SimonBusiness Simon Graduate School of Business | University of Rochester | Fall 2011
Simon New York City Conference: National Experts Discuss Emerging Risks to America’s Financial Stability
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Inside: Undergraduate Business Education • Career Management • Commencement An Undergraduate Business Major
arry Florescue, BS ’66, a University of Rochester alumnus, member of the BUniversity’s Board of Trustees, and a member of the Simon School’s Executive Advisory Committee, has contributed $5 million to create and support an undergraduate business major. In recognition of the support and contributions Florescue has provided for the development of the major, it will be named the Barry Florescue Undergraduate Business Degree Program. (See a profile of Barry Florescue, page 12.) The program, which is a collaboration between the Simon School and the College at the University of Rochester, will provide undergraduates the opportunity to study business in a rich learning environment from faculty across disciplines. The $5 million gift will be used to support tenure-track faculty at Simon who will be teaching courses related to the core curriculum of the major. It will also sup- port related costs associated with offering the new major. An extension of the pre- existing business minor, the major was approved by the New York State Department of Education in February. Richard Feldman, dean of the College, says that there has been increased student interest in a business major, which will provide an ex- panded selection of courses in economics and statistics, as well as business-related disciplines, including finance, accounting, marketing, operations management, and organizational strategy. Undergraduates who complete this major will graduate with a Bachelor of Arts degree with a major in business from the College. “We are excited about the distinction the program will bring the University of Rochester and the two units that are partnering together to deliver it: the College and the Simon School of Business,” says Dean Mark Zupan. “The program reflects well on the ‘One University’ approach that President Joel Seligman has promoted and may well end up being one of the most significant cross-disciplinary programs on our campus. There is appreciable student interest and a market need for students who possess the first-class business training that the Simon School can provide cou- pled with the liberal arts excellence that has long been a hallmark of the College.” The major, which has been in development for two years, will be supervised by a steering committee of faculty and administrators from both Simon and the College, which will monitor the program's enrollment numbers and course offerings, and oversee internships, special lectures, and other opportunities that can enhance the student experience. SB Contents
Fall 2011
03 Dean’s Corner
04 Upfront • Simon in the News • About the Creative Side of Business • Learning the Business of Health Care • Commencement ’11 • Donors Contribute to Simon Initiatives
08 Research Highlights • Consumer Choice of Health Care Significant • Cutting Corners in Nonprofit Nursing Homes —by Sally Parker
10 A Blueprint to Transform the Career Center —by Sally Parker
12 Barry Florescue: Building Business and Business Education —by Richard Zitrin Sean Allen ’11 16 Cover Story: Simon New York City Conference Emerging Risks to America’s Financial Stability —by Charla Stevens Kucko
21 Alumni News • Alumni Gatherings • Class Correspondents • Mergers & Acquisitions • Class Notes
Alumni Leader Profiles: Teresa Cox ’88 Mukul Kasliwal ’88 Jeff Berardi ’02 Neil Amrine ’78
U niversity o f Rochester | Si m o n Gr a d u a t e Sc h o o l o f Business | SimonBusiness | 01 Dean Mark Zupan Ronald H. Fielding, MA ’73, MBA ’76 Carlos P. Naudon ’74 Dean and Professor of Economics and Public Policy Executive Advisory Committee Barry W. Florescue, BS ’66 Jeffrey R. Olsen ’91 J. Peter Simon ‘08 LLD, Chairman William G. Forman, BA ’82, MBA ’83 Robert M. Osieski, BA ’77, MBA ’78 Admissions and Financial Aid Philip G. Fraher ’93 Sandeep Pahwa ’95 Rebekah Lewin ’02 Sami Abbasi ’88 Roger B. Friedlander, BS ’56 Steffen W. Parratt, BS ’85, MS ’87 Executive Director of Admissions and Administration Joseph W. Abrams ’74 W. Barry Gilbert ’82 Warren (Barry) Phelps III ’73 Advancement Edward J. Ackley, BS ’53, MS ’64 James S. Gleason ’68* Kevin M. Pickhardt ’90* Christian Gordon Mark S. Ain ’67 Robert B. Goergen, BA ’60 Dennis M. Pidherny, BA ’86, MBA ’87 Executive Director of Simon School Advancement Gerald A. Altilio Jr. ’92 Scott J. Gordon, BA ’84, MBA ’85 James Piereson Career Management Center John W. Anderson ’80 Gwen Meltzer Greene, BA ’65 Adm. Stuart F. Platt, BS ’55, MBA ’70 Brian S. Archibald, MS ’94 Bruce M. Greenwald, BS ’68, MBA ’69 Robert Park Mark D. Quinlan, BA ’82, MBA ’85 Ajay Asija ’96 Mark B. Grier ’80 David Reh ’67 Executive Director of Corporate Relations and Career Management Neil A. Augustine, BA ’88, MBA ’89 Terence L. Griswold ’83 Robert E. Rich Jr. ’69* Executive Programs Michael J. Behrman ’92 Jeff Hanson Efrain Rivera ’89 Carin Conlon ’99* Joseph M. Bell Robert O. Hudson ’80* John B. Robbins ’74 Executive Director of Executive Programs Jay S. Benet ’76 Charles R. Hughes ’70 Stephen E. Rogers ’90 Faculty and Research Russell P. Beyer ’82 Harvey H. Jacobson ’82 Michael P. Ryan, BA ’81, MBA ’84 Rajiv M. Dewan, ’84 MS, ’87 PhD Taj S. Bindra ’86 Rene F. Jones ’92 Albert I. Salama, BA ’73, MBA ’74 Senior Associate Dean for Faculty and Research; Co-chairman, PhD Program Paul A. Brands ’66 Rufus M. Judson ’06* Richard Sands Michael A. Braun, BA ’71, MBA ’72 Vineet Kapur ’99 Leonard Schutzman ’69 Finance and Operations Steven P. Brigham ’99* Mukul Kasliwal ’88 Joel Seligman (ex officio) J. C. Stevens ’98 Hollis S. Budd Robert J. Keegan ’72 Muriel Siebert ’04 LLD Executive Director of Finance and Operations David J. Burns ’78 John M. Kelly William E. Simon Jr., Esq. Information Technologies Andrew Carter Dennis Kessler Art P. Soter ’72 Alex Nakonechnyi Eduardo Centola ’93 David M. Khani ’93 Gregg M. Steinberg Executive Director of Information Technologies Kevin P. Collins ’82 David H. Klein Martin L. Stern, BA ’79, MBA ’80 Donald L. (Skip) Conover ’79* Ronald B. Knight, BS ’61 Michael C. Stone ’95* Marketing and Communications W. Michael Corkran ’77 Robert B. Koegel Amy Leenhouts Tait ’85* Keir Meisner José J. Coronas ’75* Salvatore A. LaBella ’78* Andrew J. Thomas ’91 Executive Director of Marketing and Communications Clifford J. Corrall, BA ’86, MBA ’87 Evans Y. Lam, BA ’83, MBA ’84 Jon D. Van Duyne ’85 Masters Programs Frank G. Creamer Jr. ’70 Daniel G. Lazarek ’91 Sanjay Vatsa ’89 Delores Conway Carol A. (John) Davidson ’88* John C. MacDonald ’86 Kapil Wadhawan Associate Dean for Masters Programs; Professor of Statistics John L. (Jack) Davies, BA ’72, MBA ’73 Rohtash Mal Kathy N. Waller, BA ’80, MBA ’83 and Real Estate Economics Harindra de Silva, MBA ’84, MS ’85 Jeff E. Margolis, BA ’77, MBA ’78 Ralph R. Whitney Jr., BS ’57, MBA ’73* Joseph G. Doody ’75 Donna L. Matheson, BA ’78, MBA ’79 Janice M. Willett ’78 Program Development Robert B. Dorr ’97 Louise McDonald ’99* Joseph T. Willett ’75 Ronald W. Hansen Stephen Down, BA ’88, MBA ’95 Charles W. Miersch ’70 Timothy W. Williams ’86* Senior Associate Dean for Program Development; William H. Meckling Professor Christopher T. Dunstan, BA ’77, MBA ’81 Richard T. Miller ’91 Alan S. Zekelman MS ’87 of Business Administration; Director of the Bradley Policy Research Center ______Editor www.simon.rochester.edu Kathryn Quinn Thomas Contributing Writers Charla Stevens Kucko, Sally Parker, Joy Underhill, Richard Zitrin Art Director/Designer Geri McCormick Production Manager John M. Robortella Copy Editors Ceil Goldman SIMONBUSINESS, Vol. 25, No. 1 © 2011. ISSN 1077-5323 Photography Annette Dragon, John Smillie, Shannon Taggart Published twice a year by the University of Rochester, William E. Simon Graduate School of Business Administration, 2-341 Carol G. Simon Hall, Box ______270100, Rochester, New York 14627-01000.
Simon Alumni News Office of Marketing and Communications: (585) 275-3736 (phone), (585) 275-9331 (fax), [email protected]. Contributing Writers Kate Gruschow, Kelly Rains Postmaster: Send address changes to the William E. Simon Graduate School of Business Administration, 2-341 Carol G. Simon Hall, Box 270100, University of Rochester, Rochester, New York 14627-0100.
