Spring 2018

Architect of Change With an eye toward sustainability, USG’s Jennifer Scanlon, ’92, is leading innovations that can address the building industry’s toughest challenges. Building on Big Ideas Big on Building

Vol. 40, No. 2, Spring 2018 Spring 2, No. 40, Vol. CONTENTS

FEATURES CLASS, BEHAVE! Thaler, the Teacher Spring 2018 Ask any of Richard H. Volume 40, Number 2 Thaler’s students and they’ll tell you the Nobel laureate deserves just as much recognition for his talents in the classroom as he does AlumniA FacultyF StudentsS Do You Know Today’s Boothies? for his groundbreaking contributions to research If you are an alumnus or alumna who hasn’t been back to Chicago Booth In the spirit of dialogue and and policy. We sit down debate so fundamental with Thaler and his former recently, you might be surprised to learn about some aspects to the Chicago Booth students to lift the curtain of today’s student population. community, stories in the on “the magic show.” magazine are tagged with Page 34 icons representing the BY REBECCA ROLFES participation of alumni, faculty, and students. Test yourTest knowledge your knowledge of Booth of Booth students students circa 2018circa 2018at Campaign. at Campaign.ChicagoBooth.edu/Todays-Boothies.ChicagoBooth.edu/Todays-Boothies.

TRIVIA CHALLENGE QUESTION Richard H. Thaler is the winner of the 2017 Nobel Prize in Economic Sciences and the author of the best-selling book Misbehaving: The On average, this percentage of each MBA class at Making of Behavioral Economics. Booth is made up of veterans. COVER: BUILDING ON BIG IDEAS DAA 2018 percent Taking the Reins at a Making an 2 ۷ 5 percent ‘Transformed Company’ Impact Jennifer Scanlon, ’92—the fi rst female CEO in the 116- Meet this year’s ۷ year history of building materials leader USG—on why the Distinguished Alumni Award 8 percent industry is looking up, why sustainability makes for sound winners—a truly global group strategy, and how to promote more women into leadership of bold thinkers turning ideas ۷ roles in manufacturing. Page 46 into action. Page 53 percent BY AMY MERRICK BY SAM JEMIELITY 15 ۷

PUTTING CREATIVITY TO WORK

(Correct answer: 8 percent) 8 answer: (Correct Seven Strategies In recent years, Booth’s strategic use of merit-based scholarships has measurably improved the diversity and academic caliber of our entering classes. Enhanced scholarship support to Banish opportunities have also helped us better attract students such as veterans. Learn more at Your Block Campaign.ChicagoBooth.edu. Stuck in a creative rut? Let yourself fail—and make it fun. Page 40 BY ALINA DIZIK Transform the future. Invest in Chicago Booth. CHASE MATT BY BOTTOM / STRONG CHRIS BY TOP AND COVER

Chicago Booth Magazine Spring 2018 1 CONTENTS A F S

Our“ company culture permeates everything we do. . . . It’s our true north. —Sandra Stark

Starbucks executive Sandra Stark leads the teams that brew up Seattle’s appeal is glittering—and not just at the famed Chihuly Garden and Glass (above). As more Boothies fl ock to the Emerald City, a what’s next for the coffee giant. Page 32 supportive alumni club provides a warm welcome and a soft landing. Page 60

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INQUIRY REQUIRED MY BOOTH MASTER CLASS THE VIEW FROM MY COURSE CORRECTION LETTER FROM THE DEAN THE BOOK OF BOOTH How Do A Toast to Reaching a Seattle Pushing Accelerating Immanuel 10 24 28 Economic 60 66 4 82 You Manage Data-Driven New Breed of “ BY CLAIRE ZULKEY through Entrepreneurship Thangaraj, AB ’92, Millennials? Marketing Consumer Outlook is Turbulence MBA ’93 valuable MY CAUSE BY ALICE G. WALTON BY BETSY MIKEL BY BLAIR R. FISCHER BY LEAH RACHEL VON ESSEN 6 Contributors BY LEEANN SHELTON enough that I 64 Mathletes in FACE TO FACE A WORKDAY WITH THE WORKSHOP sit there, take Training MY OFFSITE 13 Improving 25 Innovating 30 Three Joint- BY DANIELLE BRAFF 67 Following Her 69 Class Notes Find more stories: notes, and look ChicagoBooth.edu/ Your Economic at UPS Degree Founders Own Tune magazine at those notes MY CULTURE COLLECTION Outlook BY BETSY MIKEL BY DEBBIE CARLSON BY MICHAEL BLANDING 73 In Memoriam BY LEAH RACHEL VON ESSEN all year long. 65 Top Picks from —Randy Bellows THE CORNER BOOTH THIS IS WORKING FOR ME Page 13 a Booth-Bred NEW VENTURES 26 Combining 32 Starbucks and Fashion Startup 15 School News Forces Strategy BY GRETCHEN KALWINSKI and Faculty BY DEBORAH ZIFF BY ANNE MOORE Research PHOTOGRAPH BY STEVEKORN BY PHOTOGRAPH GLASS AND GARDEN CHIHULY OF COURTESYPHOTOGRAPH

2 Spring 2018 Chicago Booth Magazine Chicago Booth Magazine Spring 2018 3 LETTER FROM THE DEAN Accelerating Spring 2018 Volume 40, Number 2

Dean Entrepreneurship Madhav V. Rajan SAVE THE DATE FOR RECONNECT 2019 Executive Director Madhav V. Rajan of Marketing Dean and George Pratt Shultz Kurt Ahlm, ’09 Professor of Accounting Director of Content ince its inception 20 years ago, what MBA ’17, brings the same academic rigor as our Sam Jemielity, AB ’90 was once a small entrepreneurship top-ranked university accelerator program, the center at Chicago Booth has grown into a Edward L. Kaplan, ’71, New Venture Challenge, Editor-in-Chief university-wide engine for revolutionary to the CNVC. LeeAnn Shelton ideas and transformative new ventures. Over the The launch of each of these three new S Contributing Editors past two decades, the now well-known Polsky classes was met with immediate interest and Melissa Brooks Center for Entrepreneurship and Innovation has excitement. I look forward to further expansion Margaret Currie made a name for itself supporting and coaching and deeper connection with the diverse Molly Heim our nascent entrepreneurs, venture capitalists, communities across the university. Zahra Nasser and private equity professionals at Chicago Building on this expansion, the Polsky Leah Rachel von Essen, AB ’16 Booth. Now, with the help of the two most recent Center is also integrally involved in the new Brent White multimillion dollar gifts from its namesake, Duchossois Family Institute at the University University of Chicago trustee and Booth alumnus of Chicago Medicine, the culmination of a $100 Art Director Nicole Dudka Michael Polsky, ’87, the Polsky Center has been million gift from the Duchossois family. In an able to expand its mission and bring the tried-and- eff ort to develop a “new science of wellness,” Creative Director true teachings from the business school to the the Duchossois Family Institute: Harnessing the Joe Przybylski broader university community. Microbiome and Immunity for Human Health will Entrepreneurship at Booth has grown to enlist the services, expertise, and connections of Project Manager become the No. 1 concentration among our the Polsky Center to bring their breakthroughs, Zach Johnson MBA students. The school currently off ers 19 innovations, and inventions to market. entrepreneurship courses to satisfy our students’ Additionally, the Polsky Center has been Senior Associate growing interest in this area of study. the recent recipient of two generous gifts from Director of Operations It has been a joy for me to witness the Booth alumni to further fund and expand a Mari Sautter thoughtful circulation of our award-winning variety of Polsky programming. Thanks to a entrepreneurial curriculum throughout multiple $5 million gift from Raymond Svider, ’89, UChicago departments and schools. With the help the newly established Svider Private Equity and guidance from the Polsky Center, in just a few Program will off er Booth students and alumni short months, we have launched three new classes an expanded suite of programming, education, available to a wide variety of university students, and opportunities in the private equity industry. faculty, and postdocs. And, with an additional $5 million gift from Clinical professor of entrepreneurship Scott Rattan Khosa, ’79, the Rattan L. Khosa Student F. Meadow repurposed his hugely popular Entrepreneurs Program will provide fi nancial Come back to Chicago Booth for an unforgettable weekend Commercializing Innovation class into a course support and mentorship to eligible student and Mark Your Calendar designed to introduce venture capital practices to recent alumni entrepreneurs from Booth and for Reconnect 2019 with friends and new connections across generations. Learn UChicago scientists, doctors, and researchers. across the university (see page 16). Chicago Booth Magazine something new from preeminent faculty and celebrate the Similarly, adjunct professor Robert Altman, I am grateful to our amazing Booth team, (ISSN 1072-7612) ’88, crafted a course devised for UChicago including faculty director Steve Kaplan, Published by the University close bonds of the Booth community. scientists and medical professionals to teach executive director Starr Marcello, and senior of Chicago Booth School of May 3–4 them the essentials of entrepreneurship currently adviser for entrepreneurship Ellen A. Rudnick. Business taught in many signature Booth classes. They have been instrumental in guiding the Chicago It’s your reunion. Come celebrate with your class and other generations: [email protected] Finally, as I mentioned in my previous letter Polsky Center through incredible growth, 2018, 2016, 2014, 2009, 2004, 1999, 1994, 1989, 1984, 1979, 1974, in Chicago Booth Magazine, it is an ongoing goal from a small center inside Booth to a powerful ChicagoBooth.edu/magazine and the Half-Century Club: 1960–’69. of mine to fi nd new ways to introduce the Booth driver for venture creation and technology experience to UChicago undergraduates. To this commercialization for the entire university and © 2018 The University of Chicago Also discover XPerience, a unique reunion program for Executive MBA graduates. end, I am pleased to announce that College New the South Side of Chicago. ✦ Booth School of Business Venture Challenge participants now have their All rights reserved. own section of our Developing a New Venture course taught at Booth. This class, created by Polsky Center executive director and adjunct

assistant professor Starr Marcello, AM ’04, STRONG CHRIS BY PHOTOGRAPH Learn more at ChicagoBooth.edu/reconnect 4 Spring 2018 Chicago Booth Magazine A F Contributors

Mauresa Pittman, ’10 Andreas Angelopoulos, ’02 Page 40 (EXP-7) A stamp is a Page 26 “ For Mauresa Pittman, the tiny piece of challenge of infusing her While leading the Private workspace with creativity can Equity Institute at the real estate that be distilled down to a space the University of Oxford’s Saïd Richard H. Thaler, Charles R. Walgreen Distinguished needs to say size of a postage stamp. Quite Business School, Andreas Service Professor of Behavioral Science and Economics literally. As a marketing and Angelopoulos saw an Page 34 a lot. client relationship manager opportunity to combine —Mauresa Pittman at the US Postal Service, the brainpower of Booth “Nobody remembers some formula,” said Richard H. Thaler. “But Pittman oversees the process with the top university in they remember stories.” By winning the Nobel Prize in Economic of creative development for the fi nance in Europe. With the Sciences in 2017, Thaler created one of Booth’s biggest stories of the Afua Osei, MBA ’13, MPP ’13 T. D. Arkenberg, ’86 Julie DeLoyd, ’11 USPS’s commemorative-stamp support of Booth leadership year. He is a pioneer in the fi eld of behavioral economics, and his Page 30 Page 66 Page 67 program. “A stamp is a tiny and key faculty members, work centers on integrating economics with psychology, the results piece of real estate that needs to Angelopoulos has developed of limited rationality, and lack of self-control. Read about Thaler’s An internship in Lagos, Nigeria, Airline-executive-turned-author What does a folk singer’s say a lot,” Pittman said. Learn a triad of private equity– impact on economics and Booth alumni in “Class, Behave!” opened Afua Osei’s eyes to T. D. Arkenberg has three novels merchandise table have how Pittman puts her stamp on related programs under the the lack of career advice and to his credit. His new memoir, to do with consulting? For the creative process in “Putting Oxford Chicago banner: networking opportunities for Two Towers, documents the Julie DeLoyd, the challenge Creativity to Work.” the Oxford Chicago Global women in that country and toughest year of his life, 2001, of luring music fans over to Private Equity Challenge across Africa. “I saw that there in nonfi ction prose that’s as her merch table during a for students, the Oxford was an opportunity to create gripping as any fi ctional tale. In decade of performing as a Chicago Valuation Program content and experiences that that watershed year, Arkenberg folk singer provided hands- for executives and alumni, were really focused on helping endured the tragedy of 9/11 on experience in consumer and the Oxford Chicago young women understand the from within the United Airlines behavior. As associate Discussions for students and nuances and fi nd success in the organization. It was also the partner at McKinsey alumni. Learn more about professional world,” said Osei, year his parents—to whom he & Company, DeLoyd how these programs are who turned that opportunity came out not long before—both cofounded the McKinsey boosting the Booth brand into She Leads Africa, a career passed away. “I poured my Sales Academy to lead around Europe in “The support content platform for heart into this memoir because custom trainings that help Corner Booth.” millennial African women. I fi rmly believe it can help companies transform their Discover what Osei learned on people going through various sales strategies. Find out how her entrepreneurial journey in crises of their own,” said DeLoyd has balanced singing “The Workshop.” Arkenberg. Read on in “My and selling in “My Off site.” Course Correction.” David Lee, ’11 Page 25

Immanuel Thangaraj, AB ’92, MBA ’93 David Lee can’t stand status Page 82 meetings. As the vice president Nobody of innovation and UPS ventures “ Sandra Stark, ’95 Immanuel Thangaraj began his undergraduate career at UChicago at United Parcel Service, Lee remembers Page 32 planning to become a physician. He changed course via the prefers meetings that bring university’s professional option program, earning both his teams together to share their some formula. As senior vice president managing the global product organization bachelor’s degree and MBA in quick succession. He has since “mental superpowers” in at Starbucks Coff ee Company, Sandra Stark often turns to an applied his passion for healthcare to an incredibly successful VC pursuit of groundbreaking But they invaluable network of mentors for advice. “It’s an investment career. As managing director of Essex Woodlands, he has helped solutions. Discover how Lee remember maintaining these relationships with people who have been lead the fi rm in building out over 100 innovative health-care inspires innovative thinking my managers, peers, and colleagues,” she said. Find out how companies. Learn more about Thangaraj’s commitment to the throughout the day in “A stories. that investment continues to pay dividends for Stark in “This Is

University of Chicago in “The Book of Booth.” HAYES LYNDON BY ILLUSTRATIONS Workday With.” —Richard H. Thaler Working for Me.”

Chicago Booth Magazine Spring 2018 7 A WORKDAY WITH MASTER CLASS THE WORKSHOP Innovation expert Keeping sharp in Three joint- BOOTH ALUMNI relishes the the fast-paced degree alumni on ‘problems worth digital marketing their approach to ON INSTAGRAM solving’ at UPS landscape entrepreneurship Page 25 Page 28 Page 30 The Official Account for Chicago Booth Alumni Relations

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not as focused on upward mobility. When family is no longer the ultimate purpose S Michelle Bialac is a Weekend I grew up in the auto industry, you didn’t of work. So the question becomes: “What MBA student and materials planning want to be seen as the fi rst guy to leave; else do I care about? And what do I bring manager at Honeywell International you wanted to be the last guy out the door. to the table?” The other is that due to an Inc., headquartered in Morris Plains, Millennials reject that kind of thinking. unprecedented access to information, their New Jersey. They’re more interested in personal growth. choice sets have exploded in all matters of And because they may not be as focused life—education, dating, and yes, types of work I’m a millennial myself. But I had an on traditional career rewards, traditional available to them. unconventional road and entered the strategies may be less eff ective. The old-school thinking that we all can workforce 15 years ago. I’m not sure if I hold One positive is that they’re much more relate to is “no freedom without responsibility.” my fellow millennials to higher standards collaborative than the generation I grew up You earn it. For millennials, the new reality because of this! in, and much more able to work in teams. is that they have experienced a tremendous When it comes to skill sets, my generation They’re rarely competitive to the point of amount of choice and they take responsibility has a lot to off er. In terms of software, being cutthroat. And in our culture, since for the choices they make. To them, there’s analytics, creative solutions, and using Excel, we choose to work in teams more and more, no responsibility without freedom fi rst. This these employees are excellent. They’re that’s a benefi t. represents a profound reversal. also very good at forming relationships and They do like feedback, and they’re not shy Any of these dimensions that young strong bonds at the offi ce. about asking for it. I interpret that as a good people value can be a source of tension, or The drawbacks are mainly in what I see thing—it’s an indication that someone wants an opportunity. Their disdain for hierarchy as a sense of entitlement. For example, I to improve, and I don’t see it as needy. has given us crowdsourcing, fl at networks, hired a millennial who was fresh out of One stereotype that is a knock against ride-sharing, and whistle-blowing that college. On his fi rst performance review, I them is that managers from previous shakes governments. On the other hand, gave him an average performance rating, generations assume they’re not loyal because their emphasis on intrinsic motivation at which is typical of our company. He was of how often they change jobs. That’s a work, whether it’s a higher purpose or a incredibly surprised by this, and felt that stigma that they have to somehow combat. need to have fun, makes them reluctant to because he worked hard, he deserved When I look at our statistics, the turnover do the necessary grind work. Their ability to more, and even hoped for promotion rate for millennials is about 50 percent higher consume information, make quick decisions, within the fi rst 12 months. Even after I than for nonmillennials. You expect it to be and switch domains makes them fl exible and explained that this was also outside of higher for younger people, but their turnover innovative but may also prevent them from company policy, he was still disappointed. is still higher than prior generations at the developing expertise in any particular fi eld. I also get a sense that, for some, feelings same tenure in their careers. Employers are always motivated to bring are more important than facts. The other You can’t impose your paradigms on talented people into their companies, and day, I spent a long time calming down a new this generation. You’ve got to set proper pretty soon there will be no one left but employee because she didn’t feel people Hear how Executive MBA alumni are A William Osborne, ’01 (XP-70), is senior expectations, but also maintain a certain millennials for hire. Managers need to think were treating her right—they weren’t being evolving human capital in their organizations vice president for global manufacturing level of fl exibility. Their reward system about the incentive structure that can tap nice enough to her. But she couldn’t give at ChicagoBooth.edu/human-capital. and quality at Navistar Inc., a Fortune 500 is diff erent, so making sure they’re into their ways of thinking. If you can set me a quote or show me an email for proof; it company based in the Chicago area. competitively paid is not enough. If you’re aspirational but practical goals for them, off er was just “the tone.” I can’t go to a manager going to refresh your talent pipeline, you have autonomy, and give them organizational with a vibe. Millennial employees take a fundamentally to bend a little. The labor force is dynamic support that helps them defi ne their work Overall, I prefer managing millennials diff erent approach to their professional lives, and changing. And the stuff the people in this space, they’ll do wonders. and I think their skills outweigh potential How Do You but they’re not the caricatures people make generation know is incredibly valuable. We’re morphing into a society where more attitude issues. They want to prove them out to be. They have a diff erent value of people’s basic needs are being met, and themselves and work hard; they like to system regarding the role of work in their F Elena Zinchenko is director of research routine tasks are going to be outsourced, think outside the box. And they want lives—work is one component, and not the innovation at the Offi ce for Research, not only to other countries, but to artifi cial to take their work home—I know I’ll get Manage Millennials? centerpiece. They value experiences more intelligence. So in employees, fl exible more work out of them than the older Innovation and the National Laboratories than what I would call traditional rewards. at the University of Chicago and adjunct human-specifi c skills, imagination, and generations. Millennials go the extra mile We asked three managers with a fi rsthand perspective on human For example, I just had an employee, an associate professor of behavioral individuality will be at the forefront more easily and without complaining. capital: alumnus William Osborne, ’01 (XP-70), professor engineer, recently quit the company and science at Chicago Booth. and more. It’s both liberating and also quite But I think you have to keep this in mind Elena Zinchenko, and Weekend MBA student Michelle Bialac. move into a completely diff erent position, in demanding of our humanity. In other words, when you’re managing them: they don’t want BY ALICE G. WALTON purchasing, with another company. It was a If you are born into the twenty-fi rst century, no responsibility without freedom. a boss—they really want a coach, or a mentor. fundamental change, and the main reason the knowledge economy is your home, They don’t want someone who’s going to say, or the rising ranks of millennials in business, 2015 was a watershed year: they he gave was that he lived downtown and with its emphasis on autonomy, distributed “I need you to complete this task.” They want surpassed Gen Xers to become the largest generation present in the US labor force. the new company was downtown. For him, networks, and individually defi ned purpose. you to say, “I want you to reach this goal.” Yet another milestone is on the horizon—Pew Research predicts the 73 million– work was a means to support his lifestyle. And if you try to get a job at a place that was They want projects, and things that are going strong cohort, born between 1981 and 1996, will overtake baby boomers as the This is not necessarily a bad thing. shaped by the twentieth-century industrial The question to keep their minds engaged. Fcountry’s largest living adult generation sometime next year. They’re more creative and more innovative— economy, with its focus on hierarchy, “ It does depend on what kind of work Though millennials are no more or less a monolith than the generations that came they look at things diff erently, and that’s effi ciency, and control, there is bound to be becomes: ‘What else you’re in—mine involves analytics and before them, many managers have observed that members of this generation are bringing what’s driving change. But they’re less some tension. creative planning, and millennials are very a markedly diff erent set of values to the offi ce than their predecessors. Millennials may be willing to compromise personal growth and Millennials have grown up in an do I care about? And good at this. When you’re looking for big derided as tech-obsessed, approval-seeking job-hoppers, or praised as creative, adaptable development for the sake of the corporation. environment with some real diff erences from what do I bring to the ideas, it’s easier to get employees of their idealists, hungry for personal growth. But one thing’s clear: they’re prompting executives I think companies have to realize that they that of previous generations—one diff erence generation really engaged in change. And across industries to reevaluate the traditional approach to management. We asked three may need to pursue diff erent retention and is that due to ever-increasing productivity, table?’ in business, we always need to improve,

Booth experts what the future holds. reward strategies with millennials. They’re GASHCHRIS ILLUSTRATION BY meeting basic needs and providing for the —Elena Zinchenko because if we’re not changing, we’re dying. ✦

10 Spring 2018 Chicago Booth Magazine Chicago Booth Magazine Spring 2018 11 FACE TO FACE A F The following week, in Chicago, Michelle Caruso-Cabrera, CNBC’s chief international correspondent, moderated the conversation. The Booth experts who convened—Kroszner; Raghuram G. Rajan, Katherine Dusak Miller Distinguished Service Professor of Finance; and Austan D. Goolsbee, Robert P. Gwinn Professor of Economics and the former chairman of the Council of Economic Advisers—touched on a wide range of topics, including high levels of debt (particularly in China), cryptocurrencies, and credit bubbles. As vice president at Citi, Sabrina Hou, ’12, came to the New York session because of the rigorous inquiry that permeates Booth events such as Economic Outlook. “The professors at Booth aren’t just focused on the theory,” said Hou. “They do research that’s related to the real world.” Another New York attendee, Sabena Arora, ’01, founder and president of Acadia Lodging CNBC’s Michelle Caruso-Cabrera moderated Economic Outlook in Chicago, featuring Brokers and Advisors, agrees. She often Booth faculty members Raghuram G. Rajan, Randall S. Kroszner, and Austan D. Goolsbee. attends industry conferences, and she gets frustrated when experts provide examples or numbers but fail to back them up with any deep analysis. “Chicago Booth gives you the substance behind the data,” said Arora. Improving Your Hou enjoyed watching Kroszner and Hurst discuss the recent tax cut—Kroszner was particularly optimistic, while Hurst cautioned that the benefi ts of the tax cut Outlook might not spread to the middle class or improve productivity growth. The level of Alumni fi nd the faculty insights at Economic Outlook discussion back and forth reminded Hou indispensable for the year ahead. that she was indeed at a Booth event. “The two speakers on stage didn’t necessarily share the same views,” said Hou. The andy Bellows, ’88 (XP-57), has 10 years after the fi nancial crisis, and willingness of Booth faculty to engage and been attending Economic Outlook discussed whether we might be headed argue their sometimes-clashing opinions for a decade. Established in 1954 toward another. The events were covered by helps alumni and students to form a more as Business Forecast, Chicago a number of media outlets, including CNBC, holistic view of current events. “That’s the RBooth’s annual event provides a forum for Financial Advisor, and the Chicago Tribune. beauty of Chicago Booth professors,” Hou professors to evaluate emerging trends During the event in New York, John said. At the Chicago event, Kroszner drew and share key insights about where our Authers, senior investment commentator on the example of Walmart that he and economy is headed. Having retired after a for the Financial Times, moderated Hurst had debated days earlier in New York long career as an ophthalmologist, Bellows a discussion between Randall S. to nuance his argument about tax cuts. is an avid investor, and he considers the Kroszner, Norman R. Bobins Professor At both events, questions from the audience event one of his most important resources of Economics; and Erik Hurst, V. Duane of business leaders and alumni encouraged for information—which was his motivation Rath Professor of Economics and John E. professors to cover an array of subjects. to attend both the Chicago and New York Jeuck Faculty Fellow. Both economists “Economic Outlook helps me to renew my events last January. said they anticipate strong growth this knowledge base and stay current—connecting “Booth faculty are a step ahead of the year, and neither believe there to be a networking with the theory, and research with Capitalism is the engine of prosperity. ordinary media,” said Bellows. “These threat of infl ation or recession on the the reality,” said Hou. people are leaders whom I respect, and immediate horizon. Bellows agreed. “I’m getting a rigor that I Capitalism sows the seeds of its own demise. when I have the privilege of sitting in front of “While top-level US economic and can’t get on my own and a perspective that is them and hearing what they have to say, it’s employment data are very strong, and broader than what I can do working from my Could both be right? valuable enough that I sit there, take notes, infl ation remains under control, the offi ce,” said Bellows, who uses what he learns and look at those notes all year long.” underlying employment data for young at Economic Outlook each year to help guide Join Chicago Booth’s Luigi Zingales and Georgetown’s Kate Waldock for Capitalisn’t, At the two sessions, with over 1,300 people is very troubling. That was the his investment decisions. “It’s a chance to be a biweekly podcast exploring what’s working, and what isn’t, about capitalism today. total attendees, leading Booth economists most enlightening takeaway for me from part of the living community of Booth, and I discussed critical issues facing the global Economic Outlook,” said Peter McNally, always welcome the opportunity to link up economy. They shared their insights into ’98, a consultant, after attending the New with classmates from my MBA experience.”

