Proven leadership, a strong work ethic, discipline, teamwork—traits often used to describe those in our nation’s military. They are the same traits also associated with those who earn an M.B.A. The Simon Graduate School of Business has recognized this in its long tradition of accepting students with military backgrounds. As far back as the early 1970’s, instructors in the University of Rochester’s Naval R.O.T.C. program have taught naval science courses and attended Simon on Fridays through the Executive M.B.A. Program. During that time, Simon also offered an M.S. program in Systems Analysis, overseen by Ronald W. Hansen, senior associate dean for faculty and research, that enrolled and graduated approximately 75 mid-career military officers. Over the years, many Simon international students have performed military service in their home countries as well. Over the past two years, under Dean Mark Zupan’s leadership, the School has accelerated efforts to actively recruit M.B.A. candidates with military experience—either on orders from the military while on active duty or following several years of military service. “Since its inception, the Simon School has sought to attract the best and brightest candidates to attend its programs,” says Zupan. “Aside from today’s political climate, we continue to believe that the skills and traits inherent in current or former members of the military mirror those necessary for earning a graduate business degree and being successful.” Zupan ap- pointed Daniel H. Struble, retired Navy captain and former head of the University’s N.R.O.T.C. Unit, to lead this effort, and the School has seen a significant increase in applicants with military experience. Struble says these applicants are excellent candidates for admission because of the skills they bring to the classroom. “They have a thorough understanding of finance, a high level of maturity and experience, a natural take-charge approach and a get-it-done attitude that positively affects everyone around them,” Struble says. “I heard one professor say, ‘They don’t wither under academic fire,’ and it’s true. What they bring and what they get is tremendous.” Some graduates return to the military with M.B.A.’s, others pursue careers in business—either way, they are among Simon’s most influential and successful alumni. Here is a sampling of Simon students and alumni who are currently enlisted or previously have served in the U.S. military. Proven leadership, a strong work ethic, discipline, teamwork—traits often used to describe those in our nation’s military. They are the same traits also associated with those who earn an M.B.A. The Simon Graduate School of Business has recognized this in its long tradition of accepting students with military backgrounds. As far back as the early 1970’s, instructors in the University of Rochester’s Naval R.O.T.C. program have taught naval science courses and attended Simon on Fridays through the Executive M.B.A. Program. During that time, Simon also offered an M.S. program in Systems Analysis, overseen by Ronald W. Hansen, senior associate dean for faculty and research, that enrolled and graduated approximately 75 mid-career military officers. Over the years, many Simon international students have performed military service in their home countries as well. Over the past two years, under Dean Mark Zupan’s leadership, the School has accelerated efforts to actively recruit M.B.A. candidates with military experience—either on orders from the military while on active duty or following several years of military service. “Since its inception, the Simon School has sought to attract the best and bright- est candidates to attend its programs,” says Zupan. “Aside from today’s political climate, we continue to believe that the skills and traits inherent in current or former members of the military mirror those necessary for earning a graduate business degree and being successful.” Zupan appointed Daniel H. Struble, retired Navy captain and former head of the University’s N.R.O.T.C. Unit, to lead this effort, and the School has seen a significant increase in applicants with military experience. Struble says these applicants are excellent candidates for admission because of the skills they bring to the classroom. “They have a thorough understanding of finance, a high level of maturity and experience, a natural take-charge approach and a get-it-done attitude that positively affects everyone around them,” Struble says. “I heard one professor say, ‘They don’t wither under academic fire,’ and it’s true. What they bring and what they get is tremendous.” Some graduates return to the military with M.B.A.’s, others pursue careers in business—either way, they are among Simon’s most influential and successful alumni. Here is a sampling of Simon students and alumni who are currently enlisted or previously have served in the U.S. military. Proven leadership, a strong work ethic, discipline, teamwork— traits often used to describe thoseSimon in our nation’s military. They are the same traits also associated withBusiness those who earn an M.B.A. The Simon Graduate School of Business has recognized this in its long tradition of accepting students with military backgrounds.SimonSimon As GraduateGraduate far back as the early SchoolSchool 1970’s, instructors ofof BusinessBusiness in the University | |of UniversityUniversity Rochester’s Naval R.O.T.C. ofof RochesterRochester program have taught || navalFallFall science 20082008 courses and attended Simon on Fridays through the Executive M.B.A. Program. During that time, Simon also offered an M.S. program in Systems Analysis, overseen by Ronald W. Hansen, senior associate dean for faculty and research, that enrolled and graduated approximately 75 mid-career military officers. Over the years, many Simon international students have performed military service in their home countries as well. Over the past two years, under Dean Mark Zupan’s leadership, the School has accelerated efforts to actively recruit M.B.A. candidates with military experience—either on orders from the military while on active duty or following several years of military service. “Since its inception, the Simon School has sought to attract the best and brightest candidates to attend its programs,” says Zupan. “Aside from today’s political climate, we continue to believe that the skills and traits inherent in current or former members of the military mirror those necessary for earning a graduate business degree and being successful.” Zupan appointed Daniel H. Struble, retired Navy captain and former head of the University’s N.R.O.T.C. Unit, to lead this effort, and the School has seen a significant increase in applicants with military experience. Struble says these applicants are excellent candidates for admission because of the skills they bring to the classroom. “They have a thorough understanding of finance, a high level of maturity and experience, a natural take-charge approach and a get-it-done attitude that positively affects everyone around them,” Struble says. “I heard one professor say, ‘They don’t wither under academic fire,’ and it’s true. What they bring and what they get is tremendous.” Some graduates return to the military with M.B.A.’s, others pursue careers in business—either way, they are among Simon’s most influential and successful alumni. Here is a sampling of Simon students and alumni who are currently enlisted or previously have served in the U.S. military. Proven leadership, a strong work ethic, discipline, teamwork—traits often used to describe those in our nation’s military. They are the same traits also associated with those who earn an M.B.A. The Simon Graduate School of Business has recognized this in its long tradition of accepting students with military backgrounds. As far back as the early 1970’s, instructors in the University of Rochester’s Naval R.O.T.C. program have taught naval science courses and attended Simon on Fridays through the Executive M.B.A. Program. During that time, Simon also offered an M.S. program in Systems Analysis, overseen by Ronald W. Hansen, senior associate dean for faculty and research, that enrolled and graduated approximately 75 mid-career military officers. Over the years, many Simon international students have performed military service in their home countries as well. Over the past two years, under Dean Mark Zupan’s leadership, the School has accelerated efforts to actively recruit M.B.A. candidates with military experience—either on orders from the military while on active duty or following several years of military service. “Since its inception, the Simon School has sought to attract the best and brightest candidates to attend its programs,” says Zupan. “Aside from today’s political climate, we continue to believe that the skills and traits inherent in current or former members of the military mirror those necessary for earning a graduate business degree and being successful.” Zupan appointed Daniel H. Struble, retired Navy captain and former head of the University’s N.R.O.T.C. Unit, to lead this effort, and the School has seen a significant increase in applicants with military experience. Struble says these applicants are excellent candidates for admission because of the skills they bring to the classroom. “They have a thorough understanding of finance, a high level of maturity and experience, a natural take- charge approach and a get-it-done attitude that positively affects everyone around them,” Struble says. “I heard one professor say, ‘They don’t wither under academic fire,’ and it’s true. What they bring and what they get is tremendous.” Some graduates return to the military with M.B.A.’s, others pursue careers in business—either way, they are among Simon’s most influential and successful alumni. Here is a sampling of Simon students and alumni who are currently enlisted or previously have served in the U.S. military. Proven leadership, a strong work ethic, discipline, teamwork—traits often used to describe those in our nation’s military. They are the same traits also associated with those who earn an M.B.A. The Simon Graduate School of Business has recognized this in its long tradition of accepting students with military backgrounds. As far back as the early 1970’s, instructors in the University of Rochester’s Naval R.O.T.C. program have taught naval science courses and attended Simon on Fridays through the Executive M.B.A. Program. During that time, Simon also offered an M.S. program in Systems Analysis, overseen by Ronald W. Hansen, senior associate dean for faculty and research, that enrolled and graduated approximately 75 mid-career military officers. Over the years, many Simon international students have performed military service in their home countries as well. Over the past two years, under Dean Mark Zupan’s leadership, the School has accelerated efforts to actively recruit M.B.A. candidates with military experience—either on orders from the military while on active duty or following several years of military service. “Since its inception, the Simon School has sought to attract the best and brightest candidates to attend its programs,” says Zupan. “Aside from today’s political climate, we continue to believe that the skills and traits inherent in current or former members of the military mirror those necessary for earning a graduate business degree and being successful.” Zupan appointed Daniel H. Struble, retired Navy captain and former head of the University’s N.R.O.T.C. Unit, to lead this effort, and the School has seen a significant increase in applicants with military experience. Struble says these applicants are excellent candidates for admission because of the skills they bring to the classroom. “They have a thorough un- derstanding of finance, a high level of maturity and experience, a natural take-charge approach and a get-it-done attitude that positively affects everyone around them,” Struble says. “I heard one professor say, ‘They don’t wither under academic fire,’ and it’s true. What they bring and what they get is tremendous.” Some graduates return to the military with M.B.A.’s, others pursue careers in business—either way, they are among Simon’s most influential and successful alumni. Here is a sampling of Simon students and alumni who are currently enlisted or previously have served in the U.S. military. Proven leadership, a strong work ethic, dis- cipline, teamwork—traits often used to describe those in our nation’s military. They are the same traits also associated with those who earn an M.B.A. The Simon Graduate School of Business has recognized this in its long tradition of accepting students with military backgrounds. As far back as the early 1970’s, instructors in the University of Rochester’s Naval R.O.T.C. program have taught naval science courses and attended Simon on Fridays through the Executive M.B.A. Program. During that time, Simon also offered an M.S. program in Systems Analysis, overseen by Ronald W. Hansen, senior associate dean for faculty and research, that enrolled and graduated approximately 75 mid-career military officers. Over the years, many Simon international students have performed military service in their home countries as well. Over the past two years, under Dean Mark Zupan’s leadership,Simon the School has accelerated efforts to actively recruit M.B.A. candidates with military experience—either on orders from the military while on active duty or following several years of military service. “Since its inception, the Simon School has sought to attract the best and brightest candidates to attend its programs,” says Zupan. “Aside from today’s political climate, we continue to believe that the skills and traits inherent in current or former members of the military mirror those necessary for earning a graduate business degree and being successful.” Zupan appointed Daniel H. Struble, retired Navy captain and former head of the University’s N.R.O.T.C. Unit, to lead this effort, and the School has seen a significant increase in applicants with military experience. Struble says these applicants are excellent candidates for admission because of the skills they bring to the classroom. “They have a thorough understanding of finance, a high level of maturity and experience, a natural take-charge approach and a get-it-done attitude that positively affects everyone around them,” Struble says. “I heard one professor say, ‘They don’t wither under academic fire,’ and it’s true. What they bring and what they get is tremendous.” Some graduates return to the military with M.B.A.’s, others pursue careers in business—either way, they are among Simon’s most influential and successful alumni. Here is a sampling of Simon students and alumni who are currently enlisted or previously have served in the U.S. military. Proven leadership, a strong work ethic, discipline, teamwork—traits often used to describe those in our nation’s military. They are the same traits also associated with those who earn an M.B.A. The Simon Graduate School of Business has recognized this in its long tradition of accepting students with military backgrounds. As far back as the early 1970’s, instructors in the University of Rochester’s Naval R.O.T.C. program have taught naval science courses and attended Simon on Fridays through the Executive M.B.A. Program. During that time, Simon also offered an M.S. program in Systems Analysis, overseen by Ronald W. Hansen, senior associate dean for faculty and research, that enrolled and graduated approximately 75 mid-career military officers. Over the years, many Simon international students have performed military service in their home countries as well. Over the past two years, under Dean Mark Zupan’s leadership, the School has accelerated efforts to actively recruit M.B.A. candidates with military experience—either on orders from the military while on active duty or following several years of military service. “Since its inception, the Simon School has sought to attract the best and brightest candidates to attend its programs,” says Zupan. “Aside from today’s political climate, we continue to believe that the skills and traits inherent in current or former members of the military mirror those necessary for earning a graduate business degree and being successful.” Zupan appointed Daniel H. Struble, retired Navy captain and former head of the University’s N.R.O.T.C. Unit, to lead this effort, and the School has seen a significant increase in applicants with military experience. StrubleLeaders says these applicants are excellent candidates for admission because of the skills they bring to the classroom. “They have a thorough understanding of finance, a high level of maturity and experience, a natural take-charge approach and a get-it-done attitude that positively affects everyone around them,” Struble says. “I heard one professor say, ‘They don’t wither under academic fire,’ and it’s true. What they bring and what they get is tremendous.” Some graduates return to the military with M.B.A.’s, others pursue careers in business—either way, they are among Simon’s most influential and successful alumni. Here is a sampling of Simon students and alumni who are currently enlisted or previously have served in the U.S. military. Proven leadership, a strong work ethic, discipline, teamwork—traits often used to describe those in our nation’s military. They are the same traits also associated with those who earn an M.B.A. The Simon Graduate School of Business has recognized this in its long tradition of accepting students with military back- grounds. As far back as the early 1970’s, instructors in the University of Rochester’s Naval R.O.T.C. program have taught naval science courses and attended Simon on Fridays through the Executive M.B.A. Program. During that time, SimonServing also offered an M.S. program in Systems Analysis, overseen by Ronald W. Hansen,America senior associate dean for faculty and research, that enrolled and graduated approximately 75 mid-career military officers. Over the years, many Simon international students have performed military service in their home countries as well. Over the past two years, under Dean Mark Zupan’s leadership, the School has ac- celerated efforts to actively recruit M.B.A. candidates with military experience—either on orders from the military while on active duty or following several years of military service. “Since its inception, the Simon School has sought to attract the best and brightest candidates to attend its programs,” says Zupan. “Aside from today’s political climate, we continue to believe that the skills and traits inherent in current or former members of the military mirror those necessary for earning a graduate business degree and being successful.” Zupan appointed Daniel H. Struble, retired Navy captain and former head of the University’s N.R.O.T.C. Unit, to lead this effort, and the School has seen a significant increase in applicants with military experience. Struble says these applicants are excellent candidates for admission because of the skills they bring to the classroom. “They have a thorough understanding of finance, a high level of maturity and experience, a natural take-charge approach and a get-it-done attitude that positively affects everyone around them,” Struble says. “I heard one professor say, ‘They don’t wither under academic fire,’ and it’s true. What they bring and what they get is tremendous.” Some graduates return to the military with M.B.A.’s, others pursue careers in busi- ness—either way, they are among Simon’s most influential and successful alumni. Here is a sampling of Simon students and alumni who are currently enlisted or previously have served in the U.S. military. Proven leadership, a strong work ethic, discipline, teamwork—traits often used to describe those in our nation’s military. They are the same traits also associated with those who earn an M.B.A. The Simon Graduate School of Business has recognized this in its long tradition of accepting students with military backgrounds. As far back as the early 1970’s, instructors in the University of Rochester’s Naval R.O.T.C. program have taught naval science courses and attended Simon on Fridays through the Executive M.B.A. Program. During that time, Simon also offered an M.S. program in Systems Analysis, overseen by Ronald W. Hansen, senior associate dean for faculty and research, that enrolled and graduated approximately 75 mid-career military officers. Over the years, many Simon international students have performed military service in their home countries as well. Over the past two years, under Dean Mark Zupan’s leadership, the School has accelerated efforts to actively recruit M.B.A. candidates with military experience—either on orders from the military while on active duty or following several years of military service. “Since its inception, the Simon School has sought to attract the best and brightest candidates to attend its programs,” says Zupan. “Aside from today’s political climate, we continue to believe that the skills and traits inherent in current or former members of the military mirror those necessary for earning a graduate business degree and being successful.” Zupan appointed Daniel H. Struble, retired Navy captain and former head of the University’s N.R.O.T.C. Unit, to lead this effort, and the School has seen a significant increase in applicants with military experience. Struble says these applicants are excel- lent candidates for admission because of the skills they bring to the classroom. “They have a thorough understanding of finance, a high level of maturity and experience, a natural take-charge approach and a get-it-done attitude that positively affects everyone around them,” Struble says. “I heard one professor say, ‘They don’t wither under academic fire,’ and it’s true. What they bring and what they get is tremendous.” Some graduates return to the military with M.B.A.’s, others pursue careers in business—either way, they are among Simon’s most influential and successful alumni. Here is a sampling of Simon students and alumni who are currently enlisted or previously have served in the U.S. military. Proven leadership, a strong work ethic, discipline, teamwork—traits often used to describe those in our nation’s military. They are the same traits also associated with those who earn an M.B.A. The Simon Graduate School of Business has recognized this in its long tradition of accepting students with military backgrounds. As far back as the early 1970’s, instructors in the University of Rochester’s Naval R.O.T.C. program have taught naval science courses and attended Simon on Fridays through the Executive M.B.A. Program. During that time, Simon also offered an M.S. program in Systems Analysis, overseen by Ronald W. Hansen, senior associate dean for faculty and research, that enrolled and graduated approximately 75 mid-career military officers. Over the years, many Simon international students have performed military service in their home countries as well. Over the past two years, under Dean Mark Zupan’s leadership, the School has accelerated efforts to actively recruit M.B.A. candidates with military experience—either on orders from the military while on active duty or following several years of military service. “Since its inception, the Simon School has sought to attract the best and brightest candidates Inside: Simon Unveils New Web Site • Mark Ain Business Plan Competition • Simon Gives Back • Golf Tournament Turns 20 Simon Alumni Lead the Way in Giving Back Two recent major gifts from alumni will establish a chaired professorship in finance and need-based scholarships for full-time M.B.A. students at the Simon Graduate School of Business. A $1.5 million gift from Joseph T. and Janice M. Willett (’75 and ’78 respectively) will enable the School to add a chaired professorship in finance to be held by a Simon faculty member in finance or managerial economics who has also contributed in significant ways to the School’s teaching and service missions. Longtime benefactors of the Simon School, the Willetts pre- viously gave $2 million for scholarship support and $1 million for a faculty support fund to enable junior professors to perform more leading research. Joseph Willett is retired C.F.O. of Merrill Lynch and Co., Inc., and retired C.O.O. of Merrill’s European region. Janice Willett is manuscript editor for The Boston Consulting Group. Previously, she served as senior manuscript editor for the Journal of Financial Economics and associate editor of the Journal of Applied Corporate Finance, published by Morgan Stanley. Janice Willett is a member of the University of Rochester Board of Trustees, and both Willetts are members of the Simon School Executive Advisory Committee. Their donation was funded in part by distributions from their University donor- advised fund. For more on donor-advised funds, contact the University Office of Trusts and Estates at (585) 275-7547. A $1 million gift from R. Roy Whitney Jr. ’73* for scholarship sup- port will give full-time M.B.A. students need-based financial support while providing real-world business experience. Whitney Scholars will be required to work on a project in the University Office of the Treasurer and to serve as Simon Ambassadors. Whitney is chairman of Hammond, Kennedy, Whitney & Co., a private-capital firm based in New York City. He is a long- time member of the Simon Executive Advisory Committee and has served as chairman of the annual Alumni Fund. He is also a member of the University of Rochester Board of Trustees. (For more on Whitney, see p. 43.) Both the Willetts and Whitney are mem- bers of the George Eastman Circle (G.E.C.), a distinguished group of donors whose vision and leadership are providing unrestricted financial support throughout the University. Gifts may be designated according to the donor’s wishes. When the G.E.C. was established in 2006, the goal was to have 120 Simon members in the charter phase. That goal has been reached, and so far, members of the Simon com- munity have contributed nearly $4 million. (For more on the G.E.C., see p. 39.) “These generous gifts from Joe and Janice Willett and Roy Whitney will help us to achieve the goals of our Strategic Plan for the Simon School,” says Dean Mark Zupan. “Their support and that of their peers is vital as we aim to play at the highest levels among the world’s top business schools.” SB • Simon Unveils New Web Site • Commencement 2008 • Recent Ranking • Online Business Simulation • Simon Faculty and Students Interpret at Wegmans L.P.G.A. • Simon National Media Coverage • Case Competitions Display Simon Talent • “Last Lecture” Honors the Late Simon Professor Michael J. Barclay Fall 2008 • National Business Leaders Speak at Simon • New Hires/Promotions 03 Upfront • Meliora: Improving the Simon School Course • Marketing and Communications Awards