© 2011 William E. Simon Graduate School of Business Administration, University of Rochester
SMC 10-11-74 *Executive M.B.A. graduate
02 | SimonBusiness | S i m o n Gr a d u a t e Sc h o o l o f Business | Universit y o f Rochester Dean’s Corner
ummer is never a quiet time in certainly keep you informed of our plans going forward and academia. As we offered our hope to see you at the next conference. Skudos and bid our goodbyes Following reorganization, our placement numbers are to the Class of 2011 in June (see surpassing last year’s, as our Career Management team page 6) we were also looking ahead continues to persevere with their new employment-agency- to the classes of 2012 and 2013 style strategy (see page 10). We expect continued positive and planning our activities for the results from Robert Park and his team as they develop coming academic year. The year will even stronger expertise in both counseling and recruiter bring a number of opportunities for outreach. Simon alumni to reconnect with the One of our more creative tools to aid in placing our students School, the faculty, and former teammates. is—IamSimon.me—the Meliora Network. Developed by The fall brings Meliora Weekend to campus, Oct. 20–Oct. James Brown ’11 and Christopher B. Sturgill ’11, this 23, 2011, the perfect time of year to visit and reminisce. Bill private social network for the Simon community has so far Clinton, founder of the William J. Clinton Foundation and enrolled 1,600 members. Not only has the network helped 42nd President of the United States, will deliver the keynote Simon to reconnect with alumni, it also gives our students a address live at the newly and spectacularly renovated Kodak networking edge. Because the site offers the ability to search Hall at Eastman Theatre. Supreme Court Justice Antonin for contacts across other social network platforms, it raises Scalia will headline a discussion on “The Meaning of the the number of leads for our students within any particular Constitution,” moderated by Arthur Miller ’56, ’08 (LLD), firm by at least a factor of 10. Contact [email protected] noted television host and law professor. The weekend also for more details. includes our all-alumni reunion celebration and awards dinner We could certainly use your help with any placement on Saturday night, this year at Locust Hill Country Club, where opportunities. If your company has hiring needs, please we announce our latest Distinguished Alumnus, Alumni consider interviewing a Simon student for the job. Contact Service, and the Wilder Award winners. For more details, visit me, [email protected], or Robert Park, robert. www.rochester.edu/melioraweekend. [email protected], with any potential job leads. Although it will be a tough act to follow, we are already Meliora. SB planning on topping the success of last spring’s Second Annual Simon Conference in New York City (see page 16). The alumni who attended were pleased and proud to be affiliated with this event that garnered the attention of Mark Zupan all of the country’s primary business news media. We will Dean
A Simon Education: A Lifetime Return on Investment The Simon School was rated among the top business schools The resulting number represents the length of time, in years, both nationally and internationally this past academic year. it will take the average student to make a return on their in- Simon was ranked as the top private US business school for vestment. The average is 4.33 years for Simon graduates. return on investment by Bloomberg Businessweek. Simon is In the same rankings, Simon was 3rd in accounting, 3rd in ranked the seventh US business school overall and 15th glob- teamwork, 5th in analytical skills, 6th in operations, and 8th ally for ROI. in most innovative curriculum. Bloomberg Businessweek calculated ROI by adding the total “Our reputation among corporate recruiters is of primary dollar amount the average student spends on a degree (tuition, importance to our students in terms of job placement,” says fees, and living expenses) with the total salary given up to Dean Mark Zupan. “These latest rankings place the Simon attend business school. The median pre-MBA salary was then School among the finest business schools in the world for subtracted from the median post-MBA salary, and the differ- value added to the firms hiring our graduates, and for this we ence was divided into the total amount spent on the MBA. are justly proud.” SB
U niversity o f Rochester | Si m o n Gr a d u a t e Sc h o o l o f Business | SimonBusiness | 03 Upfront
Simon in the News
“If you had to identify a culprit for a double-dip recession, this would be it.” “Big government is significantly stifling job creation.” —Mark Zupan on rising gas prices, quoted in “Gas Prices —Mark Zupan on “Where Are the Jobs,” Fox Business, Set to Rise Further as Oil Spikes on Libya Strife,” by Varney & Co., February 7, 2011 Ben Rooney for CNNMoney.com and Yahoo Finance, February 24, 2011
“Governments are going to have to decide if they want to raise taxes or cut services or do a bit of both. There’s “The real estate here is very inexpensive, it’s about the no other way out of this. State and local governments same as renting and it actually makes sense for have become like Detroit car manufacturers, trapped families. The houses are solid investments, with good under pension promises that are growing faster than school systems, that are fairly priced.” their economies.” —Delores Conway, associate dean for masters programs —Robert Novy-Marx, assistant professor of finance, in and professor of statistics and real estate economics, “Public Unions Take On Boss to Win Big Pensions,” by in “Rochester and Pittsburgh Offer Plenty of Housing Charles Duhigg for the New York Times, June 21, 2011. Bargains,” for ABC News and Forbes.com, May 14, 2011
“The company has made a fixed promise to employees. If there are risky assets in the company pension plan and “Super Bowl XLV will be an auto company spectacle.” there’s a shortfall, the company bears the risk. In this environment, it means the employees are carrying less —George R. Cook, executive professor of business administration, in “Car Ads Back in the Super Bowl risk and the owners of the firm are bearing more.” Spotlight,” by David Gelles, Financial Times, —Clifford W. Smith Jr., Louis and Henry Epstein January 30, 2011 Professor of Business Administration and professor of finance and economics, in “Is the 401k DOA,” by Christopher Carosa, Fiduciary News, February 23, 2011
“Right now we’re rated sixth in the world in finance by the Financial Times. (The Simon School) is a well- “The business world involves having to make a lot of regarded brand, and (the MS in NYC program) will help educated guesses about the future and basing one’s us build visibility in the world’s financial capital for our operating decisions in the present on those risky, degree programs.” educated guesses.” —Mark Zupan in “Simon School Makes Push Into New —Mark Zupan in “CEOs Do Make Better Decisions When York City,” by Nate Dougherty, Rochester Business Their Interests Align with the Stockholders,” an opinion Journal, February 4, 2011 piece for the Huffington Post, May 4, 2011
04 | SimonBusiness | S i m o n Gr a d u a t e Sc h o o l o f Business | Universit y o f Rochester About the Creative Side of Business
t the Simon School, spring brings the climax of the Mark AAin Business Model Competi- tion. This year, 16 interdisciplinary teams of would-be entrepreneurs from Simon, the College of Arts and Sci- ences, the Hajim School of Engineering and Applied Sciences, and the School of Medicine and Dentistry submitted busi- ness plans. The teams were competing for $14,000 in cash prizes. From left: Christopher Larsen ’11, Tim DeGrave ’11, Henry Eshenour ’11, Mark S. Ain ’67, and Vice Provost “Entrepreneurship has gotten more Duncan Moore. exposure as we struggle to come out of the Great Recession,” says Nicholas such as evaluating market opportunity, In addition to Ain, the panel of judges Czop ’11, student organizer and past writing a business plan, and creating a included Edward J. Ackley ’64, owner president of the Simon Entrepreneurs. financial model. and president, The Filter Store Plus in “The Mark Ain Competition attracts Five finalist teams presented their Mendon, NY, and former CEO, Consler entrepreneurially minded students business models to a panel of judges on Corporation (now owned by Graver from all schools at the University of a Wednesday in May. First place and Technologies); Eli Futerman, co-pres- Rochester and represents the capstone $10,000 went to Simon students Henry ident and CEO, Hahn Automotive Ware- of the entrepreneurship experience at Eshenour ’11, Tim DeGrave ’11, and house Inc.; and John MacDonald ’86, the Simon School. Students apply the Christopher Larsen ’11 for their take managing director, Signal Hill Updata skills they have learned throughout on a baby formula preparation system Advisors. their Simon experience and create busi- called BottleBrew. Along with Mark Ain’s generosity, ness models that very well may one day The competition is made possible by the competition is supported by the change the world.” support from Simon alumnus and entre- Simon Entrepreneurs and the Czop says the club organizes a series preneur Mark S. Ain ’67, founder and University of Rochester Center for of three workshops to prepare students executive chairman, Kronos Incorpo- Entrepreneurship. SB for the competition by covering topics rated in Chelmsford, Mass.
Learning the Business of Health Care ndividuals with a scientific Washington, business skills are more faculty members lead program background interested in acquiring crucial than ever for those involved in instruction in areas including finance, Ithe business skills necessary to this growing sector,” said Dean Mark operations, marketing, and strategy and navigate an increasingly complex Zupan. “This new full-time program how they apply to health care. health-care industry now have a complements our existing part-time In addition to existing scholarships new option. The Simon School is Medical Management master’s program for the full-time Medical Management introducing a full-time Master of for working professionals in the health master’s program, Simon has Science in Business Administration care industry.” introduced need and merit-based with a concentration in Medical The full-time Medical Management scholarships for qualified applicants Management to its expanding master’s curriculum is designed to to the part-time Medical Management specialized master’s program offerings. provide in-depth perspective and master’s program. The part-time “With the market demand for the analytical tools for individuals program is an evening and weekend- affordable, quality health care and interested in pursuing a career in based program aimed at working the phasing in of some important health care apart from the practice professionals in the health-care sector. public policy changes mandated by of medicine. World-renowned Simon SB
U niversity o f Rochester | Si m o n Gr a d u a t e Sc h o o l o f Business | SimonBusiness | 05 Upfront
Commencement ’11
he Simon School Commencement was held on TSunday, June 12, in Kodak Hall at the Eastman Theatre. The theatre was jam-packed this year, as Simon fielded its largest graduating classes: A total of 282 full-time and part-time MBA students, 38 From left: Dean Mark Zupan, Louis Zamperini, John Naber, Kapil Wadhawan, President Joel Seligman, and Executive MBA students, 189 MS Michael P. Ryan ’81, ’84S (MBA). students, and five PhD students. Our Executive MBA Program in Bern education. Wadhawan is chairman and and horsemanship. Zamperini’s life added another 26 graduates. managing director of Dewan Housing story, Unbroken: A World War II Story The annual Beta Gamma Sigma Finance Corp. Ltd., one of the leading of Survival, Resilience and Redemption, Luncheon on Friday, June 10, kicked housing finance institutions in India. is a current best-selling book written off Commencement Weekend. Alumnus The Wadhawan family, owners of a by Pulitzer Prize winner Laura Michael D. Monteith ’92, owner multi-billion dollar conglomerate of Hillenbrand, author of Seabiscuit. of Strategic Estimating Systems, in real estate holdings, supermarket, and Zamperini’s life is a testament to the Sugar Land, Texas, spoke to the group restaurant chains, and luxury hotels tenacity of the human spirit, and the about the value of the Simon alumni throughout Western India, pledged $1.5 power of compassion. million to the Simon School in 2009 Michael Ryan ’81, ’84S (MBA) to establish an endowed professorship received the Distinguished Alumnus fund—the first gift of its kind from an Award. Ryan related the story of his Indian family to a leading American time as a junior varsity basketball player business school. and how “failing spectacularly” can Louis Zamperini, who earned our teach us more than success. Throughout Commendation Award, and John his distinguished career as a Wall Street Naber, a four-time Olympic gold executive, Ryan has been a steadfast medalist in swimming, offered a look advisor, supporter, and volunteer for the into Zamperini’s truly heroic life. An Simon School. He is chief investment Olympic runner (who met Adolph strategist for Wealth Management— Hitler at the German Olympics) and Americas, head of Wealth Management a World War II prisoner of war, Louis Research—Americas, and chairman endured two years of torture at the of the Wealth Management Americas Kapil Wadhawan hands of the Japanese in World War Investment Committee at UBS. With II. Yet he has publicly forgiven his more than 25 years of experience in community. Professor Ron Schmidt torturers. When the war ended and he the financial industry, he is widely initiated 98 Simon students into the returned to California, Louis settled recognized as a leading market expert. honor society. into life, married, raised two children, Ryan appears regularly on CNN, On Sunday, Kapil Wadhawan and sold war surplus to film studios. CNBC, PBS, TV Tokyo, and Bloomberg delivered the Commencement address. But he wanted to accomplish more. By Television. He is frequently quoted Wadhawan told the story of his father’s chance, Louis attended an early Billy in The Wall Street Journal, Dow Jones death when Wadhawan was 26 and his Graham revival and found religion. News Services, Reuters, Financial mission to carry on the dream of home He started the Outward Bound-style Times, Nikkei News, and Bloomberg. ownership for everyone in his country Victory Boys Camp, an organization Ryan is also a member of the Simon of India. The School’s partnership with that annually teaches thousands of School’s National Council and Executive Wadhawan and his family serves to high-school drop-outs outdoor skills Advisory Committee. SB illustrate the global nature of a Simon such as rappelling, skiing, water skills,