Subscribe through Apple Podcasts, or stream the latest episodes at RYAN ANNE BY PHOTOGRAPH the outlook for Wall Street and Main Street York event. —LEAH RACHEL VON ESSEN Review.ChicagoBooth.edu/Capitalisnt or Capitalisnt.com. Chicago Booth Magazine Spring 2018 13 A F S New Ventures

research and scholarship. Booth is one “The renowned faculty at Booth have Alumni Give $10M Gift of the few schools that can off er teaching helped reshape the face of business, for New Junior Faculty relief to its junior faculty, providing them markets, and the global economy through additional time and opportunity to advance their insights and analyses,” said Asness. Fellowships their scholarly work. “Continuing that legacy of faculty “Booth is a school with incredible excellence is imperative, and I’m honored Chicago Booth is globally recognized for assets—the greatest being our world-class to be able to support young Booth faculty at the strength of its faculty—a world-class faculty. Recruiting and retaining the the beginning of their careers.” group of scholars, including nine Nobel best faculty is vital to maintaining our Asness and Liew are cofounders of AQR, laureates, whose research and ideas shape position as the preeminent academic a global investment management fi rm the world of business. school of business, and to innovating in headquartered in Greenwich, Connecticut. A new $10 million gift from alumni new areas and disciplines,” said Madhav Asness serves as chief investment offi cer Clifford Asness, MBA ’91, PhD ’94, and Rajan, dean and George Pratt Shultz and Liew is head of the global asset John Liew, AB ’89, MBA ’94, PhD ’95, Professor of Accounting. allocation team. Liew also serves on the will support junior faculty fellowships, “We are grateful to Cliff and John University of Chicago Board of Trustees. helping to sustain Booth’s tradition of for their generous commitment, which “Chicago Booth faculty have been intellectual leadership and strengthening will allow us to provide more time for recognized with many of the most the school’s ability to recruit and retain the research to junior faculty members at prestigious academic accolades, including brightest young scholars on its faculty. the most critical stage of their careers. nine Nobel Prizes,” Liew said. “We hope The fellowships will allow the school The fellowships will greatly support our that these fellowships enable Booth to UChicago to off er reduced teaching loads to junior mission to produce knowledge with continue to attract the brightest rising stars faculty, aff ording them more time for enduring impact.” to their faculty to continue the tradition of Booth will off er 50 fellowships over intellectual preeminence.” fi ve years, beginning during the 2018–19 —LEEANN SHELTON academic year, making an immediate Innovation Fest impact on recruitment and retention of top scholars.

Clifford Asness May 1 to June 3, 2018 John Liew Learn more and get involved at Innofest.UChicago.edu “We hope that these fellowships enable Booth to continue to attract the brightest rising stars to their faculty. —John Liew NEW VENTURES A F S

The Rattan L. Khosa First-Place Prize Booth Investing Club crossing the $1 million mark and returns $5M Gift to at the Edward L. Kaplan, ’71, New Venture exceeding 30 percent. Challenge: The majority of the total gift will Support Student Celebrates 65 Years of The club meets six times a year and be used to endow the fi rst-place award at currently boasts 35 members, most of Entrepreneurs, the nationally ranked NVC. For 2018, the Fun—and Strong Returns whom live in the metropolitan Chicago area. winning team or individual will be awarded Polsky Center It’s rare to fi nd organizations that withstand Each gathering consists of a group dinner at least $150,000; in subsequent years, that the test of time; those that do have much to at Gleacher Center followed by a formal will increase to approximately $200,000, A $5 million gift from Rattan L. Khosa, celebrate. Founded as an investing club in meeting to transact business. Partnership which is among the largest prizes awarded ’79, will establish a multipronged 1953 by a group of Chicago Booth Executive in the club was traditionally limited to in a business-school competition. program for students launching MBA alumni, Plymouth Court Associates alumni and faculty of Booth’s Executive MBA The Rattan L. Khosa Entrepreneurial businesses with support of the Polsky marks its 65th anniversary this year, a Program, but recently expanded to welcome Fellowships: Awarded to two graduating Center for Entrepreneurship and testament to its continuing ties with Booth. alumni from across the business school. entrepreneurs who are dedicated to building Innovation. “It’s a very interesting group of people Membership requires sponsorship from an their ventures full time, the fellowships— Khosa is the founder, president, to be around,” said Richard Weiland, ’80 existing Plymouth Court partner. part of the overall Polsky Founders’ Fund and CEO of posttensioning company (XP-45), Plymouth Court’s current senior Over its history, Plymouth Court’s goal has Fellowship program—will provide a one-year AMSYSCO Inc., which he started out partner. “The social aspect of Plymouth been getting its members interested in and stipend, awarded quarterly. of the basement of his home using Court is as important as its lessons on how to educated about investing, while leveraging The Rattan L. Khosa Entrepreneurial his life savings of $44,000. After make good investments.” The club is one of the experience and expertise of its diverse Interns: Three students will receive nearly four decades, he has grown it the oldest of its kind in the country, and the membership. In addition, the club consults fi nancial support to work either for a into a highly profi table company that professions and personalities of members fi nancial planners and brokers, and off ers its startup company or on their own startup, provides posttensioning systems on run the gamut. Plymouth Court’s oldest members a means to learn about stocks and within the Polsky Center Entrepreneurial A Passion for Board Service commercial structures, and occupies a member, George Russell, ’59 (XP-15), fi nancial markets and lessons about how to Internship Program. Martin Nesbitt, ’89, chairman of the Obama Foundation and co-CEO of the Vistria 55,000 square foot facility in suburban will turn 100 years old next January, and still make a return on their money. All trades are The Rattan L. Khosa “Against All Odds” Group, LLC, gave the keynote address at the On Board conference on nonprofi t board Chicago. The company captures some provides stock input and recommendations. executed by an outside securities fi rm, with Student Award: This annual prize will be service on April 13 in Chicago. Hosted by Chicago Booth’s Rustandy Center for Social 65 percent of market share. Two standing committees form the a representative who also off ers advice to the awarded to a graduating student who has Sector Innovation, the fi fth annual On Board conference in Chicago convened a crowd “Starting a business from scratch is core of the club. The Portfolio Committee portfolio and investment committees. overcome signifi cant hurdles to launch his of nearly 500 Booth alumni and students, as well as business and nonprofi t leaders. like jumping off a cliff in the middle of regularly reviews the club’s current holding “It’s a fun way to maintain and expand or her business. Entrepreneurship faculty Attendees learned key trends in nonprofi t board service, gained insight from faculty the night while blindfolded, hoping that of securities and off ers recommendations for your network with Booth colleagues,” said and staff will nominate candidates. into how research and other academic tools can be applied in the nonprofi t sector, there is a safety net down below,” said rebalancing. The New Investment Committee former senior partner Judy Andringa, ’94 “When more than 80 percent of and connected with others looking to make an impact in the social sector. Read key Khosa, who came to the United States off ers suggestions for new investment (XP-63), “and a great opportunity to stay companies fail within the fi rst year—even takeaways from On Board at ChicagoBooth.edu/magazine. from his native India with just $3.75 opportunities to be considered by the connected to the university while earning a those with ample funding—it’s clear that in his pocket. “I know from personal partnership. Offi cers are elected annually, good return on your investment.” there is much more to a startup’s success Bay Mamallapuram on the Bay of Bengal. experience that everyone needs help and investments are generally limited to More information on Plymouth Court can be than just money,” Khosa said. “I don’t Annual Retreat Brings It was the biggest to date: more than 200 at some point in their lives. No one has equities. The club reports having had a stellar found at plymouthcourtassociates.com. simply want to provide the money for this alumni and current students and their family succeeded on their own.” 2017, with a cumulative investment pool —ALEX VERKHIVKER Together Thriving new program; I plan to serve as a thought members registered to attend, traveling from His gift will establish the Rattan L. leader, mentor, and guide for these Alumni Network in India 21 metro areas and eight countries. Khosa Student Entrepreneurs Program, aspiring entrepreneurs.” Previous retreats were held in Delhi (2012 which consists of four components: —BLAIR R. FISCHER Chicago Booth’s alumni network in India held and 2014), Mumbai (2013), Bengaluru (2015), its largest-ever gathering last fall as attendees and Goa (2016). gathered for the annual Pan-India Booth Dean Madhav Rajan gave the keynote Alumni Retreat, or PIBAR. address, while Nicholas Epley, John The corporate retreat–style event started Templeton Keller Professor of Behavioral in 2012 and has grown into a full weekend Science and Neubauer Family Faculty Fellow, of learning, networking, and family-friendly gave a special one-day Back to Booth course activities for Booth graduates and their titled Designing a Good Life. Other speakers spouses and children. included Robert G. Burgess, consul general at ZEIGLER HEIDI BY PHOTOGRAPH TOP Rattan L. “One tangible outcome of PIBAR each the US Consulate General in Chennai; and R. Khosa year is that there are meaningful discussions G. Chandramogan, chairman and managing within the alumni community on many director of Hatsun Agro Product Ltd. issues, including how to continue to The full weekend included talks from strengthen the alumni network, build the distinguished alumni, interactive break- Chicago brand, and attract top MBA talent to out sessions on a variety of topics, and fun Booth,” said Akshay Sethi, ’07, president of activities for alumni and their families, I plan to serve as the Chicago Booth Alumni Club of India. “ including a dance competition and a cook- PIBAR is hosted in a diff erent Indian city off with participants sporting Chicago a thought leader, each year, and helps forge new bonds within Booth aprons. mentor, and guide the alumni community in India, where more As Anil Kumar, ’09, chairman of the than 400 alumni live. PIBAR organizing committee, put it, “We for these aspiring The most recent PIBAR was held in the are only building on the strong foundation coastal city of Chennai last October, at the laid, brick by brick, by those before us.” entrepreneurs. Members of Plymouth Court Associates, an investing club for Booth alumni, celebrated the beachfront Radisson Blu Resort Temple —LEEANN SHELTON ASSOCIATES COURT PLYMOUTH OF COURTESYPHOTOGRAPH —Rattan L. Khosa club’s 65th anniversary at a recent meeting at Gleacher Center in downtown Chicago.

16 Spring 2018 Chicago Booth Magazine Chicago Booth Magazine Spring 2018 17 Faculty News

Luigi Zingales Launches New Podcast, Capitalisn’t CUSTOM-TAILORED SOLUTIONS Capitalisn’t, a new podcast produced by Chicago Booth’s George J. Stigler FOR YOUR ORGANIZATION Center for the Study of the Economy and the State in collaboration with Chicago Booth Review, explores what is and isn’t working in capitalism today. Its hosts are Luigi Zingales, Robert C. McCormack Distinguished Service Professor of Entrepreneurship and Finance and Charles M. Harper Faculty Fellow, and Kate Waldock, assistant professor of fi nance at Georgetown University. In it, they debate the good and the bad of capitalism. “We will explore the risk of concentration in social media, whether The Hillel J. Einhorn Excellence in Teaching Awards are bestowed annually by graduating tax cuts help the economy, and how students from the Executive MBA Program in Chicago, London, and Hong Kong. the way we invest our retirement money can hurt us as consumers,” said Zingales. “In sum, we will explore what is Executive MBA working today in capitalism and—most importantly—what isn’t, hence the title Students Honor of the podcast: Capitalisn’t.” Faculty for Excellence “A 10 out of a 10” In the fi rst episode, Zingales and Waldock discuss whether Facebook is a in Teaching Hugh F. Johnston, ’87, PepsiCo, Inc.’s monopoly. In subsequent episodes, the hosts ask if a college education is a good This past April, students graduating Vice Chairman and Chief Financial Officer investment and take a look at the recent from Chicago Booth’s Executive US tax reform. MBA Program honored two faculty They also tackle topics ranging members with the Hillel J. Einhorn from when the word “capital” fi rst Excellence in Teaching Award for their Chicago Booth Executive Education created a custom program ▲ Michael Gibbs appeared in print to why market power talents in the classroom. to develop the talent of PepsiCo’s senior finance leadership team. Select Chicago Booth Executive can distort incentives. The winners are chosen annually As a Chicago Booth graduate himself, Hugh F. Johnston, ’87, Education to take your top talent Capitalisn’t launched in January and and determined based on student to new heights. Consider custom releases a new episode twice a month. votes from cohorts in Chicago, understands the value of a Booth education. learning solutions for your It is available via the Stigler Center London, and Hong Kong. The prize website, at capitalisnt.com, and on Apple was fi rst awarded in 1987 and was Johnston says: “I wanted to make sure that we gave our top talent organization, and contact us at Podcasts, Stitcher, and Google Play. established by Executive MBA leadership development. … Our participants were overwhelmingly +1 312.464.8732 to learn more. —BLAIR R. FISCHER students to honor the late Einhorn, whwhoo taught in the program. positive about the program, and frankly, I’ve seen a difference in Visit us at ChicagoBooth.edu/ MembersM of the XP-87 cohort, their performance.” PepsiCo to learn more about bbasedase in North America, selected Johnston’s journey with us. MMichaelic Gibbs, AB ’84, AM ’84, PPhDhD ’89 (Economics). He teaches MMicroeconomicsic as well as ▲ OOrganizationsrg and Incentives. Gibbs Amit Seru LuigiLuigi is clinicalcl professor of economics, ZZingalesingales aandnd studies the economics of human for his Corporate Finance course. rresourceseso and organizational design. Seru is visiting professor of fi nance, He isi coauthor (with Edward Lazear) interested in issues related to fi nancial of ttheh leading textbook in the fi eld, intermediation and regulation, the PePersonnelrs Economics in Practice. interaction of the internal organization MMembers of the EXP-23 cohort of fi rms with fi nancing and investment, in EuropeE and the AXP-17 cohort and incentive provision in fi rms. in AsiaA both selected Amit Seru —LEEANN SHELTON

18 Spring 2018 Chicago Booth Magazine “We have a MILLION reasons why you should make your Annual Fund GO BACK TO BOOTH gift in May.” Join George Wu in Shanghai Shanghai | June 9–10 Chicago Booth alumni including Richard Friedman, ’81; Tony Golobic, ’71; Johannes Huth, ’86; Jack Register for this two-day course, exclusively for Chicago Booth Leventhal, ’91; J. McLane, ’03; Jim Nicholson, alumni, to dig deeper and continue your top-tier education. ’67; Andrew Sugerman, ’97; Tim Walsh, ’89; Elaine Build on your Booth MBA with Maximizing Your Negotiation Potential: Zong, ’98; and an anonymous donor have united in a historic $1,000,000 effort to challenge the alumni Advanced Negotiation Strategies, taught by George Wu, John P. and Lillian community. Make your Annual Fund gift before June A. Gould Professor of Behavioral Science. Wu says, “This Back to Booth 1, 2018, and the challengers will match your gift, session will enhance your ability to deal with difficult negotiators and difficult dollar for dollar, doubling its impact. negotiations by taking you through a set of negotiation exercises that are more George Wu complex and more authentic than the ones you have previously seen.” We know Booth had an impact on your life— John P. and Lillian A. Gould Professor of Behavioral Science now is your chance to have an impact on Booth. Will you meet us? Learn more or register now: ChicagoBooth.edu/alumni/back-to-booth ChicagoBooth.edu/meet-us

Back to Booth is a series of short programs and more, designed to build on your Chicago Booth MBA. Sharpen your thinking and continue to challenge yourself with the Back to Booth series. Programs also include minicases, online learning, Executive Education offerings, and global events. Research Digest This digest highlights articles on faculty research from Chicago Booth Review magazine. For more, go to Review.ChicagoBooth.edu. F

They found that 6,569 investors—nearly A Better Way to Find Not All ‘Pump and 6 percent of the sample—collectively made Dump’ Investors are more than 20,000 purchases during Holes in Financial the fi rst 60 days of the pump-and-dump Reports Gullible schemes identifi ed by the researchers. These individuals invested about €6,972 Accrual accounting—recording revenues Few strategies for fi nancial fraud are as per tout, or roughly 11.4 percent of their and expenses when they are incurred rather broadly familiar as “pump and dump.” The portfolio’s overall value, and sustained than when cash is transferred—is integral scheme—in which fraudsters tout cheap or an average loss of nearly 30 percent. to the accuracy of a company’s fi nancial “penny” stocks to lure investors, pushing Compared with a control group of investors reports. The primary role of accruals up the price before selling for huge gains who didn’t participate in these schemes, is to evaluate a company’s economic and leaving other investors with signifi cant pump-and-dump investors owned more performance more accurately, but it is hard losses—has been featured in fi lms such stocks and had a greater share of penny to tell when accruals accomplish this in a as The Wolf of Wall Street. They are fairly stocks than reputable blue-chip stocks in trustworthy way. ubiquitous off -screen too; at one point, they their portfolios. In a February 2017 working paper, were estimated to account for 15 percent of The average investor in tout schemes professor of accounting Valeri Nikolaev all spam email. Though the tactic is popular was an older, married male not residing suggests an approach that could help. and the resulting price distortions well- in a big city, who had a high self-assessed “First, performance measurement documented, little is known about which risk tolerance, the researchers fi nd. requires making assumptions, estimates, investors take the bait. Blue-collar workers, retirees, and the self- and judgments, which give rise to estimation A November 2017 NBER working paper by employed were also more likely to invest error,” writes Nikolaev. “Second, error may a group of researchers, including Christian in these schemes. But trading behavior, occur because GAAP [generally accepted Leuz, Joseph Sondheimer Professor of demonstrated by the composition of accounting principles] imposes constraints International Economics, Finance, and investors’ portfolios and their past trading on what accountants may report. Even Accounting, examines who invests in these patterns, was a better predictor of who if a fi rm’s management observed true schemes, and how often. Contrary to the participated than demographics: over 35 The Good and Bad of signing of a vital customs form for a cargo gaining a scaff olding on which to build performance, they must follow GAAP popular belief that people who invest in percent of pump-and-dump investors were ship in Dubai, United Arab Emirates. data-monitoring systems that analyze measurement rules, which are aimed at such schemes are duped into doing so, day-trading in penny stocks or were active Blockchain A Mexico City blogger could rely on transaction and price trends to detect tacit the minimization of aggressive accounting, the research suggests that some investors traders taking substantial, aggressive risks micropayment technology to accept low- collusion. Eff ective regulation might involve rather than just telling investors what the actually seek out these scenarios, perhaps before participating in the schemes, the Bitcoin’s controversy became a little more fee micropayments from appreciative limiting a seller’s access to information. For performance is. Finally, error can arise due viewing them like lotteries. researchers fi nd. interesting when the cryptocurrency’s readers in Milan. example, a mortgage seller could take part to intentional earnings manipulations.” The researchers examined 421 pump-and- For some investors, interventions—such value doubled, by mid-December But there’s a drawback: blockchains in transactions on the blockchain but would To identify accounting errors and dumps between 2002 and 2015 provided by as prompts to make investment decisions 2017, to over $17,500. Although many have the potential to increase collusion, not get to see all the transactions taking separate them from performance, Nikolaev BaFin, a German fi nancial regulator, along carefully to determine whether funds look investors remain skeptical about Bitcoin, according to an October 2017 working place, thus limiting her ability to estimate introduces a model of accruals that captures with cases hand collected from German suspicious—could decrease the likelihood blockchain—the open-source code behind paper by Cong and He. The researchers’ the size of the total market. In essence, it their performance measurement role but websites and forums. They combined data of participating in pump-and-dump it—has drawn interest from various modeling, part of which entails how can be benefi cial to separate blockchain allows for errors. He also introduces an about these schemes with trading records of schemes. But the researchers warn that household names, including Citigroup, blockchains aff ect competition, suggests users from the so-called miners who are econometric framework that uses a fl exible more than 110,000 investors from a German these techniques are less likely to work UPS, and Walmart. that the way a blockchain works as a generating decentralized consensus, the set of assumptions to identify accounting online bank to see who actually participated. for investors who seek out such schemes Though blockchain is not as well-known decentralized ledger involves distributing researchers argue. quality and its components. During the sample period, these investors intentionally for the sheer thrill and the as Bitcoin, it may have more staying more information. This process could “If sellers can only use the blockchain Taking advantage of this and other made a total of 29 million trades with an possibility of big, quick gains. power. Its main function is providing make it easier for competitors to quietly— for signing smart contracts with buyers, properties of accounting information, aggregate transaction value of €178 billion. —MEGAN E. DOHERTY “decentralized consensus,” according to and often tacitly—collude to keep prices then they no longer have access to the Nikolaev’s model can statistically assistant professor of fi nance Lin William high, ultimately to the detriment of aggregate activity information in the distinguish between performance Cong and professor of fi nance Zhiguo consumers. But Cong and He propose a few relevant market that facilitates collusion,” and accounting error, as it considers He. In most societies, parties in a contract potential remedies. Cong and He write. Clearly, enough interest institutional properties of earnings, cash rely on a third-party arbitrator to oversee One solution would be to encourage in blockchains exists that some of these fl ows, and accruals to form accurate and enforce the rules of the contract—to multiple public blockchains to blossom. solutions can be tested. And inevitably accounting-quality parameters. provide consensus, as the researchers put The researchers suggest that the least new solutions will arise. In the meantime, Nikolaev says his approach levels out this it. Blockchain provides that function in collusive blockchain would win the expect more companies to jump on the kind of dispa rity. His model can account a decentralized manner by generating, most transactions, with price-conscious bandwagon at least to be part of the hottest for diff erent treatments of economic storing, and distributing the record of rules customers veering away from collusive new technology on the block. shocks—one-time events and other unusual and regulations. markets, thereby encouraging other “Blockchains are not merely database occurrences—to performance. It can also be For example, Walmart may view blockchains to become less collusive to win technology that reduces the cost of storing modifi ed to identify and exclude “income blockchain—which was popularized in customers. If a single blockchain emerged, or sharing data,” the researchers write, smoothing” and other “managed” or 2009 by Bitcoin’s anonymous founder—as regulators would have to step in because “but have profound economic implications manipulated accrual components. Nikolaev a way to follow a crate of frozen tilapia market forces wouldn’t block collusion, on consensus generation, industrial says this approach is meant as a guide for from Shanghai to South Dakota. For Cong and He say. organization, smart contract design, and future research as opposed to the fi nal word Maersk, the Danish shipping conglomerate, Regulators might demand access to the anti-trust policy.” in analyzing accounting quality. blockchain could help confi rm the source code, or parts of the source code, —ROSE JACOBS —MARTY DAKS ILLUSTRATION BY DAN PAGE ILLUSTRATION DAN BY ILLUSTRATIONSEBASTIEN BY THIBAULT

22 Spring 2018 Chicago Booth Magazine Chicago Booth Magazine Spring 2018 23 MY BOOTH A A WORKDAY WITH A energy to a new program they are designing. “Everyone at David Lee, ’11 4 PM There’s a small window of MillerCoors was With 450,000 employees across 126 countries, can UPS be just nonmeeting time, so I work on as innovative as Silicon Valley’s most disruptive startups? preparing for an upcoming talk impressed withth I’ve been asked to give. I will be the results. talking about the new world of machine learning and artifi cial —Grace Needleman intelligence and how legacy companies should be evolving to make the most of it.

