THE GIFT of TRANSFORMATION Kevin Chou, BS 02, and His Wife, Dr

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THE MAGAZINE OF THE HAAS SCHOOL OF BUSINESS AT THE UNIVERSITY OF CALIFORNIA, BERKELEY University of California, Berkeley Nonprofit Organization Haas School of Business U.S. Postage 545 Student Services #1900 Paid Berkeley, CA 94720-1900 University of California, Berkeley

BerkeleyHaasSpring 2017 8 MODELING PORTFOLIOS 10 GENDER EQUALITY 18 COMMUNITY DRIVEN Prof. Nicolae Gârleanu’s work on financial Prof. Laura Tyson’s UN report argues for Founding donors who led the way for Haas’ models help investors build optimal portfolios inclusive economic growth new building to be privately funded

THE GIFT OF TRANSFORMATION Kevin Chou, BS 02, and his wife, Dr. Connie Chen, donate up to $25 million to Berkeley-Haas to inspire student entrepreneurs and young philanthropists. Question the Status Quo

Confidence Without Attitude Spring 2017 EXECUTIVE EDITOR FEATURES AND DEPARTMENTS The New Building Issue Ute Frey Students Always UP FRONT MANAGING EDITOR Beyond Yourself Amy Marcott DESIGN Cuttriss & Hambleton, Berkeley

Berkeley-Haas alumni enjoy 30% off STAFF WRITERS Laura Counts, Valerie Gilbert, their first open-enrollment program Kim Girard, Pamela Tom

Alvaro Silberstein, MBA 17 then 15% off every program thereafter CONTRIBUTING WRITERS Charles Cooper, Krysten 2 Haas List Crawford, Andrew Faught, Student navigates Patagonia Kate Madden Yee, Mike Rosen, in wheelchair Sam Zuckerman Upcoming Programs 4 Haas News Haas initiative creates Smart PHOTOGRAPHY Villages in India Noah Berger, Jim Block, Karl Nielsen, Pedro Paredes-Haz 6 Power of Ideas How GPS data can help mobile ILLUSTRATORS marketers prosper Davide Bonazzi, Rob Dobi, 8 Power of Ideas Jeff Stikeman Helping investors build optimal investment portfolios BerkeleyHaas magazine is published by the Haas School IN THE BACK of Business, University of California, Berkeley. For further information, contact: BerkeleyHaas Magazine Editor Haas School of Business In recognition of a donation from Kabam co-founder Kevin Chou, BS 02, and his wife, Dr. Connie Chen University of California Berkeley, (above), Berkeley-Haas will name its new building Connie & Kevin Chou Hall. Theirs is the largest CA 94720-1900 personal gift to UC Berkeley by an alum under the age of 40. Page 12 [email protected]

BerkeleyHaas Spring 2017, Number 94. Catherine Atzen, BCEMBA 07 10 What’s Blocking Gender For change of address, email 20 Haas Network [email protected]. Equality? Alumni from ATZEN, BlackRock, The Berkeley Executive Financial Acumen for Leaders A UN report co-authored by Haas Prof. Laura Tyson offers a business case Houzz, Poshmark, and Back to for inclusive economic growth. the Roots Leadership Program May 8–12, 2017 24 Worldwide Events May 1–5, 2017 Panos N. Patatoukas, Haas associate professor, named a Top The Haas Gala showcases Faculty Director: Maura O’Neill, Haas distinguished teaching 10 Business School Professor Under 40 by Fortune, two-time 12 The Gift of Transformation inspiring alumni Cheit Award for excellence in teaching fellow, 2-time Cheit Award for excellence in teaching, serial Building donors Kevin Chou, BS 02, and Dr. Connie Chen want their 26 Connections entrepreneur, former Presidential appointee as chief innovation Ideal For: Both non-financial and financial executives who gift to honor the public mission of UC Berkeley and to provide educational Alumni Forums allow for officer/USAID need to deepen their knowledge of financial information access to all students. professional, personal growth Ideal For: Senior executives who want to expand their leadership analysis when making strategic decisions that significantly 28 Accolades capabilities to drive growth, performance & awesome culture. impact the company’s performance. 18 Community Driven 28 Alumni Notes The vision of Ned Spieker, BS 66, made Haas’ new building a reality. He is one 35 In Memoriam of five founding donors who led the way for it to be completely privately funded. 36 Personal View Lisen Stromberg, MBA 91, on Find the right opportunity for you and your team why the economy depends on helping parents thrive executive.berkeley.edu Cover photo: Noah Berger CONTACT: +1.510.642.9167 Spring 2017 1 Haas List

Collaborations Students M.E.T. Takes Off There’s strong Wheeling 5 interest in the Alumni PHOTO: JIM BLOCK PHOTO: new Management, En- the World 2Hiring Trends trepreneurship, & Tech- nology (M.E.T.) Program Alvaro Silberstein, MBA 17, who was Technology, consulting, Benefits & Services that will allow admitted and finance remained partially paralyzed by a drunk driver at undergrads the top three career Claim Your to earn age 19, doesn’t let a wheelchair hinder fields for the Full-time Address!4 degrees in his mobility. In December, the Chile Berkeley MBA Class of both en- 2016, with a notable Using a Berkeley email native successfully navigated the rocky gineering tripling of positions in address carries a certain and busi- terrain of Patagonia’s Torres del Paine consumer packaged cachet, which is why ness over National Park with a support team that Alumni Research goods and retail. About so many Haas alumni 8 four years. 90 percent of the 245 use email forwarding. Marjorie included experienced mountaineers, In the first graduates reported that That service is getting DeGraca, BS 87 disability experts, and fellow student application Performance they had accepted job an upgrade, so to keep season, over 2,000 stu- Matan Sela, MBA 17. Silberstein’s crew offers within three it going (or to initiate dents applied for 50 spots. used the handles and harness of a special months of graduation. it), you need to claim Seating Manbassador leads Patrick Ford and The career goals of those Pay was strong with an your @berkeley.edu trekking wheelchair (like one used to If you want to increase your productivity, where you sit Mike Matheson (third from left) with admitted range from en- average salary of email account with free matters, says research by Dylan Minor, PhD 11. Minor, Women in Leadership (WIL) Conference trepreneurship to finance reach base camp at Mt. Everest) to help Co-Chairs Shipra Agarwal and Chiaki $122,488, a median storage and calendaring. an assistant professor at the Kellogg School of to tech careers. Marjorie him traverse steep inclines. Silberstein Nakajima, all MBA 17s salary of $125,000, and Alumni email addresses Management, and his co-author, Jason Corsello, DeGraca, BS 87, has been an average sign-on ending in mba.berkeley. started the nonprofit Wheel the World analyzed two years’ worth of data on more than 2,000 named the program’s bonus of $24,777. edu, haasalum.berkeley. employees of a large global tech company. They looked inaugural executive di- to raise money for the $8,000 wheel- Thirty-nine percent of the edu, and alumni.haas. at floor plans over time and broke worker performance rector. DeGraca launched chair. He then left it behind for the next class accepted technology org will now be managed into three metrics: productivity, effectiveness, and the Berkeley-Columbia Diversity jobs, with Google, Adobe, through this @berkeley adventurer and it’s already been used. quality. They found that replacing an average Executive MBA Program Facebook, and Amazon account. Learn more at Next trip? Easter Island. Watch Silber- performer with one who’s twice as productive results in and the Berkeley MBA for the top employers. haasalumni.org/email. neighboring workers increasing their own productivity Executives Program and stein discuss his training: haas.org/ by about 10 percent. Pairing opposite strengths was Manbassadors led evening and weekend patagonia-trek. the best seating arrangement. Those who favor speed and executive MBA ad- over quality had a 17 percent gain in effectiveness missions for 16 years. (fewer unresolved tasks) when sitting next to those Advance who produced superior work slowly. Likewise, slow but quality workers sped up by 13 percent when paired Pop Culture with speedy types. Learn more in the Harvard Business Feminism Haas on Review article: haas.org/dylan-minor. A group of men at Berkeley-Haas is working to ensure that TV gender equity is high on the consciousness of male leaders. The Legendary Awards 6 NBA all-star Haas “manbassadors,” led by Patrick Ford and Mike Matheson, and commentator Bill Honoring Obama MBA 17s, through the Women in Leadership (WIL) Club, have Walton gave Berkeley- President Barack Obama involved about a third of full-time MBA men in programming Haas a shout-out 9 was honored by Berkeley- during the televised Cal Haas as a global open-innovation that creates opportunities for self-education and personal Faculty 3 men’s basketball game Alvaro Silberstein, leader during the World Open Innova- growth around gender equity at Haas and beyond. Activities against Oregon in Febru- MBA 17, trekking tion Conference in Barcelona. The Building Influence ary. Not only did Walton Patagonia via Garwood Center for Corporate include Guy Talk, a regular, nonjudgmental meeting for men to The “father of open innovation” Henry Chesbrough, wear a Defining Principles wheelchair Innovation gives the award, which share ideas and learn. One session had women answering PhD 97, has another accolade to add to his long list of T-shirt while broadcast- recognizes a global leader who uses accomplishments: a building named for him in Pivot ing, he focused his “Wal- open innovation to create significant change. Obama, questions about their experiences with sexual harassment. Park, an open innovation life sciences campus in Oss, ton’s World” in-game seg- who accepted the award in absentia, was selected Ford also wrote a guide and sends weekly emails pointing out Netherlands, that houses some three dozen compa- ment on the Haas family’s for numerous achievements, among them the nies. Chesbrough, the faculty director of the Garwood many contributions to Next-Generation Hubs Program, which provides unintentional behavior patterns most men share. The man- Center for Corporate Innovation, was honored because Berkeley, including their online tools to entrepreneurs to start a business bassador leaders are reaching out to other b-schools to find he inspires how science and entrepreneurship can endowment of the “oldest in a single day, and the Smart Cities initiative, which ways to collaborate, and Assoc. Adj. Prof. Kellie McElhaney is stimulate one another. The other campus buildings are public business school in PEDRO PAREDES-HAZ promotes collaboration among some 20 cities to help named for Alfred Nobel, two Nobelists, and a pioneer the entire country, home communities tackle issues such as traffic congestion, PHOTO: PETE SOUZA, THE OBAMA-BIDEN TRANSITION PROJECT, TRANSITION PROJECT, THE OBAMA-BIDEN PETE SOUZA, PHOTO: VIA WIKIMEDIA COMMONS using their materials in her corporate consulting work. in the field of cell biology and microbiology. to two Nobel Laureates.” PHOTO: crime, and economic growth.