12 Research Leadership Highlights • Executive Compensation in Nonprofit Organizations • Taxes and Stock Option Backdating—by Sally Parker • Simon Faculty News

16 Ain Competition During a competition made possible by Simon School alumnus Mark S. Ain ’67, students from across the University, either alone or as part of a team, learn to craft a business plan. —by Kathryn Quinn Thomas

18 Simon Gives Back Members of the Simon community volunteer their time to help others in need. —by Sally Parker

22 Simon Golf Tournament Turns 20 With record participation, the Simon Golf Tournament enters its third decade as a prime alumni networking and fund-raising event.

—Cover Story • Dean’s Corner 26 Simon Leaders Serving America • University Establishes New Donor The Simon School has a long tradition of accepting students with military Recognition Society backgrounds and outstanding leadership skills. Here is a sampling of students and • Report on Giving Errata alumni who are currently enlisted or previously have served in the U.S. military. • Alumni Admissions Interviews • Alumni Gatherings 38 Alumni News • Mergers & Acquisitions • Class Notes • Alumni Leader Profiles: Ralph R. (Roy) Whitney, B.S. ’57, M.B.A. ’73*; Joseph Abrams ’74; Chetan Narake ’07; Russell Beyer ’82, Danielle Beyer, B.A. ’05, M.B.A. ’06 and Ross Briggs, B.A. ’05, M.B.A. ’06; Daniel Hofer ’98*

*Executive M.B.A. graduate

U niversity o f Rochester | Si m o n Gr a d u a t e Sc h o o l o f Business | SimonBusiness | 01 Dean Mark Zupan Executive Advisory Committee Christopher T. Dunstan, B.A. ’77, M.B.A. ’81 Robert M. Osieski, B.A. ’77, M.B.A. ’78 Ronald H. Fielding, M.A. ’73, M.B.A. ’76 Sandeep Pahwa ’95 Admissions and Financial Aid J. Peter Simon, Chairman Barry W. Florescue, B.S. ’66 Steffen W. Parratt, B.S. ’85, M.S. ’87 Gregory V. MacDonald Philip G. Fraher ’93 Warren (Barry) Phelps III ’73 Executive Director of M.B.A. Admissions and Administration Joseph Abrams ’74 Mark S. Ain ’67 Roger B. Friedlander, B.S. ’56 James Piereson Alumni Relations and Development John W. Anderson ’80 W. Barry Gilbert ’82 Adm. Stuart F. Platt, B.S. ’55, M.B.A. ’70 Jennifer J. Patterson Brian Archibald, M.S. ’94 James S. Gleason ’68* David Reh ’67 Executive Director of Simon School Advancement Matthew S. Aroesty ’90 Robert B. Goergen, B.A. ’60 Robert E. Rich Jr. ’69* Career Management Center Ajay Asija ’96 Bruce M. Greenwald, B.S. ’68, M.B.A. ’69 Efrain Rivera ’89 Patricia Phillips Neil A. Augustine, B.A. ’88, M.B.A. ’89 Mark B. Grier ’80 Stephen E. Rogers ’90 Executive Director of Career Management Michael J. Behrman ’92 Jeff Hanson Michael P. Ryan, B.A. ’81, M.B.A. ’84 Joseph Honick Albert Salama, B.A. ’73, M.B.A. ’74 Executive M.B.A. Programs Joseph M. Bell Robert O. Hudson ’80* Richard Sands Carin Conlon ’99* Jay S. Benet ’76 Executive Director of Executive Programs Russell P. Beyer ’82 Charles R. Hughes ’70 Leonard Schutzman ’69 Taj S. Bindra ’86 Rene F. Jones ’92 Joel Seligman (ex officio) M.B.A. Administration and External Relations Paul A. Brands ’66 Rufus Judson ’06* George J. Sella Jr. Hollis S. Budd Vineet Kapur ’99 William E. Simon Jr., Esq. Associate Dean for M.B.A. Administration and External Relations Steven P. Brigham ’99* David J. Burns ’78 David T. Kearns, B.A. ’52 Gregg M. Steinberg Faculty and Research Andrew M. Carter Robert J. Keegan ’72 Joel M. Stern Ronald W. Hansen Eduardo Centola ’93 John M. Kelly Martin Stern, B.A. ’79, M.B.A. ’80 Senior Associate Dean for Faculty and Research Kevin P. Collins ’82 Dennis Kessler Michael C. Stone ’95* David Khani ’93 Amy Leenhouts Tait ’85* Finance and Operations Donald L. (Skip) Conover ’79* J. C. Stevens ’98 W. Michael Corkran ’77 Ronald B. Knight, B.S. ’61 Andrew J. Thomas ’91 Executive Director of Finance and Operations José J. Coronas ’75* Robert B. Koegel Jon Van Duyne ’85 Clifford J. Corrall, B.A. ’86, M.B.A. ’87 Evans Y. Lam, B.A. ’83, M.B.A. ’84 Sanjay Vatsa ’89 Graduate Programs and Ph.D. Program Daniel G. Lazarek ’91 Kathy N. Waller, B.A. ’80, M.B.A. ’83 Rajiv M. Dewan, ’84 M.B.A., ’87 Ph.D. Frank G. Creamer Jr. ’70 Carol A. (John) Davidson ’88* Rohtash Mal Ralph R. Whitney Jr., B.S. ’57, M.B.A. ’73* Faculty Director of Graduate Programs; Jeff E. Margolis, B.A. ’77, M.B.A. ’78 Janice M. Willett ’78 Chairman, Ph.D. Program John L. (Jack) Davies, B.A. ’72, M.B.A. ’73 Harindra de Silva, M.B.A. ’84, M.S. ’85 Donna L. Matheson, B.A. ’78, M.B.A. ’79 Joseph T. Willett ’75 Information Technologies Joseph G. Doody ’75 Richard T. Miller ’91 Timothy W. Williams ’86* Patrick S. Miller Stephen Down, B.A. ’88, M.B.A. ’95 Carlos P. Naudon ’74 Executive Director of Information Technologies *Executive M.B.A. graduate Marketing and Communications Dawn S. McWilliams Executive Director of Marketing and Communications ______www.simon.rochester.edu Editor Charla Stevens Kucko Contributing Writers Sally Parker, Kathryn Quinn Thomas, Joy Underhill Art Director/Designer Geri McCormick Production Manager John M. Robortella Copy Editors Ceil Goldman, Dawn S. McWilliams SIMONBUSINESS, Vol. 22, No. 1 © 2008. ISSN 1077-5323 Photography Published two times per year by the University of Rochester, William E. Simon Graduate School of Business Administration, 2-341 Carol G. Simon Annette Dragon, John Smillie Hall, Box 270100, Rochester, New York 14627-0100. ______Office of Marketing and Communications: (585) 275-3736 (phone), (585) 275-9331 (fax), [email protected]. Simon Alumni News Contributing Writers Postmaster: Send address changes to the William E. Simon Graduate School of Business Administration, 2-341 Carol G. Simon Hall, Box 270100, Kate Gruschow, Claudia Sant’Andrea, Kathryn Quinn Thomas, University of Rochester, Rochester, New York 14627-0100. Joy Underhill © 2008 William E. Simon Graduate School of Business Administration, University of Rochester

02 | SimonBusiness | S i m o n Gr a d u a t e Sc h o o l o f Business | Universit y o f Rochester Upfront

Simon Unveils New Web Site

arly this spring, Simon unveiled a newly designed Eand updated Web site at www. simon.rochester.edu. The new site features a Flash™ presentation portal, with a focus on three key areas: community, academic rigor and leadership. Photos and biographies of students and alumni rotate for the top spot, along with stories on faculty research. The home page also offers news and events information and a more powerful search engine. The site was designed by with plans that include micro sites site for alumni, using the existing Pittsburgh-based Barkley REI, aided for faculty and corporate recruiting. Simon Exchange platform. The by a team of Simon staff. Barkley REI In addition, Simon is working on an project is expected to be launched this continues to work on the project, interactive private social networking fall. SB

Commencement 2008

Peter Simon, co-chairman of Simon School’s M.B.A. program, the for M.B.A. administration and external William E. Simon and Sons Simon Foundation has funded William relations. A member of the University J.and chair of the Simon School’s E. Simon Leadership Fellowships for Board of Trustees and the Simon Executive Advisory Committee, more than 30 exceptional students over School Executive Advisory Committee, received an honorary Doctor of the last three years. Waller is also an active member of the Laws degree and delivered the Kathy N. Waller, B.A. ’80, University’s Multicultural Alumni Commencement Address at the Simon M.B.A. ’83, vice president and chief Advisory Council, a past president School’s Commencement ceremonies of internal audit for The Coca-Cola of the University’s Atlanta Regional on June 8, 2008. University of Company, was presented with the Alumni Council, and a host of Rochester President Joel Seligman Distinguished Alumna Award at the numerous events in Atlanta for the presided over the event, which event by Hollis S. Budd, associate dean Simon School and the University. SB graduated a total of 318 students. Simon cofounded the firm with his father, the late William E. Simon, and his brother, Bill Simon Jr. Peter Simon has coupled a successful business career with a deep commitment to public service through philanthropy and involvement in education at the leadership level. He meets with current M.B.A. students, hires and helps graduates find jobs and encourages new recruits to join the program. To help (Pictured from left): Kathy N. Waller, President Joel Seligman, J. Peter Simon, University Board of Trustees attract the very best candidates to the Chairman Ed Hajim and Dean Mark Zupan.

U niversity o f Rochester | Si m o n Gr a d u a t e Sc h o o l o f Business | SimonBusiness | 03 Upfront

Recent Ranking Online Business Simulation

The Simon School tied for 25th place in an annual survey of U.S. business schools in the April 7, 2008, edition of U.S. News & World Report. The increase in rank by 11 positions, from 36th last year to 25th this year, reflects improvements by Simon in virtually every category making up the overall survey, including: recruiter assessment (up 19 places); average starting salary and bonus (up nine places); undergraduate G.P.A. (up three Simon held its third annual Online Business Simulation scholarship award competition places); students employed three months last fall. Contestants competing for full- and partial-tuition scholarships devised strategies after graduation (up three places); and and solutions to solve a series of six key business decisions. The simulation, established to students employed at graduation (up two attract high-quality applicants to the Simon School, was again administered by Innovative places). Learning Solutions Inc. Pictured are finalists and winners of the final round presented at “While rankings tend to fluctuate Simon in January 2008. (Bottom row, from left): Carlos Catanach, Cantia Catalin and Vasily based on the data, we recognize their Safin; (middle row, from left): Nikola Vukovic, Brian Clancy, Michael Sung and David Kotar; significance,” says Dean Mark Zupan. (top row, from left): Ruiting Liang, Oscar Vazquez Grajales, Steven Pepe, Christopher Tytler “Our strategy remains to play at the and Doug Bennett. One full-tuition and six partial-tuition scholarships were awarded. Pepe highest levels in graduate business received the full-tuition award. SB education.” SB

Simon Faculty and Students Interpret at Wegmans L.P.G.A. The Simon School was once again well represented at this year’s Ladies Professional Golf Association (L.P.G.A.) tournament, sponsored by Wegmans and held at Locust Hill Country Club June 19–22, 2008. More than 25 Simon students in the School’s English Language and U.S. Culture (E.L.U.S.C.) program, led by Ellen Zuroski, program director, served as native interpreters for the international golfers on the tour. On Wednesday, June 18, 2008, the Simon colors could be seen on the fairways and greens with the best women golfers in the world during Pro-Am play. Minjae Song (pictured at left, standing second from left), assistant professor of marketing, interpreted for the winner, tournament champion Eun-Hee Ji of South Korea. Song was featured in national and local news coverage, including ESPN2. Chilean student Fabian Gonzalez Candia accompanied golfer Lorena Ochoa’s

04 | SimonBusiness | S i m o n Gr a d u a t e Sc h o o l o f Business | Universit y o f Rochester Simon National Media Coverage The following gives capsule descriptions of recent national media coverage of the Simon Graduate School of Business. Visit www.simon.rochester.edu for more Simon news.

“Internet Gives M.B.A. Schools Global “Korea Should Foster International Reach,” May 20, 2008, features Hans “From the Battlefield to B-School,” March Finance Experts to Become a Tan, a 25-year-old Filipino student 14, 2008, presents Will Reynolds, Simon Financial Hub in Asia,” May 1, at the Simon School who fielded a School student and injured Iraq War 2008, featuring Ronald W. Hansen, question on a Web site from a woman veteran, in a magazine feature story about senior associate dean for faculty in Switzerland seeking an insider’s the increase of military M.B.A. candidates and research, on the importance of take on the quality of professors at the at the nation’s business schools (For more having financial experts in helping School. on Reynolds, see p. 35). Korea become a financial hub in the Far Eastern region, and introducing “Graduation Talks Accentuate the Simon’s dual degree program with Positive,” April 14, 2008, features quotes KAIST University as a way of from Hollis Budd, associate dean for educating those experts. SB M.B.A. administration and external relations, and 2008 Commencement “Hot Tips for a Graduate Degree in speaker and honorary degree recipient Business,” March 26, 2008, states J. Peter Simon. that the Simon School actively seeks Early Leaders™ or students with zero to three years of work experience to get their M.B.A. degrees.

threesome. Ochoa is ranked among the top five women golfers in the world and is one of Time magazine’s top 100 World’s Most Influential People. (When Ochoa’s caddy saw Gonzalez Candia’s Simon shirt, the true bond was discovered: He was also a Simon alumnus!) Sarah Plasky ’99* (pictured above, at right) director of digital and innovation marketing Simon student Tamiko Asima was paired with at Xerox Global Services and co-chair of the Simon Alumni Council, received the 2008 Japanese superstar golfer Ai Miyazato—who has Susan B. Anthony Promise Award at the L.P.G.A. Conversation with Champions luncheon had such a great experience with our interpreters during the Pro-Am on June 18, 2008. The annual award celebrates a leading Rochester in years past that she specifically requested a Simon woman and Simon School alumna whose “career, energy, and wisdom” promise to help student to accompany her—and we had a number realize women’s growth. of Korean Simon students accompanying South “At Xerox, Sarah leads a team dedicated to driving digital marketing techniques,” Korean golfers. said Hollis Budd, associate dean for M.B.A. administration and external relations, who According to L.P.G.A. Tournament Director presented the award with Nora Bredes (pictured above, at left), director of the University’s Linda Hampton, the Simon School native Susan B. Anthony Center for Women’s Leadership. “Sarah is truly a woman of promise and a trailblazer in the spirit of Susan B. Anthony,” Budd noted. interpreters helped the professional golfers on the tour feel at home in Rochester. SB

*Executive M.B.A. graduate

U niversity o f Rochester | Si m o n Gr a d u a t e Sc h o o l o f Business | SimonBusiness | 05 Upfront

Case Competitions Display Simon Talent

business schools represented F.A.Ct. Case Competition included Emory University (Goizueta Business School), Georgia Institute of Technology, Indiana University (Kelley School of Business), Michigan State University (Eli Broad College of Business), New York University (Leonard N. Stern School of Business), Purdue University (Krannert School of Management), Thunderbird The third annual Frame, Analyze, School of Global Management, Communicate (F.A.Ct.) First-Year the University of Chicago Case Competition, held on May 23, Graduate School of Business, and 2008, focused on a Harvard Business Early Leaders™ Case Competition the University of Maryland (Robert H. case about TiVo. The winning team The Simon School’s Office of Smith School of Business). included these Simon students: Admissions hosted the Second Unique to this competition was (pictured above, from left): Yogley Annual Early Leaders Case the team design. Students from the Paredes ’09, Zhihao Yao ’09, Will Competition on Friday, November same schools traveled to Rochester Reynolds ’11, Ankur Kohli ’09, Adam 9, and Saturday, November 10. The together, but once they arrived they Echter ’09 and Takeshi Tanaka ’09. 50 undergraduate participants, were integrated into teams of six. hailing from 13 different colleges These aspiring marketing professionals Simon Marketing Case and a variety of majors, met their received a case packet on Saturday Competition assigned teammates for the first time morning that described the current M.B.A. students from many of and immediately began working on situation with Reckitt Benckiser’s the nation’s top business schools a review and analysis of the assigned Frank’s® RedHot® brand. Each team demonstrated their marketing skills case—IKEA’s expansion into the U.S. then had four hours to analyze the by working on a business issue facing market. data, create a winning marketing plan household, health and personal care Each team had approximately and present that plan to a panel of company Reckitt Benckiser during the 24 hours to analyze the case, suggest judges from Reckitt Benckiser. The top 16th annual Simon School Marketing recommendations for IKEA and three winning teams shared $8,000. ® Case Competition March 28–29, 2008. prepare a 15-minute PowerPoint This is the first year that Reckitt A group of Simon School presentation to a panel of judges. The Benckiser has been the main sponsor marketing students organized $15,000 prize money was distributed for the Marketing Case Competition. the case competition, which was among the top five teams. Past sponsors have included Heineken sponsored by Reckitt Benckiser. The During the awards dinner USA and Fisher-Price. Saturday night, the winners were announced, with first place and $7,000 going to a team consisting of: (pictured above, from left): Michael Bauer, University of Rochester; Christelle Domercant, the University of Rochester; Keith Povitch, SUNY Brockport; Jalpa Bhavsar, Boston University; and Raphaela Sapire, Barnard College. SB

Students analyze their case during the S.M.A. Case Competition.