s the vice president of exploration meetings that 4:30 PM On Tuesdays and because they absorb media in a completely innovation and UPS bring teams together to learn Thursdays, I’m out the door at diff erent way. TV ads don’t reach them. ventures at Atlanta- from each other. Here we 4:30 p.m. There’s no budging Their sense of reality and perspective is far based United Parcel have two teams working on on this. My calendar is blocked diff erent than anything we’ve seen before. AService, David Lee, ’11, helps separate projects that use off because on these days I pick But I had a sense that Booth students were one of the world’s largest logistics similar technologies, and up the kids from school. Even up to the challenge. companies think like a startup. He we talk about the potential though it makes me nervous to Over 100 students applied, and we doesn’t fear a robot-fi lled future. to borrow from the mental leave early while others are still selected eight teams to participate. Robots can have the boring jobs, superpowers on each team. hard at work, it’s too important We invited them to the MillerCoors according to Lee. Humans have 7:30 AM During my not to. I work late the other nights. headquarters in downtown Chicago during more important creative and commute, I’ve been listening NOON I head to the cafeteria the Autumn Quarter for a product tasting problem-solving work to do. to Change by Design by Tim for lunch. I try to eat with 5:30 PM I like to take the and kickoff . We gave them a download Lee believes anyone can bring Brown. I’m really inspired by diff erent people as much as boys out to eat. It’s always about the brand, the data, and the forth game-changing products the idea that fostering better possible. This is a great way to somewhere most parents consumers. We challenged them to come and technologies, no matter his design methods leads to meet people in diff erent roles. would consider terrible. Our up with marketing strategies for this hard- or her job title. He even gave a organizations that are better favorites are Waffl e House, to-reach audience. After that, they had a TED Talk (which has 1.6 million at listening, collaborating, 1 PM This next meeting Steak ’n Shake, and Chick-fi l-A. A Toast to Data- week to pore over the data and prepare views and counting) on the and learning. is a phone call with a San As they grow up, I know they their pitches. topic. Here’s how Lee inspires Francisco–based startup. I won’t want to hang out with Everyone at MillerCoors was impressed innovation at UPS throughout a 8:15 AM I check the emails that meet with so many amazingly me forever. So these meals are with the results. It was enlightening and typical workday. have been fl ying around since bright engineers who aren’t really special. Driven Marketing encouraging to see several teams propose 6 a.m. I reserve the beginning aware of the operating business What’s it really like to solve real-world business problems as a brand similar solutions, ones that weren’t 6:30 AM Almost every and end of the day for email. problems that exist outside of originally on the radar for the Two Hats morning starts with a little bit Silicon Valley. They’re often manager? spearheaded a case competition Grace Needleman, ’16, brand team. of play. I read stories, joke, and 9:15 AM Today’s fi rst meeting surprised to learn that a concept with MillerCoors and the Kilts Center to help Booth students fi nd out. Almost every team incorporated cuddle with my 2-year-old and is with a new, machine-learning that may have limited appeal Snapchat in some capacity. The students 5-year-old. Mornings can be team that we are building. in a consumer market is worth e had just 48 hours. None But I knew how to sell this—especially got creative in how to use fi lters and disorganized, but I cherish this We are trying to apply new millions in the industrial space. of us got much sleep. It because I had been a participant myself. geotargeting on the platform to reach time with my kids. technologies to solve problems was 2015, and I was part of Even though I had never organized 21- to 24-year-olds. Teams also explored such as predicting delivery 2:30 PM The theme of today’s a team of Booth students anything like this before, I was confi dent new fl avors, pricing, and packaging in times in Europe or identifying last meeting is co-innovation. Wtasked with digging into Kraft consumer the partnership would be equally valuable their presentations, critical pieces to the the movement of dangerous We spend time talking with data to come up with an actionable solution to Booth students and MillerCoors. marketing puzzle. The Two Hats brand goods in our network. We people from a customer to a real marketing problem—revitalizing Students would get a crack at exploring real team gathered valuable information on the discuss the feasibility of a few fi rm, exploring problems of 8 PM Back at home, it’s time its beloved Capri Sun juice drink. It was a data-driven marketing. For MillerCoors, it 21- to 24-year-old consumer from the Booth other interesting possibilities high interest to them. We are for baths and books. My wife crash course in real-life brand management. would be a recruiting opportunity as well teams, which they were able to use when recently brought to us by other digging into problems worth is a historian and a professor, Participating in that Kilts Center Marketing as a way to bring fresh ideas to a diffi cult developing marketing communications. internal UPS teams. solving, and we hope to invent so we have a wide range of Analytics Case Competition emerged as a marketing problem. It turns out we had a Reviewing case studies in the classroom something new together. interesting books around the standout experience for me at Booth. pretty big one: we had to fi gure out how to helps you learn how other companies 10:30 AM Next is a meeting Facilitating partnership is a house. Both kids are into a I found this experience so valuable that I market a new beer brand to an audience succeeded through the smart application about a new project large part of my day-to-day classic, Richard Scarry’s Busy,

wanted to pay it forward after I graduated. that’s trending toward wine and spirits. of data, but there’s no better way to learn LEE DAVID OF COURTESYPHOTOGRAPH that is just fi nding activities. Busy Town right now. They love When I heard Kilts was looking for new MillerCoors was about to launch Two how to tell a story with data than by its feet. We try fi nding Lowly Worm! case competition sponsors, I rallied my Hats, a light and aff ordable beer with a hint doing it yourself. Participating in a case to operate in an 3:30 PM I take a quick fellow brand managers at MillerCoors to of fruit fl avor. It was created specifi cally competition as a student was valuable for agile fashion with call with a member of our 10 PM Lights out, and I’m participate. People were at fi rst a little wary with the 21- to 24-year-old consumer in my own education, and it also inspired me self-describing organizational design team. exhausted. But when every day and were unsure about what we would get mind to provide an approachable point to bring this experience to a wider network project artifacts. Part of my role is to help bring is a bit of a surprise, that’s when out of it. Though the investment in terms of entry into beer. This audience has of students. There’s no better way to put I can’t stand new ways of thinking to UPS, you’ve found meaningful work. of cost was minimal, this would require been drinking less beer than previous data-based marketing into practice than status meetings. so we talk about modern I feel really lucky that this is time from our CMO, our vice president of generations did at their age. It’s particularly diving in and doing it. But I’m for philosophies for innovation my life.

innovation, and other team members. challenging to market to these consumers —AS TOLD TO BETSY MIKEL ILLUSTRATIONBORJABONAQUE BY learning-and- and bringing that language and —AS TOLD TO BETSY MIKEL

24 Spring 2018 Chicago Booth Magazine Chicago Booth Magazine Spring 2018 25 THE CORNER BOOTH A with them their own unique perspectives CBM: Andreas, you continue to run Angelopoulos: and experiences: for example, witnessing the Oxford Chicago Programs at Oxford “Oxford and 150 percent infl ation, or political upheaval Saïd’s Private Equity Institute, in parallel being the standard in your life. That’s not with your professional activity in private Chicago are something many of us often deal with. equity these past years, and Nick, you Angelopoulos: It’s also unique for the spent the past 30 years working in private the leading Oxford University students. They visit equity. How well are top business schools schools in private Chicago and see how the US industry works preparing students for private equity work and how students in the United States following business school? equity research, and Chicago are thinking. They can see Angelopoulos: Oxford and Chicago are education, and the dynamics, the energy of the country. the leading schools in private equity research, They are privileged, these students, to get education, and networking, and they are networking, and an experience in private equity that no leading the way together. For example, Steve one else gets from two parts of the world Kaplan, Neubauer Family Distinguished they are leading and gain exposure to new trends. By the Service Professor of Entrepreneurship and the way together.” end, we see students from both schools Finance, and Oxford Saïd professor Tim demonstrating the skills that they learn Jenkinson won the 2016 Harry Markowitz through this competition. Award for research along with Robert S. CBM: This is the fi fth year of the Oxford Harris at the University of Virginia Darden Chicago Valuation Program, an intensive, School of Business for their paper comparing one-week Executive Education course that the merits of investing in private versus public teaches participants how to apply valuation equity. Chicago Booth and Oxford Saïd are to strategic corporate and private investment very strong; it’s a great combination globally. decisions. Why was there a need for it? We are probably the strongest educational Andreas Angelopoulos: It’s connecting theory off ering in the world at an executive- Angelopoulos with practice. Most MBA courses have a education level and at a program level. The founded a suite strong academic, theoretical element, students acquire what they need to instantly of private equity but there are no other business schools start their careers in private equity. programming that off ering something like this. We have three Alexos: Private equity is a combination brings together faculty members and 15 senior investment of two things: basic academic rigor and Oxford Saïd and and fi nance professionals—alumni of the the entrepreneurial element. Within Chicago Booth. course—bringing their knowledge to bear. Booth MBA programs, there are lots of students and alumni from these programs The students are executives from pension components to build skills that are important interact is limited. This is one of the few, plans, private bankers, asset managers, in private equity. After the MBA program, unique instances where you have pretty Alexos: “Brands and portfolio managers from all around resources such as the Polsky Center for Combining Forces extensive involvement between two MBA can develop the world. Entrepreneurship and Innovation and the A unique partnership between Chicago Booth and Oxford’s Saïd programs, as well as executive education. Alexos: What Andreas insists on from Oxford Chicago programs are just good ways Business School is enhancing private equity education for students, CBM: What are the benefi ts to students globally and the professionals, as well as the academics, for people to network and hear what other who participate in the Oxford Chicago Global is that they present real, current materials people are doing. executives, and alumni. Private Equity Challenge, a case-study become from recent deals. At the one-week program CBM: Do you think the Oxford Chicago competition for students that alternates emblems. that I attended a few years ago, there were programs are helping to spread the Booth hen Andreas Angelopoulos, ’02 (EXP-7), became executive director of the annually between Oxford and Chicago? very experienced bankers from London and brand throughout Europe? Private Equity Institute at the University of Oxford’s Saïd Business School, he Alexos: The essence of the Global Private I think this is private equity folks who were talking about Angelopoulos: Oxford Saïd has knew he wanted to capitalize on the combined brainpower of his alma mater Equity Challenge is to see which team an emblem.” things they had done and dynamics they more than 30,000 alumni in London and his new employer. identifi es the best LBO opportunity: What had dealt with. That’s an important issue dominating the investment banking, asset WWith the support of Booth leadership and key faculty members, Angelopoulos has developed a do you pay for something, whether it’s a because the world is changing all the time. management, and private equity industry triad of private equity–related programs under the Oxford Chicago banner: the Oxford Chicago company or a product? All the factors that go Deals have become much more complicated. in Europe. That means there’s a lot of Global Private Equity Challenge for the students, the Oxford Chicago Valuation Program for into trying to determine the right valuation Processes have become much quicker. exposure. The Oxford Chicago programs executives and alumni, and the Oxford Chicago Discussions for students and alumni. for a business are hugely complicated. I’ve CBM: The third program is the Oxford are connecting Chicago Booth with the To make the programs successful, Angelopoulos called on graduates such as Nick Alexos, ’88, served on the judging panel, and we hear Chicago Discussions, a discussion series No. 1 university in fi nance in Europe. They who cofounded Chicago-based private equity fi rm Madison Dearborn Partners LLC and is now students with very diff erent perspectives with alumni that has been held in Chicago, will reinforce and expand Chicago Booth’s executive vice president and CFO of York, Pennsylvania-based dental products manufacturer eff ectively competing for the pride of trying Nick Alexos New York, Oxford, and London. What’s your strong brand in EMEA and Asia. cofounded Dentsply Sirona Inc. We spoke with Angelopoulos and Alexos about the one-of-a-kind relationship to show that they have superior information, goal for these conversations? Alexos: The programs are a valuable private equity between the two B-school titans. on either public or private companies. fi rm Madison Angelopoulos: The discussion series conduit for alumni and even for the They’re trying to justify why somebody Dearborn Partners engages our alumni and connects both professors to be exposed to things that are Chicago Booth Magazine: What becomes affi liated with one of the oldest should make an investment in their business and is a frequent schools with our alumni. That means we’re going on in diff erent parts of the world. motivated the Oxford Chicago programs? and best universities in the world, based in versus another opportunity. participant in the inviting people, like Nick, who will discuss Brands can develop globally and become Angelopoulos: My thought process was Europe, where Booth wants to grow and In addition to the competition itself, the Oxford Chicago a specifi c topic or case, the issues that they emblems. I think this is an emblem. In that Oxford is unsurpassed in branding in expand its brand. Global Private Equity Challenge provides programming. face, and new trends. It’s a platform. It’s addition, I would agree with Andreas that EMEA and Asia, and Chicago Booth is the No. Alexos: For me, there are really only a a unique opportunity for Chicago Booth a place where people can meet. They can these programs represent an opportunity 1 university in fi nance in the United States, so handful of top MBA programs in the world. students to speak with students from Oxford Follow Booth students through connect and interact intellectually around for a university-wide outreach, much as the let’s combine forces. It was a great thing for Oxford Saïd is one, and obviously Chicago Saïd, and vice versa. Oxford Saïd is global and the private equity challenge at these important topics, like they did at our Polsky Center does.

Oxford and a great thing for Chicago. Chicago Booth is another. The opportunity to have has many international students who bring SANTIS ANDREADE ILLUSTRATIONBY ChicagoBooth.edu/magazine most recent past event this March in Paris. —DEBORAH ZIFF

26 Spring 2018 Chicago Booth Magazine Chicago Booth Magazine Spring 2018 27 MASTER CLASS A F S marketing, mobile marketing, social- media, and omni-channel marketing. Case studies on the likes of L’Oréal, Reaching a New Cisco, and Sephora are also introduced, with points of discussion such as, “What messages does Sephora need to convey to this target audience?” Breed of Consumer Most important for Mohan to impart is that digital marketing is not about How can marketers build relationships with customers within an ever- technology; it’s about people and evolving digital world? Two professors point the way forward. relationships. “Digital marketing just happens to be a new medium by which you can build relationships,” he said. “I The Class: Digital Marketing for Executives tell participants, ‘If you’re marketing on social media, you need to focus more on Pradeep K. Chintagunta is Joseph T. and remaining fourth, though, that help keep it loyal customers, and here’s what you can Bernice S. Lewis Distinguished Service eclectic. “I had a participant who worked do.’ That’s more important than a Twitter Professor of Marketing. for a large cosmetics company and another campaign or ad on Facebook.” who was the CEO of a money-transfer Chintagunta leads the discussions business between here and Mexico,” on data-driven marketing, his area of Chintagunta recalled. For many, the course expertise. He teaches the executives is their fi rst Booth experience, and they how leveraging data can guide overall fi nd themselves learning alongside peers marketing strategy and explains the with diverse experiences—between two lessons to be learned from the eff ects of and three each session are over 60 years digital marketing. “With a lot of these old, Chintagunta said. digital-marketing strategies, when Mohan, a renowned entrepreneur, people look at the data, the hype in many teaches the framework and brings the instances has run ahead of what the data applied perspective, while Chintagunta seems to suggest,” he said. delves into the analytical topics. The Presentation The Preparation The course concludes with each team Lil Mohan is adjunct assistant professor Participants are asked to read a few presenting its digital marketing strategy of marketing. thought-starter articles beforehand, to classmates and the professors. including Think with Google’s “How Mobile Presentations last about 10 minutes apiece, Has Changed How People Get Things followed by a fi ve-minute discussion. “Each Done: New Consumer Behaviour Data” and team’s job is to convince the rest of the Harvard Business Review’s “Competing on people in the room to fund this project of Customer Journeys.” They also complete theirs,” Mohan said. “I don’t care if you use a short questionnaire so that Chintagunta PowerPoint or if you do a drama or a dance. From the Participants and Mohan know what role the participants One person actually made a make-believe play in their organization and what they app. Some people get pretty creative.” You need to have Barbara Passy, ’07, Advisor to Kids in came from a wide variety of geographies hope to get out of the course. As it’s a nondegree course, grades “ Danger, a children’s product safety and industries, and we remain in contact. aren’t given, but both Chintagunta and an inquiring mind nonprofi t The Curriculum and Case Studies Mohan supply feedback about where the Kathleen Leigh, Marketing Director In the fi rst hour, the executives are presentation succeeded and where it may to be able to get The ascent of digital media throughout for Digital Content and eCommerce at assigned a team project to devise a holistic have gone astray. “The main thing you the insight that will our lives has been stunning. Digital GOJO Industries Inc. From the Professors digital marketing strategy that they must want them to take away is some degree of media now touches everyone who uses complete and present to Chintagunta comfort,” Chintagunta said. “Now maybe then, hopefully, a mobile device and has shifted how In the constantly evolving world of digital The Approach and Mohan on the fi nal day. “I tell them they have some framework that they can go we speak, act, and think. As Professor marketing, timely information and Since 2016, professors Pradeep K. not to pick a strategy for the whole, giant back to their organization with that’ll help lead to impact. Mohan noted on our fi rst day, “We are best practices from leading experts are Chintagunta and Lil Mohan have been company,” Mohan said. “Instead, pick a them think through the various issues.” —Pradeep K. Chintagunta dealing with a new breed of consumers. critical to success. This course provides cohelming Digital Marketing for Executives, division of the company and put yourself in They control the medium—not the an excellent set of frameworks for a three-day Executive Education course the position where you can actually make The Takeaway marketers. Traditional marketing will not developing markets, strategies, tactics, off ered at Gleacher Center in downtown a decision and make it happen within a 60- Mohan believes that upon completion of suffi ce.” That insight was key in showing and measurements. The lessons I learned Chicago. Like other open-enrollment day window.” the course participants should have “a how a shift of power can lead to the from instructors and other business courses at Booth, it off ers a chance for Teams generally meet up after hours very clear picture of where they should creation of new structures and form new leaders who participated in the course have executives to take a step back from their to design and fi ne-tune their strategies, put their money from now on.” For his relationships that require review and already paid back the investment. I highly day-to-day responsibilities in order to as classroom time is devoted to several part, Chintagunta hopes to impart that exploration. New concepts such as “the recommend it for any senior-level business sharpen their skills and keep up with the modules on what’s new and what’s next in “you need to have an inquiring mind to three c’s”—connection, conversion, and leader who wants to lead their fi rm’s evolving business landscape. the fi eld. Mohan takes the lead on lessons, be able to get the insight that will then, continuous engagement—will now guide digital revolution or just take their digital About three-fourths of those who sign especially those relating to models and hopefully, lead to impact. That’s our my work in this fi eld. My classmates marketing practices to the next level.

up come from traditional verticals. It’s the frameworks, content marketing, search positioning statement.” BRETTILLUSTRATION BY RYDER provided fascinating perspectives. They —AS TOLD TO BLAIR R. FISCHER

28 Spring 2018 Chicago Booth Magazine Chicago Booth Magazine Spring 2018 29 THE WORKSHOP A that the NHS sponsored fi rst required platform and model remained compliant be most likely to succeed. “The fact that I hospitals to warranty high standards with laws and regulations in one of the have a JD and an MBA from the University of clinical outcomes and then set them most heavily regulated industries, the of Chicago was not lost on people as a The fact that I have a Joint Venture to compete based on a single and easily HealthEngine platform is delivering prices reason to entrust us with their capital,” “ comparable variable: price. Having been that, on average, are an additional 52 Keller said. In late 2016, Burford Capital—a JD and an MBA from These graduates from Booth’s joint-degree programs each bring a on the provider side, Weiss recognized that percent below those achieved by the largest publicly traded, New York–based fi rm and multidisciplinary approach to entrepreneurship. competition and marginal pricing could be health insurers. Weiss shared that last one of the biggest players in the space— UChicago was not lost BY DEBBIE CARLSON harnessed to great eff ect in the health-care year, a bipartisan cohort from Congress bought Gerchen Keller for $175 million in on people as a reason industry, and so founded Endeavour Health visited Chicago in order to learn just how cash, stock, and incentives. and Premier Health Partners, marketplace HealthEngine was uniquely able to bend Keller remains a senior advisor at to entrust us. platforms in which health-care providers the curve to such an extent, culminating Burford. He and his partners recently —Ashley Keller competed on cost and clinical quality in in HealthEngine recently being invited to launched Keller Lenkner, a law fi rm real time to attract consumers. “This gets implement the platform for the benefi t of that represents plaintiff s in complex Afua Osei, MBA ’13, MPP ’13 the focus back on reestablishing the doctor- members enrolled in the Blue Cross health litigation. The team’s experience Cofounder of She Leads Africa, Lagos, patient relationship whereby facilities and plan serving members and staff of Congress managing litigation-related investments The Takeaway: There are many ways to look Nigeria “The main component systems exist to serve the patient through and the Supreme Court. allows Keller Lenkner to focus on capital- at something as an asset—and if something is serving the clinician, rather than vice intensive lawsuits where it is acting on an an asset, it can attract fi nancing. Just because The Challenge: In the United was: How am I going versa,” Weiss said. The Takeaway: In a complex and alternative-fee basis and only receiving an industry is long established doesn’t mean States, career advice and networking to make sure that it’s Weiss realized that such a solution entrenched industry, starting with a specifi c compensation or reimbursement for there isn’t an opportunity for signifi cant opportunities for women entering the could powerfully address many of the consumer pain point, while at the same expenses if a case is successful. disruption in a positive way. ✦ workforce are plentiful. In many places always a value-added problems plaguing the US health-care time architecting alignment among key across Africa, the situation is quite system and returned to the States to stakeholders, is critical in order to have the diff erent. Afua Osei discovered, while she service for replicate the model, founding Chicago- best opportunity to succeed in establishing was completing an internship in Lagos, our audience? based HealthEngine in 2012. When patient- a successful, innovative solution. Nigeria, that young women there had consumers use the platform to enjoin —Afua Osei limited access to both. “I saw that there health-care providers to compete and Ashley Keller, MBA ’0 7, JD ’07 was an opportunity to create content a cost-savings results, these individuals Partner at Keller Lenkner, Chicago, and and experiences that were really focused receive a rebate, which can reduce their Senior Advisor at Burford Capital, New York on helping young women understand out-of-pocket costs. Under HealthEngine’s the nuances and fi nd success in the Jonathan Weiss, MBA ’00, MD ’01 Get Paid to Save program, once a patient’s The Challenge: It’s expensive for a professional world,” Osei said. Founder and CEO of HealthEngine, deductible is met, the patient is paid when company to pursue a lawsuit for breach of Chicago he or she saves money on behalf of a third- contract or other commercial claim. Even The Strategy: In 2012, she started to party payer—often his or her self-insured if the fi rm has a good case, paying lawyers research her potential customer and the The Challenge: In the United States, costs employer—thereby maintaining elasticity and their staff is costly and takes money extent of the problem facing millennial for medical services are nearly impossible of demand. and eff ort away from running the business. African women seeking career advice. for patients to ascertain before getting For health-care professionals, Ashley Keller thought there had to be a Her plan was to build an online content care. Moreover, health insurers typically HealthEngine’s Clinician Shared Savings more rational way for companies to fund platform where women could share only renegotiate with clinical providers Program is a state-by-state pool that these suits. advice, resources, and opportunities to once every fi ve to seven years and not receives 10 percent of all HealthEngine be successful in their chosen professional concurrently with their local competitors. savings. Any doctor or clinical professional The Strategy: While working at Chicago- path. She wanted She Leads Africa to be a The lack of transparency and competitive can enroll and win economically whenever based hedge fund Alyeska Investment business and not a nonprofi t, so she built tension results in ineffi ciencies and severe he or she facilitates savings on behalf Group, he saw how some public securities a team to determine the angle and the dislocations—meaning the economy’s of patients and their third-party payers had their asset values determined largely goals for the company. In the early stages, largest sector is also perhaps the only one through helping competition among based on legal or regulatory outcomes. there was a lot of testing, evaluating, in which market forces are absent. facilities, which on average comprise 90 He realized the potential for a fi rm that and listening to user feedback to create a percent of the standard cost of a case. could provide the capital to pursue sustainable business, she said. “The main The Strategy: It’s a challenge that has long Having worked diligently since the commercial litigation in exchange for component was: How am I going to make fascinated Jonathan Weiss, who founded outset to ensure that its marketplace part of whatever monetary judgment a sure that it’s always a value-added service and successfully sold three international company received. So, in 2013, he and for our audience? . . . How can we be health-care companies between 2000 two others founded litigation fi nance fi rm fl exible in terms of changing our model and and 2012. The fi rst, Nations Healthcare, Gerchen Keller Capital. evolving and growing with our audience?” became the largest private-sector hospital This gets the For a company pursuing litigation, Osei said. The current iteration of She organization partnered with the British “ Gerchen Keller off ered nonrecourse Leads Africa launched in 2014. The site National Health Service (NHS). The NHS focus back on fi nancing secured by the proceeds of a reaches 500,000 women in 35 countries guaranteed millions of cases under successful case, essentially de-risking the and has hosted events in 10 countries on multiyear agreements to hospital groups, reestablishing the suit. For investors, it was an opportunity three continents. such as Nations Healthcare, which vied for doctor-patient to add an uncorrelated asset to their the opportunity to build, staff , operate, portfolios, as a breach-of-contract case has The Takeaway: Starting a business takes and own these centers of excellence. In the relationship. no correlation to the stock market. When not only knowing how to address an existing United States, health-care providers for —Jonathan Weiss raising capital, Keller and his cofounders problem, but understanding that to be the most part are paid based upon inputs explained to investors that their successful the business model may need to rather than quality of care, Weiss said. backgrounds in both law and fi nance would

change based on customer feedback. By contrast, the public-private initiative ILLUSTRATIONSEBASTIEN BY THIBAULT help them choose the lawsuits that would

30 Spring 2018 Chicago Booth Magazine Chicago Booth Magazine Spring 2018 31 THIS IS WORKING FOR ME A “Worldwide, Sandra Stark, ’95 people connect over coffee. When The Starbucks senior vice president talks strategy, Seattle, and tapping into coffee culture around the world. I’m traveling, I’m looking for ifteen years ago, Sandra Stark, ’95, went west to Seattle based granita. It was a great product. But it was made in a soft-serve how people to Starbucks Coff ee Company, where she worked with three machine that had to be taken apart and cleaned nightly. It took others in new ventures, a group that behaved like a VC fi rm: hours, and was too much of a burden. How it will work in the store is are innovating buying Tazo Tea, introducing the Starbucks Card, and looking one of the main lenses we look at when we innovate and launch. around food and Ffor other growth opportunities. She wasn’t managing a huge slice of the company’s total $22.4 billion business, as she does these days as a senior Mostly things go right. I savor our successes. My team beverage. vice president managing the global product organization, but it gave reformulated our food products, removing anything artifi cial. We her a fi rst glimpse of the fast-growing company’s equitable culture. made all-day snacking permissible. We introduced the Bistro Box and It’s this culture, she says, that informs “what we do and how we treat cake pops. people—farmers, suppliers, partners in stores, customers—along the way. It permeates everything we do, it sets the tone, and it helps answer For advice, I have a lifelong bench of mentors and colleagues, many, many questions. It’s our true north and it’s why I’ve been here 15 and I pay it forward by mentoring others. It’s an investment years.” A native of Waukesha, Wisconsin, and mother of three tweens, maintaining these relationships with people who have been my Stark recharges with her kids: skiing and playing tennis and basketball. managers, peers, and colleagues. When I face challenges or situations “I have everything I could wish for in my life. Every single day I think, ‘I in my professional or personal life, I turn to these people for a am so lucky to have this job.’” diff erent perspective, to have a sounding board. It’s an invaluable network, and these relationships go back to my fi rst job, span to Coffee is the heart and soul of our business. Product is my today, and include many from Chicago Booth. responsibility: beverages, food, merchandise. It starts with coff ee and expands from there. What’s the strategy? What’s the right portfolio? As a working mother, I’m not going to say I do it all. I am going What’s the innovation? How are we staying ahead? Currently new to to say that I juggle a lot of balls and catch most of them. I catch the the mix are our Blonde Espresso, made with lightly roasted beans; important ones. I mentor women who want to see what it looks like nitrogen-infused cold brew, which is less acidic and richer tasting; to have kids and a successful career and not go crazy. We talk about and Teavana Tea Infusions. With merchandise, we’re thinking, what that a lot. do our customers need to create the right coff ee experience at home? “Be kind, for everyone you meet is fi ghting a hard battle.” I My work is measured day to day. I’m thinking about how the don’t know where that’s from, but it resonates with me. I believe in business did yesterday. How our products delivered in terms of informal mentoring, being visible and open. I make sure others see revenue and margin. I report to the COO, and I manage 190 people. I the reality of my professional and personal life. I talk about sick kids, lead teams that think about what’s next at Starbucks. the never-ending after-school practice schedules, forgetting to sign someone up for something, being late for things. It’s hard to keep all Finance was my fi rst love. Then I took a strategy course. I’m an the balls in the air and it’s OK to make mistakes. By sharing, it creates engineer by background, and so my scope was narrow and deep. The an environment where others feel comfortable and open about strategy case studies suddenly had me thinking broadly: Were the challenges they may be having. companies selling the right product and pricing appropriately? Had they structured their organization correctly? Were they going after I can’t remember the last time I regularly wore a suit to work. the right customer? Had they defi ned their competitive set? It was What a change over my career! Some of it is the times and some of it fascinating to me. On top of that, I was thinking about these questions is living in the Pacifi c Northwest: I’ve gone from suits and heels every with three or four other students who had diff erent experiences and day, to casual Fridays, to a completely fl exible dress code. opinions on the best approach. There was no correct answer. That was so diff erent from my past studies. The Midwest stays with you. I was born in Chicago and grew up in Wisconsin. I went to the University of Wisconsin. There is a true Travel informs my business. When I travel, I see how coff ee is friendliness and down-to-earth quality of people from the Midwest, consumed in diff erent countries, and I learn their coff ee culture. In and that stays with you even after you leave. In Seattle, I have an Italy, it’s about sipping espresso at the bar with friends. In China, they immediate bond with others from Wisconsin: the Badgers, the are more likely to gather in the afternoon, and they sit down together Packers, casseroles, brutal winters. in a shared experience. The Japanese are constantly innovating. The leading edge? Korea. Worldwide, people connect over coff ee. When Seattle combines urban life with access to the great outdoors. I’m traveling, I’m looking for how people are innovating around food The city is relaxed, casual, and diverse, and has good restaurants and and beverage. Are we tapping into the right trends? Do we see what art combined with easy access to the ocean and the mountains. My customers are interested in or will be interested in? husband and I are both from the Midwest, and we lived in London before settling in Seattle. We can’t imagine raising our family We’re always introducing new products and fl avors. anywhere else.