2 BerkeleyHaas Spring 2017 3 Up Front Up Front Haas News

BY THE NUMBERS residents received connectivity and DEAN’S LETTER high-speed infrastructure provided by Lifelong government authorities and the nearly World Class Learning two dozen major Silicon Valley Firms that Immersive program expands Berkeley-Haas’ Haas provides alumni participated in the Scalable Smart Village global reach a mix of digital and Initiative with the Garwood Center. in-person access to Now fully connected, Mori has also A new study-abroad program will bring top students the school’s thought moved to cashless transactions and is from around the globe to Berkeley-Haas each year to leadership. Here, a look at the first Indian village to ever have study business and entrepreneurship, connect with Bay last year's numbers. access to healthcare in the cloud. Mori Area companies, and experience life in the Bay Area. craftsmen can now take pictures on The Berkeley-Haas Global Access Program (BHGAP), a their smartphones and display their non-degree program launching this fall in partnership products online, allowing customers to with UC Berkeley Extension and universities worldwide, 3,500 directly buy the merchandise. This will provide a one- or two-semester immersive Views on our Alumni bypasses the antiquated system where experience for both undergraduate- and graduate-level Conference curated international students. The Smart Village accelerator offers training and loans to budding en- brokers took most of the profits. playlists “So instead of selling a handmade sari for $1, they “We have this unique content that can develop trepreneurs, such as weaver Narasimha Murthy (right), who can now innovative, entrepreneurial leaders across the world,” sell his saris online. Smart Village Fellow Shreya Evani (left) trains him. are now able to sell it for $100,” says Darwin. Similarly, Mori’s shrimp farmers are using the says Adam Berman, BS 85, executive director of emerging initiatives at Berkeley-Haas and head of the Internet to handle everything from seed supply to the BERGER NOAH PHOTO: 6,600 sale of stock, helping them increase profits. Sensors new program. “Why not make Haas available to top Unique visitors to video students everywhere?” Dean Lyons with donors Dr. Connie Chen and Kevin Chou, BS 02, at the dedication of Connie & Kevin also let the farmers measure pH and temperature Chou Hall. content on Haas Insights Smart Village All BHGAP students take three business courses levels so they can treat the water in a timely fashion (insights.haasalumni.org) Berkeley-Haas transforms India’s poor and protect the shrimp. held privately for them at Haas, as well as an elective villages through Open Innovation initiatives Darwin says the success in Mori is a direct result of from another department on campus with other Open Innovation, based on the work of Haas’ Henry matriculating students. The curriculum, portions of Pathways to Opportunity Sometimes, it really does take a which are being piloted to a hundred Berkeley The power of our undergraduate program and its alumni 60 village. Chesbrough, faculty director of the Garwood Center. The Mori Smart Village Initiative business case was international students this spring, includes some of Average number of For the past half year, the In this issue, we celebrate the naming of our new building, Connie & Kevin Chou published by California Management Review and the school’s most popular business classes: Problem participants in our series government of Andhra Pradesh, India, Finding, Problem Solving; High Technology Marketing; Hall, in recognition of the extraordinary gift made by Kevin Chou, BS 02, and on developing leadership has commissioned Berkeley-Haas to distributed by Harvard Business Review. The project his wife, Dr. Connie Chen, to expand our campus. Their gift of up to $25 million, was also featured at the United Nations in March. and Entrepreneurship Workshop for Startups. BHGAP capabilities (taught by develop a scalable prototype for a students are also offered visits to Silicon Valley the largest in UC Berkeley history by an alum under age 40, demonstrates the Cameron Anderson, Mori’s transformation has ignited a surge of interest smart village. The goal: to provide companies, career coaching, cohort lunches, changing nature of philanthropy. I’m so proud to see younger alumni giving back Don Moore, and Alison from other villages. In Phase II, 456 were chosen by the as soon as they are able. poor villages in India with technology professional development workshops, and networking Bloomfield Meyer, MBA 11) Chief Minister to become Smart Villages. Darwin says As our feature stories illustrate, undergraduate alumni are crucial to the con- and offer residents commercial and opportunities to connect with our undergraduate and Solomon Darwin, educational opportunities to help the scalability of the idea leaves him excited for the tinued success of Berkeley-Haas. Of the nine gifts of $5 million or more that the Smart Village MBA students. them compete in the global digital future of his native country. Haas School has received in its history—including four other core gifts to our Initiative architect The idea, says Berman, is to enhance Haas’ global economy to overcome poverty. The “This is going to empower people and change their new building from Haas alums Ned Spieker, BS 66; Bob O’Donnell, BS 65, MBA 66; lives,” says Darwin, who lived in Mori until age 16, when reputation and generate net revenue for the school. Barclay Simpson, BS 43; and Cal alum Doug Goldman, BA 74—eight of those 24 project is led by Solomon Darwin, executive director of Sixty to 120 students will start in the fall, with a target Faculty featured at the Garwood Center for Corporate Innovation at Haas. his family left for the U.S. “I didn’t have clothes until I gifts were principally connected to undergraduate alumni. signature and regional was 10,” he says. “The school where I studied had a dirt of 180 to 240 students per semester in coming years. Indeed, the very history of Berkeley-Haas began with the undergraduate The prototype concept was put into practice in events (topics included floor and we had to write in the sand.” Learn more: haas.org/bh-gap. program. Too much opportunity faced California at the close of the 19th century the agricultural village of Mori, located along India’s real estate, energy, The Mori of his childhood no longer exists. “The not to have a business degree and thus the second oldest business school in the negotiation, and the southeastern coast. The village’s approximately 7,000 village has been transformed,” he says. country was born. Founding documents pointed, as well, to the program being economy) Asia-facing. We’ve always been progressive. These days, that means finding new ways to Feedback from Our Readers expand our undergraduate offerings. One example: the Management, Entrepre- neurship, & Technology (M.E.T.) program, a partnership with our College of Engineering that allows undergrads to earn two bachelor’s degrees in four years. 73 I want to say THANK YOU to moved up through various international management We received thousands of applications in this first admissions cycle, and M.E.T. Average Net Promoter Berkeley-Haas on the occasion of positions at IBM USA and IBM Europe during some Score for live digital is a model we’re looking to extend in the future with other colleges on campus. my 40th reunion. I remain ever three decades. For sure I could never have done this sessions with faculty and Recently, a three-member accreditation panel visited our school and raved grateful for the fantastic opportu- without Haas’ excellent education. alumni thought leaders about the strength of our undergrad program, and I couldn’t agree more. Only nity to receive an outstanding Today, I would strongly recommend that young people a few of the top business schools have undergraduate business programs, and education, which in those years seek first-class business education, endorse corporate at #2 (U.S. News), only one private, Wharton, tracks above us. Let’s continue was unavailable in Europe, responsibility, abide by human rights and values, respect enhancing it together. especially for young ladies. My and promote the Defining Principles, and at some point 239 Sincerely Yours, Alumni currently MBA proved to be invaluable give back to Haas. Looking towards the future and enrolled in the MBA and most effective in opening new doors and new wishing continued success to Haas! Audit program business horizons. Catherine A. Gambotto-Palermo, MBA 76 Currently an independent non-executive board Lausanne, Switzerland director and co-founder and CEO of a nonprofit Tell us what you think about this issue. Send feedback to Rich Lyons, BS 82 association, I started my career at IBM Corp. and [email protected]. [email protected] | @richlyons

4 BerkeleyHaas Spring 2017 5 Up Front Up Front Power of Haas Ideas

MOBILE MARKETING 2.0 ASSOC. PROF. ZSOLT KATONA Winning Over also key to a policy’s circles. But there is little Constituents success. Study partici- empirical evidence pants favored outcomes showing whether Framing messages to that reward positive and copyright influences the Location Matters influence acceptance voluntary behavior. diffusion and reuse of Assoc. Prof. Zsolt Katona shows how GPS People also favored digital information. Haas punishing behavior Asst. Prof. Abhishek data can help mobile marketers prosper when it runs afoul of an Nagaraj explored just obligation or rule but that in his new study opposed preferential conditionally accepted Location-based mobile advertising is a fast-growing industry— treatment for those who in Management Science. and with good reason. New research by Haas Assoc. Prof. Zsolt did not break the rules. Nagaraj focused his Katona shows that where customers have been helps predict what Evers calls these study on Baseball Digest they will buy. differences in judgment magazine, which was Indeed, customers who have inhabited the same physical a “matching effect.” digitized in its entirety space are more likely to respond similarly to a mobile coupon. Asst. Prof. Ellen Evers Focusing on the by Google Books in 2008. Katona calls this response a “co-location effect” in his study, disadvantage—being All of the issues were “Predicting Mobile Advertising Response Using Consumer When it comes to moved down on the available online to read Co-Location Networks,” co-authored with Peter Pal Zubcsek gaining public support, organ donor list if you via Google Books; of Tel Aviv University and Miklos Sarvary of the Columbia policymakers should are not yourself an organ however, only some of Business School. focus on the positive. So donor—is considered the issues (pre-1964) The study shows that using GPS data to pinpoint the location says a study, forthcoming punishment and not were available in the of customers is a better predictor of consumer behavior—up to in Management Science, accepted. However, public domain for 19 percent more accurate—than information about demographics co-authored by Haas focusing on an advan- Wikipedia to reuse (age, income, education) and psychographics (values, lifestyle, and Asst. Prof. Ellen Evers. tage—moving up on the directly. (Paraphrasing personality). Take, for example, a organ list if you are a of copyrighted material “If you have similar tastes, you are more likely to go to the same 2012 “fat tax” proposal in donor—is favored would be allowed but location, even if you do not actually know each other," says Katona. the Netherlands. The because it’s seen as not the use of images.) "That may cause you to respond similarly to the same coupon. We idea failed, Evers says, rewarding a desired Nagaraj found that saw the biggest effect with people who are closely located, within a because its campaign voluntary behavior. By citations to out-of- roughly 400-foot radius.” message—introduce a tax understanding this copyright issues The researchers used GPS data from a major Southeast Asian on unhealthy, fattening matching effect when increased 135 percent cell phone company and modeled how 217 study participants in foods and use the framing a message, more than issues still a metropolitan area responded to a variety of coupon offers for proceeds to make policymakers are more subject to copyright coffee, food, and entertainment sent out at random times and to healthy food cheaper— likely to increase restrictions. And pages random locations. was perceived as acceptance of a policy. that could benefit from In order to study how well customers respond to coupons while punishing citizens for —PT copyrighted information controlling for similar habits of socially connected individuals, eating bad foods. received 20 percent less Katona and his colleagues constructed two participant networks: “If they had framed Shortchanging traffic than pages that co-location and referral. Co-located participants must have been at the campaign positively, could benefit from the same location during at least one of the GPS observations the day such as, ‘We should Wikipedia out-of-copyright before the offer. Participants in the referral network were deemed make healthy foods Readers information. Copyrighted connected if one of them had invited the other to the program. cheaper and fund this Copyright and images suffered even When participants recently visited the same location and by increasing the cost knowledge sharing more lack of distribution. received the same mobile coupon, they reacted to the offer at a of bad foods,’ it is likely This deficiency in the higher rate and with more similar responses than those who were many more people would transfer of knowledge not near each other. For instance, a participant in the proximity have seen this as an impacts not only Internet of someone with a 20-percent coupon redemption rate in the acceptable intervention,” users who are looking consumer packaged goods category redeemed the same offers at says Evers. “Different for information but also roughly double the rate of participants who had not visited the descriptions of the users seeking to create same location. same policy can lead to new content. Nagaraj The research team also tested to determine if consumers dramatically different hopes his work will are more or less likely to redeem offers in a similar fashion if rates of acceptance.” provide evidence for they had met in so-called “hot spots”—popular and populated The paper is core-evaluating the value authored by Yoel Inbar of copyright laws. locations such as those in urban centers—compared to “cooler” Asst. Prof. Abhishek Nagaraj or less-visited locations. The study found that it is easier to of the University of “If we want to predict customers’ behavior when they have visited the same Toronto and Irene Whether and how incentivize new creative cool spots rather than the same hot spots. By definition, hot Blanken and Linda copyright should be work using historical spots attract everyone irrespective of tastes and preferences. In Oosterwijk of Tilburg modified for the digital information, we need to contrast, when people tend to go to the same cool or non-popular University, Netherlands. age is a much-debated fix the system,” says places, they are more likely to be similar in their preferences. Voluntary versus topic in policy and legal Nagaraj. —PT —Pamela Tom obligatory behavior is ILLUSTRATION: DAVIDE BONAZZI 6 BerkeleyHaas Spring 2017 7 Up Front Up Front

Watch videos of faculty and leading business leaders: Power of Haas Ideas insights.haasalumni.org.

FINANCIAL MARKETS PROF. NICOLAE B. GÂRLEANU

Modeling Portfolios Haas Prof. Nicolae B. Gârleanu helps explain the apparent irrationality of financial markets, solving problems that have long confounded economists— and helping investors build optimal investment portfolios.

Economists have long understood that financial mar- constantly changing information and prices. “This kets aren’t perfect. The prices of stocks, bonds, and work is important for understanding real, fundamental other assets can vary tremendously from where classi- problems,” Haas Finance Professor Terrence Hender- cal theory says they should be. The reasons stem largely shott says. “Asset managers have read it and thought from the overwhelming complexity of the real world of about it carefully.” finance, where information is imperfect, human beings The key insight in this work is the importance of per- are sometimes irrational, and situations can change be- sistent investment results. Say a fund manager has an tween the time an investment idea is hatched and when idea that a particular stock will produce superior re- it’s acted on. turns. The question is whether those excess returns Haas Finance Professor Nicolae B. Gârleanu has will last long enough to offset the costs of acquiring that built a growing reputation in economics and collected a stock. The longer those returns are expected to contin- shelf full of awards for groundbreaking work exploring ue, the more aggressively the fund manager can build a the complications that make prices so unpredictable Prof. Nicolae B. Gârleanu position. Gârleanu and Pedersen use an entirely new and financial markets hard to fathom. A mathemati- mathematical technique, much simpler and easier to cian by training, Gârleanu inhabits the rarefied world use than previous portfolio-analysis methods, to show where finance and advanced mathematics intersect. that investors should ignore the flash in the pan and The technical analysis that fills his work can sometimes keep their eyes on longer-term results. Stanford Uni- seem as esoteric as theoretical physics. But, his peers versity Finance Professor Darrell Duffie, who has say, Gârleanu’s underlying ideas are bold, important, worked with Gârleanu, describes this framework as and often startlingly original. And his technical innova- revolutionary: “He completely departed from previous tions offer fresh approaches to problems that have long paradigms. His model is completely novel and he confounded economists, such as how to construct the achieved beautifully elegant results.” best possible investment portfolio and why markets are This model may apply in fields as varied as monetary subject to booms and busts. policy, politics, and business strategy, Gârleanu be- Gârleanu, the Paul H. Stephens Chair in Applied In- lieves. He cites the hypothetical example of a manufac- vestment Analysis, is known for building models that turing company considering introducing a new prod- take into account a wide range of factors that influence uct based on what’s hot on social media. “How do they asset prices and investment results. For example, in a react to new things trending on Facebook?” he asks. “If 2005 paper written with New York University econo- they think the trend will last for a month, they won’t mist Lasse Heje Pedersen, Gârleanu showed how the build a new factory. But if it will last for two years, they aversion of market participants to risk distorts stock might build a factory.” option prices, helping explain puzzling irregularities. Gârleanu grew up in Bucharest, Romania, and came Gârleanu’s recent work on portfolio choice is draw- to the United States in the mid-1990s to attend the ing attention in both the academic and investment University of Pennsylvania. A friend persuaded him worlds. In a 2016 article coauthored with Pedersen, to take an advanced finance class at the university’s “Dynamic Portfolio Choice with Frictions,” he devel- Wharton School of Business and Gârleanu was ops an original mathematical framework for looking hooked. “Finance had a way of thinking about the is- at the problem of building an optimal investment sues that was appealing. The subject matter is young portfolio, given the costs of trading and the flood of and vibrant, and you can actually reach the envelope information financial professionals are deluged with. of knowledge quickly and contribute to it,” he ex- The article, published in the Journal of Economic plains. Gârleanu made the leap from mathematics, Theory, examines how investment managers can collecting his PhD in finance at Stanford and coming balance the costs of buying and selling assets with to Haas in 2007. He lives in Berkeley with his wife and the benefits of holding those assets in a world of three children. —Sam Zuckerman