06 | SimonBusiness | S i m o n Gr a d u a t e Sc h o o l o f Business | Universit y o f Rochester Barclay Honored During Commencement Weekend

The Simon School Full-Time and Executive M.B.A. Classes of 2008 presented the Class Gift of two benches and a tree planted outside of James S. Gleason Hall in memory of Professor Barclay. “This gift is a fitting remembrance and a sign of welcome to all who enter the Simon School’s three- building enclave here on the University’s “Last Lecture” Honors the River Campus,” said Dean Mark Zupan. The Class Gift presentation was made during the Late Simon Professor Michael J. Barclay Dean’s Picnic on June 7, 2008, and members “Last Lecture” in memory of late Simon School professor of Professor Barclay’s family, including his Michael J. Barclay took place on April 9, 2008. Speakers widow, Laura Thurner, and his mother Aincluded Laura Thurner (pictured above, at left), Professor and family were on campus to attend the Barclay’s widow; Gregg A. Jarrell (pictured above, at right), professor presentation. of finance and economics at the Simon School and a colleague of The next day at Commencement Professor Barclay’s from Forensic Economics; Frank Torchio ’82, ceremonies, Simon School Senior Associate adjunct lecturer in finance and economics at Simon and a colleague at Dean Ronald W. Hansen gave a tribute Forensic Economics; and Katy Allen, a fellow aviator and friend who to Professor Barclay, concluding with the is a Ph.D. candidate at the Margaret Warner School of Education at the following presentation: “Mike held the Alumni University of Rochester. Professor Barclay—along Professorship of Business Administration,” with his longtime friend and fellow aviator David Hansen said. “On May 16, 2008, the Finger—died in a seaplane crash on August 16, 2007 University of Rochester Board of Trustees in Penfield, N.Y., near Irondequoit Bay. unanimously approved ‘That the Alumni “The Simon School lost a star, but those of us Professorship in the William E. Simon who were his flying friends lost our buddy,” said Graduate School of Business Administration Allen. “Those of us who flew with Mike had no idea be renamed the Alumni Professorship in how bright he was. He was truly humble about his Honor of Michael J. Barclay.’ ” Laura Thurner success.” accepted the certificate commemorating “Mike was a person who clearly always the establishment of the Michael J. Barclay

© 2007 Dory McKenzie Alumni Professorship. SB Michael J. Barclay 1957–2007 followed his own internal standards,” said Jarrell. “He had this inner judge inside of him that he would work to satisfy. There was this sense of duty that had nothing to do with what other people thought. That’s extremely rare.” “If Mike were here, he would say that happiness is not found on the path to riches, but that riches might be found on the path to happiness,” Thurner said. “For Mike, life was not about the pursuit of money; it was more about the enjoyment of his work. Flying brought him peace and great joy. He was a very happy and contented man. He didn’t need the praise of others to make him content. I don’t think a better lesson could be learned from his life.” The “Last Lecture” idea came from Randy Pausch, the late computer science professor at Carnegie Mellon University who recently died of cancer. Pausch delivered his own “Last Lecture” at C.M.U. in September 2007. It has become an Internet sensation and best-selling Members of the Barclay family gather with Senior Associate book, and universities around the country are featuring “Last Lectures” Dean Ron Hansen (at left) and Dean Zupan (center) after the by faculty members who speak as though it were the last lecture they Class Gift presentation. will ever give. The “Last Lecture” series is sponsored by the Simon School’s student-run Graduate Business Council. SB

U niversity o f Rochester | Si m o n Gr a d u a t e Sc h o o l o f Business | SimonBusiness | 07 Upfront

National Business Leaders Speak at Simon The Simon School hosted another impressive group of national executives this past winter and spring to speak to students about their careers and current challenges. The speakers included:

Peter Cuneo, former C.E.O. and current vice chairman of Marvel Entertainment Inc., delivered a lecture, “Marvel—Evolution of a Super Brand,” focusing on the company turnaround from near-death in 1999 to the brand powerhouse it is today. To the delight of the audience, he also showed movie trailers for “The Incredible Hulk” and “Iron Man.” Later in the day, Cuneo spoke to a gathering at the Rochester River- side Convention Center, sponsored Marshall Goldsmith delivered the second Sands Leadership Lecture on May 21, 2008. by the Rochester chapter of the Goldsmith, The New York Times bestselling author of several books on leadership, is a American Marketing Association faculty member in executive education at Dartmouth College’s Tuck School of Business, and organized by President Dawn a professor at Alliant International University and a fellow of the National Academy of S. McWilliams, Simon School Human Resources—America’s top HR honor. BusinessWeek calls him “one of the most executive director of marketing influential practitioners in the history of leadership development.” The Sands Leadership and communications. Lecture was made possible by a generous grant from the Sands family.

Ronald H. Fielding ’76, senior vice president at OppenheimerFunds, where he supervises $13 Joe Abrams ’74, entrepreneur and co-founder of billion in assets, spoke to students on May 7, 2008. Intermix, the parent company of MySpace, talked Active in the investment markets for more than about being an entrepreneur and the advent of new 25 years, Fielding is a nationally recognized expert media on May 1, 2008. His lecture was cosponsored by in municipal bond funds. He was president and the Simon Entrepreneurs Club. founder of three Rochester Funds, which he sold to OppenheimerFunds in 1996 and continues to Craig Merrigan ’91, vice president, global consumer mar- manage. keting for Lenovo, discussed his current responsibilities at the global technology services firm on April 15, 2008. Merrigan’s lecture was cosponsored by the Simon Brand Management lecture series and the Simon Marketing Association.

08 | SimonBusiness | S i m o n Gr a d u a t e Sc h o o l o f Business | Universit y o f Rochester Jonathan Judge, president and C.E.O. of Paychex Inc., spoke to Simon students on April 2, 2008. Judge assumed the role of president and chief executive officer of Paychex Inc. on October 1, 2004, succeeding the company’s founder, B. Thomas Golisano, who started Paychex in 1971. Paychex, headquartered in Rochester, N.Y., is a leading national provider of payroll, human resource, and benefits solutions for small- and medium-sized busi- nesses. Judge previously served as president and chief executive officer of Crystal Decisions Inc., a leading manufacturer of management David Rusin, founder and C.E.O. of American Fiber Systems, discussed software, headquartered in Palo Alto, Calif. He his experience starting a major national fiber optic cable company, as is also a 25-year veteran of I.B.M. Corpora- well as his previous position as president of Frontier Communications, tion. Judge’s lecture was cosponsored by the on January 22, 2008, during his lecture, “Entrepreneurship and the State Simon Financial Management Association. of the Telecom Market.” Rusin’s lecture was cosponsored by the Simon Entrepreneurs Club.

Robert Litan, vice president of research and policy at the Ewing Marion Kauffman Foundation and a senior fellow at the Brookings Institution, gave the keynote lecture, “Good Capitalism, Bad Capitalism,” during the John Shiely, president and C.E.O. of Briggs & Stratton Cor- University of Rochester Center for Entrepreneurship Dale Skivington, assistant general counsel poration, headquartered in Milwaukee, Wisc., delivered a conference, cosponsored by the Simon School. Litan was and vice president, legal department at lecture on March 26, 2008, about his career at and leader- introduced by Simon School Dean Mark Zupan. Eastman Kodak Company, talked about her ship of the world’s largest producer of air-cooled gasoline career on January 29, 2008. Previously, she served engines for outdoor power equipment. Shiely’s lecture was as Kodak’s chief privacy officer, with worldwide sponsored by the Simon Consulting Group and the Opera- responsibility for company policies relating tions Management and Technology Association. to consumer, employee and supplier privacy. Skivington is currently the director of the interna- tional and employment law legal staffs at Kodak. Prior to joining the company, she was in private practice handling civil rights and personal injury Robert Sands, president and C.E.O. of Constellation cases, and an assistant attorney general for the Brands, spoke to students on January 23, 2008. He State of New York. joined the company in 1986—a company his father, Marvin Sands, founded—and was named president and C.E.O. in July 2007. Previously, he served as presi- dent and C.E.O. with responsibility for Canandaigua Wine Company and the U.K. division of Constellation Brands. The lecture was cosponsored by the student club, Simon UNcorked.

U niversity o f Rochester | Si m o n Gr a d u a t e Sc h o o l o f Business | SimonBusiness | 09 Upfront

New Hires/Promotions

Crisandra (Crissi) Simon School Web site (www.simon. Simon has provided in-depth executive Harrison has rochester.edu), and she will work on training to firms including Welch joined the Simon podcasts and digital video campaigns Allyn, Odebrecht, and Nixon Peabody, School admissions used to promote awareness of the among several others. Sweet is also a team in the role of School. Previously, her work with lecturer in Operations Management alumni interviewing clients included the University of in the Executive M.B.A. Program. coordinator and Rochester athletics department, Faith She is an information technology and prospect manager. Her experience Temple Church and John Oral Nash professional services leader with over in higher education includes work Ministries on their Web sites and 20 years of experience. Previously, as an admissions counselor at the broadcast content. Oakes holds a at I.B.M., Sweet held a number of University of Maryland, Baltimore B.S. in multimedia communications leadership roles with the I.B.M. County Training Center, where from Oral Roberts University, and an Software group, Systems Group, and she managed recruiting in six A.A.S. in visual communications from I.B.M. Global Services. Prior to that, program areas, including business Monroe Community College. Sweet was a research analyst on a and professional development and National Institutes of Health grant information technology. At Simon, Susan Palmer is the for New York State Health Research Harrison oversees the School’s on- assistant registrar Inc. In addition to her Simon M.B.A., campus and off-campus alumni for reporting Sweet holds a B.S. in mathematics interviewing program, as the School and scheduling and an M.S. in computer science from seeks to expand the volume of in the Simon SUNY Albany. SB applicant interviews that are completed School Registrar’s by a Simon School alumnus. She Office. In this will also lead the efforts to increase role, she provides degree audits and Simon Welcomes New and focus the School’s outreach to certifications and transfer credit prospective candidates to encourage processing, and maintains and Executive Advisory their application to Simon. Harrison develops the registrar’s Web site. Committee Members earned her undergraduate degree from Palmer has been with the University The Simon School Executive the University of Maryland, Baltimore of Rochester since 2002, including Advisory Committee (E.A.C.) has four County. positions in the Office of Technology new members. Transfer as the technology transfer Russell P. Beyer ’82 is vice Nina Oakes is assistant and the International president, planning and processing, at the multimedia Services Office as the office manager World Fuels Services Corporation; marketing specialist and J-1 visa immigration advisor. Stephen Down, ’88 B.A., ’95 M.B.A. in the Office of Previously, she was employed at is assistant corporate controller at The Marketing and Eastman Kodak Company for 11 years. Martin-Brower Company; David Communications at Palmer holds an A.A.S. degree in Khani ’93 is director of research at Simon. In this new computer information systems from Friedman, Billings, Ramsey & Co.; position, she will work extensively Monroe Community College. Rufus Judson ’06* is vice president on the SharePoint™ platform to at The Pike Company; and Robert design and maintain content for Claudia Sweet M. Osieski, B.A. ’77, M.B.A. ’78, multiple internal audiences through ’98* has been is managing director at J. P. Morgan Simon Exchange, the School’s new appointed director of Securities Inc. private social networking site. She corporate relations The E.A.C. is a group of will also support the School in the in the Executive distinguished leaders from the public use of applications and equipment Programs Office, and private sectors that helps guide to capture, convert and publish with oversight the strategic direction of the Simon content on the newly revised external of non-degree executive education. School. SB

10 | SimonBusiness | S i m o n Gr a d u a t e Sc h o o l o f Business | Universit y o f Rochester Meliora: Improving the Simon School Course When Dean Mark Zupan teaches GBA and faculty—to the 442—Special Topics in Marketing—he School’s Executive (From left) Dean Mark Zupan, Jason Hall ’08, Scott Sweeney ’08 and J. Peter Simon has an ulterior motive: improving the Advisory Committee, at Commencement. quality and reputation of the Simon who then voted for School. In his course, students are the best of the bunch. by helping them develop formal expected to design a solution to an The winning project, designed recruitment programs, using issue facing the School. by Scott Sweeney ’08 and Jason internships as a pipeline for full- “We all agree our students are Hall ’08 looks at the local economy’s time hires and recruiting early in the the best of the best. So why not put loss of M.B.A.’s post graduation. “An annual M.B.A. hiring cycle; and these terrific minds to work on what overwhelming number of graduates • Target early-stage career candidates is dearest to our hearts,” says Zupan. leave the Rochester area after earning to return to Rochester, by providing “We have had a number of great ideas their degrees,” the project’s statement information from the Simon alumni come out of this class.” says. “This is due to a host of database to help local businesses This year, Zupan was presented reasons, but one thing is for certain: with their recruiting needs. with seven proposals, for issues ranging Approximately 30 percent would elect “This project addresses an issue from supporting Early Leaders™, to stay and work in the Rochester that has a profound impact on our increasing alumni giving, and boosting area, but the opportunities for them students—job availability,” Zupan the Health Science Management to do so are limited. As a result, local says. “Our administrators will be curriculum to promoting investment companies are not capitalizing on the meeting with Scott and Jason in the management education. opportunity to employ highly skilled coming months to see how we might The seven proposals were whittled candidates who will add great value implement their ideas.” down to three as they were presented to their respective businesses and the Special thanks go to University of internally to groups of faculty and Rochester community in the future.” Rochester Board members Michael staff. In May, students presented The duo’s plan has two key points: Rosen B.A. ’82, M.B.A. ’83 and the three top projects—as selected • Create a shift in the recruiting Larry Bloch ’75 for their continued by a panel of Simon administrators strategies of Rochester businesses generous support of the competition. SB

Marketing and Communications Awards Products of the Simon School’s award for a newspaper advertising magazine. marketing and communications campaign and a merit award for Locally, the Public staff have again earned regional and SimonBusiness. Relations Society of national recognition for excellence in The School America Rochester (N.Y.) publications and collateral marketing won a gold chapter, gave Simon a PRism Award for materials. award for its “First Impressions” and an Award of The School received “First Impressions” brochure in the Excellence for SimonBusiness. a gold award from Twenty-Third Annual Admissions “We are pleased to be once again the Service Industry Advertising Awards, sponsored nationally and locally recognized for Advertising Awards by Admissions Marketing Report. excellence in Simon School publications (S.I.A.A.) for its 2006–2008 Simon Simon’s student viewbook, “Stand and marketing materials,” says Dawn Management Programs Catalog. This Out,” garnered a silver award in S. McWilliams, executive director of is the first national advertising award the competition and “Simon Early marketing and communications. “When competition to specifically recognize Leaders™” earned a bronze award. In we consider the caliber of submissions creativity and communication addition, the School received merit from the nation’s top universities and accomplishments of the service awards for the brochure, Simon Alumni other service organizations, this is industry. Simon also earned a silver Leading the Way, and SimonBusiness indeed an honor.” SB

*Executive M.B.A. graduate

U niversity o f Rochester | Si m o n Gr a d u a t e Sc h o o l o f Business | SimonBusiness | 11 Research Leadership Highlights

Executive Compensation in Nonprofit Organizations —by Sally Parker

ecent scandals, such as the problems at United “In an ideal world, you would want managers to be Way and the National Republican Congressional paid in a market-based way,” he says. “Some people think RCommittee, have brought greater scrutiny of the you should never put managers on the board of nonprofit governance of nonprofit organizations. So far, however, little organizations. But it’s not a big problem.” research has been conducted on nonprofit governance. A 10 percent compensation premium relative to the A study by two Simon School professors contributes to median C.E.O.’s cash compensation of $210,000 translates an understanding of nonprofit governance by examining the to $21,000 in excess compensation, the authors write— effects of having managers on nonprofit boards—a practice representing only three one-hundredths of 1 percent of a some critics say is bad governance. median hospital’s revenue. The study, by James A. Brickley and Gerard J. Though C.E.O.’s with voting rights are relatively Wedig, uses data from hospitals to test whether managerial common in nonprofit organizations, their seat on the board representation on nonprofit boards increases is a source of ongoing debate among economists. the likelihood that C.E.O. salaries will Opponents argue that a C.E.O. with voting rights can exceed the prevailing market rate. The study wield management power that leads not only to excess concludes that nonprofit C.E.O.’s who have compensation but also to other, less visible—but potentially board voting rights earn more than their more important—forms of expropriation. These could counterparts who do not have a seat at the include organizational investments that satisfy managerial table. preferences or excess payments to other stakeholders. It is the first study to address the Such theories are difficult to test, the authors say. issue of C.E.O. compensation and board “Direct evidence on this issue is hard to provide James A. Brickley representation in nonprofit firms. since these alternative forms of expropriation are difficult Focusing on nonprofit hospital boards, to observe and measure,” they note. “Indirect evidence, Brickley and Wedig worked with former Simon faculty however, can be provided by examining the relation between member R. Lawrence Van Horn, now at Vanderbilt management voting rights and donations.” University. Their paper, “Governance and Executive The authors, who researched data revealing the total Compensation in Nonprofit Organizations: donations given to hospitals, found that C.E.O. power Evidence from Hospitals,” concludes that does not lead to large donor-manager agency problems, nonprofit hospital C.E.O.’s with voting rights even though it does lead to modest amounts of excess earn an estimated 7–10 percent more than compensation. C.E.O.’s who are not on the board. Indeed, keeping the C.E.O. off a hospital board might The reason: Powerful C.E.O.’s use not be a great idea, Brickley says: The C.E.O.’s presence can their influence on the board to obtain help offset the influence of doctors and other managers, who such compensation. The size of the excess, bring differing interests to the table. however, is small relative to the size of the Furthermore, the authors write, “nonprofit laws Gerard J. Wedig overall organization, Brickley notes. and regulations are in place that constrain C.E.O. power