Sometimes things go wrong. We introduced Sorbetto, a dairy- —AS TOLD TO ANNE MOORE STEVEKORN BY PHOTOGRAPH

32 Spring 2018 Chicago Booth Magazine PHOTOGRAPH BY CHRIS STRONG CHRIS BY PHOTOGRAPH

34 Spring 2018 Chicago Booth Magazine Chicago Booth Magazine Season 2015 35 Selected Publications The Winner’s Curse: Paradoxes and Anomalies of Economic Life, 1991 Quasi Rational Economics, 1991 Advances in Behavioral Finance, Vol. I and II (ed.), 1993 and 2005 Nudge: Improving Decisions about n 2017, Chicago Booth professor Richard LOOKING FOR HIS CELLO THE POWER OF STORYTELLING Health, Wealth, and Happiness, NO RIGHT ANSWERS Thaler decided to become an academic, Memories of Thaler’s teaching style have 2008. New York Times best seller; As a young professor teaching more basic Thaler won the Nobel Prize in Economic he says, because he is “a really lousy one common thread for all of his former named a best book of the year by the economics courses, and giving exams that Sciences. Thaler’s students describe him subordinate.” Academia seemed the only students: laughter. They can’t describe Economist and the Financial Times. were more about data, Thaler found that career where no one could tell him what to a Thaler class without a smile. “He More than 750,000 copies sold. his students disliked being graded on a as “a luminary,” “a guru”—someone who do. He had no grand plan; he just wanted meanders up to the podium,” said Linnea Misbehaving: The Making of curve. They balked at scoring only 65 when changed their lives and set their careers on a to get tenure. Two years into his career Gandhi, MBA ’14, who has known Thaler Behavioral Economics, 2015 the average score was 72—it mattered little as an economics professor—teaching the as a student, a teaching assistant, and now that their actual score would earn them a B. trajectory to success. MBA version of Econ 101 at the University co-professor as adjunct assistant professor Thaler didn’t want to make the exams So it might be surprising to hear that those of Rochester and frankly not having much of behavioral science at Booth. “Then he taken his courses over the decades which any easier. But as a young professor with fun—he came upon the work of Daniel tells stories about foibles and fumbles, Booth course they remember the most, “a an eye on tenure, he wanted to keep his superlatives contrast amusingly with the Kahneman and the late Amos Tversky. It not just in companies but in his own life.” tremendous number would cite his class,” job. He kept the exam just as hard, with way Thaler’s close friends and admirers—and opened his eyes to the reason behind so In most students’ recollections, this is said Raife Giovinazzo, MBA ’03, PhD one exception: the number of available much of what he observed. Economics, done at a slight lean, against the podium, ’08. “He built it to be memorable—and points rose to 137. When Thaler graded even Thaler himself—have described the he was fi nding, was “a bit boring.” On against the transparency machine in the therefore useful.” the test, the average score rose as well, to the other hand, people watching was old days, against whatever’s handy. Sports stories permeate Thaler’s classes. 96. Students might still get a B, but they newly minted Nobel laureate: interesting. He suspected that the gap Thaler’s stories have become part of He has even managed to write an academic felt better. Some of them were positively “We didn’t expect much of him,” said Sherwin Rosen, between psychology—what the two his mythology. A select few made it into paper about the NFL draft. He is a sports ecstatic that they scored “higher than 100.” professors were studying—and economics his Nobel lecture. The story of the bowl fan, a golfer, and agnostic in his preference Their joy, of course, makes no rational AM ’62, PhD ’66 (Economics), his thesis advisor at the was largely unexplored, with lots of low- of cashews, of the blizzard that kept him for football over baseball over basketball. sense. The experience added to Thaler’s IUniversity of Rochester. hanging fruit. and a colleague from driving 75 miles to a As a behavioral economist, however, “my mounting list of “supposedly irrelevant In a 2003 convocation speech at the basketball game, of his former professor’s justifi cation is that we get to watch the factors,” or SIFs. SIFs form the basis of Daniel Kahneman, the 2002 Nobel laureate in Economic University of Chicago, Thaler likened wine collection: seemingly random, always teams’ decisions in a way that we don’t in much of his thinking on why people Sciences and one of Thaler’s closest friends, described Thaler the moment to a story about world- entertaining, these slice-of-life stories led to most of business,” he said. When Amazon behave in irrational ways, and why their renowned cellist Yo-Yo Ma. Ma began his research projects, which led to his theories was deciding whether to buy Whole Foods, irrationality is predictable. as “lazy.” musical studies as a toddler on the violin, on self-control, on mental accounting, and for instance, the general public was not He once ran into a student who was Early on in Thaler’s career, his fellow Booth professor and on which he describes himself as only on the endowment eff ect, loss aversion, and privy to the conversation. “We see that studying for the fi nal exam in his class and average, but when someone handed him status quo bias—all of that in the fi rst few they did it and we see their reasons, but we said he was busy outlining the articles they future golf buddy Eugene Fama once quipped, “His work is a cello, he found his calling. In spotting years of his career. don’t see the fi ve things they thought about had read, a thought that appalled Thaler. interesting, but there’s nothing there.” the connection between psychology and His teaching style is so avuncular and and didn’t do,” Thaler said. “If a fi rm is “I want them to have to think about it,” he economics, Thaler said he “found his cello.” accessible, his body language so relaxed, hiring a new CEO, we have no idea who they said, “not just memorize what was said.” Thaler’s own self-assessment is hardly more glowing. He In 1977, he went to Stanford to that students often underestimate the interviewed, how they made the decision.” So he started using a new type of exam. He considers himself “at best, an average economist.” How did an spend a year with his idols, Kahneman content. They may sign up because of his On the other hand, sports fans can would ask students to submit potential exam and Tversky, who were there visiting reputation, or because of a shared love of see the decision-making process in play questions and then would circulate about 75 “average economist” change the f eld of economics, gain a from Israel. They helped him learn sports, or—of late—because he’s recently every second of a sporting event. “When a of those questions, saying the exam would worldwide reputation, and inf uence public and corporate psychology, he helped them learn been in an actual fi rst-run movie with basketball player takes a two-point versus be composed of (slightly edited) versions of economics, and they became both friends actual movie stars (The Big Short, winner a three-point shot, we see that decision these. The rule in generating questions was policies for millions of people—and win the Nobel Prize? and collaborators. At the end of that of the Academy Award for Best Adapted play out,” Thaler said. “There’s now data that they could not have a simple “correct It turns out that Thaler’s ability to spot anomalies, tell stories, year, Thaler jumped to the SC Johnson Screenplay in 2016). On its face, the on every action by every player in every answer” but rather force the students to College of Business at Cornell University. substance of his syllabus may seem easy. game.” There is no similar dataset on ponder the material they had learned and and share credit for his successes have made him not only a He created an elective course called When students try to apply the theories, decision-making within fi rms. then apply it to some novel situation. great researcher, but also a great teacher. Behavioral Decisions Theory. It was “a Gandhi said, “that’s when they realize how “It’s not the most precise way of measuring little off the wall,” with much material diffi cult it is.” how much they’ve learned,” he said. “But it’s “One of the nicest things that has happened since the Nobel,” possibly “borrowed” from a class he had Thaler tells stories “because that’s what the best way I have found to maximize what taken from Tversky, he recalled. The class people remember.” His class includes what they learn when studying for the exam.” Thaler said, “is hearing from lots of students that I hadn’t stayed was not very well attended. he calls “the little magic show,” part of “It’s diff erent than a traditional exam,” in touch with saying they still think about that class and they “I had to fi gure out how to increase which relies “on students having forgotten said Drew Dickson, MBA ’99. “On most remember this story or that story many years later. When I f rst enrollment in the class,” he said. “I things they learned in statistics class” exams, you go point to point, show your changed the name to Managerial Decision during a previous semester. “Nobody “I want students to work, and here’s your grade. Thaler’s tests f gured out the power of storytelling, I would tell my students Making and enrollment doubled.” Thaler remembers some formula,” he said. “But have to think about probe you, and show what paths you might asked his students how many chose the they remember stories.” go down to solve the problem. There might that my plan was not to maximize what they knew at the end course based on the name. “No one said Thaler’s storytelling style in the it, not just memorize be more than one answer. You’re not done of the course but what they would remember f ve years later. yes,” he remembered. “I said, ‘Half of you classroom has made an indelible impact with the test when you fi nish the test. You are wrong.’” on his students. If you were to ask the what was said. have to apply your ability to think laterally. Now I know that some of them remember it 40 years later.” Thaler, the professor, had arrived. thousands of Booth graduates who have —Richard Thaler You learn how to question yourself.”

36 Spring 2018 Chicago Booth Magazine Chicago Booth Magazine Spring 2018 37 Spiderman’s Uncle Students in

Richard Thaler’s work splits into the Larger—Much thirds: teaching, research, and Larger—Sense public policy. Each infl uences and reinforces the others, and Richard Thaler’s books have sometimes they dovetail. reached more than a million David Cameron, as a candidate readers, and moviegoers worldwide for UK prime minister, gave every saw his cameo in the fi lm The Big One of Thaler’s former teaching member of his staff a copy of Nudge: involving the system arose in 2017, Thaler The seemingly unlikely relationship Short—alongside Selena Gomez, wrong, predicts the incorrect assistants, Dean Karlan, MBA ’97, Improving Decisions about Health, contacted Cronqvist, now chair of the between Thaler and Fama—good friends his partner at a Vegas blackjack answers most students will give, MPP ’97, expressed relief that his TA Wealth, and Happiness. When he department of fi nance at the University and golf partners, and yet diametrically table. His ideas have changed how and then reveals the right answer. stint predated the latest, nontraditional was elected in 2010, he established of Miami. “He said, ‘Let’s put the band opposed in so many ways—encapsulates professional sports teams think “They’re always diff erent,” Thaler said, iteration of Thaler exams. “It sounds like the Behavioural Insights Team, back together,’” Cronqvist recalled. Last the appeal of Booth to so many students. about their rosters and drafts, as “and my predictions of their answers are a nightmare to grade,” said Karlan, now also known as the Nudge Unit, at December, while in Stockholm to accept It’s not about the disagreement; it’s about well as how the UK government almost always right. The point is to show professor of economics and fi nance at 10 Downing Street. In 2014, it spun his Nobel, Thaler addressed the Swedish the ideas and the ability to debate those collects fees and fi nes. them they are not as smart as they think Northwestern University and founder of off into a social purpose company Parliament in anticipation of a paper ideas without rancor or ill regard. In addition to the academic essays they are. I can predict the mistakes they Innovations for Poverty Action (IPA). co-owned by the government, published the following month called “Miller and Fama gave me the he wrote in his popular Anomalies are going to make.” Far from any sort of Thaler once compiled a list of the top 10 an innovation charity, and the “When Nudges Are Forever: Inertia in the framework I start with to this day,” said series in the Journal of Economic professorial one-upmanship, his magic reasons not to take his class. Imprecise and employees. BIT continues to work on Swedish Premium Pension Plan.” Dickson, founder and CIO of Albert Bridge Perspectives from 1987 to 2006, he show starts an inquiry that forms the subjective grading was on the list. “If you public policy, including ways for the Given the size of the dataset—every Capital in London. “But Dick Thaler gave educates the general public with a basis of behavioral economics and of his want exams with right or wrong answers,” country to save money. There are pension choice made by every Swede since me the red pill. He’s been showing me recurring column in the New York unique teaching style. he said, “take accounting.” now nearly 200 “nudge units” around the system’s inception—the idea is likely how deep the rabbit hole is ever since.” Times, contributions to several When Thaler fi rst came to Chicago, he the world, including one in Chicago. to continue kicking around in Thaler’s Dickson mentions how Thaler blogs, and a Twitter account with made Fama’s course a prerequisite for LAZINESS AS A WORK HABIT Thaler’s most recent head, cropping up in every class, every likens the debate between behavioral more than 120,000 followers. his PhD course in Behavioral Finance. Thaler’s nonchalance in the classroom contributions are to the Swedish conversation, every speech. As in the work economists and effi cient-market “You have to know the standard theory downplays his brilliance and showcases his social security system. When he did with Massey on the NFL draft, he economists to a face-off between before you can criticize it,” Thaler said. supposed laziness, a trait that he attributes speaking of Thaler’s work on public will stick with something for years until Homer Simpson and Mr. Spock from Thanks for the “You can argue the empirical validity to himself. There is no way he could have policy, Dean Karlan compares him he resolves it in his own mind. The man Star Trek. “When you look at markets, of the effi cient-market hypothesis, but achieved everything he has if it were true, to that great American philosopher, leaning casually against the lectern is his on the other side of the table from Mr. Memories there would have been no behavioral however. In fact, he “works his butt off ,” Spiderman’s uncle, who famously own toughest critic and does not grade Spock sits Homer Simpson, a human Richard Thaler shies away fi nance without it. It’s the benchmark to according to Gandhi, who helped Thaler said, “With great power comes himself on any curve. being. In my business, any Spock can from the word “legacy.” It’s too which we were comparing things.” prepare both the fi nal draft of Misbehaving: great responsibility.” “He’s amazingly productive,” said see when a stock is cheap or expensive. grandiose for anything he ever The Chicago Approach, both men The Making of Behavioral Economics—his “That lies at the foundation of the Karlan of Thaler’s work habits. “But with a But what can I fi nd that proves that the intended to do. His legacy is not agree, is to have fi erce arguments most recent book—and his Nobel lecture. nudge concept,” Karlan said. “There’s strong preference for hanging out.” market is acting like Homer? The value- something he thinks about when in workshops but never make them With a caveat, Gandhi added: Thaler works no way to avoid responsibility. Don’t added is the application of these tenets he teaches. He does think about personal, to debate principles and ideas only on things that interest Thaler. “When fool yourself. You can’t not decide. THE CHICAGO APPROACH of behavioral fi nance.” leaving a memory trace. rather than personalities and egos. It he gets an idea and begins to think about That’s a decision in itself. There’s no It is hard to imagine two more diff erent When Giovinazzo arranged his PhD “I want students to be talking is not just intellectually stimulating it,” she said, “it works its way into every such thing as a neutral default, no individuals, two more diff erent teachers, committee, he sought out the best group, about this class to their spouses, and distinctly diff erent from any other conversation, every class, every speech.” true hands off.” or two more diff erent economists than regardless of any supposed diff erences. arguing with their friends at the bar, business school; it shows a generosity of Cade Massey, MBA ’03, PhD ’03, Karlan cofounded stickK.com, Thaler, Charles R. Walgreen Distinguished Fama and Thaler sat on his committee. and remembering it later,” he said. intellect uncommon in any workplace. worked with Thaler on research into the a website that uses lessons from Service Professor of Behavioral Science “Both believe in looking at the facts,” said “I want 10 years from now— when “He’s fearless,” Karlan said. “I came NFL draft over the course of 14 years. They behavioral economics to help and Economics, and Eugene Fama, Robert Giovinazzo, who passed up a career as they’re trying to decide whether to to this after he’d already cut against began in 1999, published “The Loser’s people reach personal goals, i.e., R. McCormick Distinguished Service a professor and has become a partner at move or who to hire for this position the grain. That’s what got him here. Curse: Decision Making and Market take responsibility for losing weight Professor of Finance. Thaler’s theories— Fuller & Thaler Asset Management in San or whether their company should He was like a dog with a bone and Effi ciency in the National Football League or quitting smoking. On a much once referred to as wackonomics—took Mateo, California. “There wasn’t even start some new product—I want wouldn’t let it go until others said, Draft” in 2005, and updated their fi ndings larger, more life-altering scale, decades to be accepted by the economics any controversy on how they approached some of the things they learned in ‘Maybe he’s onto something.’” in 2012. Now a practice professor in the Innovations for Poverty Action, establishment. Even post-Nobel, there is the committee. They might disagree on this class to come back.” As attendees to Thaler’s Nobel lecture operations, information, and decisions which Karlan also founded, uses still some skepticism from the quant side how far you can extend the facts, but if (viewable on NobelPrize.org) found department at the Wharton School, Massey both traditional and behavioral of the house. Fama, the father of much of the analysis is done in a sensible way, their seats in a large auditorium, they is working with an NFL team on what has economics in randomized trials the effi cient-market hypothesis, is known they will be in sync on it.” were shown a slideshow that was running come to be known as people analytics. to try to fi nd solutions to global for exactitude, and for not suff ering fools Thaler provokes debate with and until the lecture began. Fifty slides “He’s not lazy,” Massey said. “He just poverty. well, if at all. Professor Fama does not among his students, both in class and recognized more than 100 people who wants to work on things that amuse him. Thaler “wants to see better lean nonchalantly on the podium and out. When Executive MBA students take have helped him in his work. The slides Then he’s not lazy at all. He doesn’t like to policies put in place,” Karlan said. tell stories. On his exams, there is most his class at the same time they’re taking were his idea and he was very insistent on do things he doesn’t want to do.” “Given that this is how people are defi nitely a right answer and a wrong one. Microeconomics, “he loves to get them their inclusion, according to Gandhi. Nudge: Improving Decisions about actually going to behave, what can And while it was Fama who said that arguing the micro side of things and then “He did not climb the ladder,” Health, Wealth, and Happiness, Thaler’s we do? He shifted my personal there wasn’t much to Thaler’s work, unlike help them see what micro is missing,” “The people who Gandhi said. “He didn’t step on people. best-known book and a best seller, research agenda by a lot. A good his colleague Merton Miller, Fama did not Gandhi said. “Booth does a better job of helped him—he gives He followed stuff that was odd and originally appeared in 2008. One chapter, chunk of my papers started with oppose Thaler’s coming to Chicago. When training for ideas than any other business weird, and he didn’t care what others about the Swedish social security system, ideas he put forward. How can I Thaler did arrive in 1995, Miller was asked school,” added Giovinazzo. Thaler’s it back. . . . It makes thought. The people who helped him— evolved from a 2004 paper he wrote with think about changing a policy? why he had not blocked the appointment. “little magic show” is a prime example. he gives it back. It is the coolest, most a Swedish doctoral candidate, Henrik That’s how he’s infl uenced me.” He replied: “Each generation has to make As part of that show, Thaler presents a for lifelong fans. surprising side to him. And it makes for Cronqvist, PhD ’05. When a scandal its own mistakes.” Quite a welcome! bunch of questions people typically get —Linnea Gandhi lifelong fans.” ✦

38 Spring 2018 Chicago Booth Magazine Chicago Booth Magazine Spring 2018 39 Putting Creativity

toBooth alumni weigh inWork on harnessing the power of creative thinking at the offi ce. BY ALINA DIZIK / ILLUSTRATIONS BY MATT CHASE

40 Spring 2018 Chicago Booth Magazine ChicagoChicago Booth Booth Magazine Magazine Season Spring 20152018 41 hese days, companies are deploying creative thinking across PRIORITIZE TIME FOR NO- for years,” she said. “Being new to departments while replacing strict offi ce policies with opportunities STRINGS-ATTACHED IDEAS government has allowed me to ask: to tinker. Firms are allowing employees time to test out ideas, For Nicole Farb, ’09, creative thinking ‘Why don’t we think of the endeavor a encouraging new concepts without a fear of failure, and building out means setting aside time to gather new little bit diff erently?’” collaborative, couch-fi lled offi ce environments. ideas and experiment with them. This Pittman previously worked as a brand It’s not a one-size-fi ts-all approach, and tapping into the potential of time facilitates vital new thinking to manager focusing on package redesign creative thinking can be a challenge. help grow Farb’s San Francisco–based for V8 Splash at the Campbell Soup Striking the delicate balance between brainstorming ideas and moving forward on a business, Darby Smart, a website where Company. As she adjusts to her role at project is one way Ted Wright, ’00, founder of Fizz, a word-of-mouth-marketing agency users can share, watch, and shop USPS, she harnesses similar creative Theadquartered in Atlanta, taps into his own creative abilities. When Wright works with videos. “In my own life, creativity is a knowledge to build the USPS brand clients, one of his strategies is to use hard data as the backbone for creative thinking journey,” said Farb. “I’m often doing it as she did the V8 brand. “At Campbell without heading straight for the answer. In the beginning of each project, he and his team for the process, not the outcome.” Farb Soup, the creative brief for a package spend hours gathering data on 53 questions in 18 categories to get an idea of the client intentionally sets aside open blocks of design, for example, was king,” she objectives. Back at the offi ce, teams set aside time for idea generation based on the results. time for less structured thinking while said. “In the government, there isn’t “If you start to care what the answers are, you throw a lid on creativity. The trick is brainstorming initial ideas. that formality, but you still have a fi nite knowing that it’s a journey,” he said. Often, that means testing out what amount of space to design a postage Wright is not the only one fi guring out ways to encourage this kind of open-ended connects with her audience without stamp,” she said. “What this position thinking at work. Here are some other ways alumni create opportunities for creativity: overthinking results or being overly has off ered me in terms of creativity has focused on emulating the highly been unexpected.” produced creative content shown Pittman traces her success with on television. Farb has learned to expanding her own—and USPS’s— experiment constantly, a critical creative capabilities to an ethos creative skill in a media landscape ingrained during her time at Booth. of near-instant digital content and a “Booth taught students to challenge steady stream of new content tools and everything,” she said. “It’s the same platforms. “A perfect commercial is not with creativity; so much of the problem- what resonates on social media today,” solving I do requires me to push beyond Farb pointed out. “Brainstorming new the immediate and beyond the obvious.” “Booth taught students to challenge ideas is key for our business because diff erent styles of videos are resonating SAVE TIME TO NARROW everything. It’s the same with creativity; with diff erent age groups.” DOWN IDEAS In Pittman’s case, deploying her own so much of the problem-solving I do PUSH BEYOND THE OBVIOUS creative-thinking skills doesn’t end at requires me to push beyond the immediate POSSIBILITIES the brainstorming stage. Indeed, she For Mauresa Pittman, ’10, creative considers the most imaginative part of and beyond the obvious. opportunities factored little when her role at the USPS to be distilling her —Mauresa Pittman she applied for her current job as a own creative process down to a tiny marketing and client relationship stamp. This process requires plenty manager at the US Postal Service. of out-of-the-box thinking. Recently, stamp is small—it’s a tiny piece of real estate that needs to say a lot Her experience on the job, however, Pittman delved into research on the late without the benefi t of paragraphs of text to explain,” Pittman said. transformed her view on the Pennsylvania painter Andrew Wyeth. To get the message just right, a team of art directors can tinker for meaning of creative work. Pittman “The creative challenge became, how do months with anything from crops to color collections to even the regularly taps into her own power we sum up one of the most prominent smallest design details. The art process sometimes starts with a of creativity in managing the stamp American artists of the 20th century in a black-and-white sketch, which is later recreated digitally. Once the development process. In her job, pane of 12 stamps,” she said. art is in its fi nal phase, family members or the commercial entity Pittman sets strategic direction for Pittman now needs to spend more associated with the subject are also provided a copy. “We want future stamps and philatelic activities, time editing what goes onto a stamp both parties to feel proud of the fi nal result,” said Pittman of what’s including creative development for to the very essence of the paintings, often a yearlong process. the USPS’s commemorative stamp a creative process that can be Even unexpected hiccups can call for on-the-spot creative program. “Often, in a government unexpectedly challenging. thinking. A recent prominent person honored on a stamp required organization, following documented Telling the story of a prominent artist an unusually complex vetting process—Pittman had to track down standard operating procedures is in a space the size of a postage stamp— several heirs to ask them to give permission for the stamp. “It deeply ingrained into the culture and literally—presents its own creative can get very complicated very quickly when it comes to rights of those behaviors can stay unchanged demands. “It can be tricky because the publicity,” she said.