ILLUSTRATION: ROB DOBI

8 BerkeleyHaas Spring 2017 9 PHOTO: GETTY IMAGES GETTY PHOTO:

numerous benefits for companies that have pursued in paid labor) work informally, as do around 12 mil- gender equality in employment, pay, and leadership, lion women in Mexico (around 60 percent of employed including the ability to attract, motivate, and retain tal- women). People working informally often have no ented workers and to address complex problems with voice to demand better workplace conditions or pay, more diverse teams. And several new studies find that and this is especially true for women, who also face companies with more women in top leadership and sexual harassment, violence, and restrictions on their board positions have higher financial returns. reproductive rights. More than 90 percent of girls worldwide now fin- Large gender gaps in unpaid work and care are a ish primary school, and more women than men are major driver of diminished economic opportunities now graduating from college in most regions. Yet, de- for women. The household work and care responsi- spite these gains, large gender gaps persist in all kinds bilities of women are reflected in a sizable “mother- of work—whether paid or unpaid, formal or informal, hood pay penalty.” Around the world, mothers with public or private, agricultural or entrepreneurial. dependent children earn, on average, less than women Globally, only 50 percent of women aged 15 and without dependent children, and less than fathers with above are in paid employment, compared with about similar household and employment characteristics. 75 percent of men. At the same time, women do about In fact, there is some evidence of a “fatherhood pay three times more unpaid work than men do. When premium”—a positive relationship between a man’s women are paid, their jobs tend to reflect gender ste- wages and how many children he has. reotypes and provide relatively low earnings, poor working conditions, and limited opportunities for career advancement. Hundreds of millions of Even when women perform the same or equal-value jobs as men, they are paid less, on average (although women work informally the size of the pay gap varies considerably around the world). Women are underrepresented in leadership without any protection of positions in both business and government. And, compared to businesses owned by men, enterprises owned their rights either in law by women are smaller, employ fewer people, and are more concentrated in sectors with limited opportuni- or in practice. ties for profit and growth. The UN report identifies four overarching and in- terconnected factors that impede gender equality in all Reducing and redistributing the time required for forms of work, and at all levels of development: adverse unpaid care responsibilities requires investments by social norms, discriminatory laws and insufficient le- both the private and public sectors—in infrastructure, gal protections, gender gaps in unpaid household and affordable care services, early childhood education, care work, and unequal access to digital, financial, and family leave, and family-friendly workplaces. Such in- property assets. vestments are beneficial not only for individuals and Social norms determine economic outcomes for families, but also for businesses and the economy as What’s Blocking Gender Equality? women in several ways: they shape women’s decisions a whole, because they increase women’s labor-force about which occupational and educational opportuni- participation rates and productivity, create paid jobs A UN report co-authored by Haas Prof. Laura Tyson offers ties to pursue; they affect the distribution of unpaid in care services, and improve children’s school perfor- a business case for inclusive economic growth work within households and wages in paid care activi- mance, boosting their future educational attainment ties such as nursing and teaching, which employ a high levels and productivity. By Laura Tyson and Jeni Klugman proportion of women; and they reflect and reinforce Drawing on evidence from around the world, the UN discriminatory gender stereotypes and implicit biases report provides numerous examples of proven and pos- that limit women’s pay and promotion prospects. sible measures to tackle the constraints on women’s One year ago, the United Nations adopted the 17 Sus- tion and health, higher per capita income, faster and In many countries, adverse social norms are also economic opportunities. At the upcoming spring World tainable Development Goals (SDGs), one of which aims more inclusive economic growth, and greater interna- codified in laws that limit women’s professional choic- Bank and IMF meetings, world leaders will be seeking for true gender equality by 2030. tional competitiveness. es and their ability to obtain passports, travel outside to spur faster, more inclusive growth. They would do Empowering women and girls is morally right and A widely cited McKinsey Global Institute study their homes, start businesses, and own or inherit prop- well to move gender equality to the top of the list. economically smart. Several recent studies confirm finds that closing gender gaps in labor-force partici- erty. A recent International Monetary Fund analysis that there are substantial economic and human-devel- pation rates, part-time versus full-time work, and the finds that this kind of legal discrimination is associated ©Project Syndicate 2016/www.project-syndicate.org opment costs associated with pervasive and significant composition of employment would add 12–25 percent with lower levels of educational attainment for women, gender gaps in economic opportunities and outcomes. to global GDP by 2025. Other studies, using a variety wider gender-pay gaps, and fewer women-owned Laura Tyson is a Distinguished Professor of the graduate A recent report by the UN Secretary-General’s High- of methodologies, find similar prospective gains, es- businesses. Moreover, according to the World Bank, school and director of the Institute for Business & Social Level Panel, which we authored, identifies actions that pecially in low-fertility countries such as Japan, South 103 countries do not legally mandate gender nondiscrimi- Impact at the Haas School of Business, University of Cali- governments, businesses, nongovernmental organiza- Korea, and Germany, and in countries (for example, in nation in hiring, and 101 do not require equal remunera- fornia, Berkeley. She chairs the Blum Center for Developing tions, and multilateral development agencies can take the Persian Gulf) with low labor-force participation tion for work of equal value in formal-sector jobs. Economies Board of Trustees. now to close these gaps and accelerate progress toward rates for women. Hundreds of millions of women work informally, Jeni Klugman is managing director at the Georgetown achieving the SDGs’ overarching goal of inclusive eco- The business case for gender quality is also compel- without any protection, either in law or in practice, Institute for Women, Peace, and Security and a fellow nomic growth. The report shows that greater gender ling, because women make substantial contributions of their social and labor rights. In India, for example, at the Harvard Kennedy School’s Women and Public Policy equality in a country is associated with better educa- to all parts of the value chain. The UN report identifies some 120 million women (around 95 percent of women Program.

10 BerkeleyHaas Spring 2017 11 Kevin Chou, BS 02, and Dr. Connie Chen stand in front of Connie & Kevin Chou Hall during the earlier days of its construction. Berkeley- Haas is naming the new academic building after the couple in recognition of their transformative gift.

BY KRYSTEN CRAWFORD

evin Chou has long loved video games. In high school, he was a world-ranked Star- Craft player. But he never imagined his hobby could catapult him into a career— until he came to UC Berkeley. Chou, 36, is co-founder of Kabam, a successful San Francisco-based mobile-game company that earlier this year sold the majority of its assets to South Korea’s Netmarble Games Corp. According to the Wall Street Journal, the deal was estimated at $800 million. Chou’s willingness to take risks and embrace unexpected partnerships landed him on Fortune magazine’s annual K“40 Under 40” list of the business world’s most influential young leaders. With his sights now set on starting another company and being a serial entrepreneur, Chou is someone the business world will certainly follow. He graduated with a BS from Haas in 2002 and credits his experiences at Berkeley, specifically Haas, for his journey from small-time gamer to big-time entrepreneur.

In March, Chou and his wife, Dr. Connie Chen, a We believe Berkeley’s UCSF- and Stanford-trained physician and co-founder of the digital health startup Vida Health, announced diverse student body is one a gift of up to $25 million to Haas to support student entrepreneurs and provide a world-class education of its greatest assets and to students of all backgrounds. The donation marks that this new building will the largest personal gift by an alum under age 40 in UC Berkeley history. In recognition of this gift, the bring together students of school will name its new state-of-the-art academic all backgrounds. We also building, which is due to open in the fall, Connie & Kevin Chou Hall. Recently, Chou and Chen sat down hope our story will help with BerkeleyHaas to discuss what motivates their philanthropy, their hopes for Haas, and the power of inspire all students— giving back early in life. particularly minorities, women, and those from WHAT’S YOUR FIRST MEMORY OF YOUR TIME under-resourced THE GIFT OF AT BERKELEY? KEVIN: Right before I started at Cal, my father was laid backgrounds—that off from a job he had worked his entire career. We anything is possible. didn’t know how we were going to pay for my education. During one of our visits to Cal, we walked into the —KEVIN CHOU, BS 02 financial aid office in Sproul Plaza and found some- body who helped rework my entire financial aid pack- age, which was absolutely critical in terms of helping TRANSFORMATION me pay for my education. To discover this institution really cares about individual students was a very positive and wonderful initial experience for me. Kevin Chou, BS 02, and his wife, Dr. Connie Chen, donate up to $25 million to Berkeley-Haas to inspire student entrepreneurs and young philanthropists

12 BerkeleyHaas Spring 2017 13 ALL PHOTOS: NOAH BERGER NOAH PHOTOS: ALL CAN YOU DESCRIBE HOW EARLY EXPERIENCES AT BERKELEY SHAPED YOU? KEVIN: My parents immigrated to the U.S. from Tai- KABAM: wan right before I was born, and I grew up in a small A BRIEF HISTORY town north of Los Angeles where we were perhaps one of five Asian families. My life was very different after How three Berkeley alumni moving to Berkeley, specifically because of the incred- launched a successful ible diversity along multiple vectors at Cal. I’ll always gaming startup remember going to the first Cal football game of the Kabam’s evolution from a professional social network to an season my freshman year, standing the entire game, online sports fan community to one of the world’s largest learning all the different fight songs, and feeling part developers of mobile video games is familiar to seasoned of this community with people from all around the entrepreneurs: it is one full of promising starts, near-fatal world coming together within this institution. I got ex- crises, and risky gambles that paid off big. posed to so many different worldviews. It all led me to Three of Kabam’s four co-founders—Kevin Chou, BS 02; ultimately found Kabam. Dean Rich Lyons, BS 82, talks with Kevin Chou and Connie Holly Liu, MIMS 03 (information management and systems); Chen. The couple donated to the and Michael Li, BS 01 (electrical engineering and computer WHAT LED YOU TO HAAS? new building in part to give stu- science)—are Berkeley alumni who in 2006 conceived a dents of all backgrounds access professional social network called Watercooler. When that KEVIN: When I came to Cal, I didn’t know what I wanted to study. I didn’t even know what the word entrepre- to the physical space necessary didn’t take off, they changed it into an advertising-supported for meaningful collaborations. social network for sports enthusiasts. At its peak, that neur meant. People I knew in my hometown aspired to service drew 60 million users. be a doctor or a lawyer. Initially, I took classes that put But shrinking ad revenue forced the team to abandon me on three different paths: I was always fond of math, Watercooler and bet everything on free-to-play video games so I was thinking of computer science or finance, but history always called to me as well. As I met more through Facebook. Kabam targeted core gamers with games We’re excited about bringing together students of all combining strategy and top-notch graphics. The company and more people who went to Haas, I started to learn about investment banking, venture capital, and private backgrounds—not just business students—to formu- hit the jackpot: revenues from Kabam’s first game, “King- late ideas that will improve the world. doms of Camelot,” have surpassed $250 million since its equity. Learning about those fields and, specifically, 2009 release. Four more multi-player games grossed more how they were married to the overall technology RESHAPING HEALTH CARE than $100 million—and Kabam was profitable every year space in Silicon Valley, was really exciting to me and WHAT IMPACT DO YOU THINK THIS NEW BUILDING Dr. Connie Chen improves patient outcomes since 2012. Investments from Alibaba, Google, Intel, MGM, ultimately focused my attention on Haas. WILL HAVE ON THE SCHOOL? as a physician and entrepreneur and Warner Bros., among others, valued the company at CONNIE: We live in a very interdisciplinary world and Having earned bachelor’s degrees from more than $1 billion. WHAT MOTIVATED THE TWO OF YOU TO GIVE BACK we believe that physical space absolutely does shape Harvard in economics and health policy At its peak, Kabam had some 800 employees worldwide and TO HAAS? an educational experience. One of the things we’re before med school, Dr. Connie Chen always took created games based on movie franchises, like Star Wars and KEVIN: Berkeley and the Haas School played such an excited about with this building is that it’s designed for a big-picture view of medicine. “I’ve always been Fast and Furious, and its own original content like Spirit Lords, important part in my life and in helping me to pick my collaboration with big, open spaces. We think students passionate about health care as a systems problem which won Editor’s Choice awards in more than 100 countries. career direction. I signed the university’s Founder’s will just naturally congregate there and coalesce into and I saw becoming a clinician as the first step of tackling Perhaps Kabam’s biggest move was its switch to mobile. In Pledge, which is a commitment that graduates make groups that will foster lifelong connections that people that problem,” says Chen. “With the growing rates of obesity its last two years, Kabam focused solely on big-budget, to give back at some future point in recognition of an will leverage down the line, whether they are starting a and diabetes and other chronic diseases in our country, high-quality games for smartphones and handheld devices. education and experience that was transformative. company or a social movement. health care is one of the biggest challenges of our time.” The company’s success allowed the co-founders to give For me, the Founder’s Pledge speaks to the principle of But it wasn’t until she began practicing in the technology- back to the university that launched their careers. In 2014, KEVIN: I loved the group learning experience I went going Beyond Yourself in terms of how to think about focused Bay Area that she saw ways to improve the industry. Kabam signed an $18 million, 15-year sponsorship deal to through at Haas. It’s so important to prepare people for my community, the world I live in, and the ability to “When you’re working within health care, you feel that you name Kabam Field at California Memorial Stadium. The deal the real world and also helped tremendously with start- give back to it when I can. ing Kabam. I’m really proud that at Kabam, we always have very little power to make the system a better place for also includes scholarship and internship programs, speaking your patients,” says Chen. “But in San Francisco, I realized CONNIE: With my medical degree from UCSF and thought about the culture and about group dynamics. engagements, and other campus partnerships focused on there was this whole other path of developing products and Kevin’s from Berkeley, we both really believe that But when I had team assignments at Haas, it was always innovation and technology. software for patients, providers, and health systems that public universities like the University of California very difficult to find the space to get together and col- Watch Chou’s 2016 commencement address to Haas could have incredible impact.” have a unique role to play in providing a world-class laborate. My class groups would cram into the library or undergraduates in which he discusses the school’s impact on Which is why she co-founded Vida Health. The company education to students of all economic, social, and spread out on the lawn when the weather was good. I’m his career: haas.org/chou-commencement. helps people with heart disease, diabetes, and other chronic cultural backgrounds. We believe that level of diver- excited about a building that provides a modern higher conditions manage their illnesses via a smartphone app. sity is so important in terms of shaping future leaders. education through shared learning spaces. Launched in late 2014, Vida Health is backed by top Silicon Valley investors like Vinod Khosla and Jerry Yang. YOU HAVE BOTH BEEN ENTREPRENEURS. CAN YOU Chen, who continues to practice medicine, predicts that DESCRIBE HOW YOU STARTED YOUR OWN COMPANIES? new digital health services like Vida Health will transform “We are thrilled to support UC Berkeley’s commitment as a university KEVIN: In high school I started to take computer parts health care much the same way Uber has revolutionized and reassemble them into computers that I then re- the taxi business. “We’re at a turning point in health care,” in the public trust to educate our next generation of global leaders.” sold. Unfortunately, I didn’t end up on the Michael Dell she says. trajectory, but it gave me a taste of the entrepreneurial —DR. CONNIE CHEN bug. Then, when I came to Cal in 1998, everyone was

