenture Strategy was, in my view, an attempt these things. It’s an exciting you lead large groups of people?’ knowledge,” he said. He Rajan is moving in a smart way at a fast pace,” he said, to stake out a position in high-value markets. It’s to Mr. remembers the well-known professor emeritus of business “to accommodate, facilitate, and thrive in a world where Knickrehm and his colleagues’ credit that they focused on time to be a strategist. administration Marvin Zonis, who taught leadership of companies and consultants are looking for [something] quite creating a team with a background in major strategy firms, —Mark Knickrehm people, organizations, and behavioral areas, as a big influence. different than in the past.” )

50 Spring 2019 Chicago Booth Magazine Chicago Booth Magazine Spring 2019 51 Making Data the Cornerstone

At Booth, Cindy Zollinger, ’79, found an enthusiasm for analytical thinking that was ‘contagious.’ It laid the foundation for the leading economic and financial consulting firm she cofounded 30 years ago.

BY BRIAN WALLHEIMER / PHOTOGRAPHY BY MARGO MORITZ

52 Spring 2019 Chicago Booth Magazine Chicago Booth Magazine Spring 2019 53 Ever since, Zollinger has carried with her that sense of In the firm’s early days, she and cofounder Christine In our early years, we hardly grew at all. We had two offices excitement about economic research and the rich promise of Nelson were both raising 2-year-old sons, Zollinger said, and and we were really focused on delivering the highest level rigorous, empirical analysis. “The study of the efficiency of markets they would swap stories about the joys of motherhood and of quality for our experts and clients while we adjusted to n an auspicious and its implications ended up being an important foundation for strategies for childcare, all the while working hard to deliver the challenges of being an independent firm. At some point day in 1975, Cindy Zollinger sat down the work I would later do at Cornerstone Research,” Zollinger said. outstanding work. “At the time, I didn’t realize how fortunate we looked at the fact that we were turning away business on After graduating with her MBA and with doctoral courses I was,” she recalled. interesting cases that we would have wanted to work on if we Oin a classroom in Hyde Park. She and exams completed, she then moved to California to Today Cornerstone Research strives to provide a similarly had had the staff to produce quality work. We believed there had begun her Booth experience join the Palo Alto office of the MAC Group, a Cambridge, supportive working environment: the firm’s mindful efforts to was an opportunity to take on additional challenging and Massachusetts–based general management consulting develop its employees and build pathways to leadership have important work, but still grow in a thoughtful way. as a student in the downtown MBA company. The general management consulting projects were led to its inclusion in Inc. magazine’s “List of Best Workplaces” CBM: The regulatory landscape is always in flux. What program and was just starting her rewarding, but Zollinger found herself especially drawn to in 2018. The company was also a winner of the 2018 Gender types of challenges does that create for a company such as first semester in the PhD Program. the clients and projects that needed economic and financial Equity Challenge, part of the San Francisco–based Gender Cornerstone Research? consultation for litigation purposes. Equality Principles Initiative. Nearly 40 percent of the firm’s Zollinger: Cornerstone Research turns 30 this year, and She couldn’t have known at the time That focus on economic and financial analysis in litigation and employees identify as nonwhite, and more than 40 percent of things are always evolving. We follow regulatory changes that her professor would go on to regulatory matters combined several elements of her educational the company’s management is made up of women. closely, making sure that we are educated about the issues, background, from her political science work as an undergraduate Zollinger has also stayed involved at Booth, participating on working with those who have the best expertise. Changes win the Nobel Prize in Economic at Wellesley College to the finance, economics, and accounting the Alumnae Advisory Committee, hiring Booth graduates as in regulatory matters and economic conditions give rise Sciences for the ideas he was teaching issues she had studied at Booth. She and two colleagues from the interns and full-time employees, and encouraging her own staff to potential challenges for our clients and our work. For MAC Group, Jim Malernee and Christine Nelson, discovered so to pursue their MBAs here. “I feel such gratitude for my Booth example, changes resulting from developments such as that day. Nor did she know that this much professional and personal satisfaction in this work that they experience and I really hope to give back to Booth in ways that Sarbanes-Oxley, the antimanipulation authority under course at Chicago Booth would set decided to start their own firm. And so Cornerstone Research was leverage some of my experiences.” Dodd-Frank, and the creation of the Consumer Financial the trajectory of her life—imparting born in 1989. Chicago Booth Magazine talked to Zollinger about the Protection Bureau impact our work, and we need to be on top “It was such a great application of what I had been doing at challenges she’s faced while building Cornerstone Research and of the issues. A recent example is the work we’re doing in a lifelong love of data and analytical Chicago, in terms of taking economic thinking and applying it, the commitment the company brings to inclusion. understanding blockchain and cryptocurrency, and the rigor that she has since transformed developing hypotheses to be tested, getting data, analyzing that CBM: What has it been like to see something that started relevant regulatory environment in which such matters data, and using it to address important problems,” Zollinger said. from a niche at the MAC Group grow into an international are addressed. into Cornerstone Research, the Cornerstone Research works with experts—both leaders in business with hundreds of employees? There have also been tremendous regulatory changes in thriving economic and financial academia and industry and experienced in-house experts—who Zollinger: It’s so rewarding. I am so proud of our people. I health care, and we have been involved in analyzing the likely best match clients’ needs. The firm’s clients engage them to feel that I’ve gotten so much more from the experience than effects of significant proposed mergers in that arena. consulting firm she cofounded. perform in-depth independent and objective research on financial I ever could have imagined. When we started the firm, it was From time to time, we have been retained to look at What she did know, however, was and economic issues that arise in legal and regulatory matters, in never about growth. We wanted to create a firm where we some of the rules that the US Securities and Exchange that she couldn’t get enough. “I was areas such as securities, antitrust and competition, mergers, and worked with the top experts in finance, economics, accounting, Commission evaluates. This means that we are not only intellectual property. Some cases are front-page news; others are marketing, and statistics on interesting, challenging, important focusing on the existing types of issues; we are analyzing inspired by the energy and excitement less high-profile. Regardless, Cornerstone Research applies the issues. And we still do that today. We continue to deliver the how issues are evolving given the changing regulatory that Professor Fama brought to the same level of analytic rigor to all cases and for all clients. Zollinger highest quality work, to support an outstanding experience for landscape. knows that the efforts of Cornerstone Research experts and experts and clients, and to hire the very best people. We foster CBM: Your company espouses a data-driven approach. study of finance,” noted Zollinger, ’79. staff have important economic consequences, and can affect the a collaborative environment and a wonderful culture, where Can you talk about how that has factored into Cornerstone “Taking that course changed my path; outcome of a matter. That’s why the firm’s commitment to quality people can develop, grow, thrive, and have fun. Research’s success? is so important, she said. it became a catalyst for my future “Bringing the best methods and the most rigorous analysis and studies and ultimate career.” economic thinking to these problems is essential,” Zollinger said. Fama, of course, being Eugene “Our work has a real impact on these important issues.” What started as a small firm with offices only in Menlo Park, F. Fama, the Robert R. McCormick California, and Cambridge, Massachusetts, has grown to 700 Distinguished Service Professor of staff with offices in Boston; Chicago; London; Los Angeles; New York; San Francisco; Silicon Valley, California; and Finance, and the father of the efficient- Washington, DC. market hypothesis. Zollinger had With two women among the firm’s cofounders—a rarity today, and even more so in 1989—collaborative teamwork and diversity a front-row seat in his Foundations have been a part of the company’s DNA since the beginning. of Finance course as he honed his “Then and now, we focused on performance, impact, and great “It was such a great application of what I had been doing at arguments, excitedly developing new teamwork, and having the best person for the role,” Zollinger Chicago, in terms of taking economic thinking and applying it. said. “But in retrospect, it was incredibly valuable to have

and creative ways to test this theory. another woman as a cofounder.” THE VIEWS EXPRESSED IN THIS ARTICLE ARE SOLELYTHE THOSE CONTENT, OF THE AUTHOR, AND DO NOT NECESSARILY WHO IS RESPONSIBLE REPRESENT FOR THE VIEWS OF CORNERSTONE RESEARCH. —Cindy Zollinger

54 Spring 2019 Chicago Booth Magazine Chicago Booth Magazine Spring 2019 55 Zollinger: Data is critical to what we do. We take an economic extraordinary people. One value is a dedication to quality. problem that comes up in the litigation context and apply the Quality is critical to all that we do. Another is commitment to insights from academic research to generate insights into and our clients and to our experts. We’re committed to providing hypotheses about what’s going on. Then we use data to test them with the outstanding support they need on complex that hypothesis, in order to develop an opinion that is firmly matters, and they’ve learned to trust us with their most grounded in academic research and fully supported by the data, challenging problems. which can in turn be persuasive to a jury or judge. We need not A third value is commitment to our talented, dedicated only a well-founded economic theory, but also empirical data that people. This permeates everything that we do. And our forms the basis of the ultimate opinion. fourth value is being a “one-firm firm,” which means that I remember back when I first started doing this work, it was always, across all levels, we are on the same team, we are incredibly interesting being exposed to new types of data, and part of this collaborative work environment, and we are to data that wasn’t publicly available. And if you’re interested diverse. We have different roles in the firm and we come with in data analysis, it is tremendously exciting to have access to different backgrounds, but each of us is important to making an almost unlimited reservoir of data underlying financial, Cornerstone Research the very best we can be. economic, or market forces. It has always been fundamental to have an environment that CBM: What challenges does the vast amount of data you have recognizes our differences and celebrates those differences access to pose for Cornerstone Research? and respects them. We are proud to have built a business that Zollinger: Today we regularly work with datasets containing supports diversity on all fronts. billions of records, that are many terabytes in size. Our work CBM: Can you give an example of how Cornerstone Research requires us to compile large datasets from disparate sources has shown that commitment to inclusion with your employees? and incompatible formats. And we are dealing with an evolving Zollinger: Absolutely. We understand that our staff have universe of data types and analytical techniques. What is a commitment to Cornerstone Research, and they also have required is tremendously challenging and constantly changing. personal priorities outside the firm. We believe that we can Zollinger and her cofounders started Cornerstone Research 30 years ago with an interest in applying financial, economic, and accounting My husband, Mike Minor, AM ’73, PhD ’77 (Psychology), make the firm a place that allows balance in the different areas research to litigation and regulatory matters. Today the firm has grown to 700 employees and has been recognized for its commitment to and I have recently provided some seed funding to support new of one’s life, despite the fact that it’s a really challenging and diversity and inclusion. initiatives in data science and artificial intelligence at Booth, stressful job. which Sendhil Mullainathan [the Roman Family University Take women—we have women who are successful in having To make it work, we need to do more than just say that identified a network of homeless shelters that assists at-risk Professor of Computation and Behavioral Science] is leading. developed their careers in an environment where they also employees are working part time. We need to support their minorities, women, and youth. In the cities where we work, Providing a gift in this area is such a great fit: it reflects both the have the opportunity to achieve their goals outside the development throughout their career. I think that’s one of we felt that the best way to support our communities was data-driven work I do at Cornerstone Research and also Mike’s workplace, such as having a family and raising children and the special things we do. There are people here who have through some of these homeless shelters. They are places interests in behavioral science. contributing to their community. worked their way up at 60 percent time through their career to doing important work in our communities, and our employees CBM: Cornerstone Research has championed women in One of the things that we have done at the firm is develop become officers of the firm while raising four kids. They have have recognized that. Importantly, these giving programs leadership positions and diversity across the company. How a part-time program that works and is used quite extensively. the benefit of a really rewarding and challenging career and, at are employee directed. Our staff determine which local have these dual focuses affected business success and the Initially, that program was created to support women who had the same time, they support their families. charities make sense to support as part of our desire to be good company culture? young kids; we were trying to make sure that they had more CBM: Cornerstone Research donates to charities that serve corporate citizens. Zollinger: Our championship of women and diversity, which time to spend at home. Over time it evolved into a program that diverse populations. What are the priorities for the choice of But more generally, it’s really about helping people, giving has a foundation in our values, has had an important impact is used by men and women who want to make more time for organizations and missions the company supports? back, and paying forward. on our culture, and has helped us recruit and retain some priorities outside work. There’s no negative connotation. Zollinger: We have a socially conscious group of CBM: How did Booth prepare you for all the things you’ve employees, and we support a collective spirit of generosity. accomplished in your career? What Cornerstone Research wants to do is provide Zollinger: I love solving complex problems. Booth opportunities to contribute to areas that we’re passionate emphasized the value and excitement of economic thinking and about and to people who are less fortunate. We have analysis, the power of data, and the importance of analytical committees focused on community outreach in every office. rigor and hard work. We offer a paid “volunteer day” to all employees. We have a I have always had a love for learning and an incredible significant pro bono program that provides us the opportunity admiration, respect, and gratitude for the teachers in my life. to work on cases involving important social issues. They have encouraged me and provided opportunities for me, Each year we identify organizations to support on a firmwide and I am so thankful. The foundation of learning was incredible. basis. In 2017 and 2018 we selected Girls Who Code and Junior The professors that I had were tremendously supportive. Achievement. These choices reflected a focus on developing An example: I was able to teach an MBA course in financial a diverse future workforce by increasing financial literacy and accounting while I worked on my PhD. It was a great “Our championship of women and diversity, which has a foundation technology skills among underserved students. opportunity. Later, when I was in California, because I had In addition to the firmwide charitable giving and pro bono that experience, I had the chance to teach a similar course at in our values, has had an important impact on our culture. work, we support numerous local organizations that focus Stanford that connected me with faculty whom I would come to —Cindy Zollinger on women and minorities. Last year, for example, employees work with throughout my career. )