42 SpringChicago 2018 Booth Chicago Magazine Booth Season Magazine 2015 Chicago Booth Magazine Spring 2018 43 commemorate the 50th anniversary of the For Farb, trying out new concepts on Anxiety, long lines, loud noises, and unfamiliarity all come into superhero Wonder Woman. Pittman’s team her own has been the key to Darby Smart’s play when navigating the airport. These trips are used as a trial to developed multiple stamps commemorating growth. Recently, the former technology help families determine if air travel is a possibility for them before the character through the ages. investment banker at Goldman Sachs made making a commitment and purchasing fl ights. Several times a year, She also uses time away from the offi ce to a beauty-related video of her own routine families are invited to select airports in JetBlue’s network to rehearse think through sensitivities or biases related for the fi rst time. Publishing it online the experience, go through security, and try out boarding the plane. to each stamp subject. “Each time, we need was “scary because you might not get a The program is continuing to grow and will roll out across more to consider how this message could land reaction, but I always feel that’s part of the airports in the near future. Highlighting this opportunity tells a with diff erent audiences and ask ourselves journey,” she admitted. But as she pushes story of how committed the airline is, and how willing it is to fi nd if we are being mindful of the diverse the limits of video publishing, this kind of new ways to help and care for its customers, Wright said. “JetBlue viewpoints,” she added. exercise is paying off . “People are generally is already known for exemplary customer service and innovation,” pretty receptive when you’re honest and he said. “This is an example of what diff erentiates them from other MAKE FAILING FUN authentic,” she added. travel providers.” In Wright’s case, harnessing creativity has Farb’s experimental ethos blossomed When taking on a new project, Wright starts by asking the client meant giving employees the courage to at an early age. In her fi rst business, Farb to gather data, and builds a solid foundation for creative thinking embrace their own bad ideas. Several years and her sister sold hair accessories to other back at the offi ce. This means he and his teams can spend weeks ago, the marketing entrepreneur designated neighborhood schoolchildren. With her on end fi nding data to gain an understanding of their client. “We an offi ce area where employees can use Darby Smart employees, she encourages start by asking a lot of questions about your company,” he said. black-light markers to make note of their the same type of innovative thinking. “For us, creativity starts with what the story is that you are trying to worst ideas. When an especially terrible idea “Everyone is inherently creative,” she communicate to people.” ✦ is said aloud during a meeting, an employee said. “It’s your own expression and we’re can document it on the wall. While the wall bringing it back.” of failure is typically invisible in the light, Wright embraces vulnerability on his when fl uorescent lights are dimmed, black- teams by prioritizing the creative process light lamps reveal what’s scrawled on it. “It over the perfect answer as a project gets starts to signal to people that if you have an under way. “We don’t care what the answer idea—good or bad—share it,” he said. “There is from the very beginning. You arrive at The fi rst time you put limits on“ are no limits because the fi rst time you put the answer after understanding the story, somebody, a nanosecond later, you limits on somebody, a nanosecond later, you target, and goal,” he said. start to lose creativity.” start to lose creativity. The light-hearted collection allows TURN TO THE DATA —Ted Wright employees room to fail, rather than have At Fizz, Wright uses what has proved to be their bad ideas pointed out in a serious way. a winning formula: “Data plus will equals Employees become comfortable sharing creativity,” he said. Creative thinking can ideas they might otherwise suppress for be used alongside the increasing amounts WALK AWAY FROM THE DESK fear of ridicule or censure. “You have to be of data available as a means to fi ne-tune At Darby Smart, Farb has built out spaces that encourage creativity. willing to call people out, even if you’re the direction. But data isn’t just numbers and Last year, she built a crafting station with spray paint and materials boss,” Wright said. “But the moment you spreadsheets. It’s all forms and formats to help employees disconnect from the online world by working start to be judgmental is the moment you of information, including pictures of with their hands. “It doesn’t take a ton of work to design this kind start to reduce creativity. You have to truly employees in a newsletter and kids’ thank- of space,” said Farb, who appears on ABC’s Good Morning America believe that the best ideas come through you drawings taped to the side of a desk. to host a monthly segment on creative projects. “I believe that not collaboration. This allows other people to Recently, Wright worked with JetBlue on everything needs to be perfect, and you should set a variety of build off of that germ of an idea.” an awareness program around its existing expectations for yourself.” initiative to make fl ying more accessible Farb believes in integrating creativity both inside and outside of EMBRACE VULNERABILITY for families and children with autism. The the workplace. She taps into creative thinking to tackle problems When it comes to embracing creativity, program started as a grassroots initiative when she’s off the clock. “It’s the core of my business, but it’s also Farb has learned the value of failing by the airline’s crewmembers who wanted how I bond with my children,” said the mother of two. quickly and moving on to the next to better meet the needs of the autism For Pittman, being away from the offi ce—especially during her opportunity without getting sidetracked community. When Wright initially met train commute to work—can trigger new ideas and help her consider by that failure. Admitting a project or with the airline, he learned that some of its solutions to existing creative problems. The change of pace can video took the wrong direction can help crewmembers were coordinating fi eld trips, help her rewire her thought process in a way that may be more open up other opportunities for creativity inviting kids on the autism spectrum and diffi cult between meetings, she added. Getting away from her desk more quickly. “There’s a cultural value to their families to the airport to practice the was especially valuable during a recent complex stamp project, to failing fast,” she said. travel and airport experience.

44 Spring 2018 Chicago Booth Magazine ChicagoChicago Booth Booth Magazine Magazine Season Spring 20152018 45 Building on Big Ideas A century ago, USG’s landmark product forever changed how buildings are built. It’s a legacy of innovation that inspires Jennifer Scanlon, ’92—the company’s fi rst female CEO—as she looks to the future of the industry. BY AMY MERRICK / PHOTOGRAPH BY CHRIS STRONG

46 Spring 2018 Chicago Booth Magazine Chicago Booth Magazine Season 2015 47 hough you might not realize of that debt into stock, making it USG’s largest shareholder. it, you’ve likely encountered In March, the USG board unanimously rejected an unsolicited proposal to purchase USG by Gebr. Knauf KG, a Germany-based USG Corporation’s landmark maker of building materials. With a stronger balance sheet and a more encouraging product recently, maybe even outlook for construction, Scanlon has been focused on making today. In fact, it may very USG a pure manufacturer, accelerating the development of innovative products, and fi nding new ways to help customers well be in the room where build quickly and safely. “We’re coming up with high- you’re sitting right now. That’s performing solutions that [architects and contractors] haven’t always had access to,” she said. because the company’s drywall, f ooring, A lifelong Midwesterner, Scanlon is also helping the Civic ceiling, and roof ng products are part Committee of the Commercial Club of Chicago position the city as an attractive base for technology companies. of countless homes and buildings. As Scanlon recently spoke with Chicago Booth Magazine, sharing the creator of the iconic and ubiquitous her perspective on the booming global economy, eff orts to get more women involved in manufacturing, and the crucial task of Sheetrock brand of wallboard, Chicago- reducing carbon emissions. based USG has led the building-materials CHICAGO BOOTH MAGAZINE: The housing crash and 2007– industry for more than 116 years, with a 10 fi nancial crisis were traumatic for USG. What has the company storied history of innovation and sales of done since then to protect against these kinds of downturns? Scanlon: We looked at ways to ensure that we could fl ex $3.2 billion last year. It made panels for up and down with the market, knowing that the construction the 1933 Chicago World’s Fair. It helped industry is cyclical. We ended up outsourcing a lot of our transactional, non-customer-facing processes. That’s been really build homes for American GIs returning useful for us in a lot of ways. We have better data, so the global from World War II. And in November 2016, supply chain can negotiate better. We also have better processes so we’re not paying too early or too late. Working capital is Jennifer Scanlon, ’92, became the f rst much more balanced. These were some hard lessons learned, female CEO in the company’s history. but ones that ultimately helped us get to where we are today. Also, we are a lot smarter about the way we run our plant network. Our plants are very energy intensive—you run drywall The world’s tallest skyscraper at 2,700 feet, the Burj Khalifa in through a kiln. It used to be that once you fi red up that kiln, you Dubai features USG products including the USG Cavity Shaft Wall “We are a transformed company,” an Asian joint venture called USG Boral, with $1.2 billion of did anything in your power to not turn it off . But with energy System, gypsum wall panels, drywall ceilings, USG Durock Brand Scanlon said, just days before leading revenue in 2017. effi ciencies and savings and diff erent ways of thinking, now Cement Board, and more. USG’s fi rst-ever Investor Day in New Scanlon’s Booth education and quantitative skills gave her we can run a plant very eff ectively for three days or fi ve days a York City. “That transformation came in the necessary perspective for her next assignment, in 2015, as week. We don’t need to run it 24-7 for 30 days at a time the way a number of ways—interestingly, from president of USG’s distribution business, L&W Supply Corporation. we used to. a lot of the initiatives that I led prior to After being asked to conduct a strategic evaluation, Scanlon CBM: How do you take a business with this much longevity becoming CEO.” made a surprising move, advocating for the company to divest and continue to push for innovation? A Chicago-area native, Scanlon the business she was leading. USG sold L&W Supply Corporation Scanlon: This is one of the most diverse teams that I’ve ever joined USG in 2003 after studying in 2016 for $670 million, bringing in much-needed cash for new had the opportunity to work with. We have dozens of PhDs from Tgovernment and computer applications strategic initiatives. “It wasn’t until we sold L&W that we had what all over the world—I think there are over two dozen languages at the University of Notre Dame and we consider a truly healthy balance sheet,” Scanlon said. spoken among our employees. We have food scientists who holding roles at IBM and in operations USG is a company accustomed to making hard fi nancial understand starch, which is a big raw material for us. We have a consulting. In recent years, she has made decisions in order to survive. In the early 2000s, it was one scientist who was in the cosmetics industry in Eastern Europe. USG more global and more responsive to of dozens of manufacturers that sought bankruptcy-court When you think about it, she suits us really well. Drywall is a “We’ve focused on addressing its customers. She was named president protection over asbestos claims. Then came the bursting of slurry that gets spread onto pieces of paper, and she’s helped of the international division in 2010, the housing bubble, devastating the construction industry devise new and better ways to spread this slurry. three challenges for our industry: when it included only Canada, Mexico, that USG relies on as a primary purchaser of its wallboard and We spend around 1 percent of revenue on research. About job-site effi ciency, sustainability, Europe, and a small operation in Asia. other building materials. In 2008, Warren Buff ett’s Berkshire 40 percent of that is standard continuous improvement: She went on to lead the divestiture of the Hathaway shored up USG’s balance sheet by acquiring $300 improving quality or formulations in our products. The and high-performing materials.

European business, and then assembled million of convertible debt. Berkshire has since converted all USG OF COURTESYPHOTOGRAPH second category is what I like to refer to as the “all-new-and- —Jennifer Scanlon

48 Spring 2018 Chicago Booth Magazine Chicago Booth Magazine Spring 2018 49 University of Tennessee. at the at a project process construction the during exteriors building protects Sheathing Glass-Mat Brand Securock USG 50 Spring 2018 2018 Spring Chicago Booth Magazine to you and important to the company? to the to youimportant and important this is Why gases. greenhouse of level rising by the caused change eff performing materials. materials. performing is sustainability, and the third is high- fi The industry. our for challenges three addressing on focus we There, ideas.” competitors, is what bigwe“the call our from us distinguishes think I which category, third The System. Barrier Air 430 ExoAir Securock our like initiatives division-driven means This improved.” you can do to improve the overall overall the improve to do can you anything so emissions, of carbon percent rst is job-site effi orts address the threat of climate Scanlon: CBM: Many of your sustainability sustainability of your Many Buildings emit 40-plus 40-plus emit Buildings ciency, the second second the ciency, labor pool decreased. decreased. pool labor skilled- overall the So, I think economically. run 10-year good pretty a had Mexico recession. the during home went people that hypothesis strong a There’s labor. immigrant of amount fair on to other on jobs?to other moved just people that severe so was construction in downturn especially as your business is becoming more global? achieve? We agreed that we can. that Weachieve? agreed we can we think that something this is We debated, percent. 50 2030, we want to see buildings reduce their carbon footprint by Architecture 2030, which with out came laid industry down the architectural the Then gauntlet ratings. Design] and said, by Environmental and Energy in [Leadership LEED the designing in we involved were and Council, Building US Green of the We founders were important. is building of the footprint carbon appealing to women? appealing make drywall? We drove a lot of water out, but we’re not done yet. there a way to come up with a much more effi to the conclusion that we need to address the challenge of water. Is happening in South Africa, you look at our Asian business—we came again. You go to places like California, you read about what’s two pieces of paper, run it through a kiln, and dry the water out grind the result into a powder, add water back to it, press it between ff o molecules those you dry to it. Toappended drywall, create important component. Gypsum has two molecules of water that a major initiative? growth rate. the temper can I believe that one That’s thing the shortage. comfortable. Yet they’re concerned about a skilled-labor feel they that to that enough close They’re backlog. months’ feelcontractors aboutof the future our industry. how gauge revenue forecasts—to and opportunities, new business levels, indicators—backlog leading of three results at the looking industry. It what measures is construction going to happen by insights into the outlook for and confi unique it provides that in important is The Index of Commerce. US Chamber the with partnership in index economic quarterly a Index, Construction Commercial the for year a times four the recession, but it feels like it’s from or a hangover debt freeing or credit-card debt up. on student it’s based if don’t know logjam—I this There’s been growing. is population US our and mean, 50-year the below well of building a decade We’ve States. United had the in spending remodel and repair are not even close to the 50-year average in housing starts or they’re interesting, and more and more of them are behind the Scanlon: CBM: Scanlon: CBM: Scanlon: CBM: Scanlon: CBM: We learned that commercial contractors like to have 12 12 to have like contractors commercial that We learned Last year, we started interviewing 200 commercial contractors You also have been trying to reduce water usage. Why is is Why usage. water to reduce trying been have You also Do you think automation will make manufacturing more manufacturing make will automation you Do think Does that labor shortage have to do with the fact that the the that fact the to do with have shortage labor that Does macroeconomy, the about you thinking How are Just by the nature of what we make, water is a very Yes, I do. These are great jobs, they pay well, and and well, pay they jobs, great are These do. I Yes, We term. long the over bullish We’re bullish—very Construction in general is an industry that has a has that industry an is general in Construction dence in the commercial commercial the in dence cient mechanism to ,

PHOTOGRAPHS COURTESY OF USG employees from program. this of lot a hired they’ve said that note a with me, to it sent founder had just acquired a company called Ceilings Plus, and its LA and addressing the challenges East in life about of priest, a Jesuit that Boyle, by Greg neighborhood. written It was We called your gender in a way that you felt created obstacles? created felt you that way a in gender your about your as aabilities leader? Engineering and Production) Ahead Awards [for excellence in manufacturing].excellence [for Awards Ahead Production) and Technology, Engineering (Science, STEP Institute’s Manufacturing the women win two had just We rising. is organization the of level next the into move to ready have we that women of the number sudden, a of All years. 12 to eight be can become manager to plant a someone train fully to us for takes it time typical The women. were engineers new our of percent 24 year, college. Last from us join that engineers female of the percentage increased dramatically We’ve positions. leadership into because he was in construction, and now the wife is running running is wife now the and construction, in was he because a business founded have may husband the and Thailand, world. You the or around go to Mexico businesses owned internationally, is how many women are involved in family- a new in job. who’s anybody to happens it think I But about?” talking you’re times that somebody tests you, like, “Do you really knowwas in was whatalso about 10 percent female. There are certainly that it was 10 percent female. I joined IBM, and theDame, it division was about 25 percent Ifemale. I went to Booth at a time and so you stop thinking about it. When I started at Notre sticks with mesticks every single day of my life. “Run the numbers. Run the numbers. Run the numbers.” That or fi her his pound who didn’t professor ffi e an in done things get fi quickly, a as group together ff moved at a di Everybody to quarter. quarter people same the with interact them. to highlight it’s important and women out there, a lot are There of talented Gang. Jeanne as such architects, female many the about love talking I always then And operations. running is son-in-law the and marketing, the accounting, the daughter has taken over sales and seeing from these eff you are results What mentor. a assigned get engineers female new your of all and company, the join they when women isn’t always appealing to everybody. glass in a plant—rather than requiring a lot of brute force that Scanlon: CBM: Scanlon: CBM: Scanlon: CBM: Scanlon: CBM: What’s really fascinating for me, when I travel I travel for me, when fascinating really What’s Tattoos on the Heart: The Power of Boundless Compassion Boundless of Power The Heart: the on Tattoos Working in this industry, have you had people react to to react people had you have industry, this in Working What did your Booth education help you discover you discover help education Booth your did What What are you reading right now? USG has an employee resource group that helps helps that group resource employee an has USG I’ve always been one of few females in the room, room, the in one of been few females I’ve always I was in the Evening MBA Program, and so I didn’t I didn’t so and Program, MBA Evening the in I was I fi just We’re seeing more women being promoted promoted being women more seeing We’re erent pace. It really did teach us how to come nished the opposite of a business book, orts? cient manner. Also, I can’t think of a gure out what our goals were, and st on the table and say, and table on the st ✦ . —Jennifer Scanlon —Jennifer remodel spending. in housing starts or repair and close to the 50-year average the long term. We are not even We’re“ bullish—very bullish over then-record offeet 1,450 in height. strong, fl the provided products USG years. 25 than more for building Tower as Willis tallest world’s the held title the iconic Chicago’s exible structure that allowed the building to the set building the allowed that structure exible Chicago Booth Magazine Spring 2018 2018 Spring 51 We would like to thank the selection committee members for their efforts in choosing the 2018 award honorees.

MICHAEL ARMSTRONG, ’02 RAYMOND HUNG, ’73 JULIE ROEHM, ’95 The Distinguished Alumni ELLEN BEATTY, ’90 ROBERT KENNEDY, ’80 TANDEAN RUSTANDY, ’07 (AXP-6) Awards, created in 1971, RALPH BENNETT, ’93 DAVID KIRCHHEIMER, ’78 WILLIS RYCKMAN, ’95 recognize outstanding CAROL BRAMSON, ’92 VIVIAN LAM, ’17 (AXP-15) JOANNE SMITH, ’00 professional achievement Distinguished HERNANDO BUNUAN, ’07 CHRISTOPHER LASKOWSKI, ’96 FRED STEINGRABER, ’64 and professionalism among Chicago Booth alumni. WEI CAI, MBA ’95, AM ’95 MARK LEAVITT, ’83 TOM STEPHENSON, ’97 Alumni Awards GRACIELA CAIROLI, AM ’82 ROSA LEE, ’08 (AXP-7) STEVE STEVANOVICH, AB ’85, MBA ’90 CHRISTOPHER CHAN, ’86 AMY LEHMAN, AB ’96, MBA ’05, MD ’05 NIRAJ SWARUP, ’85 WILLIAM CHAO, ’85 ISABEL LIU, ’89 DIANE SWONK, ’89 AMY ELLIS, ’80 WILLY LIU, ’83 RICHARD SYKES, ’90 CHARLES FRANK, ’75 PAUL LOHREY, ’86 KIT-YING (AGNES) TAI, ’80 ince 1971, the KAREN GOULD, ’90 Distinguished ROXANNE MARTINO, ’88 CHRISTOPHER THOLSTRUP, ’08 SUNIL GROVER, ’99 Alumni Awards Shave honored leaders SIDDHARTH MEHTA, ’81 PETER THOMPSON, ’00 MIKE GUPTA, ’97 across industries who CHARLES MOORE, ’76 RAMON TISAIRE, AM ’90, MBA ’91 MARK HARRIS, ’08 (AXP-7) strive to make the world MICHAEL MORIARTY, ’80 KENNETH VIELLIEU, ’84 DEBORAH HILIBRAND, AB ’78, better by turning ideas MBA ’79 JAMES NELSON, ’03 (XP-72) PETER WILLIAMS, ’10 (AXP-9) into action. This year’s winners have applied JAMES HILL JR., ’67 ROGER ORF, MBA ’77, JD ’79 RAY YOUNG, ’86 their transformative KENNETH HO, ’93 ANDREW PETERS, ’11 (XP-80) LINGYING ZONG, ’98 insights to address the challenges of a rapidly JOHN HUBER, ’88 ANJOO RAI-MARCHANT, ’08 (EXP-13) changing world—from 00 Singapore, to New England, to Nigeria. Their successes in 22industries as diverse as oil, biopharmaceuticals, education, and agriculture exemplify the resounding impact of Chicago Booth. Turn the page to meet the 2018 BY SAM JEMIELITY DAA winners. 1188Chicago Booth Magazine Spring 2018 53 Swee Leon Chen (Lonnie) O. Goh Moulder Jr.

Chairman Cofounder, Chief Executive Offi cer, and Director Shell Companies in Singapore TESARO Inc.

“The Booth alumni network stretches to “I’m proud to be part of the alumni network all parts of the world—it literally is a global associated with Booth. Wherever I go village. When you need that expertise, throughout the world, there’s great recognition when you need someone to challenge of what Booth is, what Booth means, and the your thinking, there’s someone to have a quality of people that have come from Booth.” dialogue with.”

efying convention has given Leon wee Chen Goh, ’03 (AXP-2), is (Lonnie) O. Moulder Jr., ’97 (XP- the chairman of Shell Companies in 66), the potential to change how Singapore—the fi rst woman to earn biotechnology companies do business a role that high in the company. Goh Dand, in the process, to treat and improve the lives of Swants Shell to continue to play a prominent patients living with cancer. As the CEO of TESARO role in Singapore’s future and contribute as an Inc., an oncology-focused, Boston-area biopharma active member of the Singaporean community. company he cofounded in 2010, Moulder made In 2003, Goh joined Shell as chief an unorthodox decision that distinguishes his information offi cer, oil product, East. Just a venture from other biotechnology startups: the year into her tenure, she was promoted to company not only researches and develops new vice president of global IT services, a move and meaningful medications, but also markets that made her the fi rst Asian woman to and sells these products throughout the world. hold such a senior role. She took on a P&L TESARO has received regulatory approvals in role in 2011, running Shell’s lubricants and more than 30 countries for its fi rst two medicines commercial fuels business for Asia Pacifi c/ and is currently launching these products in Middle East. Goh, with her family, relocated the United States and Europe. The company to Beijing before returning to Singapore, employs approximately 800 people globally where in October 2014, she assumed the role who are committed to positively impacting the of chairman of Shell Companies in Singapore, lives of people living with cancer. Moulder and which currently has 3,200 employees. TESARO cofounder Dr. Mary Lynne Hedley are “I am really proud that the recognition is co-recipients of the EY Entrepreneur of the Year given to me, being here in Asia,” Goh said of 2017 National Overall Award. “This company the Distinguished Alumni Award. “It puts Asia is successful because of the many passionate, and Singapore on the Chicago Booth platform committed people who want to make a real as well, where there are so many distinguished diff erence and leave a legacy,” Moulder said. past honorees. It is a humbling experience.” “At TESARO, we’re doing it in the fi eld of cancer.” PHOTOGRAPHY BY KARTOFFEL FILMS BY PHOTOGRAPHY

54 Spring 2018 Chicago Booth Magazine Chicago Booth Magazine Spring 2018 55 Elizabeth LaVandez Howe (Van) T. Bradley Jones

President Cofounder and Head of Strategy Vassar College Hello Tractor

“Chicago Booth gives you a mind-set “My time at Chicago Booth was incredibly that is, ‘We could be visionary and bold, formative and incredibly shaping. It’s made and achieve things that haven’t been me—over the last several years—the person achieved before.’” that I am.”

fter focusing throughout aVandez (Van) T. Jones, ’14, came her career on enhancing to Chicago Booth with a clear goal healthcare globally, in 2017, in mind: to make an impact on Elizabeth Howe Bradley, a global scale. Jones cofounded A’86, was elected unanimously as the LHello Tractor, an agritech startup 11th president of Vassar College, holding that won fi rst place in the 2014 John joint appointments as professor of Edwardson, ’72, Social New Venture political science and professor of science, Challenge. Hello Tractor uses smart technology, and society. “It’s an all- technologies to connect farmers to encompassing role,” Bradley said. “It takes productivity-enhancing technologies using every skill I ever learned to be able to across the emerging and frontier markets. do this job.” By 2015, Hello Tractor had completed its fi rst Before arriving at Vassar, Bradley spent sales cycle for Nigeria, with approximately $6.5 more than 20 years at Yale University, million in the pipeline. It has since expanded fi rst as a doctoral student—she earned into Kenya, Tanzania, Mozambique, and a PhD in epidemiology and public Senegal. Through a $2 million partnership with health, graduating in 1996—and later the US Agency for International Development as a professor in public health. She led (USAID), Hello Tractor has been able to build revolutionary innovations in the delivery the most networked fl eet of tractors across the of cardiovascular, long-term, and end-of- continent and provide job opportunities to life care, and in health-care management. hundreds of young people in rural Nigeria. “The Chicago Approach, where you “Chicago Booth was where I needed to learn not what to think, but how to think, be; that’s why I keep in contact with the has fully infl uenced my career,” Bradley people I met there,” Jones said. “We’re all said. “It is the root of liberal arts. It’s going down a path of curiosity, of trying exactly what Vassar College is all about as to create something new for ourselves, for well. I am enjoying leading here with that our families, for our communities, for our same approach.” countries, for the world.” PHOTOGRAPHY BY KARTOFFEL FILMS BY PHOTOGRAPHY