14 BerkeleyHaas Spring 2017 15 excited about the dot-com industry—about Amazon, that they were passionate about. It was my experience CONNIE, YOU ARE A PHYSICIAN BY TRAINING. Yahoo!, Pets.com, AOL, and so forth. At Cal, I was sur- in investment banking and venture capital and HOW DID YOU START VIDA HEALTH? rounded by all of these amazing technology financing meeting other entrepreneurs that was a really fun CONNIE: To build Vida, we needed to bring together services, whether on the banking or venture capital and exciting part of my career. Ultimately, I got a team with expertise spanning consumer products, side of the equation. Being proficient at math I thought, enough confidence and exposure to co-found what health care, big data, and engineering. We live in an in- ‘Okay, I’m going to go through the Haas program and eventually became Kabam. credibly complex world where the biggest challenges— have a career in finance related to technology.’ like health care inequities—require diverse insights WHAT DID IT MEAN TO SELL KABAM? and expertise to be solved. To this end, we hope the WHAT HAPPENED NEXT? KEVIN: It’s been an incredible journey for over 10 new building will catalyze interdisciplinary friend- ships early on in students’ lives. KEVIN: When I graduated in 2002, the dot-com boom years. I’ve learned a lifetime’s worth through this ex- Dr. Connie Chen and Kevin had started to unravel. I was blessed to have gone first perience of founding the company as CEO and taking Chou, BS 02, at the March 2 into investment banking and then venture capital, it all the way to the finish line. It’s a career achieve- WHY HEALTH CARE? event officially naming but it was during the down cycle when people were ment I know I’ll be proud of the rest of my life. But CONNIE: Many people are scared away from health care Connie & Kevin Chou Hall. A COHESIVE not excited about the technology industry anymore. I the most meaningful part of this journey has been the due to perceived regulatory complexity. The reality is was still captivated by it and became part of this small amazing people I’ve been fortunate to work with over that the health of our nation—both the health of our COMMUNITY community of people who would meet in cafes or at the last 10 years. It’s been one of the most rewarding people (literally) and the health of our economy—are someone’s house just to talk about big ideas. Nobody parts of my career to see people at Kabam learn, grow, dependent upon our ability to deliver high-quality, Connie & Kevin Chou Hall was getting on the cover of magazines back then, so and now lead, whether they are still at Kabam or have equitable care while reining in costs. This is an enor- will be devoted entirely it was just a group of people doing really cool stuff gone off to work on the next chapter of their career. mously challenging problem that will require both to student learning technology and business-model innovation, which and interaction—no Cal, being a world-class research institution with SHARING THEIR SUCCESS administrative offices a world class business school, surrounded by some Donation marks the largest personal gift by an alum under will be housed inside. The of the world’s best hospitals, is uniquely positioned age 40 in UC Berkeley history cutting-edge facilities to tackle. will allow classroom Kevin Chou, BS 02, and Dr. Connie Chen want their gift to honor the and digital learning to public mission of UC Berkeley and provide educational access to all work together to foster BEING IN YOUR MID-30S, WHAT DOES IT MEAN TO students. Here are some of the reasons behind their philanthropy. community and provide YOU TO BE GIVING BACK IN A BIG WAY? a world-class education. KEVIN: I think it’s really important for entrepreneurs ENABLING AND full-time MBA students and those from Located on the northern to give back early in their careers because it’s not just EMPOWERING to an all-time high of under-resourced edge of the Haas campus, money that can help students in the next generation— YOUTH 43 percent for the backgrounds—that the building creates a it’s also time, energy, and experience. I’m excited to be “We want to invest Class of 2016. Similar anything is possible.” quad around the Robert G. able to do this at this point in my career because I get in young people work is underway to He plans on spending O’Donnell Courtyard. to spend time with students and with Haas professors because they are increase the ranks of time with students, Learn more at: and other administrators, collaborating and helping the stewards to our underrepresented professors, and haas.berkeley.edu/ them think about the new student space and the pro- future,” says Chen. minority students. administrators to NewBuilding gram going forward. The Boost program help shape Berkeley- CONNIE: As a physician, I’m reminded every day that STRENGTHENING A helps youth from Haas in the years life is short and precious. We should do all we can to PUBLIC UNIVERSITY under-resourced to come. Chou and Chen see communities get into Connie & Kevin make an impact whenever we can. Chou Hall public institutions college. “Initiatives CREATING SPACE as crucial in like these are a large FOR COLLABORATION WITH SUCH BUSY LIVES, HOW DO YOU BALANCE THE educating students part of our reason to AND INNOVATION Haas Campus PERSONAL AND PROFESSIONAL? of all backgrounds. give back to Berkeley- TO FLOURISH CONNIE: We are so lucky to live in the Bay Area. We “We are thrilled to Haas,” says Chen. “Physical space love the outdoors so we spend a lot of time hiking in the support UC Berkeley’s absolutely does summer and skiing in the winter, usually with our two commitment as a CONNECTING shape your senior dogs, Porkchop and Katsu, whom we adopted university in the WITH STUDENTS educational from an amazing shelter in San Francisco that finds public trust to “We believe Berkeley’s experience. One homes for old dogs. educate our next diverse student body of the things we’re generation of global is one of its greatest excited about with KEVIN: As much as we travel or have late-night meet- leaders,” says Chen. assets and that this building is ings, we always try to have dinner together four or five this new building that it’s designed times a week. SUPPORTING HAAS’ will bring together for collaboration,” CONNIE: Since we’ve both been entrepreneurs, we really COMMITMENT TO students of all says Chen. “We understand what the other is going through—both the DIVERSITY backgrounds,” says think students will highs and the lows. Our shared experience has certainly Nearly 50 percent of Chou. “We also hope naturally congregate strengthened our relationship. Haas undergrads are our story will help there and coalesce women, and initiatives inspire all students— into groups that improved gender particularly will foster lifelong Learn more about the building and view the live balance among minorities, women, connections.” webcam: haas.berkeley.edu/NewBuilding ILLUSTRATION: JEFF STIKEMAN

16 BerkeleyHaas Spring 2017 17 Founding donors pave way for building to be completely privately funded Alumni and friends of Berkeley-Haas played an essential role in seeing Connie & Kevin Chou Hall come to fruition, with four founding donors (one of whom prefers to be anonymous) joining COMMUNITY DRIVEN Ned Spieker, BS 66, to provide more than half the $60 million cost of the building.

LISA AND DOUGLAS SUE AND ROBERT G. SHARON AND BARCLAY GOLDMAN FUND O’DONNELL, BS 65, MBA 66 SIMPSON, BS 43 ONE ALUM’S VISION MAKES NEW BUILDING A REALITY

Several years ago, when Berkeley- Haas’ space-planning group met to discuss how to accommodate a nearly doubled student enrollment, they devised a plan for a small L-shaped addition off of one of the existing buildings. And then Ned Spieker, BS 66, a member of the Haas School Board, saw the plans. Spieker, managing partner of the private real estate firm Spieker Partners, had Douglas E. Goldman, MD, BA 74, is Bob O’Donnell is a retired senior VP Barc Simpson, who passed away in 2014 spent decades imagining the potential chairman and founder of Certain, Inc. and director of Capital Research and at the age of 93, was the founder and of places and convinced the Haas admin- and a philanthropist. Five generations Management Company. The couple’s chairman of Simpson Manufacturing istration to dream bigger. He envisioned of his family have attended UC Berke- gift revamped Haas’ outside meeting Co. He and Sharon have left an indelible maximizing the footprint of the limited ley including his grandfather, in whose areas, providing a larger, more inviting, legacy across the campus: the Simp- space on the north end of the Haas memory the Walter A. Haas School of and flexible space that has since been son Center for Student-Athlete High campus with a full building complete Business is named. The new building’s named the Robert G. O’Donnell Court- Performance, the Berkeley Art Museum with basement levels. Lisa and Douglas Goldman Atrium yard. The new building forms a quad and Pacific Film Archive, undergradu- Spieker became the catalyzing force will be viewable from the first and around this space. ate scholarships to Berkeley-Haas, and behind this new building. Not only did he second floors. more, in addition to the Simpson Family and his wife, Carol, BA 66 (political sci- Executive Education Suite on the fourth ence), a former UC Berkeley Foundation “The new building offers the floor of the new building. trustee and longtime university volunteer, “My family feels a special connec- opportunity to increase the scale of give $10 million toward its completion, tion to the school and its success. Berkeley-Haas. Until now, physical but Spieker’s reputation and credibility “I think supporting Cal is doing Lisa and I are fortunate to be able space has limited the number of as a real estate developer gave other a great deal for society.” donors confidence in the project and led to give back to our community and students it can serve. With the to it being fully community funded. feel it is both a responsibility and a increased opportunity for new ways —BARCLAY SIMPSON, BS 43, IN A 2014 Spieker has championed Haas’ new great privilege to assist in improv- of making education both more VIDEO FOR THE CAMPAIGN FOR BERKELEY building at every turn, and his expertise ing and maintaining the school’s compelling and more interactive, the helped bring the vision for a transformed Haas campus to life. To enable greater superb, qualitative edge.” building will greatly enhance student efficiency and cost savings, Spieker —DOUGLAS E. GOLDMAN, MD, BA 74 and faculty experience.” utilized a 501(c)(3) model to manage the design and construction of the building in —BOB O’DONNELL, BS 65, MBA 66 tandem—a rarity for university projects. The private nonprofit fund, Partnership for Haas Preeminence, is chaired by Spieker Ned Spieker, BS 66, led the and will donate the building to the univer- efforts to bring Haas’ new sity upon its completion. building to fruition, from finding ways to cut costs and construction time to funding the building and encouraging others in the Haas community to do so as well.