06 | SimonBusiness | S i m o n Gr a d u a t e Sc h o o l o f Business | Universit y o f Rochester Donors Contribute to Simon Initiatives
he Simon School received five Alan S. Zekelman’87, and his Charles W. Miersch ’70 is pledging major gifts totaling nearly wife, Lori, have pledged $1.5 million $900,000 to the Simon School Annual T$7 million this past year to to establish an endowed finance Fund to support strategic initiatives and advance strategic initiatives in the professorship. The Lori and Alan S. scholarships for deserving students. areas of faculty recruitment, curricular Zekelman Professorship of Business Miersch retired in 2004 after 30 years enhancement, and scholarship support. Administration will allow the School to of service to the University and the recruit a distinguished scholar to join Simon School, most recently as senior Mark S. Ain ’67 and Carolyn its globally renowned finance faculty. associate dean for corporate relations C. Ain have made a $3 million Zekelman is a board member of the and institutional advancement at gift commitment to support John Maneely Company, which owns Simon. He is an active alumnus and entrepreneurship education and Atlas Tube Inc., an Ontario, Canada- member of the School’s Executive scholarships at the Simon School. based manufacturer of steel tubing for Advisory Committee. “My 30-plus Mark Ain is the founder of Kronos a variety of industrial and aesthetic years at the University and Simon Incorporated, the Chelmsford, Mass.- uses. Zekelman’s father founded Atlas provided a level of satisfaction and a based market leader in the workforce Tube. “The Simon School has always set of colleagues that, for me, could not management industry. been a leader in the field of financial be equaled anywhere else,” Miersch Ain is a longtime supporter of economics,” Zekelman says. “Lori and explains. “I am grateful and happy to be entrepreneurship at the Simon School I are both excited and committed to in a position to provide some support to and the University of Rochester. making sure that Simon remains at the make Simon an even stronger business Since 2007, the Mark Ain Business forefront of research and pedagogy in school going forward.” Plan Workshops and Business Model finance for years to come.” Zekelman Competition have been open to is a member of the Simon School’s Dennis Kessler, Simon’s Edward both Simon students and University National Council and Executive J. and Agnes V. Ackley Executive undergraduates. Ain has also provided Advisory Committee. Professor of Entrepreneurship, and meaningful internship and scholarship his brother, Laurence, have committed support, as well as a high profile lecture Robert J. Keegan ’72 has made a $500,000 to enhance entrepreneurship series through the University’s Center $1 million commitment to support education at the School. Dennis is a for Entrepreneurship. His support strategic initiatives at the Simon School. member of the Board of Trustees at has enabled students to meaningfully Keegan is retired chairman of the the University’s Medical Center and contribute to economic development board for The Goodyear Tire & Rubber Laurence is a member of the University in the Rochester region through Company. Previously, he was CEO and Board of Trustees. “We believe in internships designed to bolster small chairman of the board. Prior to that, the value of education at all levels businesses and the community. he was president of the Consumer and supporting the Simon School Ain is an actively involved member Imaging business and an executive vice Entrepreneurship Program will directly of the University of Rochester Board of president at Eastman Kodak Company. benefit not only Simon but our entire Trustees, the Simon School Executive He is a member of the University’s community with job creation and Advisory Committee, and a recipient Board of Trustees and the Simon innovation,” Kessler says. of the 2005 Distinguished Alumnus School Executive Advisory Committee. Award, given at Commencement. “My family and I are very pleased to “We are very grateful to the Ains, Prior to establishing Kronos in 1977, be making this gift to the University of the Zekelmans, the Keegans, Charlie Ain led an independent management Rochester with a focus on the Simon Miersch, and the Kesslers for their consulting practice, focused on strategic School of Business,” Keegan says. “The generosity,” says Dean Mark Zupan. planning, product development, University has a rich academic and “Their support will help us to continue and market research to technology research history and strong momentum to provide our students with the best companies. Earlier in his career, while for the future. We trust that our gift possible management education in the in management at Digital Equipment will enable President Joel Seligman and years to come.” SB Corporation, he was instrumental his leadership team to accelerate this in introducing the firm’s first mini- momentum.” computer business management system.
U niversity o f Rochester | Si m o n Gr a d u a t e Sc h o o l o f Business | SimonBusiness | 07 Research Highlights
Consumer Choice of Health Care Significant — by Sally Parker
hen it comes to health care, does choice matter perhaps not surprisingly, to consumers? Conventional wisdom has long people with higher incomes Wsaid it does. But until now, it wasn’t proven. were willing to pay more “Consumer Choice and the Decline in HMO for plans that offer greater Enrollments,” a new study by Gerard J. Wedig, associate choice. While it’s now clear professor of business administration, quantifies the value that having a more complete of consumer choice in health care. “I show that it’s pretty choice set appeals to more significant,” Wedig says. people, Wedig is not sure The paper, forthcoming in the journal Economic Inquiry, why this is so. They may tests the notion that a desire for choice led to a flight from simply want to keep their health maintenance organization (HMO) enrollments options open; they may have in the early 2000s. During those years, HMOs and other a variety of preferences Gerard J. Wedig insurers were moving away from selective contracting, that don’t fall into the same which offered consumers a limited set of health care plan; or they may have clear providers on the basis of cost, efficiency and service favorites that are not offered in any HMO plan. Or, Wedig quality. It was a popular approach in the 1990s, when says, “everyone wants all choices. When the time comes HMOs were in their heyday. During the 2000s, when most when we need health care, we want the best.” insurers moderated their use of selective contracting, HMO Ongoing debate over health care reform highlights this enrollments fell, and health care costs accelerated. issue. In an effort to promote accountability and reduce To determine just how large a role consumer choice costs, the reform bill attempted to make it easier for played in the decline of HMO enrollments, Wedig studied caregivers to work together, or manage care, on patient the health plan decisions of several thousand federal cases. But the notion of managed care implied limited employees in Florida from 1999 to 2003. Employees provider choice and set off alarm bells with the public. were provided with a list of plans and clearly defined “Just about any managed care proposal is likely to restrict prices. During those years, employees who wanted more people’s choices,” Wedig says. “We need to understand why provider choices voted with their feet and migrated to less they value choice. Is there any chance to restrict choice and restrictive plans. still appeal to people?” Even cheaper price tags failed to woo them. The more If insurers knew the specific drivers that motivate restrictive HMO plans offered lower cost, but that didn’t consumers to embrace greater choice over lower cost, they seem to make a difference, Wedig says. The value of choice could create options that appeal to their tastes. Wedig plans was greater than the desire for cost savings. The result: next to explore what drives consumers’ desire for choice. Health plans using selective contracting could not achieve “It’s difficult to restrict choice to control costs, and it sufficiently large volume discounts from hospitals to will continue to be difficult because consumers value compensate for enrollment declines. choice,” Wedig says. “If insurers want to know if it meets The study’s results suggest that “people do think ahead of market tests, they should know how much they save time about their choice restrictions when they’re choosing and how much the consumer values choice. If it doesn’t health arrangements, and they don’t like them,” Wedig says. balance out, it won’t work.” (FR 10-17) (http://ssrn.com/ Women value choice more than men do, Wedig found, and, abstract=1621710) SB
08 | SimonBusiness | S i m o n Gr a d u a t e Sc h o o l o f Business | Universit y o f Rochester Cutting Corners in Nonprofit Nursing Homes — by Sally Parker
onprofit nursing homes that rely on donations larger donor foundations can have great incentives to take advantage of donors’ carry out. But while they are Ninformation asymmetry, leading them to cut poorly informed on areas corners in areas that are less easily observed by the public, that are less observed, donors including donors, a study by Susan Feng Lu, assistant do care about quality. They professor of economics and management, reveals. are sensitive to the NHQI Lu’s paper explores a national experiment, a mandatory report card results and give quality-disclosure policy, the Nursing Home Quality more money if scores are Initiative (NHQI), to investigate the impact of donations on good, Lu says. the behavior of nonprofits. NHQI requires nursing homes Nonprofits ride a wave to file quality-of-care reports on selected areas of care. The of popular sentiment that information is then made available to the public. When it says they exist solely for Susan Feng Lu was introduced in 2002, the initiative brought changes in the good of society and incentives for maintaining quality at nursing homes, Lu maximize quality. Seeing the says. As a profit maximizer, for-profit homes put greater nonprofit as altruistic, donors trust that the organization will focus on ensuring quality in areas that appear in the report provide good quality in both seen and unseen areas. Nursing card and less on unobservable areas, where they cut corners. homes may take advantage of the fact that donors lack full Lu calls this “teaching to the test.” information, Lu says. Those with a higher percentage of “If for-profit firms are doing well on reported dimensions, donated revenue are more likely to pour resources into they can attract demand. Meanwhile, they diminish quality ensuring quality in reported areas and to trim costs with in less observed areas. This can help them minimize costs lower quality in unreported dimensions. and maximize profits” “They are more likely to cut corners to break even,” Lu There has been little investigation into whether nonprofit says. Nonprofit nursing homes are complex organizations, nursing homes, so called profit-deviators, behave similarly the author says. to their for-profit alternatives. Contrary to conventional Their two goals—to fulfill their mission of doing good wisdom, nonprofits, she says, are as responsive to changes in and to make money so they can continue operating—must incentives for maintaining quality as for-profits are. Nonprofit co-exist. This type of organization can ensure quality to nursing homes rely on donors for financial support. Their consumers even as consumers have less data on which to donors tend to be small and lack the level of oversight that judge it.” (FR 10-14) (http://ssrn.com/abstract=1570765) SB