56 Spring 2018 Chicago Booth Magazine Chicago Booth Magazine Spring 2018 57 A COMMUNITY DIRECTORY Have you moved? Changed jobs? Get back in touch with Booth. The View From A Strong Network Welcomes Boothies to Booming Seattle Next Page

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Chicago Booth Magazine Spring 2018 59 THE VIEW FROM A Top Employers Top High-Level Job Titles 1. Amazon (180) 1. CEO (33) 2. Microsoft (98) 2. Principal (32) Seattle 3. Starbucks (11) 3. Partner (27) 4. The Boston Consulting Group (7) % 4. President (24) Intriguing content presented in marquee locations brings together members of a fast-growing club. 5. Boeing (6) 5. Executive/Managing BY CLAIRE ZULKEY 6. Expedia (5) Director (20) 7. McKinsey & Company (5) 30The percentage of alumni working in 6. CFO (16) 8. T-Mobile (5) consulting, the top career specialty 7. EVP/SVP (9) 9. University of Washington (5) in Seattle. 8. COO (5) 10. Oracle (3) 9. CMO (3) BASED ON CURRENT EMPLOYMENT OR PRIMARY ORGANIZATIONAL 10. Chairperson RELATIONSHIP (1)

ean Lobo, ’09, will Waltner’s life was tragically The Seattle Experts never forget the warm cut short in a 2016 traffi c data. I’ve met such a diverse Acker, ’08. “I wanted to do welcome to Seattle accident, but his memory lives Seth Acker, ’08 alumni base at these events.” what tiny part I could out he received from on in Seattle’s active alumni Finance Manager, Microsoft Scott Myers, ’94, of gratitude for somebody, Sthe late Nicholas Waltner, club. Lobo, now the club’s president, CEO, and director similar to all the work that ’90, Alumni Club of Seattle president, wanted to continue Amy Fulford, ’00 of Cascadian Therapeutics, Nick put in.” president at the time. “He Waltner’s legacy by welcoming Managing Partner, enlight Consulting hopes to develop relationships Slepyan helps host events ran it really well,” said Lobo, Booth graduates who come with Seattle Booth alumni for Booth interns at Amazon, who moved from New York to work at companies such early—before they’ve even knowing it may provide future to Seattle in 2014 to work as Microsoft, Amazon, and Kristin Gallagher, ’08 graduated. In late 2017, he contacts should the interns at Vulcan Capital. Waltner Starbucks as well as the many Director, Russell Investments sponsored a destination event decide to move there after thoughtfully checked in to startups with Seattle offi ces. for current Booth students graduation. “It’s a big decision make sure that Lobo and his “Our vision was to take Sean Lobo, ’09 to hear from leading-edge to move to Seattle,” he said. wife had a smooth transition to what Nick had started and take Investment Manager, Vulcan Capital executives about the health- The club—900 strong and the Pacifi c Northwest. it to the next level. We were care industry in the city. fl ush with young alumni and “He was willing to open focused on getting people Amit Mehta, ’03 “We basically set up recent transplants—provides up his heart and time and back to events, and we did that VP, Eagle River a couple hours here at an easy way to research a energy,” Lobo said. “That left a with exciting and interesting Cascadian to let them study potential move and exchange lasting impression.” content,” said Lobo. Scott Myers, ’94 what we do for a living,” Myers information. “Alums come said. “I had four of my people to the city and don’t have a President, CEO, and Director, talk about how their careers suffi cient sense of the social Cascadian Therapeutics took diff erent twists and turns life around them,” Slepyan and how they ended up where added. “Everybody is open to Sergey Slepyan, ’15 they are today.” make new connections, to be Manager of Supply Chain Execution, Amazon Event locations make the involved, to get to know people.” most of what the city has Those Booth alumni who The Seattle club has had to off er. The restaurants have made the move to the big success with several panel took place at the Pacifi c Northwest express events that have broad Nick was Russell Investments Center no regrets. “From a lifestyle audience appeal, including “ downtown (thanks to perspective, there is such “Life after the NFL: How willing to Gallagher, director at the great balance between to Leverage a Winning company), which has a being very accomplishment- Mentality When Crossing open up his rooftop deck and off ers oriented and then enjoying all Industries,” a panel that heart and beautiful views of the city. the fun things you can do in featured former pro football A 2017 panel, “The Future the area,” said Amit Mehta, players, and “No Longer Just time and of Product Management,” ’03, a board member. On his a Matter of Taste: Strategic energy. convened at Amazon’s time off , Mehta enjoys taking Innovation in the Food headquarters, where club Seafood in Seattle is a must, says Seth Acker, who recommends his 3-year-old daughter on Industry,” which drew 150 That left board member Sergey Taylor Shellfi sh and its fresh oysters for a standout dinner. hikes in the Washington people to hear from local Slepyan, ’15, works. Park Arboretum. restaurateurs. These types a lasting In spring 2018, the club that would be interesting to networking opportunities, the “The Pacifi c Northwest of events, said alumni club impression. realized its longer-term an audience of our alumni club serves as a soft landing is just more chill,” Myers board member Kristin goal by hosting a half-day and peers of our alumni,” for Booth graduates who fi nd agreed. “People really value —Sean Lobo Gallagher, ’08, “really take conference, which included said Amy Fulford, ’00, a themselves far from home. their quality of life here. advantage of what Seattle has a fi reside chat with Bill Hilf, board member. “We wanted “I’m trying to give back to an There are a lot of outdoor to off er, as opposed to only CEO of Vulcan, and panelists something that would be organization that really helped activities and so many focusing on traditional Booth from Amazon, Cascadian relevant but that would have a me acclimate to an unfamiliar national parks.” He also let strengths such as economic Therapeutics, and the City of uniquely Seattle fl avor.” city and that was supportive in slip Seattle’s best-kept secret: Seattle’s many outdoor activities provide a welcome work/life balance updates or the buzzword Seattle. “We wanted to create In addition to providing a diffi cult career transition,” “It doesn’t rain here as much

for busy professionals, says Amit Mehta. business topics such as big GETTYIMAGES SHELLFISH TAYLOR OF COURTESYPHOTOGRAPH a half day of rich content stimulating professional and said board member Seth as people think.”

60 Spring 2018 Chicago Booth Magazine Chicago Booth Magazine Spring 2018 61 A Booth Selects

The Family-Friendly Spot: Chihuly Garden and Glass “Hands down, the Chihuly Garden and Glass museum is one of the most incredible experiences in Seattle,” said Fulford. She refers to it as her family’s happy place. “The chandeliers are so complex and the colors are so vibrant. When you look at the work and read about Chihuly’s team, you see beauty in ways that you hadn’t thought about before.” Don’t forget to check out the outdoor exhibits. “It’s fun to discover the beauty of that work intermingled with nature. Both of my kids love it.”

The Place for Fish: Taylor Shellfi sh A favorite of Kristin Gallagher, The Nest bar at the Thompson Hotel boasts handcrafted cocktails and “If you are in Seattle, you really stunning rooftop views of downtown Seattle and Elliott Bay. should have some seafood,” advised Acker, who recommends across the water at night, you ever imagine,” Acker said. “You The Spot for a Walk-and- Taylor Shellfi sh for a casual get the most amazing classic can go for the amazing meal, Talk: Myrtle Edwards Park dinner. “It’s a retail place but Seattle view,” said Gallagher. but sitting at the bar, having Gallagher started most they will actually pull oysters the bartender make you a great mornings with a walk in Myrtle out of the tanks that you can eat The Classic Dinner drink with the amazing views of Edwards Park when she lived in there while you have awesome Out: Canlis the city, is a special night out.” the Belltown area. “It’s right on beer or champagne, whatever “If you’re more old-school, Elliott Bay. You’ll see seals out you desire.” and you’re a little more The Morning Pick-Me-Up: there, sea otters, and a range dressed up, I recommend La Marzocco Cafe of birds, not to mention an The Trendy Drink: The Nest cocktails at Canlis,” said Mehta is a fan of the La amazing array of boats. People at the Thompson Hotel Acker. The fi ne-dining Marzocco Cafe, which also are out running, or walking The in-the-know fl ock to the restaurant has been family serves as showroom for their dogs or other animals—it Thompson Hotel, opened in owned since 1950, and it’s La Marzocco’s eponymous is Seattle, after all. You get this 2016, for a drink at The Nest, a just a short cab ride from espresso machines. The beautiful view on a clear day of rooftop bar warmed with fi re downtown Seattle. “They have café shares a building with the Olympic Mountains to the pits in the evening. “If you look the best service you could the radio station KEXP and north and Mount Rainier to the features monthly selections south. It’s just incredible.” ✦ from coff ee shops around the See this year’s cohort of impressive startups world. “It’s like you’reu re goinggoing

to a diff erent coff eee shop eacheach COUR at the finals in May: P

month,” he said. “It’sIt’s got greatgreat O TOP COURTESY OF THE NEST / BOTTOM LEFT COURTESY OF MELROSE MARKET / BOTTOM RIGHT COURTESY OF CHIHULY GARDEN AND GLASS AND GARDEN CHIHULY OF COURTESY RIGHT BOTTOM MARKET/ MELROSE OF COURTESYLEFT BOTTOM / NEST THE OF COURTESY TOP T music, great art onn the wall, TUESDAY, MAY 22, 10 A.M. and a great vibe.” John Edwardson, ’72, Social New Venture Challenge (SNVC) The Alternative too PikePike Place: Melrose Marketarket WEDNESDAY, MAY 30, 8:30 A.M. Don’t want to fi ght crowds? “I Edward L. Kaplan, ’71, New Venture Challenge (NVC) highly recommendd Melrose Market,” said Ackerr of the multiuse building tthathat houses Larger- a butcher, wine bar,r, ggiftift shops, than-life and the popular restaurantstaurant sculpture Watch the livestream at Research.ChicagoBooth.edu/NVC Sitka & Spruce. “It’ss less at Chihuly touristy than Pike PlacePlace Market, Garden and Glass and it’s right in the heart ofof Melrose Market, located in the hip Capitol Hill neighborhood, Capitol Hill. You canan walk to a boasts several award-winning shops and restaurants. lot of places from there.”here.”

62 Spring 2018 Chicago Booth Magazine MY CAUSE A MY CULTURE COLLECTION A The three students in the running for fi rst place by the middle of the year were girls, and one of those girls was from a Mathletes in racially and economically diverse school Bill Meyer and that didn’t tend to be recognized for its academics. When Van Fossen originally asked the gifted-math teacher at that Training school to send over some students, she was Sarah Perkins hesitant, concerned that the material might For Andrew Van Fossen, ’06, an education grounded in quantitative be too advanced for them. The DesignerShare duo weighs in on fashion, skills helped him reach new heights. Now, he’s paying it forward, But Van Fossen told her to send them feminism, and their current cultural inspirations. hoping to inspire the next generation of STEM leaders. anyway. “It kind of broke my heart—I believe we have challenges in society, and here was this opportunity at this school, where we could get the kids excited about math, and if it lit a spark, they could get a job making them $150,000. I was praying, ‘Please let the kids do well, and let this group do well.’” ill Meyer, ’18 (XP-87), who house known for Parisian couture and To do well, the kids not only have to be graduated in April from Booth’s put this spin on it with the $700 “We good at math; they also have to be able Executive MBA Program, should all be feminists” T-shirt. to translate their skills into fi nance or dreamed up DesignerShare She’s bringing a lot more cool into practical knowledge, because Van Bafter noticing a huge peer-to-peer gap back to Dior and more of a social Fossen is “horrifi ed by the lack of fi nancial in fashion-sharing businesses such as consciousness. That also fi ts with the knowledge in our country.” So for example, Rent the Runway. Knowing he needed DesignerShare mission. an easier question on the test could be: someone with fashion expertise to If you want to buy an $80 calculator, and partner with, he asked longtime friend Television you have $20 saved, and you make $4 per and lifestyle journalist Sarah Perkins to Meyer: I’m looking forward to plugging week, how long will it take for you to earn team up. Perkins had frequently loaned the TV into the cable box now that I’ve enough to buy the calculator? her designer items to girlfriends in her graduated . . . Van Fossen credits the math and college business fraternity and thought the Perkins: I love crime shows and need analytics he learned while a student at idea of creating an online platform where to watch American Crime Story: The “These kids are going to save the world,” said Van Fossen. He hopes that by making math Chicago Booth with enabling him to retire women could monetize their own closets Assassination of Gianni Versace since it’s fun, his tournament lights a spark that can lead his students to successful careers. from his career at the age most others are was “genius.” They joined forces, and also fashion related. still climbing the corporate ladder. DesignerShare launched in spring 2017. ndrew Van Fossen, ’06, Van Fossen invited the top fourth- and “I had a class that was all hard-core We asked the cofounders what keeps them Jewelry clearly remembers winning fi fth-grade math students to enter into math, using statistics to fi gure out what current as they manage their uniquely Perkins: A Chicago-based designer I second place in a regional the yearlong tournament, taking one test was going on with the stock market,” two-sided marketplace. really like is Dana Rebecca. Her pieces high-school math competition. a month. Whoever got the highest score he says. “Knowing that, and being able are delicate but statement making. AIt was a big moment in his life, equivalent based on their fi ve best tests by the end of to use that with the other elements of Books They’re seen a lot on the red carpet. to making the all-state basketball team. the year would get $500, followed by $350 my education, I was able to retire as a Meyer: My favorite book of late has been Also anything vintage Chanel. But unlike the sports stars at his school, for second place and $150 for third place. multimillionaire in my mid-30s, and I was anything on the syllabus for the class I Van Fossen returned to school to nothing, The competition started small. At the able to take on other projects.” was taking at the time. Since I enrolled Food not cheering, not a parade or pep rally, fi rst test, there were just 30 students. Retiring so early as director of sales at Booth, my interest in economics Perkins: I just went to BLVD in the West not even a decorated locker. “When I got in front of the kids, I cranked operations at Minneapolis-based Medtronic and fi nance has grown. I enjoy Loop for Chicago Restaurant Week. “No one cared,” says Van Fossen, now the volume up to 1,000, and I wore my allowed Van Fossen to start this program. Richard Thaler’s work in behavioral It has an old Hollywood design that’s 40, who lives just outside Greensboro, T-shirt that said, ‘I’m kind of a big deal,’” He hopes the competition will continue economics—I’m an elected offi cial in my gorgeous, and the food was delicious. North Carolina, with his wife, Kathryn Van Fossen says. Word spread: Van Fossen a cycle of kids getting better at math and town and those readings have informed Meyer: I’m a fan of Indian food— Van Fossen, ’07, and their two children, was making math fun. By the next test, using their success to make a change, much the contributions I make to municipal anywhere on Devon Avenue is a good aged 3 and 6. there were a handful more who showed as Van Fossen was able to do. “These kids politics and government. bet. Matar paneer, or “cheese and Van Fossen decided that when he up, and by February, there were about 60. are going to save the world; they’re going to peas,” is my favorite dish. I can’t have grew up, he’d change the game. Last cure cancer, and if they cure cancer, we’re Technology enough of that. year, Van Fossen volunteered to create going to benefi t from that,” says Van Fossen. Meyer: If it’s made by Apple, I tend to a math competition in a North Carolina We have challenges “If you look at the University of Chicago, it’s use it. Style Inspo school district for fourth and fi fth “ going to be the place where a few of the kids Perkins: I listen to NPR’s news podcast Perkins: We have so many style graders to get them excited about math go, and it’s where a tremendous amount of Up First to fi nd out what’s happening infl uencers here in Chicago! One is in society, and here Fashionistas and reward them for their enthusiasm. cancer research is done. [The University of in the world. And after I fi rst used Olivia Rink. She’s always on point. My can loan and He wanted to make sure it covered Chicago] is really the central hub of a cycle SpotHero’s parking app, I just can’t stop. celebrity style inspo is Amal Clooney. was this opportunity rent high-end all the bases. Top math competitors? at this school, where of ‘Let’s get people really smart to make clothing and She always looks cool but put-together. Check. Big prizes, complete with life better,’ which allows us to make kids Designers accessories on Meyer: If I could look more like cheering? Check. The opportunity to we could get the kids smarter, which allows us to get them into Perkins: Ever since Maria Grazia DesignerShare, George Clooney, that would be great. learn? Check. The Summerfi eld Open the University of Chicago to make the next Chiuri took over at Dior, she’s made a Meyer and Perkins: I think George Clooney is was everything a mini Van Fossen would excited about math. best thing.” breakthrough in bringing feminism to Perkins’s onlinee Bill’s style icon! platform. have wanted. —Andrew Van Fossen —DANIELLE BRAFF FOSSEN VAN ANDREW OF COURTESYPHOTOGRAPH DESIGNERSHARE OF COURTESYPHOTOGRAPHS fashion’s forefront. She’s taken a classic —GRETCHEN KALWINSKI

64 Spring 2018 Chicago Booth Magazine Chicago Booth Magazine Spring 2018 65 MY COURSE CORRECTION A MY OFFSITE A I ended up leaving United in 2008. I was associate partner—she has cofounded the burnt out and needed a break. About a McKinsey Sales Academy to lead custom month or two later, I was sitting in a coff ee trainings that help companies transform Pushing through shop and just started brainstorming. I their sales strategies. realized I had 10 stories, ready to explore. I DeLoyd grew up spending all of her free never really took classes in creative writing, time performing in musical theater. By 16, but I always crafted stories in grade school. she was playing guitar and writing songs, Turbulence The seed was there, and it took root—here I developing a style that combined yearning am, 10 years later, still writing. vocals with percussive acoustic guitar. “I In his new memoir, United-executive-turned-author T. D. Arkenberg, I had many opportunities to write at started my music career with $800 to my ’86, chronicles his journey through personal loss, coping with the 9/11 United, where I got compliments on my name, and within three months, I was attacks, and coming out to his parents. communication skills. Many of my roles making a living doing music,” she said. required sending memos and letters, often But eventually, life on the road took its toll, n 2001, T. D. Arkenberg, ’86, faced years later, I visited with employees of our to thousands of employees. Whether I and she began to think about the future. One a myriad of crises. After keeping Boston airport operation. Not only had was managing United’s O’Hare Airport day, she was watching TV and saw a woman his sexual identity private well into staff suff ered the loss of two colleagues customer service or a whole region of give a boardroom presentation. Something his adulthood, Arkenberg made the traveling as passengers that morning; airport personnel, salespeople, and clicked. “My mouth was wide open,” she Idiffi cult personal choice to come out to his station personnel had dispatched UA cost-center staff , I learned the essence of said. “That was me. It was an inherent parents. Only weeks after Arkenberg started Flight 175, the aircraft that was fl own connecting with people, and zeroing in on understanding that I had something to off er a new position at United—a company he into the South Tower of the World Trade a core message. While creative writing is that I had only just begun to unleash.” She had been a part of since graduating from Center. Wounds were still very deep. The more complicated than a business memo, threw herself into studying for the GMAT, Booth—both the organization and the months after 9/11 were dark, dark days for I knew that I could make the transition ultimately earning a spot in Booth’s full- United States were thrown into chaos when United, and the attacks had a catastrophic because of my success communicating in tuition Distinguished Fellows Program. two hijacked United fl ights, along with two impact on the entire industry. the corporate world. At McKinsey, she has combined her aircraft belonging to American Airlines, Almost everybody who has been part Each of my books contains little seeds performing and entrepreneurial skills to were used in the 9/11 terrorist attacks. That of United will tell you that the thing of myself, but this memoir was diff erent. lead trainings to help companies completely fall, Arkenberg’s father succumbed to a long they miss most after they leave is the It was tough to write, because it was a restructure their sales organizations and battle with cancer, and shortly after, his people. They are what got the company hard time in my life—to lose my parents train managers to improve salesforce mother died unexpectedly. through that crisis. You never had to and also have to focus all of that energy at performance. “A lot of companies purchase It was a year of learning how to survive. ask people to do anything, to stay late, United. People often asked me how I got a one-off training to teach sellers new ways Less than a decade later, Arkenberg left United to work through the night, or even give through it, but I didn’t know. I just did. I to sell,” she said, “but you need to think after 23 years at the company and embarked up the weekend. We did it; we pulled just pushed through to the other side. It systemically about the whole ecosystem.” on a career as a writer. He has published three together. It’s the same camaraderie we helped to be so supported by my spouse, For a medical product company, for novels with Outskirts Press: Final Descent experienced as a country—we came Jim. In a way, I want to succeed for him as example, DeLoyd helped redesign the (2013), Jell-O and Jackie O (2014), and None together and pushed through that crisis. much as I want to for myself. He pushes CRM (customer relationship management) A musician and sales consultant, DeLoyd fi nds the harmony between her two passions. Shall Sleep (2016). United made it through the calamity of and validates me. He reads everything I and compensation systems, and added a Two Towers: A Memoir is Arkenberg’s 9/11 and its subsequent journey through write. I wouldn’t be a writer if Jim weren’t data analytics piece to give the company fourth book and fi rst memoir, an attempt to bankruptcy because of the commitment in my life. vital information in the fi eld about which chronicle the hardest year of his life and provide and dedication of the people who wanted I think, at the end of day, I poured physicians to target and how high its a testament to how persistence and love can to see the company succeed. my heart into this memoir because I penetration should be. The fi rst year, the help people get through times of tragedy. fi rmly believe it can help people going Following Her company saw a 10 percent increase in through various crises of their own. A growth; the following year, it saw 40 percent I never really caught my breath at couple months ago, I spoke at a meeting year-over-year for the target product. In United. I joined straight out of business of PFLAG, the nation’s largest family and addition to her sales work, DeLoyd also leads school. My mother had worked there I poured my heart into ally organization for LGBTQ people. I read Own Tune LGBTQ recruiting for McKinsey, reaching out starting in the 1970s. It was a local fi rm “ to them the section of the memoir where How a fi rst career as a traveling folk singer was pitch-perfect to business schools to actively attract talented here in Chicago, and it was just starting I came out to my parents. I could tell the professionals of all orientations. She also this memoir because training for sales pro Julie DeLoyd, ’11. to become a global airline. It was where I passage connected with the audience. I works with the company’s allies program wanted to be. I fi rmly believe it can left very encouraged that I’d helped those to educate employees on issues facing I had 15 jobs in my 23 years at United. I was help people going parents understand what their child was hen Julie DeLoyd, ’11, fi rst “People kept using the term ‘P&L’ all the underrepresented groups of all kinds. always on a steep learning curve. My Booth going through. came to Chicago Booth, she time, and I had to turn to the person next to After putting music on the back burner education helped me tackle the unknown through various crises Words have an impact, and if this may well have been the only me at orientation to ask what it meant,” she for six years, DeLoyd fi nally returned to the and leverage my background as I jumped of their own. memoir can help someone going incoming student with a said of her early experiences in b-school. studio in 2015 to produce a new album, What from fi nance to marketing to operations. through grief, or caregiving a parent, or Wbackground in queer performance studies— When it came to more hands-on exercises in the Waves Said. Gone are the days of touring The September 11 terrorist attacks experiencing crises at work, that will be an undergraduate major she designed herself sales and marketing courses, however, she the country and cold-calling music clubs. shook the country to its core. Watching incredibly affi rming and exciting for me. at New York University. “Basically, the only found that all her time on the road hustling to Now she mainly plays concerts at private the towers fall, the Pentagon burn, It’s easy to question whether writing was thing it prepared me to do was become a get fans to check out her merch table was the homes for a few dozen people at a time. “For and a plane intentionally crash into the right path, but I continue to write. I lesbian folk singer,” she cracked. That’s perfect preparation. “I would think, what do so long, playing music was about ‘how much a Pennsylvania fi eld—these were still have many stories in me. So I simply precisely what she did for almost a decade, I have to say to get this specifi c person to walk money am I making?’ and ‘how many CDs unspeakable acts of terror. It was personal focus on the writing and continue to create touring the country and singing in clubs 175 over?” she said. “I looked at market research am I selling?’” DeLoyd said. “Now I am seeing for United: our airplanes were used as stories that people want to read. days a year. At Booth, she felt she stuck out the same way.” She parlayed that experience it can just be about the message of the music missiles, and eighteen of our employees —AS TOLD TO LEAH RACHEL among more traditional MBAs like an A-sharp into a job after graduation at McKinsey & and connecting with an audience.”

died. In my fi nal job at United, seven VON ESSEN ARKENBERG D. T. OF COURTESYPHOTOGRAPHS DELOYD JULIE OF COURTESYPHOTOGRAPH in a C-chord—at least at fi rst. Company in Chicago, where—now as an —MICHAEL BLANDING

66 Spring 2018 Chicago Booth Magazine Chicago Booth Magazine Spring 2018 67 Class Notes

Blink OnDemand Crisis PR, a Chicago- Half-Century Club Reunion based crisis communications company, at Reconnect, May 3–4, 2019 1980 ChicagoBooth.edu/Reconnect Michael Johnson, MBA ’80, PhD has launched a crisis PR planning and ’83, has been named president of response software. Laurel Kennedy is John Carroll University, a private, president of the company. 1968 coeducational, Jesuit Catholic Tom Kieren was awarded the Albert Nelson university located in University Ted Kim (See photo, page 79.) Lifetime Achievement Award. Marquis Who’s Heights, Ohio. Johnson is provost of Who awards the honor to biographees who Babson College, a school focused on Bon Joon Koo (See photo, page 79.) have demonstrated leadership, excellence, entrepreneurship, where he is also and longevity within their respective professor of marketing. He will make industries and professions. Kieren’s the transition on July 1. 1983 extensive career includes achievements in Howard Ho Chung (See photo, page 79.) Save the date for Worldwide Booth Night on the fi elds of corporate strategy, executive October was National Manufacturing education, architectural photography, music Month, and there were two days of Robin Weisman has been named to September 20, 2018, when Booth alums performance, patronage of the arts, and events organized to examine and build the board of directors of B2Gold Corp., numerous charitable endeavors. Central New York’s manufacturing. a Vancouver-based intermediate gold the founder and producer. She was also named to the Harry Moser, will celebrate throughout the world. 1974: Celebrate Your 45th Reunion president of the Reshoring Initiative, board of INV Metals Inc., an international at Reconnect, May 3–4, 2019 delivered the keynote on October 6 at mineral resource company based in ChicagoBooth.edu/Reconnect the “American Manufacturing: Right Toronto. Here, Right Now” session in Syracuse, New York. 1984: Celebrate Your 35th Reunion 1979: Celebrate Your 40th Reunion at Reconnect, May 3–4, 2019 at Reconnect, May 3–4, 2019 ChicagoBooth.edu/Reconnect ChicagoBooth.edu/Reconnect 1981 Dae Hyung Kim (See photo, page 79.) 1984 1979 In-Soo Cho (See photo, page 79.) AutoGrid, a fl exibility management software company based in Redwood City, 1982 Junho Cho (See photo, page 79.) California, named Robert Dahlberg vice Eric Flamm (See Mergers and president of strategic partnerships and Acquisitions, page 70.) Sangmoon Hahm (See photo, page business development. 79.) John Hedden started out as an Michael Johnson auditor in the oil fi eld. In 2009, he Jeffrey Yingling joined Guggenheim transitioned away from corporate Securities as a senior advisor. Guggenheim was named president life and became an entrepreneur, Securities is the investment banking and cofounding BroadBranch Advisors, a capital markets division of Guggenheim of John Carroll boutique strategy-consulting fi rm based Partners, based in New York. Yingling joins How will you celebrate? University in Ohio. in Washington, DC. Guggenheim from J.P. Morgan. Join the #BoothNight18 conversation! Chicago Booth Magazine Spring 2018 69 ChicagoBooth.edu/wbn CLASS NOTES 1985 Mergers & Acquisitions Michael Allman is a candidate for Congress in California’s Congressional Recent Weddings and Births District 52, which includes most of San Diego. Allman is running on a platform of Sonja Schut, ’17, is a proud mother of Maya, who was born on September 6, 2017. Schut direct democracy. He’s created a unique is an investment-banking associate at New York–based Bank of America Merrill Lynch. voting site, using blockchain technology for privacy and security, that lists the important issues and provides points of view for both sides. He says the way the majority of voters in his district vote on each issue is the way he will vote in Congress if elected.