18 BerkeleyHaas Spring 2017 19 PHOTO: KARL NIELSEN KARL PHOTO: In the Back In the Back Your Haas Network

STUDENTS ALWAYS Master ships with colleagues he has never been afraid and clients. to take risks, always learn- Influencer While the finance in- ing from the experience. Keitha Pansy, MBA 02 dustry has been criticized “The stakes have gotten More Than Skin Deep Chief of Staff, BlackRock for its lack of diversity, bigger, and I’ve worked in New York City Pansy, who is African- very different industries Skincare company founder creates a American, uses her and functions, but the beautiful business relationship prowess to theme has always been be a role model to those entrepreneurship,” says Catherine Atzen, BCEMBA 07 already in the field, as Clayton. He previously Founder, ATZEN well as to Haas students. worked as the CEO of San Jose, Calif. “I’m a very direct mobile-messaging com- individual, and I give pany Bubbly and general Beauty may be in the eye of the beholder, but for French-born skincare advice that I believe is in manager of the mobile expert Catherine Atzen, beauty also encourages a healthy self-esteem the best interest of the business at BEA Systems. and overall physical health. That’s why she’s so passionate about person I’m mentoring,” Clayton is now vice developing effective and natural skincare products through ATZEN she says. “I am a huge president of international Superior to Organic® Skin Care, the company she founded in 1991. advocate of analysts and operations at Houzz, As one of the chiefs “When you look at yourself in the mirror in the morning and associates going back a platform for home of staff for the world’s you like what you see, your quality of life is enhanced,” Atzen says. to school to earn their remodeling, improvement, largest asset manager, “Some might say that beauty isn’t important, but I would argue that it MBA. Almost 15 years and design, where he’s Keitha Pansy views her absolutely is. A beautiful person is a healthy person.” later, my MBA from Haas expanding the company’s work as something more Atzen had already been a key player in the skincare industry for continues to open up a global community in doz- than dollars and cents. decades before she began the Berkeley-Columbia Executive MBA plethora of opportunities ens of countries. It’s about relationships. Program at Haas in 2006. In 1985, she opened the Catherine Atzen for me in finance.” —AF For Clayton, the draw “At the end of the day, Day Spa in Manhattan—in fact, she is credited with coining the term is the chance to build a person wants to work “day spa”—and over the course of her career has helped establish two Building something. for a firm whose mission professional associations and create the credentials for the National “To see a company grow and principles align with Community Coalition of Esthetics and Allied Professionals. on a global scale is exhila- their beliefs,” says Pansy, Thomas Clayton, BS 99 Just before starting her MBA, Atzen sold her business to Universal rating,” he says. “Nothing who for two years has VP, International Companies, although she continued to serve as a consultant. But is better than looking back held her chief of staff Operations, Houzz upon completing her degree, she and a Haas classmate, Alex Quan, and seeing what you built.” position at BlackRock, Palo Alto, Calif. bought the company back, reformulated, and Quan is now ATZEN’s Clayton also inspires the New York-based firm president. new entrepreneurs, help- that manages $5.1 tril- “When Alex and I bought my business back, it took some guts,” she ing them find that same lion in assets. says. “I’d been distributing to spas for so many years, and that’s how pride in creation. Team Pansy oversees strate- everyone in the profession knew me. But I had to put that aside, start building, he says, is a skill gic initiatives and macro from scratch, to focus on retail.” he came to understand long-term planning on How did she get the courage to make such a bold move? In part, it and appreciate at Haas. behalf of Mark McCombe, was her time at Haas. He’s proud that, while CEO BlackRock’s newly ap- “Haas encourages that creative, outside-of-the-box thinking,” she of Bubbly, he mentored pointed head of Ameri- says. “The message at Haas is that as an entrepreneur, you can actually 28 of his employees who cas and global head of innovate more nimbly than a large company can.” went on to found their own BlackRock alternative Atzen takes pride in the products she’s created, combining natural startups. investments. She’s been “If someone told me ingredients that also work. Thomas Clayton has with BlackRock since they were leaving to work “Most skin care products have carcinogens and hormone a long history of experi- 2007, previously serving at a nine-to-five or for disruptors,” she says. “And the fact is, skincare products get into your mentation and venture as a director of business a competitor, I’d try to system, so it’s important to understand what’s in them. While many with startups. Skincare entrepreneur Catherine development on the de- talk them out of it. But think that organic products are the answer, the reality is that they don’t While an undergrad at Atzen, BCEMBA 07, is pictured in front fined contribution team someone leaving to start deliver the results expected. ATZEN combines organic and scientific Haas, he launched one of a display of ATZEN Superior to and as a director of their own business, I’d 100 ingredients that deliver results safely. We are a market disruptor.” ® of the first order-by-web Organic Skin Care products at the portfolio implementa- percent support that. I ATZEN products are sold online at ATZEN.com and on six DVD businesses. In all, he’s Women’s Center in Campbell, Calif. tion and design covering love seeing the same light continents in beauty stores, doctor’s clinics, and high-end pharmacies started five companies, America’s fixed income. in their eyes,” he says. as well as 500 spas and wellness centers. Atzen and Quan are planning ranging from network- It was at Haas where “In general, I see to expand into wellness and beauty chains worldwide. ing software to high-end the self-described myself more as a team “All of Haas’ Defining Principles resonate with me, but the one audio equipment. “master influencer” wa- captain than a coach,” he that resonates the most is Students Always,” she says. “It’s about Not every venture vered from her original says. “I like to lead from being curious but also about owning any mistakes. The mistakes I’ve has been a success for plan to become an in- the front, not from the made over the years have actually strengthened my business, so that Clayton—he vividly recalls vestment banker, opting sidelines. I always have I can offer my clients the best products for the healthy skin they want.” that the Internet and DVDs for work that allows her to have some skin in the —Kate Madden Yee were too new for that more opportunities to game myself.” —MR nurture trusted relation- business to succeed—but

PHOTO: NOAH BERGER 20 BerkeleyHaas Spring 2017 21 In the Back In the Back Your Haas Network

For the Love of Fashion “I launched Kaboodle with the idea QUESTION THE STATUS QUO of creating a social shopping space,”

Manish Chandra, MBA 95 he says. “For the next few years we Founder and CEO, Poshmark built an amazing community—the feel Redwood City, Calif. of the site was of a virtual magazine, Food Fighters curated by social media. But eventually Duo aims for trust and transparency in I realized that women’s fashion was really the sweet spot, and I wanted to food manufacturing focus there.” Poshmark is a mobile app that Nikhil Arora and Alejandro Velez, BS 09s Co-Founders, Back to the Roots allows fashionistas to sell new and Oakland, Calif. gently used items from their own closets and to shop others’ closets as Thirty seconds. That’s all it took to plant the seeds that led Nikhil Arora well. Sellers create magazine-like and Alejandro Velez to abandon plans for big corporate jobs and set out “cover shots” for each piece, then ship to change the way consumers around the world eat. the goods using a flat-rate label. Arora and Velez co-founded Back to the Roots, a natural foods Poshmark gives people a platform to company that sells 26 home-gardening kits and organic, packaged foods, be entrepreneurs with their own including grow-your-own mushrooms and stoneground cereals made fashion businesses. Over two million with 100 percent whole grains and just three or four simple ingredients. “Seller Stylists” curate millions of With $12 million in funding and an A-list roster of advisers, the Oakland- items on Poshmark daily. based company is thriving: Whole Foods, The Home Depot, Nordstrom, “The best way to think of Poshmark and Amazon, among others, stock its products nationwide. is Instagram meets eBay,” Chandra Recently the duo launched a major push into U.S. schools, including a says. The company takes commissions deal to supply food to the 1.1 million students in New York City’s public schools. The deal, announced in February, comes on top of a separate Necessity is often the mother of of up to 20 percent, depending on partnership with Sodexo, one of the world’s largest food companies, invention. But for Manish Chandra, sale price. which also distributes Back to the Roots’ cereals and Garden Toolkits. who has built two community-focused How did Chandra make the transition from tech to fashion? The Their goal, according to Velez, is to “Undo Food” (a phrase they’ve online shopping sites, frustration trademarked) by reconnecting consumers to the land that sustains them community he found at Haas was key. helped too. Chandra and his wife were and restoring the transparency that’s missing from store aisles. Every remodeling their Palo Alto home but “Collaborating with people from Back to the Roots product, for example, contains no more than four found the process cumbersome. different backgrounds, from real ingredients. “There was no easy way to discover estate to marketing to technology, “People have lost their trust in food,” says Velez. “They want that trust new products that were not search- really helped me get a sense of the back.” able under tags like ‘home decor’ or many ways to handle business Arora and Velez are, by their own admission, accidental entre- ‘fixtures’ nor was there an easy way to challenges—and when it’s appropri- preneurs. Both were headed for lucrative careers in consulting and save the research that I had done so ate to challenge the status quo,” investment banking, respectively, when they heard Haas Lecturer that my wife could use it, or vice he says. Alan Ross devote 30 seconds of a 90-minute lecture to cultivating mush- versa,” he says. “The process didn’t For example, in year two, Chandra rooms using coffee grounds. support sharing or collaboration.” cut Poshmark’s marketing budget by Arora and Velez, then 21 years old, were intrigued. They filled 10 At the time, Chandra, who has two 80 percent. “It was a huge risk,” he empty paint buckets with used coffee grounds and mushroom spawn degrees in computer science in says. “Yet if we hadn’t, we might not and left them at Velez’s fraternity house during spring break. That only one bucket yielded edible mushrooms didn’t discourage them—they addition to his Berkeley MBA, was have survived. Instead, the company knew they were onto something. vice president of marketing at ended up growing more than threefold over the next 18 months.” That same day, they walked their bucket of mushrooms over to data-management company Versant Chez Panisse for renowned chef Alice Waters to taste on the spot—she Chandra says he’s most proud that and had served a similar role at was impressed. Managers at several local grocery stores were equally Poshmark is driven by users’ common enterprise-software firm Versata. He’d enthusiastic. Before long they were making mushroom-growing kits also done software engineering at passion for fashion rather than a from the used coffee grounds they collected from local coffee shops. “We Sybase and Intel. focus on money. thought of ourselves as ‘waste management valets,’” says Arora. The remodel frustration pushed him “Poshmark’s culture is one of trust Business blossomed. Today, for all of their confidence, hard work, and in 2005 to create Kaboodle, a shopping and support, which is a merchandizing passion, Arora and Velez are noticeably humble in their success. “There community that allowed users to find, model not common in e-commerce,” have been so many individuals along this journey, from Alice Waters to recommend, and share a range of he says. “Our users succeed by the people at Haas, who probably don’t realize that their support and products. Hearst acquired the promoting other people’s items, positive energy were make or break for us,” says Arora. “They say it takes a company two years later. Chandra which ends up benefiting everyone. Alejandro Velez and Nikhil Arora, village to raise a child. It also takes a village to raise a business.” BS 09s, recently announced stayed on as CEO until 2011, then left When you lead with love rather Now, by moving into schools despite the promise of low margins, Arora a deal to supply food to the to start Poshmark, the largest social than money, people come together.” and Velez see a chance to give back. “Connecting kids back to where 1.1 million students in New York their food comes from at a time when Type II diabetes and obesity are on marketplace for fashion, used by one —Kate Madden Yee City’s public schools. the rise is core to everything our team is passionate about,” says Arora. in 50 American women. —Krysten Crawford PHOTO: JIM BLOCK 22 BerkeleyHaas Spring 2017 23 In the Back In the Back

Get involved with an alumni chapter in your area: Haas Worldwide Events haas.berkeley.edu/alumni/community/chapters.html

Gala UPCOMING EVENTS 15th Annual Haas Gala Celebrating Our Community haas.berkeley.edu/ 1 Business Leaders of the Year Steve and Susan Chamberlin, alumni/calendar MBA 87, with Dean Rich Lyons, BS 82 2 Leading Through Innovation Reunion Weekend Award winner Albert Lee, April 28–30 MBA 04 Berkeley 3 Former Haas Dean Raymond Miles with Tony Brekke, MBA 03, the Raymond E. Miles Ser- Alumni 1 2 3 4 vice Award winner Conference 4 Shannon Campos, BS 95; April 29 Tim Campos, BCEMBA 10; Noa Elan and Romi Elan, Berkeley MBA 14s How to Get Old Blues Involved with a 5 Jim Cherry, BS 66 6 The Helzel family: Florence; Nonprofit Board Larry, BA 68 (history); and Leo, May 4 MBA 68, LLM 92 Denver 7 Barbara McConnell, BS 56, and Jean Mitchell, BS 46 5 6 7 8 Sacramento Unity 8 Jean, BA 59 (humanities), and Symposium: Bob Cannon, BS 57, MBA 58 Building a Bridge 9 Kent Shew, BS 66 10 Irene, BS 66, and Buzz to Growth Boschken, BS 66, MBA 68 May 17 Sacramento, CA EMBA Commencement 11 Dean Rich Lyons, BS 82, and Harold Allen III, EMBA 16 Denver Business 12 Mercedes Broening, Series Summer EMBA 16 Social 9 10 11 12 EWMBA Academic Retreat June 22 13 Axel Abellard, MBA 18 Denver 14 Chris Wong and Connie Lim, MBA 18s Berkeley-Haas Berkeley-Haas Celebration Summer in Silicon Valley Networking 15 Amity Balbutin-Burnham Event and Beth Sordi, MBA 07s 16 Tootie Tatum and Donald June 29 Ball, EMBA 15s New York City 17 David Larwood, BCEMBA 08 13 14 15 16 18 Jonathan Vasquez, MBA Team UC British 15, Rumana Hussain, MBA/ MPH 10, and Jacqueline Yuen, 10K MBA 10 July 9 19 Elton Bell, BS 51, and London Eric Bell, BS 78 OCMBA Mixer Women in Leadership July 12 Reception 20 Margo Alexander, BS 68, Laguna Beach, CA Cora Jane Flood award winner, A Gala Occasion and Haas Prof. Laura Tyson Berkeley-Haas 17 18 19 20 21 Diane Dwyer, BS 87; Jo Mackness, MBA 04; and Monica Homecoming Event showcases inspiring alumni Stevens, MBA 96 October 21 22 WIL Co-Chairs Chiaki Berkeley Hundreds of alumni, students, friends, and guests Award winner Tony Brekke, MBA 03. Classmates Nakajima and Shipra Agarwal, celebrated Berkeley-Haas and our remarkable alum- of the award winners came to support them and MBA 17s, and Susan Chamber- ni at the 15th Annual Haas Gala in November. The cheer their accomplishments. Above: Carter Reue, lin, MBA 87 Remain a Student Always event honored four award winners whose work has BCEMBA 11, and his wife, Kat Schuett, flank Amy Dean’s Speaker Series with videos of Berkeley- redefined how we do business and who continue to Cheng, MBA 04. Cheng, a longtime volunteer and 23 Vincent Stanley, director of Haas speakers at insights. improve Berkeley-Haas: Business Leaders of the Year chair of the Berkeley-Haas Alumni Council, wel- philosophy, Patagonia haasalumni.org. Susan Chamberlin, MBA 87, and Stephen Cham- comed guests to the event. In her opening remarks, 24 Chris Larsen, chairman, former CEO, and co-founder, berlin; Leading Through Innovation Award winner she noted how the Haas Gala and the energy in the Ripple Albert Lee, MBA 04; and Raymond E. Miles Service room showed the power of the network. 21 22 23 24