12 | SimonBusiness | S i m o n Gr a d u a t e Sc h o o l o f Business | Universit y o f Rochester and prevent organizations from paying their C.E.O.’s are being considered. Nonprofit organizations themselves significantly more than the market rate, even where are working to improve their governance systems. managers serve on the board as a voting member.” “Unfortunately, regulations and governance changes “Prominent scandals at the United Way and other are being developed without a good understanding of nonprofit organizations have generated significant interest nonprofit governance. Our study seeks to enhance that in the governance of nonprofits,” says Brickley. “New understanding.” (Research Paper FR 04-18) SB regulations, such as a Sarbanes-Oxley Act for nonprofits,

Taxes and Stock Option Backdating —by Sally Parker

A Simon School assistant professor of accounting and two when the stock price is low increases with the potential co-authors have found a link between the timing of stock tax savings. But they found those savings didn’t amount to option exercises, taxes and the backdating of stock option much: backdating the exercise date reaped an grants. average estimated tax benefit of only $96,000 Shane Heitzman, with Dan Dhaliwal of the University and a median of a mere $7,000—surprisingly of Arizona and Merle Erickson at the University of Chicago, small considering the practice can lead to presented “Taxes and the Backdating of Stock Option felony charges of tax evasion and of filing false Exercise Dates” at the 2007 Journal of Economics conference. tax returns under the Internal Revenue Code, Their study looked at a large sample of stock option Heitzman argues. And when insiders time the exercises by insiders prior to the Sarbanes-Oxley Act, exercise to reduce their tax bill, they increase focusing on those in which the insider held on to all of the the taxes paid by the corporation. This has a Shane Heitzman acquired shares. Of the roughly 21 days in which the options direct effect on shareholders. could have been exercised in a given month, the authors Still, C.E.O.’s and other insiders were found that nearly 14 percent of these exercise-and-hold willing to roll the dice on being caught—“which suggests transactions by C.E.O.’s happened on the day the firm’s stock they thought the likelihood of being busted was very small,” price was at its monthly low point—nearly three times more Heitzman says. often than if the exercises occurred at random. In a separate set of exercises in which insiders “If you’re going to hold shares long term, you have an immediately sold the shares acquired from the exercise, incentive to exercise when the stock price is low because it insiders tend to exercise the options and sell the shares lowers the taxes you’ll pay on the exercise,” Heitzman notes. when stock price is high, as expected. But the authors For example, if you are exercising 25,000 options, a one- found substantially less evidence of backdating with these dollar decrease in the stock price on the exercise date lowers exercises. There is an obvious explanation: it is extremely taxable income by $25,000. difficult to backdate an exercise that is accompanied by an But whether or not an insider can take advantage open-market sale of shares executed through a broker. of those potential tax savings is another matter. Before On the other hand, exercise-and-hold transactions can Sarbanes-Oxley (SOX), executives had up to 10 days after be handled within the firm, so insiders really need only the month’s end to report their exercises to the Securities and cooperation of general counsel. And this was precisely what Exchange Commission. This created a window of time happened, according to a recent criminal indictment filed by through which an insider could look back and pick the best the U.S. Department of Justice. exercise date after the fact. But after SOX was enacted in In a second surprising discovery, the authors found that August 2002, the S.E.C.’s reporting deadline shrank to two if the options awarded to insiders were likely to have been days after the exercise, effectively curtailing the practice. backdated at the time they were granted—a trend previous Heitzman and his co-authors surmised that if backdating literature has considered—its insiders are more likely to did not cause the high concentration of exercise-and-hold backdate the subsequent exercise. Heitzman believes the transactions on the one day in the month when the price study’s findings could help the S.E.C. at a time when it is was at its lowest, the pattern should have continued even seeking the best way to allocate its resources. Understanding after the new reporting requirements of SOX went into the link between the dates could help the agency target effect. It did not. scarce resources toward investigations more likely to bear The authors write that the likelihood of exercising fruit, he says. (Research Paper FR 08-01) SB

U niversity o f Rochester | Si m o n Gr a d u a t e Sc h o o l o f Business | SimonBusiness | 13 Simon Faculty News

Simon faculty members Abraham marketing; manufacturing process Seidmann and Gregory re-engineering; and quality/customer Dobson were included in a list of satisfaction management. He also internationally recognized scholars was a member of Xerox’s Malcolm in the field of management science Baldrige National Quality Award and production and operations Team in 1989, the year the firm management. The paper, by Bin Jiang won the award. Waasdorp has of the Kellstadt Graduate School served as a consultant to numerous of Business at DePaul University, Abraham Seidmann corporations, including Ameritech, Peter L. Waasdorp interviewed leading researchers about Arthur Andersen L.L.P., and Harris how emerging faculty members can Interactive. develop a successful research agenda. Seidmann is Xerox Professor of Leonard Kostovetsky has been Computers and Information Systems named assistant professor of finance and Operations Management and at the Simon School. Kostovetsky, a area coordinator of computers and finance Ph.D. graduate of Princeton information systems, electronic University with research interests in commerce, management science and asset pricing, behavioral finance and operations management. Dobson Gregory Dobson portfolio theory, received the Towbes is associate professor of operations Teaching Prize from the Princeton management. economics department in 2007. Leonard Kostovetsky Among his recent research is a look James N. Doyle has retired from at the brain drain of top managerial talent from mutual funds the Simon School after 15 years. to the growing hedge fund industry. Kostovetsky earned A.B. An executive professor of business and M.A. degrees in economics from Princeton. administration, he lectured in several areas, including marketing, general Edward X. Li has joined the Simon management and entrepreneurship. School faculty as assistant professor Doyle’s career ran the gamut of accounting. Li earned a Ph.D. from general management to in accounting at Michigan State management consulting and James N. Doyle University, where he received a education. He was president of dissertation completion fellowship Watkins Products Inc. and Sarah Coventry International; and a research award. His research a principal in A. T. Kearney International, a management interests lie in securities laws consulting firm; and a co-founder and director of R. and Securities and Exchange Edward X. Li A. Schoeneberger & Associates Ltd. In addition to the Commission regulations, information Simon School, he taught at St. John Fisher College, intermediaries, institutional investors and capital markets; he Alfred University, Richmond College in London, and the has teaching interests in financial accounting and financial Kensington, England, campus of Huron University. statement analysis. Li earned a B.S. and M.S. in accounting at Tsinghua University in Beijing, as well as an M.S. in Peter L. Waasdorp, B.S. ’62, M.S. ’69, executive professor agricultural and consumer economics at the University of of business administration, has retired from the Simon Illinois. School. Waasdorp researched and taught product marketing and development, quality management, and the link between Mitchell J. Lovett has been appointed assistant professor customer loyalty and shareholder value. He was the area of marketing at the Simon School. He has a Ph.D. in coordinator for the Entrepreneurship concentration. business administration from the Fuqua School of Business Before joining the School in 1994, Waasdorp worked at Duke University. Lovett’s research interests include for 26 years at Xerox Corporation. He began his career marketing management and strategy, high-tech marketing in sales management and went on to hold positions in and marketing research/intelligence. Current projects business planning; product planning, development, and investigate questions such as how changing product quality

14 | SimonBusiness | S i m o n Gr a d u a t e Sc h o o l o f Business | Universit y o f Rochester affects consumer learning, purchase Management, where she earned a decisions and brand equity. He has Ph.D. in managerial economics and published and presented papers on strategy; she specializes in industrial his research and won awards for organization and economics his graduate school work, including of organization. Lu’s research the Sheth Doctoral Consortium interests focus on how information Fellow for Duke and the ISBM problems affect individual behavior Research Grant Silver Medal. Lovett and the organization of firms and earned B.A. degrees in economics, Mitchell J. Lovett markets—particularly the structure Susan Feng Lu mathematics and German at Ohio of industries related to health care. Wesleyan University and an M.B.A. Her teaching interests include econometrics and statistics, at Boise State University. health care strategy, business in emerging markets and nonprofit management. She holds a B.A. in economics, a B.A. Susan Feng Lu has joined the Simon School faculty as in international relations, and an M.A. in economics from assistant professor of economics and management. Lu is a Beijing University. SB graduate of Northwestern University’s Kellogg School of

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Many packages available For more information and to register, visit www.simon.rochester.edu/china or contact: [email protected] or [email protected]

Register by October 12, 2008, to be included in this unprecedented opportunity! Ain Competition —by Kathryn Quinn Thomas

Mark S. Ain ’67 (above right) and Michael E. Jones, B.S. ’76 (above left), both members of the University of Rochester Board of Trustees, listen as students deliver their presentations during the competition.

aybe it was the free pizza or the expert advice The competition is made possible by support from of Adam Bates ’07 or the tantalizing $10,000 Simon alumnus and entrepreneur Mark S. Ain ’67, founder Mprize. of Kronos Incorporated, the Chelmsford, Mass.-based Whatever the draw, Room 103 in Schlegel Hall was jam- market leader in the workforce management industry. The packed with more than 100 prospective entrepreneurs hoping competition is supported by the Simon Entrepreneurs Club to win the 2008 Mark Ain Business Competition, during the and the University of Rochester Center for Entrepreneurship. first competition workshop in January. The Simon Entrepreneurs Club, with the help of the The Ain Competition is a highlight of the Simon Center for Entrepreneurship, offers three workshops, one Experience. Armed with innovative ideas, students from every six weeks or so, to help the entrants process their across the University, either alone or as part of a team, plans. The first is an introduction to various models of learn to develop a business plan. Over several months, the looking at the value chains involved in a business idea and participants flesh out their ideas—or learn their ideas aren’t identifying where and how to capture value. The second as workable as they thought. The goal is to be a member of looks at the types of research helpful in early-stage planning. one of the five finalist teams who will present their plans to The third workshop discusses early-stage financial modeling a panel of judges, and, they hope, win the $10,000 to help and sources of financing. implement their plan. Bates, founder and president of The Friendly Briefs, “The Ain Competition is unique and important a Web-based networking venture, led the first workshop. A because it connects all the schools across the University Simon graduate as well as a respected entrepreneur, Bates spectrum,” says Scott Sweeney ’08, president of the Simon brought a hip and humorous tone to his presentation. Entrepreneurs Club, a student-run organization whose “I’m here to teach you how to focus your efforts to get mission is to promote entrepreneurship at the Simon School. that 10 grand,” he said. “The optimal business model is the “Students learn about the key steps in developing a business one with the highest reward-to-risk ratio.” model, and have the opportunity to actually apply those One common business plan pitfall is to focus too intently steps,” Sweeney notes. on one model, he said. Instead, entrepreneurs need to develop

16 | SimonBusiness | S i m o n Gr a d u a t e Sc h o o l o f Business | Universit y o f Rochester two or three choices, and then investigate all of them before opting for the best. Bates discussed basic business plan methodology, such as describing a critical need for the product, developing a hypothesis and then clearly and succinctly articulating the business idea. The students devoured both Bates’ presentation and the free pizza. Since the competition deadline was still months away, no one voiced any concern about fitting a business plan into their tight study schedule. The winning team from Thermal Ventures pose with Mark Ain.

Tempus Fugit ’53, M.S. ’64, owner and president of The Filter Store in Flip ahead three months to early April: Bates wasn’t there. Mendon, N.Y., and former C.E.O. of Consler Corporation The last of the three Ain Competition workshops still (now owned by Graver Technologies); and Michael E. featured free pizza and the enticing $10,000, but the crowd Jones, B.S. ’76, C.E.O. and co-founder of Clover Capital was narrowed down to only 20 hardy souls. And, although Management, and a current University trustee. they still munched on pizza, there was little joking around. Dean Mark Zupan and Duncan T. Moore, University Schlegel 103 had the somber air of a pre-final study session. vice provost for entrepreneurship, both spoke to the crowd. These future entrepreneurs were now officially Each of the five teams gave a 10-minute presentation and nervous. The competition’s deadline for business plans answered the judges’ questions. was May 2, only a month away. And then the plans would be judged and five teams chosen to present at the competition’s finale on May 14. The five teams and their ideas were: “I’ve put a lot of time into this already,” said Marita • Nathan Alves, Mitchele Au, Justin Goldstein and Greenidge, M.B.A. ’09 candidate. “But I still have a lot to Jonathan Weber, with Handheld Optical Technologies do. It’s a little crazy.” L.L.C., a new company that focuses on incorporating technology into ocular devices to make them smaller and more accessible to the medical community. D is for Deadline • Erik Monostory, M.S. ’08, head of Renewables Inc., Two weeks later, in the Eisenberg Rotunda in Schlegel a Delaware corporation that intends to make renewable Hall, five teams presented their win-worthy ideas to a energy easier for the end user. panel of judges including Ain; Edward J. Ackley, B.S. • Sharmistha Chaudhuri, Michael Sealander and Steve Song, with Sonospect, which has developed and will commercialize the Hepameter, a medical device for the noninvasive detection and quantitative monitoring of liver fibrosis. • Carlin Gettliffe and James Cassuto, with Thermal Ventures, producing high-performance ceramic coatings for application in a variety of industries. • Amanda Kingston, Divya Raman and Andrew McGloin ’08, with TriAD L.L.C., a technology company focusing on photodynamic therapy in the treatment of cancer and elective dermatologic procedures. The final decision wasn’t an easy one, Ain said. Three plans were chosen out of the five: No. 3 was Renewables; No. 2, Sonospect; and No. 1, Thermal Ventures. Thermal Ventures had the tightest plan, Ain said. The team plans to target the billion-dollar airline market for their coatings. SB

The team from Sonospect present their ideas.

U niversity o f Rochester | Si m o n Gr a d u a t e Sc h o o l o f Business | SimonBusiness | 17 Simon Gives Back—by Sally Parker

hether helping to rebuild after Hurricane Admissions Council, the initiative promotes campus Katrina or organizing books for a local teamwork among groups who otherwise rarely interact Wnonprofit, members of the Simon community outside of an office or classroom setting, says Susan Bauer, are volunteering their time and expertise in a commitment assistant director of student services. to make a difference. “Team M.B.A. has been a real boost in building our And they are doing it with a growing sense of community,” she notes. camaraderie: Students, faculty and staff of the School Other recent projects include: together tackle projects that reach beyond the River Campus. In May 2007, Simon community members took part in A recent cleanup effort drew 26 faculty, staff and Rochester’s United Way Day of Caring. Bauer led a team of students from Simon for raking, sweeping and removing 35 faculty, staff and students to a retirement community, trash from city streets. The event was part of the City where they helped staff prepare for a sock hop and then of Rochester’s Clean Sweep, which attracts hundreds of stayed for the dance. volunteers to clean up neighborhoods on Saturdays in May. Last December, Alicia Pangborn ’08 spearheaded Simon’s contingent was organized by two student volunteer the 15th annual Secret Santa program, one of the groups, Net Impact and Simon Volunteers, led by Terrence School’s longest-running efforts to reach out. The Simon Liverpool ’08. community raised approximately $10,000 to buy clothing, Simon students also volunteer as math tutors in toys and school supplies for 38 low-income families. the Rochester City School District. The Simon School is After a schoolwide gift-wrapping party, Simon associated with the Team M.B.A. program in place on Volunteers delivered the presents to the families. Three campuses nationwide. Run by the Graduate Management local agencies—Catholic Family Center, Rochester

18 | SimonBusiness | S i m o n Gr a d u a t e Sc h o o l o f Business | Universit y o f Rochester Raghu Gupta ’08 at the Polar Plunge for the Special Olympics of New York.

Children’s Nursery and the South Wedge Planning a city high school. Simon fielded teams for a local Memory Committee—helped facilitate the project. Walk, to benefit Alzheimer’s research, the Breast Cancer “Simon Volunteers have always led the way in terms 3-Day Walk, and Polar Plunge for Special Olympics of New of community service, and so has Net Impact. Now we’re York, raising a combined $10,000. Tricia Monigle, office doing it more as community-building with faculty and assistant in the Marketing and Communications office, staff,” Bauer says. joined her church on two mission trips to help restore Many other members of the Simon family are reaching homes in New Orleans after Hurricane Katrina. out to the community. Students volunteer as math tutors at Retired Navy captain Dan Struble, senior lecturer of

Memory Walk for Alzheimer’s research.

U niversity o f Rochester | Si m o n Gr a d u a t e Sc h o o l o f Business | SimonBusiness | 19 business communication, and Will Reynolds ’10 took part in a 110- mile disabled adaptive bike ride on a hand cycle in March 2008 in Albany, N.Y., to raise funds for World T.E.A.M. (The Exceptional Athlete Matters). Injured while serving in Iraq, Reynolds is medically retired from the service. (For more on Struble and Reynolds, see the article on p. 26.) The desire to use their skills to help others is part of a growing social awareness at business schools, and students are tapping their new business acumen to help the community. For its part, the Marita Greenidge, M.B.A. ’09 candidate (above left), tutors a student in the Rochester City School District. Simon School is an early partner in StartingBloc, an international VISION Connect is a corporate social-responsibility nonprofit organization that helps young business leaders initiative that links students to local organizations needing drive social change. Simon markets to StartingBloc fellows business plans and other expertise. to promote its programs in the hope that they will choose “There are a lot of small-business owners who want to to come to Simon and participate in its social-responsibility start something,” says Struble, who oversees the program. programs and in turn bring that perspective to corporate “They need help crafting a business plan. That’s where our America. students can help.” Simon’s VISION Connect program takes a similar Opportunities in the community are posted on the approach. A joint venture of the Center for Leadership VISION Web site, where students can sign up to work Development and the student-managed VISION program, with business owners needing assistance. They earn VISION credit, a requirement for all first- year, full-time M.B.A. students. Struble says VISION Connect benefits everyone involved: students gain real- world experience; business owners receive a workable plan in marketing, finance and other areas; and the School connects with the community. The Anthony Jordan Health Center, which provides medical care to low-income city residents, was a VISION Connect client this year. Simon students showed center staff how they could reorganize their accounting books and create a marketing plan to raise the center’s profile. As part of the May 2007 United Way Day of Caring, members of the Simon community led a Team M.B.A. sock hop at St. Ann’s Community in Rochester.