Wei-Cheng M. Kuan (See photo, page 72.)

Soichiro Kurachi, CEO and president of Japan Corn Starch Co., guided the company to several awards in 2017. The company was Jill Flamm, ’86, and Eric Flamm, formally inducted into the US–Japan ’82, announced the arrival of their Gaurav Kukreja, ’04, married Allison Foley in Denver, Colorado, on September 22, Agriculture Trade Hall of Fame on granddaughter Eleanor Wenji Flamm, 2017. They are pictured here (center) with their friends and guests: Farhad Hakimov, September 21, 2017, in a ceremony jointly born August 4, 2017. She is shown ’04; Michael Rosen, ’05; Adelina Rosen, ’04; Denis Krupnov, ’04; Xavier Santos, The Urankar family sponsored by the US Department of here sporting her new University of ’04; Paul De Cock, ’04; Ana Elena Pallares; Damien Gerard, ’04; Suneeta Krish, ’04; welcomed Rhea Abigail Agriculture and the US Embassy in Tokyo. Chicago vest. Hinne Temminck Tuinstra, ’04; Holly Fulp, ’04; and Brian Brosnan, ’04.) Urankar, born October Kurachi and the company also received the 2, 2017, at 11:57 a.m. Imperial Blue Ribbon Medal. (For more on Proud parents, Rohit Soichiro Kurachi, see photo, page 72.) and Shalini Urankar, ’08, report that they Keith Lee shared the news that the oldest and Rhea’s big brother, of his four children, Kathryn Lee, is Sheil, are elated, and now a Full-Time MBA student at Chicago that “Rhea is currently Booth. He says she “can’t imagine being in training and prepping anywhere else.” to be a LEAD facilitator like her Mom.” Roberto Medalla (See photo, page 72.)

Susan Paul was selected as an honoree for Dallas Business Journal’s 2017 Women in Technology Awards. Paul is the offi ce managing vice president for the Dallas branch of Pariveda Solutions, a technology and Caitlin Walsh, ’11, and Austin Locke, ’11, management consulting fi rm based in Dallas. welcomed their fi rst child, Sienna Maren Locke, to the world in January.

Randal Romell, ’17 (AXP-16), and family welcomed Isabella Romell in March. Abdoulaye Dango, ’17 (EXP-22), had a baby boy, Leo Owen Dango, join the world in February. Sofi a Garrido, ’09, and Odelio Arouca Filho, ’09, welcomed two baby girls, Kevin Bailey, ’10, was married to Rachel Tulchin on September 30, 2017, at the Olga Shompolova, ’15 (EXP-20), and identical twins, on December 8, 2017. Cloister in Sea Island, Georgia. Bailey is director for business development at Vladimir Zimovtsev, ’15 (EXP-20), are They are the couple’s fi rst children. CommonBond, a fi nancial technology company in New York. He also serves on happy to announce the birth of their son, ▲ Marcia Skall met Amelia Morris, ’86, the board of the Washington Area Community Investment Fund, a nonprofi t Alexander, in March. David Fernandez, ’13 (XP-82), and and other alumnae for a Women’s Network investment fund in Washington. He has previously worked as a member of vice Juliette Couratier, ’05, and husband, Kristy Malm, ’13 (XP-82), welcomed event in San Francisco on January 6. Skall president Joe Biden’s staff in the White House as well as senior policy advisor for Bill Follin, welcomed a healthy baby boy, Send us your news: a little boy, Oskar William Fernandez, reports that she “enjoys attending these fi nancial institutions policies at the Treasury Department. John William Follin, on June 29, 2017. [email protected] on February 11. events and meeting the younger Boothies, who are all so accomplished!”

70 Spring 2018 Chicago Booth Magazine Chicago Booth Magazine Spring 2018 71 CLASS NOTES Chali Sophonpanich (See photo, this page.) second consecutive year Josephs has been selected for this recognition. Yukiko Sugimoto (See photo, this page.) In Memoriam Benjamin Riensche has joined the Michelle Tan (See photo, this page.) advisory board of Boston-based Indigo Ag, Chicago Booth Magazine has learned of the deaths of the following alumni: a startup using data analytics and microbial Sirirat Tiranuchit (See photo, this page.) treatments to make agriculture more William R. Waters, MBA ’64, PhD ’76 sustainable. Riensche is owner and manager 1920s Earl D. Austin, ’65 of the Blue Diamond Farming Company, an Granville H. Howard, PhB ’23 Arnold I. Gittel, ’65 1986 Iowa-based corn and soybean farm. Glenn L. Jackson, PhB ’23 Norman L. Synder, ’65 Two Towers: A Memoir by T. D. Arkenberg Melville C. Jones, PhB ’25 Francois M. Carlioz, ’66 was released in December. Arkenberg’s fourth R. Scott Sloan has been named president Paul D. Collier, ’66 book and fi rst memoir was a semifi nalist in and CEO of Vanguard Natural Resources, 1930s John O. Tucker, ’68 the 2017 Faulkner–Wisdom Creative Writing a Houston-based independent oil and gas Robert J. Shlifer, ’69 Competition. (For more on Arkenberg, see “My company. Sloan had served as executive vice Dorothy R. Seifer, PhB ’33 Norman W. Treistman, ’69 Course Correction,” page 66.) president and CFO of the company since Charles N. Finson, AB ’36 recently met up with fellow class of 1985 graduates for a Michelle Tan, ’85, September 2017. He will continue to serve on Elaine Frank, AB ’38 minireunion in Singapore “to celebrate friendship and life.” 1970s After three years of working with her team, the board. Erhard C. Jaeger, AB ’39 Front row: Yukiko Sugimoto, ’85; Tan; and Sirirat Tiranuchit, ’85. Back row: Allison Connors opened A Place at the Harry L. Shapiro, AB ’39 Thomas Bell Aldrich III, ’70 Soichiro Kurachi, ’85; Roberto Medalla, ’85; Wei-Cheng M. Kuan, ’85; and Chali Table, a pay-what-you-can café in Raleigh, Diane Swonk has joined Grant Thornton Joseph E. Ernsteen, ’70 North Carolina, in January. She is enjoying Sophonpanich, ’85. LLP as chief economist. Grant Thornton is a 1940s Peter J. O’Rourke, ’70 working as a waitress and community builder Chicago-based organization of independent Peter P. Pranis, ’70 in the café and encourages alumni to stop integrated medical marijuana operations and investor relations. (For more on Alexos, audit, tax, and advisory fi rms. Frances M. Clarke, AB ’42 Allie Albert, ’71 by the café if they are in the Raleigh area. companies in Massachusetts. see “The Corner Booth,” page 26.) Thomas W. Hyman, AB ’42 Roger D. Ericson, ’71 She and Greg Connors (see below) enjoy Sergio S. Pena, ’44 Eric Paul Jacobsen, ’71 splitting their time between Cary and Kure Steven Barnhart, AB ’84, MBA ’88, has Phyllis Ilett White, AB ’40, MBA ’45 Alan R. Hannura, ’75 Beach, North Carolina. 1987 been named CFO to support future growth Jack P. Katz, AB ’45, MBA ’46 Sarah L. Capps Tubbesing, ’77 Young Won Ha, PhD ’87 (See photo, and business transformation at FTD Richard J. Brashler, ’47 Jerome D. Sullivan, ’79 Greg “Skip” Connors retired from page 79.) Companies Inc., a premier fl oral and gifting Charles W. Field, ’47 Russ R. Sweeting, ’79 Quintiles, a pharmaceutical company company based in Downers Grove, Illinois. Charity J. Griest, ’47 Judith M. Yablong, ’79 based in Durham, North Carolina, in May Sungmin Kang (See photo, page 79.) Marilyn M. Dunsing, MBA ’48, PhD ’54 2017, and is enjoying more time to pursue Donald Patrick has been named COO Henry R. Odell, ’48 1980s personal interests. He has recently joined Bob Mariano (XP-56) joined the board of of Fluent LLC, a provider of digital Thurman M. Shanks, ’48 a team doing Parkinson’s research at directors of Gelson’s Markets, a supermarket performance marketing solutions based in Edwin D. Andrews, ’49 Kate Ezolt Carle, AB ’73, MBA ’81 Duke University. chain based in Encino, California. In 2016, New York. Patrick was previously CEO of ▲ Susan Villanueva-Hayward caught Walter R. Good, PhB ’47, MBA ’49 Duane R. Hibbs, ’81 Mariano retired as chairman and CEO of Seneca One, a fi nancial services company up with classmate John Deveras in the George K. Hendrick, AB ’49, MBA ’49 Kathryn Mueller Cunningham, ’83 Jill Flamm (See Mergers and Milwaukee-based Roundy’s Supermarkets, based in Bethesda, Maryland. Philippines at the Raffl es Hotel in Makati on John E. Hurney, AB ’49 John A. Scowcroft, MBA ’83, PhD ’91 Acquisitions, page 70.) remaining on as a strategic consultant. February 13. James S. Myers, PhB ’47, MBA ’49 Peter W. Youngwerth, ’84 Under Roundy’s, Mariano launched John V. Pridjian was appointed independent Michael L. Hemler, MBA ’85, PhD ’88 Campbell Harvey, PhD ’86, has joined Mariano’s Fresh Market stores. and nonexecutive director of Berjaya Land 1950s Larry G. Stuenkel, ’87 investment management company Research Berhad, an investment holding company 1990 Affi liates LLC as a partner and senior M. Damian Marshall has been named primarily operating in the gaming and lottery Johnny J. Koo (See photo, page 79.) Alan Johnson, ’50 1990s advisor. Harvey is professor of fi nance at the vice president of Hallstar, a Chicago- business and headquartered in Kuala Lumpur, Peter G. Peterson, ’51 Fuqua School of Business, Duke University, based global specialty chemical company. Malaysia. Pridjian is the CFO of Old Peak Jack Lavin, MBA ’90, AM ’90, a former Rudolph H. Horvath, ’52 Kenneth F. Chin, ’93 and a research associate of the National Marshall was most recently general Group Limited, an independent investment chief of staff for then-governor of Illinois Martin J. Detmer, ’56 Kathryn L. Dewenter, PhD ’93 Bureau of Economic Research. Research manager of industrial solutions. fi rm focused on the Asia Pacifi c region. Pat Quinn, was named president and CEO John B. Gragnola, ’56 Patrick J. Blake, ’94 Affi liates is headquartered in Newport of the Chicagoland Chamber of Commerce. Otto J. Kralovec, SB ’41, MBA ’56 Charles R. Clayton, ’98 Beach, California. Jeffrey Whitnell acted as interim CFO for Namuh Rhee (See photo, page 79.) The Chicagoland Chamber of Commerce is a David O. Monroe, ’56 Aeterna Zentaris, a Quebec, Canada-based nonprofi t organization promoting business Robert G. Taylor, MBA ’57, PhD ’63 2000s Amelia Morris (See Marcia Skall, ’85.) biopharmaceutical drug development 1989: Celebrate Your 30th Reunion in the Chicago metropolitan area. Harold R. McIntosh, ’58 company. Before his tenure as interim CFO, at Reconnect, May 3–4, 2019 James A. Hearn, ’59 James J. Veeneman, ’03 ChicagoBooth.edu/Reconnect Sungsoo Lim (See photo, page 79.) Whitnell was vice president, fi nance, and On December 3, 2017, Robert Matanky was James A. Orr, ’59 Lars O. Bengtsson, MBA ’06, PhD ’06 controller of Lifewatch Sciences Inc. a lecturer featured on a two-hour continuing Norbert A. Walent, ’59 Lisa Ricciardi has been named COO of 1989 legal education program titled “The Israeli ContraFect Corporation, a biotechnology John Deveras (See Susan Supreme Court: A Force for or against 1960s 2010s company based in Yonkers, New York. 1988 Villanueva-Hayward, ’89.) Democracy?” The seminar focused on the Ricciardi will continue to serve in her role Nicholas Alexos was named executive activism of the Israeli Supreme Court, its William F. Morache, ’61 Philip Remek, ’12 as director. She is on the board of United vice president and CFO of Dentsply Sirona, Mary Josephs, founder and CEO of Verit history, a number of cases, and the evolution Dennis B. Block, ’63 Luigi Ferrara, ’15 Drug Healthcare Group. a global manufacturer of dental products Advisors, a Chicago-based specialized of Israel’s body of law, including confl ict and Daniel B. Geran, ’63 and equipment, headquartered in York, middle-market investment banking fi rm, integration with Jewish law. It was sponsored Charles F. Johnston, ’63 For the last fi ve years, Glen Shear has Pennsylvania. In his new role, Alexos will was named one of the most infl uential Thomas S. Hamilton, ’64 worked as the CFO of startup Garden lead treasury, information technology, women in middle-market M&A in Mergers Send us your news: Chester C. McGuire, MBA ’64, PhD ’74 Remedies, one of a very few fully business development, strategic planning, & Acquisitions magazine. This is the [email protected]

72 Spring 2018 Chicago Booth Magazine Chicago Booth Magazine Spring 2018 73 CLASS NOTES by the Decalogue Society of Lawyers and the New Jersey, announced the appointment G. Scott Uzzell was elected to the board of Advisors Inc., was named one of Mergers DePaul University College of Law’s Center for of Roger Moody to CFO. Moody was directors of State Bank and Trust Company & Acquisitions’s 2018 Most Infl uential Jewish Law and Judaic Studies. previously CEO of GlySure Limited, and of its Atlanta-based holding company, Women in Mid-Market M&A. Clearsight a United Kingdom–based company State Bank Financial Corporation. Uzzell is is an investment banking advisory fi rm Sangsoo Park, MBA ’86, PhD ’90 (See specializing in continuous glucose president of Venturing & Emerging Brands, providing M&A and capital-raising services photo, page 79.) monitoring. a division of the Coca-Cola Company. and headquartered in Tysons, Virginia.

Richard Nuzum was named Consultant of Geoffroy van Raemdonck has been Harvest Fund Advisors, the asset 1991 the Year in the 2017 CIO Industry Innovation named CEO of Neiman Marcus. Raemdonck management fi rm that David Thayer joined Evercore, a New York–based global Awards, a category that honors leading asset previously worked as CEO of St. John at its inception in 2005, was recently acquired independent investment banking advisory owners and asset managers. Nominations Knits International and held several by New York City–based Blackstone, where he fi rm, announced that Paul Aaron has joined were made by a network of awardees’ peers. internationally focused positions at Ralph will now serve as a senior managing director. its investment banking business as a senior Nuzum is the wealth leader for growth Lauren. Neiman Marcus is a Dallas-based managing director in its advisory practice. markets at Mercer, a human resources department store. Aaron was most recently a partner in consulting fi rm based in New York. 2000 investment banking at Goldman Sachs & Co. Kent Wosepka has been elected to the Fabio d’Ávila Carvalho was named board of trustees at Montserrat College of CFO of Estre Ambiental S.A., a waste 1997 Art in Beverly, Massachusetts. Wosepka is management company based in São Paulo. 1992 Sunnie Giles published a book on April an adjunct professor of fi nance at the Carroll Carvalho most recently served as the CFO Hemant Elhence (See Florence 10 called The New Science of Radical School of Management at Boston College. of Brazilian television network Sistema Lowe, ’02.) Innovation: The Six Competencies Leaders Brasileiro de Televisão. Need to Win in a Complex World. Giles is 1999: Celebrate Your 20th Reunion Amherst Partners has named Thomas creator of Quantum Leadership Group, a at Reconnect, May 3–4, 2019 Adam Cohen (XP-69) was named ChicagoBooth.edu/Reconnect McCabe managing director in the The annual Class of 1992 Booth ski trip was launched by Dan Hoskins while still a management consulting company based president of Associated Universities Inc. restricting advisory practice. Amherst student in Hyde Park. Attendance started to expand around the year 2000, and in Provo, Utah. (AUI). Cohen is currently a senior associate Partners is a fi nancial advisory fi rm based this year, about 30 people were in attendance. The trip includes skiing, but also 1999 with the Center for Strategic International in Birmingham, Michigan. Prior to joining snowmobiling and a daily happy hour and hot tub, after which the group splits up Robert Holmes joined the board William Blair, a Chicago-based global Studies Energy and National Security Amherst Partners, McCabe worked at to explore the village or play poker. Attendees in 2018: Ari Chaney, Kelley Drake, of directors of the City of London investment banking and asset management Program. AUI is based in Washington, KPMG Corporate Finance. John Elliott, Nanci Meyer Fastre, Margaret Foley, John Greener, Kimberly Investment Trust, a British investment fi rm, named Stephanie Braming DC, and is a management organization Hawkins, James Heczko, Dan Hoskins, Darrell Hughes, Kate Kerth, Scott trust dedicated to investments in UK global head of William Blair Investment that builds and operates facilities for the Lisle, Illinois-based SunCoke Energy Partners Kerth, Mark Knutson, Mark Kozikowski, Mike Lange, Jeff Lawrence, Pat May, equities, as a nonexecutive director. Management. Braming was most recently research community. GP LLC appointed Michael G. Rippey (XP- John McBane, Amy McGowan, Corinne Noyes, Stacy Pak, Victor Pak, Rob a portfolio manager for the William Blair 61) to chairman, CEO, and president. Rippey Payne, Victoria Pieper, Cathy Quartner Bailey, Allyson Redpath, Ed Ryder, Marc Steifman has been named CFO International Small Cap Growth and William Ozan Gursel was appointed executive has also been named CEO, president, and Kevin Smith, Linda Smith, Beth Stolrow, Jim Tuchler, and Grant Van Voorst. of mobile advertising platform InMobi, Blair International Growth strategies. managing director of Riveron’s Dallas director of SunCoke Energy Inc. He was most which is based in Singapore. He was offi ce. In his new role, Gursel will lead recently senior advisor with Nippon Steel and previously managing director and Prescille Cernosia (See photo, page 79.) Riveron’s largest offi ce, develop his team, Sumitomo Metal Corporation. Barbara Windisch (See photo, John Gu has been appointed chief digital co-head of Piper Jaff ray’s technology deepen client relationships, and build on page 80.) offi cer of WuXi NextCODE, a contract investment banking group. Michelle Eidson, MBA ’99, AM ’99, the capabilities Riveron brings to its clients. genomics organization building a global was named one of 2018’s Most Infl uential Riveron is a national business and fi nancial 1993 1994: Celebrate Your 25th Reunion standard platform for genomic data. Women in Mid-Market M&A by Mergers & advisory fi rm headquartered in Dallas. Kristina Leroux-Harvey (See photo, at Reconnect, May 3–4, 2019 WuXi NextCODE is based in Cambridge, Acquisitions. Eidson is managing director, ChicagoBooth.edu/Reconnect 1998 page 80.) Massachusetts. David C. Ansani, AB ’87, MBA ’98, business development of Shorehill Capital. Peter Rhee (See photo, page 79.) has joined the board of directors of John Onopchenko (XP-62) was named 1994 Linda Mann joined MBO Partners as senior KSIX Media Holdings, a media and Christof Handlbauer (See photo, COO of Endologix Inc., a developer and Credit Karma, a personal fi nance vice president. MBO Partners is a provider telecommunications company based in page 80.) 2001 marketer of treatments for aortic disorders technology company based in of business services and tools for the self- Las Vegas. In his new role, he will help The DLC Group, a fi nance-and-accounting based in Irvine, California. Onopchenko San Francisco, named Gannesh employed based in Herndon, Virginia. Prior work toward the formation of an audit Lawrence Sanderman was named consulting fi rm based in Woodland was previously executive vice president for Bharadhwaj general manager of credit to MBO Partners, Mann served seven years and compensation committee. Ansani is vice president of buy-side services at Sun Hills, California, hired Marcia Ayala Acutus Medical. cards. Bharadhwaj was previously as a director at PricewaterhouseCoopers. general counsel at Glass Mountain Capital Acquisitions, a Chicago-based business as managing director of the Chicago president of Renew Financial. LLC, chief administrative offi cer at Surge M&A fi rm. offi ce. Ayala fi rst joined DLC in 2006 as a Carlisle Companies Incorporated, a Holdings Inc., and an attorney at law. consultant. manufacturing company based in Scottsdale, Joanna Rupp was named to the 1996 Gretchen Frary Seay, cofounder Arizona, announced that Jesse Singh has board of trustees of KU Endowment Crown Bioscience, a San Diego–based Waste Dive, an industry news publisher, and managing director of Clearsight Peter Kwak (See photo, page 79.) been elected to its board of directors. Singh of Kansas University, located in subsidiary of Crown Bioscience International named Jim Fish, president and CEO of is CEO of the AZEK Company (formerly CPG Lawrence, Kansas. Rupp is the and a global drug discovery and development Waste Management, Executive of the Warren Wang has been named senior International), a building products company managing director of the private services company, announced that Andrew Year. The editors of Waste Dive chose vice president and president of Asia Pacifi c based in Skokie, Illinois. equity portfolio for the University of Lin has joined the board of directors as an winners of their 2017 Dive Awards based Geoffroy van of Boston Scientifi c, eff ective January 1. Chicago’s endowment. independent director. Lin is the chairman on resonance and industry impact. Raemdonck has Wang joined Boston Scientifi c in 2012 as of Lotus Pharmaceutical and independent Waste Management is a Houston, Texas- vice president and managing director for Joanna Rupp joined director of Fubon Life Insurance. based provider of comprehensive waste been named CEO of China. Boston Scientifi c is a developer, 1995 management services. manufacturer, and marketer of medical the board of trustees David Grenier and his wife have moved Clinical Genomics, a provider of cancer department store devices headquartered in Marlborough, of KU Endowment. to their new home in the Arizona desert. testing solutions based in Bridgewater, Chunyong Lee (See photo, page 79.) Neiman Marcus. Massachusetts.