56 Spring 2019 Chicago Booth Magazine Chicago Booth Magazine Spring 2019 57 We would like to thank the selection committee members for their efforts in choosing the 2019 award honorees.

The Distinguished Alumni LAURENCE M. BERMAN CLEMENT, ’87 LEIGH W. MARTIN, ’05 Awards, created in 1971, CAROL BRAMSON, ‘92 THOMAS J. MCDONALD, ’08 (XP-77) recognize outstanding HERNANDO F. BUNUAN, ’07 MARK G. MCGRATH, ’69 professional achievement 0 CARLOS A. CABRERA, ’89 (XP-58) MICHAEL C. MORAVEC, ’96 and professionalism among CHRISTOPHER S. CHAN, ’86 MICHAEL F. MORIARTY, ’80 Chicago Booth alumni. GREGORY T. DURANT, ’88 JAMES E. NELSON, ’03 (XP-72) Distinguished AMY F. ELLIS, ’80 BRUCE A. RIGAL, ’89 CHARLES E. FRANK, ’75 JULIE A. ROEHM, ’95 2Alumni Awards MARY LOUISE GORNO, ’76 TANDEAN RUSTANDY, ’07 (AXP-6) SUNIL GROVER, ’99 WILLIS G. RYCKMAN IV, ’95 MARK R. HARRIS, ’08 (AXP-7) FREDERIK F. SEEGERS, ’89 LISA T. HEFFERNAN, ’80 THOMAS W. SIDLIK, ’73

DEBORAH Z. HILIBRAND, AB ’78, MBA ’79 THOMAS W. STEPHENSON, ’97 ince 1971, the JAMES HILL, ’67 STEVE G. STEVANOVICH, AB ’85, MBA ’90 Distinguished Alumni Awards PHILLIPPE JACCARD, ’96 SHARON B. STULTS, ’08 (EXP-13) Ë have honored Turn the page BORISLAVA G. KARAGEORGIEVA, ’04 VAN J. STULTS, ’78 S business leaders making to meet the 2019 DAVID M. KIRCHHEIMER, ’78 NIRAJ SWARUP, ’85 an impact. This year’s DAA winners. winners have used JOSEPH KOHLS, ’95 BRIAN C. TAYLOR, ’88 their curiosity, drive, EDWARD S. LAM, ’97 IMMANUEL THANGARAJ, AB ’92, MBA ’93 and enterprising spirits MARK A. LEAVITT, ’83 BRIAN TSUI, ’11 to attain their own visions of success in DAVID M. LEE, ’87 BYRON G. TUCKER, ’75 the fields of medicine, JAMES W. LEWIS, ’70 CHRIS VAN AEKEN, ’87 investment management, ISABEL H. LIU, ’89 KENNETH A. VIELLIEU, ’84 manufacturing, and real estate. These alumni are PAUL C. LOHREY, ’86 NICOLE YELSEY, ’12 rethinking the future MARK LOUGHRIDGE, ’82 of their businesses and communities.

BY LEAH RACHEL VON ESSEN 9 1 Chicago Booth Magazine Spring 2019 59 Emmanuel Rattan Roman L. Khosa Chief Executive Officer PIMCO Chief Executive Officer and Founder “One thing that Booth did for me is [instill] AMSYSCO this incredible quest for knowledge and for data. I was lucky enough to learn from “Graduating from Booth, you have an some of the best minds of the generation. education that not many people have. It’s a The quantum leap in terms of intellectual pleasure to belong to such a community of curiosity and knowledge that I gained from successful people spread around the world.” my education I will always be grateful for.”

determined Rattan L. Khosa, ’79, n intense drive and an came to the United States from extraordinary knowledge of India in 1969 with $3.75 in his the financial industry, long A pocket. Thanks to his unflinching A praised by his peers, have helped resolve and knack for taking calculated Emmanuel Roman, ’87, usher in a new era risks, Khosa is now the CEO and founder of at PIMCO, one of the world’s premier fixed- AMSYSCO Inc., a company that has turned a income investment managers. profit every year since it opened. In November 2016 he became CEO of Khosa started AMSYSCO in 1981 out of the PIMCO, based in Newport Beach, California. basement of the home he shared with his wife, Thinking ahead to the future, Roman Bharati, and son, Neel Khosa, ’07. Today, emphasized a focus on luring top tech and AMSYSCO is a midsize company based in finance talent to the company. This push has Romeoville, Illinois, providing unbonded post- been a success: the firm’s total assets are at tensioning systems on commercial structures, $1.66 trillion today. including the Argonne National Laboratory During Roman’s tenure, PIMCO has in Lemont, Illinois; Millennium Park and the partnered with nonprofits such as the Midway Airport parking garage in Chicago; Global FoodBanking Network and Girls and the Guthrie Theater and the Minnesota Who Invest, as well as with the California Twins baseball stadium in Minneapolis. Institute of Technology, to establish two His own early hurdles inspire Khosa to fellowships. In 2018 PIMCO partnered share that success by giving tremendous with the Center for Decision Research support to future generations of students: his (CDR) at Chicago Booth in support of CDR’s generous gifts have established the Rattan behavioral science research. L. Khosa Student Entrepreneurs Program at Roman’s decisiveness and intellectual the Polsky Center for Entrepreneurship and curiosity continue to distinguish him among Innovation, and endowed the Rattan L. Khosa his colleagues. A true polymath, he is a Scholarship that provides support to Full-Time voracious reader, a wine connoisseur, the MBA students. owner of an extensive art collection, and a “To win the Distinguished Alumni Award, trustee at the University of Chicago. especially in the entrepreneurial field, “I remember receiving the admission confirms what I have been doing,” Khosa package in the mail in France in 1985 and said. “Not only growing the business, but knowing that I had been admitted, which leveraging it to make a difference in the lives I could hardly believe, and it feels like of so many people.” yesterday,” Roman said. “This school has been unbelievably good to me.”

60 Spring 2019 Chicago Booth Magazine Chicago Booth Magazine Spring 2019 61 Ghian Griffin Foreman R. Myers

President and Chief Executive Officer Cofounder and Chief Medical Officer Emerald South Economic Oak Street Health Development Collaborative “I came to Booth as a naturally curious “Booth provided me with a framework to make person. But what Booth did is get me to ask decisions, a foundation that I could build upon more questions, to not stop, to keep digging, to be able to make good choices.” and at the same time, it equipped me with new ways to go get those answers.” n 2019, Ghian Foreman, ’01, became the president and CEO riffin R. Myers, MD ’07, MBA ’10, of Emerald South Economic saw firsthand during his residency I Development Collaborative. The in emergency medicine how poorly group works to develop and support G low-income seniors fared in the communities on the South Side of health-care system. A social entrepreneur at Chicago through a focus on commercial heart, Myers was inspired to start Oak Street corridor expansion, sustainable housing, Health, a network of primary care practices and workforce development. that use a value-based model to serve older, Foreman also redevelops abandoned lower-income patients, in 2012. properties with Washington Park Myers is the cofounder and chief medical Development Group LLC, a firm focused officer, helping guide Oak Street in its mission on inner city real estate development to improve lives and decrease cost of care. in Chicago. His business philosophy By 2019, Oak Street had reduced hospital includes a respect for the needs of the admissions among its patients by over 40 community. “It’s really important to percent, achieved five-star quality ratings, show positive images about the South and tallied a 91 percent net promoter score, a Side of Chicago,” Foreman said. “Not just measurement of patient satisfaction. From its [to counter] what we hear on the news— first clinic in Chicago, Oak Street has expanded the violence—but to show the good things to serve more than 60,000 patients at 40 that are happening: the good people, the locations in eight markets, with plans to open good stories.” between 14 and 20 new centers this year. Myers In 2016, he won the PrivateBank is an adjunct instructor of emergency medicine Norman Bobins Leadership Award, at Northwestern University Feinberg School sponsored by one of the country’s of Medicine, a research associate at Harvard leading organizations supporting Medical School, a diplomate of the American community development. In 2018, Board of Emergency Medicine, and a fellow of Mayor Rahm Emanuel appointed him the American College of Emergency Physicians. president of the Chicago Police Board, Despite his packed schedule, Myers spends the city’s civilian oversight agency for one day a week working alongside Oak police accountability. Street’s care teams. “Find the impact that A Hyde Park native, Foreman said that you want to have, that you’re obsessed with,” Chicago Booth “felt like a place that I can Myers said. “And go do whatever it takes to truly call my alma mater, because I really make that impact.” felt it early, even before I was a student. I felt that it was calling me.”