24 BerkeleyHaas Spring 2017 25 In the Back In the Back

Do you have a good Berkeley-Haas connections story? Haas Alumni Notes Email it to [email protected]

CONNECTIONS The Power of the Haas Alumni Network

Share Value Members of the Berkeley-Haas Alumni Forums say the experience adds great value to their business and personal lives. Here’s a look at how some have been transformed. Alumni Forums provide confidential space to grow professionally, personally EAST BAY ALUMNI FORUM Everyone feels vulnerable at some point in their Kate Stillwell, MBA 07 career, be it from professional or personal chal- Founder and CEO, Jumpstart Recovery lenges. Talking freely isn’t always possible. Enter Forum members are my trusted ‘consiglieri’ Alumni Forums, groups of eight to 10 Berkeley- “in some of the most sensitive situations. Haas alumni who meet monthly in confidential When two factions on our board were at settings to learn from one another. odds on an issue that could make or break Learning happens not by giving advice, but the survival of the organization, I was through exchange of personal stories that bring responsible to mediate and find a solution. fresh perspectives to members’ challenges. “It’s Tensions were running high, and no one connection on steroids,” says Bob Halperin, co- was fully objective. Forum was a safe place that helped me tease out the real issues and founder and president of Alumni Forum Services, prepare for the political navigation. The board which administers the groups. Halperin started the SAN FRANCISCO ALUMNI FORUM found middle ground and our organization survived. first Forums at Harvard. Berkeley is the only other ” business school under Alumni Forum’s banner. James Isaacs, MBA 88 Steve Terusaki, MBA 89, who directs the President, Cyara Berkeley-Haas Forums, says the dynamic melds People in our Alumni Forum group well with Haas’ culture. “The Forum is a way for are“ authentic, and the confidential- alumni to live the four Defining Principles,” he ity rules help people open up and says. Indeed, Forum members are constantly speak genuinely about the chal- learning, working beyond themselves through lenges they’re facing. This helps SILICON VALLEY ALUMNI FORUM facilitate reaching a conclusion that experience sharing, questioning the validity of is difficult to do with your board, Adam Tachner, MBA 08 business assumptions, and coming to the table your subordinates, or your peers. It’s General Counsel, Google confident in their abilities yet seeking trust and also helped me to have a more open VP, Corporate Development, Access collaboration with fellow members. leadership style. If you’re reaching By sharing stories and ideas about Interested in learning more about Alumni a stage of your career where you’re “ Forums? Take the next step and submit a profile: not clear how to develop to the next personal challenges—caring for aging berkeley.alumniforumservices.com. level, Alumni Forum is an excellent relatives, finding balance in step. personal relationships, ” getting involved with nonprofits—with people similarly situ- ated in Silicon Valley, SILICON VALLEY ALUMNI FORUM I’m more confident Olivia Bloom, BS 90 that the challenges EVP, Finance and CFO, I face are shared by Geron Corporation others and are manage- able. I do everything I can The Forum is my first reconnection with Haas“ since graduating and has allowed me to to protect the monthly Forum Steve Terusaki, MBA 89 (left), directs establish new networks in my own local area. meetings on my calendar. the Berkeley Leadership Forums, Preparing to present an issue to the Forum group ” a model that was begun by Bob has helped me better define the problem, including Halperin, co-founder and president elucidating my own feelings about the situation. Tapping into of Alumni Forum Services. The Forum structure allows members to efficiently the insights of Forum members and receiving such support and effectively address important on a monthly basis has sharpened my active-listening skills, issues. The pair aims to offer Forums improved my presentation presence, and broadened my everywhere there are alumni. problem-solving abilities.”

26 BerkeleyHaas Spring 2017 27 In the Back In the Back

View a map of Berkeley-Haas in Wine Country: Haas Alumni Notes haas.berkeley.edu/groups/alumni/byhaas/wines

worked at IBM, Memorex, ALUMNI NEWS Accolades and Books UNDERGRADUATE as a Service platform. Jeff Rizzo reports and BMC Software com- Additionally, launched that the digital media 1950 pany writing and testing Beyond Organix Digital company he founded Stepping Up Working Smarter IBM mainframe software Farm platform with the and leads, RIZKNOWS, Mimi (Mary Our Defining until my retirement. I also owners of Berkeley Bowl secured a growth capital The new year brought In Thriving in the Gig Renard) Knox, Principles did sales of imported for indoor and outdoor investment from Haney new leadership posts to (Career Press, Walnut Creek, Beyond Economy Yourself semi-precious and some controlled environment Business Ventures in or- Calif., reports, members of the Haas July 2017), Marion precious stones as a side agriculture with Tribalinx. der to continue its rapid “The Class of community. Haas Chief McGovern, MBA 85, activity. I have now sold all com for Tribal Nations. growth. They’ll purchase 1950 Council under the Strategy & Operating explores dramatic changes my leftover inventory and Began volunteering with additional production leadership of President OfficerJo Mackness, in the world of work and of- shut down the business. Instituteforactivelearn- equipment, bolster the Dick Ingraham will be MBA 04, assumed the top fers advice on how to capi- “My son Jay had a ing.org run by former UC company’s website and announcing the site for daughter in August Berkeley professor Oscar mobile app (which went human resources role on talize and compete in the our 68th Class Reunion. 2016. Now I have two Pemantle. Celebrated live in March), move into the UC Berkeley campus, new landscape. McGovern Looking forward to enjoy- granddaughters, as my second anniversary of my larger office space, and serving as interim assistant focuses on the high end of ing more time together!” vice chancellor for human the gig economy, looking at Satish Rishi, MBA 86 daughter Amba has an Lidia Stiglich, BS 92 marriage to Mae France hire additional employ- 8-year-old daughter Nevada Supreme Court McCorkle-Conol.” Stephen Maier, BS 07, talking with Kyrgyz Dairy Farmers ees. Founded in 2013, resources. “I’ve always 1959 also. Jay is a senior been committed to using investor base from 25 in November 2016 by RIZKNOWS currently has percent to 82 percent and Richard Tompkins writes, manager at the real 2007 called Magic. I also have over 180,000 subscribers my career to create positive Governor Brian Sandoval. the privilege of serving on worked with the CEO to “Recently moved to Sun estate company Partner Stephen Maier, who rely on the company social change,” says Mack- Valley, Idaho, to continue Engineering and Science. Our Defining the SF Opera Bravo! Board. Peter Yu, Hong Kong, of Osh, Kyrgyz- Principles for deals on and reviews ness. “Moving into a role develop a strategic plan for my real estate business. Amba, who graduated Finally, I was selected as the company to become reports, “On November stan, reports, Beyond of popular sporting goods that more directly supports Now licensed as a broker with honors from UC Yourself a Nasdaq entrepreneur and technology-related profitable. Rishi recently 19, nearly 150 alumni and “Our for-profit, the entire university was in California, Hawaii, and Davis in sociology, is a development- fellow for this round’s consumer products. retired from the company. Idaho.” friends gathered cohort. Very exciting an opportunity I couldn’t real estate professional for Berkeley Club of minded livestock pass up.” in Santa Cruz.” nutrition company made year—hope to continue to 2016 1960 Hong Kong’s 10th make Cal proud!” Taking Mackness’ place New Fiction Berkeley Ball. Hong Kong a partnership with USAID Stephanie Wang, 1966 to develop the smallholder on an interim basis at Haas Management consultant- Haas Alumni Chapter 2012 Palo Alto, Calif., writes, is Courtney Chandler, turned-author Jackie Herman (Buzz) Bosch- President James Man dairy and beef sectors “Having a great time at MBA 96, previously the Townsend, MBA 93, ken. See MBA 1968. (MBA 03) and board in southern Kyrgyzstan. my first full-time job. I am working as the proj- assistant dean for the debuts her second novel, member Richard Ann Looking forward to Evening & Weekend MBA Irene Hartung Boschken. (MBA 03) joined the ‘Haas ect manager. We hope to marrying my amazing The Absence of Evelyn See MBA 1968 note for help farmers turn dairy fiancé this year!” Program. Book by Marion McGovern, Table’ alongside many The wedding ceremony in (SparkPress) this spring. Herman Boschken. more Haas alums.” Club farming and beef fatten- Jamie Breen, the MBA 85 The book is a saga of the Philippines for James ing into a profitable President and Berkeley McCorkle, BS 98. former assistant dean of a stormy relationship 1990 Ball Co-Chair Yu and Club business, rather than Berkeley-Haas’ MBA for the alternative workforce between an almost-50 Executive Committee just a cultural practice. MBA Executives program, is of senior consultants. She mother and her daughter Member Karen Chan 2006 I’d love to connect with now leading teams as as- dives deep into the world that explores love, loss, (BS 11) sat on the event’s Chris Pope, Santa Monica, other alums in the ag- 1968 sistant dean for Haas’ MBA of digital marketplaces and and identity. Townsend’s organizing committee. riculture field: stephen. [email protected]” Herman (Buzz) Boschken Programs for Working outlines ways to maneu- novel cultivates elements and Irene Hartung Professionals. ver in this new, digitally of romance, intrigue, and Boschken, Davis, Calif., Russ Pike, BS 60 2011 enabled world of work adventure among four lives write they “have yet to to create a path that spanning three continents. Brandon Lassoff, BS 12 achieve a ‘retirement- Russ Pike, of Our Defining optimizes success. Townsend’s first novel is San Francisco, Principles Brandon Lassoff, Evan- years’ state of mind.” Imperfect Pairings. Beyond ston, Ill., recently began Emeritus Professor Buzz announces Yourself Top CFO that he and the pursuit of his MBA finished a comprehen- Lauri Nitz at the Kellogg School of sive revision of his Satish Rishi, MBA 86, business-strategy was named a 2016 Silicon recently formed New Management. Venture Management teaching case on Vail Valley CFO of the Year by LLC, a business consult- the Silicon Valley Business ing service with offices Timothy Yee, BS 90 Journal. Rishi spent the in Reno, San Francisco, last ten years at Rambus Timothy Yee, and Denver, focusing Alameda, Our Defining Inc., a creator of semicon- on startups. With over Principles Jo Mackness, MBA 04 Calif., recently Confidence ductor and IP products 50 years of experience without attained Attitude with an annual revenue of between them in legal his latest Berkeley Club of Hong Kong’s Berkeley Ball organizing committee: $300 million. “I am hon- services, marketing, 401k-advisor Darrell Chan, BA 98, MA 04; Michelle Wong, BA 11; Peter Yu, BS 92; Anjali Menon, BS 11 ored and humbled and owe business management, certification, the C(k) Winston Lam, BA 92; Esther Ma, BA 87; Cheryl Lo, BA 09; Clara Lo, BA 95; it to my team and Haas,” and investor services, P certification. His See Kay Ng, BA 14; Karen Chan, BS 11; and Tak Chi Chow, BA 04 Anjali Menon, they offer very personal- Our Defining Rishi said of his award. At practice, Green Retire- San Francisco, Principles ized guidance for the Rambus, he built a finance ment, Inc., is celebrating Calif., announces, “My writes, “This Confidence small business owner. 1998 without team that questioned Book by Jackie Townsend, 10-plus years wife and I welcomed year brought Attitude in business. James McCorkle, Albany, our first-born son into about some the status quo and made MBA 93 1965 Calif., reports: “Launched significant changes to the world!” Jackson amazing career Vijay Kumar (Pandit), of 1992 C360inc.com as the milestones. I became internal processes. He also Lewis Pope arrived on Mountain View, Calif., up- truly first Internet of January 7, 2017. the head of growth for a increased the institutional Lidia Stiglich, Reno, Nev., Irene & Buzz Boschken, MBA 68, at the Haas Old Blues lunch, Courtney Chandler, MBA 96 dates, “I am retired now. I Everything and Energy Y-Combinator company was appointed to the 2016