74 Spring 2018 Chicago Booth Magazine Chicago Booth Magazine Spring 2018 75 CLASS NOTES Capstone, a publisher of children’s books in the enterprise resource planning is a global investment management fi rm 2002 and digital products and services, named practice. West Monroe Partners is a based in Milwaukee, Wisconsin. Michael Armstrong was named to Darin Rasmussen vice president of digital business and technology consulting fi rm the board of directors of Minneapolis- product development and management. based in Chicago. Adelina Rosen (See Mergers and based Public Radio International, which Rasmussen has more than 15 years of Acquisitions, page 70.) produces and distributes programming experience in education technology, SaaS, Jeff Holmquist (XP-73) joined Crowe to public radio stations and digital and publishing businesses. Horwath LLP, an accounting, consulting, Sema4, a health information company platforms nationwide, serving over 900 and technology company, last year as based in Stamford, Connecticut, announced stations. Armstrong is general manager David Um (See photo, page 79.) business transformation leader. Crowe the appointment of Kareem Saad as of BET Networks. Horwath is a public accounting, consulting, chief strategy offi cer. Saad was previously and technology fi rm headquartered chief commercial offi cer and executive Michael Broxson has been named 2003 in Chicago. In his new role, Holmquist vice president of strategy and business chief business and operating officer Dallas-based investment company Redpoint will work to improve the effi ciency and development for Source Medical Solutions. of Goldfinch Bio, a biotechnology Capital Group hired Daniel Adashek, eff ectiveness of the company’s external company headquartered in Cambridge, AM ’00, MBA ’03, as a portfolio manager. practices and internal functions. Xavier Santos (See Mergers and Massachusetts. Broxson was previously Adashek was previously a portfolio manager Acquisitions, page 70.) at Takeda Pharmaceuticals, most for the Stark Family Offi ce. Laura Kempf is currently teaching recently as vice president and head of at Oakland University at the Lean Hinne Temminck Tuinstra (See R&D business development. Swee Chen Goh (AXP-2) was profi led in Leadership Graduate Program, a program Mergers and Acquisitions, page 70.) a piece for the Straits Times titled “Human designed for working leaders. Oakland Thomas Hahm (See photo, page 79.) Capital Vital to Business Success.” Goh University is a public university located in is chairman of the Institute for Human the cities of Auburn Hills and Rochester 2005 Anne Hamilton was elected partner of Resource Professionals and chairman of Hills in Michigan. Margaret Ahn (See photo, page 79.) the New York offi ce of Perella Weinberg Shell Companies in Singapore. (Read more Partners, an independent, client-focused about Goh in a feature on the 2018 DAA Shin Kim has been running a Korean Juliette Couratier (See Mergers and fi nancial services fi rm headquartered winners, page 53.) culinary studio, Banchan Story, in Acquisitions, page 70.) in New York. Hamilton is also managing Manhattan. The studio off ers small-group director. She will focus on advising Brian Niccol recently announced his new cooking classes, caters scrumptious bites D. K. Das recently started working in clients in the telecommunications and position as CEO of Chipotle Mexican Grill, inspired by Korean culinary traditions, the LNG space with the Galway Group media sectors. the restaurant chain based in Denver. and works on culinary consulting in Houston, bearing wide-ranging Niccol was previously CEO of Taco Bell. projects. The studio also fi lmed an online responsibilities in LNG off -take such as Jay Jeong-Soo Lim (See photo, page 79.) course about Korean Buddhist cooking product development, market expansion, Sangsoon Park (See photo, page 79.) for Tricycle Magazine. and more. He reports that while his family’s Synerzip named Florence Lowe COO. porch was demolished by a tree in the Margareta Laminto, ’13 (AXP-12), and other AXP-12 alumni came together Synerzip is a software development Jesse Kreider was promoted to general Houston hurricane in 2017, everyone is safe. in October 2017 for a class reunion trip to Ayutthaya Historical Park, an partner for private equity and venture 2004: Celebrate Your 15th Reunion manager of Ross Organic, a specialty archaeological site north of Bangkok that contains the ruins of what was once the : at Reconnect, May 3–4, 2019 capital–backed software companies. ChicagoBooth.edu/Reconnect distributor for the personal-care industry Seokho Kang (See photo, page 79.) capital of the Kingdom of Siam. Hemant Elhence, ’92, is cofounder based in Santa Fe Springs, California. and CEO of Synerzip, which is based in Ryan LaMirand recently started at Dallas. Lowe reports she is excited to 2004 Suneeta Krish (See Mergers and Southfi eld, Michigan-based PrizeLogic Katherine Ruffi ng was named CMO and that it secured $25 million in Series B join the company at a time when it is Brian Brosnan (See Mergers and Acquisitions, page 70.) as chief product offi cer. PrizeLogic is director of communications of Yakima funding, led by Comcast Ventures and innovating in collaboration with other Acquisitions, page 70.) a marketing and technology services Chief–Hopunion, a 100 percent grower- Fifth Wall and joined by other fi ntech companies in the fields of machine Srinivas Krishnan was awarded the company specializing in incentivized owned global hop supplier based in investors. Its funding round was learning, artificial intelligence, and Paul De Cock (See Mergers and Chairman’s Award for Outstanding consumer engagement, loyalty, data, and Yakima, Washington. profi led by Forbes. blockchain technologies. Acquisitions, page 70.) Individual Excellence in April 2016, the analytics. He and his family are relocating eighth-ever recipient of the award in the to the Detroit-area suburbs. Assaf Wand is CEO and cofounder of Irene Didinsky recently published history of Crown South Asia. Krishnan Hippo, a California-based insurtech 2006 The Practitioner’s Guide to Program serves as regional managing director, Mark Laoun was recently promoted to company. The company announced Suraj Badlani was appointed director Management, a book about program South Asia, for Crown Worldwide Group, a managing director in Moelis & Co, a New in the business services group in London management that also details how human resources company headquartered York–based boutique investment bank. of Houlihan Lokey, an investment bank organizational skills can apply to daily life. in Hong Kong. based in Los Angeles. Badlani was Sang Jae Lee (See photo, page 79.) previously head of EMEA technology Holly Fulp (See Mergers and Denis Krupnov (See Mergers and banking at Nomura. Acquisitions, page 70.) Acquisitions, page 70.) Parvez M. Patel has joined eImprovement LLC as its president and Craig Bouchard received an honorary Damien Gerard (See Mergers and Gaurav Kukreja (See Mergers and CEO. eImprovement is the e-commerce doctorate of science degree during Brian Niccol, Acquisitions, page 70.) Acquisitions, page 70.) arm and wholly owned subsidiary of Hippo, an insurtech the Founders Day Convocation of previously CEO of Hajoca Corp., a distributor in the kitchen company cofounded Illinois State University on February Farhad Hakimov (See Mergers and Thomas Reynolds has joined Artisan and bath industry. eImprovement is based 15. Bouchard is the chairman, founder, Taco Bell, was named Acquisitions, page 70.) Partners as a portfolio manager on its US in Racine, Wisconsin. by Assaf Wand, and CEO of Braidy Industries Inc., a CEO of Chipotle value team, and will comanage the team’s secured $25 million in manufacturer of metals for the global Mel Heckman became senior manager two funds, Artisan Value Equity and US Michael Rosen (See Mergers and transportation and defense industries in Mexican Grill. with West Monroe Partners specializing Mid-Cap Value Strategy. Artisan Partners Acquisitions, page 70.) Series B funding. Ashland, Kentucky.

76 Spring 2018 Chicago Booth Magazine Chicago Booth Magazine Spring 2018 77 CLASS NOTES Wolfgang Johann Horvath (EXP- John Salvino was Timur Supataev (EXP-14) (See photo, 11) (See photo, page 80.) page 80.) named to On Wall Mayank Jaiswal joined the faculty of Taylan Turan is regional head of retail the Department of Management at Rider Street’s list of Top 40 banking and wealth management University as an assistant professor Advisors Under 40. (RBWM), continental Europe at HSBC, to teach entrepreneurial studies and a banking and fi nancial services strategic management. Rider University organization headquartered in London. has campuses in Lawrenceville, New Turan is responsible for delivering HSBC’s Jersey, and Princeton, New Jersey. RBWM strategy across the six markets within the region, and is a member of its ATLAS Space Operations announced that RBWM Global Executive Committee. Mark Malosh (XP-75) has been named COO. ATLAS Space Operations is a satellite command and control company 2008 based in Traverse City, Michigan. Vera Calasan (EXP-13) (See photo, page 80.) Jessamyn Norton was promoted to 2007 executive vice president of Spinnaker Matt Birch has been named CFO of Malcolm Fabiyi has been appointed Trust, a Maine bank chartered as a SlingshotVR Inc., a Brooklyn, New COO and vice president of operations of nondepository trust company. She is York–based B2B virtual reality company Drylet, a Houston- and San Francisco– also chief investment offi cer. focused on health-care, sport, retail, and based wastewater remediation–technology industrial applications. company. Prior to Drylet, Fabiyi was the Chirag Pancholi cofounded Seattle- global market director of Praxair Inc. based Jenny Life, a VC–backed life Arnaud Courtin recently joined Bon Joon Koo, ’82, vice chairman of LG Corp, hosted the annual New Year Dinner in Seoul with fellow Booth alumni in March insurance startup looking to address Standard Chartered as change portfolio Jae Hyuk Lee (See photo, page 79.) 2018. Attendees included: the large fi nancial protection gap facing director in Hong Kong. He is also recently Dae Hyung Kim, ’81; Ted Kim, ’82; Howard Ho Chung, ’83; In-Soo Cho, ’84; Junho Cho, ’84; Sangmoon Hahm, ’84; Sungsoo Lim, ’86; Young Won Ha, PhD ’87; Sungmin Kang, ’87; Namuh Rhee, ’88; Johnny J. Koo, American families. married—he and his partner compete in Robert Reifman has been promoted to Argentinian Tango dancing together. He managing director of Lincoln International, ’90; Sangsoo Park, MBA ’86, PhD ’90; Chunyong Lee, ’98; Prescille Cernosia, ’99; Peter Rhee, ’00; Peter Kwak, ’01; Thomas Industry publication On Wall Street also enjoys trail running, photography, a global mid-market investment bank based Hahm, ’02; Jay Jeong-Soo Lim, ’02; David Um, ’02; Sangsoon Park, ’03; Seokho Kang, ’05; Sang Jae Lee, ’05; Margaret Ahn, ’05; Shali Wu, PhD ’07 (Psychology); Jae Hyuk Lee, ’08; Jenny Zheng, ’11 (AXP-10); Ryan Kim, ’12; Mike Hur, ’13 (AXP-12); named John Salvino to its annual list and cooking. in Chicago. of Top 40 Advisors Under 40. Salvino Hyunghoon Kang, ’13; Alex Donghwan Kim, ’13 (AXP-12); Steve Noh, ’14; Kostiantyn Pertsovskyi, ’14; Sungjoon Jun, ’15; Jong Su Yoon, ’15; Hamid Dalglijli, ’16; Tommy Kim, ’16 (AXP-15); Hayeon Lee, ’17; and Kwang Suk Song, ’17. is a partner and fi nancial advisor Abraxas Group founding partner David Shalini Urankar (See Mergers and at William Blair, a Chicago-based Johnson, in the role of interim COO, Acquisitions, page 71.) global investment banking and asset led the turnaround and restructuring Ari Levy, founder and CEO of Shift, was and fi nancial planning for mid-career Innovate Finance, a membership management fi rm. He is also chairman of a Chicago-area behavioral health- 2009: Celebrate Your 10th Reunion named one of the 2017 40 Under 40 in professionals in fi nance, consulting, organization that represents the United of the University of Chicago Booth care company active in adolescent at Reconnect, May 3–4, 2019 Crain’s Chicago Business. Shift is a Chicago- and law. Geometric Wealth has offi ces in Kingdom’s global fi ntech community, ChicagoBooth.edu/Reconnect Alumni Finance Roundtable. This is the residential treatment, adoption, clinical based health-care service that aims to Chicago and Washington, DC. named Julie Shin on its 2017 Women in second year Salvino has been named to services, and foster care. Abraxas provide a fully integrated and personalized FinTech Powerlist. She was also named the list. Group is a boutique advisory fi rm based 2009 approach to healthcare. ConvenientMD Urgent Care, a provider of to Remodista’s 2018 Women2Watch in in Chicago. Gaurav Agrawal was recently promoted urgent care and walk-in medical services, Business Disruption. Shin is head of Dustin Weinberger founded Coda to senior manager, fi nancial planning Kenyata Martin and his wife, Phaedra announced its expansion into Maine strategic operations and innovation, Capital LLC, a lower-middle-market Trevor Mathias was recently and analysis and customer support Martin, ’09, relocated back to the with two new locations in Westbrook productivity, and senior vice president at private equity fi rm based in Chicago, promoted to managing director at worldwide, at Apple Inc., headquartered Chicagoland area. Phaedra recently began and Portland, their 10th and 11th clinics Citi, a fi nancial services institution based in in January 2017. The Coda Capital team Morgan Stanley, a fi nancial services in Cupertino, California. a job as commercial planning manager respectively. Maximilian Puyanic, New York City. also includes Booth alumnus Lawrence fi rm providing investment banking, at Chicago-based beer-brewing company AB ’01, MBA ’09 (EXP-14), is co-CEO. Burley, ’16. Coda Capital focuses on securities, wealth management, and Odelio Arouca Filho (See Mergers and MillerCoors. Kenyata has launched his ConvenientMD is headquartered in Victor Zhorin and his colleagues at the proprietary deal opportunities within investment management services, and Acquisitions, page 71.) consulting fi rm, Thought Process, and Portsmouth, New Hampshire. Becker Friedman Institute for Research the industrial, wholesale, and food headquartered in New York. started working with Intuit in early in Economics at the University of Chicago and beverage industries to support Sofi a Garrido (See Mergers and 2018. He also became a mentor at the published a research article that develops ownership transition from closely held Tara Nussbaum is senior vice Acquisitions, page 71.) Polsky Exchange to coach startups in a general equilibrium model that or family-owned businesses as well as president and cofounder of New the University of Chicago community on encompasses regional variation in the management buyouts. York–based R4 Capital Funding. As Scott R. Hall was promoted to managing marketing and brand management. In type of fi nancial friction, and calibrates part of her 17-year career in aff ordable- director at Jeff eries in their private wealth February, the couple celebrated the fi rst it to measure variation in regional Haijun Zhao (AXP-5) was announced housing fi nance and municipal capital division. Hall helps lead their private client birthday of their youngest son, David. aggregates. Zhorin is a senior research as co-CEO and executive director markets, Nussbaum helped grow the business for the Midwest. Jeff eries is a global associate at the institute. of Semiconductor Manufacturing company to over $300 million of tax- investment banking fi rm headquartered in Phaedra Martin (See Kenyata Aditi Avasthi was International Corporation (SMIC). Zhao exempt fi xed-income bonds under New York. Martin, ’09.) named to the BBC’s was appointed CEO of the company management since its 2016 inception. 2010 on May 10, 2017. SMIC is a Shanghai- R4 Capital Funding provides targeted Peter Kim is president of IOV Solutions, Patrick McGough recently joined 2017 list of 100 Aditi Avasthi was named to the based semiconductor foundry with CRA and geographically diversifi ed a consulting and professional services boutique wealth-management fi rm inspirational and BBC’s 2017 list of 100 inspirational and an international manufacturing and economic investment opportunities for company headquartered in the Geometric Wealth Advisors, as partner. The innovative women. Avasthi is the founder service base. institutional investors. Washington, DC, metro area. company provides portfolio management innovative women. and CEO of Embibe, an education-tech

78 Spring 2018 Chicago Booth Magazine Chicago Booth Magazine Spring 2018 79 CLASS NOTES estate investment trust headquartered in 2012 Ruchira Chaudhary Bloomfi eld Hills, Michigan. Thelen was Ryan Kim (See photo, page 79.) was recognized by previously CFO at AJ Capital Partners, a real estate private equity fi rm. Nathan Lacaze (EXP-17) was named to the Human Capital the board of directors of Dimensional Funds Jong Su Yoon (See photo, page 79.) plc, a global investment company. Lacaze is Leadership Institute the head of portfolio management at Austin- as a top contributor Vladimir Zimovtsev (EXP-20) (See based Dimensional Fund Advisors. Mergers and Acquisitions, page 71.) to human capital in Andrew O’Brien-Penney was elected a 2016: Celebrate Your 3rd Reunion director of economics in the tax practice at Singapore. at Reconnect, May 3–4, 2019 ChicagoBooth.edu/Reconnect Chicago-based law fi rm Baker McKenzie. 2016 2013 Lawrence Burley (See Dustin Ruchira Chaudhary (AXP-11) was Weinberger, ’06.) recognized by the Human Capital Leadership Institute (HCLI) as a Hamid Dalglijli (See photo, page 79.) top contributor to human capital in America–based middle-market companies Singapore. The HCLI is a center that in the manufactured products, services, Tommy Kim (AXP-15) (See photo, page aims to facilitate the acceleration of and health-care sectors. Trick was 79.) leadership development and strategic previously vice president. human capital management capabilities Cecile Thai was named executive A group of alumni, organized by the Chicago Booth Alumni Club of Austria, attended the Rudolfi na-Redoute “masked in Asia. Mark Warman (XP-83) was named director of Supermax Corporation, ball” on February 12, 2018, in the Vienna Hofburg. The ball is the oldest, most traditional ball organized by a student vice president, business services for a Malaysian rubber glove producer fraternity. Attendees included: Vera Calasan, ’08 (EXP-13); Georgiana Cociug; Christian Freibauer, ’14 (EXP-19); Christof David Fernandez (XP-82) (See Creative Group, a full-service meeting, headquartered in Kuala Lumpur. Thai Handlbauer, ’99; Sandra Handlbauer-Zrust; Wolfgang Johann Horvath, ’06 (EXP-11); Kristina Leroux-Harvey, ’93; Petra Mergers and Acquisitions, page 71.) incentive, and recognition company is the CEO of Aveo Vision, a division of Mühlhauser-Horvath; Magdalena-Doina Neagu; Peter Schwingenschlögl, ’13 (EXP-18); Timur Supataev, ’07 (EXP-14); and based in Schaumburg, Illinois. Warman Supermax Healthcare Incorporated. Barbara Windisch, ’93. Mike Hur (AXP-12) (See photo, page most recently served as CFO for 79.) TouchCR, an e-commerce marketing platform using personalized analytics J. K. Khalil was appointed country markets investment management fi rm. automation platform. 2017 to help students prepare for exams. It is manager, Saudi Arabia, for Mastercard, Before joining Adams Street, Kessel was Hyunghoon Kang (See photo, page Abdoulaye Dango (EXP-22) (See headquartered in Mumbai, India. a technology company in the global a principal at Baird Capital. 79.) Mergers and Acquisitions, page 70.) payments industry headquartered 2015 Kevin Bailey (See Mergers and in Purchase, New York. Khalil joined Austin Locke (See Mergers and Alex Donghwan Kim (AXP-12) (See Matt Abernethy (XP-84) was named Hayeon Lee (See photo, page 79.) Acquisitions, page 70.) Mastercard in 2016 with 13 years of Acquisitions, page 70.) photo, page 79.) CFO of Neurocrine Biosciences, a fi nance services, technology, and biotechnology company focused on Lane Nelson was named to Forbes Wesley Gray, MBA ’10, PhD ’10, was payment solutions experience. Care+Wear, a health-wear company Margareta Laminto (AXP-12) (See neurological and endocrine-related Magazine’s 2018 30 Under 30: Energy. profi led in the DealBook section of the New specializing in medical wearables, has photo, page 77.) disorders and headquartered in San Diego. Nelson is the cofounder of Switched York Times: “Hiking Mountains, Gladly, Varun Mathur has been named created a new kimono-inspired hospital Source, a startup working on fi nding with a Marine Turned Fund Manager.” vice president of global specialty gown that is being tested by MedStar, Kristy Malm (XP-82) (See Mergers Adetayo Adegoke (XP-84) has been solutions for distribution companies that Gray is CEO of Alpha Architect, a research- chemical company Hallstar, which is a 10-hospital nonprofi t health-care and Acquisitions, page 71.) hired as vice president at Concurrency, increase the effi ciency and reliability of intensive investment management fi rm. headquartered in Chicago. Mathur was system, and that was profi led in the New a professional services fi rm based in electricity delivery. It’s headquartered in last general manager of Hallstar’s beauty York Times. Chaitenya Razdan is the Peter Schwingenschlögl (EXP-18) Brookfi eld, Wisconsin. Adegoke will head East Lansing, Michigan. John Holmes (XP-79) has been named and personal-care business. cofounder and CEO of New York–based (See photo, page 80.) two of the fi rm’s digital transformation CEO of AAR, a global aviation services Care+Wear. practice areas: customer engagement and Randal Romell (AXP-16) (See Mergers company based in Wood Dale, Illinois, Samir Suri was named senior vice 2014: Celebrate Your 5th Reunion cloud datacenter. and Acquisitions, page 71.) eff ective June 1. Holmes is currently president of product of LendKey, a Alex Schneider has been named an at Reconnect, May 3–4, 2019 ChicagoBooth.edu/Reconnect president and COO of AAR Corp. lending-as-a-service solution for banks IEEE Fellow. The IEEE is the world’s William Bence is vice president and Sonja Schut (See Mergers and and credit unions based in New York and leading professional organization for business development offi cer at MB Business Acquisitions, page 71.) Cincinnati. Previously, Suri was senior advanced technology for humanity. 2014 Capital, the asset-based lending division director of Oportun Inc., a venture- It publishes 30 percent of the world’s Christian Freibauer (EXP-19) (See of MB Financial Bank, a commercial bank Jonathan Smucker became a partner at backed social enterprise that works to literature in the electrical and photo, page 80.) headquartered in Chicago. Marietta Investment Partners, a registered provide access to aff ordable credit for electronics engineering and computer investment advisory fi rm headquartered individuals who are underserved or science fi elds, and has developed more Steve Noh (See photo, page 79.) Sungjoon Jun (See photo, page 79.) in Milwaukee. J. K. Khalil unbanked. than 900 active industry standards. was appointed Kostiantyn Pertsovskyi (See photo, Olga Shompolova (EXP-20) (See Kwang Suk Song (See photo, page 79.) Caitlin Walsh (See Mergers and page 79.) Mergers and Acquisitions, page 71.) country manager, 2011 Acquisitions, page 70.) Alex Kessel was named principal Christopher Trick was promoted to Clayton Thelen has been named 2018: Celebrate Your 1st Reunion Saudi Arabia, for at Reconnect, May 3–4, 2019 on the co-investment team of Adams Jenny Zheng (AXP-10) (See photo, principal at Chicago-based Pritzker Group CFO and secretary of Agree Realty ChicagoBooth.edu/Reconnect Mastercard. Street Partners, a Chicago-based private page 79.) Private Capital, which acquires North Corporation, a publicly traded real

80 Spring 2018 Chicago Booth Magazine Chicago Booth Magazine Spring 2018 81 THE BOOK OF BOOTH A Immanuel Thangaraj, AB ’92, MBA ’93 A leader in health-care venture capital, Thangaraj traces his roots at the University of Chicago and shares the importance of investing in relationships. BY LEEANN SHELTON

How did UChicago’s engagement I love. I’ll give As managing director of Palo What’s the best piece of academic culture help you you an example: every year, I Alto–based Essex Woodlands, professional advice you’ve fi nd your path? work with one or two students Immanuel Thangaraj has ever received? The curriculum forces you as part of the New Venture helped lead one of the Encourage people to take big to seek out and engage with Lab. One year, I recruited a world’s largest health-care- risks without letting them fall other disciplines. At many student to investigate medical dedicated investment fi rms over a cliff . That’s something other colleges, you might go device opportunities in China. in raising over $2.4 billion I learned from Steve Lazarus, in wanting to be a physician, She not only did a great job of and building more than 100 my boss at ARCH and a former like I did, and by chance giving me a market study, but companies. In 2015, he spun associate dean at Booth. He take something else, but you she also sourced a couple of out its early-stage investment was a great mentor to me. wouldn’t necessarily end up in interesting opportunities for activities into Park Lane an economics course taught by our fi rm. Ventures, and he remains What advice would a world-renowned professor. One lead was intriguing managing director at both you give to new Booth You get that at the College here. enough that I fl ew to China fi rms. The 2003 Distinguished students? When I was at Booth, there and ultimately invested in the Alumni Award winner serves Invest in relationships. The was a freedom—and perhaps company, which I never would as co-chair of the Council classes ahead of you and even an expectation—to have found if not for that on Chicago Booth and is a behind you are a collection inquire about other things student. I ended up building dedicated volunteer across of highly intellectual people that would broaden what an entire China practice off the university. you won’t ever have access to initially interested you and that one investment. in the same way again. They challenge you in ways you want to change the world, and hadn’t expected. right now, you’re in the middle of a thousand of them. Don’t CHICAGO BOOTH How did Booth help launch waste that. ✦ your VC career? ALUMNI FORUMS 2018 Between my fi rst and second years at Booth, I had a Mark your calendar for a new generation of alumni forums. summer internship at ARCH Development Corporation, Chicago Booth Alumni Forums bring together Booth’s global alumni community, Booth’s world- which at the time was renowned faculty, and alumni industry leaders for an event experience unlike any other—filled UChicago’s sole technology with learning, networking, and gathering with fellow alumni to share Booth pride. Alumni Forums transfer arm. My job was to shut down one of their will take place this fall in London and Seattle, hosted by our vibrant alumni organizations. portfolio companies, but we were able to secure federal funding that kept the company London Seattle alive. I stayed on full-time as its general manager during November 1–3, 2018 December 7–8, 2018 my second year at Booth, and Hosted by the Chicago Booth Alumni Hosted by the Chicago Booth Alumni ARCH invited me to become its Club of the United Kingdom Club of Seattle fi rst associate after graduation. That opportunity gave me my fi rst job in venture capital.

Why is it important to you Visit ChicagoBooth.edu/alumni-forums to get updates. to remain engaged as an alumnus? Collectively, we can do something that none of us had

planned—that’s the kind of BETZAILLUSTRATION GREG BY

82 Spring 2018 Chicago Booth Magazine Building on Big Ideas Vol. 40, No. 2, Spring 2018

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F S A PAGE10 PAGE82 PAGE34 Professor Richard H. Thaler H. Richard Professor ‘I want you to reach this goal.’” this reach to you want ‘I you in ways you hadn’t expected.” hadn’t ways you in you of them remember it 40itlater.” years remember them of ImmanuelThangaraj, AB ’92, MBA ’93 MichelleBialac, MBA Student Weekend “They don’t want someone who’s going to say, say, to going who’s someone want “Theydon’t “When I first figured out the power of storytelling, storytelling, of power the out figured first “When I what they knew at the end of the course but what they they what but course the of end the at knew they what ‘I need you to complete this task.’ They want you to say, say, to you want They task.’ this complete to you need ‘I would remember five years later. Now I know that some some that know I Now later. years five remember would even an expectation—to inquire about other things that that things other about inquire expectation—to an even “When I was at Booth, there was a freedom—and perhaps perhaps freedom—and a was there Booth, at was “When I would broaden what initially interested you and challenge challenge and you interested initially what broaden would I would tell my students that my plan was not to maximize maximize to not was plan my that students my tell would I 60637 S. Woodlawn Ave. 5807 Chicago, IL Booth School of Business The University of Chicago