62 Spring 2019 Chicago Booth Magazine Chicago Booth Magazine Spring 2019 63 A

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Chicago Booth Magazine Spring 2019 65 THE VIEW FROM A Monica Dreyer Staub, ’17 Top Alumni Career Top Alumni Employers in (EXP-22), said that the club Specialties in Switzerland Switzerland is important because of the Investment Banking (47) % Bank J. Safra Sarasin opportunities it’s given her to Finance (46) Cargill Inc. Zurich make contacts with alums. She Consulting (40) Credit Suisse said she is one of nine Booth Banking (37) Partners Group Booth graduates find a warm welcome and social connections in the global banking center. graduates at financial services Management (36) 16The percentage of alumni Thomson Reuters BY PHIL THORNTON provider Zurich Cantonal Corporate Executive (32) working in investment banking, UBS Bank, where she works as head Marketing (27) the top career specialty among Zürcher Kantonalbank of marketing and branding. Asset Management (25) alumni in Switzerland. “We meet there as well, which Product Management (24) The club’s 200-odd is very interesting, and it Private Equity (16) urich is a unique The Zurich Experts place in the world for members meet up for the provides two opportunities to Biotechnology (14) a myriad of reasons, six to eight events that are Oliver Banz, ’05 meet—at the bank and at the Z according to native held every year—a significant Former Chief of Staff for Global Ultra-High-Net Worth, UBS club,” she said. around this area or sitting there resident Oliver Banz, ’05. The increase from when it was Friedli can still remember with a delicious Mövenpick Monica Dreyer Staub, ’17 (EXP-22) Swiss city has a range of job established in 1996. One of one of his favorite events from ice cream,” he said. “It is Head of Marketing and Branding, Zurich Cantonal Bank opportunities across all sectors its founding members is Rolf more than 20 years ago, when also a noticeable contrast to and is also a fantastic place to Friedli, ’96 (EXP-1), who is Rolf Friedli, ’96 (EXP-1) then-dean Robert S. Hamada, Paradeplatz, although it is only live, he said. now partner and chairman Partner and Chairman, Capvis Equity Partners now the Edward Eagle Brown some hundred meters away.” “People work hard, but it is at private equity firm Capvis Distinguished Service Professor not that cutthroat culture you Equity Partners. “In 1996 Florian Muggli, ’17 of Finance Emeritus, gave a The Free Afternoon: Wall find in other places,” said Banz, there was no formal club,” he Vice President and Key Account Manager, Lombard Odier Group presentation and then joined around the City Center who recently stepped down as recalled. “At the first meeting Julie Muggli, ’17 a round-table dinner at a Zurich may be the largest chief of staff for global ultra- we had three people including People Analyticscs Manager,Manager, Swarovski traditional Swiss restaurant. city in Switzerland, but it is high-net-worth at UBS ahead me, so I remember it well. We “There was a big reunion in compact enough to explore of taking on a new position. kept on going and now it’s a London many years later, and on foot. Banz recommended “You only need a 30-minute thriving club.” The combination of business he came and found me among starting at Hauptbahnhof, journey out of Zurich by car or Today’s club provides a and social events worked many people and said, ‘Hey, the train station, and walking train and you are in a perfectly forum for Booth alumni in particularly well for husband Rolf. Remember that evening down Bahnhofstrasse to the beautiful landscape where you Zurich to meet each other and wife Florian Muggli, ’17, when I ate rööschti in Zurich?’ lake, crossing the bridge over can walk, bike, run, picnic, or and maintain contact, as well and Julie Muggli, ’17. Florian He still remembered the people to Bellevue and up along do whatever you want.” as to keep up-to-date with moved to Zurich in January at the table, the occasion, Limmatquai to Central. From This work/life combination developments at the school. 2018, and Julie joined him in thee and where it was. It was an Jucker Farm is a half-hour drive from Zurich’s city center, but Julie there you can take the cable has attracted scores of Booth Club members organize a city this past June, moving fromm evening where we had very Muggli says it’s worth the trip, especially during pumpkin season. car up to the Polyterrasse and alumni to the city, where variety of formal and social Chicago. interesting discussions. That enjoy the view. Florian Muggli they work in sectors as events that encompass Julie, who is people analytics Airy,Airy cream-filled was something to remember in this area—you see bankers farm is worth the trip, said agreed and recommended the diverse as luxury goods, food, everything from high-profile manager at Swarovski, the Luxemburgerli cookies are a after 20 years.” running around in their suits, Julie Muggli. “The farm has a area around Lindenhof because pharmaceuticals, and finance, speakers and topical panel luxury crystal and jewelry highlight at Sprüngli café, said For Friedli the value is in tourists trying to find their delicious buffet, a beautiful the remains of Roman life Florian Muggli. according to Banz, who has sessions to ski trips and company, said she found the learning the latest news tram or taking pictures, and the view, a petting zoo, and plenty are still visible today. “I love been president of the alumni barbecues on the shore of the club an excellent way to person I could reach out to,” about the school, hearing talks rich of Zurich showcasing their of space for kids to play,” she thinking how life must have club since 2015. beautiful Lake Zurich. make connections in the city, she said. by professors, and making wealth,” he said. said. The best time to visit been back in the day,” he said. especially as this is the first time The Mugglis hope to attend an connections. “You don’t have to is during pumpkin season, she’s lived outside the United event that the club holds every examine the attendance list. If The Classic Business which starts around the first The Day-Trip Getaway: States. January at the World Economic you know they went to Booth, Dinner: Haus zum Rüden week of September. They Lucerne Her first alumni event was Forum’s annual meeting in they must be interesting people This gothic dining room in a have a large display with Because of Zurich’s small size a wine tasting at Martel’s in Davos, Switzerland. “That is one you absolutely want to meet guild hall serving gourmet Swiss sculptures made of pumpkins and excellent transport system, Zurich, one of Switzerland’s of those events that you don’t and get to know.” dishes has been catering to the that changes every year. It there are many surrounding top wine merchants. “It was normally get to go to unless you higher echelons of Zurich society also features a corn maze, Swiss cities that are accessible really nice to meet other are a senior level or have some Booth Selects since the 14th century. Friedli a big haystack for climbing, for a day trip. Monica Dreyer alumni who had something in other connection,” said Florian, The Networking Breakfast: favors it for its location near the hammocks, and a playground. Staub recommended going common when I was moving to who is vice president and key Sprüngli at Paradeplatz Limmat river and in the heart to Lucerne. From the train somewhere where everything account manager at private Florian Muggli said the café’s of the old town, close to the The Stroll with a View: station you can take a boat to felt so new,” she said. “It was bank Lombard Odier Group. location on the Paradeplatz Bahnhofstrasse and Paradeplatz. By Lake Zurich around Alpnachstad, where there is a really nice to have something Florian said he was impressed makes it an ideal spot, as “It is a house with lots of Bellevue cogwheel train—running on the that felt familiar.” with the number and range of the street is home to the tradition and excellent French There are so many places to steepest track in the world—to The event turned out to be activities the club puts on and headquarters of both Credit and Swiss cuisine,” he said. relax over a drink, but Florian the stunning peak of Mount even more significant for Julie, is hoping that future events Suisse and UBS, and many said Bellevue is especially Pilatus. To descend take the as a Booth graduate she met at will involve a visit to a regional other banks are within walking The Family-Friendly beautiful on a sunny day when cable car down to Fräkmüntegg the event worked for Swarovski “factory or some other company distance. He said it’s known for Activity: Jucker Farm many people hang out by the before returning to Zurich. and mentioned that they were to learn from someone who can its Luxemburgerli, airy mini- Although it is about a half lake. Some brave young people “Have a nice dinner at Gustav Rolf Friedli recommends Haus zum Rüden, located in a 14th century hiring. “Once a role became show how the business works so macaroons filled with a light hour’s drive from Zurich’s jump from the bridge into the in Zurich-Europaallee and a last

guild hall, for its gourmet Swiss cuisine and its traditional flair. available, he was the first that you get an insight.” BOTTOM COURTESY OF HAUS ZUM RÜDEN / TOP COURTESY OF SPRÜNGLI FARM JUCKER COURTESY OF PHOTO cream. “I enjoy people watching city center, this adventure water. “I enjoy just walking drink at the bar,” she said. )

66 Spring 2019 Chicago Booth Magazine Chicago Booth Magazine Spring 2019 67 MY CAUSE A Finding Sweet Success Teresa Greenlees, ’09, left the corporate world to find meaning with a chocolatier that’s making an impact. SAVE THE DATE FOR RECONNECT 2020

a sense of pride in the work they are doing.” Greenlees’s uncle Dale Anderson worked for several years as a counselor in the court system. He realized, though, that 30 minutes of weekly talk therapy often wasn’t sufficient in preparing his clients for jobs and outside life. One day, Anderson bought a box of fancy chocolates and joked that he should open a chocolate shop called Confections with Convictions. He had no previous experience in the sticky, messy, and highly scientific world of chocolate making. But he saw a future in that chocolate box, a way forward for the community he served. So he studied the craft for three years, renovated a previously condemned building, and opened shop in 2010. About two dozen employees have worked at the mission-driven chocolate shop since then. One of the company’s Greenlees is applying her marketing insights to help grow Confections with Convictions, a boutique chocolate-maker that employs young people who are looking for a new start. first employees had five felony convictions, and was pregnant and year ago, Teresa Greenlees, Behind the scenes, she is working to living in a homeless shelter when she ’09, oversaw a global portfolio codify the culture and document standard started there, Greenlees said. By the time of brands. She was a frequent operating procedures to enable growth. she left Confections with Convictions A flier and often on the phone “We’re trying to create a culture and an after five years, she had completed her before sunrise. But in June 2018, she hit environment that is safe, healing, and associate’s degree, become a homeowner, pause on fast-paced corporate life, opting to transformational,” she said. To help and purchased three rental properties. move to Kalamazoo, Michigan, to become a achieve that goal, she wrote an employee The young woman now works for a growth consultant for her uncle’s artisanal manual to define expectations around community mental-health organization chocolate company. conduct, attire, and more. and is earning her bachelor’s degree. Confections with Convictions isn’t an She has also started sharing weekly The company pays its employees and everyday high-end candy shop. The small updates on business performance with all covers its overhead expenses but has yet to business operates with a big mission: employees, and she plans to set up a real- turn a profit, Greenlees said. She and her to employ and empower young people time dashboard so all workers can see how uncle currently serve as volunteers. Come back to Chicago Booth for an unforgettable weekend who’ve been in jail or have had any contact their truffles and chocolate bark are selling. “It’s a business that has survived Mark Your Calendar with the criminal court system that might “I wouldn’t be a Booth alum if I didn’t talk without much investment in sales and for Reconnect 2020 with friends and new connections across generations. Learn present barriers to their employment. about metrics and results,” Greenlees said. marketing,” she said. “That says a lot something new from preeminent faculty and celebrate the “I was really looking for something that “And I can already see how knowing more about the product.” would fuel my sense of personal purpose,” about our sales performance gives our team Greenlees, who previously worked April 23–25 close bonds of the Booth community. said Greenlees. “I’d been successful in my for spirits company Diageo and the career, but it felt hollow compared to the InterContinental Hotels Group, said she is Chicago It’s your reunion. Come celebrate with your class and other generations: very real impact my uncle was having on mulling over her future with the chocolate the lives of his employees.” “I was really looking company while she takes a break from the 2019, 2015, 2010, 2005, 2000, 1995, 1990, 1985, 1980, 1975, and the Half- Now, Greenlees is discovering a renewed for something that corporate world. She hopes she will give Century Club, 1960–1970. sense of personal purpose—by creating a path Confections with Convictions the boost it for Confections with Convictions to grow. would fuel my sense needs to fuel its mission for years to come. Also discover XPerience, a unique reunion program for Executive MBA graduates. She is using her brand and marketing “The only way to make it possible to know-how to build the company’s digital of personal hire more people is to sell more,” said presence with an online store and purpose. Greenlees. “That’s why we have the growth advertising, redesign the visual identity, imperative that we do, to give more young —Teresa Greenlees and build a stronger wholesale and people a chance at a new beginning.” —HEATHER LALLEY corporate business. WITH CONFECTIONS COURTESY CONVICTIONS OF PHOTOS Learn more at ChicagoBooth.edu/reconnect 68 Spring 2019 Chicago Booth Magazine 101: AN INTRODUCTION TO A Space Exploration Sending ‘citizen astronauts’ into space could change the world. BY REBECCA ROLFES