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The Center for Entrepreneurship has the most promising technologies and • Video Game Treatment for Lazy Eye. created a website for investors looking presented them in clear language so An action video game used to treat for business potential by connecting entrepreneurs can easily choose one “lazy eye” (amblyopia). them with the University of Roches- that suits their needs. • Low-Cost Fuel Cell Catalyst. Cata- ter’s diverse list of patents. The site presents a diverse portfolio lysts of a specific shape meet goals for Researchers and scientists at the of technologies in a variety of indus- a four-fold improvement in the use of University have developed more than tries. The long list of business opportu- platinum in automotive fuel cells. 400 patents for inventions in medicine, nities includes: Creating and maintaining the website optics, computer technology, and other • Acoustical Measurement During a is a collaboration among the Simon fields. For the newly launched Entre- Music Performance. This method for School, the Center for Entrepreneur- preneur-Ready Technologies website— acoustics measurement can provide ship, and the University’s Office of www.rochester.edu/entrepreneurship/ analysis through low-energy test Technology Transfer. ereadytech—the Center’s officials chose signals that are masked by the music. SB
U niversity o f Rochester | Si m o n Gr a d u a t e Sc h o o l o f Business | SimonBusiness | 09 A Blueprint to Transform The Career Center
— by Sally Parker
imon School students ready to launch careers The paired team approach—one person looking for jobs, and internships are finding a highly personalized the other knowing the candidate side—makes the office a Sapproach to job hunting under a reorganized Career richer resource for Simon’s students. The corporate relations Management Center. staffers develop strong ties to recruiters and have a deep Staffers in four teams of two—a career consultant and a knowledge of potential employers. Working in specific corporate relations professional—work together to match industries, they become specialists in marketing, finance, the interests of job candidates and employers. Each team consulting, and operations. specializes in a career path: marketing, finance, operations, On the counseling side, Simon’s career consultants know or consulting. the interests and strengths of their candidates. Robert Park, executive director of corporate relations and “Their responsibility is almost to be like a recruiter,” Park career management, is leading the restructuring. says. “They have a responsibility to fill a job that a corporate “I modeled it after an executive search firm,” says relations professional brings in.” Park, who worked for Robert Half International and was “We’re like a recruiting firm with a fixed inventory,” adds managing director of NextPoint Advisors, a coaching, Ron Carlson ’01, a Simon director of corporate relations in development, and job placement company. “The only the finance sector. difference is you wouldn’t have two-person teams; in an Workshops and other educational programming remain executive search firm you don’t counsel. I didn’t want to take part of the mix. But in one-on-one sessions, career away the counseling teams because there’s still counseling consultants review a candidate’s interests, professional that needs to be done.” background, and strengths. What emerges is a highly
10 | SimonBusiness | S i m o n Gr a d u a t e Sc h o o l o f Business | Universit y o f Rochester personalized picture of the type of career the student me in navigating my final decision on multiple offers,” hopes to build. This gives the consultant a stronger sense Struble says. “Most importantly, it was Bob that forged the of what type of employer would be a good fit. A finance relationship with GE Capital, which led to my internship.” student with IT experience, for example, may want to The office’s former structure stymied communication return to an IT setting and assume a different role. between staff reaching out to employers and those helping At Simon, career consultants are subject matter students find jobs, Park says. When he arrived last experts in the careers on their watch. Like the candidates November, corporate relations and career counseling rarely themselves, they attend seminars to learn about the worked together. Park says this is typical of most business opportunities available in various industries—and pass school career offices. Large schools, in fact, have no choice that knowledge on to candidates in the School. but to operate this way because they are dealing with Together team members are more informed about their hundreds of candidates and large-volume recruiting visits candidates than they would be working separately, Park from potential employers. But a small school like Simon says. And they are more agile, responding quickly and benefits from a more aggressive model personalized for each aggressively to job postings and targeting recruiters who student. might not typically make the trip to Rochester. “The smaller your inventory, the more selling of the Park says it’s not easy to attract recruiters to Rochester. candidate,” Park says. “I felt like our size should be an The pool of candidates—roughly 170 full-time MBA advantage, not a disadvantage. The reason we can put an students graduated this spring—is small compared with executive search firm approach in place is because we have most of its peers. The tailored approach is particularly a small class.” useful for handling unsolicited job openings; it requires The office now is more sales-driven, with metrics and staff members to actively follow up with suitable accountability in place to track progress. candidates. “Some of this stuff they were doing, but they weren’t “Calling ourselves an agency suggests to me that I have doing it in a systematic way. We put structure around it to to fill these jobs,” Park says. “I can’t just post a job and make it how we do business now,” Park says. expect them to apply.” Only one staff member has left the office since Both students and clients like the new model, Carlson the reorganization began. Park added two directors says. The companies he deals with appreciate the fact that of corporate relations, including Carlson, and a lead candidates are vetted first. Instead of firing off the resumes management professional. He also hired a career of 50 students, the teams examine each job posting closely consultant and another is slated to come on board. and dig a little deeper into candidates’ experiences, The stakes are high. interests, and skills. “We have a lot of work to do. We need sales people “It could be the case that it’s the kind of job everybody really. The people we’re hiring are more hunters than knows they want,” Carlson says. “Some are going to be relationship managers.” very qualified, but a job description has a lot of subtleties Park, who dealt with all the major business schools as to it. We’ll head-hunt our own people. We’ll find out which a recruiter, says Simon offers a “significantly stronger” one’s the best. That’s a fine line. foundation than other MBA programs that are more track- “You basically take that person’s background, make focused. For example, finance students still take marketing a 20- to 30-second pitch and make a bunch of calls,” courses. he says. “You’re talking about a person; you’re starting “The core curriculum offers a more well-rounded a conversation. It just opens the door to a better candidate,” he says. “Harvard and Wharton will out- conversation and shows that you know your people.” interview a Simon student, but a Simon student will Kyle Struble ’12, an MBA student in finance with outperform Harvard or Wharton. a concentration in corporate accounting, landed an “It’s not just about the Simon brand. It’s about finding a internship at GE Capital, Americas’ headquarters in particular student for a particular job.” SB Stamford, Conn. Struble says the personalized approach was “one of the most important resources I found in my Sally Parker is a Rochester, NY-based freelance writer. internship search. I felt as though I had an ally. “Bob offered my résumé to numerous employers, facilitated introduction to corporate contacts and advised
U niversity o f Rochester | Si m o n Gr a d u a t e Sc h o o l o f Business | SimonBusiness | 11 Barry Florescue Building Business and Business Education
—by Richard Zitrin
arry Florescue’s parents were both hairdressers when he was growing up in BRochester in the late ’50s and early ’60s, but his mother, Gertrude, had other plans for Barry and his four siblings. She was adamant that all five children continue their education beyond high school, and all five did; four went to college and one became a dental hygienist.
12 | SimonBusiness | S i m o n Gr a d u a t e Sc h o o l o f Business | Universit y o f Rochester In addition, Florescue is at the center of a revival of the University’s undergraduate business program, simi- lar to what existed when he was on the River Campus in the ’60s. Florescue is funding the program, which will be named the Barry Florescue Undergraduate Business Degree Program. “Many of us believe an undergraduate program in busi- ness is both desirable and very supportive of the University itself,” Florescue says. “Because of where I come from and how close it is to my history, I became the initial sponsor for the program and get it moving. “I’ve always had a strong affinity to the Simon School and the University,” Florescue continues. “It’s where I came from. My mom and stepdad were hairdressers. I lived at home and was fortunate enough to receive scholarships. I’ve said it many times that if I had not been able to go to school at Rochester, I might be driving a truck rather than owning the companies. It was a phenomenal experience in terms of bringing a whole new perspective to my life.” University President Joel Seligman says Florescue is Barry Florescue, BS ’66 “incredibly loyal to the University and devotes an amazing amount of time to his alma mater.” A brother and sister became lawyers, but that was not one “He is someone who really is proud of the education of the options Barry’s mother laid out for him. “I tell the here and would like to see the University progress further,” story jokingly,” Florescue says. “My mother said, ‘You can Seligman says. “He’s an incredibly successful businessman, be a doctor, a veterinarian, or an accountant.’ I couldn’t but what’s interesting is that, with me, what he talks about stand the sight of blood, so I didn’t have much of a choice.” is not so much his business career as his aspirations for the Thus was born a future CPA. After graduating from the University. He wants to know how to best strengthen the University of Rochester in 1966 with a bachelor’s degree in University.” business administration, Florescue headed to New York City Longtime Simon School administrator Charles Miersch, and a job with Peat Marwick Mitchell & Co. on Pine Street. who has known Florescue for about 30 years and has been a Florescue realized early on, though, that accounting was business colleague of his, says Florescue is a hard-working, not for him. He found the business world more appealing thoughtful man who goes all out when he gets involved in and went to New York University at night and in the sum- projects. “Barry has the kind of drive and intelligence that mer to get his MBA. “The mantra back then was you had to would make someone successful,” says Miersch, who retired be a millionaire before you were 30,” he says. in 2004 as senior associate dean for corporate relations and He ventured into the wide world of business after finish- institutional advancement at Simon. “It doesn’t surprise me ing graduate school at NYU in 1970, succeeded in making that he’s done as well as he has. Obviously, he cares deeply his first million before he turned 30, and has gone on to a about the University. He’s a devoted, active alumnus, some- long, successful career as an entrepreneur in a variety of one who has been willing to put some of his wealth to work enterprises. to make the University a better place.” Florescue credits the University of Rochester for having Florescue’s first foray into the business world came provided the base for all that he’s accomplished, and he has roughly four decades ago, when he became chief financial shown his appreciation over the years by sharing his time officer for turnaround specialist Ed Smith, who took over and wealth with the University. As a member of the Simon Serosonic Laboratories, a blood analyzing firm. “We worked Executive Advisory Committee since 1987 and the Univer- at the business until we got it back to health, then we sold sity Board of Trustees since 1999, he sponsors undergradu- it, so we were out of a job,” Florescue says. ate and graduate business scholarships; he also provided They weren’t idle long, however. Through Wall Street funding for the Florescue-von Manstein Plaza, the com- contacts, Smith and Florescue were introduced to two engi- mons linking Schlegel Hall and Carol G. Simon Hall, that is neers from RCA Advanced Technology Laboratories, who named for his and his ex-wife’s parents.