28 BerkeleyHaas Spring 2017 29 In the Back In the Back Haas Alumni Notes Save the date: Reunion Weekend, April 28–30, 2017

company Marvell as its and adjunct teacher at a mini-reunion hosted by Yasunori Our Defining 1992 25th Reunion chief human resources the College of the Atlan- Colleen Cassidy, MBA 86, Nakagami, Principles officer. She has previ- tic and the Dramatists Tokyo, reports, April 28–30, 2017 on Martha’s Vineyard, Confidence ously led human re- Guild Institute. Home Mass., with Mike Ham- “It has been without Attitude source efforts at Amyris, in Bar Harbor means I mon, Rich Strauch, and two years since Mary (Palmer) Taylor, of Hitachi Global Storage travel frequently for play his wife, Cindy (Baldwin) I relaunched a San Francisco, writes, Technologies, and Sun productions and rehears- Strauch, MBA 86. It’s new engagement fund. It “Working at Deloitte in SF Microsystems. als, but I love the quiet on been over 25 years since now amounts to a and excited to connect my island in between this entire group has several hundred million with classmates at our gigs. I live with my part- been together. Laughter, dollar fund with 14 1982 35th Reunion 25th reunion!” ner, France, and our reminiscing, and lobster professionals. The fund April 28–30, 2017 dog, Lady.” eating ensued, and it and one of our invest- Peter Wilson, Piedmont, was as though we had ments now has become a Calif., notes, “I have never left Berkeley. We Harvard Business School gotten involved in two 1983 had so much fun that case. I am excited to visit interesting things: William Zarit, of Beijing, we decided to have HBS in March as Search Funds and TIGER was elected chairperson these reunions on a ‘protagonist’ of the case. 21. The first is a form of To keep it going, or to set regular basis. Such great Last year, surprisingly of the American Chamber Chiara Moressa and Klaus Hammer, MBA 90 micro private equity, it up, you need to get an of Commerce in China. friendship developed at enough, a book I wrote backing recent MBAs @berkeley.edu email account. Berkeley—despite long based on my observa- Tortona, a true princess, who are looking to take distances and longer 1990 tions as an investor was 1985 and we will live happy over a small business. Do you use All alumni email addresses separation the friend- Klaus Hammer, of selected as one of the together ever after.” The second is a member- ending in mba.berkeley.edu, ships held strong.” Einsiedeln, Switzerland, 2016 Best Management ship organization for moved on from McKinsey Books by Harvard alumni email haasalum.berkeley.edu, 1991 people who have and alumni.haas.org will and Genioo and writes, Business Review in succeeded in business now be managed through “I have decided to put Frank Hundley, Fleming- Japan.” and want to learn from forwarding? my experiences and ton, N.J., left Merrill this @berkeley account. one another in a knowledge into my new Lynch in December to confidential setting. I Eric Muller-Borle, MBA 85 company HammerRe- join Janney Montgomery continue to support sults. We will, through Scott LLC in the firm’s VISIT OUR WEBSITE FOR MORE INFORMATION: Futures Without Violence Eric Muller-Borle, of high automation and New Hope, Pa., offices as and the Golden State http://haasalumni.org/email Luxembourg, was elected clever technology, bring Hundley McGovern Warriors’ Hoops4Kids to the boards of directors the costs of a current Wealth Management. programs.” of life insurance carrier expensive consulting Janney is a high-end Zurich Eurolife and of service down to make boutique wealth 1993 financial services firm it available broadly. management and MBA cont. ‘service-oriented’ phase. Zurich Finance, as inde- The methodology re- investment advisory firm Melissa Kelley, Santa Very active as a private Andrea Lepcio, MBA 85, with pendent director. Zurich ally works. I would be headquartered in Rosa, Calif., announces, school trustee, elected to France, Lady, and Kili Eurolife, a member of the very happy to offer to Philadelphia. Frank’s title “I recently co-founded City Council, and sing in is vice president/wealth Impact 100 Redwood Resorts (used by faculty global Zurich Insurance Mauri Schwartz, MBA 85 with any Berkeley company a Barbershop Chorus at Andrea Lepcio, management. Also in Circle, a women’s giving worldwide) and remains Our Defining group, is a leader in pan- Congresswoman Nancy Pelosi, owners (minimum 50 retirement, convalescent, Bar Harbor, Principles December, he was sworn circle that provides busy on the Davis European pension plans. Jan. 2017 employees, no upper and other facilities—a Maine, reports, Beyond in as a member of the funding for nonprofits in Planning Commission. limit) free pilots to the humble attempt to repay “After years Yourself board of governors, the Yasunori Nakagami, MBA 91 Sonoma County. In 2016, Irene balances her work Steve Nozik, Boston, Mauri new and better way a debt of gratitude for the working as a updates, “After working Our Defining principal governing body on teacher credential Schwartz, Principles to manage company opportunities I have had.” research analyst for 30 years in Silicon culture and engagement of Rutgers, the State testing at Pearson with San Francisco, Confidence on Wall Street, I’m now a without University of New Jersey. ballet training and Valley, I am now retired. In writes, “I am (k.hammer@hammerre- 1976 playwright, writing coach, Attitude Rutgers is the newest volunteer activities. “We October, old friends held enjoying my sults.com). At the same member of the Big Ten are constantly on the go Joe Garrett, of Berkeley, tenure as vice time I married Chiara, Conference. His term will with grandchildren, Calif., writes, “I was ap- president of the B-HAN an Italian woman from pointed to a three-year SF Chapter, working with last until June 30, 2022. traveling to several Randy Weil, MBA 75, at his volunteer commitments term on the National my colleagues to first city council meeting on Advisory Council for the produce informative and in San Diego, alpine Jan 3, 2017 skiing, and enjoying Institute of Governmental fun events during the year. As president of many Haas activities cal to climb “fourteeners” Studies here at Cal. Am throughout the year.” still serving on the Board Career Insiders, I’m (peaks above 14,000 feet; excited with the terrific Colorado has 55 of them). of Directors of Pacific Premier Bank, a $4 bil- response received for CI’s 1972 45th Reunion “After that,” he writes, Executive Personal “I purchased a small lion bank in southern April 28–30, 2017 California.” Branding Initiative. It’s manufacturing company, not new but has taken then found my way into off and seems to have a commercial real estate. 1975 1977 40th Reunion life of its own. Thank you Now I am embarking on April 28–30, 2017 to all my Haas alum Randy Weil, Cherry Hills Version 3.0 of myself. I clients!” Village, Colo., left his po- sold off a very successful Melissa Kelley, MBA 93 (seated at right), signs a contract from sition as a senior execu- real estate business, kept 1981 Steve Nozik, MBA 85; Colleen Cassidy, MBA 86; Cindy (Baldwin) Impact 100 Redwood Circle awarding a $100,000 grant to VOICES tive in larger companies the small manufactur- 1987 30th Reunion Strauch, MBA 86; Rich Strauch, MBA 85; and Mike Hammon, Frank B. Hundley, MBA 91 (left), and his business partner, in Sonoma County. Seated: Alissa Abdo. Standing: Suzy Marzalek, after a 30-year run and ing business (it’s fun!), Karen Rohde has joined MBA 85, at Lighthouse Beach in Edgartown, MA on Martha’s April 28–30, 2017 Craig McGovern, joined Janney Montgomery Scott as Hundley Jan Gilman, Barbara Ramsey, Thea Hensel, Mitch Findley, and took a one-year sabbati- and moved into a more semiconductor-solutions Vineyard in October 2016. McGovern Wealth Management in December. Julia Freis.

30 BerkeleyHaas Spring 2017 31 In the Back In the Back

Check out the Berkeley-Haas Marketplace for deals from alumni Haas Alumni Notes companies: haas.berkeley.edu/groups/alumni/byhaas

seven parks—from 18 years old, just Cerebrus Group, a Nancy Riess caught Glacier to Redwood. My 1997 20th Reunion finished high school, and business strategy up with fellow class- It began in favorite moment was in April 28–30, 2017 will probably study consultancy offering mate Nilmini Rubin Wherever You Are, Berkeley Yellowstone, quietly architecture. Louisa, 17, strategy services for the in Baltimore. and continues standing across a stream Vijay Bobba, Bangalore, Theresa, 15 (both born in digital age. Cerebrus the Berkeley-Haas from a herd of bison, India, reports, “Exited Brazil), and Valentin, 11 helps our clients navigate 2000 in Boston and including several calves.” from the first startup (the only one born in the tsunami of change Washington, D.C. in loyalty marketing in Germany) are doing well unleashed by the Alumni Network 2014. Co-founded a new in their schools. Caroline intersection of business fintech startup with and I miss the great two models and digital Is There my older son, who just years we spent in technologies. We bring a graduated from North- Berkeley. Haas alumni business lens to digitiza- western! Young boys are are always welcome to tion and apply a top-down now turning out to be visit us!” ‘Business First, Digital responsible young adults. Inside’ approach to Thank God!” 1999 transformation to drive growth, productivity, and Chris Rimer, of San Car- speed in our clients’ Raj Manghani, MBA 01 (far right), and family (from right): los, Calif., writes, “Just fin- businesses. Visit us at Sonam (11), Om (14), and Ruja ished my first year at IBM TheCerebrus.com.” in NA Cloud Unit. In 2017 Adam married Deena Creek. I will be looking Former Boston Chapter President Dan Parker, MBA 11, encouraged helping with the combi- Jon Mauer, MBA 00 Aranoff in 2010, and their for new opportunities classmate Tim Potter, MBA 11, to get involved in the D.C. Chapter shortly nation of cloud and two children are Shira, 4, in the financial services after he relocated there. Following in Dan’s footsteps, Tim now leads the D.C. analytics at IBM and Jon Mauer, Kailua, Ha- and Maya, 1. industry in the Bay Area Chapter—a leadership experience both graduates find invigorating. Together making cognitive com- waii, was named presi- after deciding to leave these classmates and friends are strengthening the alumni network. puting real for clients and dent and CEO of Island Raj (Rajesh P.) Manghani Gregg Chow, MBA 94 (right), MSCI-Barra (the firm partners of all sizes.” Energy Services, LLC, a returns to Pleasant Hill, that I joined right after That’s the power of one another. Share your passions and experiences with Cal’s Athletic Director, Mike One Rock Capital Part- Calif., after four years Williams, BA 82 (Economics) b-school) after a 15-year with your classmates. 1998 ners portfolio company. based in Singapore. stint. We look forward to Island Energy acquired “Ruja and the kids, Om reconnecting with the Gregg Chow, Greenwich, all of the Chevron refin- (14) and Sonam (11), are Haas community Conn., jokes, “This is haas.berkeley.edu/chapters ery and marketing assets settling back nicely into in 2017.” why you always maintain Whitney Wheeless and in Hawaii, which in- the community. Ruja, your peer and colleague Mike Dennis, MBA 99s cluded a 56mbd refinery, MBA 11, will be starting network—because Alan Knitowski, MBA 99 pipelines, four marketing a new opportunity with a 2002 15th Reunion you never know when Michael Dennis, terminals, and a network medical center in Walnut April 28–30, 2017 George Willman, Palo 1994 one of them might Our Defining Alan Knitowski, MBA cont. Portland, Ore., Principles Our Defining of 56 retail stations serv- Alto, Calif., has joined the become an athletic Austin, Texas, Principles Karen Bianchini, of notes, “MBA Confidence ing the state. Silicon Valley office of director: #mikewilliams without closed a $22M Question the Kensington, Calif., writes, 99ers—and Attitude Status Quo we awarded our first Pillsbury Winthrop Shaw “In 2016, I became the #gobears.” former Axe Co- investment for Greg Patterson, of San Impact Grant of Pittman as a partner. chief marketing officer hort-ers—Whit- Phunware from Francisco, says, “The $100,000 to VOICES, His practice focuses on for AAA, my employer for Mark Tobin, Nashville, ney Wheeless and I have Khazanah, the Advisory Group continues which provides academic, intellectual property, the past 10 years. I’m Tenn., writes, “I have been working together $35B sovereign wealth to grow, and our Wealth- career, and life skills licensing, and technology very fortunate to work for been the treasurer at on projects at The Nature fund for the government of Step.com retirement law, including in Louisiana-Pacific for Malaysia. This investment support for youth who a trusted brand that Philipp von Heydebreck, MBA 98 Conservancy. I attended advice startup will have aged out of the financings, mergers, serves a higher purpose 15 years. I moved to a session Whitney led in brought Phunware’s launch mid-2017. acquisitions, and Nashville from Portland funding since inception to foster care system.” and with colleagues I Philipp von Heydebreck, Portland.” “Kids are growing. Still strategic partnering truly respect.” She adds: about 12 years ago. I just over $90M. In parallel, doing triathlons. Saw arrangements. He came here with reserva- Bad Doberan, Germany, Phunware finished 2016 Tom Stahl became “In honor of the National writes that after working classmate Javier Rapallo COO of WildAid, a remains active as Parks’ 100-year anniver- tions but have grown with $47M+ in revenues in Madrid last summer, co-chair of the Berkeley to love the place—the eight years for Nordex, and expects to deliver San Francisco-based sary, I visited more than a multi-megawatt so great to be together! group working to end the Angel Network. weather, food, and most $100M+ in 2017 bookings. Thanks Haas for being a of all the southern hos- wind turbine manufac- trade in endangered turer, he now heads friendship catalyst.” species. WildAid uses pitality. Recently visited Budapest, Vienna, project management Hollywood-quality media for EEW Special Pipe 2001 communications Slovakia, and Prague. It was a wonderful trip in Constructions, the Adam Berman founded including TV, billboard, leading manufacturer and social media in a beautiful part of the Urban Adamah, a com- world. Here in Nashville of monopile foundations munity farm and environ- China, Vietnam, and for the offshore wind Hong Kong to reduce I serve on the Board of mental education center Directors as treasurer industry. “We still live in in Berkeley. “We recently consumer demand Bad Doberan on the for wildlife products. for Conexion Americas— purchased a two-acre a wonderful organization Baltic Sea in our 1905 property in West Berkeley “In August,” he writes, house, a listed building, Hari Harikrishnan, MBA 99 “my wife, Julie Kim, and that helps Latinos inte- and are building the grate into the Nashville which will probably never largest urban farm and I moved back to San become completely Hari Harikrishnan, Francisco after two community and works Fremont, Calif., reports: community center in the to keep Nashville a ready. Lucas, born 1998 metropolitan Bay Area,” amazing years living in Berkeley two weeks “Surinder Brar, MBA 74, in Barcelona.” Jack Duan, MBA 06; Gabe Burke, BCEMBA 08; and George welcoming place.” and I founded The Nancy Riess and Nilmini Rubin, he notes. “Come visit us: Willman, MBA 93, at a recent Berkeley Angel Network meeting before graduation, is now MBA 99s www.urbanadamah.org.”