20 | SimonBusiness | S i m o n Gr a d u a t e Sc h o o l o f Business | Universit y o f Rochester Students also helped a nonprofit startup get organized “VISION started in the ’90’s to get students out of the and develop a finance plan. Cancer Wellness Spa of Greater classroom and involve them in the community,” he notes. “It Rochester provides activities, movies, books, manicures makes them more well rounded as students, and we hope it and other relaxing outlets for cancer patients who are will carry into their careers.” undergoing chemotherapy. Simon hopes the community involvement of its students It’s all part of reaching out to Rochester and the greater in these initiatives will make the world a better place, as community, Struble says. well. SB

Rochester Clean Sweep Team M.B.A. Event

tudent clubs, Simon Net Impact and Simon Volunteers cosponsored Simon’s Sthird Team M.B.A. event on Saturday, April 26, 2008. Terrence Liverpool ’08 led a team of 26 Simon students and joined more than 700 volunteers from the greater Rochester area in the annual Rochester Clean Sweep program. The program dispatches workers to various projects in the area to clean and beautify city properties. This year’s event focused on Rochester’s Southwest neighborhood. Students spent the day sweeping, raking and removing trash from lots on Cottage and Elba Streets. Under the umbrella of Team M.B.A., business students from around the country, as well as faculty and staff, have been raising money and giving service to a variety of worthwhile causes. SB

The Simon Team M.B.A. helped clean up lots on Cottage and Elba Streets in Rochester’s Southwest neighborhood as part of the annual Rochester Clean Sweep program on April 26, 2008.

U niversity o f Rochester | Si m o n Gr a d u a t e Sc h o o l o f Business | SimonBusiness | 21 Simon Golf Tournament Turns 20

22 | SimonBusiness | S i m o n Gr a d u a t e Sc h o o l o f Business | Universit y o f Rochester (Above, from left) The Vangellow family—David, Greg ’94, Eric ’96, Dean Mark Zupan and John ’60.

imon alumni, faculty, staff and friends of the School marked the S20th anniversary of the Simon Golf Tournament on May 16, 2008, at Ravenwood Golf Club. Over the years, the tournament has been held at a variety of local golf courses, including Ravenwood, Shadow Lake, Shadow Pines, Greystone and Cobblestone. The tournament was founded in May 1988 by Charles W. Miersch ’70, former senior associate dean for corporate relations and institutional advancement, who saw it as a golden networking opportunity. “When we started the Simon Golf outing, the idea was to create an event that would attract alumni and give them a way to network with one another, current students and some faculty,” Miersch recalls. “We never thought it would become a significant fund-raiser. Our first few efforts drew 50 or 60 players; we thought it would grow over time but not to the extent that it has. Holli Budd and Greg Vangellow ’94 view the array of sponsors who supported the tournament this year. Sponsors included: Argilus L.L.C., CooperVision, Element K, ePlus, Forensic Economics, High I am happy to have played a small role Falls Brewing Company, Great Lakes Custom Products, HMT Inc., JC Jones & Associates L.L.C., Karpus in beginning what has become a Simon Investment Management, Keybank, M&T Bank, Northern Capital Group, OppenheimerFunds Inc., tradition.” Rochester Steel Treating Works, R.W. Dake & Company, SIGMA Marketing Group, The Kessler Group, The Pike Company Inc., Tucker Printers, Veramark Technologies Inc., and Verizon Wireless.

U niversity o f Rochester | Si m o n Gr a d u a t e Sc h o o l o f Business | SimonBusiness | 23 (From left): Peter Feltner, Katy Sears-Feltner ’08, Ashley Churder ’08

Over the past 15 years, the Vangellow family (father, John Vangellow ’60, and sons Eric ’86 and Greg ’94) have played in the tournament, and Greg has served as co-chair (this year, with Tom Thaney ’83) for the past 14 years. “My first tournament was in 1993,” Greg recalls. “That was a brutally cold, pouring-rain tournament at Cobblestone before it had a clubhouse. The weather has fluctuated from mid-80’s and sunny to bitter cold with driving rains. One year, we wore long johns, ski hats and gloves, and shorts the next.” Among Greg’s fondest memories are the tournaments he chaired with his father and brother, and this year, for the first time in 15 years, playing with his father and brothers, Eric and Dave. “I think the event (From left): Holli Budd, Bob Hall ’80, Ed Ackley ’64, Mike McCourt ’93 and Dean Mark Zupan is a wonderful networking tool and a great venue for alumni to get to know each other, entertain clients or friends, and give back to the School,” Greg says. “It is also a great way to interact with faculty and the dean in an informal setting. I am very proud of the fact that we raised over $25,000 for the School this year and that we were sold out. In this town, where there are literally four or more charity tournaments each week from May through September, it says a lot that firms and golfers are willing to support the School. Leaders Inspired. Thaney, [Associate Dean] Holli Budd and Nate Kadar [in the Student Services Office] Made possible by you. were instrumental in reaching our record level this year, and I know we will be able to put out an even better product next year.” SB Give today and help make great things happen.

ANNUAL GIVING PROGRAMS UNIVERSITY OF ROCHESTER (585) 276 – 3057 s (800) 598 –1330 s Tournament co-chair Tom Thaney ’83 www.rochester.edu/annualfunds [email protected]

2008016_UR_Simon_Ad.indd 1 8/26/08 12:57:00 PM Leaders Inspired. Made possible by you.

Give today and help make great things happen.

ANNUAL GIVING PROGRAMS UNIVERSITY OF ROCHESTER (585) 276 – 3057 s (800) 598 –1330 www.rochester.edu/annualfunds s [email protected]

2008016_UR_Simon_Ad.indd 1 8/26/08 12:57:00 PM Simon Leaders Serving America

—by Charla Stevens Kucko and Joy Underhill O roven leadership, a strong work ethic, discipline, teamwork—traits often used to describe those in our nation’s military. They are the same traits also associated with those who earn an M.B.A. The Simon Graduate School of Business has recognized this in its long tradition of accepting students with military backgrounds. As far back as the early 1970’s, instructors in the University Pof Rochester’s Naval R.O.T.C. program have taught naval science courses and attended Simon on Fridays through the Executive M.B.A. Program. During that time, Simon also offered an M.S. program in Systems Analysis, overseen by Ronald W. Hansen, senior associate dean for faculty and research, that enrolled and graduated approximately 75 mid-career military officers. Over the years, many Simon international students have performed military service in their home countries as well. During the past two years, under Dean Mark Zupan’s leadership, the School has accelerated efforts to actively recruit M.B.A. candidates with military experience—either on orders from the military while on active duty or following several years of military service. “Since its inception, the Simon School has sought to attract the best and brightest candidates to attend its programs,” says Zupan. “Aside from today’s political climate, we continue to believe that the skills and traits inherent in current or former members of the military mirror those necessary for earning a graduate business degree and being successful.” Zupan appointed Daniel H. Struble, retired Navy captain and former head of the University’s N.R.O.T.C. Unit, to lead this effort, and the School has seen a significant increase in applicants with military experience. Struble says these applicants are excellent candidates for admission because of the skills they bring to the classroom. “They have a thorough understanding of finance, a high level of maturity and experience, a natural take-charge approach and a get-it-done attitude that positively affects everyone around them,” Struble says. “I heard one professor say, ‘They don’t wither under academic fire,’ and it’s true. What they bring and what they get is tremendous.” Some graduates return to the military with M.B.A.’s, others pursue careers in business—either way, they are among Simon’s most influential and successful alumni. Here is a sampling of Simon students and alumni who are currently enlisted or previously have served in the U.S. military.

26 | SimonBusiness | S i m o n Gr a d u a t e Sc h o o l o f Business | Universit y o f Rochester Andrew J. Armstrong ’09

native of Minneapolis, Minn., Andrew to our team. There was a lot of pressure to keep the team Armstrong ’09 began his undergraduate studies together, and as team leader, I was responsible for all aspects Aat the University of Memphis. Two years later, he of our well-being.” transferred to Franciscan University in Steubenville, Ohio, Armstrong returned to the United States in October where he earned a B.A. degree in philosophy and theology. 2007. Still on active duty, he is currently on assignment to After graduation, Armstrong faced a crossroads: Enter the earn his M.B.A. at the Simon School through the Army’s seminary to become a priest, or dedicate a few years of service to the U.S. Army? With a strong family history of military service (his grandfather, father, brother and sister all served), Armstrong decided to enlist—and never looked back. When he enlisted in November 2003, Armstrong wasn’t sure if it would become a career; he knew, though, that he wanted to serve as a linguist. Following basic training at Ft. Leonard Wood, Mo., he was stationed at Ft. Huachuca, Ariz., where he met his wife, Elisa, a native of Switzerland and fellow soldier in Advanced Individual Training there. Then, it was on to the Defense Language Institute in Monterey, Calif., where he learned Arabic. “In the range of difficulty, Arabic is in the top category,” explains Armstrong, who graduated at the top of his class in November 2005. During that time, he and Elisa were married and had their first child, Isaiah, now 2½. The couple and their young son moved to Ft. Hood, Tex., and Armstrong was deployed to Northern Iraq for 15 months. When asked about his tour of duty, there is a long pause. Fluent in Arabic, Armstrong served as the leader of a human intelligence collection team charged with obtaining information of intelligence value through either prisoners or civilians. His unit was attached to a Military Transition Armstrong pauses for a moment during his time in Iraq. Team in charge of training the Iraqi army intelligence personnel in everything from interrogation to conducting independent operations. Armstrong’s recollections of that Green to Gold program (green for enlisted soldier, gold for time are vivid. “We were able to make a positive difference officer); he also participates in the Army R.O.T.C. program at in the lives of the Iraqis there; that’s the reward,” he says. the Rochester Institute of Technology. After graduation, he “From where they were when we arrived and then when we will return to the military as a lieutenant. left, we saw a world of difference.” Armstrong applied to Simon while on active duty in No question that it was a dangerous and stressful time Iraq. He says Simon’s response was unique and highly for Armstrong, both on the road and on the base. “While personalized. “Dean Zupan and Dan Struble e-mailed me on the convoys, we were always on the alert for possible directly,” he says. “I immediately felt part of the family and roadside bombs,” he says. “While on the base, there were valued from the start.” Armstong says Struble, a retired Navy rocket and mortar attacks, so you’re never really out of captain, was an advocate for him and offered to help with the harm’s way. I was very fortunate that nothing happened transition to the Rochester area.

U niversity o f Rochester | Si m o n Gr a d u a t e Sc h o o l o f Business | SimonBusiness | 27 Among Armstong’s favorite Simon professors is Edieal J. Pinker, associate professor of computers and information systems. “We were doing spreadsheets on Excel, and he compared it to “The Karate Kid.” He was Miyagi and we were Daniel-san. Eventually, he said, we would understand. I enjoyed his course very much.” How Armstrong uses his M.B.A. after graduation Armstrong returns from his tour of duty in Iraq to his wife, Elisa, and son, Isaiah. depends on his next active-duty assignment. “I’ve gained excellent leadership and quantitative skills at Simon, and if the military wants to keep me, that would be a great first taught the value of hard work. There was no sense of option,” he says. entitlement. Wherever I go, people comment on my work Armstrong says he learned the traits necessary for ethic. It stems from my family life.” success from his father. “We had a big family and my father The Armstrongs welcomed their newest addition, son, had to work a lot to provide for us,” he recalls. “We were Luke Vincent, on August 18, 2008.

Daniel H. Struble

A retired Navy captain with tours as a helicopter “The Center is new, and pilot, flight instructor, joint staff and congressional we are reaching out and trying liaison officer, financial specialist, helicopter squadron different things,”says Struble. commander, public affairs officer and naval attaché—Dan “Our goal is to expose students Struble’s résumé reads like a primer in leadership. Struble to the mechanics and ethics of (or, as he is affectionately called by his colleagues at the leadership.” Simon School, “Captain Dan”) joined the staff in 2006, Struble, who has extensive after his retirement from the Navy, as senior lecturer in experience in leadership and business communication and area coordinator of business executive communication training and delivery, recently communication. described the typical persona of a member of the military— In addition to actively recruiting military M.B.A. often, but not always, the first-born member of the family candidates to the Simon School, Struble directs the new (like Struble) and, for those familiar with Myers-Briggs Center for Leadership Development. The Center’s mission personality assessments, “The Guardian”—someone who is to provide a focus for understanding the essence is take-charge, a born leader, no nonsense, and usually a of leadership. Under Struble’s direction, the Center model citizen. encompasses: an annual Leadership course conducted Two of Struble’s three children have gone on to serve, by finance scholar and former Simon faculty member something, he says, he never required of them. His older Michael C. Jensen; the student-managed VISION Program son is currently in the Navy on board a submarine, his and VISION Connect, a new initiative that links Simon daughter is in the Peace Corps helping rural residents in students with small businesses to develop business Ukraine, and his younger son is a film student at Syracuse plans; the Richard Sands Leadership Lecture Series; the University. business communication curriculum for all full-time Struble earned a B.A. in biology from Cornell M.B.A. students and club leaders; and team building and University and an M.B.A. from the University of West leadership training. Florida.

28 | SimonBusiness | S i m o n Gr a d u a t e Sc h o o l o f Business | Universit y o f Rochester Catherine Chase ’01*

olonel Catherine Chase ’01* has been a Marine that she might otherwise since the early 80’s, and is currently an activated never have known. Creservist on military leave from her job at Hewlett- Her Simon M.B.A. also Packard in Austin, Tex. Stationed at Camp Lejeune, N.C., broadened the way she she oversees manpower and personnel issues in her capacity approaches her military as the deputy assistant chief of staff G-1 for the II Marine challenges. In both arenas, she says, her education has made Expeditionary Force. her more efficient, productive and knowledgeable. Chase’s education began more than two decades ago at Chase believes that a graduate education takes on the University of North Carolina at Chapel Hill, where she special significance for those in the military. “Although graduated with a double major in chemistry and zoology. it’s challenging to keep up with civilian educational After several years at various companies in positions that opportunities while working toward military educational required managerial and supervisory duties, she launched milestones, I believe continuing education is vital for both a wide-ranging career at Xerox Corporation while still those leaving military duty for civilian employment and for actively serving in the Marine Reserves. “In my time at military personnel who continue to serve,” she says. Xerox, I managed manufacturing and client operations, led Chase cites two skills that have proven essential in her a cross-functional team of sales and operations employees, career success, both in the military and as a civilian: learning and managed outsourcing of client accounts both nationally how to develop successful, high-achieving teams, and being and globally,” she says. “In later years, I acted as national able to focus and follow through. “I learned these skills first program manager for outsourced services and helped develop at Officer Candidate School and follow-on Marine Corps client solutions, proposals and integration strategies for leadership programs, but the Simon School built upon the imaging and printing services.” skills I already had and took them to a much higher plane.” While at Xerox, Chase became aware of the fact that she At Hewlett-Packard and in the Marine Corps, Chase deals needed a better background in business in order to further with upper-level personnel on a regular basis, which is not her career. Xerox had established a relationship with the always easy. “I’m confident of my ability to accomplish large- Simon School through its Executive M.B.A. Program, so scale objectives, in part because of the education I received at Chase applied and was accepted. “Working at Xerox and Simon,” she says. going to Simon took about the same amount of effort as I Recent studies have indicated that applications from now put into my military job alone,” she notes. “But we’re military personnel are on the rise at business schools. Chase at war right now, which adds a whole different dimension to believes that people with a military background recognize the work I do for the Marine Corps.” that they need additional preparation to be successful outside Before coming to Simon, Chase had never been to a the armed forces. “Some military occupations transfer easily school where students used tunnels to navigate in frigid to civilian life, but many do not,” she notes. “In civilian life, winter weather. “I also recall a statistics professor—former skills in infantry, artillery, tanks and surface warfare don’t Simon professor Glenn MacDonald—who used his fencing always have an intuitive fit. Having an M.B.A. when you épee as a pointer. I didn’t know until later that several faculty come out of the military makes you much more employable. members were fencers and that the U.S. fencing team in fact In fact, I wish I’d gotten mine earlier in my career.” trained at the University of Rochester.” Among the biggest influences, Chase points to her In 2003, Chase joined Hewlett-Packard as director of mentors. “I’ve been lucky to have exposure to quite a few of global imaging and printing services development, where she them in my life,” she says. “Along the way, many people have led managerial groups and virtual teams across worldwide coached me on how to be a better leader and a better person. regions and functions. She credits her Simon education with I was fortunate to have terrific role models along the way, opening doors to global responsibilities in her civilian job which has made all the difference in my career.” *Executive M.B.A. graduate

U niversity o f Rochester | Si m o n Gr a d u a t e Sc h o o l o f Business | SimonBusiness | 29 Jason DeBlock ’07

ach day at sea has something different in store for Jason DeBlock ’07. Currently on active duty as E an operations officer in the U.S. Navy, aboard the U.S.S. Bulkeley, Jason is responsible for all operational aspects of the mission, including operations, intelligence and tactical employment of the ship and its assigned aircraft. DeBlock, a native of New Hampton, N.Y., has spent many days at sea. Before earning his Simon M.B.A. while on active duty with the Navy through its Surface Warfare Officer (S.W.O.) M.B.A. program, he served as an S.W.O. with nuclear subspecialty aboard the U.S.S. Fitzgerald and the U.S.S. Enterprise. Being in the military and earning an M.B.A. After graduating from the United States Naval have some significant parallels, according to DeBlock. Academy in 2000 with a B.S. in systems engineering and “Teamwork is the hallmark of both,” he says. “You can attending naval nuclear power and nuclear prototype never accomplish on your own what you can accomplish training in 2003, DeBlock heard about the S.W.O. M.B.A. with others. Diversity is another similarity. Simon is very program, which allows officers to compete for one of four diverse, and so is the military.” scholarships to business schools. “I figured it would be a DeBlock says that leadership and an entrepreneurial wonderful opportunity to go to a great school and achieve spirit were other key takeaways. “The intangibles that you the knowledge to become a better-rounded naval officer,” don’t necessarily learn through a textbook are what serves DeBlock explains. Upon being awarded a scholarship, me best right now,” he says. In addition, as the military he chose Simon specifically for its excellence in finance. becomes more fiscally oriented, there is a growing need “I’ve always had a very technical background, and I liked for officers with financial savvy. “There is much greater the quantitative curriculum at Simon,” he says. “I was emphasis on our forces being ready at the right time and at also very impressed by the faculty and the diversity of the the right cost,” DeBlock observes. “In many ways, we are students.” tightening our belts just like corporate America, without DeBlock says his Simon M.B.A. has made him a better sacrificing the end product of readiness. Any person, naval officer. “I military or not, will find these skills are transferable.” think the problem- When he isn’t on duty, DeBlock enjoys spending time solving approach with his wife, Shannon, and their son, Warner, 2, at their has served me well home in Chesapeake, Va. They are looking forward to the in this position,” newest addition to their family in November. he notes. “I don’t Throughout his life, DeBlock says his family has been think it’s that details a consistently positive influence. “My wife encouraged only matter in the me to apply for the competitive Navy scholarship that military, but that allowed me to attend Simon while on active duty,” he the stakes are much says. “My parents instilled in me from an early age that higher for how hard work pays off. My brothers, sister and I have always you manage those been close—we’ve always given each other a tremendous details.” amount of encouragement to succeed.”