U niversity o f Rochester | Si m o n Gr a d u a t e Sc h o o l o f Business | SimonBusiness | 13 had created a voice data entry system. Florescue, Smith, and sector. Florescue became a Burger King franchise holder, the two engineers went into business together—Florescue buying two stores that were in trouble and in time growing was CFO, Smith was CEO, and the two engineers were se- his holdings to 15 stores. nior officers—and they started a small company, Threshold Meanwhile, Florescue and several associates noticed a Technology, in southern New Jersey. They took Threshold small American Express firm, Horn and Hardart, that was public to secure financing and, after a while, sold the com- a Burger King franchisee in New York City, and approached pany to EMI in London. company officials to explore the possibility of going into Florescue then headed to Fort Lauderdale to be close to business together. The Horn and Hardart CEO rebuffed the his mother and his then-wife’s family. He looked around offer, setting off a proxy fight that Florescue and his col- for a while for his next venture and found it in the fast-food leagues won.
Barry Florescue, BS ’66, standing at center, with some of his Florescue Scholars: standing at left, Thach Chu ’11; standing at right, Aaron Pollard ’11. Seated from left, Alexander Sylvester ’11, Jason Reminick ’13 MBA/MD, and Nicholas Butkowski ’11.
14 | SimonBusiness | S i m o n Gr a d u a t e Sc h o o l o f Business | Universit y o f Rochester With these moves, and at the age of 31, Florescue found While back in upstate New York, Florescue also became himself CEO and chairman of a restaurant and mail-order more involved with his alma mater. By the time he ar- company. With Florescue at the helm, Horn and Hardart rived in Cortland in the mid-’90s, Florescue already was a grew to a chain of close to 500 restaurants under different member of the Simon Executive Advisory Committee. He flags—Bojangles, Arby’s, Burger King, and King’s Table— had one more goal: to become a member of the University of and, in over 10 years, went from a company with $50 Rochester Board of Trustees. He realized that aspiration in million sales and no net worth to $700 million in sales and 1999. $150 million in net worth. “It became a life ambition of mine to become a trustee,” This journey for Florescue ended in 1988 over a strategic Florescue says. “I was very lucky that during [former disagreement with the Horn and Hardart board over the University President] Tom Jackson’s tenure, several trust- company’s direction. “They bought me out. I went on my ees had taken a liking to me, and invited me to be on the way and they went on their way,” Florescue says. “The board.” company proceeded to lose $300 million over the next three Florescue’s family also has ties to the University; his years. It was sad to see what I had taken 10 years to build brother Leonard Florescue, an attorney in New York City, literally turn into a pile of garbage.” graduated from the University in 1967, and Leonard’s Florescue spent the next several years managing his per- daughter, Heather Florescue, has both her undergraduate sonal assets, then he happened upon his next major enter- (2000) and medical school (2004) degrees from the Uni- prise, Marietta Corp., an amenities provider based in upstate versity. She now is a physician in Rochester and a clinical New York. The company had fallen on hard times after the instructor in the Department of Obstetrics and Gynecology first Gulf War in 1991. “I was fascinated by its business, got at the Medical Center. very friendly with the management team, and through a se- Florescue has three children: Gretchen, a special educa- ries of events, the company got put into play by a Wall Street tion teacher in Colorado; Geremy, who lives in New Jersey; group,” Florescue says. “I had accumulated a lot of stock and and Bryan, who works with Florescue in his Florida office. was approached as being one of the largest stockholders, and Today, Florescue’s main focus is his Florida-based BMD I participated in and won the bidding contest for the com- Management Co., which he describes as an eclectic portfolio pany.” of more than 30 properties from Florida, New York, Colo- The upstate New York native found himself back upstate, rado, and Utah valued from $1 million to $75 million apiece. moving to the Marietta headquarters in Cortland in 1995 He also serves on several public and private boards. to run the company as day-to-day CEO. He helped take the Florescue also had a 20-year run in the banking business small-amenities provider and filler to a global packaging as chairman of the board of Century Bank, a thrift head- company with a focus on the hotel segment; Marietta be- quartered in Sarasota, Fla., that grew from one location to came the world’s largest filler of shampoos and lotions, with 11 and from assets of $60 million to $1 billion. offices in Singapore, Sydney, and London. Florescue is cutting back on his work schedule and in- “We took the company from about $60 million to $180 creasingly spending time with his charitable organization, million over a nine-year period before selling it to a lever- the Florescue Family Foundation. With homes in Florida, aged buyout firm in 2004,” Florescue says. “It was a great New York, and Colorado, he enjoys playing tennis and run, great people, great time.” traveling with his companion, Sharon Gustafson. South Miersch, one of Florescue’s partners in Marietta, has high America, the only continent left that he has not visited, is praise for the job Florescue did helping turn the company on his to-do list. around and, in the process, multiplying investors’ stakes “I’m not working anywhere near as hard as I used to,” many times over. Florescue says, “not nine days a week, but five. I’ve been “It’s an interesting story of what can happen to a com- very lucky. We’ve had to work hard, but fortunately we’ve pany when owners begin to run it, as opposed to manag- seen the fruits of our labor.”SB ers who have stockholders,” Miersch says. “This was our investment to make or break and, in large part because of Richard Zitrin is a Rochester, NY-based freelance writer. Barry’s efforts and other people’s as well, we turned the company around, and it became quite successful before we sold it.”
U niversity o f Rochester | Si m o n Gr a d u a t e Sc h o o l o f Business | SimonBusiness | 15 Simon New York City Conference: National Experts Discuss Emerging Risks to America’s Financial Stability
—by Charla Stevens Kucko
Christopher J. Robert Novy-Marx
ChristieRobert son Robert Shiller Khuzami
Anita
Steven Sands Levitt Jay S. Jay Benet
Clifford W. eter Joel
Smith Jr. G. Peter Seligman P
Three years ago, students in Dean Mark 2010 Simon inaugurated the event, which Zupan’s “Meliora” class—the course was well attended, but definitely quiet in dedicated to ideas for improving the Simon terms of public notice. School—recommended that Simon develop a The Second Annual Simon Graduate more visible presence in New York City, the School of Business Conference on May 19, world’s financial capital. One of the products 2011, hit New York City with a bang. This that resulted from the recommendation was year, nearly 300 people gathered to hear an annual economic conference. In April experts from industry, government,
16 | SimonBusiness | S i m o n Gr a d u a t e Sc h o o l o f Business | Universit y o f Rochester and academia discuss “Emerging Risks to America’s Financial Stability.” The conference garnered media attention from around the world and most certainly has put the Simon School on the top of the list of emerging economic thought leadership. This year’s one-day event began with New Jersey New Jersey Governor Christopher J. Christie speaking at the New York City conference. Governor Christopher J. Christie, who discussed his state’s renewed commitment to making the regulatory President and securities expert environment there more Joel Seligman examined favorable for business. Christie financial regulation response says he is cutting both taxes and and enforcement priorities regulations, since high marginal after the crisis. “We must tax rates drive individuals and prevent future Madoffs,” businesses from the state. “Some Seligman said. “The SEC failed Christopher J. think I’m too direct,” Christie to do so and needs to be more Robert said. “But I am determined to vigilant.” Khuzami said effective Christie make sure that government is enforcement means asking the Khuzami running efficiently and effectively right questions and being smart about what you do. in New Jersey.” Since coming on board in early 2009, he has made a In a lively exchange with Simon School significant impact by, among other Professor and government pensions expert things, streamlining enforcement Robert Novy-Marx, Christie called for more staff and practices, creating legislation on how pensions are handled for specialized teams to examine hedge public employees. “Unions have to be willing to funds and reducing bureaucratic sit down and talk about pensions and there has red tape. He knows the inner to be compromise,” Christie said. Novy-Marx workings of Wall Street having said the government’s pension previously served as in-house crisis is getting worse by the day. Joel counsel for Deutsche Bank, and “State and local governments prior to that, the U.S. Attorney’s have enormous unfunded Seligman Office in Manhattan, where he liabilities in the trillions of ran a securities and commodities fraud unit and dollars and pension plans have prosecuted those responsible for the 1993 World become the primary vehicles Trade Center bombing. Robert for circumventing their own During the lunch hour, the inaugural balanced budget rules,” explained Executive of the Year award Novy-Marx Novy-Marx. His research on was presented to Peter G. son the topic took him to Capitol Hill earlier this Peterson ’94 (LLD), founder year to testify before Congress. His new study and chairman of the Peter G. on government pensions with co-author Joshua Peterson Foundation and the Rauh of Northwestern University was featured in former CEO of Lehman Brothers
The New York Times in June, and is continuing to and co-founder of The Blackstone eter generate national media coverage. Group. A noted philanthropist Peter G. Peter The discussion continued later that and “deficit hawk,” Peterson P morning when SEC Chief Enforcement Officer previously served as the United States Secretary of Robert Khuzami ’79 and University of Rochester Commerce and chaired the Federal Reserve Bank of
U niversity o f Rochester | Si m o n Gr a d u a t e Sc h o o l o f Business | SimonBusiness | 17 Steven Levitt delivered the William E. Simon Memorial Lecture. Levitt cited a conversation he had with UK Prime Minister David Cameron before he was elected about how to handle the country’s budget crisis. Levitt used the example of the UK health care system, explaining that if health care is free to every citizen that provides the wrong incentives. Using the UK health care system as a model for purchasing a car, Levitt suggested to Cameron that all From left: University President Joel Seligman, Peter G. Peterson ’94 (LLD), British citizens should be able to Edmund Hajim ’58, and Dean Mark Zupan. walk into an auto dealership and choose the car of their choice for New York. During his remarks, Peterson said, “The biggest free. Of course, Cameron didn’t problem we have is our dependence on foreign lending and like the idea. But Levitt said it
illustrates a critical point. “The Steven the associated interest costs are staggering.” The award was Levitt presented by President Seligman with an introduction by problem is that all the incentives Edmund A. Hajim ’58, president of Diker Management in health care are misaligned,” Levitt said. “Individuals LLC and chairman of the University’s Board of Trustees. don’t pay on the margin and, in any viable long-term Peterson was honored in recognition of his outstanding system, people are going to have to share some of the professional achievements, his deep respect for our nation’s cost of their health care. People are going to come to the fiscal health, and his significant pattern of public service realization that health care and other goods are really not and philanthropy. He served as U.S. Secretary of Commerce that different.” Levitt said policy decisions are a big part of during the Nixon Administration. His recent book is the reason that certain issues continue to be pervasive in titled The Education of an American Dreamer: How the the economy. The William E. Simon Memorial Lecture is Son of Greek Immigrants Learned his Way from a Nebraska delivered by outstanding men and women from business Diner to Washington, Wall Street and Beyond. Peterson was and government who exemplify the principles and values presented a glass sculpture specially created by Rochester that guided Bill Simon’s life. J. Peter Simon ’08 (LLD), artist Nancy Gong for the occasion. son of the School’s benefactor and namesake, introduced Following the Executive of the Year Award presentation, the speaker. Simon Professor Clifford W. Smith Jr. shared his Earlier in the day, Yale economist Robert Shiller perspective on the impact of global financial regulation said this country has to completely rethink its mortgage changes. “The deficit and borrowing are what most people institutions. “People take leveraged, undiversified are talking about, but the more important question is ‘What investments in homes with their entire life savings and is the government spending money on in the first place that’s a risky thing to do,” according to Shiller. He says it and how do those expenditures match with our collective doesn’t get talked about much, but it led to the financial valuation of what’s being purchased?’ ” Smith crisis. “Major innovation in financial markets needs said. “If the Fed doesn’t move aggressively to happen,” Shiller said. “We have to democratize and to reduce the monetary base over the next humanize finance. People, not corporations, are what three years, the result will be dramatically matter and finance should serve the people.” To that end, higher inflation and interest rates,” he Shiller said that many things have to happen. “We should continued. Smith also weighed in on the topic rethink how people get their information, facilitate getting of government pensions. Recent research on information better, think about how Clifford W. the major challenge facing state and local people manage their risks to their governments regarding pension obligations to homes, to their health, their businesses, Smith Jr. public employees look dire, Smith said, but at their careers, all of these things least as far as New York State is concerned, it understates are amenable to improved financial products that serve the case. “Is the government pension crisis as dire as it appears? It’s worse, especially for New York State,” he said. people’s needs better,” Shiller Robert Later in the afternoon, SuperFreakonomics co-author Shiller explained.