pecial people go into space. In 58 years, fewer than Not Like Star Wars 570 astronauts from 37 countries, most of them highly Ortiz grew up in Mexico. As a trained scientists and aerospace professionals, have boy, he read science fiction, but “Part of my job S traveled to space, almost entirely through government- Mexico had no space exploration backed programs. Soon, probably this year, the Federal Aviation program at the time. He did is to convince Administration will certify for-profit space travel companies and, not see himself following in according to industry members, special people of a different sort Neil Armstrong’s footsteps; people that will be able to travel into space at $250,000 each. astronauts were not people he space is However, as futurist Buckminster Fuller said, “The Earth is a could relate to. Instead, while spaceship,” which means that we are astronauts—all of us, not just working at Deloitte, he enrolled something the special people. at Chicago Booth, with the they can be idea of founding a company to “If we don’t democratize you better able to solve climate provide cost of equity estimates a part of, and space, it will be the province change or global poverty or for industries operating in of the ultrawealthy,” said famine, to broker peace in war- developing countries. that they Ulisses Meneses Ortiz, torn countries—to, in short, He ended up abandoning should apply. ’16, director of international make humanity more humane. the business idea, and then he affairs at Space for Humanity, discovered the for-profit space —Ulisses Meneses Ortiz a company that intends to be The Biggest Bigger Picture industry. “It gave me a way to that force for democratization. Those who have been to space get involved without a degree in Space for Humanity will give talk about the “overview effect,” engineering,” he said. He was a 10,000 private citizens from a cognitive shift that happens founding organizer of the MIT around the world all-expenses- once they see the Earth from New Space Age Conference, paid trips to space so that space. “The Earth is fragile ran a series of space talks as a at business schools and reaches and telecommunications to landing. For Ortiz, finding the Planetary Ambitions attract more sponsors. It’s a they can be ambassadors for and borderless. Most of the co-chair of Booth Sales Club, into countries that have no space improve global health care in ones with the most potential, the A group of investors funded virtuous circle.” space exploration and help constructs that limit countries and is cofounder of the Booth program, looking for people underserved countries. Matt most worthwhile ideas, and the Space for Humanity for the When talking about space solve some of Earth’s most are self-made,” Ortiz said. Aeronautics & Space Club. One with big ideas. Chaney, a former hiker, climber, ability to follow through on them first 24 months. The millions travel, it is impossible to intractable problems. “Space for Humanity intends of the speakers he invited to the “Unless you’re from Russia and white-water rafter, wants will be harder. of dollars it will take to send avoid clichés. The desire to Space for Humanity sees to use that. The overview effect club asked his feedback on the or the United States, most of to raise awareness of global The company will “make a 10,000 people into space—to “aim high,” to “blast off,” to itself as an education provider will cement in passengers’ Space for Humanity website. what you know about space environmental issues. Now first cut in the next few months,” train them, mentor them, take an idea and “fly with it.” rather than a space travel minds how and why their “I shared it with a couple of comes from Star Wars,” he said. using a wheelchair after 17 Ortiz said. “We’ll probably and help see their ideas to Space for Humanity’s goals transportation provider. The project is so important.” friends,” Ortiz said, “and I “Part of my job is to convince years living with ALS, Chaney interview in the low teens and fruition—will come from are certainly lofty, beyond company will place passengers Upon their return, the offered my high-quality, zero- people that space is something joked that he’s unable to pour then slot them for leadership several potential sources. stratospheric. The plan is to on spacecraft manufactured and recognition they’ve gained cost help. I’ve been with them they can be part of, and that cocktails on the flight but he can training.” They’ll be looking to In addition to global brand send passengers to the moon launched by others, partnering will “give them a trampoline” since then.” they should apply.” type with his toes. fill six to seven spots, depending partnerships and investment by 2030 and to deep space with all available providers to from which they can broadcast Ortiz’s day job is as They’re just a few of the on the spacecraft. by the general public, said by 2035. That’s just the “way allow for the greatest diversity their mission and work on transfer pricing manager at Special People, Unique applicants who filmed short Ortiz, “high-net-worth cool” flying part, however. in spaceflights. Its travelers their larger goal, according to Plante Moran, an accounting Applications, Open Process videos making the case for individuals want to help The higher goal is to show will receive leadership training Ortiz. In return, they agree to and financial services firm Liz Kennick, president of why they should be part of communities find better ways that humanity’s divisions before they blast off and be ambassadors for Space for headquartered in Wakefield, Teachers in Space, wants to the first Space for Humanity “We think to relate to each other.” Space are arbitrary and can be mentoring after they return. Humanity for a time and for the Rhode Island. In his role at Space teach from space and help other trip, tentatively scheduled for for Humanity is currently overcome in ways that Would-be passengers must have idea of space travel and the for- for Humanity, he is responsible teachers develop their curricula. a suborbital flight in 2021. The making space working with a foundation in benefit mankind. “We’re a reason beyond the “way cool” profit space industry. for finding the applicants who Tadeusz Kocman, an electrical requirements sound simple Hawaii to find ways to use space not looking for incremental motivation for wanting to go. “My feeling is that if you will eventually become the engineer, wants to encourage enough: applicants must be travel available to foster relations between the changes,” Ortiz said. “We’re Of the 100 or so applicants to have someone people can 10,000 passengers on Space for students in his native Poland to 18 years of age, speak English, to all will create islands and the mainland. The looking for big changes. date, almost all have terrestrial relate to, who comes back Humanity flights. take STEM classes in order to be and be willing to execute a space industry itself is another We’re ambitious. Space is so projects they want to tackle and becomes a role model,” “I speak at conferences where part of the “space society we will social program of some sort. impact on a potential source of funding. out there and so powerful. when they come back. Ortiz said, “it will increase the 90 percent of the people are be in the future.” Cale Lawlor, Applications are reopening large scale. “Once we have the proof of We think making space travel The question, of course, is chances of that person being wearing NASA T-shirts,” he an Australian doctor, has ideas July 20, to commemorate the concept,” Ortiz said, “more available to all will create

how going into space makes able to change behaviors.” said. He also organizes events about how to use technology ILLUSTRATION BY JOHN DEVOLLE 50th anniversary of the moon —Ulisses Meneses Ortiz launches attract more media impact on a large scale.” )

70 Spring 2019 Chicago Booth Magazine Chicago Booth Magazine Spring 2019 71 Class Notes

The CEO Roundtable of Chicago 1975: Celebrate your 45th Reunion celebrated its 300th consecutive monthly 1965 at Reconnect, April 23–25, 2020 Joseph Neubauer, chair of the ChicagoBooth.edu/Reconnect dinner meeting in 2019. Alexander Barnes Foundation’s board, was “Sandy” Weissent is chairman. The featured in a Philadelphia Business CEO Roundtable is a membership-style Journal article about the foundation’s 1975 organization serving more than 100 new $100 million capital campaign Colin Coulson-Thomas received a C-suite and senior executive business to enhance educational programs doctoral fellowship, Doctor of Humane leaders that was started in 1991 at the and community engagement Letters, from Sri Sharada Institute of Indian request of John P. Gould, then dean of initiatives, support operations, and Management Research in New Delhi on Chicago Booth and current professor Save the date for Worldwide Booth Night on strengthen its endowment. In the November 30. Coulson-Thomas is chairman emeritus of economics. article Neubauer says, “When we of Adaptation, a specialist director, board, September 26, 2019, when Booth alumni announced the Barnes’s move to and business development consultancy. the heart of Philadelphia, we made 1978 important commitments to our Martin McDermut has been named CFO David Kirchheimer has been will celebrate throughout the world. community.” Based in Philadelphia, of Resonant Inc., a technology solutions appointed to the board of directors for the Barnes Foundation is a cultural provider for radio frequency (RF) front-end CURO Group Holdings Corp., a short- and educational institution home to filtering problems based in Santa Barbara, term credit provider for underbanked one of the world’s leading collections California. Previously, McDermut served consumers headquartered in Wichita, of post-impressionist and early as vice president and CFO of Applied Micro Kansas. He will also serve as a member modernist artworks. Circuits Corporation, a publicly traded of the board’s audit and compensation semiconductor company based in Santa committees. Kirchheimer is an Clara, California. advisory partner and retired CFO at 1969 Oaktree Capital Management LP, a Philip Dietz has been named to the global alternative investment firm board of Fountain Hills Friends of the 1976 headquartered in Los Angeles. Library, a Fountain Hills, Arizona-based Mansco Perry received the Lifetime organization that funds and supports Achievement Award at the Chief Investment its library’s programs and facilities. Officer Innovation Awards dinner, an 1979 Dietz is chairman of East West annual gala in New York that highlights and United Technologies Corp., a provider of Capital Corporation, which focuses celebrates the best of institutional investing. systems and services to the building and on sustainable development and is Perry is the executive director and chief aerospace industries based in Farmington, located in Calgary, Canada. investment officer of the Minnesota Connecticut, has named Denise Ramos State Board of Investment in Saint Paul, to its board of directors, effective How will you celebrate? Minnesota. In recognition of Perry’s December 10, 2018. Ramos retired as CEO Half-Century Club Reunion achievement, then governor of Minnesota of ITT Inc., a manufacturing company at Reconnect, April 23–25, 2020 Join the #BoothNight conversation! ChicagoBooth.edu/Reconnect Mark Dayton proclaimed December 13 headquartered in White Plains, New York, “Mansco Perry Day” in the state. on January 1, 2019. ChicagoBooth.edu/wbn