30 | SimonBusiness | S i m o n Gr a d u a t e Sc h o o l o f Business | Universit y o f Rochester Joel Levesque ’98

hould you meet Joel Levesque ’98, you might peg spent three years teaching economics at West Point. He him for a typical middle manager who enjoys regular was then moved to Fort Drum in Watertown, N.Y., to act Shours, limited travel and a quiet suburban lifestyle as a Battalion Operations Officer for the 10th Mountain in Washington, D.C. His job as Homeland Defense branch Division. In his post, he was responsible for coordinating chief for the Joint Integrated Air and Missile Defense and planning the resources needed for a 400-person Organization involves him in activities such as helping to draft national security policy directives and pushing technology needs through the acquisition process. Although he’s pleased that his job affords such a great balance between work and life, he’s the first to recognize that this hasn’t always been the case. After earning a B.S. degree from the U.S. Military Academy at West Point in 1989, Levesque graduated from Army Ranger School at Fort Benning, Ga. From there, he spent three years at Fort Ord in Monterey, Calif., where he led small-unit organizations. He eventually became second in charge of a 100-plus light air defense battery, managing logistics, training and administration. The mid ’90’s found Levesque in “the best job in the Army,” serving as commander of a sizable air defense battery with the 3rd Infantry Division at Fort Stewart, Ga. In that capacity, he managed more than $2 million in tools and special equipment needed to keep 10 Bradley Fighting Vehicles ready for deployment anywhere in the world with just 96 hours’ notice. “We also had a fleet of more than 30 support vehicles that would be used to move people, ammunition and supplies for such deployments,” Levesque notes. “I very much enjoyed being close to the soldiers and able to influence the success of their missions.” During his organization and was twice deployed to Afghanistan with time at Fort Stewart, his unit was deployed to Egypt, Kuwait his unit, where he served a total of 14 months. and Haiti. A Simon M.B.A. has helped Levesque time and Levesque intended to pursue an M.B.A. shortly after again in his current job as he evaluates financial data and completing his undergraduate degree, but it wasn’t until he makes quantitative decisions. “I often have to make rapid was nominated to join the Economics faculty at West Point recommendations to General Officers prior to Capitol in 1995 that he was able to do so. “One of the conditions Hill testimony on military investments in construction of this position was being accepted to one of the top 20 or with regard to various defense companies,” he notes. business schools,” he says. “I knew I wanted a school with a “My education helps me understand how interest rate strong emphasis on quantitative economics, preferably in the fluctuations affect the value of overseas military investments Northeast. Simon ranked No. 1 in the nation in finance that and the spending power of our soldiers’ paychecks. Plus, year, so it was a great fit.” now I can look at all sections of The Wall Street Journal and After receiving his M.B.A. from Simon, Levesque understand what I’m reading!”

U niversity o f Rochester | Si m o n Gr a d u a t e Sc h o o l o f Business | SimonBusiness | 31 What struck Levesque about the Simon School was how he enjoys raising his three children and volunteering similar the habits, attitudes and traits of serious business for the Boy Scouts, Big Brothers and Sisters and other students were to the best military officers. “Both groups organizations. work very hard, set milestones, build teams and solicit Levesque also likes to learn about leadership and resources to accomplish objectives,” he says. “People in both history. “I’m a big fan of generals, politicians and business groups also grow extremely impatient when an organization titans,” he says. “The soldier-scholars I emulate are too squanders its resources.” numerous to list, but I’m certain they understood ‘the Levesque fondly remembers the Simon Nite Outs and tipping point’ better than most!” Friday night Happy Hours in the Rotunda. “My second As a big football fan, Levesque agrees with Vince year, I played bass guitar for a band called the Mind-Blowing Lombardi’s belief that running a football team is not that Ants—M.B.A.’s. I also sang tenor in a group known as The much different from running a business or fighting a war. Standard Deviations,” he recalls. “Singing with my buds, The objective, in all cases, is to win! drinking beer with classmates—it doesn’t get any better than that!” Levesque credits his early family life in a New England small town as his biggest influence; in his spare time, O Nathan Martin ’96*

ost people think of the boardroom as the typical Martin’s sea-duty assignments for the U.S. Navy venue for a Simon School graduate. Yet Nathan include both fast-attack and fleet ballistic missile MMartin ’96* proves that the leadership and submarines. As of April 2008, he took over as teamwork skills he acquired at Simon are also crucial in commanding officer of theU.S.S. San Francisco. Currently his role as commanding officer of a nuclear submarine. dry-docked for repairs in Bremerton, Wash., the vessel is scheduled to change home ports to San Diego in 2009. Martin, who has served in the Navy for more than two decades, now leads 120 sailors in a nuclear submarine that operates hundreds of feet below the surface of the ocean and cost an estimated $900 million to build. Martin was raised far from the sea in the land- locked town of Clifford, N.D. “It was the epitome of a small farming town,” he says. “My senior class in high school had just 12 people.” After graduating from North Dakota State University in 1988 with a B.S. in electrical engineering, Martin was commissioned at Officer Candidate School in Newport, R.I., and completed nuclear power training in Florida and Idaho. His first assignments at sea were as reactor control assistant, damage control assistant and quality

32 | SimonBusiness | S i m o n Gr a d u a t e Sc h o o l o f Business | Universit y o f Rochester assurance officer aboard theU.S.S. Minneapolis-St. Paul. Martin fulfilled his duties as the ship was deployed to the Mediterranean and the North Atlantic, and as it underwent a deport modernization period at Portsmouth Naval Shipyard in Kittery, Me. Martin’s subsequent assignment was as engineer officer on theU.S.S. Sea Wolf, where he completed various crew and ship certifications. Before his current assignment as commanding officer of the U.S.S. San Francisco, Martin acted as executive officer aboard the U.S.S. Nebraska, which completed four strategic deterrent patrols and a change of home port during his tenure. It was near the end of his first sea assignment in 1993 that Martin decided to pursue a graduate degree during his next shore assignment. “With my technical background, I thought getting an M.B.A. would give me both the education and experience I would not otherwise gain,” he says. “In addition, pursuing an M.B.A. gave me Martin and his wife, Peggy. a chance to study finance and economics, both personal interests of mine.” While at Simon, Martin also served as class officer and instructor at the Naval R.O.T.C. unit. I did in class.” During the second year of the program, the After finishing his M.B.A., he completed Joint Professional class took a trip to Washington, D.C., where they enjoyed Military Education Phase II training at the Joint Forces socializing with one another and meeting national political Staff College in Norfolk, Va. and business leaders. “Simon gave me perspectives on leadership, team Martin’s distinguished Navy career is marked by the building and teamwork that I had not experienced in the commendations he has earned. Over the years, he has Navy,” Martin notes. “The business community’s per- been awarded the Meritorious Service medal, six Navy and spective on leadership is different from the Navy’s. Marine Corps Commendation medals, and two Navy and Understanding both has been very valuable to my career.” Marine Corps Achievement medals. One of the perspectives that Martin did not realize “I’ve been very fortunate in the stations I’ve been before attending Simon was the concept that individual assigned,” he says. “A Navy career can be tough on family actions are based on perception, not fact. “I’ve used this life, and I’ve spent a good deal of time away from my many times during my career,” he says. “It was important to own family. My wife, Peggy, is very independent and self- learn that effective communication and leadership are what sufficient, so it’s worked out. The time apart makes you ensure that perception aligns with reality.” Martin also cherish the time you have together.” Luckily, Martin was gained an understanding of the incentives and disincentives able to witness the births of all three of his children. “You that are created by the structure and policies of an need to have a plan to keep the important things in life on organization. This has helped him learn what motivates schedule,” he says. “Timing is everything.” people to perform and prevents them from doing so. In his free time, Martin enjoys boating, racing radio- “I fondly remember my study group at Simon, controlled trucks and outdoor activities with his children. specifically Tom Przybylowicz,* Mick McCue,* Rich Some of his favorite books include Freakonomics, Master Boomsma* and Monica Lucas* [all Class of ’96],” says and Commander and The Goal, which was required reading Martin. “I often learned more from the study group than during his time at Simon.

*Executive M.B.A. graduate

U niversity o f Rochester | Si m o n Gr a d u a t e Sc h o o l o f Business | SimonBusiness | 33 Stuart Platt ’70

etired U.S. Navy Rear Admiral Stuart Platt ’70 is a leader with a global perspective. As a Rnative of New York City, Platt was introduced to diversity early in his life. When he was ready to expand his horizons, he attended the University of Rochester and earned a B.S. degree, followed by an M.S. in operations analysis. Although his active-duty status was controversial during the Vietnam War era, he found a welcoming attitude at Simon for students dedicating their lives to the armed forces. He received his M.B.A. from the Simon School and took back into his career the School’s emphasis on leadership development, financial analysis and entrepreneurial economics. Platt’s years in the Navy have earned him more than 20 medals and decorations for combat and military service and entry in the United States Navy Submarine Force Hall of Fame. “I am most role in developing a strong naval presence was crucial in proud of my time helping to end the Cold War. under the Reagan Platt has continued to seek new horizons after retiring Administration, when from the Navy. His spirit of innovation and interest in I was chosen as the entrepreneurial economics led him to form Harbor Wing first person to serve Technologies in 2003. “We assembled a team of experts in the position of to develop a unique Autonomous Unmanned Surface Competition Advocate Vessel [A.U.S.V.] that operates with no crew and no fuel,” General,” he says. As he notes. “This wind-powered sailing vessel follows a Senior Procurement designated course, which is ideal for marine surveillance Officer in Uniform, and exploration.” The environmentally friendly, low- Platt relied on his cost A.U.S.V. has broad applications for environmental, Simon training in commercial, law-enforcement and military clients supply and demand worldwide. curves to rebuild a Never far from the water, Platt lives on Bainbridge naval force and curtail Island in Washington State. He spends a good deal of time escalating difficulties researching a new class of wind-powered vessels in Pearl with the Soviets. Harbor, Hawaii. He has written two books, The Armament Platt also oversaw the Tide and Letters from the Front Lines, the latter adapted largest-ever purchase into a play performed at California’s Berkeley Repertory of Trident strategic Theater. He also writes influential op-ed pieces forThe missile submarines Wall Street Journal, particularly on military topics about and nuclear-powered North Korea and the Far East. aircraft carriers. His

34 | SimonBusiness | S i m o n Gr a d u a t e Sc h o o l o f Business | Universit y o f Rochester William B. Reynolds III ’10

f ever there were someone who personifies an indomitable spirit, a positive attitude, and a can-do Iwork ethic, it would be Will Reynolds. After graduating in 2002 from the United States Military Academy at West Point with a B.S. degree in systems engineering and going through officer basic training at Ft. Benning, Ga., Reynolds reported to Seoul, South Korea, in 2003, where he served as an infantry rifle platoon leader in his first assignment. Next, Reynolds reported to Ft. Drum in 2004, and from there was deployed to Iraq. Reynolds started his assignment in Southwest Baghdad, where he served as a reconaissance platoon leader charged with leading a platoon to provide the infantry battalion reconnaissance support and sniper employment. His platoon was also assigned to augment other brigades. myself very lucky,” Reynolds says. “I lost 11 units of “Those days were very wearisome,” Reynolds recalls. “It blood, but combat lifesavers stopped the bleeding and got was hectic, one day off every 30 days, 14- to 16-hour days me treatment.” His road to recovery would include 22 of patrolling in 110-degree heat. In November, it would cool surgeries from November 2004 through December of 2006. down to the upper 90’s.” He recuperated at Walter Reed Army Medical Center in One day, during a weeklong transition to Northwest Washington, D.C., with his family and friends at his side. Baghdad—in military terms, a relief in place —Reynolds’ “Will’s is an incredible story,” says Dan Struble, senior brigade responded to a car bombing of a neighboring lecturer in business communication at the Simon School. unit. Upon returning to their sector, the brigade was “He was a gymnast, skier, Eagle Scout, went to West Point, ambushed with a concealed explosive device. Reynolds was injured in Iraq, and when he got to Walter Reed, he was severely wounded by shrapnel in his left leg and said, ‘Okay, make me better.’ ” left arm; one of his colleagues lost a leg. “I consider Reynolds credits his family for his motivation to get well. During his long recovery, he started to think about either medical school or business school. But it was in 2005, when he visited Medtronic, the company that invented the fusion product used in his leg, that he decided to get his M.B.A. His ultimate goal is to work for a medical device company like Medtronic, and to help others enduring similar experiences. When it came time to choose a business school, Simon was at the top of Reynolds’ list—it was one of the few leading business schools offering a Health Sciences Management concentration. There is also a family connection to the University of Rochester. His late father, William B. Reynolds, earned an M.S. degree, his sister, Suzzanne Anicette, received her B.A. degree, and another sister, Evelyn Reynolds, earned her M.D. at the University.

U niversity o f Rochester | Si m o n Gr a d u a t e Sc h o o l o f Business | SimonBusiness | 35 So he applied, and Struble made the outreach. “Dan made a His desire to help others is evident. At Simon, Reynolds huge impact on me,” Reynolds says. “When he saw that I had is a member of Simon Volunteers, and a board member a military background, he called me and I hadn’t even applied yet. I came to Experience Simon Weekend in the winter of 2007, and while I was in town with my fiancé, Cassandra, he invited us to dinner at his house. He really made us feel at home.” The couple married in June 2008 at West Point. During his recovery, Reynolds worked for the Joint Improvised Explosive Device Defeat Organization through the help of the Wounded Warrior Project, a military program that shows wounded soldiers in the D.C. area that they can still contribute to the military in a variety of ways. After medically retiring in 2007, he came to the Simon School to earn his M.B.A. full time. Despite the many challenges he’s faced along the way, Reynolds says he wouldn’t trade his military experience. He’s particularly proud of the efforts to improve the infrastructure in Iraq to help people get electricity, access to clean water—the basics. And, he says he never takes Reynolds and his wife , Cassandra on their wedding day in June at West Point. anything for granted.

at Cameron Community Ministries, a poverty outreach organization in Rochester’s Lyell/Otis neighborhood, where he volunteers during the after-school program and provides homework help. In his spare time, Reynolds continues to ski using a specially designed monoski, and in March 2008, he participated in a 110-mile disabled adaptive bike ride on a hand cycle to raise funds for World T.E.A.M. (The Exceptional Athlete Matters) Sports, an organization that promotes inclusive sports for all, especially helping disabled veterans return to recreational activities. “My father died in 2005, but the things he valued have stuck with me,” Reynolds says. “He always stressed community involvement, recreational activities, living a well-rounded life—working hard and playing hard. That and a positive outlook are what’s most important in life.” Reynolds is currently interning with Boston Scientific’s Cardiac Rhythmic Management division in operations management. He will graduate in 2010 with M.B.A. and Master of Public Health degrees. SB

36 | SimonBusiness | S i m o n Gr a d u a t e Sc h o o l o f Business | Universit y o f Rochester All-Simon 2008 Alumni Reunion Held during Meliora Weekend— a University celebration for all alumni, parents, students, and friends HOMECOMINGOctober 16–19, 2008 Market Volatility: What Lies Ahead Panel discussion with Dean Mark Zupan; Professor Clifford W. Smith, Jr.; Michael Ryan ’81, ’84s (mba); and University Trustees Cathy Jones Minehan ’68 and Michael S. Rosen ’82, ’83s (mba) Simon School Faculty Symposium Featuring Professors Ronald Schmidt and Gregg Jarrell Simon School All-Alumni Reunion Celebration and Awards Dinner Breakfast with Dean Mark Zupan

For more information or to submit ideas for future programs, contact: Kate Gruschow, Office of Alumni Relations and Development FAMILY585.275.2495 s[email protected] Don’t Miss Out! Registration Deadline: October 6, 2008 www.rochester.edu/melioraweekend

College of Arts, Sciences, and Engineering s Eastman School of Music School of Medicine and Dentistry s School of Nursing Simon Graduate School of Business s Warner School of Education Photographs by HuthPhoto and Kurt Brownell REUNION ur mw simon ad 3.indd 1 9/3/08 5:42:46 PM AlumniNews