18 | SimonBusiness | S i m o n Gr a d u a t e Sc h o o l o f Business | Universit y o f Rochester International Media that Featured Simon’s New York City Conference The information sharing and gathering theme continued as UBS COO Anita Sands predicted the decade ahead will be “exciting, transformative and disruptive” in terms of technology and its impact on the financial sector. Sands said UBS is focusing attention on four things: mobile, social networking, collaboration, and cloud technology. “My view is that these are phenomenon that are taking place in the broader technology industry Anita and that every company needs to adapt,” Sands said. “Clients’ expectations have Sands changed, so we now have to build applications that are intuitive and that are immediately understandable and interactive.” For UBS financial advisors, the changes are even more profound. “Our bet is around the power of mobile, and allowing our financial advisors to be wherever their clients need to be, giving them the information at their fingertips that they need to do the job that they want to do.” Prominent alums from the business arena also examined emerging risks to the nation’s financial stability. Ricardo Leiman ’99, CEO of Noble Group Ltd., and Jay S. Benet ’76, vice chairman and CFO, Travelers Insurance, sat on a panel moderated by Simon alumna and former Bloomberg TV journalist Melissa Long ’04.* The
panel covered the European debt crisis and future of the Euro zone, as well as the impact of natural disasters on risk management strategies. Jay S. Jay
Benet Long is currently an evening news anchor at WXIA-TV, the NBC affiliate in Atlanta. Prior to Bloomberg, she was a news anchor for CNN and HLN. The conference generated coverage from national media is also the media capital of the world, so having a highly outlets including Fox Business, Bloomberg Businessweek, visible event that sheds light on issues that are of prime The Wall Street Journal (Dow Jones), Thomson Reuters, importance to government and to business nowadays Fortune, Forbes, Management Magazine, the Daily reflects well on all of us at Simon,” said Dean Mark Telegraph (UK), National Underwriter Property, Crain’s Zupan. The original idea came from a student team with New York Business, Barron’s, Agenda, Law360, the input from Simon’s Executive Advisory Committee, Newark Star Ledger, WNYC Radio and NJ.com. Advance and Zupan intends to build on it in the years to come. coverage included stories in the Rochester Democrat and Plans are already under way for the third annual NYC Chronicle and Rochester Business Journal. Conference next spring. To view more NYC Conference Major events like these are part of Simon’s strategy to photos, visit the Simon Flickr at http://bit.ly/im9dZs. establish more of a national presence in New York City. The third annual NYC Conference is scheduled for “New York is still the world’s financial capital, it’s our early May 2012. For up-to-date information, visit second largest alumni base outside of Rochester, and it www.simon.rochester.edu/nyc SB
*Executive M.B.A. graduate
U niversity o f Rochester | Si m o n Gr a d u a t e Sc h o o l o f Business | SimonBusiness | 19 Throughyou , Simon studentsprepared are
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2010050_UR_Simon_Ad.indd 1 3/22/11 9:50 AM AlumniNews
Share Your News! To submit a class note, send an e-mail to the Simon Advancement Office in care of Kelly Rains at [email protected], or to your Class Correspondent below.
Class of 1982: Sameer Shah, [email protected] Class of 1983: Ellen Stevens, [email protected] Class of 1988: Jeff Durbin, [email protected] Class of 1992: Eric Suitos, [email protected] Class of 1994: Rosanne Tierney Schwartz, [email protected] Washington, D.C.—Area alumni gathered for an evening of networking on April 14, 2010, hosted by Stan Voudrie ’01 and his wife, Alison. Class of 1995: Hakan Akbas, [email protected] Philipos Minaidis, [email protected] Nikolaos Veraros, [email protected] Class of 1996: Aditya Kapoor, [email protected] Class of 1998: Geoff Laughlin, [email protected] Class of 1999: Helen Zamboni*, [email protected] Class of 2001: Bob Tracy, [email protected] Class of 2004: Karen Sweet, [email protected] Class of 2005: Rameet Kohli, [email protected] Seiichiro Takahashi, [email protected] Class of 2006: Chris Johnston, [email protected] Class of 2008: Chris Adams, [email protected] Christine Stoelting, [email protected] Don’t see your class represented here? Interested in becoming a Class Correspondent? Contact Kelly Rains at [email protected] to learn more. Rochester—The Class of 1985 is pictured at the Meliora Weekend Reunion Celebration and Awards Dinner on October 16, 2010.
Atlanta—Area alumni gathered for an evening of networking on October 21, 2010. New York—Last summer’s interns working in the New York City area joined alumni for an evening of networking on July 22, 2010.
*Executive M.B.A. graduate
U niversity o f Rochester | Si m o n Gr a d u a t e Sc h o o l o f Business | SimonBusiness | 21 AlumniNews
New York—A lecture and book signing, “An Evening with Andrew Ross Sorkin,” by New York Times reporter and columnist Andrew Ross Sorkin, was followed by an alumni networking reception on January 20, 2011.
Charlotte—Area alumni participated in an Open Doors student-alumni virtual networking session before Washington, D.C.—A panel discussion entitled “Net Neutrality and Broadband Regulation: What’s gathering for alumni networking on January 27, 2011. at Stake? What’s the Endgame?” featured Professor Rajiv Dewan ’84 MS, ’87 PhD, Andrew Lipman, (Pictured, from left): Executive Director of Advancement Dr. Michael D. Pelcovits, Roger C. Sherman and was moderated by Dean Mark Zupan. The event was Christian Gordon, John Donnelly ’09, and Chris hosted by Kevin Sheldon ’04 and Marty Stern ’80 at K&L Gates. (Pictured, from left): Dr. Michael D. Domeny ’07. Pelcovits, Andrew Lipman, Marty Stern, Dean Zupan, and Roger Sherman.
Ohio—Alexsandra Sukhoy ’03 hosted a gathering in her home last fall for Simon alumni in the northeast Ohio area. (Pictured, from left): Jeff Rochester—Current part-time students joined area part-time alumni Anderson ’79, Gary Lisy ’81, Chris Karr ’90, Alex Sukhoy, and Chris for an evening of wine tasting and networking hosted by David Brophy ’02. Cole ’89 and Peter Lijewski ’93 at Constellation Brands on January 6, 2011. (Pictured, from left): Peter Lijewski, Larry Hessney ’88, Andrea Lever ’01, and Bill Lever ’01.
Los Angeles—A dinner with Delores Conway, faculty associate dean for masters programs and professor of real estate economics and statistics, was hosted Rochester—The Meliora Weekend Reunion Celebration and Awards by National Council Dinner was held on October 16, 2010. The John N. Wilder Award was member Evans Lam ’84 presented to Evans Lam ’84; the Distinguished Alumnus Award was on November 4, 2010. presented to Jay Benet ’76. (Pictured, from left) Dean Mark Zupan, Evans Lam, President Joel Seligman, and Jay Benet.