Chicago Booth Magazine Spring 2019 73 CLASS NOTES

residence in the University of Washington’s Mergers & Acquisitions 1980: Celebrate your 40th Reunion master of health administration program, at Reconnect, April 23–25, 2020 located in Seattle. Recent Weddings and Births ChicagoBooth.edu/Reconnect John Taylor has expanded his executive 1980 coaching practice. He is principal and Gregory Samorajski was appointed to managing director of Phoenix-based Fusion deputy commissioner of revenue of the Consulting & Coaching Group, as well as State of Alaska. Previously, Samorajski practice development manager at San Jose, served as CFO for True North Federal California-based RiseSmart. Credit Union in Juneau, Alaska, and director of investments for McKinley Capital Management, a growth equity 1983 investment advisor in Anchorage, Alaska. J. Mark Budd (XP-50) and his wife, Gita Blumentals Budd, have made a $2.4 million estate gift commitment to support financial 1981 assistance and programming for low-income Wendy Berkowitz retired from a career and first-generation students at Northwestern in finance to pursue her passion in stand- University in Evanston, Illinois. up comedy. She was a finalist in 2018 in the Ladies of Laughter competition held Ron Rolph, ’11, and wife, Laura, welcomed at Gotham Comedy in New York. She also 1984 son Dean Christian on October 18, 2018. He recently appeared on the cover of Lavender Jay Rasulo, AM ’82, MBA ’84, has joins big sister Emma. magazine in Minnesota, representing the been named to the board of directors at LGBT comedy scene in the Twin Cities. iHeartMedia, a media and entertainment Rick Mordesovich, ’99 (XP-68, EXP-4), married Warren Chase in Lake Como, Italy, on company based in San Antonio. Rasulo is September 21, 2018. Many of Mordesovich’s Booth friends were in attendance—he reports Joseph Maimone has been appointed the former CFO and senior executive vice that they try to get together every year since they met at Booth, including for weddings, chief of staff to the superintendent at the president of Walt Disney Company, the birthdays, and just fun outings, in locations including Barcelona, Spain; Montreal; William Aubin, ’18, and wife, Hayley North Carolina Department of Public media and entertainment enterprise based Switzerland; Paris; Belgium; and Scottsdale, Arizona. Mordesovich and Chase live and Tran, welcomed their first child, Calvin Instruction, based in Raleigh, North in Burbank, California. work in both San Francisco and New York. Tran Aubin, into existence on August 30, Carolina. Maimone brings more than 20 Pictured, left to right: Roland Loetscher, ’99 (EXP-4); Jean-Marc Kohlgruber, ’99 2018. The family loved Chicago so much years of experience in education, most (EXP-4); Mordesovich; Chase; Patrick Perus, ’99 (EXP-4); Piotr Robak, ’99 (EXP- during William’s Booth years that they recently serving as headmaster of Thomas 1985: Celebrate your 35th Reunion at Reconnect, April 23–25, 2020 4); and Jeff Kukowski, ’99 (EXP-4). continue to live there. Jefferson Classical Academy, a public ChicagoBooth.edu/Reconnect charter school in Mooresboro and Forest City, North Carolina. 1985 The Miami-headquartered movie theater Kirk Oliver was named CFO, senior vice chain CMX Cinemas has named Jose president, and director of the general Leonardo Martí CEO. Previously, Martí partners of EQM Midstream Partners and served as CFO and CEO for Grupo Cinemex, EQGP Holdings. He was also appointed SA de CV, a Mexico City–based owner and senior vice president and CFO for EQM Christian Wolff, ’16 (EXP-21), and wife, operator of film theaters in Mexico. and EQGP’s parent company, Equitrans Petra, are happy to announce the birth of Midstream Corporation, a natural gas their son, Eden Eric Wolff, in August 2018. Clayton Rose, AB ’80, MBA ’81, has been transmission company headquartered appointed to the board of directors for in Pittsburgh, in September 2018. Prior Bank of America, the investment bank and to joining Equitrans Midstream, Oliver financial services company headquartered was CFO for UGI Corporation, an energy in Charlotte, North Carolina. Rose distribution company headquartered in currently serves as president of the private King of Prussia, Pennsylvania. liberal arts school Bowdoin College in Brunswick, Maine. 1986 The Plano, Texas-based apparel and home 1982 retailer JCPenney has named Michael Robert Malte has been appointed to Fung (XP-55) interim CFO. Fung Drew Hoffman, ’14, and Lindsay the board of trustees of Lake Washington recently served as interim CFO for the Hoffman, ’14, have welcomed their first Institute of Technology, a public institution Dallas-based luxury-department-store Bennett Willard Washington was baby, a daughter named Quinn. located in Kirkland, Washington. Malte is chain Neiman Marcus Group. born on February 11, 2019, to Peter Rob Calice, ’17, and Alexis Calice Katia Radermacher (née Ribarova), the CEO emeritus of the hospital health- Washington, ’09, and his wife. Bennett welcomed their first child, John “Jack” Send us your news: ’14, and husband welcomed Gabriel care system EvergreenHealth in Kirkland, Gary Graves partnered with City Capital is their third child. Franklin Calice, on July 19, 2018. [email protected] Benjaminov Radermacher in October 2017. Washington. He currently serves as clinical Ventures to acquire Toronto-based associate professor and practitioner in Redberry Group, one of the largest quick-

74 Spring 2019 Chicago Booth Magazine Chicago Booth Magazine Spring 2019 75 CLASS NOTES service restaurant operators in North William Hunt has been appointed M&A” list for the third year in a row; the Eugene Patrick Tunney, ’72 America. Graves will become the chairman CEO of National Detergent Company list highlights women who are outstanding Thomas P. Burke, ’73 of Redberry. He is the founder and SAOG, a soap and detergent company deal makers inside and outside of their In Memoriam Bryan W. Butler, ’73 managing partner of G2 Advisors. based in Ruwi, Oman. Previously, Hunt firms. Josephs is founder and CEO of the Alvin R. Lee, ’73 served as CEO of Soaps and Chemicals Chicago-based investment banking firm Chicago Booth Magazine has learned of the deaths of the following alumni: Charles H. Asbill, ’74 Lightsource BP, a large independent Industrial and Trading, a manufacturer Verit Advisors. Michael J. Karr, ’74 power producer based in San Francisco, of detergents, soaps, deodorants, air Timothy J. Burns, ’62 1930s W. Anthony Peters, ’74 announced the appointment of Kevin fresheners, and toothpastes based in Lyle Logan has been reelected to the Alexander Lavish, ’62 H. Clifford Rich, PhB ’30 Claude W. Creamer, ’75 Smith as CEO for the Americas. Most Sharjah, United Arab Emirates. board of directors for Adtalem Global Karl H. Meister, ’62 Ruth Graybeal Rich, PhB ’30 Nancy Grabill Sherman, AB ’67, recently, Smith was CEO and one of the Education, a global education provider Jerome M. Perelson, ’62 Iris R. Swift, PhB ’31 MBA ’75 founding executives at SolarReserve, a The Jenks, Oklahoma-based mortgage headquartered in Chicago. Logan is David A. Hemstreet, ’63 Roger V. Swift, ’33 George L.C. Chiang, ’77 global developer of utility-scale solar power company Gateway Mortgage Group has executive vice president and managing Christopher L. Knott, ’63 Hugo A. Anderson, LAB ’33, AB ’37 Judith A. Kepler, ’77 projects based in Santa Monica, California. named Steven Patrick chief risk officer. director of the Global Financial Institutions William J. Richardson, ’63 Richard S. Ferguson, AB ’38 Mildred Boone, ’78 Most recently, Patrick served as managing Group of the Northern Trust Company, Roger B. Cooley, ’64 Clementine V. Baker, AB ’39 Paul P. Hlavac, ’78 director with Everett Advisory Partners, a a provider of wealth management, asset Frank H. Resnik, ’64 Robert A. Snyder, ’78 1987 Dallas-based financial advisory firm. servicing, asset management, and banking James A. Shuping, ’64 The Richard E. Jacobs Group, a Cleveland- based in Chicago. Robert P. Abate, ’65 based real estate developer, has Washington University has named its 1940s Marshall E. Blume, MBA ’65, PhD ’68 John J. Speed, ’47 appointed James Eppele as the new psychology building Somers Family Joseph Nelligan has been named CEO of David T. Duvel, ’65 1980s Daniel D. Sugerman, AB ’47 president and CEO of Jacobs Real Estate Hall in recognition of the significant Molex, a global manufacturer of electronic Fred D. Nosal, ’65 Rohn J. Butterfield, ’80 Robert A. Banzhaf, AB ’47, MBA ’48 Services, one of its affiliate companies. contributions Nicholas Somers and his solutions based in Lisle, Illinois. Nelligan Louis Sandor, ’65 David G. Ryser, ’80 Donald L. Fernow, AB ’47, MBA ’48 Eppele previously served as the wife, Barrie Somers, have made to the previously served as the company’s COO Howard A. Sulkin, MBA ’65, PhD ’69 Charles S. Tabor, ’80 Robert C. Morgen, PhB ’47, MBA ’48 company’s executive vice president. university. Somers is managing partner and president. William A. Thompson, ’65 Daniel M. Butler, ’81 William K. Severin, ’48 and founder of SV Investment Partners, John Albanese, ’66 George A. Lewis Jr, ’81 Neda M. Michels, PhB ’47, MBA ’49 J. Scott Sykora (See photo, page 79.) a private investment holding company Robert Riiska has been named managing Thaddeus J. Kochanny, ’66 Janet Ortega, ’81 Marie J. Parker, PhB ’47, MBA ’49 based in Greenwich, Connecticut, and director at SierraConstellation Partners, James R. Sincox, ’66 Dennis E. Bennett, ’82 principal owner and executive chairman a national interim management and Joseph J. Difiglio, ’67 Gregory E. Curvall Sr., ’82 1988 of International Decision Systems Inc., advisory firm headquartered in Los Dominic Diorio, ’67 William L. Johnson, ’82 Cynthia Collins has been appointed an equipment finance software company Angeles. Previously, Riiska served as senior 1950s James W. Myers, ’67 Gary Lloyd, ’82 interim CEO of Editas Medicine Inc., based in Minneapolis. managing director and head of the Western Robert D. Appelbaum, PhB ’47, MBA ’50 Edwin J. Gunlock, ’68 John F. Winkler, ’82 a genome editing company based in US practice for a national turnaround-and- Dale A. Holbert, ’51 Richard A. Johnson, ’68 Marvin D. Mulkey, ’83 Cambridge, Massachusetts. Collins is also Andy Thorson has been appointed to the restructuring consulting firm. Esther J. Lewis, ’51 William. H. Mistele, ’68 Charles S. Rowe, ’84 a member of the company’s board. Most board of directors for Smoke Cartel Inc., William C. Coulter, AB ’48, MBA ’52 Reginald Sykes, ’68 Susan K. Landis-Linville, ’85 recently, she served as CEO of Human an online retailer and wholesaler of glass Gordon H. MacKenzie, AB ’49, MBA ’53 Jacques F. de Lichtervelde, ’69 Fidel L. Lopez, ’85 1990: Celebrate your 30th Reunion Longevity Inc., a genomics-based, health water pipes and related accessories for Paul E. Becker, ’55 James E. Le Gere, ’69 Margaret M. McLeod, ’85 at Reconnect, April 23–25, 2020 Daniel Brooks, ’55 intelligence company in San Diego. the cannabis industry based in Savannah, ChicagoBooth.edu/Reconnect Cort Joseph Swanson, ’86 Georgia. Thorson brings years of financial Lawrence A. Lundgren, SB ’45, Bruno J. Barkauskas, ’87 Scott Gould has joined Fiduciary and management experience to Smoke MBA ’56 1970s M. Lauree Hanson, ’88 Philip W. K. Sweet Jr., ’57 Counselors Inc., an investment adviser Cartel, having served in leadership roles in 1990 Daniel P. Donovan, ’70 David S. Kuhl, ’88 Robert L. Anderson, ’58 based in Washington, DC, as senior vice NYSE and NASDAQ-listed companies. William Aliber has joined Providence Edward B. Finch, ’70 Constance M. Rosenthal, ’89 Norman R. Atkinson, ’58 president. Prior to joining Fiduciary Strategic Growth Capital Partners LLC as Charles J. Kaleta, ’70 John H. Allison, ’59 Counselors, Gould served as vice president a managing director. Previously, Aliber Richard Lathrope, ’70 James W. Anderson, ’59 of structuring, strategy, and distribution 1989 was CFO of Ascend Learning, a provider Wayne G. Rempert, ’70 1990s Joseph C. Klaczynski, ’59 for the US Pensions business at MetLife, a Mark Hoplamazian was named board of educational content, software, and Norman C. Volle, ’70 Edward M. Doyle, ’90 Irving G. Thomas, ’59 life insurance company headquartered in chair of Skills for Chicagoland’s Future, analytics headquartered in Burlington, David A. Aarons, ’71 Walid Kassem, ’92 New York. a public-private partnership to place Massachusetts. Providence Strategic John H. Corn, ’71 Lyndly E. Wadley, ’93 qualified unemployed and underemployed Growth Capital is an affiliate of Providence Frank M. Pagenkopf, ’71 Kenneth M. Cotton, ’94 candidates into available positions. Equity Partners LLC, a premier global asset 1960s David M. Schulz, ’71 Edward J. Rauch, ’98 Hoplamazian is president and CEO of the management firm based in Providence, Edward Morris Bakwin, ’61 Paul F. Streitz, ’71 Alfred J. T. Sikma, ’98 Chicago-based global hospitality company Rhode Island. Robert F. Berner, PhD ’61 William M. West, ’71 Hyatt Hotels Corporation, and was recently Anton Longhini, ’61 Sharon L. Moritz, ’72 featured in the New York Times. Campbell Soup Company, a producer of Donald L. Mang, ’61 David P. Rucinski, ’72 2010s canned soups headquartered in Camden, Henry H. Wood, ’61 Victor C. Shoaff, ’72 Edward Boteler Johnston, ’13 Mary Josephs was recently named to the New Jersey, has elected Kurt Schmidt board of directors for Manson Construction, (XP-59) to its board of directors. Schmidt a Seattle-based marine construction and previously served as CEO of Blue Buffalo aluminum products based in Goose Creek, transportation and logistics services as senior director of marketing and Kurt Schmidt dredging company. She was also named Company, a pet food distributor based in South Carolina. Previously, Cavatoni served based in Morton, Illinois. Previously, he innovation for Libman Co., a manufacturer was named to to the board for Performance Contracting Wilton, Connecticut. as CFO at SixAxis LLC, a manufacturer of served as vice president of the company’s of cleaning tools based in Arcola, Illinois. Inc., a specialty contractor headquartered advanced safety products and equipment transportation division. Campbell Soup in Lenexa, Kansas. Following these based in Andrews, South Carolina. Company’s board appointments, the monthly magazine 1991 The University of Illinois at Urbana- 1992 Mergers & Acquisitions named Josephs to Philip Cavatoni has been named CFO of Jeffrey Cohen was promoted to COO Champaign has named Eric Minor as Beacon Pointe Advisors, a financial of directors. its “Most Influential Women in Mid-Market JW Aluminum, a producer of flat-rolled at G&D Integrated, a company providing its first CMO. Previously, Minor served advisory firm headquartered in Newport