Dean’s Corner

Helping student, with a concentration our future in Marketing and Finance and graduates a specialization in Pricing, find the was contacted by an alumnus right job from Dell Shanghai, her is one of “dream company,” and made the most plans for an informational powerful interview there. tools we In other news, we reached a have to boost the reputation significant rankings milestone Regional Events and Alumni Networks of the Simon School. The this spring. U.S. News & leadership potential in our World Report ranked Simon graduates makes our students among the top 25 business For the most up-to-date list of Simon alumni events taking place around the globe, visit Simon ambassadors in the schools in the nation in its www.simon.rochester.edu/alumni/events.aspx. marketplace, impressing both annual survey. (Simon was corporations and colleagues. 36th the previous year.) The The good will engendered by survey also ranked Simon For information about alumni networks, visit their Web pages at our ambassadors serves to 13th in finance and 24th www.simon.rochester.edu/alumni/regional_clubs.aspx. enhance our standing among in accounting among U.S. graduate business schools. business schools. With that in mind, we tried This ranking, and others of If you have additional questions about events or networks, call the Office of Alumni an experiment this spring. recent note, further confirms Relations and Development at (585) 275-7563. The Career Management the value of our strategic plan Center (C.M.C.), with help to build upon our top-tier from our Marketing and level of excellence. To become Communications staff, among the Top 10, we will developed a Web site housing need to continue to help our the names and résumés of graduates network and find Share Your News! the members of the Class of quality placement. So to that 2008 who were looking for end, you will likely continue To submit a class note, send an e-mail to the Alumni Relations and Development placement. Patty Phillips, to hear from us as we make Office in care of Kate Gruschow at [email protected] or to your C.M.C.’s executive director, every effort to connect our class correspondent: sent an e-mail to each of our students with our most Web-using alumni, as well valuable asset: Our alumni. Class of 1982: Sameer Shah, [email protected] as the University’s Board of If you are intrigued by Class of 1988: Jeff Durbin, [email protected] Trustees, asking recipients the thought of helping out to review the Web site and a student, please e-mail me Class of 1992: Eric Suitos, [email protected] contact students directly with at mark.zupan@simon. Class of 1994: Andrew Marein, [email protected] leads and networking tips. rochester.edu with your Class of 1999: Sarah Plasky-Sachdev,* [email protected] It will be a few months thoughts, or call me at (585) Class of 2002: Douglas J. Witter, [email protected] before we can crunch the data, 275-3316. but anecdotally the project Class of 2004: Karen Sweet, [email protected] was a great success. One of Class of 2005: Rameet Kohli, [email protected] our students, who was looking for a position in IT consulting, Mark Zupan received six calls from alumni Dean within a few days. Another

38 | SimonBusiness | S i m o n Gr a d u a t e Sc h o o l o f Business | Universit y o f Rochester University Establishes New Donor Recognition Society

The University of Rochester has established the George Member status will be granted to supporters who make a Eastman Circle specifically to honor the distinguished donors pledge at one of the following annual levels: who provide leadership Annual Fund support to any of the Members $1,500–$4,999 University’s schools and units, including many areas within Fellows $5,000–$9,999 the Medical Center. It is the only society to recognize Annual Fund giving across the entire University. Benefactors $10,000–$24,999 Annual Fund gifts have a significant impact in every area of Patrons $25,000–$49,999 the University. They are, by definition, unrestricted, current- Founders $50,000 + use funds that provide the head of each school, unit or Members of the George Eastman department with maximum flexibility for responding quickly Circle will help the University to new opportunities or to meet unexpected needs. For the provide even greater service to the Simon Graduate School of Business, these funds typically community and world. By joining support operations, educational programs, scholarships, together, they are honoring the legacy research and similar initiatives. of one of the University’s greatest The George Eastman Circle is more than a donor benefactors, George Eastman. recognition program. It is an opportunity for the University’s For more information on becoming alumni, faculty, staff, parents and friends to join together to a member of the George Eastman strengthen and advance the University as it enters the next Circle, please contact Christian transformational period in its history. Members will have Gordon at (585) 273-4888 or access to programm-ing that highlights and celebrates the [email protected]. University’s greatest achievements. edu.

Report On Giving Errata To the Simon School alumni whose names were inadvertently omitted from the listings of the 2006–2007 Report on Giving that appeared in the previous issue of SimonBusiness, please accept our apologies for the omission and our thanks for your continued support.

Donor Advised Funds Simon Associates Martin Perraza ’89 Simon Patrons Brian F. Prince ’89 Simon Hundred Club Derrick C. Bell ’93 Simon Society Brian P. Gilliard ’03 Charles W. Miersch ’70 Nadia E. Holder ’05 Wanda A. Humphrey ’92 Consortium for Graduate Study Mwanza O. Lumumba ’04 in Management Alumni Fund Pablo A. Mastandrea ’02 Simon Partners Carlos Sera ’82 Bertram M. Days ’76 Simon Donors Chavis A. Williams ’80 World According to Simon (W.A.T.S.) managing editors Ruchi Tibrewal ’09 Terry L. Fraser ’71 Simon Fellows (at right) and Marita Greenidge ’09 (at left) presented Martin Hellweg ’93, who Stephen A. Allen ’77 Class Year Corrections cofounded W.A.T.S. with Richard Prati ’93, with commemorative plaques during Steven C. Bussey ’93 his recent visit to the Simon School in April 2008. Hellweg, C.E.O. of Swissmetal Class of 1972 Robert W. Diaz ’98 and managing partner of Ally Management Group, said he was delighted to Simon Partner Rodolfo T. Gonzales ’91 meet the students and reminisce about the evolution of W.A.T.S. and his time at Dennis Soter Jesse L. Grissom ’84 Simon. Kathy N. Waller ’83 Class of 1977 Simon Partner Robert E. Rosdahl, M.B.A.* *Executive M.B.A. graduate

U niversity o f Rochester | Si m o n Gr a d u a t e Sc h o o l o f Business | SimonBusiness | 39 Alumni Admissions Interviews

Simon has developed its most successful alumni interviewing and Ruriko Muraoka ’05. Special thanks to Shinsei Bank initiative to date. With the help of 80 alumni, over 300 for hosting the event in their breathtaking headquarters and applicants were interviewed on site in Beijing and Shanghai, Tetsu Miyake for organizing the event on behalf of the Bank. China; New Delhi, Mumbai and Bangalore, India; Tokyo, Simon School On-Campus Interviews—Kenyatta Andrews Japan; on campus at the Simon School; or by telephone. The ’06, Ken Burkeen ’02, Naomi Cohen ’05, Scott Detraglia Simon Admissions Office would like to especially recognize ’02, Kevin DiGiacomo ’99, Salim Holder ’07, Benita the following alumni for their exceptional contributions to Kapadia ’07, Daniel Marangola ’06 and Troy Willis ’03 this initiative: Off-Site Phone Interviews—Pressigny Alcindor ’05, Beijing, China—Jie Chen ’00 and Liang (Tony) Zhang ’03 Howard Allen ’05, Stephanie Beetle ’07, Doug Bennett ’06, Rob Bircher ’07, Sean Carroll ’02, Katie Dudek Shanghai, China—Xiaohu (Tiger) Shan ’99, Yuncheng ’05, Jun Falcon ’98, Wayne France ’94, Adam Frisicaro (Kim) Xu ’02 and Jinnan (Gerald) Yang ’04 ’05, Steve Glenning ’92, Chris Gudmastad ’04, Gaby New Delhi, India—Balu Balasubramanian ’69 and Aditya Gutierrez ’04, Patrick Haughton ’02, Drew Hearon ’01, Kapoor ’96 Paul Hurley ’03, Chris Johnston ’06, Rami Katz ’03, Aaron Kibbey ’00, Patrick Krenzer ’01, Suzanne Ley Mumbai, India—Ajay James ’02, Prasad Kancharla ’02, ’04, Phillip Logsdon ’02, Debra Maddow ’04, James Mukul Kasliwal ’88, Arun Malhotra ’03, Ashish Malik Osborn ’07, Rajat Padhi ’05, Jeffrey Pankow ’90, Sergio ’94, Ashish Merchant ’00, Ashok Narain ’03 and Nihar Peirano ’06, Renee Piccirillo ’03, Angelo Ponticello ’97, Shah ’03 Shaffiq Rahim ’07, Anthony Ricci ’03, Matthew Rice ’06, Jeannine Rossignol ’01, Doug Ryan ’04, Sarah Ryan Bangalore, India—Bradley Bismark ’05, Vasant Hegde ’02, Kristin Short ’02, Charlie Smith ’05, J. C. Stevens ’03, Siddharth Pai ’93, Samuel Thomas ’71 and Joab ’98, Rick Tadokoro ’02, Michael Tripp ’07, Antoine Tjiungwanara ’00 Uwimana ’03, Augusto Weygang ’02, Ron Wille ’01 and Tokyo, Japan—Takatomo Itoi ’03, Yuichiro Kawabe Marcelo Zabala ’03 ’07, Satoshi (Kris) Kogahara ’03, Hiroshi Komada ’00, Scott Markowitz ’02, Tetsufumi (Tetsu) Miyake ’07

Alumni Gatherings

Tokyo—Class of 2002 gather- ing in fall 2007. (Pictured from left): Iwao Saito ’02, Disney Japan; Tetsuya Kawase ’02, Deloitte & Touche; Evan Hyman ’02, Mitsui Foods; Makiko Ishida (Evan’s wife); Scott Markowitz ’02, Bank of New York; Ann Lee ’02, Costco Japan; and Keiko Ejima ’02, Johnson & Johnson.

40 | SimonBusiness | S i m o n Gr a d u a t e Sc h o o l o f Business | Universit y o f Rochester Alumni Gatherings

New York City—“Integrity: Where Leadership Begins—A New Model of Integrity,” presented on May 5, 2008, by renowned finance scholar and former Simon School faculty member Michael C. Jensen, Jesse Isidor Straus Professor of Business Administration Emeritus at Harvard Business School and managing director, organizational strategy prac- tice, for The Monitor Group. Event hosted by Christopher Molloy ’90 (not pictured), senior vice president, Lehman Brothers.

Washington, D.C.—Networking Reception hosted by Marty Stern ’80 (not pictured), partner, K&L Gates, on April 17, 2008. (Pictured from left): Simon Alumni Network leaders Kevin Sheldon ’04 and Stan Voudrie ’01.

Hong Kong—Simon Alumni Network of Hong Kong kickoff meeting held on August 17, 2007. Organized by Katrin Dziergwa ’07 (not pictured), the group hopes to embody the Chinese saying, “It is always a pleasure to greet new friends from faraway places” and expand to include “old friends within blocks.”

Atlanta—Investment Seminar on September 19, 2007. Event hosted by Tim Benbow ’91 (not pictured) of Raymond James & Associates. (Pictured from left): Kevin Nicholas ’93, Jon Van Duyne ’85, Melissa Long ’04* and Mary Serth ’92.

*Executive M.B.A. graduate

U niversity o f Rochester | Si m o n Gr a d u a t e Sc h o o l o f Business | SimonBusiness | 41 Mergers&Acquisitions 1989 celebrated Matthew’s first at Dun & Bradstreet in Frederic, on October 1, 2007. Gregg Edelmann* and his birthday in October. Frank, Arlington, Va. The couple Michael is with Diamond wife, Shelley Amiruddin who was recently appointed lives in Fairfax, Va. Back Capital Management. Edelmann, B.A. ’91, vice president of finance at He and his family live in welcomed the arrival of their Pyramis Global Advisors, 1999 Greenwich, Conn. daughter, Laila Ann, on lives with his family outside Andrew Strauch* and his August 22, 2007. Laila joins of Boston, Mass. wife, Bonnie, welcomed the 2003 big sister, Sophia, 4. Gregg is arrival of their son, Matthew Melanie Huet and her with ExxonMobil. He and his 1995 Avi, on December 8, 2007. husband, Sean, welcomed the family live in Kingwood, Tex. Jack C. Pranzo and his arrival of their daughter, Elsa wife, Lenore, welcomed the Ingrid, on February 14, 2008. 1990 arrival of their twins, Chad Melanie is brand manager at Paul Caseiras and his wife, and Quinn, on November 11, Unilever. She and her family Gisele, welcomed the arrival 2006. Jack is vice president live in New York City. of their daughter, Beatriz, on August 3, 2007. Paul is Cindy Clusen Sherwood director, leveraged accounts, and her husband, Parker, at Merrill Lynch. He and welcomed the arrival of his family live in London, Matthew joins siblings, their son, Parker Bennett IV, England. Blake and Eliana. Andrew on July 3, 2007. Cindy was is vice president of product 1991 marketing and management Lynn Siverd and Greg at MIKOH Corporation. Sullivan were married of finance at Gartner Inc. He and his family live in August 31, 2008. The He and his family live in Potomac, Md. wedding was at St. Gabriel’s Redding, Conn. Church in Hammondsport, 2002 N.Y., with a reception at 1996 Mary Albee Bartlett* and Esperanza Mansion in Keuka Ian Christopher Carey her husband, Bob, welcomed Park, N.Y., overlooking Keuka married Colleen Ann the arrival of their daughter, recently named executive Lake. Lynn is chief financial Wisniewski in August Caroline Elizabeth, on director at Claxton-Hepburn officer of the Association 2006 in Newport, R.I. September 26, 2007. Mary Medical Center Foundation. for the Blind and Visually She and her family live in Impaired–Goodwill of Potsdam, N.Y. Greater Rochester Inc. Greg is managing director 2004 with Empire Valuation Nicklas Weich and his wife, Consultants L.L.C. Mei Li, welcomed the arrival of their daughter, Vera Ky- 1993 Sin, on December 19, 2007. Frank Lallos and his wife, Ian is director of market Lisa, welcomed son, Matthew development at AT&T. on April 15, 2007. They He and Colleen live in is director, conference Morristown, N.J. planning and operations, at The University of Memphis. 1998 She and her family live in Pelin Aylangan married Cordova, Tenn. Seckin Ozen, M.D., in September 2007 in Michael Taylor and his wife, Vienna, Va. Pelin is leader, Jill, welcomed the arrival Nicklas is senior manager, government consulting, of their son, Max Michael tactical pricing, at eBay

42 | SimonBusiness | S i m o n Gr a d u a t e Sc h o o l o f Business | Universit y o f Rochester Alumni Leader Profile Ralph R. (Roy) Whitney, B.S. ’57, M.B.A. ’73*

Germany. He and his family alph R. (Roy) live in Berlin, Germany. Whitney, B.S. R’57, M.B.A. ’73* 2005 credits the analytical skills Mario Luna Arroyo and best practices he learned married Nelly Gonzalez at Simon with helping him on December 12, 2007, in understand and succeed in competitive financial climates. As chairman of Hammond Kennedy Whitney & Co. Inc. in New York City, a private equity investment firm where he oversees the Risk Committee, his group determines if each portfolio Monterrey, Mexico. Mario company is meeting defined is senior project manager at expectations and operating Avaya Inc. in Monterrey; plan objectives. “My position Nelly is marketing manager helps assure that the portfolio for Banregio Bank. They performs as expected by the live in Guadalupe, Mexico. limited partners,” he explains. “I also coordinate the strategic Cory Fasold and Lyndie direction of the firm and help Siff welcomed the arrival of define our vision five years their first child, a daughter, from now.” Kendall Olivia, on March Whitney heard about he notes. “His knowledge, Whitney and his wife, 30, 2008. Cory was recently the Executive M.B.A. insight and enthusiasm Fay, spend their leisure time Program from the director motivated me to keep boating in Florida, fishing of development for the digging and learning until in Wyoming and traveling. University at the time, who I, too, respected valuation He just finished reading thought he would qualify. He methodology.” Whitney also Alan Greenspan’s The Age of took advantage of the program appreciated the way [the late Turbulence and also enjoys in part because it was close to Simon professor] Phillip T. taking in mysteries, westerns, Syracuse and a plant he was Meyers made accounting stories about British sea running in Pennsylvania. come alive. “I remember him victories and business books Whitney still runs into his jumping up on a table and about unique people. favorite Simon professor and yelling, ‘Isn’t this the greatest “The farther I move in my appointed finance manager thesis advisor, Michael C. stuff ever!’ career, the more I realize at Pepsi-Cola North Jensen, now the Jesse Isidor “I’m convinced that the debt I owe to those who America in Purchase, N.Y. Straus Professor of Business Simon thrives on developing helped me on my path,” he Administration Emeritus tomorrow’s leaders,” says notes. “Each of us starts with Roger Hernandez and his at Harvard Business School Whitney. He believes that relatively little and acquires wife, Rebecca, welcomed and managing director, Simon teaches analytical skills from very unselfish organizational strategy and skills, patience and clear people. I find it immensely practice, The Monitor Group. thinking, all of which help rewarding to give back so that “Mike was instrumental in students see the future by other young people will have focusing my attention on using the past and leading the same opportunities I did.” private markets, while using others in any business SB public ones for valuations,” discipline.