22 | SimonBusiness | S i m o n Gr a d u a t e Sc h o o l o f Business | Universit y o f Rochester Mergers&Acquisitions 1990 Cotton, born December Paul Caseiras and his wife, 13, 2010. Jennifer is a Gisele, welcomed the arrival vice president at Madison of their son, Felipe, born Capital Funding. She and November 8, 2010. Felipe her family live in Hinsdale, joins older sister Beatriz. IL. Paul is a director at Credit Suisse. He and his family 2000 live in New York City. Deniz Tunca and his Adaptiv Technologies and wife, Ipek Tunca ’00, principal at Gold Product Jonathan Kuo married 1995 welcomed the arrival of their Development. They live in Chanida Vakindacha on May Hakan Akbas and his son, Bati Brooklyn Tunca, Scarsdale, NY. 15, 2010, in Arlington, VA. wife, Songul, welcomed the Jonathan is a management arrival of twin daughters, Elizabeth Busch and her consultant at Hildebrandt Ela and Alya Akbas, husband, Christopher Baker Robbins in Busch ’03, welcomed the Washington, DC. Chanida is arrival of their first child, a senior technical consultant born August 11, 2010. Bati Cian William Busch, born at High Performance joins older brother, Kaya Technologies Inc. They live Deniz. Deniz is a director in Fairfax, VA. at Stirling Ackroyd; Ipek born on February 23, is a director at Microsoft Lee McNeer and his wife, 2011. Hakan is president Corporation. They live in Michele, welcomed the of strategy, business Istanbul, Turkey. arrival of their daughter, development and insurance August 9, 2010. Elizabeth is Laine Antoinette, born July services, at Sabanci 2001 a manual processing leader 12, 2010. Laine joins older Holding. He and his family Drew Hearon and his wife, at GE Capital Americas. siblings Max, Beck, and live in Istanbul, Turkey. Amy, welcomed the arrival They live in Chicago, IL. Cade. Lee is vice president, of their daughter Margot originations, at Red Tomoyuki Ohno and his Frances Hearon, born 2004 Mortgage Capital. He and wife, Noriko, welcomed Gabriela Gutierrez his family live in Charlotte, the arrival of their son, Brillhart and her husband, NC. Hiroaki Ohno, in December Kevin Brillhart ’04, welcomed the arrival Jon Scahill married Alexis of their son, Max K. Fabricant on September 4, Brillhart, born November 2010, at the Sagamore Hotel in Bolton Landing, NY. Jon is October 29, 2010. Margot joins older sisters Avery and 2009. Hiroaki joins older Celia. Drew is a director at brother Takaaki. Tomoyuki Deutsche Bank Securities. is general manager of the He and his family live in environmental business Garden City, NY. department at Mitsui & Co. Europe Plc. He and 2003 6, 2009. Max joins older president and chief operating his family live in London, Tamara Arbesman sister Alexa. Gabriela is officer atQuest Patent England. married Adam Gold on vice president of global Research Corporation, an August 30, 2009, at Fort financial risk management intellectual property asset 1999 Tryon Park in New York at Barclays Capital; Kevin management corporation in Jennifer L. Cotton and her City. Tamara is director is vice president of equity- New York City; Alexis is a husband, Kelly, welcomed of academic affairs at linked capital markets with senior account executive at the arrival of twins Thomas Columbia Business School; Wells Fargo Securities. The Lane Communications Jack and Charles Patton Adam is co-founder and They live in West New Group, a public relations firm. chief technology officer of York, NJ. They live in New York City.
*Executive M.B.A. graduate U niversity o f Rochester | Si m o n Gr a d u a t e Sc h o o l o f Business | SimonBusiness | 23 Mergers Acquisitions
& Salvato, welcomed the Christopher R. Seitz and his wife, Karen, arrival of Lauren Ashley welcomed the arrival of Salvato, born February 6, their daughter, Paige Seitz, 2011. Larissa is a channel marketing manager at Petz Enterprise Inc. She and her family live in Dublin, OH.
2008 Kristopher Giardino and his wife, Sheri Giardino, welcomed the arrival of born January 30, 2011. Julio Castillo married Inc. She and her family their daughter, Olivia Lynn Paige joins older sister Alexia Soler on live in Farmington, NY. Giardino, born August Caroline, 5, and brother September 11, 2011, in 10, 2010. Kristopher Gavin, 2. Christopher is an Barcelona, Spain. Julio is Emily Aronstam Duga is a project manager at executive search consultant a manager at Europraxis and her husband, Jason the Rochester Genesee at Heidrick & Struggles. Consulting; Alexia works Duga, welcomed the arrival Regional Transportation He and his family live in in product marketing of their first child, daughter Authority. He and his Foxborough, MA. for Ingram Micro. They Sienna Katherine Duga, family live in Rochester, live in Barcelona, Spain. NY. 2005 (Pictured, from left): Pressigny Alcindor and Pedro Grau ’05, Nuria 2009 his wife, Muthla, have Hernández ’05, Julio Jailendra Singh and his welcomed the arrival of two Castillo ’05, Alexia Soler, wife, Anuprita, welcomed children, Nouri, born in Esteban Dávalos ’05, and the arrival of their son, 2009, and Nasser, born in Soledad Cortez. Aarush Pratap Singh, 2010. Pressigny is a bank examiner at the Federal 2006 born July 14, 2010. Emily Reserve Bank of New Saswata Banerjee married is a financial analyst at York. He and his family Teeas Bhattacharya on Xerox. She and her family live in New York City. December 2, 2009, in live in Webster, NY. Kolkata, India. Saswata is Bradley J. Bismark and Patrick K. Murphy his wife, Rashmi, welcomed and his wife, Michelle, the arrival of their second welcomed the arrival of born December 14, 2010. child, daughter Priyanka their son, Patrick Keith Jailendra is a research Erika Bismark, in October Murphy IV, born May associate at Susquehanna 28, 2010. Patrick is a Financial Group. He commercial banker at and his family live in a senior financial analyst Middlesex Savings Bank. Parsippany, NJ. SB at Chartis Insurance in He and his family live in New York City; Teeas is a Wrentham, MA. Web content manager for the Goethe Institut in New Larissa A. Salvato 2010. Priyanka joins older Delhi, India. They live in and her husband, Jason sister Ananya Jennifer. New York City. Bradley is head of channel analytics (North America) Jamie F. Block welcomed at HSBC. He and his family the arrival of daughter live in Buffalo, NY. Jenna Block in June 2009. Jamie is a tax manager and financial planner at Wealth Design Services
24 | SimonBusiness | S i m o n Gr a d u a t e Sc h o o l o f Business | Universit y o f Rochester Alumni Leader Profile ClassNotes Te r e s a Co x ’88
1973 1988 n a career that has Joseph H. Safier was Teresa Cox has been spanned engineering, appointed to the 2010–11 appointed to serve as a trade supply chain, and Los Angeles Civil Grand advisor to the US Department I contract management, as well Jury (CGJ) and selected by a of Commerce, working on as Silicon Valley, Wall Street, panel of judges and others as small- and minority-business foreperson. Unlike the more initiatives. Teresa, who will and the White House, Teresa familiar Criminal Grand be a member of the Industry Cox is undoubtedly a woman Jury, the CGJ is a citizens Trade Advisory Council, is a to watch. watchdog group whose sole senior contracts negotiator at Currently senior IT public presence is a report Symantec Corporation. International Contracts issued at the conclusion of their one-year term in June. 1990 Negotiator for Symantec Joe previously served as a Paul Seguin (PhD) recently Corp., Cox was recently member of the 2008–09 Los published GMAT Business tapped by the Obama Angeles CGJ. Ready™ Quantitative Skills, administration to serve as an a comprehensive review advisor on the Industry Trade skills I learned from earning 1976 of the analytical tools and Advisory Council. In that my MBA,” she says. “Skills Geoffrey P. Lantos techniques used in everyday has recently published business that defines the capacity, Teresa will develop such as investment analysis, a textbook, Consumer set of quantitative skills small- and minority-business marketing competitiveness, Behavior in Action: Real prerequisite for the pursuit initiatives and promote operation efficiency, and Life Applications for of an MBA (available from US economic interests concise writing have all led Marketing Managers. the Graduate Management in international trade to greater job opportunities Geoffrey is a professor of Admissions Council). Paul agreements. She will also business administration at is a principal at Argus regardless of the industry.” Stonehill College in North Partners in Atlanta, GA. advise on key objectives and Outside of work, Cox Easton, MA. bargaining positions for global enjoys traveling, exercising, 1992 trade negotiations and other and spending time with 1981 Amy Hutton (PhD) and trade-related policy matters. her family. She serves as Alan D. Barasky had co-authors Patricia Dechow This isn’t the first time a community activist in an essay published in the ’93 (PhD) and Richard Cox has made news. In 1985, May 10, 2010, issue of the Sloan ’92 (PhD), received education, small minority Christian Science Monitor, “A the American Accounting she was the first African- businesses, health care, and Man For All Seasonings.” Association’s inaugural American woman in the international trade. Alan is an associate advisor Distinguished Contribution to nation to earn a degree in Her must-read? Never in at TechPar Group in Accounting Literature Award nuclear engineering. In her My Wildest Dreams: A Black Hackensack, NJ. for their research paper, current capacity at Symantec, Woman’s Life in Journalism, “Causes and Consequences she negotiates and awards 1983 of Earnings Manipulation: written by her friend, Kenneth R. French (PhD) An Analysis of Firms international contracts for IT Belva Davis. “Belva’s rise was featured in The New Subject to Enforcement suppliers. from humble beginnings York Times for convening a Actions by the SEC.” Amy Cox was attracted to to national journalist group of 15 distinguished is a professor of accounting Simon for its high ranking chronicles some of the most economists to produce at Boston College, Carroll in finance and credits the significant events in recent “The Squam Lake Report,” School of Management in unique New York Recruiting a compilation of ideas Chestnut Hill, MA. Patricia American history,” adds and recommendations for is the Donald H. and Ruth Program in helping her land Cox. “Her story of survival preventing future financial F. Seiler Professor of Public a job at one of the largest and determination can be an crises. Kenneth is a professor Accounting and Richard is Wall Street firms. “I’ve been inspiration to us all.” SB at Tuck School of Business the L. H. Penney Professor able to apply many of the at Dartmouth College in of Accounting at the Hanover, NH.