76 Spring 2019 Chicago Booth Magazine Chicago Booth Magazine Spring 2019 77 CLASS NOTES Beach, California, has named Michael head of data analytics. Trade Informatics Dow chief investment officer as well as Adis Vila has been is an independent provider of quantitative chairman of the investment committee. appointed to the analytics and systematic trading solutions Prior to Beacon Pointe, Dow served as based in New York. Previously, Jardine managing director and head of US core plus board of the Latino built and managed the Equity Business bond, head of sovereign credit research, Intelligence initiative and managed the and head of emerging market corporate Corporate Directors Central Risk Desk at the New York–based debt at the Chicago branch of UBS Global Association, was investment bank and financial services Asset Management, a Switzerland-based company JPMorgan Chase. investment manager. named director of MessageComm, and Ariste Reno has joined the Menlo Park, Moody’s Corporation has appointed David California-based global consulting firm Platt chief strategy officer. He will lead was selected as a Protiviti as a managing director in the the newly formed strategy and marketing Chicago office. Prior to joining Protiviti, group. Platt previously served as Moody’s “Director to Watch” Reno was a partner and national credit global head of corporate development. by Directors & Boards. analytics practice leader at a Big Four firm. Moody’s is a company headquartered in New York that provides credit ratings, research, tools, and analysis that 1996 contribute to transparent and integrated Constellis—a Reston, Virginia-based financial markets. provider of risk management, security, humanitarian, training, and operational support services—has named Michael Armbrecht chief accounting officer. J. Scott Sykora, ’87, is a self-taught photography enthusiast. He was formerly president of LJM Partners Ltd., a Chicago- 1993 based investment management firm. He shared a photograph taken from Lakeview Avenue in Chicago of the ice frost on Lake Daniel Coleman has been named Prior to joining Constellis, Armbrecht Michigan during the last polar vortex. president of Birmingham-Southern was CFO at Arlington, Virginia-based IAI College, a private liberal arts college in North America, the US subsidiary of the Birmingham, Alabama. Coleman most aerospace and defense company Israel restaurant chain Portillo’s, headquartered alternatives consulting group. Keliuotis She was also recently named a director recently served as CEO of the New York– Aerospace Industries Ltd. in Oak Brook, Illinois. joins Callan from the Los Angeles– of MessageComm, a Washington, DC- headquartered global financial services headquartered investment advisory based messaging and communications firm KCG Holdings before its sale to The Zurich, Switzerland-based The McCombs School of Business Pratik Shah, PhD ’96 (Biochemistry, firm Cliffwater LLC, where he was a trade association, and selected as a Virtu Financial. investment banking company UBS Group Honors Program at the University of Molecular Genetics), MBA ’99, has senior managing director and a senior “Director to Watch” by Directors & Boards, AG has named Robert Karofsky co- Texas at Austin has been renamed the been appointed to chair of the board of member of the portfolio advisory team. a Philadelphia-based quarterly journal Red Robin Gourmet Burgers Inc., a casual- president of the Investment Bank and a Canfield Business Honors Program in directors at the La Jolla, California–based dedicated to the topics of leadership and dining restaurant chain headquartered member of the group executive board. honor of Philip Canfield and his wife, biotechnology company Synthorx. Thomas McGill has been appointed corporate governance. in Greenwood Village, Colorado, has Karofsky joined UBS in 2014 as the firm’s Mary Beth Canfield, for their generous Shah was president and CEO of the San interim CFO of BorgWarner, effective appointed Lynn Schweinfurth executive global head of equities. multimillion-dollar gift. The gift will Diego–based biopharmaceutical company January 1. McGill currently serves as the Abbie Ela Wallhaus reports that when vice president and CFO. Prior to joining provide full-tuition scholarships, Auspex Pharmaceuticals. company’s vice president and treasurer. she began her career as an electrical Red Robin, Schweinfurth served as senior John Rutledge (XP-63) (See Jeff improve recruitment, and boost program BorgWarner is headquartered in Auburn engineer in the utility industry, she never vice president, CFO, and treasurer of Fiesta Wilcoxon, ’04.) offerings and student resources. Canfield Pro-Dex, a surgical and medical Hills, Michigan, and provides clean imagined that 25 years later, she would Restaurant Group Inc., the Addison, Texas- is managing director of the private equity instrument manufacturing company and efficient technology solutions for be working for a nonprofit focusing on based parent company of the Pollo Tropical SMS Assist announced the promotion of firm GTCR in Chicago. headquartered in Irvine, California, has combustion, hybrid, and electric vehicles. venture financing and quality workforce and Taco Cabana restaurant brands. Marc Shiffman to president. Shiffman elected Nicholas Swenson chairman housing. She is currently vice president of joined the company almost nine years Royce & Associates has named Suzanne of its board. Swenson is founder, CEO, Satya Nadella, CEO of Redmond, finance and CFO of Madison Development ago and will continue to serve as CFO. Franks assistant portfolio manager. and portfolio manager of Groveland Washington-based technology giant Corporation, based in Madison, 1994 SMS Assist is a Chicago-based technology Royce & Associates is a small-cap equity Capital, an investment advisory firm Microsoft, was featured in a Bloomberg Wisconsin. “I thank Chicago Booth for the Barbara Angus has joined consultancy company providing multisite property specialist based in New York. Franks based in Minneapolis. article about his company’s partnership finance foundation that landed me here,” EY as global tax policy leader. Angus was management to Fortune 500 clients. has more than 20 years of experience in with the Cincinnati-based supermarket Wallhaus said. previously chief tax counsel for the House equity research, portfolio management, chain Kroger Co. The two companies Ways and Means Committee and played a and investment baking. are leveraging the cloud to expedite 1995: Celebrate your 25th Reunion 1997 key role in crafting the Republicans’ 2017 at Reconnect, April 23–25, 2020 TELA Bio Inc., a surgical reconstruction online order pickups and help customers 1998 tax-cut law. ChicagoBooth.edu/Reconnect Purple Innovation Inc. has named Joseph company based in Malvern, quickly navigate grocery-store aisles. Endurance International Group—a Megibow CEO. Purple Innovation is a Pennsylvania, announced that Nora Nadella was also recently featured in provider of cloud-based platform Kevin Burke was named a partner comfort technology company based in Brennan has joined the company as the New York Times for Microsoft’s $500 solutions headquartered in Burlington, at Victory Park Capital, a global 1995 Alpine, Utah. Most recently, Megibow CFO. Prior to joining TELA Bio, Brennan million pledge for affordable housing in Massachusetts—has appointed Manish alternative investment firm Curis Inc, a biotechnology company served as an independent consultant to served as CFO at Xeris Pharmaceuticals the Seattle area. Dalal managing director of Asia-Pacific. headquartered in Chicago. Burke joins based in Lexington, Massachusetts, has Advent International, a private equity firm Inc., a specialty pharmaceutical company Dalal will be based at the company’s the firm from the University of Notre appointed James E. Dentzer president headquartered in Boston. based in Chicago. Adis Vila has been appointed to the office in Mumbai, India. Most recently, Dame—a private research university and CEO. Previously, he served as the board of the Latino Corporate Directors Dalal served as vice president and general in Notre Dame, Indiana—where he company’s COO. The Chicago Tribune featured Michael The San Francisco–based investment Association, a Washington, DC-based manager for Verisign’s APAC business. spearheaded the launch of and served Osanloo in its article “These 10 People consulting firm Callan announced that organization that seeks to increase Headquartered in Reston, Virginia, as managing director of the Institute for Thomas M. Jardine has joined Trade Could Change Chicago’s Business World Petras Keliuotis joined the firm as Hispanic participation in board rooms Verisign specializes in domain names and Global Investing. Informatics as a managing director and in 2019.” Osanloo is the CEO of the executive vice president and head of the and promote a culture of inclusion. internet security.