32 BerkeleyHaas Spring 2017 33 In the Back In the Back

Haas Alumni Notes Save the date: Reunion Weekend, April 28–30, 2017

the Wild Adventures, forward to the new culture here and couldn’t BCEMBA IN MEMORIAM that I ran out of Bend, challenges and opportu- be more excited for Ore. Despite the nities that 2017 will what’s to come in the 2012 accolades the company bring! Please come visit automotive space.” Haas Professor Emeritus received, it was difficult me in Tanzania!” Carter Reue, of Alam- to achieve financial Alex de Winter was eda, Calif., was pro- Joseph Garbarino sustainability while promoted to managing moted to director at his 2007 10th Reunion Social media consulting firm, Alvarez Professor Emeritus Joseph W. Gar- facing disintermedia- director at GE Ventures, barino, who served Haas for 39 years, tion, thin margins, and April 28–30, 2017 where he’s worked for posts come and and Marsal, where he works on projects in died Oct. 18, 2016, at age 96. In addi- geopolitical risk. My four years. The new go, but tion to his academic career, Garbarino passion for guiding and position takes him to the finance, technology, Sara Drake (MBA/MPH), and supply chain areas. was a veteran of both WWII and the climbing will never of St. Paul, Minn., after Boston to operate out of Korean War. wane though. I recently GE’s headquarters there. “My project teams were eight years in public an Alumni phenomenal, helping Garbarino was born in Medina, N.Y., acquired my Profes- service for the Minnesota In his role, he invests in and earned a bachelor’s degree from sional Climbing Guides health care startups and me be successful on Department of Human Note lasts. various projects as well Duquesne University and a PhD in Institute (PCGI) Top Rope Services as the phar- builds ties between GE economics from Harvard. He came to UC Berkeley in Guide (TRG) certification and the East Coast’s as internal initiatives macy program manager such as campus recruit- 1949 with a joint appointment at Haas and the Institute and the Wilderness and the deputy director innovation ecosystem. Submit yours at of Industrial Relations. He taught primarily economics, Emergency Medical ing and instructor duty! of health care purchas- haas.berkeley.edu/alumninotes Thank you to all my industrial relations, compensation, and collective Technician designation. 2010 bargaining. Garbarino’s principal research interests ing and service delivery, fantastic colleagues and Emilie Cortes, MBA 02, in the Slurpee hat surrounded by I traveled to Afghanistan began a new role as a Jeffrey Hale announces, were wage and income policy, health economics, expedition team members in the Panjshir Valley, Afghanistan last May to train a group my extremely supportive and faculty and professional unionism. He authored principal in Mercer Gov- “I have taken a job as wife, Kat!” of young female ernment Human Services political officer at the awards, which is like the 2013 numerous books and articles. MBA cont. Camp, which runs two mountaineers for Consulting in its Minne- U.S. Embassy in Port of In 1961, he was appointed director of the Institute of Oscars for toys. It’s an Benny Du, San Mateo, 2013 luxury tent camps in Ascend Athletics out of apolis office. Spain, Trinidad and amazing feeling to be Business and Economic Research and served in that the Serengeti and soon Kabul. I climbed Mt. Calif., sends this Scott Lovejoy, capacity for 27 years until his retirement in 1988— Tobago. My work recognized in the greeting: “Hello, dear Our Defining relocated a third in Tarangire Kenya and failed for the 2008 of Dallas, Principles one of the longest-serving directors of a research Emilie Cortes portfolio will include ‘Construction Toy of the friends! I’d like to tell you to Arusha, Tanzania, to National Park. She third time (rock climbing started in Question the unit on campus. Berkeley awarded him its Citation for Michael Thomas, San human rights, refugee Year’ category, alongside that now I have a big Status Quo serve as the general writes that 2016 was at 17,000 feet is tough), September Distinguished Achievement and Notable Service. In Francisco, notes: “I just issues, trafficking in established companies family and the best job manager for trek and “a tough year as I shut but now I’m close as the vice the 1960s, as director of the PhD program, Garbarino wanted to share my persons, and religious like Lego. Learn more at ever! Is it real? Yes! Just safari company Duma down my own adventure enough to go back and president of tech- was instrumental in updating the curriculum from its article on unconscious freedom.” buildandimagine.com.” because I can be with my Explorer Ltd and Chaka travel company, Call of try again. I’m looking nology at Topgolf. focus on economics to include other social sciences, bias and compensation family at home and write particularly psychology and sociology. He also served Portia (Portia Yee) published in the National 2012 5th Reunion articles for http:// as a labor arbitrator in the Bay Area and nationally Law Review: http://haas. Meneau, San Francisco, 2015 EMBA 1st Reunion April 28–30, 2017 essayvikings.com/blog. from 1960 to 2000, overseeing more than 400 cases. org/2kpLZhJ. With grati- moved from PG&E to Yeah! Can you believe it?! April 28–30, 2017 Garbarino was married to the former Mary Jane tude, Michael.” Sunrun in January and is I guess that I’m the Godward for 65 years and is survived by four daughters: now director of financial Nicole Sanchez, Berkeley, happiest person! What Caroline Yeh, of El Ann and Joan of Berkeley, Susan of Oakland, and Ellen 2009 operations. “Just got back Calif., the VP of Social of Sydney, along with five grandchildren. about you? Contact me Cerrito, Calif., joined from a food tour Impact at GitHub, the via email, please!” extravaganza of Mexico world’s largest open the cannabis industry City,” she adds. source code repository, is with a job as product In Memoriam development manager excited to teach Diversity 2016 1st Reunion Charles O’Toole, BS 41 Delano Schroeder, at Bloom Farms, located 2011 in the Workplace in the April 28–30, 2017 BS 56, MBA 61 in Oakland, Calif. Myrnie Ross, BS 43 Full-time Berkeley MBA Donald Simon, BS 43 Ray Stone, BS 56 Program this semester. HIRETHE BERKELEY-HAAS ALUMNI NETWORK TRULY IS THE POWER OF ONE ANOTHER James Dwyer, BS 47 Robert Bolinder, MBA 58 William Nilson, BS 47 Frederick Fischle, BS 59 PhD Ernest Welch, BS 47 Chester MacPhee, BS 59 Charles Mower, BS 49 William Buckley, MBA 59 1997 Donald O’Connor, BS 49 James Barrons, BS 60 Marc-David Seidel, Richard Strong, BS 49 Donald Newell, BS 60 MS 93, Vancouver, B.C., Robert Jensen, BS 50 C Alexander, MBA 60 Canada, was promoted Nancy Kelso, BS 50 Marshall Sparks, Ben Biddle, MBA 09, with lots to a Professorship in Alice May, BS 50 BS 64, MBA 65 of reasons to smile for his Innovation at the Lawrence Curtice, BS 65 Edmunds employee photo University of British Eugene O’Sullivan, HAASDavid Lotz, MBA 98, and Paul Mackinaw, MBA 11, live 1,200 miles BS 50 Andrew Kritscher, BS 65 Columbia, became apart. But that didn’t stop them from supporting each other’s careers. Ben Biddle, Los Angeles, director of the Maurice Boyd Quinn, BS 50 Jerry Bramwell, MBA 65 Paul posted a consulting job at his company, LeanCog, to fellow Haas writes that after Young Entrepreneurship Jack Atwell, BS 51 John Dodge, MBA 65 John Wilson and Laurie Peter- struggling to find that Centre and chair-elect Paul Baumann, BS 51 John McCardle, BS 66 alums, and now David is leading the development of mobile banking son, MBA 11 “dream job” in the wake of the Academy of Dewitt Leitch, BS 51 John Bock, MBA 67 apps to help the underserved. of the financial crisis, he Management OMT Edward Tocci, BS 51 Douglas Jones, MBA 67 “finally landed an Laurie Peter- Our Defining Division, and is associ- Principles Christopher Nelsen, amazing role with son, Oakland, ate editor of Administra- James Graham, BS 52 Calif., reports, Question the MBA 71 SHARE YOUR JOB OPENINGS Edmunds.com at the Status Quo tive Science Quarterly Caroline Lucetti, BS 52 intersection of product “My toy startup at Cornell University. James McPherson, Bernard Smith, MBA 76 [email protected] Build & Imagine management and data Michael Hennon, EMBA 16, and his family wear Berkeley-Haas He adds, “Still enjoying BS 54 Robert Gilbert, Friend was a finalist for two ‘Toy science. I’ve been blown hats for the holidays life in Vancouver!” Thomas Light, BS 55 Raymond Kelley, Friend of the Year’ (TOTY) away by the corporate Irene Rodden, BS 55 Betty Jane Roth, Friend

34 BerkeleyHaas Spring 2017 35 In the Back “I am honored to be a part of Haas Personal View Lisen Stromberg, MBA 91 the Haas community. Thank you for making it possible for This wasn’t an option for my employer. They wanted Lisen Stromberg, MBA 91, me all-in or all the way out, as did other employers I spoke is CEO of PrismWork, a generations to share in this to. A highly qualified woman who had two children and culture innovation consul- needed a flexible schedule was, apparently, not employ- tancy. She is also the experience. I am excited to able. So I did something I never imagined I would do: author of Work Pause I became an opt-out mom. Thrive: How to Pause for see all the ways that I and my And I’m not the only one. When I went to my twenty- Parenthood Without classmates will grow and the fifth reunion last year, I wasn’t surprised to learn that Killing Your Career. nearly every one of my female classmates had either impact we will have in the Haas downshifted or completely left the paid workforce. These women were trailblazers back in the day and yet not a community and beyond.” single one of us had broken on through. Most, like me, had Angel Napit, MBA 18 paused their careers at some point. Did you know that on average 65 percent of graduates from top colleges who go on to get their MBAs leave the paid workforce for a period of time after they become mothers? In a 2015 Harvard survey of alumni, 43 percent of Gen X women said they’d paused their careers to care for family. These women didn’t plan on pausing. In fact, only 28 percent indicated they had always expected to downshift their careers once they became mothers. They found they couldn’t combine their desire to nurture with their will to succeed. Something had to give and what gave was their careers. But my career didn’t end when I quit my job in advertising. I did strategy consulting for tech startups for Power Pause a few years then I pivoted to become a social entrepreneur. THANK YOU Why the economy depends on helping I started and ran a nonprofit for over five years. When the money ran out, I pivoted again to become an award- parents thrive winning journalist writing about women, work, and life in to our alumni, students, Picture this: I’m 30,000 feet in the air, flying from San Silicon Valley. Now, my career has come full circle. I’m Francisco to Chicago. I’ve just been promoted to vice working as the acting COO of the 3% Movement, an faculty, and staff for president at Foote, Cone & Belding, one of the largest organization dedicated to increasing the number of advertising agencies in the country, and I’m off to an women in leadership in advertising. I also consult with your loyal donations to important meeting with a new client. I’m nervous as other companies to help them figure out how to create hell. I’m also thirty-three years old and twenty-four thriving cultures that enable them to attract, retain, and Berkeley-Haas each year. weeks pregnant. promote women. My dream is that the next generation of Suddenly, I feel a familiar tightening across my belly. mothers and fathers won’t face the same workplace You make a real Then another and another. It doesn’t take long for me to challenges that I did. realize that I’m in pre-term labor. Within the next decade, 64 million Millennials will difference in our lives This isn’t my first rodeo with complicated pregnancies. become parents. We’re on the cusp of a nationwide baby My first child was born premature. His first days were boom and the truth is, our workplaces aren’t ready. Most and in the world. spent in the ICU being fed through a tube because he was still expect 24/7 commitment from their employees, don’t too weak to suckle. He eventually came home and not long have meaningful paid parental leave, don’t offer child care, after I raced back to my career as brand manager at Nestle. and are skeptical of potential talent who have taken a Why let a little thing like a premature baby hold you back? nonlinear path. I’d always been ambitious, had worked since I was Female workforce participation in the U.S. has stag- fourteen years old, and had big dreams for my career. nated at 74 percent for the past 25 years. Most countries When I graduated from Haas in 1991, I thought I would be have seen increasing participation. Spain, Greece, even one of the ones to break that glass ceiling. And why not? I Japan have more women working than we do. I worry had invested thousands of dollars into my education and that if we don’t solve for this issue soon we’re going to had great work experience and the skills I needed to have a talent drain of alarming proportions; one that achieve my professional goals. will hurt not just the careers of women (and men), but And then I had kids. also our economy. After that plane landed and I was able to get home, my These days, business schools across this country are doctor forced me on bed rest. I spent four months doing boasting they have the highest enrollment of women in RenewRenew your your support support today: today: nothing but gestating. When my daughter finally arrived, history. Berkeley-Haas, Harvard, Stanford, and Whar- I knew something had to change. I loved my job and ton have reported women comprising between 40 and haas.berkeley.edu/onlyyou my team, and we were winning new clients left and right. 43 percent of their incoming classes. Yahoo! Imagine all haas.berkeley.edu/onlyyou But I’d been working 60-hour work weeks, traveling of those future leaders and the great impact they could extensively, and rarely got home before my son was in have on our businesses and economy. Except, it’s likely Learn more about your impact: bed. I realized I needed to downshift. Not forever, but at they won’t. It is time to stop thinking this is a woman’s least for a while. problem and start realizing this is a business problem. haas.berkeley.edu/annualreport 36 BerkeleyHaas