*Executive M.B.A. graduate
U niversity o f Rochester | Si m o n Gr a d u a t e Sc h o o l o f Business | SimonBusiness | 25 Alumni Leader Profile Mu k u l Ka s l i wa l ’88 ClassNotes Haas School of Business, general partner, and University of California at portfolio manager at Ada soon grew into a formidable Berkeley. Advisors LLC/Ada Series conglomerate. Total Return Fund LP in From 2000 to 2005, the 1995 Rochester, NY. business was completely Marc Sachdev is now restructured, then, in 2006, chief financial officer of split four ways. Kaslliwal Aquavation in Pittsford, NY. was the driving force behind 1996 the restructuring, which Debasish Deb is currently resulted in MW Corp., a global a country manager at Coca- competitor in renewable Cola Far East Limited in energy, infrastructure Dhaka, Bangladesh. development, and textiles. In 2008, MW Corp. acquired 1997 Sean L. Rugless is now Klopman, one of the world’s president and chief executive ukul Kasliwal is a largest textiles manufacturers officer at the Greater Daniel Forrester released global industrialist and market leader in work Cincinnati & Northern his book in January and entrepreneur and protective wear. Later this Kentucky African 2011, entitled Consider: M American Chamber of Harnessing the Power of and executive chairman year, MW Corp. will bring Commerce in Cincinnati, OH. Reflective Thinking in Your of MW Corp., a family the Maheshwar Hydel Project Organization, on the concept business based in India. The online, which will produce 400 1998 of reflective thinking in an conglomerate is involved in megawatts of electricity and Joel J. Levesque was age of immediacy. The book a variety of industries, from help establish the company honored in November 2010 is available through Amazon. textiles to renewable energy as a dominant player in by the Central Asia Alumni com. Daniel is a director at Sapient Corporation. and has operations across three hydroelectric power. Group of the Simon School at a reunion in the Hall of continents. Kasliwal’s career “It was at Simon where Heroes at the Pentagon. He Paula Pingel* has demonstrates just how far a I learned the tools I use has now retired from active recently accepted a position company can grow when it every day for analysis and duty in the US Army, having as an energy services adopts savvy business practices. decision-making,” he notes. completed 21 years of service commercialization leader Kasliwal was attracted to “In any situation, I strive to and serving in a number of with GE Energy Services. She and her family will be the focused finance program understand the cost benefit, relocating to Charlotte, NC. at Simon, which he heard which is not always measured about from close friends and in strictly financial terms.” Sarah Plasky-Sachdev* is his brother’s professors at Kasliwal is committed to now chief executive officer of Harvard. “Simon was an up- building MW Corp. into a Aquavation in Pittsford, NY. and-coming school, ranked global enterprise that cherishes combat tours in Afghanistan 2002 very highly in finance,” its people and operates as a and Iraq since 9/11. The Jeffrey J. Berardi, chief responsible and professional Kasliwal says. “It gave me a retirement ceremony was marketing officer at K&L solid background in financial corporate citizen. also attended by the co- Gates LLP in Boston, MA, analysis and valuation.” Kasliwal serves on Simon’s founder of the Central Asia was recently recognized as Working in the family Executive Advisory Committee. Group, Army Reserve Lt. Col. the International Marketing Professional of the Year at the business benefitted both Kasliwal spends his spare Edmund L. Luzine Jr. ’89. The alumni group was formed Hubbard One Excellence in him and the company. For time with his wife, 11-year-old by Joel (at right) and Ed (at Legal Marketing Awards. example, he soon realized son, and a handful of good left) at Bagram Air Base, that the family business friends. He enjoys listening Afghanistan, in early 2002. Anurag Heda recently needed to diversify. He drove to music, watching movies, launched a New York City- the company’s expansion swimming, and developing his 1999 based strategy consulting firm, Naissance, providing into renewable energy in the spiritual approach to life. SB Laura L. Fichter* is now chief investment officer, practical sales and marketing early 90s, and the business
26 | SimonBusiness | S i m o n Gr a d u a t e Sc h o o l o f Business | Universit y o f Rochester Alumni Leader Profile Je f f Be r a r d i ’02 advice to investment Melissa Long* has been managers trying to increase named co-anchor of the s chief marketing assets in the competitive “11Alive” 10 p.m. news on officer at K&L investments industry. WXIA television in Atlanta, Gates LLP, in GA. Previously, Melissa was A 2003 a journalist at Bloomberg TV Boston, Jeff Berardi has in New York City, Hong Kong, witnessed phenomenal and Sydney, Australia, and corporate growth. “When served as an anchor/reporter I started here less than a with CNN, HLN, and CNN. decade ago, we were just 10 com. offices located only in the US. Matthew T. Madden is Now we have 2,000 lawyers working as a production in 36 offices across the manager at The Goodyear globe,” he says. Tire & Rubber Company in That kind of growth has Dalian, China. led to more than $1 billion Alexsandra Sukhoy, who has recently released her Arturo Picicci recently in annual revenues and has approach to problem-solving second novel, Chatroom to accepted a position as director earned the firm the most first- I learned at Simon was Bedroom: Rochester, New of national consumer strategy at tier rankings in the inaugural invaluable,” he notes, “and Verizon in Basking Ridge, NJ. York, is a writer for Creative edition of U.S. News & World it helped me build credibility Cadence LLC. Report’s “Best Law Firms.” C. Patrick Scholes is now a and communicate well with Berardi leads a marketing 2004 senior analyst covering gaming our attorneys.” John C. Allen has joined and lodging companies at FBR team of 65 people dedicated Berardi particularly Travelers Insurance in Capital Markets in New York to building brand awareness enjoyed the Kauffman Farmington, CT as a financial City. and growing the business. Internship Program at consultant. He was recently named the Roberto Vazquez has Simon and Ron Schmidt’s International Marketing teachings in the managerial Michael Camarella was relocated to Uruguay to Professional of the Year by recently promoted to senior be closer to his family. He economics course. “Simon’s portfolio manager and vice joined OCA–Itau Group in Hubbard One Excellence, a entrepreneurial track taught president at Oppenheimer Montevideo, Uruguay, as a division of Thomson Reuters, me that I could continue to consultant in February 2011. Funds Inc. in Rochester, NY. in its Excellence in Legal learn outside the program,” Marketing Awards. The 2005 he notes. “That is exactly Samuel A. Coronado is now awards recognize innovative country manager for Mexico Christopher Antola accepted what I’ve had to do in this marketing professionals in at Shell Oil in Houston, TX. a position in August 2010 as fast-growing law firm.” vice president of sports rights law firms and corporate law With two kids under the Cesar Garcia-Brena is and corporate finance at departments. age of three, Berardi values Fox Sports Media Group in a managing partner at After earning an all the family time he can consulting firm Bremass Beverly Hills, CA. undergraduate degree in get. When possible, he fits Energy Advisors LLC in psychology from Boston Houston, TX, and a professor Bradley J. Bismark has in some skiing and escapist College, Berardi worked in a in the MBA program at relocated from Paris, France, to reading, such as the futuristic the Instituto Tecnológico Buffalo, NY, taking on a new full-service marketing agency novel Infinite Jest by David Autónomo de México position as head of channel before deciding to round Foster Wallace. SB (ITAM) in Mexico City. analytics (North America) at out his education with a HSBC. Simon MBA. “The analytical Jonathan Lee was promoted to general manager of the Esteban R. Davalos has Dunlop and Kelly brands relocated from Barcelona, at The Goodyear Tire & Spain, to London, England, Rubber Company in Akron, where he is now a global OH. marketing manager at Reckitt Benckiser. *Executive M.B.A. graduate U niversity o f Rochester | Si m o n Gr a d u a t e Sc h o o l o f Business | SimonBusiness | 27 Alumni Leader Profile Class Ne i l Am r i n e ’78 Notes
Rameet Kohli joined the planner at Wealth Design creative products and focusing GE Energy–Smart Grid Services Inc. in Rochester, NY. his energy on marketing. Center of Excellence in What’s changed the most? San Francisco, CA, as a Frederico C. Cruvinel is “The Internet. People are senior consultant in August currently a procurement 2010, where he is part of manager at Votorantim much more sophisticated and a team offering strategic Cimentos in Curitiba, Brazil. knowledgeable about their consulting services focused buying decisions, but there’s a on smart-grid technologies to Tracy D. Gossett was lot of misleading information customers, including utilities, promoted to special processes out there,” Amrine says. Not governments, and universities. engineering manager for the Commercial Sector–Aircraft only are booking times much Ariane Krenichyn Group at Moog Inc. in East more condensed, but people is now a research and Aurora, NY. are looking to be part of an measurement manager experience, not just see the at Partners+Napier in Charles S. Pulire is now sights. Amrine has crafted a Rochester, NY. a portfolio manager at n recent years, few niche selling tours to groups Oppenheimer Funds Inc. in Jasmin Kung recently Rochester, NY. businesses have changed rather than individuals. launched an e-commerce site, Imore than the travel While at Simon, Amrine www.indeeyo.com, based in Katy N. Purwin has industry. As president of took advantage of the 3-2 Burlingame, CA, that features accepted a position as a senior Guide Service of Washington Program as a math major. independent clothing/ manager, customer marketing, accessory designers across the Inc., Neil Amrine is His MBA prepared him to at Novartis: CIBA VISION country and eventually from in Atlanta, GA. well acquainted with the work well in very different around the world. challenges of such constant environments. “At each job, I Justin A. Sansone is now change. was astounded at how cutting- Gonçalo Souto was one a senior international tax After several years of work edge my Simon education of approximately 150 accountant at Eastman with Fortune 500 companies was,” he notes. “I value participants in the recent Kodak Company in Sea Paddle NYC. The group and Ernst & Young in New how Cliff Smith and [former Rochester, NY. York City, Amrine made his Simon faculty member] Duane M. Todd recently way to the DC area, where Lee Wakeman taught us accepted a new position as he initially worked at the to communicate our key a strategy and operations Department of the Treasury. messages to decision-makers manager at Stork Materials His career as an entrepreneur in just 90 seconds. As an Technology in Saint Paul, MN. was launched when he and entrepreneur, I’ve used the Tao Zhang was promoted his mother bought into the presentation skills I learned at to vice president, financial tour company that provides Simon over and over.” paddled 28 miles around analysis manager, at licensed tour guides and group Amrine enjoys collecting the island of Manhattan JPMorgan in New York City. tour packaging for the DC antique watches and clocks, on paddle boards, raising $250,000 for autism research. metro area. and walking dogs. “I’ve been 2007 Heidi L. Sommers is now “I spend a lot of my time involved in the rescue of 2006 a product manager at Nestle trying to think like my several sheepdogs over the Gregory D. Bauch is now a Nutrition in Florham Park, NJ. customers,” says Amrine, who years, and right now, I’m finance manager at Lender now spends less time on the caring for three,” he says. SB Processing Services in 2009 financial side of the house and Jacksonville, FL. Charles (Dusty) Riddle much more coming up with was promoted to associate on Jamie F. Block obtained the the business analytics team CFP marks after passing the at Booz Allen Hamilton in November 2010 exam. Jamie Washington, DC. SB is a tax manager and financial
*Executive M.B.A. graduate
28 | SimonBusiness | S i m o n Gr a d u a t e Sc h o o l o f Business | Universit y o f Rochester Meliora
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