78 Spring 2019 Chicago Booth Magazine Chicago Booth Magazine Spring 2019 79 CLASS NOTES Susan Rashid has established a new Patrick Perus (EXP-4) (See Mergers Chardan, a New York–based global endowed scholarship for Carbondale, and Acquisitions, page 74.) investment bank, has appointed Peter Illinois-based Southern Illinois Lang as managing director and head of University’s swim program. A former Tupperware Brands Corporation has health-care banking. Lang joins Chardan competitive swimmer, Rashid said, appointed Nicholas Poucher (EXP- from the London-headquartered financial “The athlete experience for me was as 4) to the newly created role of senior services company HSBC, where he served profound as the academic experience, vice president, business transformation. as managing director and head of North and swimming is a sport that has seen Poucher previously served as the America health-care investment banking cuts to the funding of scholarships and company’s senior vice president and and advisory. programs over the years. As a result, controller. Tupperware Brands provides those who have had success in their adult preparation, storage, and serving lives want to pay it back.” Rashid is owner solutions for the kitchen and home and is 2001 of Chicago-based SWR LLC, a business headquartered in Orlando, Florida. Boston Private Financial Holdings consultancy providing operations, Inc.—a Boston-based financial services finance, and HR support. Piotr Robak (EXP-4) (See Mergers and organization—has appointed Anthony Acquisitions, page 74.) DeChellis (EXP-6) as CEO. DeChellis Colliers International Group, a real estate will also serve as CEO of Boston Private services and investment management QMC Telecom International has appointed Bank & Trust Company, a wholly owned company based in Toronto, has named Ricardo Zubieta CFO. QMC provides banking subsidiary of the company that Dylan Taylor CEO of Colliers Real Estate wireless communications infrastructure provides integrated wealth management, Services. Previously, Taylor served as COO assets in Latin America and is headquartered trust, and private banking solutions. and president of Colliers International. in San Juan, Puerto Rico. Zubieta joins QMC DeChellis joins Boston Private from the from the London-based consumer and Jerusalem-based crowdfunding platform wholesale bank Barclays, where he served as OurCrowd, where he served as president. 1999 managing director of the global technology, RealPage Inc.—a global provider of media, and telecom group. The Tallahassee, Florida-based public software and data analytics to the real relations firm Sachs Media Group has estate industry based in Richardson, hired Katherine Maiorana as senior On September 21 and 22, 2018, the EXP-8 cohort celebrated its 15-year reunion. The event was organized by Paolo Tedone, Texas—announced the appointment 2000: Celebrate your 20th Reunion vice president of business development ’03 (EXP-8), and was very well attended—a great success. at Reconnect, April 23–25, 2020 of Tom Ernst as CFO, executive vice ChicagoBooth.edu/Reconnect and strategy. Previously, Maiorana served EXP-8 attendees included Silvio Angori, Sylvie Biragnet, Marc Blanxart Ribet, Alberto Candellero, Craig Comstock, president, and treasurer. Prior to joining as executive director of GolinHarris, a Robert Currie, Erik Dempsey, Xavier Dumans, Laurie Endsley, Hans Gabi, Rodney Gaines, Ludovica Grisi della Pie, RealPage, Ernst founded Tom Ernst public relations and communications firm Jurgen Hild, Marianne Hosni, Otto Huber, Philipp Klingenberg, Paulo Loureiro, Patricia Marcaida, Sergio Montaner Advisory, a strategic consultancy focused 2000 based in Chicago. Ferrer, Doris Mugrditchian, Carlos Olsen, Antoine de Paillerets, Darren Patterson, Daniele Pedrazzoli, Jan Pokorny, on the software industry. Nandan Amladi was named director of Stefan Riesen, Christian Schmitz, Urs Schneeweis, Tedone, Johanna Thornblad, and Stefano Zattarin. Justin Fier, ’03 Guggenheim Securities, the investment Erik Østergaard (EXP-6) has been (XP-72); Quynh Phan, former marketing and admissions director; and Ronen Israel, a former Booth professor, were also The Waunakee Tribune, a weekly newspaper banking and capital markets division of bestowed the Knight’s Cross 1st class in attendance. in Waunakee, Wisconsin, recently profiled Guggenheim Partners, a global investment of the Order of Dannebrog by Queen Gina Hecht about her burgeoning art and advisory financial services firm Margrethe II of Denmark; in 2004, he was career and upcoming exhibitions. Before headquartered in Chicago and New York. awarded a Knight’s Cross. The Knight’s ’94, MBA ’03 (XP-72), in an article about at Rothschild Global Advisory, a financial turning to painting, Hecht worked in the Most recently, Amladi was a senior analyst Cross is awarded for meritorious civil 2003 his plans as the developer of Englewood holding company based in Paris. financial industry and at the Northbrook, at Deutsche Bank, an investment bank and or military service, contribution to the EXP-8 reunion (See photo, above.) Square in Chicago to bring a data center to Illinois-based food and beverage company financial services company headquartered arts, sciences, or business life, or to those the Whole Foods–anchored project. “We’re Sam Westelman (AXP-1) has been Kraft Foods. in Frankfurt, Germany. working for Danish interests. Østergaard The Singapore-headquartered global air bringing technology and innovation to appointed agent growth manager for the is the CEO of the trade organization transportation company Singapore Airlines support Englewood Square, which is the Eastern US for Opendoor, a company Jean-Marc Kohlgruber (EXP-4) (See Alliant Energy Corp. has named JP Danish Transport and Logistics, based in has appointed Swee Chen Goh (AXP-2) to future,” Huffman said in the article. based in San Francisco trying to simplify Mergers and Acquisitions, page 74.) Brummond vice president of business Copenhagen, Denmark. its board as an independent director, effective the process of buying, selling, and trading planning. Brummond has been with January 1. Goh is chairman of the energy Comfort Systems USA Inc., a Houston-based in homes. Westelman and his wife, Jean, Jeff Kukowski (EXP-4) (See Mergers Alliant Energy since 2002, holding Sumit Roy has been promoted to CEO company Shell Companies in Singapore. provider of business solutions addressing are “newly minted empty nesters,” with and Acquisitions, page 74.) leadership positions in corporate strategy, of Realty Income Corp., a real estate workplace comfort, has appointed Pablo their daughter, Samantha, graduating energy markets, generation, and field investment company based in San Diego. Justin Fier (XP-72) (See photo, above.) Mercado to its board of directors. Mercado Oberlin College and son, Matt, enlisting Roland Loetscher (EXP-4) (See operations. Alliant Energy is a Midwest Roy previously served as the company’s currently serves as senior vice president in the Army National Guard ahead of his Mergers and Acquisitions, page 74.) energy company headquartered in president and COO. The Nashville, Tennessee-based musical and CFO of Forum Energy Technologies enrollment at Texas A&M University. Madison, Wisconsin. instrument manufacturer Gibson Brands Inc., a global oilfield products company PCTEL Inc. has appointed Kevin Inc. has appointed Cesar Gueikian as headquartered in Houston. McGowan CFO and vice president. Lori Kaiser (XP-69) recently joined the 2002 chief merchant officer. Gueikian joins 2004 McGowan previously served as vice board of Capitol Series Trust. Kaiser is SomerCor, a Chicago-based SBA the company after a 20-year career as an Vikas Sehgal has joined the board of Chris Hill (See Jeff Wilcoxon, ’04.) president, finance and corporate CEO and founder of Kaiser Consulting, lender, announced the appointment entrepreneur and financier. directors for Cyient Limited, a global controller for the company. PCTEL delivers a provider of financial and information of Brian Comiskey as executive vice provider of engineering, manufacturing, Srini Mirmira has been promoted to performance critical telecom solutions and technology consulting services based in president and chief lending officer. The weekly newspaper Crain’s Chicago geospatial, network, and operations president of Blue Ridge Networks, a is based in Bloomingdale, Illinois. Powell, Ohio. Kaiser also teaches in the Most recently, Comiskey was vice Business featured Craig Huffman, AM management services based in Hyderabad, cybersecurity company based in Chantilly, MBA program at Ohio State University’s president, senior relationship manager India. Sehgal is executive vice chairman for Virginia. Previously, Mirmira served as Rick Mordesovich (XP-68, EXP-4) Fisher College of Business, based in at Growth Corp, an SBA lender based in Send us your news: the South and Southeast Asian region and the company’s senior vice president of (See Mergers and Acquisitions, page 74.) Columbus, Ohio. Springfield, Illinois. [email protected] global head of the automotive sector cybersecurity solutions.

80 Spring 2019 Chicago Booth Magazine Chicago Booth Magazine Spring 2019 81 CLASS NOTES The Naperville, Illinois-based professional 2007 2009 JanetJanet YYangang hhasas services firmfirm SikichSikich hashas hired RyanRyan SSpohnpohn Break Out Consulting Asia’s founder Shan Saeed ((AXP-8)AXP-8) waswas featured in been named CFO,CFO, asas CFO. Prior to joining Sikich,Sikich, SpohnSpohn was and chief experience officer, Kevin tthehe Malaysian Reservee givinggiving his take thethe international CFO for InnerWorkings, Kan (AXP-6), was named one of oonn Bank Negara Malaysia’sMalaysia’s foreign- executiveexecutive vicevice a Chicago-basedChicago-based marketingmarketing execution CHRO Asia’s “101 Top Global Coaching eexchangexchange measures to enhance the servicesservices company. Leaders,” a recognition of recipients’ oonshorenshore financial market. Saeed is chief president,president, and professional achievement and leadership eeconomistconomist and investment strategist at principal accounting in the human resources industry. IIQIQI Group Holdings, a global real estate 2011 Kan has a professional certified coach aandnd investment advisory agency based in officer of W&T Great RockRock CapitaCapitall hhasas namenamedd JamesJames accreditation from the International KKualauala Lumpur, Malaysia. Offshore Inc. CliCliftonfton managing director of originations. Coach Federation, and is a qualified Great RocRockk CapitaCapitall is an assetasset-- chartered accountant and CPA. Peter Washington (See(See Mergers anandd ffocusedocused commercial finance company AAcquisitions,cquisitions, page 74.74.)) hheadquarteredeadquartered in Westport, Connecticut. CliCliftonfton joins Great Rock Capital ffromrom 2008 Joyce J. Shen, AB ’06, MBA ’10, has WiWilmington,lmington, Delaware-headquarteredDelaware-headquartered Alain Bouichou (EXP-13) (See 22010:010: Celebrate your 10th ReunioReunionn pupublishedblished a bbookook calledcalled From TaTalkinglking PNC Bank, National Association, where he aatt Reconnect, April 23–25, 20202020 photo, this page.) ChicagoBooth.edu/Reconnect ttoo Doing: A Short Guide to Corporate sservederved as senior vice president. IInnovationnnovation Success ((2018).2018). The bookbook Vera Calasan (EXP-13) (See photo, offers a firsthand experience in building Ben Kovler, cofounder of the annual this page.) 2010 successful innovation proprojectsjects in investment conference/fundraisingconference/fundraising event LiqTech International, a clean- organizations. FifteenFifteen percent ofof proceeds Invest for Kids, has helpedhelped launch a newnew Matthias de Ferrieres de Sauvebeuf technologtechnologyy companycompany headquartered in ffromrom the book will go directly to support programprogram called EmerEmerge,ge, which offers paid (AXP-7) is CEO and founder of Stark Ballerup,Ballerup, Denmark, has aappointedppointed JoelJoel New York City–based education nonprofitnonprofit summersummer internships to college students Group Private Limited, an insurtech GGayay ((XP-79)XP-79) to its board ofof directors. SSEOEO (Seizing Every Opportunity). Shen is fromfrom low-income families. Kovler and the company based in Singapore. He is also GayGay most recentrecentlyly servedserved as presidentpresident investment director and operating partner Emerge program were recentlyrecently featured the founder of Insurance Republic, an and CEO of EnergyEnergy Recovery,Recovery, an at TenTenforefore HoldinHoldingsgs and lectures on data in the weeklyweekly newspaper Crain’sCrain’s Chicago The class of 2008 EXP-13 cohort reunited in Lisbon, Portugal, for an awesome independent innovation lab, and my- energyenergy solutions provider based in San science at the University ofof CaliforniaCalifornia at Business.Business. Kovler also serves as founder,founder, weekend. Attendees included Alain Bouichou, Vera Calasan, Alain Deza, insurer, a digital solution for insurance Leandro, California. BerkeleBerkeleyy School ofof Information.Information. CEO, and chairman ofof the Chicago-based Andrew Irvine, Karen Pleva, Zsuzsanna Recsey, and Lydie Roux. intermediaries. The three startups are based in Singapore. Chicago-based Bobtail Ice Cream The government of India has Company was acquired by Columbus, appointed Krishnamurthy Alain Deza (EXP-13) (See photo, this Ohio-based Johnson’s Real Ice Cream. Subramanian, MBA ’05, PhD page.) Jeff Wilcoxon launched Bobtail in ’05, chief economic advisor for a 2004 with cofounder Chris Hill, ’04, three-year tenure with the Ministry Andrew Irvine (EXP-13) (See photo, and mentor and Chicago-based investor of Finance, headquartered in New this page.) Keep in Touch with Chicago Booth John Rutledge, ’94 (XP-63), founder, Delhi. Subramanian is an associate president, and CEO of Oxford Capital professor of finance at the Indian Karen Pleva (EXP-13) (See photo, Group. Bobtail began after it found success School of Business, a private school this page.) We want to hear from you! Here are three ways to stay engaged in the Edward L. Kaplan, ’71, New Venture with campuses in Hyderabad, India, with your global alumni community of 53,000-plus Boothies. Challenge. Johnson’s Real Ice Cream is and Mohali, India. Zsuzsanna Recsey (EXP-13) (See a fourth-generation family brand that photo, this page.) was founded in 1950 by Jeff Wilcoxon’s grandfather. Wilcoxon will continue in his 2006 Lydie Roux (EXP-13) (See photo, role as co-owner and CFO of Johnson’s. Under CEO and founder Brian Kasal this page.) (XP-75), FourStar Wealth Advisors LLC was ranked a top 10 advisory firm in Janet Yang has been named CFO, 2005: Celebrate your 15th Reunion Chicago for the third year in a row by executive vice president, and principal at Reconnect, April 23–25, 2020 ChicagoBooth.edu/Reconnect AdvisoryHQ for its comprehensive and accounting officer of W&T Offshore dynamic philosophy. Inc., an independent oil and natural gas producer headquartered in Houston. SUBMIT A CLASS NOTE MAKE CONNECTIONS UPDATE YOUR INFORMATION 2005 Liqian Ren, MBA ’06, PhD ’06, has Yang had been serving as acting CFO Jonathan Roumel has been named COO joined WisdomTree Investments Inc., since August 2018. Prior to that, she Share your career and life updates with Sign up to be a class correspondent Log in to the Community Directory of Spruce Finance, an owner and operator an exchange-traded fund and exchange- served as the company’s vice president your classmates in the Class Notes and collect news and updates from to update your profile and of distributed generation solar and traded product sponsor and asset of corporate and business development. section of Chicago Booth Magazine. your fellow classmates. search for others. residential energy assets headquartered manager based in New York, as director of in Houston. Roumel also serves as COO modern alpha. Ren comes to WisdomTree Email [email protected] Email [email protected] Visit community.ChicagoBooth.edu and president of Houston-based Energy from Vanguard, an investment Service Experts, a Spruce Finance management company headquartered Liqian Ren joined company that provides residential energy in Valley Forge, Pennsylvania, where WisdomTree servicing solutions for the solar and she served as portfolio manager in the energy efficiency fields. quantitative equity group. Investments Inc.