*Executive M.B.A. graduate

U niversity o f Rochester | Si m o n Gr a d u a t e Sc h o o l o f Business | SimonBusiness | 43 Alumni Leader Profile Joseph Abrams ’74

oseph Abrams ’74 the arrival of their believes that the value son, Braden, on Jof his education grows November 28, 2007. stronger the longer he has Roger is an associate been out of school. “I’m still at Friedman learning to appreciate the Billings Ramsey. education I received 35 years He and his family ago,” he says, “and I can live in Irvine, Calif. credit the Simon professors and fellow students with Brian Lloyd* and 2006 challenging me at a critical his wife, Anne, welcomed Emily Aronstam married time of my life.” “When I was a student, the arrival of their daughter, Jason Duga, B.A. ’99 Abrams’ career reads Simon gave me an idea Kali Katherine Alice, on on September 22, 2007, like a case study on of what real-world November 13, 2007. Brian is at Colgate Rochester entrepreneurship. In competition looked like. director, corporate strategy, Crozer Divinity School in 1983, with his cousin, he That proved invaluable Rochester, N.Y. Emily is a cofounded a consumer as I faced competitors in financial analyst at Xerox software company in a the burgeoning software Corporation in Rochester, Southern California garage. industry,” Abrams notes. N.Y.; Jason is a financial By 1994, that first start-up “I especially enjoyed my advisor for Research was netting $150 million classes with [the late Simon Financial Group. They in revenue, at which time it professor] Karl Brunner. He live in Rochester, N.Y. went public and was sold. was not only brilliant, but In 1999, he cofounded his he fit my image of a kindly, Jim Eichinger and his second company, InterMix. nurturing professor.” wife, Kate, welcomed the “It was an early Internet Abrams valued the arrival of their daughter, company,” he says. “People analytical approach of his Sarah Jane, on February 25, would know it by our largest classes at Simon and the solid at Xerox Corporation. 2008. Sarah Jane joins big Web site, MySpace.” Abrams fundamental background He and his family live in sister, Emily Carol. Jim and took that company public as he received in various Webster, N.Y. his family live in Pittsford, well and sold it to NewsCorp business disciplines. “I’m N.Y. in September 2005. Since amazed at how many top Vasilios Mihalitsas* and then, he has worked with executives don’t have a basic his wife, Tiffany, welcomed Prakash Goswami and his a close friend to take yet a understanding of finance, the arrival of their son, Will, wife, Srabani Das Goswami, third company—Akeena accounting and marketing,” on April 17, 2008. Will joins welcomed the arrival of Solar—public. he says. “These have been their daughter, Mahika, on “I’ve had the good fortune the precise skills I learned at March 18, 2008. Mahika to be involved in the very Simon that have enabled me early stages of three dynamic to tackle complex problems industries, with three great and achieve good results.” companies,” Abrams notes. In his spare time, Abrams Today, he works as an runs 25 miles a week and independent consultant with has recently completed two various small companies, full marathons and a half- usually in the very early marathon. He also enjoys stages of development. He also reading books about high- big brother, Paul. Vasilios is a means “mother earth” in advises C.E.O.’s in all aspects achieving people in any loss prevention consultant at Sanskrit. Prakash is with of business development, discipline, particularly sports, Liberty Mutual Insurance Xerox Corporation in Rochester, N.Y. financing strategies and high- business and science. SB Co. He and his family live in growth management. Hackettstown, N.J.

44 | SimonBusiness | S i m o n Gr a d u a t e Sc h o o l o f Business | Universit y o f Rochester Alumni Leader Profile Chetan Narake ’07

Pavel Romanov and his f someone had told wife, Margarita, welcomed Chetan Arun Narake the arrival of their daughter, I when he was growing Nellia, on March 14, 2008. up in Kolhapur, India (south Pavel is with Deloitte & of Mumbai), that he would Touche. He and his family become a business planning live in Madison, N.J. manager for Mars Inc., he wouldn’t have believed it. 2007 But what attracted him to Chris Domeny and his the global candy-making wife, Adrienn, welcomed powerhouse after earning his the arrival of their son, Simon M.B.A. was simple: Noah, on October 12, 2007. “The candy!” Mars is perhaps best known for its signature brands, including M&M’s, Milky Way and Snickers. But Mars also owns food, drink and pet care brands. In April 2008, Mars announced it was purchasing Chris is associate vice confectioner Wm. Wrigley president of design practice Jr. Co. for $23 billion. The and managing a $30 million assignment for Mars in Burr management at Bank of company recently joined budget. And he didn’t Ridge, Ill., outside of Chicago, America. He and his family the fight against obesity by stop there. During his free where he is focusing on the live in Glen Allen, Va. introducing more nutritional time, Narake worked at the supply side for the company’s products to its portfolio, Hackettstown, N.J., plant ice cream products such as Kovi Moodley and his including Cocoa Via, a line, where M&M’s are produced, Dove, Twix, Snickers and wife, Taya, welcomed the the company says, of “heart- where he learned about M&M Treats. At the end arrival of their son, Bennett healthy chocolate snacks” the candy-making process of his rotational program, Luca, on January 7, 2008. containing flavanol, which firsthand. Narake is looking to work for Kovi is with Stern Stewart studies show help improve It’s a world away from his the mergers and acquisitions & Co. He and his family blood flow and control Wall Street internship in the division of Mars. live in Bern, Switzerland. cholesterol. corporate finance division of Narake credits his Simon As part of the company’s Morgan Stanley, but Narake M.B.A. for giving him Chetan Narake was finance manager welcomes the change. “Mars the cross-functional skills married in India in January development program, is a great company to work and analytical framework 2008. Chetan is finance Narake will spend two for,” he explains. “It’s more necessary to understand manager with Mars Inc. years learning the business informal, and the managers all aspects of the business. in five key areas: supply, are very approachable and Professor Gregg A. Jarrell demand, business planning, open-minded. There is a lot continues to be a mentor to financial reporting, and cost of flexibility and room for him. and financial accounting. personal and professional In his spare time, Narake His first assignment as a development.” enjoys spending time with business planning manager Narake’s life changed his friends and family, golfing for Cocoa Via introduced on both fronts in January and bowling. He is currently He and his wife, Snigdha, him to all aspects of product 2008 when he married wife reading a biography of reside in Burridge, Ill. (See development, including Snigdha in India. Upon their Rupert Murdoch. SB profile at right for more costing, pricing, marketing return, he began his second about Chetan.) *Executive M.B.A. graduate

U niversity o f Rochester | Si m o n Gr a d u a t e Sc h o o l o f Business | SimonBusiness | 45 Alumni Leader Profile Russell Beyer ’82; Danielle Beyer, B.A. ’05, Class M.B.A. ’06; Ross Briggs, B.A. ’05, M.B.A. ’06 Notes

or some, a Simon 1970 education runs in the Gene Murkison retired F family. That’s certainly from Georgia Southern the case with Russell Beyer University at the end of ’82; his daughter, Danielle, 2007, and is now professor B.A. ’05, M.B.A. ’06; emeritus of management. and Danielle’s fiancé, Ross He continues to write Briggs, B.A. ’05, M.B.A. on executive selection ’06. and business history, and All three are actively participates in numerous building careers launched management and educational with a Simon M.B.A. Russell professional meetings in the serves as vice president of United States. planning and process at World Fuel Services, a fuel 1976 trading and logistics firm Steve Hoffman has joined Proud father Russell Beyer ’82 with daughter, Danielle, at Commencement where he coordinates and iJET Intelligent Risk 2006. follows up on the strategic Systems in Annapolis, Md., direction of the company. as chief executive officer. Danielle recently joined financial concepts she learned first economics class. I found an alternative investment at Simon, but she does apply Simon unique for its intimate 1977 firm, where she works on a the time management and size and the quality of its Phil Fain has been named business development and priority-setting skills she faculty.” vice president of business marketing team. Ross is a picked up there. Danielle, Danielle’s favorite development at Ultralife financial analyst at Houlihan of course, learned about instructors were James A. Batteries Inc. in Newark, Lokey, where his primary the Simon School from her Brickley and Irfan Safdar, N.Y. responsibilities are financial parents (her mother attended both of whom were engaging analysis and presentation. the University of Rochester). in the classroom and 1978 Russell credits Simon with “I attended Rochester as an accessible outside of it. Ross Jon Schoonmaker has developing his analytical skills undergrad, and then applied particularly valued classes been named chief, technical and conceptual reasoning of to the 3-2 program at Simon,” offered by Safdar, Gregg A. programs and operations, working business models that says Danielle. “It was my Jarrell, Charles I. Plosser for SAFE-BioPharma drive a competitive market parents’ encouragement that and Ronald N. Schmidt. Assocation in Ft. Lee, N.J. economy. “In my career, I’ve motivated me to pursue my Russell enjoyed professors found that the rigorous course M.B.A. after my third year of Clifford W. Smith Jr. and 1984 of study at Simon equipped college.” Jerold L. Zimmerman, and Bruce Wandelmaier me to take on most technical Ross says that Simon gave former Simon professor Ross was promoted from asset/ and analytical business him the theoretical training L. Watts, all of whom were liability manager to challenges and make sound in finance, economics and doing promising research that treasurer of Webster Bank decisions based on empirically accounting that he uses applied to their courses in in Waterbury, Conn. sound concepts,” he says. daily, plus the exposure to corporate finance, accounting Russell remains current in teamwork that is vital in the and economics. 1985 the international economic workplace. “As a chemical In their spare time, Danielle Jon Van Duyne was and political issues of the day engineering major at the and Ross like to travel and appointed principal in the and continually seeks how University, I hadn’t thought read. Ross also enjoys sports. Information Technology best to exploit information about the M.B.A. program Both Ross and Russell are practice of Booz Allen technology for business value. until my junior year, when I currently reading Alan Hamilton in Atlanta, Ga., Since Danielle’s position began talking with Russell, Greenspan’s The Age of where he is assuming joint is marketing-oriented, she my future father-in-law, about Turbulence, and give it high leadership of the Trade doesn’t directly use the the program and took my marks. SB Promotion Effectiveness

46 | SimonBusiness | S i m o n Gr a d u a t e Sc h o o l o f Business | Universit y o f Rochester Alumni Leader Profile Daniel Hofer ’98*

(T.P.E.) business. In this s both a student School. He role, he will be responsible and professional, is the proud for hiring and building a ADaniel Hofer has recipient of new practice in addition passionately embraced the Simon’s 2006 to growing the number of view that the world is flat. Distinguished clients and corresponding Early in Hofer’s career, Alumnus revenues. The practice it became clear that he Award. focuses on Fortune 500 wanted an international “At Simon, consumer products perspective. “After graduating I benefited companies and capitalizes in Switzerland, I spent a from on his previous experience year in Paris, and later on, excellent at Hewlett-Packard, Eastman a year in Los Angeles to courses in Kodak Company, Bausch & broaden my global horizons,” finance, Lomb and Sage Software. he says. “When I began operations, looking at Executive M.B.A. strategy and 1987 programs, I was attracted many other Alexandra Kelly’s to Simon’s Rochester-Bern disciplines,” company, Powerchex E.M.B.A. program because Hofer says. Limited, won the Service of its distinguished faculty “Simon Business of the Year Award from leading American and taught me at the national NatWest European universities.” fact-based, Startups Awards in England. Since 2006, Hofer analytical has served as director of approaches for media owners with publishing and printing at in solving managerial 1988 operations around the globe. Eric Ball successfully Neue Zürcher Zeitung Ltd. challenges, including He is well known for his defended his Ph.D. disserta- (N.Z.Z.), one of the oldest complex, strategic problems motivational, cross-cultural tion in management at (est. 1780) and most highly in international business. leadership qualities and Claremont’s Peter F. Drucker regarded publishing houses Without a doubt, Simon was successes in turnaround and and Masatoshi Ito Graduate in Europe. In 2007, Hofer a milestone on my career transformative climates. In School of Management in was promoted to the group path.” addition to his E.M.B.A., September 2007. management board of the Hofer and his wife enjoy Hofer has earned various firm. worldwide travel and degrees in marketing, sales Jeff Durbin joined Ouidad Just last year, N.Z.Z. experiencing other cultures. and business administration, Holdings L.L.C. in New launched the N.Z.Z. Award “Our favorite places are in and holds a doctorate in York City as chief financial for the best marketing group Asia, but we’ve visited South business administration officer. assignment completed in the America and enjoy returning from the University of South Rochester-Bern E.M.B.A. to the United States. This fall, Africa, Adelaide. Katherine McDermott was program. As part of the we’ll be visiting the Carolinas Though his professional promoted from controller/ Operations Management and playing golf, a hobby that commitments are time chief accounting officer to course, students can also we’re passionate about and consuming, Hofer generously chief financial officer at spend an evening touring still learning.” Hofer also encourages potential M.B.A. American Technology the state-of-the-art printing likes fine dining with friends, candidates, mentors Simon Corporation in San Diego, facilities of N.Z.Z. going to operas and concerts, students and supports the Calif. Before joining N.Z.Z., watching movies and reading School by offering company Hofer was C.E.O. of the books on rainy Sundays. SB visits. As a member of the Laura Mimken has taken international division at Alumni Advisory Committee, a position as director, Publigroupe Ltd., a leader Hofer also helps set priorities IT shared services, at in sales and marketing and strategies for the Simon GateHouse Media Inc. in Fairport, N.Y. GateHouse is one of the largest publishers *Executive M.B.A. graduate

U niversity o f Rochester | Si m o n Gr a d u a t e Sc h o o l o f Business | SimonBusiness | 47 Rochester-Bern Executive M.B.A. Program Update

To adapt to a shift in market demand, the Rochester-Bern Executive commissioned to take excellence in administrative M.B.A. Program has reduced its summer residency in Rochester from command of a nuclear duties for the New York Fire nine to six weeks and introduced a capstone business-plan project submarine. Department Pension Fund connected to its educational trip to Asia. on November 19, 2007. The summer residency in Rochester is one of the highlights of 1998 the program. However, many candidates found it difficult to explain Pelin Aylangan was 2004 the necessity of nine weeks absence from work to their employers. recently promoted to leader, Mike Camarella was “Reducing the Rochester stay from nine to six weeks simplifies the government consulting, promoted to associate negotiations with the employers,” says Petra Joerg, managing director for Dun & Bradstreet in portfolio manager at of the program in Switzerland. “We expect more candidates to join Arlington, Va. OppenheimerFunds in our program due to this change.” Rochester, N.Y. Another important improvement is the introduction of a so- Karl Dueland* was called capstone project at the end of the program. The capstone appointed vice president, Jon Scahill was named project gives students the chance to write a business plan for an Fuji Xerox XGS Business president and chief operations international company operating in Asia or somewhere else in the Development, in Rochester, officer of Quest Patent world. It requires them to use all the knowledge they have acquired N.Y. Research Corporation, in the program as well as the techniques gained from a business-plan a New York City-based workshop with Professor Ron Schmidt and cultural insights from the Jae-Gwang Soh was intellectual property asset China seminar. “Many of the ideas for the business plan projects will promoted to managing management firm. be born in the companies students work for,” says Joerg. “The project director at Shinhan Card in therefore also offers a direct payback for the sponsors.” Seoul, South Korea. 2006 Both changes, combined with a restructuring of the organiza- Danielle Beyer joined tion and intensified recruiting activities, led to an increase in student Russell Weybright* was Mariner Investment Group numbers from 25 to 37 for the incoming class of 2008–09. A further featured on the cover and L.L.C. in Harrison, N.Y., rise is expected for the class starting in 2009. in an inside article (“Chain as an analyst in business —Claudia Sant’Andrea Reactions”) in Minnesota development. Technology Magazine. of locally based print and with Edward Jones holding Eli Hale is teaching an online media in the United company in St. Louis, Mo. 1999 advertising course at the States. Francisco Garcia* was Savannah College of Art & 1994 named finance director Design in Savannah, Ga. Dilip Sundaram was pro- Maxime Elbaz* accepted for Honeywell Turbo moted to managing director, a position as chief executive Technologies in São Paulo, Chris Johnston was strategic initiatives —Asia officer of Geospatial Systems Brazil. promoted to associate Pacific, with responsibility to Inc., a Rochester, N.Y.-based director of corporate develop and implement new company leading in the design 2000 relations at the University business in the region for and production of high-end Holly Clark Blanchard, of Rochester. Chris is ArvinMeritor Inc. He will be aerial mapping and persistent chief financial officer, United responsible for developing relocating to Shanghai, China, surveillance systems for Way of the National Capital and maintaining University in the fall with his family. military and commercial Area, was a finalist and the relations with local and remote-sensing applications. youngest nominee in the first national companies while Karl Withers was named annual Awards for Financial encouraging them to invest associate vice president of Carla Vaccaro became Excellence given by The in our research, students and marketing for the University owner of Cold Stone Washington Business Journal. University initiatives. of Rochester Medical Center Creamery in Webster, N.Y., in Rochester, N.Y. and Victor, N.Y. Aaron Cullen was promoted Matt Rice was promoted to manager, corporate finance, to manager, business 1989 1995 at Northeast Utilities in development, at Jiang-Hong G. (Jeff) Liu Susan Topel-Samek* Bristol, Conn. Before his Constellation Brands Inc. in was promoted to president of has been named treasurer promotion, he was assigned Fairport, N.Y. Chinatrust Bank (U.S.A.) at Bausch & Lomb in corporate credit risk res- in Torrance, Calif. Rochester, N.Y. ponsibilities for the Northeast 2007 Utilities System companies. Matt Dankner joined Beers 1992 1996 & Cutler as a consulting Andrew Greenberg has Commander Nathan 2003 associate in Vienna, Va. been named a principal Martin* is being Lei Tan was honored for *Executive M.B.A. graduate

48 | SimonBusiness | S i m o n Gr a d u a t e Sc h o o l o f Business | Universit y o f Rochester Visit the “Simon School Virtual Store” Visit: www.simon.rochester.edu/virtualstore

We are carrying over 25 Simon-branded products! You will find golf umbrellas, polo shirts, clocks and more!

Simply go to the Web site, www.simon.rochester.edu/virtualstore, indicate which product you want, and order through the secure server. You can also fax your order to: (585) 383-8417. Items will be shipped within 48 hours! Inter- national delivery is also available. TJNPO!JO!UIF!DJUZ!¦!CPTUPO!¦!OFX!ZPSL!DJUZ!¦!XBTIJOHUPO-!E/D/ The Simon Graduate School of Business at the University of Rochester 311: announces its 29th year in the City. Simon is happy to be hosting recruiting events for its corporate partners in New York City, Off-campus Boston, Mass. and Washington, D.C.

recruiting events Why participate? in New York City, • Events are free to our corporate partners Boston and • You select the students—we’ll take care of the rest Washington, D.C. • Interview terrific talent without getting on a plane—you can leave your shoes on!

Dates for off-campus recruiting in 2009: To learn more about or register for these Boston Recruiting Connection (B.R.C.) events, contact: Friday, January 23, 2009, Hilton Boston Financial District New York Recruiting Program (N.Y.R.P.) Karen Kingsbury Friday, January 30, 2009, Doubletree Guest Suites—Times Square Corporate Relations Marketing Manager Washington, D.C. Recruiting Program (D.C.R.P.) Career Management Center Friday, March 6, 2009 Simon Graduate School of Business Schedule for all events: University of Rochester 7:00–9:00 a.m. Continental Breakfast (585) 273-3094 8:30 a.m.–4:30 p.m. Interviewing Program Noon–1:00 p.m. Recruiter Luncheon [email protected]

William E. Simon Graduate School of Business Administration Rochester, New York 14627

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