82 Spring 2019 Chicago Booth Magazine CLASS NOTES medical marijuana company Green Andreas Stocker has been promoted Thumb Industries. to partner at Roland Berger, a global Andreas Stocker was strategy consulting firm headquartered promoted to partner Titus Phoro has been named in Munich. Stocker joined Roland Berger director of Stifel Financial Corp., a in 2006. at Roland Berger, financial services holding company a global strategy headquartered in St. Louis. Phoro Grotech Ventures, an investor in high- will lead the company’s West Coast potential technology companies that’s consulting firm. efforts in San Francisco. He joins the based in Vienna, Virginia, announced company from JMP Securities LLC, that Julia Taxin has been promoted to an investment banking and asset partner. Taxin joined the firm in 2012, after-school programming consisting management firm headquartered in and recently led its investments in of music education, performance, and San Francisco, where he served as a Backbone PLM and the Mom Project. mentoring to middle-school students. director in the health-care investment In fall 2018 Guitars Over Guns R.I.S.E. banking group. (GOGO R.I.S.E.) was launched, a 2013 program that focuses on mentoring Clifford John Przybyl has been Battery Ventures, a Boston-based high-school students across Chicago appointed chief strategy officer at investment firm focused on innovation who have participated in GOGO. Snapsheet, a provider of virtual claims and technology, has promoted Sanjiv Shelley Gupta is board president of solutions based in Chicago. Przybyl, Kalevar to principal. Kalevar joined GOGO R.I.S.E. who cofounded Snapsheet, formerly Battery Ventures in 2013 and previously served as the company’s president. served as vice president. Kevin Huberty has been appointed vice president of Chicago-based Sargent Ron Rolph (See Mergers and & Lundy, a professional services Acquisitions, page 74.) 2014 provider for the electric power industry. Drew Hoffman (See Mergers and Huberty has been with Sargent & Lundy Acquisitions, page 74.) since 2002 and continues to serve as a 2012 project director for its nuclear power Maria Pilar Dañobeitía Estades Lindsay Hoffman (See Mergers and business in Chicago. (XP-81) has been named president Acquisitions, page 74.) of SMU, a Chilean food retail operator Matt Quigley announced he’s running based in Las Condes, Chile. Previously, Victory Park Capital, a Chicago-based for Congress in 2020 in Illinois’s she served as vice president. investment firm, has appointed Joshua Fourteenth Congressional District. Platek as vice president and to serve Quigley is cofounder and COO of Deziner Daniel Dorman has been named as cofounder of the insurance services Software, a computer software company a senior ESG research analyst at platform. Platek joins Victory Park Capital based in Naperville, Illinois. Calvert Research and Management, from EquiTrust Life Insurance Company, an investment services company and a Chicago-headquartered provider of life Christian Wolff (EXP-21) (See subsidiary of Eaton Vance Management insurance and annuity products, where Mergers and Acquisitions, page 74.) based in Washington, DC. Previously, he served as a vice president. Dorman served as a senior advisor at the US Department of the Treasury, Katia Radermacher (née Ribarova) 2017 the executive agency responsible (See Mergers and Acquisitions, page 75.) Rob Calice (See Mergers and for the nation’s economic prosperity Acquisitions, page 74.) and financial security, located in Washington, DC. 2015: Celebrate your 5th Reunion at Reconnect, April 23–25, 2020 ChicagoBooth.edu/Reconnect 2018 William Aubin (See Mergers and Acquisitions, page 75.) Maureen 2015 MPE Partners, a Cleveland- and Boston- The global alternatives firm 50 Wilkie has based private equity firm, has promoted South Capital Advisors, a subsidiary Capitalism is the engine of prosperity. been named Charles Rossetti to principal. Rossetti of Northern Trust Corporation, previously served as a director of the has named Maureen Wilkie vice Capitalism sows the seeds of its own demise. vice president firm’s B&E Group and United Pipe & Steel. president. Wilkie has previously worked in investment banking groups Could both be right? of global at New York–based Citigroup and alternatives 2016 Chicago-based Citadel Securities. Join Chicago Booth’s Luigi Zingales and Georgetown’s Kate Waldock for Capitalisn’t, Guitars Over Guns is an organization firm 50 seeking to curb violence by providing the 2019: Celebrate your 1st Reunion a biweekly podcast exploring what’s working, and what isn’t, about capitalism today. youth of Chicago with productive options South Capital at Reconnect, April 23–25, 2020 for creative expression. It employs local ChicagoBooth.edu/Reconnect Advisors. professional musicians to provide formal Subscribe through Apple Podcasts, or stream the latest episodes at Review.ChicagoBooth.edu/Capitalisnt or Capitalisnt.com. 84 Spring 2019 Chicago Booth Magazine WinterSeason 2018/19 2019 Chicago Booth Review 5 THE BOOK OF BOOTH A Rex Sinquefield, ’72 FUEL YOUR CURIOSITY OVER The cofounder of Dimensional Fund Advisors discusses giving back to Booth, MORNING COFFEE creating the first index fund, and his passion for chess. BY DEBORAH ZIFF SORIANO Explore bold stories of Booth alumni around the globe—on-the-go—with the mobile-friendly Chicago Booth Magazine website.

How did classes you took Why was it important to Raised in a Catholic You met your wife, Jeanne from Nobel laureates you to support endowed orphanage in St. Louis, Rex Sinquefield, PhD ’72 Merton Miller and Eugene chairs for Miller; James Sinquefield, ’72, rose from (Demography), MBA F. Fama, MBA ’64, PhD ’64, Lorie, PhD ’47; Myron his humble beginnings ’79, when you were both influence you? Scholes, MBA ’64, PhD ’70; to pioneer the first index students at the University In the first five minutes of and Fama? funds in the 1970s, and then of Chicago. How? the first class with Merton They were certainly deserving cofounded Dimensional We met in judo club. She Miller, Business 301—it was individuals. They’d done a lot Fund Advisors with David was finishing up her PhD macroeconomics—he talked for the field of finance, and Booth, ’71, in 1981. in sociology. She was a

about the [inherent] efficiency I, of course, benefited from In his retirement years third-degree brown belt. I AM of markets. I listened to that them enormously. My whole he’s developed a vast and had been doing judo since chicagobooth.edu/magazine and it was like an epiphany. I career was influenced by what varied portfolio of political I was in the Army. For two said, “It’s got to be true.” All the they did. None of what I did and philanthropic causes, years we were commuting to crazy, fluctuating prices: this would have happened without especially in his home Jakarta from Chicago while is the ordering principle. And that education—without being state of Missouri, and is she conducted research in then I took three courses from at Chicago at exactly the right credited with driving a Indonesia. After that, she Fama because he was teaching time. There’s a lot to be said chess renaissance in the didn’t want to go back into about finance and portfolio for dumb luck. United States. demography, so she decided theory. I took everything from to get an MBA. him that I could. You’ve created a world- How did that inspire you to class chess club and create the first index fund? educational center in It was almost directly causal. I St. Louis, even getting decided that I wanted to work the attention of HBO’s in investments. I interviewed Real Sports with Bryant with the five largest banks in Gumbel, which featured Chicago and two or three of you in a segment last the largest banks in both New year. When did you start York and Los Angeles. I got playing and what attracts rejected by all of them. But you to the game? one bank, American National I learned at 13. My Uncle Bank of Chicago, hired me Fred taught me. I beat into the trust department. I him the second game we quickly talked my way into played. I always felt a little portfolio management and badly about that. It’s just then proposed to the bank beautiful. There’s sort of that they start an S&P index a mathematical precision fund. Over the summer of and beauty to it. We have 1973, I had to show them a big program bringing that we could, in fact, form a chess into 140 schools portfolio that exactly replicated here through the St. Louis the performance of the S&P Chess Club. We have three without buying all 500 stocks. economists continually So, in September 1973, we evaluating what we’re doing, converted two existing funds and they see enormous into S&P index funds. And they cognitive benefits and were, it’s fairly safe to say, the changes in the attitudes of first two on the planet. Actually, kids toward school. It’s just

the first two in the galaxy. a real boost for these kids. ) ILLUSTRATION BY GREG BETZA Find us at ChicagoBooth.edu/magazine 86 Spring 2019 Chicago Booth Magazine Nonprofit Organization U.S. Postage P A I D The University of Chicago Twin Cities, MN Booth School of Business Permit No. 4444 5807 S. Woodlawn Ave. Change Service Requested Chicago, IL 60637

S “Managers should think of machine learning more as a calculator and less as a competitor. You can use ML as a decision aid, and it can get things you don’t want to do off your plate.” Diag Davenport, PhD candidate PAGE 10

F “It’s the combination of not only being able to see the future that you want to create, but also being able to bring people into that vision to create it with you.” Professor Waverly Deutsch PAGE 30

A “Everywhere I go in Africa, I’m always amazed by the young people and their entrepreneurial mind-set. I have a passion for getting people connected.” Adja Diakité, ’18 (EXP-23) PAGE 38